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For format-time(), we don't say how the number of microseconds is rounded based on the width specifier. Recommendation: in 16.5.1, in the paragraph starting "If the full representation of the value exceeds the specified maximum width,...", add the sentence: "In the case of the fractional seconds component, the value is rounded to the specified size as if by applying the function [round-half-to-even(fractional-seconds, max-width)]."
The XSL WG accepted this proposal.