Template:Nutshell Equity Derivatives 11.2(d)

11.2(d) “Options Exchange” will be specified in the Confirmation and includes any successor or substitute exchange or quotation system on which options contracts on the Shares have relocated (though the Calculation Agent must be satisfied there is comparable liquidity to the specified Options Exchange) or, if one is not specified, the Related Exchange the Calculation Agent determines is the primary market for listed options contracts relating to the relevant Share.