Common use of Account Transfer Clause in Contracts

Account Transfer. If the Client transfers his Account held with the Broker to another institution, the Broker is authorized to limit or suspend the Transactions in the Account and to cancel any open orders once notified of that request by the receiving institution. The Client undertakes that no Transaction Order is to be transmitted to the Broker after having initiated an Account transfer request and that all open orders, which remains unfilled, can be cancelled. The Broker may not be held liable for any loss or damage, whether direct or indirect, arising from the application of this section.