Common use of Modules Clause in Contracts

Modules. The clauses contained in the attached Modules (as amended from time to time) shall apply. We may from time to time send to you further Modules in respect of Markets or Trans­ actions. In the event of any conflict between the clauses of any Module and this Agreement, the clauses of the Module shall prevail. The fact that a clause is specifically included in a Module in respect of one Market or Transaction shall not preclude a similar clause being expressed or implied in rela­ tion to any other Market or Transaction. These guidelines (the “Guidelines”) apply to the execution of transactions, which a Retail Client or Professional Client (hereinafter referred to as the “Client”) of Commerzbank AG (hereinafter referred to as the “Bank”) requests for the pur­ poses of buying or selling securities or other financial instru­ ments (for example, transactions on futures exchanges). Execution in this context means that the Bank executes a corresponding transaction with a third party in accordance with the Client’s order, in an appropriate market. If the Bank and the Client conclude a direct purchase contract for ▇▇▇▇▇­ cial instruments (also known as a fixed price transaction), then paragraph 8 hereof will apply. Client orders can be routinely executed at various trading venues, for example, at exchanges or multilateral trading facilities, in Germany or internationally, and in floor or elec­ tronic trading. The methods of execution and trading venues that the Bank can use to execute Client orders are set out in these Guidelines, which also describe some of the most important types of financial instrument, together with, in respect of each of these, the Bank’s policy of best execution in the interest of the Client. In determining actual trading venues the Bank assumes that the Client wishes primarily to obtain the best possible price, taking all costs associated with the execution of the trans­ action into account. Since securities are generally subject to price fluctuations, a negative price impact on the Client cannot be ruled out in the period after the order has been placed but before it has been executed. Therefore, the primary focus will be on those trading venues where full exe­ cution is likely to be prompt. In the context of the above­ mentioned standards, the Bank will also factor inother rele­ vant criteria (e.g. market liquidity, reliability of processing).