Examples of Auction Losses in a sentence
Auction Losses will be attributed to an individual SwapClear Short Bidder pursuant to this sub-paragraph (ii) based upon the proportion that (a) the variance of the bid of such SwapClear Short Bidder from the winning bid (denominated in units of the relevant Auction Portfolio Currency) bears to (b) the sum of the variances of the bids of all SwapClear Short Bidders from the winning bid (denominated in units of the relevant Auction Portfolio Currency).
Any costs incurred from Risk Mitigation or Liquidity Management shall be considered costs of the relevant Auction and may therefore give rise to Auction Losses.
In applying those resources, the Clearing House will allocate the losses in respect of each Auction Portfolio (the " Auction Losses") by reference to the resources allocated to such Auction Portfolios in accordance with Rule 2.3(i) of this Annex.
Rules 2.5 to 2.7 describe the steps for the allocation of resources to losses arising from the auction of OTC Auction Portfolios (the "Auction Losses").
Notwithstanding such initial allocation, any resources utilised by the Clearing House will be allocated to Auction Losses in accordance with Rule 2.6 below.
Auction Losses will be attributed to an individual Listed Interest Rates Short Bidder pursuant to this sub-paragraph (ii) based upon the proportion that (a) the variance of the bid of such Listed Interest Rates Short Bidder from the winning bid (denominated in units of the relevant Auction Portfolio Currency) bears to (b) the sum of the variances of the bids of all Listed Interest Rates Short Bidders from the winning bid (denominated in units of the relevant Auction Portfolio Currency).
The Clearing House will repeat the loss attribution process described in this Rule 2.66(f)(iv) until the first to occur of (a) the Auction Losses being fully met; and (b) the Original Listed Interest Rates Contributions of all Losing Original Joint Rates Service Clearing Members being fully attributed.
Such remaining Auction Losses will be attributed to the remaining Original Listed Interest Rates Contribution of each Losing Original Joint Rates Service Clearing Member pursuant to this Rule 2.6(g) based upon the proportion that: (a) the risk of all of the Resembling Contracts of such Joint Rates Service Clearing Member in respect of all such Losing AP Types bears to (b) the aggregate of the amounts calculated in (a) for all Joint Rates Service Clearing Members.
In applying those resources, the Clearing House will allocate Auction Losses by reference to the resources allocated to the AIPs related to such OTC Auction Portfolios in accordance with Rule 2.5 of this Annex.
Where applicable, Auction Losses will be allocated to Non-Defaulters' SwapClear Contributions and to Non-Defaulters’ Listed Interest Rates Contributions of Joint Rates Service Clearing Members in accordance with the loss attribution process described in Rule 2.6(b) to 2.6(g) of this Annex.