Liquidation of Positions in Futures Contracts. 1. The Customer shall give SFP liquidating instructions on open futures contracts and option positions maturing in a current month: (a) at least three (3) Business Days prior to the first notice day in the case of long positions in open futures contracts; and (b) at least three (3) Business Days prior to the last trading day in the case of short positions in open futures contracts and long and short positions in open option contracts. 2. Alternatively, the Customer shall provide SFP with sufficient funds to take delivery of the necessary delivery documents within the same period described above. 3. If neither instructions, nor funds, nor documents are received by SFP by the time specified above, SFP may, without notice to the Customer, either: (a) liquidate the Customer’s position; or (b) make or receive delivery on the Customer’s behalf, upon such terms and by such methods which SFP deem to be appropriate. 4. If the Customer fails to remit delivery documents in a timely manner, the Customer will be responsible for: (a) any and all fines and damages imposed by the relevant exchange, market or clearing house through which such Transactions are executed, settled or cleared; (b) any and all late charges imposed by SFP; and (c) all consequential losses and damages pursuant to Applicable Laws and also to the customary practices prevailing in the relevant exchange, market or clearing house concerned.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
