Common use of Execution Away from Pershing Clause in Contracts

Execution Away from Pershing. Subject to the written approval of Pershing, Broker may place for execution with firms other than Pershing orders for its customers’ accounts to the extent Broker determines that such action is necessary to meet Broker’s duty to obtain best execution for customer orders. 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. Broker may direct a minority (less than 10%) of its trades for execution through NITE without further written approval of Pershing.

Execution Away from Pershing. Subject to the written approval of Pershing, Broker may place for execution with firms other than Pershing orders for its customers’ ' accounts to the extent Broker determines that such action is necessary to meet Broker’s 's duty to obtain best execution for customer orders. 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 i t will report executions promptly to Pershing for clearance in accordance with Pershing’s 's procedures. Broker may direct a minority (less than 10%) of its trades for execution through NITE without further written approval of Pershing.