Common use of FOREX TRANSACTIONS Clause in Contracts

FOREX TRANSACTIONS. 3.1 In respect of every Transaction made between us we shall act as principal with you. We will engage in foreign exchange contracts transactions with you in accordance with your oral, written or electronic instructions. 3.2 Quotes: Upon your request we provide a price quote for each transaction contemplated by you. The prices quoted are determined by us and may represent a xxxx-up or markdown of inter-bank dealing rates. We may provide a quote either orally by telephone or electronically via an electronic trading system provided by us, or by such other means as we may from time to time notify you. You may request a quote to open a transaction or to close all or any part of a transaction at any time during our normal hours of trading for the instrument in respect of which you wish to open or close the Transaction. The transaction will be initiated by you by offering to open or close a Transaction. We may reject or accept your offer at any time until the Transaction has been executed or we have acknowledged that your offer has been withdrawn. A Transaction will be deemed to have been opened or closed only when your offer has been received and accepted by us. Our acceptance of an offer to open or close a Transaction will be evidenced by a confirmation of its terms to you. All prices shown are indicative and are subject to constant change. 3.3 Opening and Closing a Transaction: You may open a Transaction by ‘buying’ or ‘selling’. A Transaction that is opened by ‘buying’ can also be referred to as a “Buy”, “long”, or “long position”; a Transaction that is opened by ‘selling’ can also be referred to as a “Sell,” “short,” or “short position.” A Transaction must always be made for a specified number of contracts and currency pair. We may offer a variety of contract sizes (lots) to be available for trading in your account. Please see our website for the current terms, span of currency pairs available for trading, hedging functionality features, overnight interest/rollover and the rates on spread. These trading terms are subject to change at our sole discretion. Upon closing a transaction, and subject to any applicable adjustments for interest that may be appropriate you will pay us such charges as may be applicable to the transaction(s). We reserve the right to close a Transaction, in part or in whole at any time. 3.4 Transactions in forex involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). 3.5 Currency pairings are expressed as two codes usually separated by a division symbol (e.g. GBP/USD), the first representing the "base currency" and the other the "secondary currency". The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 1.5 denotes that one unit of sterling (the base currency) can be exchanged for 1.5 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the “Bid Price” and the “Ask Price”. 3.6 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Ask Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Ask Price. The difference between the Bid and the Ask price is known as the “Spread”. We make a profit from the spread. In general the wider the Spread the greater ourprofit. 3.7 You can take a view on the price of the base currency increasing by “Going Long” or you can take a view on the price of the base currency decreasing by “Going Short”. For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD. 3.8 If you were Going Long, the opening price of the currency pair would be fixed at our Ask Price. If our Bid Price at the end of the contract is greater than our Ask Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Ask Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Xxx/Next financing charges (see section 8). 3.9 If, however, you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Ask Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. However, if the Ask Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8). 3.10 Transactions in forex involve the obligation to settle a position at a future date. At 10pm London time (which is the standard forex market value-date change time) each day, we may offset/settle your open spot transactions/positions by closing the trade at the current market rate, roll over your open positions into the next settlement time period, or make or receive delivery on your behalf upon any terms and by any methods deemed reasonable by us, and reopen your spot transaction/position for the following day’s spot date at a rate that will reflect the interest rate differential (see section 8). Terms and/or methods for delivering, offsetting, settling, or rolling over your open positions may differ on a customer-by-customer basis. Offset instructions on currency positions open prior to settlement arriving at settlement date must be given to us at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in our possession within the same period described above. 3.11 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions. 3.12 It may not be possible to cancel or modify a Transaction. If a Transaction cannot be cancelled or modified, you are bound by any execution of the original order. We are not liable to you if we are unable to cancel or modify a Transaction. Attempts to modify or cancel and replace a Transaction can result in an over- execution of an order or the execution of duplicate orders. Our systems does not prevent over-execution on duplicate orders from occurring and you are responsible for all such executions. You agree not to assume that any order has been executed or cancelled until you received confirmation from us with regard to order execution. You are responsible for knowing the status of your pending orders before entering additional orders. You agree to contact us in the event you are unclear on the status of an order. You agree to regularly review your online trading activity to confirm the status of your orders.

FOREX TRANSACTIONS. 3.1 In respect of every Transaction made between us we shall act as principal with you. We will engage in foreign exchange contracts transactions with you in accordance with your oral, written or electronic instructions. 3.2 Quotes: Upon your request we provide a price quote for each transaction contemplated by you. The prices quoted are determined by us and may represent a xxxxmark-up or markdown of inter-bank dealing rates. We may provide a quote either orally by telephone or electronically via an electronic trading system provided by us, or by such other means as we may from time to time notify you. You may request a quote to open a transaction or to close all or any part of a transaction at any time during our normal hours of trading for the instrument in respect of which you wish to open or close the Transaction. The transaction will be initiated by you by offering to open or close a Transaction. We may reject or accept your offer at any time until the Transaction has been executed or we have acknowledged that your offer has been withdrawn. A Transaction will be deemed to have been opened or closed only when your offer has been received and accepted by us. Our acceptance of an offer to open or close a Transaction will be evidenced by a confirmation of its terms to you. All prices shown are indicative and are subject to constant change. 3.3 Opening and Closing a Transaction: You may open a Transaction by ‘buying’ or ‘selling’. A Transaction that is opened by ‘buying’ can also be referred to as a “Buy”, “long”, or “long position”; a Transaction that is opened by ‘selling’ can also be referred to as a “Sell,” “short,” or “short position.” A Transaction must always be made for a specified number of contracts and currency pair. We may offer a variety of contract sizes (lots) to be available for trading in your account. Please see our website for the current terms, span of currency pairs available for trading, hedging functionality features, overnight interest/rollover and the rates on spread. These trading terms are subject to change at our sole discretion. Upon closing a transaction, and subject to any applicable adjustments for interest that may be appropriate you will pay us such charges as may be applicable to the transaction(s). We reserve the right to close a Transaction, in part or in whole at any time. 3.4 Transactions in forex involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). 3.5 Currency pairings are expressed as two codes usually separated by a division symbol (e.g. GBP/USD), the first representing the "base currency" and the other the "secondary currency". The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 1.5 denotes that one unit of sterling (the base currency) can be exchanged for 1.5 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the “Bid Price” and the “Ask Price”. 3.6 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Ask Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Ask Price. The difference between the Bid and the Ask price is known as the “Spread”. We make a profit from the spread. In general the wider the Spread the greater ourprofitour profit. 3.7 You can take a view on the price of the base currency increasing by “Going Long” or you can take a view on the price of the base currency decreasing by “Going Short”. For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD. 3.8 If you were Going Long, the opening price of the currency pair would be fixed at our Ask Price. If our Bid Price at the end of the contract is greater than our Ask Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Ask Price for the currency pair at the commencement thecommencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Xxx/Next financing charges (see section 8). 3.9 If, however, you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Ask Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. However, if the Ask Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8). 3.10 Transactions in forex involve the obligation to settle a position at a future date. At 10pm London time (which is the standard forex market value-date change time) each day, we may offset/settle your open spot transactions/positions by closing the trade at the current market rate, roll over your open positions into the next settlement time period, or make or receive delivery on your behalf upon any terms and by any methods deemed reasonable by us, and reopen your spot transaction/position for the following day’s spot date at a rate that will reflect the interest rate differential (see section 8). Terms and/or methods for delivering, offsetting, settling, or rolling over your open positions may differ on differon a customer-by-customer basis. Offset instructions on currency positions open prior to settlement arriving at settlement date must be given to us at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in our possession within the same period described above. 3.11 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions. 3.12 It may not be possible to cancel or modify a Transaction. If a Transaction cannot be cancelled or modified, you are bound by any execution of the original order. We are not liable to you if we are unable to cancel or modify a Transaction. Attempts to modify or cancel and replace a Transaction can result in an over- over-execution of an order or the execution of duplicate orders. Our systems does not prevent over-execution on duplicate orders from occurring and you are responsible for all such executions. You agree not to assume that any order has been executed or cancelled until you received confirmation from us with regard to order execution. You are responsible for knowing the status of your pending orders before entering additional orders. You agree to contact us in the event you are unclear on the status of an order. You agree to regularly review your online trading activity to confirm the status of your orders.

FOREX TRANSACTIONS. 3.1 In respect of every Transaction made between us we shall act as principal with you. We will engage in foreign exchange contracts transactions with you in accordance with your oral, written or electronic instructions. 3.2 Quotes: Upon your request we provide a price quote for each transaction contemplated by you. The prices quoted are determined by us and may represent a xxxx-up or markdown of inter-bank dealing rates. We may provide a quote either orally by telephone or electronically via an electronic trading system provided by us, or by such other means as we may from time to time notify you. You may request a quote to open a transaction or to close all or any part of a transaction at any time during our normal hours of trading for the instrument in respect of which you wish to open or close the Transaction. The transaction will be initiated by you by offering to open or close a Transaction. We may reject or accept your offer at any time until the Transaction has been executed or we have acknowledged that your offer has been withdrawn. A Transaction will be deemed to have been opened or closed only when your offer has been received and accepted by us. Our acceptance of an offer to open or close a Transaction will be evidenced by a confirmation of its terms to you. All prices shown are indicative and are subject to constant change. 3.3 Opening and Closing a Transaction: You may open a Transaction by ‘buying’ or ‘selling’. A Transaction that is opened by ‘buying’ can also be referred to as a “Buy”, “long”, or “long position”; a Transaction that is opened by ‘selling’ can also be referred to as a “Sell,” “short,” or “short position.” A Transaction must always be made for a specified number of contracts and currency pair. We may offer a variety of contract sizes (lots) to be available for trading in your account. Please see our website for the current terms, span of currency pairs available for trading, hedging functionality features, overnight interest/rollover and the rates on spread. These trading terms are subject to change at our sole discretion. Upon closing a transaction, and subject to any applicable adjustments for interest that may be appropriate you will pay us such charges as may be applicable to the transaction(s). We reserve the right to close a Transaction, in part or in whole at any time. 3.4 Transactions in forex involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). 3.5 Currency pairings are expressed as two codes usually separated by a division symbol (e.g. GBP/USD), the first representing the "base currency" and the other the "secondary currency". The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 1.5 denotes that one unit of sterling (the base currency) can be exchanged for 1.5 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the “Bid Price” and the “Ask Price”. 3.6 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Ask Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Ask Price. The difference between the Bid and the Ask price is known as the “Spread”. We make a profit from the spread. In general the wider the Spread the greater ourprofitour profit. 3.7 You can take a view on the price of the base currency increasing by “Going Long” or you can take a view on the price of the base currency decreasing by “Going Short”. For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD. 3.8 If you were Going Long, the opening price of the currency pair would be fixed at our Ask Price. If our Bid Price at the end of the contract is greater than our Ask Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Ask Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Xxx/Next financing charges (see section 8). 3.9 If, however, you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Ask Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. However, if the Ask Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8). 3.10 Transactions in forex involve the obligation to settle a position at a future date. At 10pm London time (which is the standard forex market value-date change time) each day, we may offset/settle your open spot transactions/positions by closing the trade at the current market rate, roll over your open positions into the next settlement time period, or make or receive delivery on your behalf upon any terms and by any methods deemed reasonable by us, and reopen your spot transaction/position for the following day’s spot date at a rate that will reflect the interest rate differential (see section 8). Terms and/or methods for delivering, offsetting, settling, or rolling over your open positions may differ on a customer-by-customer basis. Offset instructions on currency positions open prior to settlement arriving at settlement date must be given to us at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in our possession within the same period described above. 3.11 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions. 3.12 It may not be possible to cancel or modify a Transaction. If a Transaction cannot be cancelled or modified, you are bound by any execution of the original order. We are not liable to you if we are unable to cancel or modify a Transaction. Attempts to modify or cancel and replace a Transaction can result in an over- over-execution of an order or the execution of duplicate orders. Our systems does not prevent over-execution on duplicate orders from occurring and you are responsible for all such executions. You agree not to assume that any order has been executed or cancelled until you received confirmation from us with regard to order execution. You are responsible for knowing the status of your pending orders before entering additional orders. You agree to contact us in the event you are unclear on the status of an order. You agree to regularly review your online trading activity to confirm the status of your orders.

FOREX TRANSACTIONS. 3.1 In respect of every Transaction made between us we shall act as principal with you. We will engage in foreign exchange contracts transactions with you in accordance with your oral, written or electronic instructions. 3.2 Quotes: Upon your request we provide a price quote for each transaction contemplated by you. The prices quoted are determined by us and may represent a xxxxmark-up or markdown of inter-bank dealing rates. We may provide a quote either orally by telephone or electronically via an electronic trading system provided by us, or by such other means as we may from time to time notify you. You may request a quote to open a transaction or to close all or any part of a transaction at any time during our normal hours of trading for the instrument in respect of which you wish to open or close the Transaction. The transaction will be initiated by you by offering to open or close a Transaction. We may reject or accept your offer at any time until the Transaction has been executed or we have acknowledged that your offer has been withdrawn. A Transaction will be deemed to have been opened or closed only when your offer has been received and accepted by us. Our acceptance of an offer to open or close a Transaction will be evidenced by a confirmation of its terms to you. All prices shown are indicative and are subject to constant change. 3.3 Opening and Closing a Transaction: You may open a Transaction by ‘buying’ or ‘selling’. A Transaction that is opened by ‘buying’ can also be referred to as a “Buy”, “long”, or “long position”; a Transaction that is opened by ‘selling’ can also be referred to as a “Sell,” “short,” or “short position.” A Transaction must always be made for a specified number of contracts and currency pair. We may offer a variety of contract sizes (lots) to be available for trading in your account. Please see our website for the current terms, span of currency pairs available for trading, hedging functionality features, overnight interest/rollover and the rates on spread. These trading terms are subject to change at our sole discretion. Upon closing a transaction, and subject to any applicable adjustments for interest that may be appropriate you will pay us such charges as may be applicable to the transaction(s). We reserve the right to close a Transaction, in part or in whole at any time. 3.4 Transactions in forex involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). 3.5 Currency pairings are expressed as two codes usually separated by a division symbol (e.g. GBP/USD), the first representing the "base currency" and the other the "secondary currency". The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 1.5 denotes that one unit of sterling (the base currency) can be exchanged for 1.5 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the “Bid Price” and the “Ask Price”. 3.6 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Ask Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Ask Price. The difference between the Bid and the Ask price is known as the “Spread”. We make a profit from the spread. In general the wider the Spread the greater ourprofitour profit. 3.7 You can take a view on the price of the base currency increasing by “Going Long” or you can take a view on the price of the base currency decreasing by “Going Short”. For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD. 3.8 If you were Going Long, the opening price of the currency pair would be fixed at our Ask Price. If our Bid Price at the end of the contract is greater than our Ask Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Ask Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Ask Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Xxx/Next financing charges (see section 8). 3.9 If, however, you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Ask Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. However, if the Ask Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Ask Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8). 3.10 Transactions in forex involve the obligation to settle a position at a future date. At 10pm London time (which is the standard forex market value-date change time) each day, we may offset/settle your open spot transactions/positions by closing the trade at the current market rate, roll over your open positions into the next settlement time period, or make or receive delivery on your behalf upon any terms and by any methods deemed reasonable by us, and reopen your spot transaction/position for the following day’s spot date at a rate that will reflect the interest rate differential (see section 8). Terms and/or methods for delivering, offsetting, settling, or rolling over your open positions may differ on a customer-by-customer basis. Offset instructions on currency positions open prior to settlement arriving at settlement date must be given to us at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in our possession within the same period described above. 3.11 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions. 3.12 It may not be possible to cancel or modify a Transaction. If a Transaction cannot be cancelled or modified, you are bound by any execution of the original order. We are not liable to you if we are unable to cancel or modify a Transaction. Attempts to modify or cancel and replace a Transaction can result in an over- over-execution of an order or the execution of duplicate orders. Our systems does not prevent over-execution on duplicate orders from occurring and you are responsible for all such executions. You agree not to assume that any order has been executed or cancelled until you received confirmation from us with regard to order execution. You are responsible for knowing the status of your pending orders before entering additional orders. You agree to contact us in the event you are unclear on the status of an order. You agree to regularly review your online trading activity to confirm the status of your orders.