PRU A6.8.14

An Authorised Person must calculate the net Underwriting Exposure to an Issuer by applying the relevant reduction factors in the table below to its net Underwriting position calculated under Rule A6.8.6.

Time Reduction factor to be applied to net Underwriting position
Initial commitment to working day 0 100%
Working day 0 100%
Working day 1 90%
Working day 2 75%
Working day 3 75%
Working day 4 50%
Working day 5 25%
Working day 6 onwards 0%