states that the EDSP is the sum of the discounted notional cash flows, with the present value of each notional cash flow calculated using zero-coupon discount factors that have been derived from the ISDA benchmark swap curve as at the expiration date. The fair price of the con- tract is the sum of the present values of the notional cash flows, valued to the trade date and then forward valued to the contract delivery date. For- ward valuing to the delivery date can be regarded as funding the position (were it a coupon bond) from trade date to delivery date. Exhibit 12.15 presents a summary of the ten-year Swapnote contract specifications.   EXHIBIT 12.15 Ten-Year Euro Swapnote Contract Specification   Unit of trading 100,000 notional principal amount Notional fixed rate 6.0% Maturity Notional principal amount due ten years from deliv- ery day Delivery months March, June, September, December Delivery day Third Wednesday of delivery month Last trading day 10:00 London time Two business days prior to the delivery day Price quote Per 100 nominal value Minimum price movement 0.01 Tick size and value 10 Trading hours 07:00-18:00 (LIFFE Connect)   Notes The contract is cash settled, therefore "principal" and "coupon" payments are no- tional and do not actually occur. The maturity of a Swapnote contract is defined as the time from the delivery month to the maturity of the last notional cash flow.   Trade Spread History To illustrate the similarity in market price movements, Exhibit 12.16 shows the price trading history of the ten-year Swapnote contract against the ten-year Bund contract as traded on Eurex during September and October 2001. The exhibit indicates that the Swapnote is behaving as a benchmark to the market, similar to the Bund contract, with a narrowing spread between the contracts over time.