Digital Assests Transactions Wikitext: Difference between revisions

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Digital Assests Transactions Wikitext (view source)

Revision as of 16:47, 6 February 2023

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Replaced content with "{{caps|{{datprov|1}} '''{{datprov|Architecture}}'''}} {{Digital Assets 1.1}} {{Digital Assets 1.2}} {{Digital Assets 1.3}} {{Digital Assets 1.4}} {{Digital Assets 1.5}} {{..."
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(Replaced content with "{{caps|{{datprov|1}} '''{{datprov|Architecture}}'''}} {{Digital Assets 1.1}} {{Digital Assets 1.2}} {{Digital Assets 1.3}} {{Digital Assets 1.4}} {{Digital Assets 1.5}} {{...")
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{{Digital Assets 1.9}}
{{Digital Assets 1.9}}
{{Digital Assets 1.10}}
{{Digital Assets 1.10}}


{{caps|{{datprov|2}} '''{{datprov|Product Types and Settlement Terms}}'''}}
{{caps|{{datprov|2}} '''{{datprov|Product Types and Settlement Terms}}'''}}
:{{datprov|2.1}} '''{{datprov|Product Type}}s'''<br>
{{Digital Assets 2.1}}
::{{datprov|2.1.1}} '''{{datprov|Product Type}}''': “'''{{datprov|Product Type}}'''” means, in respect of a {{datprov|Transaction}}, the {{datprov|Product Type}} specified as such.
{{Digital Assets 2.2}}
::{{datprov|2.1.2}} '''{{datprov|Non-Deliverable Digital Asset Forward}}''': “'''{{datprov|Non-Deliverable Digital Asset Forward}}'''” or “'''{{datprov|NDF}}'''” means a {{datprov|Transaction}} whose {{datprov|Product Type}} is specified as a {{datprov|Non-Deliverable Digital Asset Forward}} to which these {{datprov|Digital Asset Definitions}} apply.
{{Digital Assets 2.3}}
::{{datprov|2.1.3}} '''{{datprov|Non-Deliverable Digital Asset Option}}''': “'''{{datprov|Non-Deliverable Digital Asset Option}}'''” or “'''{{datprov|NDO}}'''” means a {{datprov|Transaction}} whose {{datprov|Product Type}} is specified as a {{datprov|Non-Deliverable Digital Asset Option}} to which these {{datprov|Digital Asset Definitions}} apply.
:{{datprov|2.2}} '''{{datprov|Product Type Settlement Terms}}''':
::{{datprov|2.2.1}} '''{{datprov|Settlement Terms for Product Types}}''': The settlement terms applicable to a {{datprov|Transaction}} will be as set out below for the {{datprov|Product Type}} of the {{datprov|Transaction}}:
::{| class="wikitable"
|+
! {{datprov|Product Type}}
! Settlement Terms Applicable
|-
| {{datprov|NDF}}
| {{datprov|NDF Settlement Terms}}
|-
| {{datprov|NDO}}
| {{datprov|NDO Premium Payment}} and {{datprov|NDO Settlement Terms}}
|}
::{{datprov|2.2.2}} '''{{datprov|NDF Settlement Terms}}'''
:::(i) IF the {{datprov|Settlement Price}} at the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}} is greater than the {{datprov|Forward Price}},
:::(ii) THEN the {{datprov|Seller}} will pay the {{datprov|Forward Cash Settlement Amount}} to the {{datprov|Buyer}} on the {{datprov|Settlement Date}},
:::(iii) OR ELSE IF the {{datprov|Settlement Price}} at the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}} is less than the {{datprov|Forward Price}},
:::(iv) THEN the {{datprov|Buyer}} will pay the absolute value of the {{datprov|Forward Cash Settlement Amount}} to the {{datprov|Seller}} on the {{datprov|Settlement Date}}.
::{{datprov|2.2.3}} '''{{datprov|NDO Premium Payment}}'''
:::(i) The {{datprov|Buyer}} will pay the {{datprov|Premium}} to the {{datprov|Seller}} in the {{datprov|Settlement Currency}} on the {{datprov|Premium Payment Date}}.
::{{datprov|2.2.4}} '''{{datprov|NDO Settlement Terms}}'''
:::(i) IF all the conditions below are satisfied:
::::(a) either:
:::::(I) the {{datprov|Buyer}} has given an {{datprov|NDO Exercise Notice}} to the {{datprov|Seller}} or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}} during an {{datprov|Exercise Window}} to exercise the NDO; or
:::::(II) “'''{{datprov|Automatic Exercise}}'''” is specified as Applicable in respect of the {{datprov|Transaction}} and the {{datprov|Automatic Exercise Condition}} has been satisfied,
:::(ii) THEN the {{datprov|Seller}} will pay the {{datprov|Option Cash Settlement Amount}} to the {{datprov|Buyer}} on the {{datprov|Settlement Date}}.
::{{datprov|2.2.5}} '''{{datprov|Corrections of the Settlement Price}}'''
:::(i) IF all of the conditions below are satisfied:
::::(a) a correction is published by the {{datprov|Settlement Price Source Provider}} in respect of the {{datprov|Settlement Price}} for the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}}; and
::::(b) either party has notified the other party and, if the {{datprov|Calculation Agent}} is not a party to the {{datprov|Transaction}}, the {{datprov|Calculation Agent}}, of the correction prior to the {{datprov|Settlement Date}},
:::(ii) THEN the {{datprov|Calculation Agent}}, acting in good faith and using commercially reasonable procedures, will determine the amount that is payable as a result of that correction and, to the extent necessary, will adjust the terms of the {{datprov|Transaction}} to account for such correction.
 
:{{datprov|2.3}} '''{{datprov|Definitions Relating to Settlement}}'''
::{{datprov|2.3.1}} “'''{{datprov|Automatic Exercise Condition}}'''” means each of the conditions below has been satisfied:
:::(i) the {{datprov|Buyer}} has not previously given an {{datprov|NDO Exercise Notice}} to the {{datprov|Seller}} or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}};
:::(ii) the {{datprov|Buyer}} has not previously given an {{datprov|NDO Non-Auto Exercise Notice}} to the {{datprov|Seller}} or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}}; and
:::(iii) the {{datprov|Option Cash Settlement Amount}} at the {{datprov|Expiration Time}} is greater than zero.
::{{datprov|2.3.2}} “'''{{datprov|Business Day Convention}}'''” means, if the {{datprov|Calendar Day Election}} is not specified as Applicable, the applicable convention for adjusting any relevant date in accordance with Section [6.1.1] if it would otherwise fall on a day that is not a {{datprov|Business Day}}, or, if the {{datprov|Calendar Day Election}} is specified as Applicable, not applicable.
::{{datprov|2.3.3}} “'''{{datprov|Commencement Date}}'''” means, in respect of a {{datprov|Transaction}}, the date specified as such, subject to adjustment in accordance with the {{datprov|Business Day Convention}}, if applicable, or, if no date is specified, the {{datprov|Trade Date}}.
::{{datprov|2.3.4}} “'''{{datprov|Currency Conversion Factor}}'''” means either:
:::(i) if the {{datprov|Price Source Currency}} is the same as the {{datprov|Settlement Currency}}, 1,  or
:::(ii) if the {{datprov|Price Source Currency}} is not the same as the {{datprov|Settlement Currency}}, the amount of the {{datprov|Settlement Currency}} with a value equal to one unit of the {{datprov|Price Source Currency}}, using the currency exchange rate at the time at which such amount is determined, as determined by the {{datprov|Calculation Agent}} acting in good faith and using commercially reasonable procedures to produce a commercially reasonable result.
::{{datprov|2.3.5}} “'''{{datprov|Earliest Exercise Time}}'''” means, in respect of a {{datprov|Transaction}}, the time specified as such, or, if none is specified, 9.00 a.m. local time in the location specified in the related {{datprov|Confirmation}} for receipt by the {{datprov|Seller}} or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}}, of notices relating to the {{datprov|Transaction}}.
::{{datprov|2.3.6}} “'''{{datprov|Exercise Date}}'''” means:
:::(i) where the {{datprov|Buyer}} has given an {{datprov|NDO Exercise Notice}} to the {{datprov|Seller}}, the exercise date specified in such {{datprov|NDO Exercise Notice}}, or, if no such date is specified, the effective date of the {{datprov|NDO Exercise Notice}}; and
:::(ii) where the {{datprov|Automatic Exercise Condition}} is satisfied, the {{datprov|Expiration Date}}.
::{{datprov|2.3.7}} “'''{{datprov|Exercise Day}}s'''” means, in respect of a {{datprov|Transaction}}, the days specified as such, subject to adjustment in accordance with the {{datprov|Business Day Convention}}, if applicable.
::{{datprov|2.3.8}} “'''{{datprov|Exercise Period Day}}'''” means, in respect of an NDO and its {{datprov|Option Style}}, each day set out below:
::{{datprov|2.3.9}} “'''{{datprov|Exercise Window}}'''” means the period from the {{datprov|Earliest Exercise Time}} to the {{datprov|Latest Exercise Time}} on any {{datprov|Exercise Period Day}}.
::{{datprov|2.3.10}} “'''{{datprov|Expiration Date}}'''” means, in respect of a {{datprov|Transaction}}, the date specified as such, subject to adjustment in accordance with the {{datprov|Business Day Convention}}, if applicable.
::{{datprov|2.3.11}} “'''{{datprov|Expiration Time}}'''” means, in respect of a {{datprov|Transaction}}, the {{datprov|Latest Exercise Time}} on the {{datprov|Expiration Date}}, or, if none is specified, the {{datprov|Valuation Time}}.
::{{datprov|2.3.12}} “'''{{datprov|Exercise Period Day}}'''” means, in respect of an NDO and its {{datprov|Option Style}}, each day set out below:
::{| class="wikitable"
|+
!{{datprov|Option Style}}
!{{datprov|Exercise Period Day}}
|-
|American
|Each {{datprov|Exercise Day}} from, and including, the {{datprov|Commencement Date}} to, and including, the {{datprov|Expiration Date}}.
|-
|Bermudan
|Each {{datprov|Specified Exercise Date}} and the {{datprov|Expiration Date}}.
|-
|European
|The {{datprov|Expiration Date}}.
|}
::{{datprov|2.3.13}} “'''{{datprov|Forward Cash Settlement Amount}}'''” means an amount expressed in the {{datprov|Settlement Currency}} calculated as follows:<br>
::::''Forward Cash Settlement Amount=Multiplier x (P-Forward Price)  x Currency Conversion Factor''<br>
::::where “P means the {{datprov|Settlement Price}} at the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}}.<br>
::{{datprov|2.3.14}} “'''{{datprov|Forward Price}}'''” means, in respect of a {{datprov|Transaction}}, the price specified as such, which is expressed as an amount of {{datprov|Price Source Currency}}.<br>
::{{datprov|2.3.15}} “'''{{datprov|Latest Exercise Time}}'''” means, in respect of a {{datprov|Transaction}}, the time specified as such. <br>
::{{datprov|2.3.16}} “'''{{datprov|Multiplier}}'''” means, in respect of a {{datprov|Transaction}}, the number specified as such. <br>
::{{datprov|2.3.17}} “'''{{datprov|NDO Exercise Notice}}'''” means an irrevocable notice given by the {{datprov|Buyer}} to the {{datprov|Seller}}, or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}}, providing notice to the {{datprov|Seller}} of the {{datprov|Buyer}}'s exercise of the {{datprov|Transaction}}. <br>
::{{datprov|2.3.18}} “'''{{datprov|NDO Non-Auto Exercise Notice}}'''” means an irrevocable notice given by the {{datprov|Buyer}} to the {{datprov|Seller}}, or, if applicable, the {{datprov|Seller}}'s {{datprov|Designated Agent}}, providing notice to the {{datprov|Seller}} that the {{datprov|Buyer}} does not wish Automatic Exercise to apply in respect of the {{datprov|Transaction}}. <br>
::{{datprov|2.3.19}} “'''{{datprov|Option Cash Settlement Amount}}'''” means:<br>
:::(i) if the Option Type specified for the {{datprov|Transaction}} is a Call, the Call Settlement Amount, where:<br>
::::''Call Settlement Amount=Multiplier x max(P-Strike Price,0)  x Currency Conversion Factor ''<br>
::::where “'''P'''” means the {{datprov|Settlement Price}} at the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}}.<br>
:::(ii) if the Option Type specified for the {{datprov|Transaction}} is a Put, the Put Settlement Amount, where:<br>
::::''Put Settlement Amount=Multiplier x max(Strike Price-P,0)  x Currency Conversion Factor''<br>
::::where “'''P'''” means the {{datprov|Settlement Price}} at the {{datprov|Valuation Time}} on the {{datprov|Valuation Date}}.<br>
::{{datprov|2.3.20}} “'''{{datprov|Option Style}}'''” means the {{datprov|Option Style}} specified as such for a {{datprov|Transaction}}.<br>
::{{datprov|2.3.21}} “'''{{datprov|Premium}}'''” means the amount, if any, specified as such that will become due to the {{datprov|Seller}} from the {{datprov|Buyer}} on the {{datprov|Premium Payment Date}}. <br>
::{{datprov|2.3.22}} “'''{{datprov|Premium Payment Date}}'''” means the date specified as such, subject to adjustment in accordance with the {{datprov|Business Day Convention}}, if applicable.<br>
::{{datprov|2.3.23}} “'''{{datprov|Price Source Currency}}'''” means, in respect of a {{datprov|Transaction}}, the currency in which the {{datprov|Settlement Price Source}} publishes the {{datprov|Settlement Price}}.<br>
::{{datprov|2.3.24}} “'''{{datprov|Settlement Currency}}'''” means, in respect of a {{datprov|Transaction}}, the currency specified as such or, if none is specified, the {{datprov|Price Source Currency}}.<br>
::{{datprov|2.3.25}} “'''{{datprov|Settlement Date}}'''” means, in respect of a {{datprov|Transaction}}, the date specified as such, or, if no date is specified as such, two {{datprov|Relevant Day}}s after the {{datprov|Valuation Date}}. <br>
::{{datprov|2.3.26}} “'''{{datprov|Settlement Price}}'''” means the price published by the {{datprov|Settlement Price Source Provider}} in respect of the {{datprov|Settlement Price Source}}. <br>
::{{datprov|2.3.27}} “'''{{datprov|Settlement Price Source}}'''” means in respect of a {{datprov|Transaction}} the price source specified as such, or if applicable, the {{datprov|Replacement Fallback Settlement Price Source}}, determined in accordance with Section [4.2.6].  <br>
::{{datprov|2.3.28}} “'''{{datprov|Settlement Price Source Location}}'''” means:  <br>
:::(i) in respect of any {{datprov|Settlement Price Source}} for which a {{datprov|Settlement Price Source}} is included in the {{datprov|Settlement Price Source Matrix}}, the {{datprov|Settlement Price Source Location}} as specified in the {{datprov|Settlement Price Source Matrix}} for that {{datprov|Settlement Price Source}} (or any successor location); and<br>
:::(ii) in respect of any other {{datprov|Settlement Price Source}}, the {{datprov|Settlement Price Source Location}} as specified (or any successor location). <br>
::{{datprov|2.3.29}} “'''{{datprov|Settlement Price Source Provider}}'''” means the entity responsible for the publication of the {{datprov|Settlement Price Source}} at the {{datprov|Settlement Price Source Location}}.<br>
::{{datprov|2.3.30}} “'''{{datprov|Specified Exercise Date}}s'''” means, in respect of a {{datprov|Transaction}}, the dates specified as such, subject to adjustment in accordance with the {{datprov|Business Day Convention}}, if applicable. <br>
::{{datprov|2.3.31}} “'''{{datprov|Strike Price}}'''” means, in respect of a {{datprov|Transaction}}, the price specified as such, which is expressed as an amount of {{datprov|Price Source Currency}}.<br>
::{{datprov|2.3.32}} “'''{{datprov|Valuation Date}}'''” means, where a date is specified as the “'''{{datprov|Valuation Date}}'''” in respect of a {{datprov|Transaction}}, such date, or, in the case of an NDO where no date is specified as such, the {{datprov|Exercise Date}}, or, in either case, where that date is not a {{datprov|Relevant Day}} or is not a {{datprov|Scheduled Publication Day}}, the {{datprov|Valuation Date}} will be the next {{datprov|Scheduled Publication Day}} that is also a {{datprov|Relevant Day}}. In all cases, the {{datprov|Valuation Date}} remains subject to adjustment in accordance with any applicable {{datprov|Disruption Fallback}}. <br>
::{{datprov|2.3.33}} “'''{{datprov|Valuation Time}}'''” means, in respect of a {{datprov|Transaction}}, the time specified as such, as adjusted in accordance with any applicable {{datprov|Disruption Fallback}}.<br>
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