Net Open Position definition

Net Open Position or “NOP” shall mean the difference between the total open volume of longs and total open volume of shorts of an instrument on a single trading account.

Net Open Position means in respect of each Product, the volume calculated as the positive difference between the sum of all purchases or sales, as applicable, of such Product and the sum of all opposite sales or purchases as applicable.

Net Open Position means, with respect to Designated Transactions entered into by an Agent, the aggregate amount owed by the Dealer to JPMC, calculated by JPMC as follows:

Examples of Net Open Position in a sentence

• Such Settlement Limit and Net Open Position Limit shall apply only to Counterparty Transactions entered into between Prime Broker and Dealer.

• 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 determined pursuant to this paragraph.

• With respect to Counterparty Transactions, the authority set forth in Section 2, in respect of any particular Designated Party, is expressly limited to a Net Daily Settlement Amount not to exceed the Settlement Limit and a Net Open Position not to exceed the Net Open Position Limit, as set forth in the applicable Notice.

• For information covered under Item VI B (Utility Bundled Net Open Position for Energy (MWh)), remain confidential for three years.

• The Netted Option provision of the Agreement applies to the Net Open Position calculation irrespective of the presence of any discharge and termination provisions in the applicable Master Agreement.

More Definitions of Net Open Position

Net Open Position means for the aggregate amount owed to UBS by Customer, as calculated by UBS in the manner specified in Attachment 1 hereto (which may be modified from time to time by UBS in its reasonable discretion).

Net Open Position means the aggregate of the open Positions in a Commodity Group on a Benchmark Position equivalent basis.

Net Open Position with respect either Crude Oil, Natural Gas Liquids, Refined Petroleum Products and Renewable Products, as applicable, the absolute value of the number of barrels of such Product obtained by subtracting (a) the sum of (i) the number of barrels of such Product which the Credit Parties have committed to buy, or can be required to buy, or will receive under a commodity contract, on a future date at a fixed price; and (ii) the number of barrels of such Product that the Credit Parties have in Inventory from (b) the number of barrels of such Product that the Credit Parties have committed to sell, or can be required to sell, or will deliver under a commodity contract, on a future date at a fixed price.

Net Open Position means, at any given time, the aggregate amount of Currency to be delivered by the Customer to the Bank under all Transactions, provided however, that in calculating such aggregate amount (i) all Currency Obligations under such Transactions shall be netted in the manner provided in Section 3 of this Agreement, and (ii) any amount payable by the Customer in a Currency other than U.S. Dollars under such Transaction shall be converted into its Dollar Equivalent for delivery on its Value Date.

Net Open Position means at any time a U.S. Dollar amount deriving from the likely changes in the replacement value of all outstanding Transactions conclusively determined by the Bank in its sole and absolute discretion from time to time.

Net Open Position means, at any time, the aggregate Notional Amount of all outstanding Transactions, minus the aggregate Notional Amount of all outstanding Transactions for which there is a matching Transaction by maturity date and underlying Currencies in the opposite buy/sell direction.

Net Open Position with respect to any Eligible Commodity, the absolute value of the number of barrels (or alternative quantifiable units) of such Eligible Commodity obtained by subtracting (a) the sum of (i) the number of barrels (or alternative quantifiable units) of such Eligible Commodity that the Loan Parties have committed to buy, or can be required to buy, or will receive under a Commodity Contract, on a future date at a fixed price; and (ii) the number of barrels (or alternative quantifiable units) of such Eligible Commodity that the Loan Parties have in inventory from (b) the number of barrels (or alternative quantifiable units) of such Eligible Commodity that the Loan Parties have committed to sell, or can be required to sell, or will deliver under a Commodity Contract, on a future date at a fixed price.