DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS shall acknowledge the reception of the instructions orally or in writing, as appropriate. 5.2 The Client shall inform U TRADE MARKETS in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS on behalf of the Client. For practical reasons, U TRADE MARKETS can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS in writing. U TRADE MARKETS is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised. 5.3 In addition to the terms listed on U TRADE MARKETS’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet: 5.3.1 U TRADE MARKETS shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS has exercised gross negligence in connection herewith, notwithstanding Clause 6.9; 5.3.2 U TRADE MARKETS may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS the price offered by U TRADE MARKETS may have changed before an order from the Client is received by U TRADE MARKETS. If automatic order execution is offered to the Client, U TRADE MARKETS shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received; 5.3.3 Prices offered by U TRADE MARKETS regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable); 5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETS’s standard version with all available updates installed; 5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client; 5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities; 5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS for Contracts executed by use of the Client's password even if such use might be wrongful; 5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETS's confirmation of execution. 5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS and the Client when such instruction has been recorded as executed by U TRADE MARKETS and confirmed by U TRADE MARKETS to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS and the Client. 5.5 The Client shall promptly give any instructions to U TRADE MARKETS, which U TRADE MARKETS may require. If the Client does not give such instructions promptly, U TRADE MARKETS may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS is unable to obtain contact with the Client. 5.6 If the Client does not provide U TRADE MARKETS with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETS, U TRADE MARKETS may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS to exercise Contract Options that are out of the money. 5.7 U TRADE MARKETS applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETS's allocation method randomly selects short Contract Options among all U TRADE MARKETS's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement. 5.8 U TRADE MARKETS may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS that such confirmation is necessary or desirable. 5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS for losses which U TRADE MARKETS may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS instructions on behalf of the Client. 5.10 U TRADE MARKETS reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETS’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients. 5.11 In general, U TRADE MARKETS shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS may defer acting upon those instructions until it is, in U TRADE MARKETS’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS is refusing to act upon such instructions. 5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETS. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETS) at a price which: i U TRADE MARKETS is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS reserves the right to either a. cancel the trade all together or b. correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS hedged the trade or alternatively to the historic correct market price. 5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS Provided that U TRADE MARKETS can document that there on the time of theconclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS is entitled to take one or more of the following countermeasures: i adjust the price spreads available to the Client; ii restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written notice. 5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; iii any notice or other communication provided by U TRADE MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons. 5.15 The Client agrees that U TRADE MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS and the Client. However, technical reasons may prevent U TRADE MARKETS from recording a conversation, and recordings or transcripts made by U TRADE MARKETS will be destroyed in accordance with U TRADE MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available. 5.16 When the Client instructs U TRADE MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed. 5.17 The Client acknowledges that U TRADE MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts. 5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.
Appears in 3 contracts
Samples: Client Service Agreement, Client Service Agreement, Client Service Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE EVA MARKETS with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE EVA MARKETS shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE XXX MARKETS in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE EVA MARKETS on behalf of the Client. For practical reasons, U TRADE EVA MARKETS can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE EVA MARKETS in writing. U TRADE EVA MARKETS is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE EVA MARKETS’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE EVA MARKETS shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE EVA MARKETS has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE EVA MARKETS may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE EVA MARKETS the price offered by U TRADE EVA MARKETS may have changed before an order from the Client is received by U TRADE EVA MARKETS. If automatic order execution is offered to the Client, U TRADE EVA MARKETS shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE EVA MARKETS regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE EVA MARKETS shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE EVA MARKETS’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE EVA MARKETS for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE EVA MARKETS or made available to the Client on the Trading Platform which solely constitutes U TRADE EVA MARKETS's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE EVA MARKETS and the Client when such instruction has been recorded as executed by U TRADE EVA MARKETS and confirmed by U TRADE EVA MARKETS to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE EVA MARKETS and the Client.
5.5 The Client shall promptly give any instructions to U TRADE EVA MARKETS, which U TRADE EVA MARKETS may require. If the Client does not give such instructions promptly, U TRADE EVA MARKETS may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE EVA MARKETS considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE EVA MARKETS is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE EVA MARKETS with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE EVA MARKETS, U TRADE EVA MARKETS may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE EVA MARKETS with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE EVA MARKETS to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE EVA MARKETS has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE EVA MARKETS not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE EVA MARKETS to exercise Contract Options that are out of the money.
5.7 U TRADE EVA MARKETS applies a random method of assignment among its Clients' Contract Options when U TRADE EVA MARKETS is notified by its Counterparties that one or more short option positions have been assigned. U TRADE EVA MARKETS's allocation method randomly selects short Contract Options among all U TRADE EVA MARKETS's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE EVA MARKETS may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE EVA MARKETS may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE EVA MARKETS that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE EVA MARKETS for losses which U TRADE EVA MARKETS may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE EVA MARKETS instructions on behalf of the Client.
5.10 U TRADE EVA MARKETS reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE EVA MARKETS’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE EVA MARKETS believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.protect
5.11 In general, U TRADE XXX MARKETS shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE EVA MARKETS believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE EVA MARKETS may defer acting upon those instructions until it is, in U TRADE EVA MARKETS’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE EVA MARKETS is refusing to act upon such instructions.
5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE EVA MARKETS. In such circumstances, without prejudice to any rights it may have, U TRADE EVA MARKETS shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE EVA MARKETS) at a price which: i U TRADE EVA MARKETS is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE EVA MARKETS reserves the right to either
a. cancel the trade all together or
b. correct the erroneous price at which the trade was done to either the price at which U TRADE EVA MARKETS hedged the trade or alternatively to the historic correct market price.
5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE EVA MARKETS Provided that U TRADE EVA MARKETS can document that there on the time of theconclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE EVA MARKETS can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE EVA MARKETS is entitled to take one or more of the following countermeasures: i adjust the price spreads available to the Client; ii restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE EVA MARKETS can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written noticewrittennotice.
5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; ii EVA MARKETS may act upon instructions received from anyone person who is, or appears to EVA MARKETS to be, such a person, whether or not such person is an Authorised Person; iii any notice or other communication provided by U TRADE EVA MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE EVA MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE EVA MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE EVA MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE EVA MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE EVA MARKETS and the Client. However, technical reasons may prevent U TRADE EVA MARKETS from recording a conversation, and recordings or transcripts made by U TRADE EVA MARKETS will be destroyed in accordance with U TRADE EVA MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE EVA MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE EVA MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE EVA MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE EVA MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.
Appears in 2 contracts
Samples: Account Opening Agreement, Account Opening Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS Benor Capital Ltd with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS Benor Capital Ltd shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE MARKETS Benor Capital Ltd in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS Benor Capital Ltd on behalf of the Client. For practical reasons, U TRADE MARKETS Benor Capital Ltd can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS Benor Capital Ltd in writing. U TRADE MARKETS Benor Capital Ltd is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE MARKETSBenor Capital Ltd’s website Website and the terms stated in Section 6 5 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS Benor Capital Ltd shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS Benor Capital Ltd has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS Benor Capital Ltd may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS Benor Capital Ltd the price offered by U TRADE MARKETS Benor Capital Ltd may have changed before an order from the Client is received by U TRADE MARKETS. Benor Capital Ltd. If automatic order execution is offered to the Client, U TRADE MARKETS Benor Capital Ltd shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE MARKETS Benor Capital Ltd regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS Benor Capital Ltd shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSBenor Capital Ltd’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS Benor Capital Ltd for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS Benor Capital Ltd or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSBenor Capital Ltd's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client when such instruction has been recorded as executed by U TRADE MARKETS Benor Capital Ltd and confirmed by U TRADE MARKETS Benor Capital Ltd to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client.
5.5 The Client shall promptly give any instructions to U TRADE MARKETSBenor Capital Ltd, which U TRADE MARKETS Benor Capital Ltd may require. If the Client does not give such instructions promptly, U TRADE MARKETS Benor Capital Ltd may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS Benor Capital Ltd considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS Benor Capital Ltd is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE MARKETS Benor Capital Ltd with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSBenor Capital Ltd, U TRADE MARKETS Benor Capital Ltd may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS Benor Capital Ltd with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS Benor Capital Ltd to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS Benor Capital Ltd has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS Benor Capital Ltd not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS Benor Capital Ltd to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS Benor Capital Ltd applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS Benor Capital Ltd is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSBenor Capital Ltd's allocation method randomly selects short Contract Options among all U TRADE MARKETSBenor Capital Ltd's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS Benor Capital Ltd may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS Benor Capital Ltd may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS Benor Capital Ltd that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS Benor Capital Ltd for losses which U TRADE MARKETS Benor Capital Ltd may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS Benor Capital Ltd instructions on behalf of the Client.
5.10 U TRADE MARKETS Benor Capital Ltd reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSBenor Capital Ltd’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS Benor Capital Ltd believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 Benor Capital Ltd reserves the right to immediately terminate client access to the trading platforms and/or recover any losses incurred in the event Benor Capital Ltd determines in its sole discretion that the Client voluntarily and/or involuntarily undertook to abuse of Negative balance (or in any way which is contrary to good faith or the terms of the ‘Client Agreement’) either on an individual Account, or multiple Account(s) or multiple profiles and/or between one or more Client(s) of Benor Capital Ltd. Not exhaustively and for purposes of an example alone, a Client hedging his/her exposure utilising his/her accounts under the same or different Client profile would constitute an abuse as well as a Client requesting a withdrawal of his/her Client Money -notwithstanding any of the provisions of the ‘Client Agreement’- when the symbol he/she is trading is not available for trading at Benor Capital Ltd during that specific timeframe. And/or where a Client transfers fund from his/her Account to the Wallet before opening or while having open positions, in a manner which indicates an attempt to abuse. For the avoidance of doubt, it is stressed that the above referred instances are presented merely as an example and they should not be considered as being instances of an exhaustive list.
5.12 Benor Capital Ltd reserves the right, where in its absolute discretion believes that reasonable suspicion for abusive trading behaviour exists, to group together multiple orders on a specific CFD and manually execute them as one order at the volume-weighted average price.
5.13 In general, U TRADE MARKETS Benor Capital Ltd shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS Benor Capital Ltd believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS Benor Capital Ltd may defer acting upon those instructions until it is, in U TRADE MARKETSBenor Capital Ltd’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS Benor Capital Ltd is refusing to act upon such instructions.
5.12 5.14 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETS. Benor Capital Ltd. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS Benor Capital Ltd shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSBenor Capital Ltd) at a price which: i U TRADE MARKETS :
x. Xxxxx Capital Ltd is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii ii. was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS Benor Capital Ltd reserves the right to either
a. either ⮚ cancel the trade all together or
b. or ⮚ correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS Benor Capital Ltd hedged the trade or alternatively to the historic correct market price.
5.13 5.15 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS Benor Capital Ltd. Provided that U TRADE MARKETS Benor Capital Ltd can document that there on the time of theconclusion the conclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS Benor Capital Ltd can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS Benor Capital Ltd is entitled to take one or more of the following countermeasures: i :
i. adjust the price spreads available to the Client; ii ;
ii. restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written notice.
5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; iii any notice or other communication provided by U TRADE MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS and the Client. However, technical reasons may prevent U TRADE MARKETS from recording a conversation, and recordings or transcripts made by U TRADE MARKETS will be destroyed in accordance with U TRADE MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.;
Appears in 1 contract
Samples: Client Services Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS Oneprime Ltd with oral instructions through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS Oneprime Ltd shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE MARKETS Oneprime Ltd in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS Oneprime Ltd on behalf of the Client. For practical reasons, U TRADE MARKETS Oneprime Ltd can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS Oneprime Ltd in writing. U TRADE MARKETS Oneprime Ltd is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE MARKETSOneprime Ltd’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS Oneprime Ltd shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS Oneprime Ltd has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS Oneprime Ltd may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS Oneprime Ltd the price offered by U TRADE MARKETS Oneprime Ltd may have changed before an order from the Client is received by U TRADE MARKETS. Oneprime Ltd. If automatic order execution is offered to the Client, U TRADE MARKETS Oneprime Ltd shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE MARKETS Oneprime Ltd regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS Oneprime Ltd shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSOneprime Ltd’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS Oneprime Ltd for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS Oneprime Ltd or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSOneprime Ltd's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS Oneprime Ltd and the Client when such instruction has been recorded as executed by U TRADE MARKETS Oneprime Ltd and confirmed by U TRADE MARKETS Oneprime Ltd to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS Oneprime Ltd and the Client.
5.5 The Client shall promptly give any instructions to U TRADE MARKETSOneprime Ltd, which U TRADE MARKETS Oneprime Ltd may require. If the Client does not give such instructions promptly, U TRADE MARKETS Oneprime Ltd may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS Oneprime Ltd considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS Oneprime Ltd is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE MARKETS Oneprime Ltd with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSOneprime Ltd, U TRADE MARKETS Oneprime Ltd may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS Oneprime Ltd with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS Oneprime Ltd to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS Oneprime Ltd has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS Oneprime Ltd not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS Oneprime Ltd to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS Oneprime Ltd applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS Oneprime Ltd is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSOneprime Ltd's allocation method randomly selects short Contract Options among all U TRADE MARKETSOneprime Ltd's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS Oneprime Ltd may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS Oneprime Ltd may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS Oneprime Ltd that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS Oneprime Ltd for losses which U TRADE MARKETS Oneprime Ltd may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS Oneprime Ltd instructions on behalf of the Client.
5.10 U TRADE MARKETS Oneprime Ltd reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSOneprime Ltd’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS Oneprime Ltd believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 In general, U TRADE MARKETS Oneprime Ltd shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS Oneprime Ltd believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS Oneprime Ltd may defer acting upon those instructions until it is, in U TRADE MARKETSOneprime Ltd’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS Oneprime Ltd is refusing to act upon such instructions.
5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETS. Oneprime Ltd. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS Oneprime Ltd shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSOneprime Ltd) at a price which: i U TRADE MARKETS :
5.12.1 Oneprime Ltd is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii or
5.12.2 was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS Oneprime Ltd reserves the right to either
a. 5.12.2.1 cancel the trade all together or
b. 5.12.2.2 correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS Oneprime Ltd hedged the trade or alternatively to the historic correct market price.
5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS Oneprime Ltd. Provided that U TRADE MARKETS Oneprime Ltd can document that there on the time of theconclusion the conclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS Oneprime Ltd can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS Oneprime Ltd is entitled to take one or more of the following countermeasures: i :
5.13.1 adjust the price spreads available to the Client; ii ;
5.13.2 restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii ;
5.13.3 retrieve from the Client's account any historic trading profits that U TRADE MARKETS Oneprime Ltd can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv 5.13.4 terminate the client relationship immediately by giving written notice.
5.14 If the Client is more than one person (for example, joint accountholdersaccount holders): i 5.14.1 the liabilities of each such person shall be direct, joint and several; iii any notice or other communication provided by U TRADE MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS and the Client. However, technical reasons may prevent U TRADE MARKETS from recording a conversation, and recordings or transcripts made by U TRADE MARKETS will be destroyed in accordance with U TRADE MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.;
Appears in 1 contract
Samples: Client Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 5.1. The Client may provide U TRADE MARKETS EVM PRIME with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS EVM PRIME shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 5.2. The Client shall inform U TRADE MARKETS EVM PRIME in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS EVM PRIME on behalf of the Client. For practical reasons, U TRADE MARKETS EVM PRIME can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS EVM PRIME in writing. U TRADE MARKETS EVM PRIME is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 5.3. In addition to the terms listed on U TRADE MARKETSEVM PRIME’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS 5.3.1. EVM PRIME shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS EVM PRIME has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS 5.3.2. EVM PRIME may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS EVM PRIME the price offered by U TRADE MARKETS EVM PRIME may have changed before an order from the Client is received by U TRADE MARKETSEVM PRIME. If automatic order execution is offered to the Client, U TRADE MARKETS EVM PRIME shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 5.3.3. Prices offered by U TRADE MARKETS EVM PRIME regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 5.3.4. The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS EVM PRIME shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSEVM PRIME’s standard version with all available updates installed;
5.3.5 5.3.5. The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 5.3.6. The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 5.3.7. If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS EVM PRIME for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 5.3.8. Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS EVM PRIME or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSEVM PRIME's confirmation of execution.
5.4 5.4. Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS EVM PRIME and the Client when such instruction has been recorded as executed by U TRADE MARKETS EVM PRIME and confirmed by U TRADE MARKETS EVM PRIME to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS EVM PRIME and the Client.
5.5 5.5. The Client shall promptly give any instructions to U TRADE MARKETSEVM PRIME, which U TRADE MARKETS EVM PRIME may require. If the Client does not give such instructions promptly, U TRADE MARKETS EVM PRIME may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS EVM PRIME considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS EVM PRIME is unable to obtain contact with the Client.
5.6 5.6. If the Client does not provide U TRADE MARKETS EVM PRIME with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSEVM PRIME, U TRADE MARKETS EVM PRIME may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS EVM PRIME with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS EVM PRIME to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS EVM PRIME has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS EVM PRIME not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS EVM PRIME to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS 5.7. EVM PRIME applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS EVM PRIME is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSEVM PRIME's allocation method randomly selects short Contract Options among all U TRADE MARKETSEVM PRIME's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS 5.8. EVM PRIME may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS EVM PRIME may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS that such confirmation is necessary or desirable.
5.9 5.9. Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS EVM PRIME for losses which U TRADE MARKETS EVM PRIME may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS EVM PRIME instructions on behalf of the Client.
5.10 U TRADE MARKETS 5.10. EVM PRIME reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSEVM PRIME’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS EVM PRIME believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 5.11. In general, U TRADE MARKETS EVM PRIME shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS EVM PRIME believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS EVM PRIME may defer acting upon those instructions until it is, in U TRADE MARKETSEVM PRIME’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS EVM PRIME is refusing to act upon such instructions.
5.12 5.12. It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETSEVM PRIME. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS EVM PRIME shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSEVM PRIME) at a price which: i U TRADE MARKETS EVM PRIME is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS EVM PRIME reserves the right to either
a. cancel the trade all together or
b. correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS EVM PRIME hedged the trade or alternatively to the historic correct market price.
5.13 5.13. Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-off- market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS EVM PRIME Provided that U TRADE MARKETS EVM PRIME can document that there on the time of theconclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS EVM PRIME can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS EVM PRIME is entitled to take one or more of the following countermeasures: i adjust the price spreads available to the Client; ii restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS EVM PRIME can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written noticewrittennotice.
5.14 5.14. If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; ii EVM PRIME may act upon instructions received from anyone person who is, or appears to EVM PRIME to be, such a person, whether or not such person is an Authorised Person; iii any notice or other communication provided by U TRADE MARKETS EVM PRIME to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS EVM PRIME under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 5.15. The Client agrees that U TRADE MARKETS "Xxxxx Xxxxxxx" <xxxxx@xxxxxxxxxxxxx.xxx>may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS EVM PRIME and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS EVM PRIME at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS EVM PRIME and the Client. However, technical reasons may prevent U TRADE MARKETS EVM PRIME from recording a conversation, and recordings or transcripts made by U TRADE MARKETS EVM PRIME will be destroyed in accordance with U TRADE MARKETSEVM PRIME's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 5.16. When the Client instructs U TRADE MARKETS EVM PRIME to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS EVM PRIME will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 5.17. The Client acknowledges that U TRADE MARKETS EVM PRIME has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 5.18. If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS EVM PRIME shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.
Appears in 1 contract
Samples: Account Opening Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS GRAND CAYMAN CAPITAL LTD with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE MARKETS GRAND CAYMAN CAPITAL LTD in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS GRAND CAYMAN CAPITAL LTD on behalf of the Client. For practical reasons, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS GRAND CAYMAN CAPITAL LTD in writing. U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE MARKETSGRAND CAYMAN CAPITAL LTD’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS GRAND CAYMAN CAPITAL LTD has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS GRAND CAYMAN CAPITAL LTD the price offered by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may have changed before an order from the Client is received by U TRADE MARKETSGRAND CAYMAN CAPITAL LTD. If automatic order execution is offered to the Client, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSGRAND CAYMAN CAPITAL LTD’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS GRAND CAYMAN CAPITAL LTD for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSGRAND CAYMAN CAPITAL LTD's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS GRAND CAYMAN CAPITAL LTD and the Client when such instruction has been recorded as executed by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD and confirmed by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS GRAND CAYMAN CAPITAL LTD and the Client.
5.5 The Client shall promptly give any instructions to U TRADE MARKETSGRAND CAYMAN CAPITAL LTD, which U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may require. If the Client does not give such instructions promptly, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS GRAND CAYMAN CAPITAL LTD considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE MARKETS GRAND CAYMAN CAPITAL LTD with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSGRAND CAYMAN CAPITAL LTD, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS GRAND CAYMAN CAPITAL LTD with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS GRAND CAYMAN CAPITAL LTD to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS GRAND CAYMAN CAPITAL LTD not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS GRAND CAYMAN CAPITAL LTD to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS GRAND CAYMAN CAPITAL LTD applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSGRAND CAYMAN CAPITAL LTD's allocation method randomly selects short Contract Options among all U TRADE MARKETSGRAND CAYMAN CAPITAL LTD's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS GRAND CAYMAN CAPITAL LTD that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS GRAND CAYMAN CAPITAL LTD for losses which U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS GRAND CAYMAN CAPITAL LTD instructions on behalf of the Client.
5.10 U TRADE MARKETS GRAND CAYMAN CAPITAL LTD reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSGRAND CAYMAN CAPITAL LTD’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS GRAND CAYMAN CAPITAL LTD believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 In general, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may defer acting upon those instructions until it is, in U TRADE MARKETSGRAND CAYMAN CAPITAL LTD’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is refusing to act upon such instructions.
5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETSGRAND CAYMAN CAPITAL LTD. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSGRAND CAYMAN CAPITAL LTD) at a price which: i U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS GRAND CAYMAN CAPITAL LTD reserves the right to either
a. either ⮚ cancel the trade all together or
b. or ⮚ correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS GRAND CAYMAN CAPITAL LTD hedged the trade or alternatively to the historic correct market price.
5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD. Provided that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD can document that there on the time of theconclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS GRAND CAYMAN CAPITAL LTD can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD is entitled to take one or more of the following countermeasures: i adjust the price spreads available to the Client; ii restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written notice.
5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; ii GRAND CAYMAN CAPITAL LTD may act upon instructions received from anyone person who is, or appears to GRAND CAYMAN CAPITAL LTD to be, such a person, whether or not such person is an Authorised Person; iii any notice or other communication provided by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS GRAND CAYMAN CAPITAL LTD under Clause 19 20 shall apply if an event described in Clause 19 20 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS GRAND CAYMAN CAPITAL LTD and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS GRAND CAYMAN CAPITAL LTD at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS GRAND CAYMAN CAPITAL LTD and the Client. However, technical reasons may prevent U TRADE MARKETS GRAND CAYMAN CAPITAL LTD from recording a conversation, and recordings or transcripts made by U TRADE MARKETS GRAND CAYMAN CAPITAL LTD will be destroyed in accordance with U TRADE MARKETSGRAND CAYMAN CAPITAL LTD's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE MARKETS GRAND CAYMAN CAPITAL LTD to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS GRAND CAYMAN CAPITAL LTD will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE MARKETS GRAND CAYMAN CAPITAL LTD has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS GRAND CAYMAN CAPITAL LTD shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.
Appears in 1 contract
Samples: Client Service Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS Benor Capital Ltd with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS Benor Capital Ltd shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE MARKETS Benor Capital Ltd in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS Benor Capital Ltd on behalf of the Client. For practical reasons, U TRADE MARKETS Benor Capital Ltd can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS Benor Capital Ltd in writing. U TRADE MARKETS Benor Capital Ltd is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE MARKETSBenor Capital Ltd’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS Benor Capital Ltd shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS Benor Capital Ltd has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS Benor Capital Ltd may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS Benor Capital Ltd the price offered by U TRADE MARKETS Benor Capital Ltd may have changed before an order from the Client is received by U TRADE MARKETS. Benor Capital Ltd. If automatic order execution is offered to the Client, U TRADE MARKETS Benor Capital Ltd shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE MARKETS Benor Capital Ltd regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS Benor Capital Ltd shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSBenor Capital Ltd’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS Benor Capital Ltd for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS Benor Capital Ltd or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSBenor Capital Ltd's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client when such instruction has been recorded as executed by U TRADE MARKETS Benor Capital Ltd and confirmed by U TRADE MARKETS Benor Capital Ltd to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client.
5.5 The Client shall promptly give any instructions to U TRADE MARKETSBenor Capital Ltd, which U TRADE MARKETS Benor Capital Ltd may require. If the Client does not give such instructions promptly, U TRADE MARKETS Benor Capital Ltd may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS Benor Capital Ltd considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS Benor Capital Ltd is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE MARKETS Benor Capital Ltd with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSBenor Capital Ltd, U TRADE MARKETS Benor Capital Ltd may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS Benor Capital Ltd with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS Benor Capital Ltd to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS Benor Capital Ltd has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS Benor Capital Ltd not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS Benor Capital Ltd to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS Benor Capital Ltd applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS Benor Capital Ltd is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSBenor Capital Ltd's allocation method randomly selects short Contract Options among all U TRADE MARKETSBenor Capital Ltd's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS Benor Capital Ltd may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS Benor Capital Ltd may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS Benor Capital Ltd that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS Benor Capital Ltd for losses which U TRADE MARKETS Benor Capital Ltd may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS Benor Capital Ltd instructions on behalf of the Client.
5.10 U TRADE MARKETS Benor Capital Ltd reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSBenor Capital Ltd’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS Benor Capital Ltd believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 In general, U TRADE MARKETS Benor Capital Ltd shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS Benor Capital Ltd believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS Benor Capital Ltd may defer acting upon those instructions until it is, in U TRADE MARKETSBenor Capital Ltd’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS Benor Capital Ltd is refusing to act upon such instructions.
5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETS. Benor Capital Ltd. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS Benor Capital Ltd shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSBenor Capital Ltd) at a price which: i U TRADE MARKETS Benor Capital Ltd is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS Benor Capital Ltd reserves the right to either
a. either ⮚ cancel the trade all together or
b. or ⮚ correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS Benor Capital Ltd hedged the trade or alternatively to the historic correct market price.
5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS Benor Capital Ltd. Provided that U TRADE MARKETS Benor Capital Ltd can document that there on the time of theconclusion the conclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS Benor Capital Ltd can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS Benor Capital Ltd is entitled to take one or more of the following countermeasures: i adjust the price spreads available to the Client; ii restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS Benor Capital Ltd can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written notice.
5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; iii any notice or other communication provided by U TRADE MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS and the Client. However, technical reasons may prevent U TRADE MARKETS from recording a conversation, and recordings or transcripts made by U TRADE MARKETS will be destroyed in accordance with U TRADE MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.;
Appears in 1 contract
Samples: Client Services Agreement
DEALINGS BETWEEN THE COMPANY AND THE CLIENT. 5.1 The Client may provide U TRADE MARKETS Benor Capital Ltd with oral through recorded telephone or written instructions (which shall include instructions provided via the internet or by e-mail as described below). U TRADE MARKETS Benor Capital Ltd shall acknowledge the reception of the instructions orally or in writing, as appropriate.
5.2 The Client shall inform U TRADE MARKETS Benor Capital Ltd in writing of the persons the Client has granted a Power of Attorney to instruct U TRADE MARKETS Benor Capital Ltd on behalf of the Client. For practical reasons, U TRADE MARKETS Benor Capital Ltd can only undertake to register one Power of Attorney for the Client. If the Client at any time wishes to revoke such a Power of Attorney, to change the extent of the Power of Attorney, or grant Power of Attorney to a different person this shall also be informed to U TRADE MARKETS Benor Capital Ltd in writing. U TRADE MARKETS Benor Capital Ltd is in accordance with general rules regarding Power of Attorneys entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
5.3 In addition to the terms listed on U TRADE MARKETSBenor Capital Ltd’s website and the terms stated in Section 6 regarding the Trading Platform, the following terms apply to Contracts executed on the internet:
5.3.1 U TRADE MARKETS Benor Capital Ltd shall not undertake the risk towards Clients for any loss, expense, cost or liability suffered or incurred by the Client due to failure of the system, transmission failure or delays or similar technical errors unless U TRADE MARKETS Benor Capital Ltd has exercised gross negligence in connection herewith, notwithstanding Clause 6.9;
5.3.2 U TRADE MARKETS Benor Capital Ltd may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and U TRADE MARKETS Benor Capital Ltd the price offered by U TRADE MARKETS Benor Capital Ltd may have changed before an order from the Client is received by U TRADE MARKETS. Benor Capital Ltd. If automatic order execution is offered to the Client, U TRADE MARKETS Benor Capital Ltd shall be entitled to change the price on which the Client's order is executed to the market value at the time at which the order from the Client was received;
5.3.3 Prices offered by U TRADE MARKETS Benor Capital Ltd regarding the sale, purchase or exercise of Contract Options reflect the price of the relevant exchange traded product. Due to delays from the Client's execution of an order or instruction regarding a Contract Option to the execution of the relevant exchange traded product on the exchange, the price as listed on the Trading Platform is subject to change, in order for the Contract Option to reflect the price of the relevant exchange traded product at the time of its execution or exercise (as applicable);
5.3.4 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. U TRADE MARKETS Benor Capital Ltd shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from U TRADE MARKETSBenor Capital Ltd’s standard version with all available updates installed;
5.3.5 The Client shall be responsible for all orders, and for the accuracy of all information, sent via the internet using the Client's name, password or any other personal identification means implemented to identify the Client;
5.3.6 The Client is obliged to keep passwords secret and ensure that third parties do not obtain access to the Client's trading facilities;
5.3.7 If the Trading Platform is used for Commercial use the Client is liable to U TRADE MARKETS Benor Capital Ltd for Contracts executed by use of the Client's password even if such use might be wrongful;
5.3.8 Regardless of the fact that the Trading Platform might confirm that a Contract is executed immediately when the Client transmits instructions via the Trading Platform, it is the Settlement/Trade Confirmation forwarded by U TRADE MARKETS Benor Capital Ltd or made available to the Client on the Trading Platform which solely constitutes U TRADE MARKETSBenor Capital Ltd's confirmation of execution.
5.4 Any instruction sent via the Trading Platform or by e-mail by the Client shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client when such instruction has been recorded as executed by U TRADE MARKETS Benor Capital Ltd and confirmed by U TRADE MARKETS Benor Capital Ltd to the Client through the Settlement/Trade Confirmation and/or Account Statement, and the mere transmission of an instruction by the Client shall not constitute a binding Contract between U TRADE MARKETS Benor Capital Ltd and the Client.
5.5 The Client shall promptly give any instructions to U TRADE MARKETSBenor Capital Ltd, which U TRADE MARKETS Benor Capital Ltd may require. If the Client does not give such instructions promptly, U TRADE MARKETS Benor Capital Ltd may, at its reasonable discretion, take such steps at the Client's cost, as U TRADE MARKETS Benor Capital Ltd considers necessary or desirable for its own protection or the protection of the Client. This provision is similarly applicable in situations when U TRADE MARKETS Benor Capital Ltd is unable to obtain contact with the Client.
5.6 If the Client does not provide U TRADE MARKETS Benor Capital Ltd with notice of its intention to exercise an option, a Contract Option or another Contract which requires an instruction from the Client at the time stipulated by U TRADE MARKETSBenor Capital Ltd, U TRADE MARKETS Benor Capital Ltd may treat the option or Contract as abandoned by the Client. If the Client wishes to exercise an option, Contract Option or another Contract, the Client must provide U TRADE MARKETS Benor Capital Ltd with notice thereof in reasonable time (and within applicable cut-off times) for U TRADE MARKETS Benor Capital Ltd to exercise the corresponding right under any contract equivalent to the Contract Option that U TRADE MARKETS Benor Capital Ltd has entered into with any Counterparty. Contract Options (put and call) that close one tick or more in the money on the last trading day will automatically be exercised, regardless of whether the Client has purchased or sold the Contract Option. The Client cannot instruct U TRADE MARKETS Benor Capital Ltd not to exercise Contract Options that are in the money at expiry and cannot at any time instruct U TRADE MARKETS Benor Capital Ltd to exercise Contract Options that are out of the money.
5.7 U TRADE MARKETS Benor Capital Ltd applies a random method of assignment among its Clients' Contract Options when U TRADE MARKETS Benor Capital Ltd is notified by its Counterparties that one or more short option positions have been assigned. U TRADE MARKETSBenor Capital Ltd's allocation method randomly selects short Contract Options among all U TRADE MARKETSBenor Capital Ltd's Clients' positions, including Contract Options opened immediately prior to the assignment. All short Contract Options are liable for assignment at any time. If a short Contract Option is assigned, the Client is obliged, within the applicable time of delivery, to deliver the relevant amount of cash or assets in the case of a call Contract Option and the relevant amount of cash in the case of a put Contract Option, to effect settlement.
5.8 U TRADE MARKETS Benor Capital Ltd may (but shall not in any circumstances be obliged to) require confirmation in such form as U TRADE MARKETS Benor Capital Ltd may reasonably request if an instruction is to close an Account or remit money due to the Client or if it appears to U TRADE MARKETS Benor Capital Ltd that such confirmation is necessary or desirable.
5.9 Pursuant to general rules regarding power of attorney the Client is accountable to U TRADE MARKETS Benor Capital Ltd for losses which U TRADE MARKETS Benor Capital Ltd may suffer as a result of instructions from a person who has explicitly or tacit power of attorney to give U TRADE MARKETS Benor Capital Ltd instructions on behalf of the Client.
5.10 U TRADE MARKETS Benor Capital Ltd reserves the right in its absolute discretion to cancel, unwind, close out, repair, reinstate or take other action it may deem necessary with respect to open or closed trades of Client or instructions from the Client where the trades executed or instructions submitted would be in violation of, but not limited to, the Agreement, securities markets legislation, usual market practices, legislation on money laundering or xxxxxxx xxxxxxx or if the Client is using or has otherwise engaged proprietary or third party malicious and manipulative software or plugins or general trading style that in U TRADE MARKETSBenor Capital Ltd’s, its eligible counterparties' or liquidity providers' view, has the actual, suspected or potential nature of breaching the Agreement or relevant securities markets legislation or U TRADE MARKETS Benor Capital Ltd believes that to execute its absolute discretion with the regards to the above matters is necessary to protect its own interests, or the interests of its Clients.
5.11 In general, U TRADE MARKETS Benor Capital Ltd shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act consistent with the broker's Best Execution Policy. However, if after instructions are received, U TRADE MARKETS Benor Capital Ltd believes that it is not reasonably practicable to act upon such instructions within a reasonable time, U TRADE MARKETS Benor Capital Ltd may defer acting upon those instructions until it is, in U TRADE MARKETSBenor Capital Ltd’s reasonable opinion, practicable to do so or as soon as possible notify the Client that U TRADE MARKETS Benor Capital Ltd is refusing to act upon such instructions.
5.12 It is possible that errors may occur in the prices of transactions quoted by U TRADE MARKETS. Benor Capital Ltd. In such circumstances, without prejudice to any rights it may have, U TRADE MARKETS Benor Capital Ltd shall not be bound by any Contract which purports to have been made (whether or not confirmed by U TRADE MARKETSBenor Capital Ltd) at a price which: i U TRADE MARKETS :
x. Xxxxx Capital Ltd is able to substantiate to the Client was manifestly incorrect at the time of the transaction; or ii ii. was, or ought to have reasonably been known by the Client to be incorrect at the time of the transaction. In which case U TRADE MARKETS Benor Capital Ltd reserves the right to either
a. either ⮚ cancel the trade all together or
b. or ⮚ correct the erroneous price at which the trade was done to either the price at which U TRADE MARKETS Benor Capital Ltd hedged the trade or alternatively to the historic correct market price.
5.13 Trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices (commonly known as "sniping") are not accepted by U TRADE MARKETS Benor Capital Ltd. Provided that U TRADE MARKETS Benor Capital Ltd can document that there on the time of theconclusion the conclusion of the trade were errors in prices, commissions, or in the Trading Platform, and provided U TRADE MARKETS Benor Capital Ltd can render probable that the Client, based on its trading strategy or other provable behavior, deliberate and/or systematically has exploited or attempted to exploit such an error, U TRADE MARKETS Benor Capital Ltd is entitled to take one or more of the following countermeasures: i :
i. adjust the price spreads available to the Client; ii ;
ii. restrict the Client's access to streaming, instantly tradable quotes, including providing manual quotation only; iii retrieve from the Client's account any historic trading profits that U TRADE MARKETS can document have been gained through such abuse of liquidity at any time during the client relationship; and/or iv terminate the client relationship immediately by giving written notice.
5.14 If the Client is more than one person (for example, joint accountholders): i the liabilities of each such person shall be direct, joint and several; iii any notice or other communication provided by U TRADE MARKETS to one such person shall be deemed to have been provided to all such persons; and iv the rights of U TRADE MARKETS under Clause 19 shall apply if an event described in Clause 19 shall be deemed to have occurred in respect of any one of such persons.
5.15 The Client agrees that U TRADE MARKETS may record all telephone conversations, internet conversations (chat), and meetings between the Client and U TRADE MARKETS and use such recordings, or transcripts from such recordings, as evidence towards any party (including, but not limited to, any regulatory authority and/or court of law) to whom U TRADE MARKETS at its reasonable discretion sees it to be desirable or necessary to disclose such information in any dispute or anticipated dispute between U TRADE MARKETS and the Client. However, technical reasons may prevent U TRADE MARKETS from recording a conversation, and recordings or transcripts made by U TRADE MARKETS will be destroyed in accordance with U TRADE MARKETS's normal practice. Consequently, the Client should not rely on such recordings to be available.
5.16 When the Client instructs U TRADE MARKETS to enter into a position opposite to one or more of the Client's open positions, U TRADE MARKETS will close out the opposite position in accordance with the FIFO principles unless the position has related orders or otherwise agreed.
5.17 The Client acknowledges that U TRADE MARKETS has the right to, but not the obligation to close directly opposite positions. This applies not only when the positions are held on the on the same account, but also when they are held on separate accounts.
5.18 If the Client operates several Accounts (or subaccounts) and opposite positions are opened on different Accounts (or sub-accounts), U TRADE MARKETS shall not close out such positions. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all incur a cost for such roll-over.;
Appears in 1 contract
Samples: Client Services Agreement
