Template:M summ Equity Derivatives 6.1

For run-of-the-mill valuations not related to the termination of a Transaction, the fall-back Scheduled Closing Time regime is fine.

The effect of the Valuation Date is to re-strike the Equity Notional Amount (or cash settle the movement in the underlier since the last Valuation Date which is economically similar to a variation margin payment.

For the final Valuation Date, on the other hand - which feeds into the actual termination price for the Transaction, expect the broker to be more exercised about the timing matching the point at which it liquidates its actual Hedge Position. Expect jumpier US tax folk to start rabbiting on about hypothetical broker-dealers liquidating hypothetical hedges, but have no truck with that sort of talk.