Execution Away from Pershing Sample Clauses
The 'Execution Away from Pershing' clause defines the circumstances under which securities transactions may be executed by parties or brokers other than Pershing, the primary clearing firm. In practice, this means that trades can be routed to external venues or handled by third-party brokers when it is deemed advantageous or necessary, such as to obtain better pricing or access specific markets. This clause ensures flexibility in trade execution, allowing clients or advisors to seek optimal execution quality and potentially better outcomes than those available solely through Pershing.
Execution Away from Pershing. Broker may place for execution with firms other than Pershing orders for its customers’ accounts. Pershing will have no responsibility for the transmission or execution of any such orders, and Broker agrees to assume full responsibility for resolving any disputes and for bearing any losses resulting from transactions with firms with which Broker executes, giving up Pershing for clearance. Broker also agrees that, with respect to any such orders, it will report executions promptly to Pershing for clearance in accordance with Pershing’s procedures.
Execution Away from Pershing. Subject to the written approval of Pershing, Broker may place for execution with firms other than Pershing orders for its customers’ accounts to the extent Broker determines that such action is necessary to meet Broker’s duty to obtain best execution for customer orders. Pershing will have no responsibility for the transmission or execution of any such orders, and Broker agrees to assume full responsibility for resolving any disputes and for bearing any losses resulting from transactions with firms with which Broker executes, giving up Pershing for clearance. Broker also agrees that, with respect to any such orders, it will report executions promptly to Pershing for clearance in accordance with Pershing’s procedures. Broker may direct a minority (less than 10%) of its trades for execution through NITE without further written approval of Pershing.