The table below details Eagle's trade and market value calculations for opens and terminations of CDX using par-based prices, including gains and losses due to price movements. This is based on Data Management signage.
...
Open Sell Protection
Cash Direction | Price | Cost Basis | Market Value | Close Sell Protection | Value at Open --> Value at Close: Gain or Loss |
|---|---|---|---|---|---|
Receive Fee Pay Traded Interest | Price < 100 | Long, Receive Fee to Open Cost = Negative | Price < 100 Negative MV | Pay Fee to Close Receive Traded Interest | 95 --> 90: Loss 90 --> 95: Gain |
Pay Fee Pay Traded Interest | Price > 100 | Long, Pay Fee to Open Cost = Positive | Price > 100 Positive MV | Receive Fee to Close Receive Traded Interest | 105 --> 110: Gain 110 --> 105: Loss |
Open Buy Protection
Cash Direction | Price | Cost Basis | Market Value | Close |
|---|
Sell Protection | Value at Open --> Value at Close: Gain or Loss | ||||
|---|---|---|---|---|---|
Pay Fee Receive Traded Interest | Price < 100 | Short, Pay Fee to Open Cost = Positive | Price < 100 Positive MV | Receive Fee to Close Pay Traded Interest | 95 --> 90: Gain 90 --> 95: Loss |
Receive Fee Receive Traded Interest | Price > 100 | Short, Receive Fee to Open Cost = Negative | Price > 100 Negative MV | Pay Fee to Close Pay Traded Interest | 105 --> 110: Loss] 110 --> 105: Gain |