Calculation with respect to Counterparty Option Transactions Sample Clauses

Calculation with respect to Counterparty Option Transactions. For purposes of the calculation of Net Open Position of Counterparty Option Transactions, the following method- ology shall be used [choose one]: ❏ With respect to any Counterparty Option Transactions that are not Netted Options, perform the following calculations: (a) determine the delta equivalent for each such Counterparty Option Transaction and (b) multiply the delta equivalent obtained in (a) by the Dollar Value of the currency that would be received by Prime Broker under the Counterparty Option Transaction if such Counterparty Option Transaction were exercised. Determine the Dollar Value of Counterparty Option Transactions by adding the amounts obtained in (b) above. Determine the Net Open Position by adding (i) the Dollar Value amount determined pursuant to clause (B) of the definition of Net Open Position for each currency with respect to which Dealer owes a net aggregate amount to Prime Broker and (ii) the Dollar Value of Counterparty Option Transactions deter- mined pursuant to this paragraph.
Sample 1
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Calculation with respect to Counterparty Option Transactions. The definition of Net Open Position is primarily contained in Section 1. However, participants in the prime brokerage market use several different methods of determining the Net Open Position for Currency Option Transactions and combining the amount determined for spot and forward transactions with the amount determined for options for the purpose of determining the Net Open Position for all transactions. Part 2 specifies two commonly used methods of making this determination and combination. Parties should choose one of the methods specified or may choose another method and add that to their Schedule. However, as the Agreement does not provide a fallback combination method, parties need to specify some method of determining the Net Open Position for Currency Option Transactions and combining cash and option transactions in order for the Net Open Position methodology to produce a final Net Open Position amount. While parties should review the two choices carefully, in summary, the first choice provides for parties to determine the delta equivalent for each Currency Option Transaction and multiply it by the amount that would be received by the Prime Broker from the Dealer if the Counterparty Option Transaction were exercised. The Dollar Value of these amounts for each Counterparty Option Transaction is then added to the amount determined for cash transactions pursuant to clause (B) of the Net Open Position for each currency with respect to which the Dealer owes a net amount to the Prime Broker. The sum of these amounts is the Net Open Position. The second choice differs from the first choice in that it specifies that the delta equivalent amount will be determined for each leg of the currency pair of a Counterparty Option Transaction. These amounts are then added to the currency amounts payable to or by a Prime Broker for cash transactions for each currency. The Dollar Values of the currency amounts for each currency with respect to which the Dealer owes a net amount to the Prime Broker are then added to obtain the Net Open Position. Documentation personnel who are negotiating an Agreement may wish to consult with operations or other personnel at their institution regarding their preference with respect to this calculation.
Sample 1

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