Common use of Order Management Clause in Contracts

Order Management. (a) Our receipt of an Instruction and any indication we provide to you that we are “working” on trade execution with you, is our indication that we are willing (but not obligated) to enter into all or a portion of a trade at the price requested by you, and we will exercise discretion as to the timing and manner of execution, as well as the amount of your fill, which is dependent on our ability to access liquidity (such as in the case of “market” or “at best” orders) or liquidity at the relevant or better price (such as in the case of “limit” orders). In addition, for Transactions you ask us to execute at “market” or “at best”, any upside or downside fluctuations in the price at the time of execution may be passed to you. For other types of “limit” requests, Westpac reserves the right to retain all or part of any price improvements in the market, in light of the greater risk we take in executing such requests. In any case, your transaction will likely include a reasonable bid-ask spread and/or markup as described above. (b) Your Instruction may also be subject to prioritisation and/or aggregation that may result in either Westpac’s own trades or other client trades being executed ahead of, or alongside, any trades we execute with you, which may impact the price of your Transactions, the timing of execution and the amount of your fill. There may also be inherent latencies at both internal and external venues that result in delays between the time we receive your requests and the time we seek to execute. (c) Latencies at internal or external venues may result in delays between the time we receive your Instruction and the time we seek to execute it. These latencies and our related risk management practices may impact whether we execute all or a portion of your Instructions and the price at which transactions are executed. If we determine to execute, the costs or benefits of any price changes arising from these latencies may, in our discretion, be retained by us or passed on to you.