Margins. a. The Customer is to pay to Velocity, as a Margin for the relevant Transaction, such sums of money as Velocity may require under the relevant Product Information Schedule or as otherwise notified in writing by Velocity to the Customer. The Customer shall maintain such Margin in respect of each such Transaction for as long as the Transaction is open. b. The Customer is to ensure that moneys paid to Velocity are correctly designated to be allocated to the Account. c. From time to time, Velocity is to provide to the Customer details of the arrangements that apply to making payments to Velocity. d. The Customer acknowledges and agrees that Velocity will credit those moneys to the Account only when they become cleared funds and allocated to Velocity’s bank account. e. The Customer acknowledges and agrees that – i. the Margin may differ depending on each Transaction; and ii. the applicable Margin may, from time to time, be updated by Velocity by amending the relevant Product Information Sheet and it is the Customer’s responsibility to ensure it is aware of the prevailing Margin at any point in time. f. The Customer must maintain sufficient funds in its account that may be allocate as Margin so that, should the Electronic Trading Platform become unavailable and the Customer is unable to ascertain its real-time Margin requirement or amount of Margin available, the required Margin will still be satisfied notwithstanding any market movement during that period. g. The Customer acknowledges and agrees that, if at any time during any day, the relevant Margin is not maintained – i. the Electronic Trading Platform may automatically terminate and close out the relevant Transactions; and ii. Velocity may at its discretion, but is under no obligation to, terminate and close out some or all of the relevant Transactions. h. The Customer acknowledges and agrees that Xxxxxx in its Account at any time does not include any interest that has accrued but has not been paid under this Agreement. i. The Customer acknowledges that, by accessing the Electronic Trading Platform at any time, the Customer is able to view its Margin position in real time. j. The Customer acknowledges and agrees that the Customer is solely responsible for monitoring its Margin position daily on a 24-hour basis, by way of the Electronic Trading Platform, and that, in doing so, the Customer must have regard to – i. outstanding Transactions in respect of which Xxxxxx is required; ii. the volatility of any relevant securities market or Exchange or markets generally; iii. any applicable interest rate risk; and iv. the time it takes the Customer to remit sufficient cleared funds to Velocity (including the time it takes those funds to clear and to be allocated to the Account). k. The Customer acknowledges and agrees that under no circumstances is it entitled to receive a margin demand, call or notice from Velocity. l. In particular, the Customer acknowledges and agrees that, whether or not extreme or unusual market conditions exist, where the value of outstanding Transactions is moving or have moved particularly quickly against the Customer, Velocity is not required to make a margin call or give notice before exercising its right to terminate and close out all (or some only) Transactions under this Agreement. m. No demand, call or notice made or given by Velocity to the Customer in any one or more instances invalidates the acknowledgement and agreement given by the Customer in clause k. n. Velocity may in its absolute discretion allow the Customer time to forward funds to meet its Margin requirement, in which event that permission is only effective once it is confirmed in writing by Velocity, and then only to the extent specified in the written notice given by Velocity. o. Velocity may make a margin facility available to the Customer on the Margin Facility Terms attached hereto and marked Appendix C. Such margin facility shall not detract from the obligations of the Customer in terms of this clause XIV.
Appears in 3 contracts
Samples: Terms and Conditions, Customer Trading Agreement, Customer Trading Agreement
Margins. a. The Customer is to pay to Velocity, as a Margin for the relevant Transaction, such sums of money as Velocity may require under the relevant Product Information Schedule or as otherwise notified in writing by Velocity to the Customer. The Customer shall maintain such Margin in respect of each such Transaction for as long as the Transaction is open.
b. The Customer is to ensure that moneys paid to Velocity are correctly designated to be allocated to the Account.
c. From time to time, Velocity is to provide to the Customer details of the arrangements that apply to making payments to Velocity.
d. The Customer acknowledges and agrees that Velocity will credit those moneys to the Account only when they become cleared funds and allocated to Velocity’s bank account.
e. The Customer acknowledges and agrees that –
i. the Margin may differ depending on each Transaction; and
ii. the applicable Margin may, from time to time, be updated by Velocity by amending the relevant Product Information Sheet and it is the Customer’s responsibility to ensure it is aware of the prevailing Margin at any point in time.
f. The Customer must maintain sufficient funds in its account that may be allocate as Margin so that, should the Electronic Trading Platform become unavailable and the Customer is unable to ascertain its real-time Margin requirement or amount of Margin available, the required Margin will still be satisfied notwithstanding any market movement during that period.
g. The Customer acknowledges and agrees that, if at any time during any day, the relevant Margin is not maintained –
i. the Electronic Trading Platform may automatically terminate and close out the relevant Transactions; and
ii. Velocity may at its discretion, but is under no obligation to, terminate and close out some or all of the relevant Transactions.
h. The Customer acknowledges and agrees that Xxxxxx in its Account at any time does not include any interest that has accrued but has not been paid under this Agreement.
i. The Customer acknowledges that, by accessing the Electronic Trading Platform at any time, the Customer is able to view its Margin position in real time.
j. The Customer acknowledges and agrees that the Customer is solely responsible for monitoring its Margin position daily on a 24-hour basis, by way of the Electronic Trading Platform, and that, in doing so, the Customer must have regard to –
i. outstanding Transactions in respect of which Xxxxxx is required;
ii. the volatility of any relevant securities market or Exchange or markets generally;
iii. any applicable interest rate risk; and
iv. the time it takes the Customer to remit sufficient cleared funds to Velocity (including the time it takes those funds to clear and to be allocated to the Account).
k. The Customer acknowledges and agrees that under no circumstances is it entitled to receive a margin demand, call or notice from Velocity.
l. In particular, the Customer acknowledges and agrees that, whether or not extreme or unusual market conditions exist, where the value of outstanding Transactions is moving or have moved particularly quickly against the Customer, Velocity is not required to make a margin call or give notice before exercising its right to terminate and close out all (or some only) Transactions under this Agreement.
m. No demand, call or notice made or given by Velocity to the Customer in any one or more instances invalidates the acknowledgement and agreement given by the Customer in clause k.
n. Velocity may in its absolute discretion allow the Customer time to forward funds to meet its Margin requirement, in which event that permission is only effective once it is confirmed in writing by Velocity, and then only to the extent specified in the written notice given by Velocity.
o. Velocity may make a margin facility available to the Customer on the Margin Facility Terms attached hereto and marked Appendix C. Such margin facility shall not detract from the obligations of the Customer in terms of this clause XIV.
Appears in 1 contract
Samples: Customer Trading Agreement
