Client Money and Assets. 12.1 Unless otherwise notified by VDX your money will be held by VDX as client money. Your funds will therefore be held in an account at an Approved Bank duly licensed and regulated by the regulatory institutions responsible for banking oversight and regulation in the relevant jurisdiction.
12.2 VDX may hold client money on your behalf with an Approved Bank in a client money bank account located outside the Republic Of Mauritius or in more than one banking jurisdiction simultaneously, or pass money held on your behalf to an intermediate broker, settlement agent or Counterparty located outside the Republic Of Mauritius. The legal and regulatory regime applying to any such Approved Bank or person will be different from that of Mauritius and in the event of the insolvency or any other equivalent failure of the Approved Bank or such person, your money may be treated differently from the treatment which would apply if the money was held in the Republic Of Mauritius. While we shall voluntarily make every prudent effort to evaluate the suitability of such placements with an institution/entity prior to the placement of funds in their custody, VDX shall not be liable for the solvency, acts or omissions of any third party referred to in this clause.
12.3 Unless otherwise agreed in writing, VDX shall not pay you interest, nor account to you for profits earned, on client money.
12.4 If you owe us any money under this Agreement, VDX shall on the day it becomes due and payable cease to treat as client monies so much of the money held on your part as equals the amount so due and payable. We may apply that money in or towards satisfaction of all or part of those obligations due and payable to us.
12.5 Any surplus on a sale or closing out under this Agreement after exercising our rights under this Agreement belongs to you and we shall treat it as client money. Accordingly, if we default while still holding it, it will VARIANSE | Client Agreement Page 13 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. be pooled with our other client money for the benefit of all our customers and you will share rateably with them in the pool.
12.6 All funds, securities, currencies, and other property belonging to you which VDX or its Affiliates may at any time be holding for yo...
Client Money and Assets. 70.1 Without prejudice to the provisions of the immediately preceding clause of this Agreement, all assets (including, without limitation, cash or only in cases where we may agree otherwise) transferred to us by you to other assets, such as collateral (meaning investments, securities , bonds or any other financial instrument, property or asset acceptable to us in lieu of cash) or to any other asset transferred to us by you, or to any other financial instrument, property or asset acceptable to us in lieu of cash) Your Customer Money can be pooled in a general omnibus account with other customer funds.
70.2 Except if you advise us in advance and recorded as a hard copy, we may permit an outsider, for example, a trade, a clearing house or a middle of the road dealer to hold and control all or part of your Client Money, where we move your Client Money: (a) for the reasons for a Transaction as well as Contract you have gone into, or are going into with such outsider; or (b) to meet your commitments to give Collateral or Margin to a Transaction or potentially Contract (for example an underlying Margin prerequisite for a subsidiary Transaction).
70.3 You hereby authorize us, on your behalf, to make any deposits and withdrawals from your Account with us, including, without limitation and without prejudice to the generality of the foregoing, withdrawals for the settlement of any Transactions undertaken and/or Contacts entered into pursuant to these Terms and Conditions, and for the settlement of any and all amounts payable by you or on your behalf.
70.4 Unless otherwise specified and stated in the terms agreed by mutual consent of the Contracting Parties, any amount payable by us to you shall be paid directly to you and not to any other person, unless agreed by mutual consent of the Contracting Parties.
70.5 Without prejudice to any other provisions of this Agreement, we may set aside any amounts held on your behalf against your obligations to us and/or merge any of your accounts with us at our sole discretion from time to time and without your prior authorization.
70.6 You are entitled, without closing your Account, to withdraw funds from your Account that are not used for Margin Coverage.
70.7 Trading in leveraged financial instruments puts your invested capital at considerable risk. Hextra Prime follows a 'no negative balance' policy, however, which means that more than your invested capital can not be lost.
70.8 If your account is inactive for a period of five ...
Client Money and Assets. (a) We will not ordinarily (and will not be obliged to) hold investments or other assets on your behalf by way of safe custody.
(b) If any investments are provided to us as collateral on a title transfer basis (that is where you transfer full ownership to us for the purpose of securing your obligations), such collateral will not be treated as safe custody assets subject to the Custody Rules. You acknowledge that, in the event of our insolvency, you will be a general creditor and such investments or other assets may not be available to be paid to you.
(c) In respect of any money we hold on your behalf in an account with ourselves, we act as banker and not as trustee under the Client Money Rules. In particular, we will not segregate your money from ours and we will not be liable to account to you for any profits made by our use as banker of such funds. As a result, we will not hold your money in accordance with the Client Money Rules, and if we fail, you will be treated as an ordinary creditor in respect of any such funds deposited with us, the Client Money Rules relating to distribution of client money will not apply to these sums, and you will not be entitled to share in any distribution under those rules.
(d) Where you transfer full ownership of cash to Westpac for the purpose of securing or otherwise covering present or future, actual or contingent or prospective obligations in respect of Transactions entered into with Westpac, such cash shall not be held as Client Money. Westpac will not hold money under Client Money Rules.
(e) Where cash is transferred to Westpac and is held subject to a security interest established under a separate agreement, you hereby expressly grant to Westpac a right of use over such cash. Upon the exercise of such right of use, you hereby agree to transfer all rights to that cash to Westpac and that cash will not be Client Money.
(f) You should be aware of certain risks and consequences which may be involved in:
(i) granting consent to a right of use of collateral provided under a security collateral arrangement; and/or
(ii) concluding a title transfer collateral arrangement. Please refer to the notification contained in Schedule 9 which is given to you by Westpac in compliance with Article 15 of Regulation (EU) 2015/2365 of the European Council and of the Council of 25 November 2015 (the Securities Financing Transaction Regulation).
Client Money and Assets. 11.1. Client money
Client Money and Assets. 11.1. Location of banks
Client Money and Assets. 9.1 We will normally settle transactions on a delivery versus payment basis ("DvP"); in accordance with the FCA's CASS Rules, any money or designated investments received by us in relation to a DvP transaction, under this Agreement, is not eligible to be treated as client money (under CASS 7) or protected under the custody rules (CASS 6). In particular, money will therefore not be segregated from our own accounts. In entering into this Agreement and placing orders with us, you agree that we may, at our discretion, fully utilise the DvP exemption as permitted by the FCA Rules.
9.2 To the extent that we do hold money of yours (for example, money returned to us as a result of settlement failure, or as a result of incorrect instructions), we shall treat it as client money under the FCA CASS Rules, where required which impose certain responsibilities on us to ensure that your money is protected. In such circumstances:
(a) we do not pay interest on client money;
(b) any third party bank who we authorise to hold your money, may hold it in a general Client Money bank account, alongside that of our other clients. This means that money is held as part of a common pool of money, so in the event of our insolvency or other such event, your money will be protected in accordance with the FCA CASS Rules. Any claim by you is against the pool of money in general. This means that the balance on the account will be divided proportionately between all clients who have a valid claim against the sum held in the general pool and this may or may not be equal to the individual sum owing to you;
(c) We may hold your money with a bank which is not an "approved bank" (as defined by the FCA) in certain circumstances and in accordance with Applicable Regulation. In such circumstances the legal and regulatory regime applying to the bank with which the client money is held will be different from that of the United Kingdom and in the event of a failure of the bank, your money may be treated differently from the treatment which would apply if the money were held by an approved bank in the United Kingdom; and
9.3 We will ensure that any third party who we arrange to hold your money is selected and appointed by us specifically for this purpose and we will exercise all due skill, care and diligence in the selection and monitoring of such agents.
9.4 In relation to overseas countries, where reasonably practicable in accordance with local market practice, PH will seek to arrange that investments...
Client Money and Assets. 9.1 Unless otherwise expressly agreed by each of us in writing, where you transfer money to us, we will treat this as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual or contingent or prospective obligations, and as such this money will be held at segregated accounts to prevent the use of client funds for its own account. Any money received by us from you or a third party for your account will be owed by us to you, even where we are acting as your agent. Since the "Client Money" will not apply to money transferred to us on a title transfer basis, you do not have a proprietary claim over such money, and we can deal with it in our own right. We can agree to transfer an equivalent amount of money back to you where, in our discretion, we consider that the amount of money you have transferred to us is more than is necessary to TEL: +000 00 000 000 FAX: +000 00 000 000 EMAIL: xxxxxxx@xxxxxxxxxx.xxx WEB: xxx.xxxxxxxxxx.xxx cover your present and future obligations to us. In determining the amount of collateral and the amount of our obligations to you, we may apply such methodology (including judgments as to the future movement of markets and values), as we consider appropriate, and consistent with Applicable Regulations.
Client Money and Assets. 11.1. Client money 11.2. Custodial Assets 11.3. Express Authorisation for Collateral 11.4. No Derogation from other Client Liabilities 11.5. Provision of Collateral 11.6. Custodial Assets to be borrowed by MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd 11.7. Withholding Taxes on Income
Client Money and Assets. 11.1. Location of Banks We will endeavor to hold client money on your behalf segregated at Sikhula Venture Capital (PTY) Ltd “client money” accounts. We may hold bank accounts in any country, given that it satisfies the requirements of FSCA. In all cases we have notified (or will notify regarding new accounts) to the appointed credit institutions that the accounts in which we hold clients’ money must be distinguished from accounts containing funds belonging to us.
Client Money and Assets. 11.1. Our services to you under this Agreement are provided on the understanding that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Accordingly, the protections conferred by the Client Money Rules will not apply to you. Where you transfer money to us, we will treat this as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Any money received by us from you or a third party for your Account will be owed by us to you and you will rank only as a general creditor of Doo clearing Limited.
11.2. The Client Money Rules do not apply to Professional Clients or Eligible Counterparties. You will therefore not have a proprietary claim over money transferred to us, and we can deal with it in our own right. Your money will not be segregated but separated from our money and, under special circumstances it may be used by us in the course of our business. We will transfer an equivalent amount of money back to you where, in our discretion, we consider that the amount of money you have transferred to us is more than is necessary to cover your present and future obligations to us. In determining the amount of Collateral and the amount of our obligations to you, we may apply such methodology (including judgements as to the future movement of markets and values), as we consider appropriate, consistent with the FCA Rules and the Client Money Rules.
11.3. By completing the Account Application Form, you are providing us with written acknowledgement that you understand the information above and that you consent to your monies not being conferred the protections of the Client Money Rules.
