Many securities programmes contemplate that the fiscal agent or principal
paying agent will perform the role of calculation agent, unless otherwise
agreed. However, while the appointment of fiscal agents and principal paying
agents as calculation agents is common for rate-fixings in relation to vanilla
floating rate notes, fiscal agents and principal paying agents may not be
willing, nor indeed well placed, to perform the more specialised calculation
agent role contemplated in derivative securities.
Where the arranger, manager or dealer (the "arranger") in relation to
derivative securities is also the hedge provider, and the calculation agent
under the hedge, it is common, and often logical, for the arranger to be the
calculation agent in respect of the derivative securities.