Contents
3.For the purpose of determining the calculation date for initial and variation margin, the following shall apply:
(a)where two counterparties are located in the same time-zone, the calculation shall be based on the netting set of the previous business day;
(b)where two counterparties are not located in the same time-zone, the calculation shall be based on the transactions in the netting set which are entered into before 16.00 of the previous business day of the time zone where it is first 16.00.
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