Clearing and Settlement Services Sample Clauses
Clearing and Settlement Services. (A) Trust Company may offer clearing and settlement services (the “Settlement Services”) that facilitate the settlement of transactions of Digital Assets or Fiat Currency between Client and Client’s trade counterparty that also has a Custodial Account with Trust Company (“Settlement Partner”). Client acknowledges that the Settlement Service is an application programming interface (API) product complemented by a Web user interface (UI). Clients may utilize the Settlement Services by way of a number of options, including settlement of one-sided requests with counterparty affirmation; one-sided requests with instant settlement; and two-sided requests with reconciliation. Client understands that the Digital Assets available for use within the Settlement Services may not include all of Client’s Digital Assets under custody.
(B) The Settlement Services allow Client to submit, through the Trust Company’s settlement platform, a request to settle a purchase or sale of Digital Assets with a Settlement Partner. Client authorizes Trust Company to accept Client’s cryptographic signature submitted by way of the Settlement Services API. When a cryptographic signature is received by way the Settlement Services along with the settlement transaction details, Client is authorizing Trust Company to act on Client’s direction to settle such transaction.
i) A one-sided request with counterparty affirmation requires Client to submit a request, including its own cryptographic signature on the trade details, via API calls. Trust Company will notify the Settlement Partner and lock funds of both parties while waiting for the Settlement Partner to affirm the request. Trust Company will settle the trade immediately upon affirmation and the locked funds will be released.
ii) A one-sided request with instant settlement requires one side of the trade to submit a request, including cryptographic signatures of both parties to the trade, via API calls. Trust Company will settle the trade immediately.
iii) A two-sided request with reconciliation requires that both Client and Settlement Partner submit requests via API calls, with each party providing their own cryptographic signatures. Trust Company will reconcile the trades and settle immediately upon successful reconciliation.
iv) In any one-sided or two sided request, the Settlement Partner must be identified and selected by Client prior to submitting a settlement request.
v) Client may submit a balance inquiry through the settlement platfo...
Clearing and Settlement Services. 1. The Custodian shall perform the clearing and settlement of the Client's Transactions. Accordingly, the Custodian:
(a) with regard to securities of Financial Instruments held in tangible (physical) form, the Custodian will receive them and deliver them to the counterparties in the relevant markets or any intermediaries of the counterparties,
(b) with regard to intangible (dematerialized) securities of the Financial Instruments, the Custodian shall take the necessary actions and make the entries required for the conveyance or transfer of such securities pursuant to the Client’s instructions; and
(c) with regard to the funds (in cash) in respect of Transactions, the Custodian shall make the relevant collections and payments, with the entries being entered into the respective cash accounts.
2. The Custodian shall require the Client to provide any information deemed necessary or useful for the proper performance of its duties. The Client shall provide immediately to the Custodian any information required by the Custodian or that the Custodian deems necessary or useful for the proper performance of its duties.
3. The Custodian shall observe the terms of delivery versus payment (DvP) applicable from time to time.
4. The Client recognizes that, in order for the Custodian to undertake the clearing of derivatives transactions on the derivatives market of the Athens Exchange on the Client’s behalf, a clearing transfer agreement must have been drawn up beforehand by, on the one hand, the intermediaries designated each time by the Client for carrying out the Transactions and, on the other, the Custodian, as per current legislation and the regulations of the Athens Derivatives Exchange Clearing House (the “ATHEXClear”), which is signed by the Custodian with the Client. In any case, the Custodian shall have absolute discretion in each case to not go ahead with clearing of the transactions in the Dematerialized Securities System and the ATHEXClear, in the event that said transactions are not covered by the required safety margin or generally by sufficient funds, or do not comply with capital market legislation.
5. If the Client is a legal entity, he establishes herein collateral in favor of the Custodian in the form of a pledge under the provisions of Law 3301/2004, or otherwise a pledge, pursuant to the provisions of Articles 1209 et seq. of the Civil Code, on any sum of money or financial instrument that shall be deposited from time to time in the Custody Accounts in...
Clearing and Settlement Services. Exhibit “B”. HEARTLAND agrees, beginning April 1, 2002, to pay VITAL a minimum of ********** in core clearing and settlement fees per month for the first two (2) years of the Initial Term. HEARTLAND also agrees beginning April 1, 2004 to pay VITAL a minimum of ********** in core clearing and settlement fees per month for the last two (2) years of the Initial Term. Core clearing and settlement fees are defined in Sections 1.1, 1.2 and 1.3 of Exhibit “B” hereto. Should HEARTLAND fail to meet the monthly minimums outlined above, the shortfall will be billed by VITAL to HEARTLAND on HEARTLAND’s monthly invoice and will be payable within thirty (30) days.
Clearing and Settlement Services. 6.1. When receiving orders from the Client to execute any Trades, the Broker shall endeavor to execute the order(s) as soon as possible, taking into consideration the prevailing market conditions.
6.2. The Broker shall not take any action to execute the Client’s order to purchase any Securities unless the Client has sufficient funds in the Client’s Brokerage Account or the Client agrees to settle its obligations as per the settlement Regulations of the MSM.
6.3. The Broker shall keep accurate records for all Trades executed on behalf of the Client as per its orders.
6.4. The Client acknowledges that when the Broker provides clearing and settlement services in accordance with this Agreement, the Broker is acting as a commission agent for the Client. The Client also acknowledges that the Broker is not obliged to exercise its own judgment but to act as per the Client’s orders. Therefore, all Trades executed on behalf of the Client and all changes in the trading prices shall be the sole responsibility of the Client who shall bear liability associated therewith at all times.