Template:Nutshell Equity Derivatives 1.26

Section 1.26. Related Exchange. “Related Exchange” means, subject to the proviso below, each exchange specified for an Index or Share in the Confirmation and any Alternative Exchange, provided that where “All Exchanges” is specified as the Related Exchange “Related Exchange” means each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Index or Share.