Template:Capsule options exchange adjustment

Where there are no exchange-traded options

You do have to love ISDA’s crack drafting squad™}, don’t you: who else would take the time to consider what to do when you have selected Options Exchange Adjustment for Shares that don’t have any exchange-traded options. Look, folks, if there are no exchange-traded options on the underlying shares, then don’t select Options Exchange Adjustment for crying out loud.

A more patient mood, the JC supposes that options may have ceased trading on exchange since you started your Transaction, or may be suspended — and perhaps the sort of event that might concentrate or dilute the value of the shares might be just the thing that led to suspension or delisting. But even this is really a recommendation to plump for Calculation Agent Adjustment under 11.2(b). You would think.