Document ID: chunk:federal_register_of_legislation:F2024C01109:front:0:p18
Version: federal_register_of_legislation:F2024C01109
Segment Type: other
Provision Reference: 
Character Range: 46735–49509

at which such Call was met.

2.2.5 Client documentation
(1) Subject to subrule (2), a Market Participant must have in force, prior to the commencement of trading for a Client, a duly signed agreement with that Client, containing minimum terms to the following effect:
(a)        Client to provide information
In relation to the Client's trading on a Market, the Client will upon the Market Participant's request, provide all information and documentation relevant to that trading, to the Market Participant and the Market Participant is authorised by the Client to provide the information and documentation to ASIC.
(b)       Margins
Unless the Market Participant is performing executing business only and the Client has an agreement in place with a Clearing Participant for the Market where the Client's trading will occur, or is otherwise exempted under these Rules, an acknowledgment by the Client that:

(i)         the Market Participant may Call for payment of Margin such money or property (or Call for the lodgement of Approved Securities in lieu thereof) as the Market Participant, in its absolute discretion, feels is necessary to protect itself from the personal obligation incurred by dealing in Contracts on behalf of the Client;

(ii)       should the Client fail to meet the Call (or lodge Approved Securities) then the Market Participant may (without prejudice to any other rights or powers under the agreement) and without creating an obligation to do so, Close Out, without notice, all or some of the Client's Contracts;

(iii)     the time for payment of Margins is of the essence and if no other time is stipulated by the Market Participant prior to Calling a Margin then the Client is required to comply within 24 hours;

(iv)      liability to pay the Initial Margin accrues at the time the trade is executed regardless of when a Call is made;

(v)       liability to pay Variation Margin accrues at the time the Margin comes into existence regardless of when a Call is made; and

(vi)      the Client is responsible to pay in cash any deficit owing to the Market Participant after closure and that if the Client defaults in payment of such deficit, the Market Participant may realise any securities held by the Market Participant and apply the proceeds against that deficiency.

 1.         Tape recordings

An acknowledgment by the Client that the Client's telephone conversations with the Market Participant can be recorded by the Market Participant. The Client is to be given the right to listen to any recording in the event of a dispute or anticipated dispute.

 1.        Right to refuse to deal

An acknowledgment by the Client that the Market Participant reserves the right to refuse to deal on behalf of the Client in relation to any dealings