Principal or Agent. D.6.1. In accepting any order or executing Transactions (including programme trades), ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ may act as agent, or principal, or a combination of both agent and principal unless it is unambiguously clear from the terms of the order (and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ accepts those terms) or the rules of an Exchange that ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ will act in a specific capacity. If the rules of an Exchange require ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ to act as agent on an Exchange where ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ cannot deal as principal then, for that transaction the Client undertakes to sign and deliver to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ any further documents as ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ may require. D.6.2. In respect of programme trades, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and/or an Associated Firm may execute an own account transaction in any Investment included in a programme trade.
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Sources: International Prime Brokerage Agreement, International Prime Brokerage Agreement, International Prime Brokerage Agreement