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Loan Pricing (Including pricing sources)

Pricing Sources

Whilst recognising each firm's right to use multiple sources to create a single blended price feed, Bloomberg should be used as the final arbitrating source in any resultant pricing or FX dispute unless otherwise agreed between counterparties. Wherever possible the following prices should be taken: (IBP-127 UNDER ISLA REVIEW)

Asset Prices

UK/Europe/US - Prior days close of business price. Asia Pacific closing price from the same day. Any collateral deadlines prior to 12.00 UKT, the counterparties can agree on a peer-to-peer basis the price to be used, most typically the prior day's closing price. In the event of a dispute, the final arbitrating price for asset prices should be taken from the BGN quote for that asset on Bloomberg. In case of corporate action events (like Stock Split, Reverse Split) trade should be marked at last available price prior to the split between ex-date and pay date in order to reflect true value of the trade. Fixed Income Bonds: Bloomberg pricing to be used with prior day's closing price. Thailand pricing: Offshore/Onshore pricing to be used based on the domicile of the security. For Japan, domestic market: Brokers' Price to be sourced from Jasdec vs Trust bank to use Nikkei price. (IBP-128 UNDER ISLA REVIEW)

FX

In the event of a dispute around spot FX rates, the rate should be obtained using the default BGN. Bloomberg FX Generic source, and should be using the number of decimal places displayed on the screen (which is 5 characters, e.g. 12.345 or 1.2345). Between any American or European currencies - Close of business previous day. Between any American or European currencies and Asia Pacific currencies - Close of business previous day. Between any Asia Pacific currencies - Close of business same day. Where appropriate prices should be rounded UP to the nearest cent. For UK assets, both bonds and equities, the CREST closing prices will supersede all other price sources including Bloomberg and Reuters. (IBP-129 UNDER ISLA REVIEW)

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