Clarification on credit portfolio specifications.

Portfolios 1.35, 1.36, 1.37: For CTPs page 16, we are being asked to book the hedges such that net CS01 is 0 as of initial valuation date. From point (b) page 2 it seems that initial valuation date is 27-Oct-2016. This will mean that the hedges can only be booked on the 28-Oct-2016. However point (a) in page 2 specifies that “all positions shall be booked 13 October 2016”. Can you clarify what is the correct approach ?

Annex V specification states: "The portfolios are constructed by hedging each index tranche with the iTraxx Europe index (on the run Series) to achieve zero CS01 as of initial valuation date (‘spread hedged’). No further re-hedging is required." "(a) Unless explicitly specified otherwise in the portfolio description, all positions shall be booked 13 October 2016. Once positions have been booked, each portfolio shall age for the duration of the benchmarking exercise. Furthermore, calculations shall be done under the assumption that the institution does not take any action to manage the portfolio in any way during the entire period of the benchmarking exercise. Unless explicitly stated otherwise in the specifications for a particular portfolio, strike prices for option positions shall be determined relative to prices for the underlying as observed at market close on13 October 2016. (b) For the purpose of the pre-benchmarking exercise validation, the valuation of each portfolio shall be submitted to the institution's competent authority by 4 November 2016. Initial Market Valuation (IMV) means the unrealised balance (i.e. profit or loss that has been made but not yet realized or it would be realized if the position is closed out (or “unwound”)). The exact timing of the valuation shall be 27 October 2016, 5.30 pm CET (4.30 pm GMT)."