New Zealand Gazette – 1990 – No. 170

Page 3601

✨ Trading Members Conduct



28 SEPTEMBER NEW ZEALAND GAZETTE

3601

or persons on behalf of a client;

(g) not to apply or permit or suffer any monies or securities standing to the credit of accounts of clients in respect of futures trading to be applied against debits to its own futures trading account (which expression shall include accounts of its partners, directors and employees), or for the benefit of futures trading accounts of any other clients who either ought to have been called upon for payment of margins pursuant to the General By-Laws and have not been or, having been called, have not paid or lodged cover as required by the General By-Laws;

(h) not to permit any one client (in which context the expression ‘client’ shall include all persons, partnerships and companies related to or associated or affiliated with the client or otherwise financially dependent upon the client) to represent such a percentage of the trading by the Trading Member as may reasonably be likely to prejudice or diminish the ability of the Trading Member to meet its obligations;

(i) to co-operate with the Investigations Committee in the performance by that Committee of its duties, and in particular to make available to the Committee its accounting and other records;

(j) unless otherwise instructed in writing by the client, and subject to the requirements of any applicable regulations made under the Securities Amendment Act 1988:

(i) to place with the Clearing House, or with such other companies as may be approved by the Board, any monies received from or held on behalf of clients, which are in excess of the obligations of the Member to the Clearing House, and to ensure that such monies, other than those held by the Clearing House, are at all times held in an account or accounts which do not include any of the Member’s own funds and which are clearly designated as ‘clients’ funds accounts’, save for accumulated interest contractually owed by the Member to the client;

(ii) where the Member is trading for clients on markets other than those operated by the Exchange, to place with the Clearing House, or with such other Companies as may be approved by the Board, any monies received from or held on behalf of clients, which are in excess of the obligations of the Members to members of other futures exchanges or clearing houses, and to ensure that such monies, other than those held by the Clearing House, are at all times held in an account or accounts which do not include any of the Member’s own funds and which are clearly designated as ‘clients’ funds accounts’, save for accumulated interest


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🏭 Trading Members Conduct (continued from previous page)

🏭 Trade, Customs & Industry
Conduct, Records, Financial Reports, Net Tangible Assets, Audits, Client Funds, Instructions, Authorities