clearing membermeans a clearing member as defined in Article 2(14) of Regulation (EU) No 648/2012;
close-out datemeans the day and time of the close-out specified in the communication by the resolution authority of the decision to close-out;
commercially reasonable replacement trademeans a replacement trade entered into on a netted risk exposure basis, on terms consistent with common market practice and by making reasonable efforts to obtain best value for money.
netting setmeans a group of contracts subject to a netting arrangement as defined in Article 2(1)(98) of Directive 2014/59/EU;
replacement trademeans a transaction entered into on or after the close-out date of a derivative contract to re-establish, on a net risk exposure basis, any hedge or related trading position that has been terminated on equivalent economic terms as the closed-out transaction;
valuermeans the independent expert appointed to carry out the valuation in compliance with the requirements and the criteria set out in Part Four of Commission Delegated Regulation (EU) 2016/1075 or the resolution authority when conducting the valuation pursuant to paragraphs (2) and (9) of Article 36 of Directive 2014/59/EU;