Template:M summ Equity Derivatives 1.50

As specified in the Confirmation, effectively, falling back to Scheduled Closing Time if you don’t.

The only funny is what you do if you set your Knock-in/out Valuation Time at a point in the day later than the time the Exchange in question actually closes — you know, if they unexpectedly call Smoko and all go to the pub early. It is not clear how often this happens in practice, but all we need know is that it might, and if it does, ISDA’s crack drafting squad™ has your back: the actual closing time is the point at which you run your valuation. Figures, really.