PAYMENT AND SETTLEMENT. a. You agree that you will pay for any securities purchased for your Account on or before the settlement date. You further agree that each security sold will be owned by you at the time of sale and will be in your Account on or before the settlement date. Generally, you need to pay for all transactions or deliver all securities by 2 p.m. Eastern time on the settlement date. Proceeds of any sale will not be paid to you until Broker has received the securities in good deliverable form and the settlement of the securities is complete. Broker reserve the right to cancel or liquidate, at your risk, any transaction not settled in a timely way. b. Free-riding (i.e., buying and selling securities in a cash account without submitting payment for the purchase) violates Regulation T of the Federal Reserve Board, is prohibited and may, among other things, result in your Account being restricted or closed.
Appears in 4 contracts
Samples: Customer Account Agreement, Customer Account Agreement, Customer Account Agreement
