Executing Brokers Clause Samples
The Executing Brokers clause defines the parties responsible for carrying out trades or transactions on behalf of the contracting parties. It typically specifies which brokers are authorized to execute orders, outlines the process for appointing or changing brokers, and may address the standards or requirements these brokers must meet. This clause ensures that all trades are conducted through agreed-upon intermediaries, thereby providing clarity, reducing operational risk, and facilitating smooth settlement of transactions.
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Executing Brokers. If Broker wishes to act as an “Executing Broker” as such term is understood in that certain letter dated January 25, 1994, from the Division of Market Regulation of the SEC, as the same may be amended, modified or supplemented from time to time (the “No-Action Letter”), then all terms herein shall have the same meaning as ascribed thereto either in the Agreement or in the No-Action Letter as the sense thereof shall require. Broker may, from time to time, execute trades (either directly or through Pershing) for Prime Brokerage Accounts in compliance with the requirements of the No-Action Letter. (The No-Action Letter requires, inter alia, that a contract be executed between Pershing and Prime Broker, and between Broker and Prime Brokerage Customer prior to the transaction of any business hereunder.) Broker shall promptly notify Pershing, but in no event later than 5:00 p.m. New York time, of trade date in a mutually acceptable fashion, of such trades in sufficient detail for Pershing to be able to report and transfer any trade executed by Broker on behalf of a Prime Brokerage Account to the relevant Prime Broker. Broker understands and agrees that if Prime Broker shall disaffirm or “dk” any trade executed by Broker on behalf of a Prime Brokerage Account, Broker shall open an account for such Prime Brokerage Account in its range of accounts and shall transfer or deliver the trade to such account at the risk and expense of Broker to the same extent as for any account introduced by Broker pursuant to this Agreement. Broker understands and agrees that all Prime Brokerage Accounts shall be conducted in accordance with the requirements of the No-Action Letter and any relevant agreement between Broker and a Prime Brokerage Customer or between Pershing and relevant Prime Broker. Broker further agrees to supply Pershing with such documents, papers and things, which from time to time are reasonably required by Pershing to carry out the intention of this Paragraph. Broker agrees that it shall know its customer, obtain appropriate documentation, including new account form, conduct its own credit check and determine the availability of shares as required for processing of any short sales. Broker shall maintain facilities to clear any disaffirmed trades.
Executing Brokers. 7.1. We will implement any dealing decisions we take in our capacity as your discretionary portfolio manager by giving instructions to your Investment Custodian.
7.2. The terms of the Third-Party Agreement with your Investment Custodian can be found on the Sidekick website or within the Sidekick App and set out the basis on which your Investment Custodian will provide dealing and execution services.
7.3. You undertake to instruct your Investment Custodian, where relevant, to:
7.3.1. comply with any orders and instructions for execution transmitted by us on your behalf; and
7.3.2. provide us with such information as we may reasonably request in connection with this Agreement.
Executing Brokers. GTN ASIA has entered into agreements with Executing Brokers who are duly authorized brokers in their respective markets in relevant countries in order to obtain the trade execution services including research services for its clients in accordance with such terms and conditions in those Executing Broker Agreements. GTN ASIA has taken reasonable steps to complete the required due diligence to ensure that such selected Executing Brokers are authorised (i) to conduct business in compliance with applicable local laws and regulations; and (ii) to execute trades in their respective local markets. GTN ASIA may, in its discretion from time to time, add or remove Executing Brokers from their approved execution broker list in different countries to ensure desired level of service to the Client. GTN ASIA will act on behalf of and bind the Executing Brokers, including but not limited to performing such tasks as opening accounts, negotiating commissions and settlement terms, defining trading limits with its clients, etc. as authorized by the respective Executing Brokers by Power of Attorney or any other legal document as applicable. The Client will not deal directly with the executing broker of the local market other than through GTN ASIA.
Executing Brokers i) MFS has entered into agreements with Executing Brokers who are duly authorized brokers in their respective markets in relevant countries in order to obtain the trade execution services including research services for its Clients in accordance with such terms and conditions in those Executing Broker Agreements.
ii) MFS has taken reasonable steps to complete the required due diligence to ensure that such selected Executing Brokers are authorised (i) to conduct business in compliance with applicable local laws and regulations; and (ii) to execute trades in their respective local markets.
iii) MFS may, in its discretion from time to time, add or remove Executing Brokers from their approved execution broker list in different countries to ensure desired level of service to the Client.
iv) MFS will act on behalf of and bind the Executing Brokers, including but not limited to performing such tasks as opening accounts, negotiating commissions and settlement terms, defining trading limits with its Clients, etc. as authorized by the respective Executing Brokers by Power of Attorney or any other legal document as applicable.
v) The Client will not deal directly with the executing broker of the local market other than through MFS.