GENERAL RULES OF TRADING. 13.1 All prices shown on the Trading Platform are indicative only, relate to Normal Market Size and are subject to constant change as the market changes. 13.2 The prices we quote will be in accordance with our execution protocols and will be valid at the time we quote them. However, they may be withdrawn or modified at any time thereafter. A Transaction will be initiated by you by offering to open or close a Transaction with us on an Instrument at the level quoted by us. We may accept or reject your offer to open or close a Transaction at any time until the Transaction has been executed or we have acknowledged that your offer has been withdrawn.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. 13.3 In respect of each Instrument we quote that is based on the price of a share that is traded on a recognised Exchange, there is a corresponding Exchange Market Size for Transactions in that Instrument. It is important that you familiarise yourself with any Exchange Market Size that is applicable to a Transaction before you open it, as a Transaction that is in excess of Exchange Market Size may be dealt with differently from a Transaction that is within Exchange Market Size. 13.4 Any price that we quote is valid only for a Transaction equivalent in size to the quotes available to us in the underlying market on which they were based. 13.5 If you offer to open a Transaction that is larger than Exchange Market Size, rather than accepting your offer as a whole, we reserve the right to accept your offer as a series of smaller Transactions, each Transaction having a different (bid/offer) price. 13.6 You accept that there may be a delay in our offering you a quote to close a Transaction that is in excess of four times (4x) the Exchange Market Size, or where any number of Transactions taken together are in excess of four times (4x) the Exchange Market Size. This is particularly likely to be the case where the Instrument in respect of which the Transaction is made is illiquid. Depending on the circumstances, the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Transaction in tranches rather than at one time and a single price. If this happens the level of the Instrument may move against you during the period of delay. You should bear these potential consequences in mind prior to opening a Transaction in excess of Exchange Market Size (or accumulating a Position in excess of Exchange Market Size by placing a number of Transactions) and should only open such a Transaction (or accumulate such a Position) if you are prepared to accept the risks associated in doing so. 13.7 In the event that you open a Transaction that is in relation to an Instrument that is a share and the underlying share is or becomes unborrowable so that we are unable to hedge against losses that we may incur in relation to that Transaction, we may close the Transaction in question. For the avoidance of doubt, this provision will apply whether the share was unborrowable from the outset or our brokers or agents recall from us a share that we have already borrowed against. 13.8 You must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including limitations on, and the size of, Transactions and resultant Positions, or other conditions that may apply to our quote. 13.9 Each Transaction opened or completed by you will be binding upon you even where, for example, in opening the Transaction you may have exceeded any credit and/or other limit applicable to you or in respect of your dealings with us, unless prohibited by Applicable Law. 13.10 We may monitor the status of any Transaction; make Margin Calls or advise you that you are in breach of any Margin Requirements or limits, or close any Transaction that you have opened; but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a result of our action or inaction. 13.11 We may provide a quote and accept (and therefore act on) your offer to open or close a Transaction outside of the Trading Hours for an Instrument. Transactions can (and will) only be executed during the time when the relevant Exchange is open for business. It is your responsibility to ensure you are aware of the trading hours for the Instruments you trade in. 13.12 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our prior written consent, which we may withhold at our discretion. 13.13 We may reject your offer to open or close a Transaction, or unwind or close any Open Positions without notice, if we reasonably believe: (a) your offer to open or close the Transaction is given while the quote is no longer valid; (b) our quote contains a Manifest Error; (c) the Transaction exceeds the maximum Order amount; (d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to game or abuse the system; (e) you have insufficient funds (which includes any bonuses and trading credits) available on your trading account to cover the Margin associated with an opening Transaction or maintaining an Open Position, or you would breach any other limit placed on your dealings by us or required of us by Applicable Law; (f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of our systems, platforms or Accounts, for example: (i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage; (ii) exploiting a fault, loophole or error in our software, system or platforms; (iii) collusion; or (iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or (g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably. 13.14 To the extent you are a MiFID investment firm and are required to do so, we will not transaction report on your behalf. 13.15 If you are a legal entity, you agree that we may in certain circumstances obtain a Legal Entity Identifier (LEI) on your behalf. We may do this if we consider it necessary in order to allow you to enter into Transactions with us. We may pass on to you any charge we incur to obtain an LEI on your behalf and we may charge you an administration fee to cover our costs. 13.16 Where a situation arises that is not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to you for the relevant Transaction or Transactions. 13.17 Should you opt to trade in US Share CFDs, you should take note of the additional conditions applied to such instruments: 13.17.1 You must complete a US IRS tax form for foreign individuals, known as W8BEN-E. The form will be pre-populated with your personal information from our records. 13.17.2 On verification of your W8BEN-E form you will be able to start trading in US Share CFDs until expiry of your form, which is generally 3 years unless you change the country of your residence. 13.17.3 You will only be able to trade US Share CFDs with a valid W8BEN-E form, and following its expiry or on changing your country of residence you will not be able to open new trades in US Shares until you have completed a new W8BEN-E form and it has been validated. Open positions will remain open for 25 days as a grace period to allow you time to close your positions and/ or complete a new W8BEN-E form. Following the expiry of the grace period, your open positions will be closed at the prevailing market rate.
Appears in 2 contracts
Samples: Retail Clients Terms of Business, Retail Clients Terms of Business
GENERAL RULES OF TRADING. 13.1 12.1 All prices shown on the Trading Platform are indicative only, relate to Normal Market Size and are subject to constant change as the market changes.
13.2 12.2 The prices we quote will be in accordance with our execution protocols and will be valid at the time we quote them. However, they may be withdrawn or modified at any time thereafter. A Transaction will be initiated by you by offering to open or close a Transaction with us on an Instrument at the level quoted by us. We may accept or reject your offer to open or close a Transaction 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.
13.3 12.3 In respect of each Instrument we quote that is based on the price of a share that is traded on a recognised recognized Exchange, there is a corresponding Exchange Market Size for Transactions in that Instrument. It is important that you familiarise familiarize yourself with any Exchange Market Size that is applicable to a Transaction before you open it, as a Transaction that is in excess of Exchange Market Size may be dealt with differently from a Transaction that is within Exchange Market Size.
13.4 12.4 Any price that we quote is valid only for a Transaction equivalent in size to the quotes available to us in the underlying market on which they were based.
13.5 12.5 If you offer to open a Transaction that is larger than Exchange Market Size, rather than accepting your offer as a whole, we reserve the right to accept your offer as a series of smaller Transactions, each Transaction having a different (bid/offer) price.
13.6 12.6 You accept that there may be a delay in our offering you a quote to close a Transaction that is in excess of four times (4x) the Exchange Market Size, or where any number of Transactions taken together are in excess of four times (4x) the Exchange Market Size. This is particularly likely to be the case where the Instrument in respect of which the Transaction is made is illiquid. Depending on the circumstances, the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Transaction in tranches rather than at one time and a single price. If this happens the level of the Instrument may move against you during the period of delay. You should bear these potential consequences in mind prior to opening a Transaction in excess of Exchange Market Size (or accumulating a Position in excess of Exchange Market Size by placing a number of Transactions) and should only open such a Transaction (or accumulate such a Position) if you are prepared to accept the risks associated in doing so.
13.7 In the event that you open a Transaction that is in relation to an Instrument that is a share and the underlying share is or becomes unborrowable so that we are unable to hedge against losses that we may incur in relation to that Transaction, we may close the Transaction in question. For the avoidance of doubt, this provision will apply whether the share was unborrowable from the outset or our brokers or agents recall from us a share that we have already borrowed against.
13.8 12.7 You must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including limitations on, and the size of, Transactions and resultant Positions, or other conditions that may apply to our quote.
13.9 Each Transaction opened or completed by you will be binding upon you even where, for example, in opening the Transaction you may have exceeded any credit and/or other limit applicable to you or in respect of your dealings with us, unless prohibited by Applicable Law.
13.10 12.8 We may monitor the status of any Transaction; make Margin Calls or advise you that you are in breach of any Margin Requirements or limits, or close any Transaction that you have opened; but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a result of our action or inaction.
13.11 12.9 We may provide a quote and accept (and therefore act on) your offer to open or close a Transaction outside of the Trading Hours for an Instrument. Transactions can (and will) only be executed during the time when the relevant Exchange is open for business. It is your responsibility to ensure you are aware of the trading hours for the Instruments you trade in.
13.12 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our prior written consent, which we may withhold at our discretion.
13.13 12.10 We may reject your offer to open or close a Transaction, or unwind or close any Open Positions without notice, if we reasonably believe:
(a) your offer to open or close the Transaction is given while the quote is no longer valid;
(b) our quote contains a Manifest Error;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to game or abuse the system;
(e) you have insufficient funds (which includes any bonuses and trading credits) available on your trading account to cover the Margin associated with an opening Transaction or maintaining an Open Position, or you would breach any other limit placed on your dealings by us or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.14 To the extent you are a MiFID investment firm and are required to do so, we will not transaction report on your behalf.
13.15 If you are a legal entity, you agree that we may in certain circumstances obtain a Legal Entity Identifier (LEI) on your behalf. We may do this if we consider it necessary in order to allow you to enter into Transactions with us. We may pass on to you any charge we incur to obtain an LEI on your behalf and we may charge you an administration fee to cover our costs.
13.16 12.11 Where a situation arises that is not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to you for the relevant Transaction or Transactions.
13.17 Should you opt to trade in US Share CFDs, you should take note of the additional conditions applied to such instruments:
13.17.1 You must complete a US IRS tax form for foreign individuals, known as W8BEN-E. The form will be pre-populated with your personal information from our records.
13.17.2 On verification of your W8BEN-E form you will be able to start trading in US Share CFDs until expiry of your form, which is generally 3 years unless you change the country of your residence.
13.17.3 You will only be able to trade US Share CFDs with a valid W8BEN-E form, and following its expiry or on changing your country of residence you will not be able to open new trades in US Shares until you have completed a new W8BEN-E form and it has been validated. Open positions will remain open for 25 days as a grace period to allow you time to close your positions and/ or complete a new W8BEN-E form. Following the expiry of the grace period, your open positions will be closed at the prevailing market rate.
Appears in 2 contracts
Samples: Terms of Business, Terms of Business
GENERAL RULES OF TRADING. 13.1 All prices shown on the Trading Platform are indicative only, relate to Normal Market Size and are subject to constant change as the market changes.
13.2 The prices we quote will be in accordance with our execution protocols and will be valid at the time we quote them. However, they may be withdrawn or modified at any time thereafter. A Transaction will be initiated by you by offering to open or close a Transaction with us on an Instrument at the level quoted by us. We may accept or reject your offer to open or close a Transaction 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.
13.3 In respect of each Instrument we quote that is based on the price of a share that is traded on a recognised Exchange, there is a corresponding Exchange Market Size for Transactions in that Instrument. It is important that you familiarise yourself with any Exchange Market Size that is applicable to a Transaction before you open it, as a Transaction that is in excess of Exchange Market Size may be dealt with differently from a Transaction that is within Exchange Market Size.
13.4 Any price that we quote is valid only for a Transaction equivalent in size to the quotes available to us in the underlying market on which they were based.
13.5 If you offer to open a Transaction that is larger than Exchange Market Size, rather than accepting your offer as a whole, we reserve the right to accept your offer as a series of smaller Transactions, each Transaction having a different (bid/offer) price.
13.6 You accept that there may be a delay in our offering you a quote to close a Transaction that is in excess of four times (4x) the Exchange Market Size, or where any number of Transactions taken together are in excess of four times (4x) the Exchange Market Size. This is particularly likely to be the case where the Instrument in respect of which the Transaction is made is illiquid. Depending on the circumstances, the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Transaction in tranches rather than at one time and a single price. If this happens the level of the Instrument may move against you during the period of delay. You should bear these potential consequences in mind prior to opening a Transaction in excess of Exchange Market Size (or accumulating a Position in excess of Exchange Market Size by placing a number of Transactions) and should only open such a Transaction (or accumulate such a Position) if you are prepared to accept the risks associated in doing so.
13.7 In the event that you open a Transaction that is in relation to an Instrument that is a share and the underlying share is or becomes unborrowable so that we are unable to hedge against losses that we may incur in relation to that Transaction, we may close the Transaction in question. For the avoidance of doubt, this provision will apply whether the share was unborrowable from the outset or our brokers or agents recall from us a share that we have already borrowed against.
13.8 You must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including limitations on, and the size of, Transactions and resultant Positions, or other conditions that may apply to our quote.
13.9 Each Transaction opened or completed by you will be binding upon you even where, for example, in opening the Transaction you may have exceeded any credit and/or other limit applicable to you or in respect of your dealings with us, unless prohibited by Applicable Law.
13.10 We may monitor the status of any Transaction; make Margin Calls or advise you that you are in breach of any Margin Requirements or limits, or close any Transaction that you have opened; but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a result of our action or inaction.
13.11 We may provide a quote and accept (and therefore act on) your offer to open or close a Transaction outside of the Trading Hours for an Instrument. Transactions can (and will) only be executed during the time when the relevant Exchange is open for business. It is your responsibility to ensure you are aware of the trading hours for the Instruments you trade in.
13.12 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our prior written consent, which we may withhold at our discretion.
13.13 We may reject your offer to open or close a Transaction, or unwind or close any Open Positions without notice, if we reasonably believe:
(a) your offer to open or close the Transaction is given while the quote is no longer valid;
(b) our quote contains a Manifest Error;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to game or abuse the system;
(e) you have insufficient funds (which includes any bonuses and trading credits) available on your trading account to cover the Margin associated with an opening Transaction or maintaining an Open Position, or you would breach any other limit placed on your dealings by us or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.14 To the extent you are a MiFID investment firm and are required to do so, we will not transaction report on your behalf.
13.15 If you are a legal entity, you agree that we may in certain circumstances obtain a Legal Entity Identifier (LEI) on your behalf. We may do this if we consider it necessary in order to allow you to enter into Transactions with us. We may pass on to you any charge we incur to obtain an LEI on your behalf and we may charge you an administration fee to cover our costs.
13.16 Where a situation arises that is not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to you for the relevant Transaction or Transactions.
13.17 Should you opt to trade in US Share CFDs, you should take note of the additional conditions applied to such instruments:
13.17.1 You must complete a US IRS tax form for foreign individuals, known as W8BEN-E. The form will be pre-populated with your personal information from our records.
13.17.2 On verification of your W8BEN-E form you will be able to start trading in US Share CFDs until expiry of your form, which is generally 3 years unless you change the country of your residence.
13.17.3 You will only be able to trade US Share CFDs with a valid W8BEN-E form, and following its expiry or on changing your country of residence you will not be able to open new trades in US Shares until you have completed a new W8BEN-E form and it has been validated. Open positions will remain open for 25 days as a grace period to allow you time to close your positions and/ or complete a new W8BEN-E form. Following the expiry of the grace period, your open positions will be closed at the prevailing market rate.
Appears in 1 contract
Samples: Retail Clients Terms of Business
GENERAL RULES OF TRADING. 13.1 All prices shown on the Trading Platform are indicative only, relate to Normal Market Size and are subject to constant change as the market changes.
13.2 The prices we quote will be in accordance with our execution protocols and will be valid at the time we quote them. However, they may be withdrawn or modified at any time thereafter. A Transaction will be initiated by you by offering to open or close a Transaction with us on an Instrument at the level quoted by us. We may accept or reject your offer to open or close a Transaction 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.
13.3 In respect of each Instrument we quote that is based on the price of a share that is traded on a recognised Exchange, there is a corresponding Exchange Market Size for Transactions in that Instrument. It is important that you familiarise yourself with any Exchange Market Size that is applicable to a Transaction before you open it, as a Transaction that is in excess of Exchange Market Size may be dealt with differently from a Transaction that is within Exchange Market Size.
13.4 Any price that we quote is valid only for a Transaction equivalent in size to the quotes available to us in the underlying market on which they were based.
13.5 If you offer to open a Transaction that is larger than Exchange Market Size, rather than accepting your offer as a whole, we reserve the right to accept your offer as a series of smaller Transactions, each Transaction having a different (bid/offer) price.
13.6 You accept that there may be a delay in our offering you a quote to close a Transaction that is in excess of four times (4x) the Exchange Market Size, or where any number of Transactions taken together are in excess of four times (4x) the Exchange Market Size. This is particularly likely to be the case where the Instrument in respect of which the Transaction is made is illiquid. Depending on the circumstances, the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Transaction in tranches rather than at one time and a single price. If this happens the level of the Instrument may move against you during the period of delay. You should bear these potential consequences in mind prior to opening a Transaction in excess of Exchange Market Size (or accumulating a Position in excess of Exchange Market Size by placing a number of Transactions) and should only open such a Transaction (or accumulate such a Position) if you are prepared to accept the risks associated in doing so.
13.7 In the event that you open a Transaction that is in relation to an Instrument that is a share and the underlying share is or becomes unborrowable so that we are unable to hedge against losses that we may incur in relation to that Transaction, we may close the Transaction in question. For the avoidance of doubt, this provision will apply whether the share was unborrowable from the outset or our brokers or agents recall from us a share that we have already borrowed against.
13.8 You must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including limitations on, and the size of, Transactions and resultant Positions, or other conditions that may apply to our quote.
13.9 Each Transaction opened or completed by you will be binding upon you even where, for example, in opening the Transaction you may have exceeded any credit and/or other limit applicable to you or in respect of your dealings with us, unless prohibited by Applicable Law.
13.10 We may monitor the status of any Transaction; make Margin Calls or advise you that you are in breach of any Margin Requirements or limits, or close any Transaction that you have opened; but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a result of our action or inaction.
13.11 We may provide a quote and accept (and therefore act on) your offer to open or close a Transaction outside of the Trading Hours for an Instrument. Transactions can (and will) only be executed during the time when the relevant Exchange is open for business. It is your responsibility to ensure you are aware of the trading hours for the Instruments you trade in.
13.12 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our prior written consent, which we may withhold at our discretion.
13.13 We may reject your offer to open or close a Transaction, or unwind or close any Open Positions without notice, if we reasonably believe:
(a) your offer to open or close the Transaction is given while the quote is no longer valid;
(b) our quote contains a Manifest Error;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to game or abuse the system;
(e) you have insufficient funds (which includes any bonuses and trading credits) available on your trading account to cover the Margin associated with an opening Transaction or maintaining an Open Position, or you would breach any other limit placed on your dealings by us or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
; (iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.14 To the extent you are a MiFID investment firm and are required to do so, we will not transaction report on your behalf.
13.15 If you are a legal entity, you agree that we may in certain circumstances obtain a Legal Entity Identifier (LEI) on your behalf. We may do this if we consider it necessary in order to allow you to enter into Transactions with us. We may pass on to you any charge we incur to obtain an LEI on your behalf and we may charge you an administration fee to cover our costs.
13.16 Where a situation arises that is not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to you for the relevant Transaction or Transactions.
13.17 Should you opt to trade in US Share CFDs, you should take note of the additional conditions applied to such instruments:
13.17.1 You must complete a US IRS tax form for foreign individuals, known as W8BEN-E. The form will be pre-populated with your personal information from our records.
13.17.2 On verification of your W8BEN-E form you will be able to start trading in US Share CFDs until expiry of your form, which is generally 3 years unless you change the country of your residence.
13.17.3 You will only be able to trade US Share CFDs with a valid W8BEN-E form, and following its expiry or on changing your country of residence you will not be able to open new trades in US Shares until you have completed a new W8BEN-E form and it has been validated. Open positions will remain open for 25 days as a grace period to allow you time to close your positions and/ or complete a new W8BEN-E form. Following the expiry of the grace period, your open positions will be closed at the prevailing market rate.
Appears in 1 contract
Samples: Retail Clients Terms of Business
GENERAL RULES OF TRADING. 13.1 All prices shown on the Trading Platform are indicative only, relate to Normal Market Size and are subject to constant change as the market changes.
13.2 The prices we quote will be in accordance with our execution protocols and will be valid at the time we quote them. However, they may be withdrawn or modified at any time thereafter. A Transaction will be initiated by you by offering to open or close a Transaction with us on an Instrument at the level quoted by us. We may accept or reject your offer to open or close a Transaction 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.
13.3 In respect of each Instrument we quote that is based on the price of a share that is traded on a recognised Exchange, there is a corresponding Exchange Market Size for Transactions in that Instrument. It is important that you familiarise yourself with any Exchange Market Size that is applicable to a Transaction before you open it, as a Transaction that is in excess of Exchange Market Size may be dealt with differently from a Transaction that is within Exchange Market Size.
13.4 Any price that we quote is valid only for a Transaction equivalent in size to the quotes available to us in the underlying market on which they were based.
13.5 If you offer to open a Transaction that is larger than Exchange Market Size, rather than accepting your offer as a whole, we reserve the right to accept your offer as a series of smaller Transactions, each Transaction having a different (bid/offer) price.
13.6 You accept that there may be a delay in our offering you a quote to close a Transaction that is in excess of four times (4x) the Exchange Market Size, or where any number of Transactions taken together are in excess of four times (4x) the Exchange Market Size. This is particularly likely to be the case where the Instrument in respect of which the Transaction is made is illiquid. Depending on the circumstances, the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Transaction in tranches rather than at one time and a single price. If this happens the level of the Instrument may move against you during the period of delay. You should bear these potential consequences in mind prior to opening a Transaction in excess of Exchange Market Size (or accumulating a Position in excess of Exchange Market Size by placing a number of Transactions) and should only open such a Transaction (or accumulate such a Position) if you are prepared to accept the risks associated in doing so.
13.7 In the event that you open a Transaction that is in relation to an Instrument that is a share and the underlying share is or becomes unborrowable so that we are unable to hedge against losses that we may incur in relation to that Transaction, we may close the Transaction in question. For the avoidance of doubt, this provision will apply whether the share was unborrowable from the outset or our brokers or agents recall from us a share that we have already borrowed against.
13.8 You must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including limitations on, and the size of, Transactions and resultant Positions, or other conditions that may apply to our quote.
13.9 Each Transaction opened or completed by you will be binding upon you even where, for example, in opening the Transaction you may have exceeded any credit and/or other limit applicable to you or in respect of your dealings with us, unless prohibited by Applicable Law.
13.10 We may monitor the status of any Transaction; make Margin Calls or advise you that you are in breach of any Margin Requirements or limits, or close any Transaction that you have opened; but opened;but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a result of our action or inaction.
13.11 We may provide a quote and accept (and therefore act on) your offer to open or close a Transaction outside of the Trading Hours for an Instrument. Transactions can (and will) only be executed during the time when the relevant Exchange is open for business. It is your responsibility to ensure you are aware of the trading hours for the Instruments you trade in.
13.12 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our prior written consent, which we may withhold at our discretion.
13.13 We may reject your offer to open or close a Transaction, or unwind or close any Open Positions without notice, if we reasonably believe:
(a) your offer to open or close the Transaction is given while the quote is no longer valid;
(b) our quote contains a Manifest Error;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to game or abuse the system;
(e) you have insufficient funds (which includes any bonuses and trading credits) available credits)available on your trading account to cover the Margin associated with an opening Transaction or maintaining an Open Position, or you would breach any other limit placed on your dealings by us or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.14 To the extent you are a MiFID investment firm and are required to do so, we will not transaction report on your behalf.
13.15 If you are a legal entity, you agree that we may in certain circumstances obtain a Legal Entity Identifier (LEI) on your behalf. We may do this if we consider it necessary in order to allow you to enter into Transactions with us. We may pass on to you any charge we incur to obtain an LEI on your behalf and we may charge you an administration fee to cover our costs.
13.16 Where a situation arises that is not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to you for the relevant Transaction or Transactions.
13.17 Should you opt to trade in US Share CFDs, you should take note of the additional conditions applied to such instruments:
13.17.1 You must complete a US IRS tax form for foreign individuals, known as W8BEN-E. The form will be pre-populated with your personal information from our records.
13.17.2 On verification of your W8BEN-E form you will be able to start trading in US Share CFDs until expiry of your form, which is generally 3 years unless you change the country of your residence.
13.17.3 You will only be able to trade US Share CFDs with a valid W8BEN-E form, and following its expiry or on changing your country of residence you will not be able to open new trades in US Shares until you have completed a new W8BEN-E form and it has been validated. Open positions will remain open for 25 days as a grace period to allow you time to close your positions and/ or complete a new W8BEN-E form. Following the expiry of the grace period, your open positions will be closed at the prevailing market rate.
Appears in 1 contract
Samples: Retail Clients Terms of Business
