Template:Nutshell Equity Derivatives 7.3(a): Difference between revisions

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:{{eqderivprov|7.3(a)}} for a {{eqderivprov|Cash-settled}} {{eqderivprov|Share Option Transaction}} or a {{eqderivprov|Share Forward Transaction}}, the price per {{eqderivprov|Share}} the {{isdaprov|Calculation Agent}} determines as provided under the {{isdaprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or, not provided  
:{{eqderivprov|7.3(a)}} '''{{eqderivprov|Cash-settled}} {{eqderivprov|Share Option Transaction}}s or {{eqderivprov|Share Forward Transaction}}s''': the price per {{eqderivprov|Share}} the {{isdaprov|Calculation Agent}} determines as provided under the {{isdaprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or, if not so provided that the {{eqderivprov|Settlement Price}} will be:
::(i) in respect of any {{eqderivprov|Share}} for which the {{eqderivprov|Exchange}} is an auction or “open outcry” exchange that has a price as of the {{eqderivprov|Valuation Time}} at which any trade can be submitted for execution, the {{eqderivprov|Settlement Price}} shall be the price per {{eqderivprov|Share}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} as reported in the official real-time price dissemination mechanism for such {{eqderivprov|Exchange}}; and
::(i) for any {{eqderivprov|Share}} on an  “open outcry” {{eqderivprov|Exchange}} that has a tradable price at the {{eqderivprov|Valuation Time}} the price per {{eqderivprov|Share}} at that {{eqderivprov|Valuation Time}}, as reported by the {{eqderivprov|Exchange}}; and
::(ii) in respect of any {{eqderivprov|Share}} for which the {{eqderivprov|Exchange}} is a dealer exchange or dealer quotation system, the {{eqderivprov|Settlement Price}} shall be the mid-point of the highest bid and lowest ask prices quoted as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} (or the last such prices quoted immediately before the {{eqderivprov|Valuation Time}}) without regard to quotations that "lock” or “cross” the dealer exchange or dealer quotation system; <br>
::(ii) for any {{eqderivprov|Share}} on a dealer {{eqderivprov|Exchange}} or quotation system, the mid-point of the highest bid and lowest ask prices quoted at or immediately before the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} without regard to quotations that "lock” or “cross” the exchange or system; <br>

Revision as of 15:53, 11 May 2022

7.3(a) Cash-settled Share Option Transactions or Share Forward Transactions: the price per Share the Calculation Agent determines as provided under the Confirmation as of the Valuation Time on the Valuation Date or, if not so provided that the Settlement Price will be:
(i) for any Share on an “open outcry” Exchange that has a tradable price at the Valuation Time the price per Share at that Valuation Time, as reported by the Exchange; and
(ii) for any Share on a dealer Exchange or quotation system, the mid-point of the highest bid and lowest ask prices quoted at or immediately before the Valuation Time on the Valuation Date without regard to quotations that "lock” or “cross” the exchange or system;
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