Designation of Contra Brokers Clause Samples

The Designation of Contra Brokers clause establishes the process by which parties identify and specify the brokers who will act as the counterparty's representative in a transaction. Typically, this clause outlines the criteria or procedures for selecting these brokers, such as requiring prior written notice or mutual agreement, and may apply to trades executed on an exchange or over-the-counter. Its core function is to ensure transparency and prevent disputes by clearly identifying the responsible brokers for each side of a transaction, thereby facilitating smooth settlement and communication between parties.
Designation of Contra Brokers. Whenever Correspondent directs Ridge to route an order to a particular broker, dealer, or market for execution, including, without limitation, designating the contra broker in an over-the-counter transaction for an Account, Correspondent shall be responsible to Ridge for all aspects of the transaction, including, without limitation, any duty of best execution or any failure by such contra broker or dealer to settle the transaction for any reason whatsoever, and Correspondent shall immediately reimburse Ridge for any loss, liability, claim, cost or expense, in each case as incurred, including, but not limited to, attorneys’ fees and expenses incurred or sustained by Ridge in connection therewith.
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Designation of Contra Brokers. Whenever Correspondent directs ICS to route an order to a particular broker, dealer, or market for execution, including, without limitation, designating the contra broker in an over-the-counter transaction for an Account, Correspondent shall be responsible to ICS for all aspects of the transaction, including, without limitation, any duty of best execution or any failure by such contra broker or dealer to settle the transaction for any reason whatsoever, and Correspondent shall immediately reimburse ICS for any losses or expenses sustained by ICS in connection therewith.
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Designation of Contra Brokers. Whenever TRIMARK directs NISC to route ----------------------------- an order to a particular broker, dealer, or market for execution, including, without limitation, designating the contra broker in an over-the-counter transaction for an Account, TRIMARK shall be responsible to NISC for all aspects of the transaction, including, without limitation, any duty of best execution or any failure by such contra broker or dealer to settle the transaction for any reason whatsoever, and TRIMARK will immediately reimburse NISC for any losses or expenses sustained by NISC in connection therewith.
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Designation of Contra Brokers. Whenever Correspondent directs Clearing Broker to route an order to a particular broker, dealer or market for execution, including, without limitation, designating the contra broker in an over-the-counter transaction for an Account, Correspondent shall be responsible to Clearing Broker for all aspects of the transaction, including, without limitation, any duty of best execution or any failure by such contra broker or dealer to settle the transaction for any reason whatsoever, and Correspondent shall immediately reimburse Clearing Broker for any losses or expenses sustained by Clearing Broker in connection therewith.
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