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Understanding How Rounding and Truncation Apply to Percentage Thresholds

Overview

The system displays percentages across various screens using rounded or truncated values for readability. However, the system will always store and use the full number (capped at 21 decimal places) to determine whether a regulatory threshold has been crossed.

Because internal calculations rely on unrounded values, the display formatting on user interface (UI) screens does not change how figures are calculated for actual disclosure forms.

This article explains how percentage values appear across platform screens and how specific jurisdiction rules handle rounding on regulatory disclosures.

UI Display Standards

All Results Page

The values here are truncated to three decimal places because rounding could potentially misrepresent the real result. For example, an original value of 4.9995% would be truncated to 4.999% (not rounded to 5.000%), which could lead the user to believe that a threshold has been crossed.

For rule calculations, the actual value is used to determine whether a threshold has been crossed. The value is truncated in the UI for ease of viewing.

Result Details Popup

Truncated to five decimal places to provide deeper visibility into position calculations.

When you click through to the Result Details screen to view more details about a particular result, the percentage is truncated to five decimal places.

Historical Evolution Chart

The value shown within the result chart has been rounded to three decimal places. When the mouse hovers over a particular NAV Date, the value is shown to five decimal places, which aligns with the figure shown in the Result Details popup above.

Disclosure Documents and Jurisdiction-Specific Rules

Rounding and truncation methodologies for official disclosure forms depend on the specific regulatory instructions of each jurisdiction.

Japan Short Selling (Short Japan)

The Short Japan rule generates an Excel file containing a column entitled, "空売り残高割合 Ratio of Short Positions to Shares Outstanding." We populate that with PercentTotalSharesOutstanding, which has been truncated to two decimal places, while the column entitled "空売り残高数量 Number of Short Positions in Shares" is populated with the equivalent shares calculation with no decimals since the column is concerned only with the number of shares, rather than a percentage.

Ireland Short Selling (SSR Equity Ireland)

In other forms, such as the SSR Equity Ireland, the section for "% Of Issued Share" is populated with the calculation for PercentTotalSharesOutstanding, rounded to two decimal places, as per the regulator's instruction on the form.

Netherlands Short Selling (SSR Netherlands)

The Netherlands Authority for the Financial Markets (AFM) confirmed that rounding to two decimal places should be performed before evaluating whether a notification obligation exists. For example, a calculated holding of 4.9998% rounds up to 5.00%, which triggers a disclosure obligation.

UK Takeover Panel (Form 8.3)

In Form 8.3 of the UK Takeover rule, the percentages are populated with two decimal places truncated, as we have confirmed directly with the Takeover Panel.

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