Common use of Cash Balances Clause in Contracts

Cash Balances. For most account types, uninvested cash balances will be automatically deposited each day in one or more FDIC-insured depository accounts established with banks unaffiliated and affiliated with the Clearing Agent ("Expanded Bank Deposit Sweep"); provided, however, that another sweep option, such as the Standard Bank Deposit Sweep or a money market mutual fund, may be offered for ERISA or IRA accounts in the limited instance that the Clearing Agent believes such option is necessary for compliance with applicable law. The Introducing Firm (and Introducing Firm's banking affiliates where the Introducing Firm uses an affiliate bank sweep), Clearing Agent, and Clearing Agent's banking affiliates benefit financially from cash balances held in the Bank Deposit Sweep. For additional information about the Expanded and Standard Bank Deposit Sweep programs, including information about how we and our affiliates benefit from them, see the Cash Sweep Program Disclosure Statement, which we provided to you when you opened your Account.