Examples of ForexClear Clearing Client in a sentence
Where, following the Default of a ForexClear Clearing Member, the Clearing House is notified of the existence of such a Backup Clearing Member in respect of a ForexClear Clearing Client, the Clearing House is entitled, in accordance with the Client Clearing Annex, to immediately and without notice to any person, send details of the Relevant Contracts and Account Balances to that appointed Backup Clearing Member.
Note: The appointment by a ForexClear Clearing Client of a Backup Clearing Member and the notification of a Backup Clearing Member to the Clearing House does not mean that ForexClear Contracts will always be transferred to that Backup Clearing Member.
A FXCCM agrees that the Clearing House is permitted, after the Default of such FXCCM, to disclose the Portfolio in respect of a Relevant Client Account and ForexClear Clearing Client of such FXCCM, to each Backup Clearing Member appointed by such ForexClear Clearing Client in respect of the ForexClear Service.
Pursuant to the Clearing House's General Regulations, each ForexClear Clearing Member is required to ensure that it includes certain language in its agreement with its ForexClear Clearing Client (the "Clearing House Prescribed Language").
The Clearing House will usually arrange a transfer of any ForexClear Contracts to be transferred pursuant to this paragraph (c) within 24 hours of receipt (to the extent applicable) of the documents listed in sub-paragraphs (i) and (ii) above, unless such transfer is contested by the relevant ForexClear Clearing Client.
For the purposes of this Section 1.14, a "Related ForexClear Contract" has the same meaning as ascribed to such term in Section 1.12.3 save that, in this Section 1.14 the ForexClear Clearing Client is acting on behalf of one or more Indirect Clearing Clients in respect of whom the ForexClear Clearing Member clears Contracts with the Clearing House in an Indirect Gross Account.
A ForexClear Clearing Client may appoint a Backup Clearing Member for the purposes of the porting of the ForexClear Contracts entered into by a ForexClear Clearing Member on its behalf, in accordance with the Client Clearing Annex.
The Clearing House will usually arrange a transfer of any ForexClear Contracts to be transferred pursuant to this paragraph (c) within 24 hours of receipt (to the extent applicable) of the documents listed in sub- paragraphs (i) and (ii) above, unless such transfer is contested by the relevant ForexClear Clearing Client.
In a risk management or asset valuation situation, this is quite a difference and must be taken into account.
A ForexClear Contract transferred in this manner shall be transferred through novation, from the ForexClear Clearing Client to the FXCCM in the case of a transfer from a Client Account to the Proprietary Account, and from the FXCCM to the ForexClear Clearing Client in the case of a transfer from a Proprietary Account to a Client Account.