AUTOMATIC CLOSURE. A Position will close automatically on the fifth anniversary of the date on which the Position was first entered into.
AUTOMATIC CLOSURE. A Margin Contract or CFD, will close automatically on the fifth anniversary of the date on the Contract was first entered.
AUTOMATIC CLOSURE. Margin FX Contracts and CFDs (other than Excepted Contracts)
AUTOMATIC CLOSURE. Excepted CFDs
(a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5-year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract closes automatically under clause 12.3 it will not be reopened in accordance with this clause 12.11.
(b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract, we will calculate the difference between the Closing Contract Value of the original Excepted Contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract.
AUTOMATIC CLOSURE. Margin FX Contracts and CFDs (other than Excepted Contracts) Subject to clauses 12.12 and 12.13, Margin FX Contracts and CFDs other than Excepted Contracts close automatically at Close of Business on each Business Day and are to be replaced by an equivalent contract with effect immediately after Close of Business on that Business Day, and this will not affect the automatic closing of a contract under clause 12.3, with effect that the 5 year period will run from the date on which the contract was first entered into and when such contract closes automatically under clause 12.3 will not be reopened in accordance with this clause 12.10.
AUTOMATIC CLOSURE. Excepted CFDs Subject to clauses 12.12 and 12.13, a Excepted Contract will close automatically at Close of Business on the Specified Date and not on the daily Close of Business:
(a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The opening value of that replacement Excepted Contract must equal the current Contract Price of the replacement Excepted Contract multiplied by the applicable Contract Quantity. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5 year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract contract closes automatically under this clause 12.3 it will not be reopened in accordance with this clause 12.11.
(b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract , we will calculate the difference between the Closing Contract Value of the original Excepted Contract contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract contract and we will:-
(i) if the amount calculated as the Contract Value is greater than the amount calculated as the opening value, credit the difference to the Account; and
(ii) if the amount calculated as the opening value is greater than the amount calculated as the Contract Value, debit the difference from your account.
AUTOMATIC CLOSURE. Index Futures CFDs Subject to clauses 6.2 of this Agreement and clauses 4.3 and 4.4 of this Part B.1, an Index Futures CFD will close automatically at Close of Business on the Closing Date and not on the daily Close of Business:
AUTOMATIC CLOSURE. Commodity CFDs Subject to clauses 6.2 of this Agreement and clauses 4.3 and 4.4 of this Part B.3, a Commodity CFD will close automatically at Close of Business on the Closing Date and not on the daily Close of Business:
AUTOMATIC CLOSURE. Margin FX Contracts 30
AUTOMATIC CLOSURE. A Margin FX Contract, will close automatically on the fifth anniversary of the date on which the Contract was first entered into.
