Clearing FCM definition

Clearing FCM means, initially, Xxxxxxx, Xxxxx & Co., or any other futures commission merchant(s) appointed by the Manager as clearing futures commission merchant(s) for the Investing Pool.
Sample 1Sample 2Sample 3

Examples of Clearing FCM in a sentence

  • The Manager shall appoint one or more Futures Commission Merchants to act on its behalf to hold, establish or dispose of long positions in CERFs. The Manager shall also appoint one or more clearing futures commission merchants to act as a Clearing FCM for the Investing Pool.

  • The Advisor acknowledges that it is expected that the Trust will not enter into an otherwise eligible transaction if, immediately after entering into such transaction, the Trust’s maximum probable Net Credit Exposure to any single counterparty (other than a regulated commodities exchange, the Clearing FCM or any clearing facility thereof) would exceed 10% of the most recently determined net asset value of the Trust.

  • The Trust has appointed State Street Bank and Trust Company, as custodian (the "Custodian"), and Xxxxxxx, Xxxxx & Co., as clearing futures commission merchant (the "Clearing FCM"), for the Accounts.

  • In addition, the Sponsor will be responsible for accepting (or delivering), or causing the Clearing FCM to accept (or deliver), consideration for the Baskets from Authorized Participants to establish (or transfer out) positions on behalf of a Fund.

  • Regulation 1.73 further requires each Clearing FCM to screen orders for compliance with the risk-based limits, and monitor for the adherence to the risk- based limits on an intra-day and overnight basis.

  • The Authorized Participant understands and agrees that in the event Basket Constituents are not transferred to or as directed by the Trustee by the time specified in the Purchase Order and in compliance with the Procedures and the Trust Agreement, a Purchase Order may be cancelled by the Creation and Redemption Agent and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Clearing FCM related to the cancelled Order.

  • The Divisions emphasize that the relief provided by this letter does not apply in instances where a SEF does have the ability to facilitate pre-execution screening of orders by Clearing FCMs. Any Clearing FCM that provides electronic market access or accepts orders for execution on such SEFs is not eligible for the relief granted herein.

  • An FCM also must monitor the amount of residual interest that the firm maintains in customer segregated accounts to ensure that it holds sufficient funds in such accounts at all times to meet its total obligation to all customers.Each FCM that is a clearing member of a derivatives clearing organization (Clearing FCM) is required by Commission regulation 1.7317 to establish risk-based limits in pro- prietary and customer accounts based on position size, order size, margin requirements, or similar factors.

  • Each Clearing FCM also is required to conduct stress tests under “extreme but plausible conditions” at least once each week on positions in its proprietary account and on positions in each customer account that 13 17 CFR 40.6(a)(6).14 17 CFR 38.351.15 17 CFR 38, app.

  • The phone lines used by the Trustee, the Creation and Redemption Agent, the Clearing FCM or their affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties.

Related to Clearing FCM

  • Clearing Agent means Clearstream Banking AG, Euroclear Bank S.A., and Clearstream Banking S.A. and such further or alternative clearing agent(s) or clearance system(s) as may be approved by the Issuer from time to time and notified to the Holders in accordance with General Condition 4 (each a “Clearing Agent” and together the “Clearing Agents”);

  • Clearing System means Monte Titoli S.p.A., with offices in Piazza degli Affari no. 6, Milan, Italy ("Monte Titoli").

  • Clearing means the clearing and removal of vegetation, whether partially or in whole, including trees and shrubs, as specified;

  • Clearing Bank means the Bank or any other banking institution with whom a Payment Account has been established pursuant to a Blocked Account Agreement.

  • Clearing Account means the account so designated and established by Section 5.04(1) hereof.

  • Clearing Systems means, in relation to a Series of Securities, any of Euroclear, Clearstream, Luxembourg and DTC, as the case may be, and includes any additional or alternative clearing systems specified in the Issue Terms.

  • Approved Clearing Agency means any other domestic clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities Exchange Act of 1934 which acts as a securities depository but only if the Custodian has received a certified copy of a resolution of the Board approving such clearing agency as a securities depository for the Trust.

  • Clearing Firm or “Clearing Member” means an entity or individual meeting the requirements of, and approved for, clearing membership at the Clearing House that is authorized pursuant to the Clearing House Rules to clear trades in any or all of the Contracts and that meets the qualification of the Exchange pursuant to Rule 902. A Clearing Firm is authorized to access Eris Exchange to effect transactions. A Clearing Firm may trade for its own proprietary account or an account on behalf of its Customer (e.g., as a broker). A Clearing Firm may trade on behalf of a Customer with an account at a different Clearing Firm acting as a broker or performing an equivalent agency function. The different Clearing Firm is responsible for approving the Clearing Firm for such Customers pursuant to a Clearing Participant Letter of Guarantee. The term “Clearing Firm” collectively refers to all Authorized Traders of a Clearing Firm authorized to utilize Eris Exchange.

  • Foreign Clearing Agency means Clearstream and the Euroclear Operator.

  • Clearing Agency Participant means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

  • Clearing Agency means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

  • central securities depository or ‘CSD’ means a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014.

  • Clearing Rules means, as the case may be, (a) the general rules, operational procedures and other applicable rules, procedures and regulations of HK-DCASS from time to time in force; and/or (b) the rules, procedures and regulations of the relevant Foreign Clearing System, from time to time in force;

  • Clearing Member means a registered broker-dealer which is a clearing member under the rules of O.C.C. and a member of a national securities exchange qualified to act as a custodian for an investment company, or any broker-dealer reasonably believed by the Custodian to be such a clearing member.

  • Clearing Corporation The meaning specified in Section 8-102(a)(5) of the UCC.

  • Clearing Agreement means Clearing, Settlement and Sponsorship Services Agreement by and between the Borrower and Fifth Third Bank dated as of July 27, 2016, as the same may be amended, modified, supplemented, restated, amended and restated or replaced from time to time.

  • Clearing Organization means (a) The Depository Trust Company, or, if agreed to by Borrower and Lender, such other “securities intermediary” (within the meaning of the UCC) at which Borrower (or Borrower’s agent) and Lender (or Lender’s agent) maintain accounts, or (b) a Federal Reserve Bank, to the extent that it maintains a book-entry system.

  • Clearing Participant means a person admitted as a participant under the Clearing Rules.

  • Recognised Clearing System means any clearing system listed in Section 246A of the Taxes Act (including, but not limited to, Euroclear, Clearstream Banking AG, Clearstream Banking SA and CREST) or any other system for clearing shares which is designated for the purposes of Chapter 1A in Part 27 of the Taxes Act, by the Irish Revenue Commissioners, as a recognised clearing system.

  • Clearing Corporation Security means securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee.

  • Clearing System Business Day means in relation to an Index, any day on which the principal domestic clearing systems customarily used for settling trades in securities comprising such Index is (or, but for the occurrence of an event beyond the control of the Company or the Hedging Counterparty as a result of which such clearing system cannot clear the transfer of such securities, would have been) open for the acceptance and execution of settlement instructions.

  • Securities Depository means The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

  • Clearing Account Agreement means that certain Clearing Account - Deposit Account Control Agreement dated the date hereof among Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Clearing Account.

  • Foreign Securities Depository means a foreign securities clearing system qualifying as an Eligible Securities Depository (as defined in Section (b)(1) of Rule 17f-7 under the 0000 Xxx) that is listed on Schedule B annexed hereto, as amended from time to time pursuant to Section 4.5 hereof.

  • Foreign Depository means (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the Fund from time to time, and (d) the respective successors and nominees of the foregoing.

  • Eligible Securities Depository has the meaning set forth in section (b)(1) of Rule 17f-7.