Options Policy. At USC it is the policy that no uncovered ("naked") index options orders are to be entered on behalf of any client or correspondent. In addition, all option orders are required to be designated as opening or closing, whichever term applies. Correspondents are responsible for ensuring compliance with this policy and will be liable for the consequences of any violations, including, but not limited to, any damages caused. USC may terminate this Agreement in the event that you fall to comply with this policy.
Appears in 2 contracts
Sources: Clearing Agreement (America First Associates Corp), Clearing Agreement (America First Associated Corp)