Executing of orders Clause Samples

Executing of orders. (a) The Client may, either orally or in writing, give instructions to the Broker to trade in Derivatives on his behalf. Where such instructions are given orally, the Broker may in its absolute discretion refuse to comply with those instructions unless and until such instructions have been duly confirmed by the Client in writing. (i) Unless specific written instructions are given to the Broker at the time instructions are given to trade in Derivatives on the Client’s behalf, the Broker shall allocate all the Derivatives to the Clearing House or other brokers for clearing. (ii) If the Client does not want the Broker to allocate the Derivatives for clearing purposes it shall, when giving written instructions to the Broker, specify the name of the Clearing Participant to whom the confirmed Derivatives are to be allocated for clearing. (iii) Upon execution of the Client's instructions, the Broker shall allocate the relevant confirmed Derivatives to the specified Clearing Participant accepting that trade. (iv) Where the Client instructs the Broker to allocate the Derivatives to a specific Clearing Participant and that Clearing Participant refuses to accept the allocation, the Client shall make alternative arrangements immediately upon being notified by the Broker and shall notify the Broker thereof in writing, failing which the Broker may at its absolute discretion accept the allocation. In the event that the Broker decides not to accept the allocation, the Client shall be in default under Clause 8 hereof, and the Broker may, in its absolute discretion, pursue any course of action as stated in Clauses 8.1(i) until 8.1(viii) hereof. (b) The Client shall fully indemnify and keep the Broker fully indemnified against all losses, costs, charges, expenses, liabilities, outgoing and payments which the Broker is liable to pay or sustain as a result of the Clearing Participant refusing to accept the allocation of the Derivatives for the account of the Client.