Common use of SPSA Orders Clause in Contracts

SPSA Orders. delivery versus payment Notwithstanding that a delivery versus payment mechanism may be offered by SEHK or CCASS for SPSA orders, unless Galaxy International Securities agrees to pre-fund, freely transferable funds may only be credited by the relevant clearing bank to the Client’s account with the custodian or settlement agent, as applicable, in accordance with the CCASS operations and procedures after the settlement day upon which the delivery obligations in respect of such SPSA orders are required to be settled. Any risk, liability, loss, cost or expense resulting from this delay shall be borne by the Client.