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)}} | ::(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 | ||
::(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> | |||
Revision as of 15:48, 11 May 2022
- 7.3(a) for a Cash-settled Share Option Transaction or a Share Forward Transaction, the price per Share the Calculation Agent determines as provided under the Confirmation as of the Valuation Time on the Valuation Date or, not 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 Settlement 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 Settlement 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;