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EBS NDF Ultra Participation Criteria

Calculation Method:

The criteria’s maker percentage is calculated as: core make volume / (core make volume + core pair take volume)

• Make volume includes all EBS Market NDF Make volume in core pairs.
• Core pair Take volume includes all Taker volume in core EBS Market NDF pairs (FAK/FOK only)
• Core EBS NDF pairs include: INR1M, KRW1M, TWD1M, PHP1M, IDR1M
• Make percentage will be rounded to the nearest percentage point (19.5% round up to 20%, 19.49% down to 19%)

Surcharge implementation and threshold breaches:

Compliance with the EBS Ultra NDF Participation Criteria will be assessed over a rolling 2-month period, meaning that:

1. At the end of every calendar month, the Make/Take Ratio will be reviewed for the previous 2 calendar months;

   And

2. Any surcharge or other consequence of a threshold breach will apply in the following month e.g. at end of Feb, Jan and Feb ADV measurement will be reviewed with surcharge or other consequence of a threshold breach applied in March.

Where a subscriber breaches the EBS Ultra NDF Participation Criteria, this will result in the following:

• If <20% breach - will incur a surcharge equal to a USD 2 per million Take surcharge added to following months brokerage schedule.
• A subscriber will not be able to receive NDF Ultra data where their make / take threshold is <20% and they do not wish to pay the surcharges.
• A subscriber may submit a Request for Waiver (RFW) of the surcharge or for a breach leniency.

Waiver

Requests will be assessed by the Waiver Committee to determine whether there was a compelling justification for not meeting the Ultra Participation Criteria requirements.

• A participant may be granted up to 2 waivers of surcharges due under point A above in any given 12-month period.
• Where a leniency is granted for a breach of point B, a surcharge equal to a USD 2 per million take will be waived.