Common use of Safekeeping of Financial Instruments Clause in Contracts

Safekeeping of Financial Instruments. 1. The Client’s Financial Instruments, unless they fall under a class of OTC derivatives that has been declared subject to the clearing obligation of Article 4 of EMIR, will be deposited for safekeeping and custody with the Company, and it shall be the Company performing the valuation of such Financial Instruments, including the valuation of margin required to maintain such positions. 2. Due to the bespoke nature of the Financial Instruments that the Company makes available to Clients for trading, it may not be possible to transfer any positions in Financial Instruments to any third party/custodian. In such cases, the positions will have to be closed, and the Client will be able to transfer the proceeds from such positions. It is also not possible, due to the bespoke nature of CFDs and FXOptions, to receive for safekeeping and custody any such instruments the Client keeps under the safekeeping and custody of any third party. 3. In the event of the death of a Client, once the Company confirms the identity of the Client’s heirs and their lawful right to the estate of the deceased Client, it shall liquidate any positions the deceased Client had in his / her Trading Account and distribute the proceeds, net of any amounts owed to the Company, to the Client’s heirs. 4. The Company will, when it is under an obligation to report transactions under Article 9 of EMIR, report or cause the reporting of such transactions and/or positions held under its safekeeping and custody or the termination of such positions on behalf of its Clients to a trade repository of its choice. 5. The Company shall act with diligence and care in the selection and appointment of a central counterparty for any of the Financial Instruments of Clause 14(1) that are under the clearing obligation of Article 4 of EMIR. The Company shall not be liable for any loss suffered by the Client due to any act, omission or the insolvency of the third party central counterparty, unless such loss is the result of gross negligence or fraud by the Company in the appointment or monitoring of the central counterparty.

Safekeeping of Financial Instruments. 1. The Client’s Financial Instruments, unless they fall under a class of OTC derivatives that has been declared subject to the clearing obligation of Article 4 of EMIR, will be deposited for safekeeping and custody with the Company, and it shall be the Company performing the valuation of such Financial Instruments, including the valuation of margin required to maintain such positions. 2. Due to the bespoke nature of the Financial Instruments that the Company makes available to Clients for trading, it may not be possible to transfer any positions in Financial Instruments to any third party/custodian. In such cases, the positions will have to be closed, and the Client will be able to transfer the proceeds from such positions. It is also not possible, due to the bespoke nature of CFDs and FXOptions, to receive for safekeeping and custody any such instruments the Client keeps under the safekeeping and custody of any third party. 3. In the event of the death of a Client, once the Company confirms the identity of the Client’s heirs and their lawful right to the estate of the deceased Client, it shall liquidate any positions the deceased Client had in his / her Trading Account and distribute the proceeds, net of any amounts owed to the Company, to the Client’s heirs. 4. The Company will, when it is under an obligation to report transactions under Article 9 of EMIR, report or cause the reporting of such transactions and/or transactions, positions held under its safekeeping and custody or the termination of such positions on behalf of its Clients to a trade repository of its choice. 5. The Company shall act with diligence and care in the selection and appointment of a central counterparty for any of the Financial Instruments of Clause 14(1) that are under the clearing obligation of Article 4 of EMIR. The Company shall not be liable for any loss suffered by the Client due to any act, omission or the insolvency of the third party central counterparty, unless such QuadCode Markets is the trade name of IQOption Europe Limited. IQOption Europe Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (license no. 247/14). loss is the result of gross negligence or fraud by the Company in the appointment or monitoring of the central counterparty.