FX TRANSACTIONS. 10.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction. 10.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions. 10.3 In respect of Direct FX Transactions, unless RBCIS and the Customer otherwise agree in writing and except where the Customer gives Authorized Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS. 10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction. 10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS. 10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise. 10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement: (a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement; (b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement; (c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and (d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail. 10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary. (a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below. (b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations. (c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 3 contracts
Samples: Fx Services Agreement, Fx Services Agreement, Fx Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Instructions through Automated Electronic Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Electronic Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated Electronic System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certaintyor
Appears in 2 contracts
Samples: Foreign Exchange Services Agreement, Fx Services Agreement
FX TRANSACTIONS. 10.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless RBCIS and the Customer otherwise agree in writing and except where the Customer gives Authorized Authorised Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 2 contracts
Samples: Fx Services Agreement, Fx Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if if: (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX RBCIS (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Authorised Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: :
(i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately immediately, with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 8.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances circumstances, including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 8.5 RBCIS generally aggregates Customer orders may aggregate or net the Customer’s order with or against its own orders, orders of RBCIS Affiliates and/or orders of other customers. When combining the Customer’s orders with those of other customers where it RBCIS must reasonably believe that this is unlikely that in the aggregation overall best interests of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregatedRBCIS’ customers. However, in certain circumstances such aggregation or netting may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not Where RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers, the Customer’s order will be allocated fairly and promptly in accordance with this Agreement. Aggregated Netted customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit profits and losses derived from such aggregation the netting being retained by RBCIS.
10.6 8.6 Without limiting Section 10.5 8.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 8.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;; and
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 13.1 to 15.1013.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.1 Unless RBCIS and the Customer otherwise agree in writing and except where the Customer gives Authorized Instructions through Automated Systemswriting, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer. The Customer will be responsible for informing RBCIS of any change to the Customer’s e- mail address, the non-receipt of a FX Confirmation, or may make such whether any FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transactionis incorrect before settlement. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) within one Business Day after of RBCIS sends sending the FX Confirmation to the Customer or RBCIS notifies the Customer of an error in the FX Confirmation within the same period.
8.2 RBCIS may combine the Customer; ’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. By combining the Customer’s orders with those of other customers RBCIS must reasonably believe that this is in the overall best interests of our customers. However, aggregation may work to the Customer’s disadvantage in relation to a particular order. Where RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers, the Customer’s order will be allocated fairly and promptly.
8.3 RBCIS shall use its reasonable endeavours to execute Authorized Instructions promptly, but in accepting Authorized Instructions RBCIS does not represent or (ii) immediately with respect warrant that it will be possible to execute any trade order set out therein or that such execution will be possible according to such Authorized Instructions.
8.4 The provisions of this Section 8.4 apply when the Customer gives Authorized Instructions to RBCIS to execute a FX Transactions confirmed Transaction through Automated Electronic Systems. The Customer may elect will not have a binding FX Transaction with RBCIS until a confirmation of acceptance of such FX Transaction is sent by RBCIS to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 the Customer. RBCIS may reject, cancel or rescind any such FX Transaction; , or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, to circumstances where (ain which 1) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations Law or in circumstances illegal or improper and/or (b2) the related FX Confirmation was generated due to Automated Electronic Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction. Notifications of FX Transactions by SMS or push notification shall not constitute FX Confirmations for the purposes of this provision.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 8.5 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;; and
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 11.1 to 15.1011.11, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if if: (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX RBCIS (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Authorised Instructions through Automated Electronic Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Electronic Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated Electronic System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: :
(i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately immediately, with respect to FX Transactions confirmed through Automated Electronic Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 8.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances circumstances, including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Electronic Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 8.5 RBCIS generally aggregates Customer orders may aggregate or net the Customer’s order with or against its own orders, orders of RBCIS Affiliates and/or orders of other customers. When combining the Customer’s orders with those of other customers where it RBCIS must reasonably believe that this is unlikely that in the aggregation overall best interests of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregatedRBCIS’ customers. However, in certain circumstances such aggregation or netting may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not Where RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers, the Customer’s order will be allocated fairly and promptly in accordance with this Agreement. Aggregated Netted customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit profits and losses derived from such aggregation the netting being retained by RBCIS.
10.6 8.6 Without limiting Section 10.5 8.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 8.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;; and
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 13.1 to 15.1013.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless RBCIS and the Customer otherwise agree in writing and except where the Customer gives Authorized Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXXRBCIS, as CustodianXxxxxxxxx; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX RBCIS (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certaintyor
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless RBCIS and the Customer otherwise agree in writing and except where the Customer gives Authorized Authorised Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes and instructs XXXXX (as a standing Authorized Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: (i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 RBCIS generally aggregates Customer orders with its own orders, orders of RBCIS Affiliates and/or orders of other customers where it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregated. However, in certain circumstances such aggregation may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers. Aggregated customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit derived from such aggregation being retained by RBCIS.
10.6 Without limiting Section 10.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 to 15.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certaintyor
Appears in 1 contract
Samples: Foreign Exchange Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if if: (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Authorised Instructions through Automated Electronic Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Electronic Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated Electronic System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: :
(i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately immediately, with respect to FX Transactions confirmed through Automated Electronic Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 8.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances circumstances, including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Electronic Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 8.5 RBCIS generally aggregates Customer orders may aggregate or net the Customer’s order with or against its own orders, orders of RBCIS Affiliates and/or orders of other customers. When combining the Customer’s orders with those of other customers where it RBCIS must reasonably believe that this is unlikely that in the aggregation overall best interests of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregatedRBCIS’ customers. However, in certain circumstances such aggregation or netting may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not Where RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers, the Customer’s order will be allocated fairly and promptly in accordance with this Agreement. Aggregated Netted customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit profits and losses derived from such aggregation the netting being retained by RBCIS.
10.6 8.6 Without limiting Section 10.5 8.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 8.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;; and
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 13.1 to 15.1013.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
FX TRANSACTIONS. 10.1 8.1 RBCIS will generally treat any FX Transaction with a settlement date between T+2 and T+5 as a Spot FX Transaction if if: (a) sufficient details relating to the underlying security trade are provided to RBCIS at the time of execution, or (b) RBCIS has concluded that such FX Transaction is a Spot FX Transaction (e.g. by virtue of the trading relationship, the FX Transaction being executed under a Standing Mandate Trade Instruction given by the Customer to RBCIS). Otherwise, RBCIS will treat such FX Transaction as an FX forward transaction.
10.2 8.2 FX Transactions instructed under a Standing Mandate Trading Instruction which relate to securities transactions are intended to be executed for settlement as Spot FX Transactions notwithstanding that the standard settlement period for the relevant security transaction may exceed T+5. In this regard, the Customer authorizes authorises and instructs XXXXX (as a standing Authorized Authorised Instruction hereunder) to hold execution (where appropriate) and to execute all securities related FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction as Spot FX Transactions (as defined herein). The Customer understands that it may revoke this standing Authorized Authorised Instruction (which revocation shall be made in writing) without affecting its overall Standing Mandate Trading Instruction. In such event, RBCIS will thereafter execute all FX Transactions for securities transactions setting later than T+5 as FX forward transactions.
10.3 In respect of Direct FX Transactions, unless 8.3 Unless RBCIS and the Customer otherwise agree in writing and writing, except where the Customer gives Authorized Authorised Instructions through Automated Systems, RBCIS will send the Customer confirmations (each a “FX Confirmation”) at the end of the trading day for any FX Transactions executed on that trading day, by electronic mail or fax to the e-mail address or fax number that RBICS has on record for the Customer or may make such FX Confirmations available to the Customer through its online portal. Where the Customer gives Authorized Authorised Instructions to RBCIS to execute a Direct FX Transaction through Automated Systems, the FX Confirmation for the related FX Transaction will be confirmed through the relevant Automated System at the time of the FX Transaction. FX Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless RBCIS receives objection in writing from the Customer by the earlier of: :
(i) one Business Day after RBCIS sends the FX Confirmation to the Customer; or (ii) immediately immediately, with respect to FX Transactions confirmed through Automated Systems. The Customer may elect to have this Section 10.3 apply to FX Transactions executed under Standing Mandate Trading Instructions (including FX Transactions executed in connection with Currency Hedging Services) by providing written notice to RBCIS.
10.4 8.4 RBCIS may reject, cancel or rescind any such FX Transaction; or amend or vary the terms of any such FX Transaction, in any circumstances circumstances, including but not limited to, circumstances where (a) the FX Transaction was executed based on erroneous rates or prices, during a period of market volatility and/or constrained liquidity, in contravention or violation of any Applicable Regulations or in circumstances illegal or improper and/or (b) the related FX Confirmation was generated due to Automated Systems error. Any such rejection, cancellation, rescission, amendment or variation as will be communicated to the Customer as soon as reasonably practicable and where the terms of a FX Transaction have been amended or varied, the FX Confirmation reflecting such amendment or variation shall supersede previous FX Confirmations and constitute the prevailing record of the binding FX Transaction.
10.5 8.5 RBCIS generally aggregates Customer orders may aggregate or net the Customer’s order with or against its own orders, orders of RBCIS Affiliates and/or orders of other customers. When combining the Customer’s orders with those of other customers where it RBCIS must reasonably believe that this is unlikely that in the aggregation overall best interests of orders and transactions will work overall to the disadvantage of any Customer whose order is to be aggregatedRBCIS’ customers. However, in certain circumstances such aggregation or netting may work to the Customer’s disadvantage in relation to a particular order or may benefit RBCIS and/or RBCIS’ Affiliates. The Customer’s order will be executed fairly and promptly in accordance with this Agreement whether or not Where RBCIS aggregates the Customer’s order with its own orders, orders of RBCIS Affiliates and/or orders of other customers, the Customer’s order will be allocated fairly and promptly in accordance with this Agreement. Aggregated Netted customer orders are executed at the relevant RBCIS Market bid and offer rates with any profit profits and losses derived from such aggregation the netting being retained by RBCIS.
10.6 8.6 Without limiting Section 10.5 8.5 above, FX Transactions instructed by the Customer under a Standing Mandate Trading Instruction are aggregated and executed at defined intervals, unless RBCIS has entered into a written agreement with the Customer otherwise. For Mature Currencies, this will be up to hourly and for Restricted Currencies this may be at number of intervals or at a single time. Standing Mandate Trade Instructions received by the RBCIS FX trading desk at least 30 minutes before the next hourly execution. For Restricted Currencies, FX Transactions for Standing Instruction Mandate FX Services in are aggregated and may be executed at a number of intervals or at a single time, unless RBCIS has entered into a written agreement with the Customer otherwise.
10.7 8.7 If RBCIS and the Customer are parties to, or become parties to a master netting agreement published by the International Swap and Derivatives Association Inc. or any successor entity (an “ISDA Agreement”) then, in respect of any FX Transaction which is not a Spot FX Transaction, unless otherwise agreed to by the parties in such ISDA Agreement:
(a) each confirmed FX Transaction will be a Transaction (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;
(b) each FX Confirmation shall be a Confirmation (as defined in the ISDA Agreement) and will be subject to the terms and conditions of the ISDA Agreement;; and
(c) where the ISDA Agreement specifies that “Multiple Transaction Payment Netting” applies and RBCIS is the Custodian, the parties’ payment obligations will be determined, and Transactions will be settled, on a net basis notwithstanding the transaction details set out in any custody account statements issued by XXXXX, as Custodian; and
(d) Sections 15.1 13.1 to 15.1013.10, inclusive, shall not apply to such FX Transactions. If there is a conflict between the terms of the ISDA Agreement and the terms of this Agreement, the terms of the ISDA Agreement will prevail.
10.8 This Section 10.8 applies where RBCIS is the Custodian and notwithstanding any cash account statements provided by RBCIS which may show cash postings related to individual FX Transactions or any agreement between the parties to the contrary.
(a) If on any value date, two or more FX Transactions exist between RBCIS and the Customer (or any offices designated by either of them) which include Currency Obligations in the same currency, to be received or delivered as appropriate on such value date, then on such date, all of such Currency Obligations shall be netted or aggregated as appropriate, and individually satisfied, discharged and cancelled and simultaneously replaced through novation by a new Currency Obligation determined as provided in the paragraph below.
(b) Where a party is obliged to deliver the same currency under such cancelled Currency Obligations, the amount of the new Currency Obligation in respect of such currency (to be delivered by that party on the value date) shall be the aggregate of such cancelled Currency Obligations. For each currency, the new Currency Obligation shall be equal to the difference between the amount of the Currency Obligations under the satisfied, discharged and cancelled obligations, and the party obliged to make delivery thereof shall be the party obligated to deliver the larger amount under such cancelled obligations.
(c) Where used above: (i) “currency” refers to a Mature Currency or Restricted Currency, as the context requires; and (ii) “Currency Obligation" means the obligation to purchase or sell an amount of Currency by one party to the other party, including for greater certainty
Appears in 1 contract
Samples: Fx Services Agreement
