Examples of Covered Short Sale in a sentence
You acknowledge that we do not allow short selling in any form which means we will not accept a sell order from you unless at the time that the order is placed you have a presently exercisable and unconditional right to vest the Financial Products that are the subject of the order in the buyer in circumstances where this right does not derive from a Covered Short Sale arrangement.
For the avoidance of doubt, you may place an order if the sale would be a Covered Short Sale that is not prohibited by the Corporations Act.
Covered Short Sale means the sale of Financial Products where, at the time that you place a sell order, you have entered into a securities lending arrangement with respect to the delivery of the Financial Products that are the subject of that sell order.
I agree to comply with these obligations by correctly specifying (in the manner required by Credit Suisse) whether the sale is (a) a Covered Short Sale or is (b) a Long Sale at the time of placing the order.
Such sales are in contrast to a Covered Short Sale where the seller has borrowed securities to cover the selling position at a CSD and then has executed the sale transaction.