Template:Nutshell Equity Derivatives 1.23(b)

1.23(b) For a Share, the price per Share the Calculation Agent determines as of the Valuation Time on the Valuation Date or Averaging Date as specified in the Confirmation or, if not specified:

(i) Open outcry Exchanges: for any Share trading on an “open outcry” Exchange that has a tradable price as of the Valuation Time, the official trading price per Share as of the relevant Valuation Time 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 as of (or immediately before) the Valuation Time on the Valuation Date or Averaging Date ignoring quotations that “lock” or “cross” the Exchange.