Default actions Sample Clauses

Default actions. Unless we have expressly agreed otherwise, you must not ask us to sell any assets for you that you do not own, or cannot deliver to the market on a timely basis, and we will not knowingly sell those assets. We may require you to maintain or supplement any deposit, whether in cash or securities, in respect of any transaction we enter into with you or for you. You must ensure that, when purchasing or selling an investment, you have sufficient cash or securities available to pay in full for the investment or deliver the relevant securities on the settlement date. If you do not, we may, but are not obliged to, take one or more of the following actions (“Default Actions”): i. if practicable, not execute the transaction; ii. settle the transaction on your behalf at our expense and recover that expense from you; iii. sell, at the prevailing market price, sufficient of the investments for which settlement is outstanding to recover the amount of any shortfall; and iv. sell, at the prevailing market price, sufficient of your other assets to recover the amount of any shortfall. We will act reasonably in deciding whether to take any of the Default Actions and which of those actions to take, having regard to the relevant circumstances at the time. We may, for example, take into consideration market conditions and the rules of any clearing house. If we need to take any Default Action: i. you will be liable for any Losses we incur in connection with the Default Action; ii. where reasonably practicable, we will attempt to notify you and obtain your agreement before we take any Default Action; and iii. we will notify you of the action we have taken, together with the details of any amounts that you are required to pay as a result. We do not accept trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as “sniping” or “arbitrage”). If we can show that at the time of the trade there were errors in prices, commissions, or in the trading platform, and that you, based on trading strategy or other provable behaviour, deliberately and/or systematically exploited or attempted to exploit such an error, we may take one or more of the following actions: i. adjust the price spreads available to you; ii. restrict your access to streaming and instantly tradable quotes, including providing manual quotation only;