Common use of Clearance of Trades Clause in Contracts

Clearance of Trades. The Customer understands that FTX has entered into a clearing agreement with Embed Clearing LLC (“Clearing Broker”) whereby FTX will introduce the Customer Account to the Clearing Broker, and the Clearing Broker will clear all transactions, on a fully-disclosed basis. The Customer understand that the Clearing Broker carries the Customer Account(s) and is responsible for the clearing and bookkeeping of transactions, but is not otherwise responsible for the conduct of FTX. Until receipt from the Customer of written notice to the contrary, the Clearing Broker may accept from FTX, without inquiry or investigation, orders for the purchase or sale of securities and any other instructions concerning the Customer Accounts. The Clearing Broker shall look solely to FTX unless otherwise directed by FTX, and not to the Customer, with respect to any such orders or instructions; except that the Customer understands that the Clearing Broker will deliver confirmations, statements, and all written or other notices with respect to the Customer Account directly to the Customer with copies to FTX, and that the Clearing Broker will look directly to the Customer or FTX for delivery of payment, or securities. The foregoing shall be effective as to the Customer Account(s) until written notice to the contrary is received from the Customer by the Clearing Broker or FTX.