Indirect Net Account definition

Indirect Net Account means, in relation to a Relevant Client Clearing Business, an Omnibus Segregated Account which is (i) opened by a Clearing Member for the purpose of providing Client Clearing Services to one or more Indirect Net Account Clearing Clients who are, in turn, providing clearing services to their Indirect Clearing Clients, and (ii) designated by the Clearing House as an Indirect Net Account, but, for the avoidance of doubt, does not include any Omnibus Segregated Account comprising Determined Omnibus Net Segregated Clients
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Indirect Net Account means, in relation to a Relevant Client Clearing Business, an
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Examples of Indirect Net Account in a sentence

  • For example, porting of SwapClear Contracts and associated collateral from a Defaulting SCM to a Backup Clearing Member may be less likely to succeed in respect of an OSA compared with an ISA, or in respect of an Indirect Net Account compared with an Indirect Gross Account.

  • For example, porting of Listed Interest Rates Contracts and associated collateral from a LIR Clearing Member which is a Defaulter to a Backup Clearing Member may be less likely to succeed in respect of an OSA compared with an ISA, or in respect of an Indirect Net Account compared with an Indirect Gross Account.

  • For example, porting of EquityClear Contracts and associated collateral from an ECM which is a Defaulter to a Backup Clearing Member may be less likely to succeed in respect of an OSA compared with an ISA, or in respect of an Indirect Net Account compared with an Indirect Gross Account.

  • For example, porting of ForexClear Contracts and associated collateral from a Defaulting FXCM to a Backup Clearing Member may be less likely to succeed in respect of an OSA compared with an ISA, or in respect of an Indirect Net Account compared with an Indirect Gross Account.

  • For example, porting of LSE Derivatives Markets Cleared Exchange Contracts and associated collateral from a LSEDM Clearing Member which is a Defaulter to a Backup Clearing Member may be less likely to succeed in respect of an OSA compared with an ISA, or in respect of an Indirect Net Account compared with an Indirect Gross Account.

Related to Indirect Net Account

  • Joint Account means an Account opened in more than one name;

  • Financial Account means an account maintained by a Financial Institution, and includes: (1) in the case of an Entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an established securities market) in the Financial Institution; (2) in the case of a Financial Institution not described in subparagraph 1(q)(1) of this Article, any equity or debt interest in the Financial Institution (other than interests that are regularly traded on an established securities market), if (i) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (ii) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and (3) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment- linked, nontransferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided under an account that is excluded from the definition of Financial Account in Annex II. Notwithstanding the foregoing, the term “Financial Account” does not include any account that is excluded from the definition of Financial Account in Annex II. For purposes of this Agreement, interests are “regularly traded” if there is a meaningful volume of trading with respect to the interests on an ongoing basis, and an “established securities market” means an exchange that is officially recognized and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange. For purposes of this subparagraph 1(q), an interest in a Financial Institution is not “regularly traded” and shall be treated as a Financial Account if the holder of the interest (other than a Financial Institution acting as an intermediary) is registered on the books of such Financial Institution. The preceding sentence will not apply to interests first registered on the books of such Financial Institution prior to July 1, 2014, and with respect to interests first registered on the books of such Financial Institution on or after July 1, 2014, a Financial Institution is not required to apply the preceding sentence prior to January 1, 2016.

  • Indirect Tax means any goods and services tax, consumption tax, value added tax or any tax of a similar nature.

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Investment Account As defined in Section 3.12(a).

  • User Account means an account under the name of the Customer in relation to the Service subscribed by the Customer.

  • Billing Account is the checking account from which all Service fees will be automatically debited.