Instructions and Transactions. 44.1 Instructions may be given orally, in writing or electronically. uSMART SG shall be entitled to rely and act upon any Instruction which purports or which uSMART SG believes in good faith to have been given by the Client. 44.2 Unless the Client gives specific Instruction to uSMART SG to the contrary and which Instruction is accepted by uSMART SG, the Client acknowledges that all orders, Instruction or requests in relation to the Account are good for the day only and that they will lapse at the end of the official trading hours of the relevant exchange. 44.3 uSMART SG may decline to accept any Instruction from the Client, restrict or prohibit trading in the Client’s Account or terminate Client’s use of uSMART SG’s service at any time in its sole and absolute discretion and without assigning any reason. In such event, uSMART SG will endeavour to notify the Client accordingly, but uSMART SG shall not in any circumstances whatsoever be liable in any way for any loss of profit or gain, damage, liability, cost or expense suffered or incurred by the Client arising out of or in connection with uSMART SG declining to act on such Instruction or offer service or omitting so to notify the Client. 44.4 uSMART SG may, for the purpose of carrying out any Instruction given by the Client, contract with or otherwise deal with or through any other agent, service provider or broker including any person or party associated in any manner with uSMART SG, on such terms and conditions as uSMART SG may in its sole and absolute discretion determine. 44.5 uSMART SG shall execute Client orders as agent, unless otherwise confirmed. uSMART SG can execute Client orders as principal. uSMART SG may use another broker, or an Affiliate, to execute orders, and they shall have benefit of all uSMART SG’s rights under this Agreement. uSMART SG will select the market and dealer to which to route Client’s orders. uSMART SG cannot guarantee execution of every order at the best posted price; uSMART SG may not have access to every market or dealer; other orders may trade ahead; market centers may not honor posted prices or may re-route orders for manual handling; market rules, decisions or system failures may prevent/delay execution of Client’s orders or cause orders not to receive the best price. Client acknowledges that it may not be possible to cancel or modify an order and that Client is responsible for executions notwithstanding a cancel or modify request. 44.6 Subject to Applicable Law and market requirements, uSMART SG may in its sole and absolute discretion determine the priority in the execution of its clients' orders, having due regard to the sequence in which such orders were received, and the Client shall not have any claim of priority to another client in relation to the execution of any order received by uSMART SG. 44.7 The Client understands that the relevant exchange or clearing house have established cut- off times for the tender of exercise Instructions and that an Options will become worthless if exercise Instructions 44.8 Client agrees to monitor each order until uSMART SG confirms execution or cancellation. Client acknowledges that confirmations of executions or cancellations may be delayed or may be erroneous or may be cancelled or adjusted by an exchange. Client is bound by the actual order execution, if consistent with Client’s order. If uSMART SG confirms execution or cancellation in error and Client delays reporting such error, uSMART SG reserves the right to remove the trade from the Account or require Client to accept the trade, in uSMART SG’s discretion. 44.9 Client agrees to notify uSMART SG immediately if: (i) Client fails to receive an accurate confirmation of an execution or cancellation; (ii) Client receives a confirmation that is different than Client’s order; (iii) Client receives a confirmation for an order that Client did not place; or (iv) Client receives an Account statement, confirmation, or other information reflecting inaccurate orders, Trades, balances, positions, margin status, or transaction history. 44.10 Client acknowledges that uSMART SG may adjust Client’s Account to correct any error. Client agrees to promptly return to uSMART SG any assets erroneously distributed to Client. 44.11 Subject to all relevant Rules, Client authorises uSMART SG to execute proprietary Trades of itself and its affiliates, though uSMART SG may simultaneously hold unexecuted Client orders for the same products at the same price. 44.12 uSMART SG, its affiliates, and their respective Representatives may trade on their own Account and, subject to all relevant Rules, uSMART SG and its affiliates may take the opposite position to the Client’s order in relation to any securities and options positions, whether on uSMART SG’s or its affiliate’s own account or for the account of another client of uSMART SG. 44.13 Prior to the start of the last trading day before expiration, Client agrees to liquidate or close out any long or short option position or other rights position that an Account holds for which the Account has insufficient equity or may have insufficient equity at expiration to exercise (or be assigned on) such position and to then carry the resulting underlying position. Client acknowledges that approaching expiration with long or short options for which an Account does not or may not have sufficient equity to hold the underlying position puts Client and uSMART SG at serious risk (including the risk of market movements in the underlying product between expiration and the next opening of the market in the product). If Client has not closed out a long or short option or other rights position prior to the start of the last trading day before expiration, and if uSMART SG in its sole and absolute discretion determines that an Account has or may have insufficient equity to hold the underlying position upon expiration, uSMART SG has the right, in its sole and absolute discretion, to do any or all of the following and uSMART SG and its Clients shall have no claim for damages or lost profits resulting from any or all of the following: a) uSMART SG may liquidate some or all of the options or rights position prior to expiration; b) uSMART SG may lapse some or all of the options even if in-the-money at expiration; and
Appears in 2 contracts
Sources: Client Agreement, Client Agreement