Template:Nutshell Equity Derivatives 7.3(a): Difference between revisions

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Template:Nutshell Equity Derivatives 7.3(a) (view source)

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+:{{eqderivprov|7.3(a)}} '''{{eqderivprov|Cash-settled}} {{eqderivprov|Share Option Transaction}}s or {{eqderivprov|Share Forward Transaction}}s''': the price per {{eqderivprov|Share}} the {{isdaprov|Calculation Agent}} determines as provided under the {{isdaprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or, if not so provided that the {{eqderivprov|Settlement Price}} will be:
-:{{eqderivprov|7.3(a)}} in respect of a {{eqderivprov|Cash-settled}} {{eqderivprov|Share Option Transaction}} or a {{eqderivprov|Share Forward Transaction}}, the price per {{eqderivprov|Share}} determined by the {{isdaprov|Calculation Agent}} as provided in the related {{isdaprov|Confirmation}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} or, if no means for determining the {{eqderivprov|Settlement Price}} are so provided (i) in respect of any {{eqderivprov|Share}} for which the {{eqderivprov|Exchange}} is an auction or “open outcry” exchange that has a price as of the {{eqderivprov|Valuation Time}} at which any trade can be submitted for execution, the Settlement Price shall be the price per {{eqderivprov|Share}} as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} as reported in the official real-time price dissemination mechanism for such {{eqderivprov|Exchange}}; and (ii) in respect of any {{eqderivprov|Share}} for which the {{eqderivprov|Exchange}} is a dealer exchange or dealer quotation system, the {{eqderivprov|Settlement Price}} shall be the mid-point of the highest bid and lowest ask prices quoted as of the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} (or the last such prices quoted immediately before the {{eqderivprov|Valuation Time}}) without regard to quotations that "lock” or “cross” the dealer exchange or dealer quotation system; <br>
+::(i) for any {{eqderivprov|Share}} on an  “open outcry” {{eqderivprov|Exchange}} that has a tradable price at the {{eqderivprov|Valuation Time}} the price per {{eqderivprov|Share}} at that {{eqderivprov|Valuation Time}}, as reported by the {{eqderivprov|Exchange}}; and
+::(ii) for any {{eqderivprov|Share}} on a dealer {{eqderivprov|Exchange}} or quotation system, the mid-point of the highest bid and lowest ask prices quoted at or immediately before the {{eqderivprov|Valuation Time}} on the {{eqderivprov|Valuation Date}} without regard to quotations that “lock” or “cross” the exchange or system; <br>