In the case of an Outright ETR, the Discount or d-ETR Sell Rate is a fixed value amount. In the case of RSA Trades of either Performance ETR or Managed ETR, the d-ETR Sell Rate is a Discount Percentage monthly charge that is deducted from the Face Value of the ETR for each month that it is outstanding. This Discount Percentage monthly charge applies to both d-ETR and c-ETR. An independent third-party monitors and reconciles all Bank transactions to ensure all Discounts are correctly applied and to protect the interests of all Members of the Exchange