Unaffected price framework: adjusted VWAP replaces rumour-affected prices when rumours are promptly confirmed, altering pricing norms. Framework prescribes computing an adjusted VWAP by attributing the variation in daily WAP from the day of material price movement until the end of the next trading day after rumour confirmation to the rumour, replacing those days' daily WAPs with the pre-movement daily WAP, and subtracting the measured WAP variation from subsequent daily WAPs to derive an adjusted VWAP for the regulatory look-back period. The unaffected price applies only if the rumour is confirmed within twenty-four hours and operates for a defined applicability window based on transaction stage; repeated confirmations generate separate unaffected-price periods.
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Provisions expressly mentioned in the judgment/order text.
Unaffected price framework: adjusted VWAP replaces rumour-affected prices when rumours are promptly confirmed, altering pricing norms.
Framework prescribes computing an adjusted VWAP by attributing the variation in daily WAP from the day of material price movement until the end of the next trading day after rumour confirmation to the rumour, replacing those days' daily WAPs with the pre-movement daily WAP, and subtracting the measured WAP variation from subsequent daily WAPs to derive an adjusted VWAP for the regulatory look-back period. The unaffected price applies only if the rumour is confirmed within twenty-four hours and operates for a defined applicability window based on transaction stage; repeated confirmations generate separate unaffected-price periods.
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