Closing a Contract. (a) A party may close any Contract (whether in whole or in part) by giving notice to the other party of that fact, specifying the Contract and the number of Eligible Securities to be closed out under the Contract
(b) Notice served by the Customer and accepted by WCSB shall take immediate effect
(c) Notice served by WCSB shall take effect immediately following the giving of the notice
(d) Where WCSB is unable to borrow or maintain any borrowing of an Eligible Security, WCSB will provide notice thereof and said notice shall take immediate effect
(e) On receipt of a closing notice by either party, WCSB shall inform the Customer of the Closing Price and the Contract will be terminated on the Closing Date
(f) The following amounts shall be payable by either party to the Contract and shall be paid on the first Business Day following termination where the Customer;
(i) is the Short Party, WCSB shall pay to the Customer any final amount outstanding under Clause 5 and if such amount is negative, the Customer shall pay the absolute value of such amount to WCSB;
(ii) is the Long Party, the Customer shall pay to WCSB any final amount outstanding under Clause 5 and if such amount is negative, WCSB shall pay the absolute value of such amount to the Customer
(g) Any interest payments due will continue to be paid on a daily basis until the first Business Day following the Closing Date. The Margin Percentage held by WCSB multiplied by the Contract Value will be repaid to the Customer by WCSB on the first Business Day after the Closing Date
Closing a Contract. (a) The Client may give MFGA notice (Closing Notice) by telephone, fax, email or electronically or otherwise of the Client’s wish to close any CFD (whether in whole or part) specifying the Reference Asset (as applicable) and the proportion of the CFD that the Client wishes to close.
(b) Following receipt of a Closing Notice, MFGA will use reasonable endeavours to give a quote for the Closing Price/Closing Rate (as applicable) and notify the Client of that quote (by telephone or otherwise). The Client must notify MFGA as soon as possible (by telephone, fax, email or electronically or otherwise) whether or not the Client is willing to accept the Closing Price/Closing Rate (as applicable). If the Client accepts the Closing Price/Closing Rate (as applicable) and instructs MFGA to close out the CFD, the CFD (or if applicable, the relevant portion of the CFD) will be closed on the Closing Date.
(c) The Client must confirm with MFGA that instructions sent by fax or email have in fact been received by MFGA.
(d) The Client acknowledges that:
(i) it may not be able to close out a CFD if there is a suspension of trading or a trading halt in respect of the Reference Asset, or if MFGA is subsequently unable to close out the CFD at the agreed Closing Price/Closing Rate (as applicable). In such a circumstance, MFGA may decide in its absolute discretion not to close a CFD; and
(ii) if the Client gives MFGA standing instructions to close out a CFD when a particular price or rate is reached in the market for the Reference Asset, MFGA will use reasonable efforts to close out the CFD at the requested price or rate but may not be able to close out some or all of the relevant CFDs at the exact Closing Price/Closing Rate requested by the Client.
(e) If any of the following occurs, MFGA has the right to close any CFD:
(i) a Default Event;
(ii) an Adjustment Event (subject to clause 10(b));
(iii) the aggregate amount of Variation Margin payable by the Client in relation to a CFD exceeds 50% of the Initial Margin in respect of that CFD;
(iv) MFGA’s counterparty in a Hedge Position unwinds or closes out the Hedge Position or for any other reason MFGA is unable to establish a Hedge Position or no longer able to maintain the Hedge Position;
(v) in the circumstances set out in clause 10(b), 16 and 17(d);
(vi) if a Foreign Ownership Event occurs; or
(vii) if the GLV of the Client’s CFD Account falls below AUD1,000 or the Foreign Currency equivalent (as determined by MFGA).
(f) If MFGA c...
Closing a Contract. 8.1 When can a Contract be Closed
8.1.1 A Contract may be closed out by selecting a Position in the Trading Platform and then closing it (on the Trading Platform by clicking the “Close” button for that Position).
8.1.2 We may exercise any of our rights under this Client Agreement to close a Position at any time.
Closing a Contract a) The Client may at any time give Co mmSec by telepho ne o r o therwise no xxxx o f the Client’s wish to clo se any ASX CFD ( whether in who le o r part) and the pro po rtio n o f the ASX CFD that the Client wishes to clo se.
b) Fo llo wing rec eipt and ac c eptanc e o f the Client’s instruc tio n to c lo se an ASX CFD, Co mmSec will use reaso nable endeavo urs to enter the o rder in the market as instruc xxx by the Client. If the Client o rder is exec uted, the ASX CFD ( o r if applic able, the relevant po rtio n o f the ASX CFD) will be c lo sed o n the Clo sing Date.
c) At clo se o f trading o n the Clo sing Date, the difference ( if any) between the Clo sing Value and the Co ntract Value o f the ASX CFD ( o r that part o f it clo sed under clause 9( b)) will be acco unted fo r as fo llo ws:
i) if the Clo sing Value is g reater than the Opening Co ntrac t Value, the Lo ng Party is c redited with the Variatio n Marg in, and the Sho rt Party is debited with the Variatio n Marg in; and
ii) if the Clo sing Value is less than the Opening Co ntract Value, the Lo ng Party is debited with the Variatio n Margin, and the Sho rt Party is credited with the Variatio n Margin.
d) If a co mpany, who se security is the Co ntract Security o f an ASX Equity CFD beco mes externally administered within the meaning o f the Co rpo ratio ns Act the ASX CFD is taken to have been clo sed at that time. The Clo sing Price shall be determined by ASX Clear ( Futures) who may have regard to any facto rs it co nsiders appro priate including, fo r example, the last traded price o f the Co ntract Security.
e) W itho ut limiting c xxxxx 9 ( f) , if any o f the Co ntrac t Sec urities relating to an ASX Equity CFD c ease to be listed fo r quo tatio n o n an Exc hang e, o r are suspended fro m quo tatio n fo r 5 c o nsec utive Business Days, the Client ac kno wledg es ASX Clear ( Futures) may, in its abso lute disc retio n, elec t to terminate the relevant ASX Equity CFD by no tic e to Co mmSec . If ASX Clear ( Futures) so elec ts then the Clo sing Date will be the date o n whic h Co mmSec no tifies the Client o f the elec tio n by ASX Clear ( Futures).
f) The Client ackno wledges that where ASX Clear ( Futures) determines that the Clo sing Value o f an ASX CFD canno t be calculated o n the Clo sing Date fo r any reaso n, the Clo sing Value will be the value determined by ASX Clear ( Futures) in its so le discretio n.
g) If at any time trading o n an Exchange is suspended o r halted in an...
Closing a Contract
