Template:Nutshell Equity Derivatives 1.25

Section 1.25. Exchange. “Exchange” means:

1.25(a) Index Transactions and Index Basket Transactions: each exchange specified for an Index in the Confirmation (and any successor or substitute exchange to which trading in the underlying Shares may have relocated (as long as the Calculation Agent is satisfied that such an alternative offers comparable liquidity) (“Alternative Exchange”); and

1.25(b) Share Transactions and Share Basket Transactions: each exchange specified for a Share in the Confirmation (and any Alternative Exchange).