2.1.14.3 How Pricing Frequency is Considered

Without Forward Pricing

If the first specific price date is the rule effective date (application date), the next price date is arrived at based on the pricing frequency as follows:

Table 2-61 Pricing Frequency

Pricing Frequency	Next price date
Daily	Last price date + 1 calendar day
Weekly	Last price date + 7 calendar days
Fortnightly	Last price date + 14 calendar days
Monthly	Last price date + 30 calendar days
Quarterly	Last price date + 90 calendar days
Half-Yearly	Last price date + 180 calendar days
Yearly	Last price date incremented by one year

If the next specific price date so arrived at falls on a holiday, the holiday rule defined for the specific price date is taken into account. Accordingly, the actual price date is taken as the next working day (if the holiday rule is After) or the previous working day (if the holiday rule is Prior)

Note:

The actual calendar is considered in arriving at the next price date, in the logic discussed above.

Forward Pricing

If the first specific price date is a date in the future (forward pricing), the next price date is arrived at based on the following factors:

• Pricing frequency that has been specified.
• Whether the frequency takes into account the Fund Holiday Calendar or System Holiday Calendar.
• The specified price day, week or month.
• The holiday rule indicated for the specific pricing.

The next price date is arrived at as given in the example below for various combinations:

Table 2-62 Price Frequency Example

Price Frequency	Price Month	Price Week	Price Day	Price available on
Daily	-	-	-	Price can be entered from Sunday to Saturday
Weekly	-	-	3	Third day (Tuesday) of every week
Fortnightly (Price week specified)	-	1	4	Fourth day of the first week of the fortnight.
Fortnightly (Price week not specified)	-	4	4	Fourth day of the fortnight
Monthly (Price week specified)	-	-	2	Monday of fourth week of every month.
Monthly (Price week not specified)	-	-	2	Second day of the month
Quarterly	1	1	1	Sunday of first week of first month of every quarter.
Half-Yearly	5	2	4	Fourth day of second week of fifth month of every half.
Yearly	9	3	5	Last day of third week of every September

If the next specific price date so arrived at falls on a holiday in the specified calendar (Fund or System), the holiday rule defined for the specific price date is taken into account. Accordingly, the actual price date is taken as the next working day (if the holiday rule is Next Day) or the previous working day (if the holiday rule is Previous Day).

Note:

System will derive the days based on locale settings.