✨ Trading Members Conduct
NEW ZEALAND GAZETTE
No. 170
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 in the General By-Laws;
(k) not permit any one client (in which context the expression 'client' shall include all persons related to or associated or affiliated with the client or otherwise financially dependent on the client) to represent such a percentage of the business of the Affiliate Member as may reasonably be likely to prejudice or diminish the ability of the Affiliate Member to meet its obligations;
(l) unless otherwise instructed in writing by the client, and subject to the requirements of any applicable requirements made under the Securities Amendment Act 1988:
(i) place with Trading Members, 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 Member 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 contractually owed by the Member to the client;
(iii) ensure that no less than fifty percent of clients' funds held in clients' funds accounts are held on same day call;
(m) effect and maintain such form of indemnity as the Board may from time to time determine to be appropriate to protect the interests of the clients of Members;
(n) not to issue or disseminate, or permit the issue or dissemination of, any advertisement or unsolicited business communication in writing, in respect of its business as a dealer in futures or
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VUW Te Waharoa —
NZ Gazette 1990, No 170
NZLII —
NZ Gazette 1990, No 170
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Trading Members Conduct
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