Deposit with appropriate bank and passing money to other third parties Sample Clauses

Deposit with appropriate bank and passing money to other third parties. Subject to the following provisions, we will deposit money received from you with a bank as permitted by the Client Money Rules. We may also allow another third party (for example, a market, intermediate broker, OTC counterparty or clearing house) to hold client money in order to effect one or more Transactions constituting Futures and Options and Other Investment Business through or with that person or to satisfy your obligation to provide collateral in respect of a Transaction constituting Futures and Options and Other Investment Business. We have no responsibility for any acts or omissions of any third party to whom we pass money received from you. The third party to whom we pass money may hold it in an omnibus account. You agree and acknowledge that where we allow a third party to hold client money, this may involve a transfer of full ownership of the money to that third party, in which case you will no longer have a proprietary claim to such money and the transferee may deal with it in its own right. In the event of the insolvency or any other analogous proceedings in relation to that third party, we will only have an unsecured claim against the third party on behalf of you and our other clients, and you will be exposed to the risk that the money received by us from the third party is insufficient to satisfy the claims of you and all other clients with claims in respect of the relevant account.