Common use of OPENING A TRANSACTION Clause in Contracts

OPENING A TRANSACTION. 9.1. The particular terms of each Transaction are agreed between you and us before entering into a Transaction. 9.2. Before you enter into a Transaction, you are required to have sufficient Account Value to satisfy the Initial Margin requirements for the relevant number of contracts. The payments you make to us are either held as Margin or withdrawn to pay the amounts for Real- ized/Unrealized Losses or any fees and charges, which you may owe. 9.3. You will open a Transaction by “buying” or “selling”. In this Agreement, a Transaction that is opened by “buying” is referred to as a “Buy Transaction” and may also, in our dealings with you, be referred to as “long” or “long position”. A Transaction that is opened by “sell- ing” is referred to as a “Sell Transaction” and may also, in our dealings with you, be referred to as “short” or “short position”. 9.4. When you open a Buy Transaction, the Opening Level will be the higher price quoted by us for the Transaction and when you open a Sell Transaction, the Opening Level will be the lower price quoted by us for the Transaction. 9.5. A Transaction must always be made for a specified number of the Underlying Instrument. 9.6. Subject to any other provision in this Agreement, each Transaction opened by you will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us.

OPENING A TRANSACTION. 9.1. 8.1 The particular terms of each Transaction are agreed between you and us before entering into a Transaction. 9.2. 8.2 Before you enter into a Transaction, you are required to have sufficient Account Value to satisfy the Initial Margin requirements for the relevant number of contracts. The payments you make to us are either held as Margin or withdrawn to pay the amounts for Real- izedRealized/Unrealized Losses or any fees and charges, charges which you may owe. 9.3. 8.3 You will open a Transaction by “buying” or “selling”. In this Agreement, Agreement a Transaction that is opened by “buying” is referred to as a “Buy Transaction” and may also, in our dealings with you, be referred to as “long” or “long position”. A Transaction that is opened by “sell- ingselling” is referred to as a “Sell Transaction” and may also, in our dealings with you, be referred to as “short” or “short position”. 9.4. 8.4 When you open a Buy Transaction, the Opening Level will be the higher price quoted by us for the Transaction and when you open a Sell Transaction, the Opening Level will be the lower price quoted by us for the Transaction. 9.5. 8.5 A Transaction must always be made for a specified number of the Underlying Instrument. 9.6. 8.6 Subject to any other provision in this Agreement, each Transaction opened by you will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us.

OPENING A TRANSACTION. 9.1. The particular terms of each Transaction Transac- tion are agreed between you and us before entering into a Transaction. 9.2. Before you enter into a Transaction, you are required to have sufficient Account Value to satisfy the Initial Margin requirements re- quirements for the relevant number of contracts. The payments you make to us are either held as Margin or withdrawn with- drawn to pay the amounts for Real- ized/Unrealized Losses or any fees and charges, which you may owe. 9.3. You will open a Transaction by “buying” or “selling”. In this Agreement, a Transaction Trans- action that is opened by “buying” is referred re- ferred to as a “Buy Transaction” and may also, in our dealings with you, be referred to as “long” or “long position”. A Transaction that is opened by “sell- ingselling” is referred to as a “Sell Transaction” and may also, in our dealings with you, be referred to as “short” or “short position”. 9.4. When you open a Buy Transaction, the Opening Level will be the higher price quoted by us for the Transaction and when you open a Sell Transaction, the Opening Level will be the lower price quoted by us for the Transaction. 9.5. A Transaction must always be made for a specified number of the Underlying Instrument. 9.6. Subject to any other provision in this Agreement, each Transaction opened by you will be binding on you notwithstanding notwith- standing that by opening the Transaction Transac- tion you may have exceeded any credit or other limit applicable to you or in respect re- spect of your dealings with us.