Execution Away from Pershing. Broker may place for execution with firms other than Pershing orders for its customers’ accounts. Pershing will have no responsibility for the transmission or execution of any such orders, and Broker agrees to assume full responsibility for resolving any disputes and for bearing any losses resulting from transactions with firms with which Broker executes, giving up Pershing for clearance. Broker also agrees that, with respect to any such orders, it will report executions promptly to Pershing for clearance in accordance with Pershing’s procedures.
Appears in 3 contracts
Sources: Fully Disclosed Clearing Agreement (Gleacher & Company, Inc.), Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.), Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.)