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Template:2002 ISDA Equity Derivatives Definitions 6.3(a): Difference between revisions
Template:2002 ISDA Equity Derivatives Definitions 6.3(a) (view source)
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:{{eqderivprov|6.3(a)}} '''{{eqderivprov|Market Disruption Event}}'''. “'''{{eqderivprov|Market Disruption Event}}'''” means in respect of a {{eqderivprov|Share}} or an {{eqderivprov|Index}}, the occurrence or existence of: | :{{eqderivprov|6.3(a)}} '''{{eqderivprov|Market Disruption Event}}'''. “'''{{eqderivprov|Market Disruption Event}}'''” means in respect of a {{eqderivprov|Share}} or an {{eqderivprov|Index}}, the occurrence or existence of: | ||
:(i) a {{eqderivprov|Trading Disruption}}, | ::(i) a {{eqderivprov|Trading Disruption}}, | ||
:(ii) an {{eqderivprov|Exchange Disruption}}, which in either case the {{eqderivprov|Calculation Agent}} determines is material, at any time during the one hour period that ends at the relevant {{eqderivprov|Valuation Time}}, {{eqderivprov|Latest Exercise Time}}, {{eqderivprov|Knock-in Valuation Time}} or Knock-out Valuation Time, as the case may be, or | ::(ii) an {{eqderivprov|Exchange Disruption}}, which in either case the {{eqderivprov|Calculation Agent}} determines is material, at any time during the one hour period that ends at the relevant {{eqderivprov|Valuation Time}}, {{eqderivprov|Latest Exercise Time}}, {{eqderivprov|Knock-in Valuation Time}} or {{eqderivprov|Knock-out Valuation Time}}, [[as the case may be]], or | ||
:(iii) an {{eqderivprov|Early Closure}}. <br> | ::(iii) an {{eqderivprov|Early Closure}}. <br> | ||
For the purposes of determining whether a {{eqderivprov|Market Disruption Event}} in respect of an {{eqderivprov|Index}} exists at any time, if a {{eqderivprov|Market Disruption Event}} occurs in respect of a security included in the {{eqderivprov|Index}} at any time, then the relevant percentage contribution of that security to the level of the {{eqderivprov|Index}} shall be based on a comparison of (x) the portion of the level of the {{eqderivprov|Index}} attributable to that security and (y) the overall level of the Index, in each case immediately before the occurrence of such {{eqderivprov|Market Disruption Event}}.<br> | :For the purposes of determining whether a {{eqderivprov|Market Disruption Event}} in respect of an {{eqderivprov|Index}} exists at any time, if a {{eqderivprov|Market Disruption Event}} occurs in respect of a security included in the {{eqderivprov|Index}} at any time, then the relevant percentage contribution of that security to the level of the {{eqderivprov|Index}} shall be based on a comparison of (x) the portion of the level of the {{eqderivprov|Index}} attributable to that security and (y) the overall level of the Index, in each case immediately before the occurrence of such {{eqderivprov|Market Disruption Event}}.<br> | ||