Template:Nutshell Equity Derivatives 1.23(b): Difference between revisions

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:{{eqderivprov|1.23(b)}} For a {{eqderivprov|Share}}, the price per {{eqderivprov|Share}} the {{eqderivprov|Calculation Agent}} determines as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or {{eqderivprov|Averaging Date}} as specified in the {{eqderivprov|Confirmation}} or, if not specified:  <br>
:{{eqderivprov|1.23(b)}} For a {{eqderivprov|Share}}, the price per {{eqderivprov|Share}} the {{eqderivprov|Calculation Agent}} determines at the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or {{eqderivprov|Averaging Date}} per the {{eqderivprov|Confirmation}} or, if a method is not specified:  <br>
::(i) '''Open outcry {{eqderivprov|Exchange}}s''': for any {{eqderivprov|Share}} trading on an “'''{{eqderivprov|open outcry}}'''” {{eqderivprov|Exchange}} that has a tradable price as of the {{eqderivprov|Valuation Time}}, the official trading price per {{eqderivprov|Share}} as of the relevant {{eqderivprov|Valuation Time}} reported by the {{eqderivprov|Exchange}}; and  <br>
::(i) '''Open outcry {{eqderivprov|Exchange}}s''': for any {{eqderivprov|Share}} trading on an “open outcry” {{eqderivprov|Exchange}} with a tradable price at the {{eqderivprov|Valuation Time}}, the official trading price per {{eqderivprov|Share}} at that time as reported by the {{eqderivprov|Exchange}}; and  <br>
::(ii) '''Dealer quotation {{eqderivprov|Exchange}}s''': for any {{eqderivprov|Share}} trading on a dealer quotation {{eqderivprov|Exchange}}, the mid-point of the highest bid and lowest ask prices quoted as of (or immediately before) the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or {{eqderivprov|Averaging Date}} ignoring quotations that “'''{{eqderivprov|lock}}'''” or “'''{{eqderivprov|cross}}'''” the {{eqderivprov|Exchange}}. <br>
::(ii) '''Dealer quotation {{eqderivprov|Exchange}}s''': for any {{eqderivprov|Share}} trading on a dealer quotation {{eqderivprov|Exchange}}, 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}} or {{eqderivprov|Averaging Date}} ignoring quotations that “lock” or “cross” the {{eqderivprov|Exchange}}. <br>

Latest revision as of 07:54, 14 May 2022

1.23(b) For a Share, the price per Share the Calculation Agent determines at the Valuation Time on the Valuation Date or Averaging Date per the Confirmation or, if a method is not specified:
(i) Open outcry Exchanges: for any Share trading on an “open outcry” Exchange with a tradable price at the Valuation Time, the official trading price per Share at that time as reported by the Exchange; and
(ii) Dealer quotation Exchanges: for any Share trading on a dealer quotation Exchange, the mid-point of the highest bid and lowest ask prices quoted at (or immediately before) the Valuation Time on the Valuation Date or Averaging Date ignoring quotations that “lock” or “cross” the Exchange.
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