Common use of Equities Clause in Contracts

Equities. When a client places an order for equities, Cantor may: • promptly place the order at the execution venue. Execution is subject to the rules applied on the relevant market. Orders can be executed only if they match opposite bids or offers. However, if an order cannot be matched in full, partial execution will often be possible; • wait before placing the order, or place it successively in tranches. Xxxxxx may wait if it finds that, because of market conditions, liquidity or the size or nature of the order, this is the most favorable solution for the client; • combine orders and subsequently place the aggregated order on the relevant market. Xxxxxx aggregates orders if it finds that, because of market conditions, liquidity or the size or nature of the order, this is the most favorable solution for the client; • act as principal, trading at a price reflecting the market price; Europe: Irish equities & ETFs: Irish Stock Exchange, London Stock Exchange, Multilateral Trading Facilities, Xxxxxx’x own internal sources of liquidity, recognised market makers and retail service providers with whom Xxxxxx has an established relationship. UK equities & ETFs: London Stock Exchange, Multilateral Trading Facilities, Cantor’s own internal sources of liquidity, recognised market makers and retail service providers with whom Xxxxxx has an established relationship. Other European Equities: Orders in markets where Xxxxxx has no membership will be executed through Xxxxxx’x own internal sources of liquidity, Multilateral Trading Facilities, recognised market makers and retail service providers with whom Xxxxxx has an established relationship in the following significantly relied on markets: France: Euronext Paris Belgium: Euronext Brussels Netherlands: Euronext Amsterdam Germany: Xetra Deutsche Borse Spain: BME Spanish Exchanges Italy: Borsa Italiana