Template:Nutshell Equity Derivatives Exchanges, Clearing Systems and Currencies

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1.25. “Exchange” means each specified exchange for an Index or Share (and any Alternative Exchange).
1.26. “Related Exchange” means each specified exchange for an Index or Share and any Alternative Exchange. Where “All Exchanges” is specified, “Related Exchange” means each exchange the Calculation Agent considers to have a material effect on the overall market for trading futures or options on the Index or Share.
1.27. “Clearance System” means the specified clearing system for a Share (or any successor the Calculation Agent determines) or, if none, the main domestic clearance system for that Share on the Settlement Date. If it ceases clearing the Share, the parties must try to settle some other way.
1.28. “Index Sponsor” means the corporation or other entity that

(a) is responsible for the rules, procedures and calculation methods of the Index and
(b) regularly announces the Index level during each Scheduled Trading Day.

1.29. “Exchange Business Day” means any Scheduled Trading Day on which each Exchange and Related Exchange is open for trading during their respective regular trading sessions, even if it closes before its Scheduled Closing Time.
1.30. “Scheduled Closing Time” means the scheduled weekday closing time of an Exchange or Related Exchange on a Scheduled Trading Day, ignoring after-hours trading.
1.31. “Scheduled Trading Day” means a day when each Exchange and Related Exchange is scheduled to be open for their regular trading sessions.
1.32. “Currency Business Day” means a day on which commercial banks are open for business in the principal financial center for the currency or, for euro, when the TARGET system is operating.
1.33 Settlement Currency: The currency specified as such in the relevant Confirmation.
1.34. “Euro” means the lawful currency of the European Union.
1.35. “EC Treaty” means the Treaty of Rome establishing the European Community as amended from time to time.
1.36. “Clearance System Business Day” means any day on which a Clearance System is scheduled to be open for business.
1.37. “Settlement Cycle” means the usual period of Clearance System Business Days or Exchange Business Days) following a trade on which settlement usually occurs according to the Exchange’s rules. If there are multiple Exchanges, it will be the longest such period.

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