> ## Documentation Index
> Fetch the complete documentation index at: https://docs.activeviam.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Interpretation note

export const productName = "Atoti FRTB";

In [MAR21.78](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_78)(1) and (4) the equity issuer name is used. However,
the issuer name is not mentioned in the description of the risk-factor
in [MAR21.12](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_12). This leads to two potential interpretations:

1. There may be multiple risk-factors per issuer, for example,
   different share classes or shares traded on different exchanges.
2. There is only a single risk-factor per issuer (modulo the Spot/Repo
   distinction).

The first option is closer to the description of the risk-factor in
[MAR21.12](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_12), however in this case, given [MAR21.78](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_78)(1), it is
unclear what the correlation should be between two spot prices
representing different equities from the same issuer.

In {productName}, for the Equity risk-class the same field is used for
differentiating between risk-factors as for determining the
correlations. Depending on your interpretation, this field could
represent either the equity name (option 1) or the equity issuer name
(option 2).

We will assume option 1, and refer to this field as the **Equity Name**.