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.
Appears in 2 contracts
Sources: Fully Disclosed Clearing Agreement, Fully Disclosed Clearing Agreement (Nasdaq Stock Market Inc)