COD-ORDERS Clause Samples

COD-ORDERS. Broker shall not introduce any retail or individual accounts requiring settlement on a "delivery versus payment" or "receive versus payment" basis without the prior written approval of Pershing. If such approval has been given, Broker shall arrange for timely settlement of all such transactions. Broker shall be responsible for complying with the requirements of NYSE Rule 387 with respect to those transactions, except that Pershing shall be responsible for delivering confirmations pursuant to NYSE Rule 387.