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The Crypto 2b Exposure Direction hierarchy classifies each Crypto 2b underlying as Long or Short based on the relative size of its aggregated gross exposures. This is a Copper analysis hierarchy derived at query time. For each underlying, the absolute long exposure (Crypto 2b Exposure Long) and absolute short exposure (Crypto 2b Exposure Short) are compared:
  • Long — when the absolute long side is greater than or equal to the absolute short side.
  • Short — when the absolute short side is greater.
Underlyings with no exposure on either side produce a null member and are excluded. Difference from Crypto 2b Direction: Crypto 2b Direction is a stored level sourced from the input data, reflecting the raw per-sensitivity direction field. Crypto 2b Exposure Direction is computed at query time across all sensitivities of an underlying and reflects the net directional classification of the aggregated exposure.