Material Legal Shift definition
Material Legal Shift means any Legal Requirement that does not exist as of the date of this Agreement (whether by reason of the adoption, amendment or promulgation of any law, regulation or order, the repeal, lapse or striking down of any law, regulation or order, or any change in the interpretation of any law, regulation or order by any Governmental Entity) and that prohibits or materially restricts or limits (i) the routing or execution of Covered Orders as provided in this Agreement, (ii) payments pursuant to Article III, or (iii) any other material term of this Agreement. For the avoidance of doubt, a Material Legal Shift may include material changes to the pricing methodologies of Exchanges or market practices with respect to payment for order flow.
Examples of Material Legal Shift in a sentence
For the avoidance of doubt, a Material Legal Shift may include an increase in the number of Option classes that are generally quoted in ▇▇▇▇▇ increments, or material changes to the pricing methodologies of Exchanges.