First Customer

means: the actual person who submitted the trade for execution - (1) either a trader with direct electronic access, with the trade cleared by a clearing firm, in which case the direct access trader is the “first customer” of its clearing firm, (2) an individual client who submits an order through an intermediary for execution, in which case the client is the “first customer” of the intermediary or (3) an intermediary trading for its proprietary account, in which case the intermediary is its clearing firm's first customer