Common use of OPENING A TRANSACTION Clause in Contracts

OPENING A TRANSACTION. (1) 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” and may also, in our dealings with you, be referred to as ‘long’ or ‘long position’; a Transaction that is opened by ‘selling’ is referred to as a “Sell” and may also, in our dealings with you, be referred to as ‘short’ or ‘short position’. (2) Subject to Term 4(11), when you open a Buy, the Opening Level will be the higher figure quoted by us for the Transaction and when you open a Sell, the Opening Level will be the lower figure quoted by us for the Transaction. This will not be the case when: (a) your opening level is improved in accordance with Term 4(11), where your opening level will be the more favourable price; and (b) a Transaction is initiated pursuant to an Order, where your opening level will be in accordance with the parameters set out in that Order and the terms of that Order. (3) Unless we agree otherwise, all sums payable by you pursuant to Term 8(2) upon opening are due immediately on entering into the Transaction and must be paid in accordance with Term 16 upon the Opening Level of your Transaction being determined by us.

OPENING A TRANSACTION. (1) 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” and may also, in our dealings with you, be referred to as ‘long’ or ‘long position’; a Transaction that is opened by ‘selling’ is referred to as a “Sell” and may also, in our dealings with you, be referred to as ‘short’ or ‘short position’. (2) Subject to Term 4(113(11), when you open a Buy, the Opening Level will be the higher figure quoted by us for the Transaction and when you open a Sell, the Opening Level will be the lower figure quoted by us for the Transaction. This will not be the case when: (a) your opening level is improved in accordance with Term 4(113(11), where your opening level will be the more favourable price; and (b) a Transaction is initiated pursuant to an Order, where your opening level will be in accordance with the parameters set out in that Order and the terms of that Order. (3) Unless we agree otherwise, all sums payable by you pursuant to Term 8(2) upon opening are due immediately on entering into the Transaction and must be paid in accordance with Term 16 upon the Opening Level of your Transaction being determined by us.

OPENING A TRANSACTION. (1) 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” " and may also, in our dealings with you, be referred to as ‘'long’ ' or ‘'long position’'; a Transaction that is opened by ‘'selling’ ' is referred to as a “"Sell” " and may also, in our dealings with you, be referred to as ‘'short’ ' or ‘'short position’'. (2) Subject to Term 4(11), when When you open a Buy, the Opening Level will be the higher figure quoted by us for the Transaction and when you open a Sell, the Opening Level will be the lower figure quoted by us for the Transaction. This will not be the case applicable when: (a) a. your opening level is improved in accordance with Term 4(11)Opening Level has improved, where your opening level Opening Level will be the more favourable favorable price; and (b) b. a Transaction is initiated pursuant to an Order, where your opening level Opening Level will be in accordance with the parameters set out in that Order and the terms of that Order. (3) . Unless we agree otherwise, all sums payable by you pursuant to Term 8(2) upon opening are due immediately on entering into the Transaction and must be paid in accordance with Term 16 upon the Opening Level of your Transaction being determined by usTransaction.