Template:M summ Equity Derivatives 1.25

Relevant to the definition of Market Disruption Event. Note also the related concept of the “Related Exchange” — a real ISDA definition, and Alternative Exchange, which is a JC fabrication we just made up because the “substitute or successor exchange offering comparable liquidity” language, which gets repeated a lot, is so tedious.

The JC’s definition if Alternative Echange - and remember this is fan fiction, okay? Not canonical — is:

An “Alternative Exchange”, in relation to any Exchange, is any successor or substitute exchange to which trading in the underlying Shares may have relocated (as long as the Calculation Agent is satisfied that it offers comparable liquidity)

The limbs are:

• 1.25(a), relating to Indices and
• 1.25(b), relating to Shares.

They are, mutatis mutandis, the same, only 1.25(a) talks about “Shares underlying the Index” which obviously isn’t needed when referring to Shares themselves.

Not to be confused, however tempting and, really, forgiveable it may be, with a Related Exchange under paragraph 1.26. A Related Exchange (real) is not the same as an Alternative Exchange (made up by the JC)