Question
The specification for portfolio 12 given in Section 2.2 of Annex 5 sets the initial spot price as ‘Level of USD/EUR on 12 October 2017’. Should London or New York closing time be used?
Background on the question
Section 2.2 of Annex V, details for portfolio 12
Answer
For the purposes of determining the initial spot price for portfolio 12 of section 2.2 of Annex V to the Draft ITS on Benchmarking for the 2018 exercise (end-2017 data), London closing time shall be used. Disclaimer The present Q&A on Supervisory reporting is provisional. It will be reviewed after the Implementing Regulation is in force and published in the Official Journal. The text of the Implementing Regulation may differ from the text of the draft ITS to which this Q&A refers.