Template:M summ Equity Derivatives 12.7: Difference between revisions
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Perhaps, you might thing, the User Guide sheds some light? Well, perhaps indeed. But alack: the little it has to say on the subject sheds light on one question only: that whoever wrote the User’s Guide<ref>Is it just me who finds the idea that ISDA contemplates just a solitary reader of its “User’s Guide”? And that that solitary reader is the JC? Mind you, it could be worse: the 2011 Equity Derivatives Definitions have ''no'' users!</ref> has no better clue to what is meant to be going on that anyone else. For it opines: | Perhaps, you might thing, the User Guide sheds some light? Well, perhaps indeed. But alack: the little it has to say on the subject sheds light on one question only: that whoever wrote the User’s Guide<ref>Is it just me who finds the idea that ISDA contemplates just a solitary reader of its “User’s Guide”? And that that solitary reader is the JC? Mind you, it could be worse: the 2011 Equity Derivatives Definitions have ''no'' users!</ref> has no better clue to what is meant to be going on that anyone else. For it opines: | ||
{{quote|“If there are two Determining Parties, each party will determine a Cancellation Amount ''and one half of the '''total''' of the Cancellation Amounts is payable''.”}} | {{quote|“If there are two Determining Parties, each party will determine a Cancellation Amount ''and one half of the '''total''' of the Cancellation Amounts is payable''.”}} | ||
This is, of course, not what Section 12.7(c) says at all. As we have noted, it says, “... an amount will be payable equal to one-half of the '''difference''' between the Cancellation Amount of the party with the higher Cancellation Amount (“X”) and the Cancellation Amount of the party with the lower Cancellation Amount (“Y”) | This is, of course, not what Section 12.7(c) says at all. As we have noted, it says, “... an amount will be payable equal to one-half of the '''difference''' between the Cancellation Amount of the party with the higher Cancellation Amount (“X”) and the Cancellation Amount of the party with the lower Cancellation Amount (“Y”) ... ” | ||