Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. 7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any debit balance arising as a result of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us. 7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you. 7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal. 7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker nor do we accept any liability in relation to the default of any market, exchange or clearing house. 7.6 In executing transactions for or with you we will always deal with you as principal unless we have otherwise informed you. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we will take all reasonable steps to obtain the best possible result for you taking into account a number of relevant factors. 7.7 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction. 7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal. 7.9 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price. 7.10 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times. 7.11 We may hedge our liability to you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, that: a. you will not open and have not opened a Transaction or Transactions with us relating to a particular asset price if to do so would result in you, or others with whom you are acting in concert together, having an exposure to the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed; b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or ii. an offer, take-over, merger or other analogous event, in which you are involved or otherwise interested; and c. you will not open and have not opened a Transaction that contravenes any primary or secondary legislation or other law against insider dealing or market manipulation. For the purposes of this clause you agree that we may proceed on the basis that when you open or close a Transaction with us on a share price, you may be treated as dealing ‘in an Investment or a related investment’ within the meaning of the Markets Rules and relevant laws. 7.12 In the event that (a) you open any Transaction in breach of the representations and warranties given in this Agreement, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time and also, at our absolute discretion: a. enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or b. treat all your Transactions closed under this clause as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s). For the avoidance of doubt, if you do not produce such evidence within the period of six months from the date on which such Transaction was opened, all such Transactions will be finally null and void as between you and us. 7.13 You acknowledge that the Transactions in which you deal with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity. 7.14 You acknowledge that it would be improper for you to deal in the Underlying Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions: a. Terminate this Agreement immediately without prior notice to the Client; b. Cancel any Open Positions; c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions of the Trading Platform; d. Reject or Decline or refuse to transmit or execute any Order of the Client; VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. e. Restrict the Client’s trading activity; f. In the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country; g. Cancel or reverse of profits gained through abusive trading in the Client Account; h. Take legal action for any losses suffered by the Company. 7.15 The Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases: a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform. b. If the Client does not have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any Subject to the FCA Rules on Negative Balance Protection, any debit balance arising as a result of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000. imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker broker, nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always normally deal with you as principal unless we have otherwise informed youprincipal. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we We will take all reasonable sufficient steps to obtain the best possible result results in accordance with the best execution obligation under FCA Rules. We will execute your orders in accordance with our Order Execution Policy. A summary of our Order Execution Policy can be found at the following link: xxxx://xxxxxxxx.xxx. By signing and returning this Agreement, accepting this Agreement online by checking the applicable box or giving an instruction to us you consent to the contents of our Order Execution Policy. We may execute your orders in financial instruments admitted to trading on a Regulated Market, Multilateral Trading Facility or Organised Trading Facility (“Trading Venue”), outside a Trading Venue where we believe it is necessary to achieve best execution for you, In particular by agreeing to the terms of this agreement or by placing a trade with us, you taking into account will be providing your consent to your order being executed outside of a number of relevant factorsregulated market or Multilateral Trading Facility (MTF).
7.7 Where relevant, when executing your orders, we have implemented procedures and arrangements as required by FCA Rules that provide for the prompt, fair and expeditious execution of client orders. These procedures or arrangements shall allow for the execution of otherwise comparable client orders in accordance with the time of their receipt. We will execute otherwise comparable orders sequentially and promptly unless we consider that the characteristics of an order or prevailing market conditions make this impracticable or that yours or another client’s interests require otherwise. If you are a Retail Client, we will notify you about any material difficulty relevant to the prompt execution of your orders upon becoming aware of such difficulties. Where we accept instructions or orders from you, we will use reasonable efforts to carry them out. However, we cannot guarantee that we can give effect to such instructions and orders or that they will be carried out immediately as this will depend on prevailing market conditions. When we give you an indicative price we cannot guarantee that this will be the price at which your order will be executed as market prices can fluctuate suddenly and unpredictably.
7.8 We may at our discretion aggregate your orders with our own orders or those of other clients of ours or our Associates. We will allocate the proceeds of such orders among the participating accounts in a manner which we believe to be fair and equitable. If the combined order is not executed at the same price, we may average the prices paid or received and debit or credit your Account with the average net price. Details of average price will be furnished on request. Such allocation must take place within five business days of execution. In aggregating your orders in this way, we must reasonably believe that you will obtain a no less favourable price than if your order had been executed separately , for instance to obtain better execution or reduced foreign exchange or other dealing costs by being part of a larger transaction. However, on occasion, aggregation and allocation may result in you obtaining a less favourable price. VARIANSE | Client Agreement Page 7 of 29 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
7.9 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction.
7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 7.10 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 7.11 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account Account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services Services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times.
7.11 We may hedge 7.12 In relation our liability to dealing services, you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, thatyou:
a. 7.12.1 are acting in accordance with the Act, the FCA Rules, the Market Abuse Regulation (596/2014/EU) and all applicable laws and regulations,
7.12.2 are not acting in any way which is intended to or may be considered to be market abuse, and
7.12.3 are not acting with the intention of contravening any other provision of the Act or any other applicable law or regulation.
7.12.4 will use the services offered by us pursuant to this Agreement in good faith and, to this end, you will not open and have use any electronic device, software, algorithm, any trading strategy or any arbitrage practices (such as but not opened a Transaction limited to latency abuse, price manipulation or Transactions with us relating time manipulation) that aims to a particular asset price if to do so would result in you, manipulate or others with whom you are acting in concert together, having an exposure to take unfair advantage of the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, way in which you are involved we construct, provide or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary convey our bid or secondary legislation or other law against insider dealing or market manipulationoffer prices. For the purposes of this clause In addition, you agree that we may proceed on the basis that when you open using any device, software, algorithm, strategy or close a Transaction practice in your dealings with us on a share price, whereby you may are not subject to any downside market risk will be treated as dealing ‘in an Investment or a related investment’ within the meaning evidence that you are taking unfair advantage of the Markets Rules and relevant lawsus.
7.12 7.13 In the event that (a) you open or close any Transaction or place an Order in breach of the representations and warranties given in this AgreementTerms 7.12.1, 7.12.2, 7.12.3 or 7.12.4, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time time, if applicable, and also, at our absolute discretion:
a. (a) enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or;
b. (b) treat all your Transactions closed under that meet the circumstances set out in this clause Term as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s)us taking action under this Term. For the avoidance of doubt, if you do not produce such evidence within the period of six three months from the date on which such Transaction was openedaction is taken by us under this Term, all such Transactions will be finally null and void as between you and us.; or
7.13 You acknowledge that the Transactions in which you deal (c) cancel any Order on your account with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.us
7.14 You acknowledge that it would be improper for you to deal in In the Underlying Market if the sole purpose event of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions system failure of the Trading Platform;
d. Reject , or Decline where the Trading Platform is unavailable for any other reason, trades may be placed over the telephone or refuse via email (within our usual trading hours, details of which are set out on the Website). To place a trade over the telephone or via email, you must supply your Account number, name and provide certain security information if asked. When you place trades over the telephone, we cannot be expected to transmit or execute any Order of the Client; recognise your voice. Voice orders placed by VARIANSE is a trading name of VDX DerivativesLimited. VDX Derivatives Limited is authorised and regulated by the Financial Services Commission Conduct Authority (FSCFCA) in the republic of Mauritius United Kingdom with License Number C118023323FRN 802012. Registered Address: 00 Xx Xxxxxxx Park house, 000 Xxxx Xxxxxx, Xxxx XxxxxXxxxxxx, Xxxxxxxxx.
e. Restrict the Client’s trading activity;
f. In the case Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000. contacting one of fraud, reverse the funds back to real owner our dealers are defined as orders placed via telephone or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered sent manually via email and will only be considered live when acknowledged by the Companyus.
7.15 The Company If you are unsure whether a trade or Order has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of been accepted because communication via the Trading Platform.
b. If Platform has broken down or has been interrupted, you must notify us immediately by telephone or email to confirm the Client does status of that trade or Order. You cannot have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an place a trade, Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client other instruction by leaving a message on an answer phone or his assetsvoicemail facility.
Appears in 1 contract
Samples: Principal Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any Subject to the FCA Rules on Negative Balance Protection, any debit balance arising as a result of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000. regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker broker, nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always normally deal with you as principal unless we have otherwise informed youprincipal. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we We will take all reasonable sufficient steps to obtain the best possible result results in accordance with the best execution obligation under FCA Rules. We will execute your orders in accordance with our Order Execution Policy. A summary of our Order Execution Policy can be found at the following link: xxxx://xxxxxxxx.xxx. By signing and returning this Agreement, accepting this Agreement online by checking the applicable box or giving an instruction to us you consent to the contents of our Order Execution Policy. We may execute your orders in financial instruments admitted to trading on a Regulated Market, Multilateral Trading Facility or Organised Trading Facility (“Trading Venue”), outside a Trading Venue where we believe it is necessary to achieve best execution for you, In particular by agreeing to the terms of this agreement or by placing a trade with us, you taking into account will be providing your consent to your order being executed outside of a number of relevant factorsregulated market or Multilateral Trading Facility (MTF).
7.7 Where relevant, when executing your orders, we have implemented procedures and arrangements as required by FCA Rules that provide for the prompt, fair and expeditious execution of client orders. These procedures or arrangements shall allow for the execution of otherwise comparable client orders in accordance with the time of their receipt. We will execute otherwise comparable orders sequentially and promptly unless we consider that the characteristics of an order or prevailing market conditions make this impracticable or that yours or another client’s interests require otherwise. If you are a Retail Client, we will notify you about any material difficulty relevant to the prompt execution of your orders upon becoming aware of such difficulties. Where we accept instructions or orders from you, we will use reasonable efforts to carry them out. However, we cannot guarantee that we can give effect to such instructions and orders or that they will be carried out immediately as this will depend on prevailing market conditions. When we give you an indicative price we cannot guarantee that this will be the price at which your order will be executed as market prices can fluctuate suddenly and unpredictably.
7.8 We may at our discretion aggregate your orders with our own orders or those of other clients of ours or our Associates. We will allocate the proceeds of such orders among the participating accounts in a manner which we believe to be fair and equitable. If the combined order is not executed at the same price, we may average the prices paid or received and debit or credit your Account with the average net price. Details of average price will be furnished on request. Such allocation must take place within five business days of execution. In aggregating your orders in this way, we must reasonably believe that you will obtain a no less favourable price than if your order had been executed separately , for instance to obtain better execution or reduced foreign exchange or other dealing costs by being part of a larger transaction. However, on occasion, aggregation and allocation may result in you obtaining a less favourable price. VARIANSE | Client Agreement Page 6 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
7.9 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction.
7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 7.10 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 7.11 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account Account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services Services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times.
7.11 We may hedge 7.12 In relation our liability to dealing services, you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, thatyou:
a. 7.12.1 are acting in accordance with the Act, the FCA Rules, the Market Abuse Regulation (596/2014/EU) and all applicable laws and regulations,
7.12.2 are not acting in any way which is intended to or may be considered to be market abuse, and
7.12.3 are not acting with the intention of contravening any other provision of the Act or any other applicable law or regulation.
7.12.4 will use the services offered by us pursuant to this Agreement in good faith and, to this end, you will not open and have use any electronic device, software, algorithm, any trading strategy or any arbitrage practices (such as but not opened a Transaction limited to latency abuse, price manipulation or Transactions with us relating time manipulation) that aims to a particular asset price if to do so would result in you, manipulate or others with whom you are acting in concert together, having an exposure to take unfair advantage of the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, way in which you are involved we construct, provide or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary convey our bid or secondary legislation or other law against insider dealing or market manipulationoffer prices. For the purposes of this clause In addition, you agree that we may proceed on the basis that when you open using any device, software, algorithm, strategy or close a Transaction practice in your dealings with us on a share price, whereby you may are not subject to any downside market risk will be treated as dealing ‘in an Investment or a related investment’ within the meaning evidence that you are taking unfair advantage of the Markets Rules and relevant lawsus.
7.12 7.13 In the event that (a) you open or close any Transaction or place an Order in breach of the representations and warranties given in this AgreementTerms 7.12.1, 7.12.2, 7.12.3 or 7.12.4, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time time, if applicable, and also, at our absolute discretion:
a. (a) enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or;
b. (b) treat all your Transactions closed under that meet the circumstances set out in this clause Term as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s)us taking action under this Term. For the avoidance of doubt, if you do not produce such evidence within the period of six three months from the date on which such Transaction was openedaction is taken by us under this Term, all such Transactions will be finally null and void as between you and us.; or
7.13 You acknowledge that the Transactions in which you deal (c) cancel any Order on your account with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.us
7.14 You acknowledge that it would be improper for you to deal in In the Underlying Market if the sole purpose event of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions system failure of the Trading Platform;
d. Reject , or Decline where the Trading Platform is unavailable for any other reason, trades may be placed over the telephone or refuse via email (within our usual trading hours, details of which are set out on the Website). To place a trade over the telephone or via email, you must supply your Account number, name and provide certain security information if asked. When you place trades over the telephone, we cannot be expected to transmit or execute any Order of the Client; recognise your voice. Voice orders placed by VARIANSE is a trading name of VDX DerivativesLimited. VDX Derivatives Limited is authorised and regulated by the Financial Services Commission Conduct Authority (FSCFCA) in the republic of Mauritius United Kingdom with License Number C118023323FRN 802012. Registered Address: 00 Xx Xxxxxxx Park house, 000 Xxxx Xxxxxx, Xxxx XxxxxXxxxxxx, Xxxxxxxxx.
e. Restrict the Client’s trading activity;
f. In the case Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000. contacting one of fraud, reverse the funds back to real owner our dealers are defined as orders placed via telephone or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered sent manually via email and will only be considered live when acknowledged by the Companyus.
7.15 The Company If you are unsure whether a trade or Order has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of been accepted because communication via the Trading Platform.
b. If Platform has broken down or has been interrupted, you must notify us immediately by telephone or email to confirm the Client does status of that trade or Order. You cannot have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an place a trade, Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client other instruction by leaving a message on an answer phone or his assetsvoicemail facility.
Appears in 1 contract
Samples: Principal Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-off- exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any debit balance arising as a result because of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to To give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, Associate and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always deal with you as principal unless we have otherwise informed youprincipal. While we will take reasonable steps to obtain the best price available When you agree and acknowledge that save as required by the FCA Rules we execute an order on your behalf we will take all reasonable steps are under no obligation to obtain provide you with best execution in accordance with the best possible result for FCA Rules and you taking into account a number of relevant factorshereby waive any such requirements.
7.7 We may at our discretion aggregate your orders with our own orders or those of other clients of ours or our Associates. We will allocate the proceeds of such orders among the participating accounts in a manner which we believe to be fair and equitable. If the combined order is not executed at the same price we may average the prices paid or received and debit or credit your Account with the average net price. Details of average price will be furnished on request. Such allocation must take place within five business days of execution. In aggregating your orders in this way, we must reasonably believe this will be to your advantage, for instance to obtain better execution or reduced foreign exchange or other dealing costs by being part of a larger transaction. However, on occasion, aggregation and allocation may result in you obtaining a less favourable price.
7.8 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction.
7.8 7.9 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 7.10 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 7.11 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services generally, notwithstanding our undertaking to provide a clear and fair service to you at all timesalways.
7.11 We may hedge our liability to you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, that:
a. you will not open and have not opened a Transaction or Transactions with us relating to a particular asset price if to do so would result in you, or others with whom you are acting in concert together, having an exposure to the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, in which you are involved or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary or secondary legislation or other law against insider dealing or market manipulation. For the purposes of this clause you agree that we may proceed on the basis that when you open or close a Transaction with us on a share price, you may be treated as dealing ‘in an Investment or a related investment’ within the meaning of the Markets Rules and relevant laws.
7.12 In the event that (a) you open any Transaction in breach of the representations and warranties given in this Agreement, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time and also, at our absolute discretion:
a. enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or
b. treat all your Transactions closed under this clause as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s). For the avoidance of doubt, if you do not produce such evidence within the period of six months from the date on which such Transaction was opened, all such Transactions will be finally null and void as between you and us.
7.13 You acknowledge that the Transactions in which you deal with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.
7.14 You acknowledge that it would be improper for you to deal in the Underlying Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions of the Trading Platform;
d. Reject or Decline or refuse to transmit or execute any Order of the Client; VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
e. Restrict the Client’s trading activity;
f. In the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered by the Company.
7.15 The Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform.
b. If the Client does not have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.
Appears in 1 contract
Samples: Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 6 of 29 30 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any debit balance arising as a result of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always deal with you as principal unless we have otherwise informed you. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we will take all reasonable steps to obtain the best possible result for you taking into account a number of relevant factors.
7.7 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction.
7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times.
7.11 We may hedge our liability to you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a VARIANSE | Client Agreement Page 7 of 30 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, that:
a. you will not open and have not opened a Transaction or Transactions with us relating to a particular asset price if to do so would result in you, or others with whom you are acting in concert together, having an exposure to the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, in which you are involved or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary or secondary legislation or other law against insider dealing or market manipulation. For the purposes of this clause you agree that we may proceed on the basis that when you open or close a Transaction with us on a share price, you may be treated as dealing ‘in an Investment or a related investment’ within the meaning of the Markets Rules and relevant laws.
7.12 In the event that (a) you open any Transaction in breach of the representations and warranties given in this Agreement, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time and also, at our absolute discretion:
a. enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or
b. treat all your Transactions closed under this clause as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s). For the avoidance of doubt, if you do not produce such evidence within the period of six months from the date on which such Transaction was opened, all such Transactions will be finally null and void as between you and us.
7.13 You acknowledge that the Transactions in which you deal with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.
7.14 You acknowledge that it would be improper for you to deal in the Underlying Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions ; VARIANSE | Client Agreement Page 8 of the Trading Platform;
d. Reject or Decline or refuse to transmit or execute any Order of the Client; 30 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions of the Trading Platform;
d. Reject or Decline or refuse to transmit or execute any Order of the Client;
e. Restrict the Client’s trading activity;
f. In the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered by the Company.
7.15 The Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform.
b. If the Client does not have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.
Appears in 1 contract
Samples: Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any debit balance arising as a result of any close-close- out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at CA14072020 00/00 Xxxxxxxxxx Xxxx Xxxxxx XX0X 0XX XX | +00 (0)00 0000 0000 | xxx.xxxxxx.xx.xx your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always deal with you as principal unless we have otherwise informed youprincipal. While we will take reasonable steps to obtain the best price available When you agree and acknowledge that save as required by the FCA Rules we execute an order on your behalf we will take all reasonable steps are under no obligation to obtain provide you with best execution in accordance with the best possible result for FCA Rules and you taking into account a number of relevant factorshereby waive any such requirements.
7.7 We may at our discretion aggregate your orders with our own orders or those of other clients of ours or our Associates. We will allocate the proceeds of such orders among the participating accounts in a manner which we believe to be fair and equitable. If the combined order is not executed at the same price we may average the prices paid or received and debit or credit your Account with the average net price. Details of average price will be furnished on request. Such allocation must take place within five business days of execution. In aggregating your orders in this way we must reasonably believe this will be to your advantage, for instance to obtain better execution or reduced foreign exchange or other dealing costs by being part of a larger transaction. However, on occasion, aggregation and allocation may result in you obtaining a less favourable price.
7.8 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction.
7.8 7.9 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 7.10 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 7.11 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times.
7.11 We may hedge our liability to you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, that:
a. you will not open and have not opened a Transaction or Transactions with us relating to a particular asset price if to do so would result in you, or others with whom you are acting in concert together, having an exposure to the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, in which you are involved or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary or secondary legislation or other law against insider dealing or market manipulation. For the purposes of this clause you agree that we may proceed on the basis that when you open or close a Transaction with us on a share price, you may be treated as dealing ‘in an Investment or a related investment’ within the meaning of the Markets Rules and relevant laws.
7.12 In the event that (a) you open any Transaction in breach of the representations and warranties given in this Agreement, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time and also, at our absolute discretion:
a. enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or
b. treat all your Transactions closed under this clause as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s). For the avoidance of doubt, if you do not produce such evidence within the period of six months from the date on which such Transaction was opened, all such Transactions will be finally null and void as between you and us.
7.13 You acknowledge that the Transactions in which you deal with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.
7.14 You acknowledge that it would be improper for you to deal in the Underlying Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions of the Trading Platform;
d. Reject or Decline or refuse to transmit or execute any Order of the Client; VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
e. Restrict the Client’s trading activity;
f. In the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered by the Company.
7.15 The Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform.
b. If the Client does not have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.
Appears in 1 contract
Samples: Client Agreement
Dealing. 7.1 We may execute your dealing instructions upon or in accordance with the rules of any market or exchange and through any clearing house selected by us. We may enter into transactions for or with you which are not on or in accordance with the rules of any exchange for example, off-exchange transactions in foreign currencies, or in other non-readily realisable investments. VARIANSE | Client Agreement Page 5 of 29 VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx.
7.2 Assets and profits arising on closing a position, settlement or liquidation will be credited to your Account and losses will be debited from your Account. Any Subject to the FCA Rules on Negative Balance Protection, any debit balance arising as a result of any close-out, settlement or liquidation will be payable by you forthwith whether or not demanded by us.
7.3 We shall be entitled to carry out all transactions in accordance with the rules, regulations, customs or practices of the relevant market, exchange and / or clearing house and all applicable laws whether imposed on you or us. We may take all such steps as may be required or permitted by such laws, rules, regulations, customs and / or market practice. We will be entitled to take or not take any reasonable action VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: 0 Xxxxxxx Xxxxxx, Xxxx, Xxxxxx, XX0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000. we consider fit in order to ensure compliance with the same and all such actions so taken will be binding upon you.
7.4 You agree that any transactions we effect for you will be subject to the rules, regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.
7.5 In order to give effect to your dealing instructions, we may at our discretion instruct an intermediate broker selected by us (which may be an Associate of ours). We accept full liability for any default by an intermediate broker which is our Associate, and undertake to use reasonable care and skill in the appointment and supervision of any intermediate broker and to make available to you and take, at your cost and expense, such action on your behalf as you may reasonably request in relation to any rights we have against such intermediate broker. Subject to this we accept no liability for any default of any intermediate broker broker, nor do we accept any liability in relation to the default of any market, exchange or clearing house.
7.6 In executing transactions for or with you we will always normally deal with you as principal unless we have otherwise informed youprincipal. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we We will take all reasonable sufficient steps to obtain the best possible result results in accordance with the best execution obligation under FCA Rules. We will execute your orders in accordance with our Order Execution Policy. A summary of our Order Execution Policy can be found at the following link: xxxx://xxxxxxxx.xxx. By signing and returning this Agreement, accepting this Agreement online by checking the applicable box or giving an instruction to us you consent to the contents of our Order Execution Policy. We may execute your orders in financial instruments admitted to trading on a Regulated Market, Multilateral Trading Facility or Organised Trading Facility (“Trading Venue”), outside a Trading Venue where we believe it is necessary to achieve best execution for you, In particular by agreeing to the terms of this agreement or by placing a trade with us, you taking into account will be providing your consent to your order being executed outside of a number of relevant factorsregulated market or Multilateral Trading Facility (MTF).
7.7 Where relevant, when executing your orders, we have implemented procedures and arrangements as required by FCA Rules that provide for the prompt, fair and expeditious execution of client orders. These procedures or arrangements shall allow for the execution of otherwise comparable client orders in accordance with the time of their receipt. We will execute otherwise comparable orders sequentially and promptly unless we consider that the characteristics of an order or prevailing market conditions make this impracticable or that yours or another client’s interests require otherwise. If you are a Retail Client, we will notify you about any material difficulty relevant to the prompt execution of your orders upon becoming aware of such difficulties. Where we accept instructions or orders from you, we will use reasonable efforts to carry them out. However, we cannot guarantee that we can give effect to such instructions and orders or that they will be carried out immediately as this will depend on prevailing market conditions. When we give you an indicative price we cannot guarantee that this will be the price at which your order will be executed as market prices can fluctuate suddenly and unpredictably.
7.8 We may at our discretion aggregate your orders with our own orders or those of other clients of ours or our Associates. We will allocate the proceeds of such orders among the participating accounts in a manner which we believe to be fair and equitable. If the combined order is not executed at the same price, we may average the prices paid or received and debit or credit your Account with the average net price. Details of average price will be furnished on request. Such allocation must take place within five business days of execution. In aggregating your orders in this way, we must reasonably believe that you will obtain a no less favourable price than if your order had been executed separately , for instance to obtain better execution or reduced foreign exchange or other dealing costs by being part of a larger transaction. However, on occasion, aggregation and allocation may result in you obtaining a less favourable price.
7.9 Where we are unable or consider it undesirable or inappropriate to execute your order at once or in a single transaction we may execute it over such period as we deem appropriate and we may report to you an average price for a series of transactions so executed instead of the actual price of each transaction. VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: 0 Xxxxxxx Xxxxxx, Xxxx, Xxxxxx, XX0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.
7.9 7.10 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
7.10 7.11 As a client of ours you hereby accept that the prices quoted by other companies may not be relied upon by you in respect of your account Account with us and that we reserve the right to decline any quote or refuse to be bound to any contract, including those arising from any manipulation of the quoting mechanism or our services Services generally, notwithstanding our undertaking to provide a clear and fair service to you at all times.
7.11 We may hedge 7.12 In relation our liability to dealing services, you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices. This creates a possibility of market abuse and the function of this Term is to prevent such abuse. VARIANSE is a trading name of VDX Derivatives. VDX Derivatives is authorised and regulated by the Financial Services Commission (FSC) in the republic of Mauritius with License Number C118023323. Registered Address: 00 Xx Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxx. You represent and warrant to us now, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction, thatyou:
a. 7.12.1 are acting in accordance with the Act, the FCA Rules, the Market Abuse Regulation (596/2014/EU) and all applicable laws and regulations,
7.12.2 are not acting in any way which is intended to or may be considered to be market abuse, and
7.12.3 are not acting with the intention of contravening any other provision of the Act or any other applicable law or regulation.
7.12.4 will use the services offered by us pursuant to this Agreement in good faith and, to this end, you will not open and have use any electronic device, software, algorithm, any trading strategy or any arbitrage practices (such as but not opened a Transaction limited to latency abuse, price manipulation or Transactions with us relating time manipulation) that aims to a particular asset price if to do so would result in you, manipulate or others with whom you are acting in concert together, having an exposure to take unfair advantage of the asset price that is equal to or exceeds the amount of a declarable interest in the relevant company. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by law or by the stock exchange(s) on which the underlying share is listed;
b. you will not open and have not opened a Transaction with us in connection with: i. a placing, issue, distribution or other analogous event; or
ii. an offer, take-over, merger or other analogous event, way in which you are involved we construct, provide or otherwise interested; and
c. you will not open and have not opened a Transaction that contravenes any primary convey our bid or secondary legislation or other law against insider dealing or market manipulationoffer prices. For the purposes of this clause In addition, you agree that we may proceed on the basis that when you open using any device, software, algorithm, strategy or close a Transaction practice in your dealings with us on a share price, whereby you may are not subject to any downside market risk will be treated as dealing ‘in an Investment or a related investment’ within the meaning evidence that you are taking unfair advantage of the Markets Rules and relevant lawsus.
7.12 7.13 In the event that (a) you open or close any Transaction or place an Order in breach of the representations and warranties given in this AgreementTerms 7.12.1, 7.12.2, 7.12.3 or 7.12.4, or (b) we have reasonable grounds for suspecting that you have done so, we may, at our absolute discretion and without being under any obligation to inform you of our reason for doing so, close that Transaction and any other Transactions that you may have open at the time time, if applicable, and also, at our absolute discretion:
a. (a) enforce the Transaction or Transactions against you if it is a Transaction or Transactions under which you have incurred a loss; or;
b. (b) treat all your Transactions closed under that meet the circumstances set out in this clause Term as void if they are Transactions under which you have secured a profit, unless and until you produce evidence that satisfies us that you have not, in fact, committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing your Transaction(s)us taking action under this Term. For the avoidance of doubt, if you do not produce such evidence within the period of six three months from the date on which such Transaction was openedaction is taken by us under this Term, all such Transactions will be finally null and void as between you and us.; or
7.13 You acknowledge that the Transactions in which you deal (c) cancel any Order on your account with us are speculative instruments and you agree that you will not open any Transactions with us in connection with any corporate finance style activity.us
7.14 You acknowledge that it would be improper for you to deal in In the Underlying Market if the sole purpose event of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. If we reasonably suspect that you have performed abusive trading we may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
a. Terminate this Agreement immediately without prior notice to the Client;
b. Cancel any Open Positions;
c. Temporarily or permanently bar access to the Trading Platform or suspend or prohibit any functions system failure of the Trading Platform;
d. Reject , or Decline where the Trading Platform is unavailable for any other reason, trades may be placed over the telephone or refuse via email (within our usual trading hours, details of which are set out on the Website). To place a trade over the telephone or via email, you must supply your Account number, name and provide certain security information if asked. When you place trades over the telephone, we cannot be expected to transmit recognise your voice. Voice orders placed by contacting one of our dealers are defined as orders placed via telephone or execute any Order of the Client; sent manually via email and will only be considered live when acknowledged by us. VARIANSE is a trading name of VDX DerivativesLimited. VDX Derivatives Limited is authorised and regulated by the Financial Services Commission Conduct Authority (FSCFCA) in the republic of Mauritius United Kingdom with License Number C118023323FRN 802012. Registered Address: 00 Xx 0 Xxxxxxx Xxxxxx, Xxxx XxxxxXxxx, Xxxxxxxxx.
e. Restrict the Client’s trading activity;
f. In the case of fraudXxxxxx, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
g. Cancel or reverse of profits gained through abusive trading in the Client Account;
h. Take legal action for any losses suffered by the CompanyXX0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
7.15 The Company If you are unsure whether a trade or Order has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the following cases:
a. If the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or terrorist financing or fraud or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of been accepted because communication via the Trading Platform.
b. If Platform has broken down or has been interrupted, you must notify us immediately by telephone or email to confirm the Client does status of that trade or Order. You cannot have sufficient available funds deposited with the Company or in his bank account to pay the purchase price of an place a trade, Order along with the respective fees and commissions necessary to carry out the transaction in the Trading Platform. In the event that the Company does refuse to execute an order, such refusal will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client other instruction by leaving a message on an answer phone or his assetsvoicemail facility.
Appears in 1 contract
Samples: Principal Client Agreement
