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Equity Derivatives Anatomy™
- Effective execution: When you give us an order to enter into, modify or terminate a Transaction (an Order):
- Acknowledgement: By acknowledging your Order we will attempt to execute it at or near the requested price or quantity;
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Communication: anything we tell you about your Order (including that it has been “filled”) conveys only an indicative value at which we may be able to fill the order; and
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No binding trade: The Order will not be binding or considered “executed” for any purposes until we deliver to you a final confirmation evidencing the final terms of the Transaction.
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“The Commodity Futures Trading Commission (CFTC) has unanimously approved amendments to the real-time swap reporting rules in Part 43 of the CFTC’s regulations by, among other things, clarifying the applicability of the rules to swaps executed in a prime brokerage agency arrangement.”
This might explain some leaden and counterintuitive language your broker insists on putting in its confirms along the following lines: this is elegant JC speak so assume it won’t be quite as straightforward as what you see in the panel but hey.
See also