Settlement of Contracts. 4.1 For spot or forward trading, there shall be no actual delivery of foreign currencies or cash bullion by DBS Xxxxxxx on the maturity date(s) of the transaction(s). On the maturity date(s) of the abovementioned transaction(s), DBS Xxxxxxx shall debit or credit the Customer’s Account(s) for any losses or profits, as the case may be, suffered or realised respectively by the Customer from the abovementioned transaction(s). Such debit or credit entries shall, in the absence of manifest error, be conclusive evidence without any further proof that such entries are correct and DBS Xxxxxxx shall be free from all claims in respect of such transaction(s).
Settlement of Contracts. 4.1 For OTC transactions, there shall be no actual delivery of commodity by DBS on the maturity date(s) of such OTC transaction(s). On the maturity date(s) of the abovementioned OTC transaction(s), DBS shall debit or credit the Customer’s Account(s) for any losses or profits, as the case may be, suffered or realised respectively by the Customer from the abovementioned OTC transaction(s). Such debit or credit entries shall, in the absence of manifest error, be conclusive evidence without any further proof that such entries are correct and DBS shall be free from all claims in respect of such OTC transaction(s).
Settlement of Contracts. Only a very small proportion of commodity Futures contracts are, in fact, settled through actual delivery of a commodity. Instead, they are usually settled by entering an opposite or offsetting contract. To settle a contract in which a certain amount of a particular commodity for a given delivery month was bought, the buyer subsequently contracts to sell a like amount of that commodity for the same delivery month. To settle a contract in which a commodity was sold, the seller buys an equal amount. Any difference between the price at the time the original contract was made and the price at the time the liquidating or offsetting contract is entered into is settled in cash.
