CHAPTER III

NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b)

Method of calculation of net short positions in relation to shares
Article 10
1
For the purposes of calculating the net short position in shares pursuant to Article 3(4) of Regulation (EU) No 236/2012, the delta-adjusted model for shares set out in Annex II shall be used.
2
Any calculations by a natural or legal person of a long and short position in relation to the same shares shall use the same methods.
3
The calculation of net short positions shall take into account transactions in all financial instruments, whether on or outside a trading venue, that confer a financial advantage in the event of a change in price or value of the share.