Common use of IBIE Trades as Agent or Principal Clause in Contracts

IBIE Trades as Agent or Principal. For Transactions executed on an exchange, IBIE acts as agent in its name for your account. Unless otherwise indicated, IBIE generally acts as principal or riskless principal, therefore in its own name and for its account, in Over the Counter (“OTC”) Transactions. Your OTC Transactions are executed against IBIE, which may have a long or short position and may profit or lose in connection with the Transaction, or may hedge or effect it against or through an affiliate or third party who may profit or lose. When IBIE accepts an order or executes a Transaction for you where we access external execution venues (including third party Systematic Internalisers as defined in the MiFID II Rules) as agent or riskless principal, IBIE does so as an executing broker and not as a Systematic Internaliser.

IBIE Trades as Agent or Principal. For Transactions executed on an exchange, IBIE acts as agent in its name for your account. Unless otherwise indicated, IBIE generally acts as principal or riskless principal, therefore in its own name and for its account, in Over the Counter (“OTC”) Transactions. Your OTC Transactions are executed against IBIE, which may have a long or short position and may profit or lose in connection with the Transaction, or may hedge or effect it against or through an affiliate or third party who may profit or lose. When IBIE accepts an order or executes a Transaction for you where we access external execution venues (including third party Systematic Internalisers as defined in the MiFID II RulesInternalisers) as agent or riskless principal, IBIE does so as an executing broker and not as a Systematic Internaliser.