Template:2002 ISDA Equity Derivatives Definitions 5.9: Difference between revisions
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Section {{eqderivprov|5.9}}. '''{{eqderivprov|Final Price}}'''. | Section {{eqderivprov|5.9}}. '''{{eqderivprov|Final Price}}'''. “'''{{eqderivprov|Final Price}}'''” means, in respect of each {{eqderivprov|Valuation Date}}: | ||
:(a) in respect of an {{eqderivprov|Index Swap Transaction}}, the level of the {{eqderivprov|Index}} determined by the | :{{eqderivprov|5.9(a)}} in respect of an {{eqderivprov|Index Swap Transaction}}, the level of the {{eqderivprov|Index}} determined by the {{eqderivprov|Calculation Agent}} as provided in the related {{eqderivprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the Valuation Date or, if no means for determining the {{eqderivprov|Final Price}} are so provided, the level of the {{eqderivprov|Index}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}}; | ||
:(b) in respect of a {{eqderivprov|Share Swap Transaction}}, the price per {{eqderivprov|Share}} determined by the | :{{eqderivprov|5.9(b)}} in respect of a {{eqderivprov|Share Swap Transaction}}, the price per {{eqderivprov|Share}} determined by the {{eqderivprov|Calculation Agent}} as provided in the related {{eqderivprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the Valuation Date or, if no means for determining the {{eqderivprov|Final Price}} are so provided: | ||
:(c) in respect of an {{eqderivprov|Index Basket Swap Transaction}}, an amount for the {{eqderivprov|Basket}} determined by | ::(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|Final Price}} shall be the price per {{eqderivprov|Share}} as of the Valuation Time on the {{eqderivprov|Valuation Date}}, as reported in the official real-time price dissemination mechanism for such {{eqderivprov|Exchange}}; and | ||
:(d) in respect of a {{eqderivprov|Share Basket Swap Transaction}}, an amount for the {{eqderivprov|Basket}} determined by | ::(ii) in respect of any {{eqderivprov|Share}} for which the {{eqderivprov|Exchange}} is a dealer exchange or dealer quotation system, the {{eqderivprov|Final 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; | ||
:{{eqderivprov|5.9(c)}} in respect of an {{eqderivprov|Index Basket Swap Transaction}}, an amount for the {{eqderivprov|Basket}} determined by the {{eqderivprov|Calculation Agent}} as provided in the related {{eqderivprov|Confirmation}} as of the relevant {{eqderivprov|Valuation Time}}(s) on the {{eqderivprov|Valuation Date}} or, if no means for determining the {{eqderivprov|Final Price}} are so provided, an amount for the {{eqderivprov|Basket}} equal to the sum of the {{eqderivprov|Relevant Prices}} (weighted or adjusted in relation to each {{eqderivprov|Index}} as provided in the related {{eqderivprov|Confirmation}}) for the {{eqderivprov|Indices}} comprised in the {{eqderivprov|Basket}}; and | |||
:{{eqderivprov|5.9(d)}} in respect of a {{eqderivprov|Share Basket Swap Transaction}}, an amount for the {{eqderivprov|Basket}} determined by the {{eqderivprov|Calculation Agent}} as provided in the related {{eqderivprov|Confirmation}} as of the relevant {{eqderivprov|Valuation Time}}(s) on the {{eqderivprov|Valuation Date}} or, if no means for determining the {{eqderivprov|Final Price}} are so provided, an amount for the {{eqderivprov|Basket}} equal to the sum of the values for the {{eqderivprov|Shares}} of each {{eqderivprov|Issuer}} as the product of | |||
::(i) the {{eqderivprov|Relevant Price}} of such {{eqderivprov|Share}} and | |||
::(ii) the relevant {{eqderivprov|Number of Shares}} comprised in the {{eqderivprov|Basket}}. | |||
Latest revision as of 17:33, 5 September 2018
Section 5.9. Final Price. “Final Price” means, in respect of each Valuation Date:
- 5.9(a) in respect of an Index Swap Transaction, the level of the Index determined by the Calculation Agent as provided in the related Confirmation as of the Valuation Time on the Valuation Date or, if no means for determining the Final Price are so provided, the level of the Index as of the Valuation Time on the Valuation Date;
- 5.9(b) in respect of a Share Swap Transaction, the price per Share determined by the Calculation Agent as provided in the related Confirmation as of the Valuation Time on the Valuation Date or, if no means for determining the Final Price are so provided:
- (i) in respect of any Share for which the Exchange is an auction or “open outcry” exchange that has a price as of the Valuation Time at which any trade can be submitted for execution, the Final Price shall be the price per Share as of the Valuation Time on the Valuation Date, as reported in the official real-time price dissemination mechanism for such Exchange; and
- (ii) in respect of any Share for which the Exchange is a dealer exchange or dealer quotation system, the Final Price shall be the mid-point of the highest bid and lowest ask prices quoted as of the Valuation Time on the Valuation Date (or the last such prices quoted immediately before the Valuation Time), without regard to quotations that “lock” or “cross” the dealer exchange or dealer quotation system;
- 5.9(c) in respect of an Index Basket Swap Transaction, an amount for the Basket determined by the Calculation Agent as provided in the related Confirmation as of the relevant Valuation Time(s) on the Valuation Date or, if no means for determining the Final Price are so provided, an amount for the Basket equal to the sum of the Relevant Prices (weighted or adjusted in relation to each Index as provided in the related Confirmation) for the Indices comprised in the Basket; and
- 5.9(d) in respect of a Share Basket Swap Transaction, an amount for the Basket determined by the Calculation Agent as provided in the related Confirmation as of the relevant Valuation Time(s) on the Valuation Date or, if no means for determining the Final Price are so provided, an amount for the Basket equal to the sum of the values for the Shares of each Issuer as the product of
- (i) the Relevant Price of such Share and
- (ii) the relevant Number of Shares comprised in the Basket.