Common use of Expiration Value Clause in Contracts

Expiration Value. The Expiration Value shall be the price or value of EUR/GBP released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EUR/GBP Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EUR/GBP Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EUR/GBP Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and then divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EUR/GBP USD released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EUR/GBP USD Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EUR/GBP USD Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EUR/GBP USD Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and then divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be the price or value of EUR/GBP JPY released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EUR/GBP JPY Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EUR/GBP JPY Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EUR/GBP JPY Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 121.00 and the ask price is 1.3402121.02, the two numbers are added together (totaling 2.6802242.02) and then divided by two (2), equaling a Midpoint of 1.3401121.01. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EUR/GBP USD as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EUR/GBP Variable Payout USD Binary Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EUR/GBP USD Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EUR/GBP USD Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and then divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EURGBP/GBP USD released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURGBP/GBP USD Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURGBP/GBP USD Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURGBP/GBP USD Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 1.9900 and the ask price is 1.34021.9902, the two numbers are added together (totaling 2.68023.9802) and then divided by two (2), equaling a Midpoint of 1.34011.9901. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EURUSD/GBP JPY as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURUSD/GBP Variable Payout JPY Binary Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURUSD/GBP JPY Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURUSD/GBP JPY Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 121.00 and the ask price is 1.3402121.02, the two numbers are added together (totaling 2.6802242.02) and then divided by two (2), equaling a Midpoint of 1.3401121.01. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EUR/GBP JPY as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EUR/GBP Variable Payout JPY Binary Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EUR/GBP JPY Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EUR/GBP JPY Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 121.00 and the ask price is 1.3402121.02, the two numbers are added together (totaling 2.6802242.02) and then divided by two (2), equaling a Midpoint of 1.3401121.01. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be the price or value of EURUSD/GBP JPY released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURUSD/GBP JPY Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURUSD/GBP JPY Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURUSD/GBP JPY Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 121.00 and the ask price is 1.3402121.02, the two numbers are added together (totaling 2.6802242.02) and then divided by two (2), equaling a Midpoint of 1.3401121.01. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EURUSD/GBP CHF as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURUSD/GBP Variable Payout CHF Binary Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURUSD/GBP CHF Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURUSD/GBP CHF Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 1.2200 and the ask price is 1.34021.2202, the two numbers are added together (totaling 2.68022.4402) and then divided by two (2), equaling a Midpoint of 1.34011.2201. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EURGBP/GBP JPY as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURGBP/GBP Variable Payout JPY Binary Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURGBP/GBP JPY Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURGBP/GBP JPY Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 121.00 and the ask price is 1.3402121.02, the two numbers are added together (totaling 2.6802242.02) and then divided by two (2), equaling a Midpoint of 1.3401121.01. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.

Expiration Value. The Expiration Value shall be is the price or value of EURUSD/GBP CHF released by the Source Agency on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the last ten (10) Midpoints between the bid/ask spread (ten pips wide or less) just prior to the close of trading of the EURUSD/GBP CHF Variable Payout Contract and removing the highest three (3) Midpoints and the lowest three (3) Midpoints, using the remaining four (4) EURUSD/GBP CHF Midpoints to calculate the Expiration Value. The calculation used is a simple average of all four (4) EURUSD/GBP CHF Midpoints, rounded to one decimal point past the precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask price together and then dividing that number by two (2). For example, if the bid price is 1.3400 1.2200 and the ask price is 1.34021.2202, the two numbers are added together (totaling 2.68022.4402) and then divided by two (2), equaling a Midpoint of 1.34011.2201. If the spread between a particular bid price and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to calculate a Midpoint and will thus not be included within the 10 initially captured values.