Margin. 17.1. Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- action, as calculated by us. 17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value. 17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place). 17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements. 17.5. You also agree that you have continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times. 17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous. 17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements. 17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable. 17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us. 17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises. 17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if: a) your Margin Level falls below the Liquidation Level; or b) you fail to maintain the required Margin Cover; or c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value. 17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count. 17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros. 17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls. 17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you: a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc. b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above; c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message; d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday). 17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call. 17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 4 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Margin. 17.119.1. Upon opening Where we have successfully completed our Appropriateness Assessment and we agree to enter into a Transaction involving an option, future, contract for difference or a spread bet we will require you to provide and maintain the amount of Margin in your account that we consider appropriate. You should note that, depending on the nature of the Transaction, you may have to make additional payments of Margin if the Transaction fails to be completed or if the settlement or closing out of your position takes place early. The movement in the market price of your investment will affect the amount of Margin payment you will be required to pay us make. We will monitor your Margin requirements on a daily basis and we will inform you as soon as it is reasonably practicable of the Initial amount of any Margin for that Trans- action, as calculated payment required under this clause
19.2. When requested by us.
17.2, you agree to provide us with payments of Margin that we reasonably require to protect ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement. Different Margin requirements may apply to different accounts and/or investments traded. You acknowledge that may be required to add to this Margin at any time when your account shows a negative balance or an increase in your Margin requirement and we will normally inform you one Business Day beforehand if we require you to pay additional Margin. You will pay or transfer Margin within the Initial Margin minimum period specified by us (which will normally be at least one Business Day but in exceptional circumstances, may be required to be within the same day). However, in certain circumstances, there may be times when either we will be required to settle or close out your position early and we may not be able to provide you with notice of this before it happens. However, we will only do this where it is reasonable for certain Transactions us to do so (for example, Share CFDs) where there is a negative balance on your account or there is a risk of your account showing a negative balance).
19.3. Margin will be based on a percentage provided in cash. We may in our discretion allow you to provide Margin in the form of the Contract Value certain types of the Transaction and there- foreinvestments or other assets (if any) that we agree from time to time, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Valueprovisions of Schedule 1 of this Agreement and on such other terms that we agree in a separate written agreement.
17.319.4. Initial If we do allow you to provide non cash Margin, unless the terms applying to a particular type of Transaction specify otherwise, the Margin is due and payable that you provide will be valued by us on the basis that we reasonably determine to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage be appropriate. This valuation may reflect, amongst other things, our view as to the level of availability of the Contract Value, immediately on opening assets provided as Margin or the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under discount to the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware current market value of the Margin requirementsthat we consider reflects its market risk.
17.519.5. You also agree that We will be entitled to close out or liquidate some or all of your positions if you have continuing fail to pay Margin obligations to us to ensure that at all times during which you have open Transactions you have when required or if the Margin Cover in your Account account falls below the minimum amount required and that your account is at risk of showing a negative balance. However, we are under no obligation to close out or liquidate any Transactions or take any other action in respect of positions opened or acquired on your instruction if you fail to pay Margin when required. For the avoidance of doubt it is positive your responsibility to maintain an appropriate amount of Margin on your account at all times.
17.619.6. You must maintain at least All cash Margin and other payments due from you under this Agreement shall be made in freely transferable funds in the amount of Margin Cover required by uscurrency and to the bank account(s) that we may from time to time specify.
19.7. If you are providing Xxxxxx in cash, whether or not please refer to clause 16. If we give any notice to allow you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other provide non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more cash Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment as referred to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficitsub-clause 19.3, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds will be entitled to realise the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such thatassets, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made circumstances as described in the form of cleared funds (paid into the nominated account of FinProsseparate written agreement.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Margin. 17.19.1 You are required to deposit sufficient funds prior to trading on the MetaTrader Platform. Upon opening You are required to have sufficient Trading Resources to cover the Initial Margin Requirement to facilitate a Transaction. The amount of the Initial Margin Requirement will depend upon the level of leverage assigned to your account and may be calculated by reference to the Market Information Sheets available on the Website.
9.2 You agree, upon entering into a Transaction, you will be required to pay Margin to us in relation to that Transaction (“Initial Margin”). You agree to maintain such Margin at the level required by us during the term of the Transaction.
9.3 The Initial Margin for that Trans- action, as and your ongoing Margin Requirement shall be calculated by usus with reference to the Market Information Sheets which are available on the Website.
17.2. You acknowledge that the 9.4 Initial Margin for certain Transactions shall be due and payable by you immediately upon entering into a Transaction.
9.5 Your Margin Requirement will change depending upon the performance of your open Transactions. We will calculate an indicative profit and loss amount (for example, Share CFDsyour “P&L”) will be based on a percentage of the Contract Value of the Transaction your unrealised trading profits and there- forelosses. If your account equity (Cash Balance + Credit Allocation + Profit and Loss) is less than your Margin Requirement, the Initial you agree to make an additional Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3payment to us. Initial The additional Margin is payment shall be due and payable to us before immediately upon your Margin Requirement being less than your equity amount, unless specifically agreed otherwise with you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place)writing.
17.49.6 Details of your current Margin requirement and P&L are available through the MetaTrader Platform. You agree that you are solely responsible for different Financial Products there will be different monitoring your Margin requirementsrequirement, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirementsP&L and account balance.
17.5. You also agree that you have continuing Margin obligations to us 9.7 It is your responsibility to ensure that at all times during which you have open Transactions you have maintain sufficient Margin Cover in your Account and that it is positive account at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not Although we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficitcharged to, we may pay the deficit out of the Account or realize contact you in relation to making additional Margin payments (a “Margin Call”). We may make a Margin Call to you at any Financial Products held by us time and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arisesaccordance with Clause 9.5 above.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) 9.8 If you fail to maintain sufficient Margin, we may, at our absolute discretion, allow you to maintain your open Transactions with us. However, we reserve the required right to subsequently close out any open Transactions should you fail to provide sufficient Margin. You acknowledge and agree that you may incur further Losses should we allow you to maintain an open Transaction in the absence of you having sufficient Margin.
9.9 Margin Cover; orpayments must be made in a Currency in cleared funds in accordance with Clause 10 below. You agree to reimburse us any Losses we may incur in relation to the failure of a payment mechanism.
c) 9.10 We may amend the Margin Requirements in relation to any Instruments at any time, and from time you agree that any additional Margin following such amendment shall immediately be due and payable to timeus, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance unless we have agreed otherwise in your Account) represents a substantial net unrealized loss writing with you. Any such changes to you such that, in our belief, the con- tinued trading, or failure Margin Requirements shall be made to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you our Market Information Sheets which are available by logging onto your Ac- counton the Website or on request.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 3 contracts
Samples: Customer Terms and Conditions, Customer Terms and Conditions, Customer Terms and Conditions
Margin. 17.113.1 You agree and acknowledge each of the following:
(a) Margin refers to the amount paid or payable:
(i) to ZERO Securities Pty Ltd as it requires (being an amount equal or greater than that required by the PIO) as Initial Margin; or
(ii) as a Market Participant with whom you dealt by ZERO Securities Pty Ltd acting as your agent requires (to protect against your liabilities on Transactions) and which is credited to your Account (being an amount equal or greater than that required by the PIO). Upon opening In the case of Margin required by an Exchange, the minimum amount of the Margin could be determined by the relevant Exchange but ZERO Securities Pty Ltd has an absolute discretion to set a Transaction, higher amount.
(b) A Margin payment is the amount you will be required to pay us ZERO Securities Pty Ltd for crediting your Account as Margin (with ZERO Securities Pty Ltd or the Market Participant with whom you dealt by ZERO Securities Pty Ltd acting as your agent). ZERO Securities Pty Ltd holds this amount in the Client Money Trust Account. The minimum amount for Initial Margin for that Trans- action, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate is determined in accordance with the Con- tract ValuePIO and is typically 3.33% - 20% of the notional value of the CFD.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. c) You must maintain at least the amount of Maintenance Margin Cover specified by the PIO, or otherwise (if greater), by or on behalf of ZERO Securities Pty Ltd from time to time, as required by usZERO Securities Pty Ltd or by a Market Participant, including those imposed by the requirements of trading platforms made available by ZERO Securities Pty Ltd to you, whether or not we give ZERO Securities Pty Ltd gives any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Maintenance Margin Cover is contin- uouscontinuous. The Maintenance Margin is the minimum amount of equity that must be available in your account to maintain your open positions and avoid it or them being automatically terminated under the PIO. Maintenance Margin is fixed at 50% of the Initial Margin amounts described above. If your equity goes below the Maintenance Margin threshold, ZERO Securities Pty Ltd is required by law to close-out your positions until your equity returns to above the Maintenance Margin threshold, or until all of your open positions are closed out, whichever occurs first.
17.7(d) You have an obligation to satisfy a Margin call (in addition to your obligation to maintain Margin) within the required time by any combination of Closing Out positions, lodging Underlying Financial Products (as required by in the ASIC Market Integrity Rules or other relevant Exchange) or making payments (or both) as accepted by ZERO Securities Pty Ltd , in its absolute discretion. The minimum amount of the Margin call could be determined by the relevant Exchange but ZERO Securities Pty Ltd has an absolute discretion to set a higher amount. The payments to be made towards satisfying a Margin call must be made, as specified by ZERO Securities Pty Ltd from time to time. Even in the event a margin call is not made, you are obligated to maintain your Maintenance Margin in accordance with the PIO.
(e) Margin calls may be made by any means of notice permitted by these Terms, including by telephone call to you or your Authorised Person or by way of the Trading Platform (even if you do not access your Account during the time the Margin call requires payment). You acknowledge that it is fundamental that you remain contactable by ZERO Securities Pty Ltd at all times by ZERO Securities Pty Ltd using the contact details you give ZERO Securities Pty Ltd from time to time and that your failure to be contactable or to receive notice of a Margin call at any contact address you give does not affect the validity of the Margin call or your obligation to satisfy it.
(f) If no other time is stipulated by ZERO Securities Pty Ltd for when you must satisfy the Margin call then you must comply within 24 hours of the Margin call being made, even if you have not received it or are actually aware of it and even if the time of making the Margin call or the time for satisfying it are outside of normal working hours of a Business Day. You acknowledge that Xxxxxx calls may be payable immediately if required by ZERO Securities Pty Ltd or the relevant Market Participant.
(g) If you fail to satisfy the Margin call (or, if your Transactions are subject to ASX Clear, to lodge Underlying Financial Products as defined in ASX Clear’s Rules) by the required time, then ZERO Securities Pty Ltd may (without prejudice to any other rights or powers under these Terms) in its absolute discretion, and without creating an obligation to do so, Close Out, without notice, all or some of your Transactions, whether or not those Transactions caused the need for more Margin. To the extent that your failure to satisfy the Margin call results in there being insufficient Maintenance Margin to comply with PIO (being 50% of the Initial Margin), ZERO Securities Pty Ltd will have to Close Out and will not be able to exercise any discretion in this regard.
(h) The time for your payment to maintain Margin and to satisfy any Margin call is of the essence.
(i) Your obligations to maintain Margin and to satisfy Xxxxxx calls arise at the time the Transaction is executed irrespective of the time any later Margin call is made.
(j) It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the and Margin Cover, which might mean you must deposit more Margincall obligations, whether or not we give you a Margin call and even if you are not contactableis notified to you.
17.9. Deposited (k) A Margin payment is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment ZERO Securities Pty Ltd to your Account or at such other time as allowed determined by us, so ZERO Securities Pty Ltd. Ordinarily it will be credited by ZERO Securities Pty Ltd to your Account as soon as practical after ZERO Securities Pty Ltd has confirmed and allocated to you ZERO Securities Pty Ltd ’ receipt of your payment as cleared funds in the Client Moneys Trust Account or clients’ segregated account but in any case it will be credited no later than withdrawal from that account. A Margin requirement or a Margin Cover requirement call for the Account generally or specifically for a Contract or other Transaction issued by us ZERO Securities Pty Ltd is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied credited by ZERO Securities Pty Ltd to your Account by usAccount.
17.10. Your liability (l) If your Account has been credited with your payment, your funds remain in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Client Moneys Trust Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full clients’ segregated account. ZERO Securities Pty Ltd will only have recourse to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared these funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also these Terms and the Applicable Laws. This means that these funds may be deemed used to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails pay Transaction Fees, Finance Charges, and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address pay all other amounts owing under these Terms or telephone number notified to us (for example because you are travelling or are on holidayas otherwise authorised by law, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.even if:
Appears in 2 contracts
Samples: Retail Client Account Terms and Conditions, Retail Client Account Terms and Conditions
Margin. 17.1. (1) Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2us (“Initial Margin”). You acknowledge Note that the Initial Margin for certain Transactions (for example, Share CFDs) ), will be based on a percentage of the Contract Value of the Transaction and there- fore, therefore the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Contract Value.
17.3. Initial Margin is due and payable to us before you enter into a immediately upon opening the Transaction (and for Trans- actions Transactions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).) unless:
17.4. You agree (a) we have expressly told you that you have an account type that allows for different Financial Products there will be different longer payment periods for Margin, in which case you must pay Margin requirementsin accordance with the payment periods that we have advised to you, which will be displayed provided always that any credit or other limits placed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements your dealings with us are subject not exceeded;
(b) we have expressly agreed to change without notice to you so you should make yourself aware reduce or waive all or part of the Margin requirementsthat we would otherwise require you to pay us in respect of a Transaction. The period of such waiver or reduction may be temporary or may be in place until further notified. Any such waiver or reduction must be agreed in writing (including by email) by a director, an authorised signatory or relationship manager of ours or a member of our credit or risk departments (each an “Authorised Employee”) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter; or
(c) we agree otherwise (any such agreement must be made in writing (including by email), by an Authorised Employee in order to be effective), in which case you will be required to comply with such terms as are stated in such written agreement.
17.5. (2) You also agree that you have continuing a variation Margin obligations obligation to us to ensure that at all times during which you have open Transactions you have Margin Cover in ensure that your Account account balance, taking into account all realised and/or unrealised profits and that it losses (“P&L”) on your account, is positive at all times.
17.6. You must maintain equal to at least the amount of Initial Margin Cover required by us, whether or not that we give any notice to require you to make those payments or have paid to us for all of your open Transactions. If there is any shortfall between your account balance (taking into account P&L) and your total Initial Margin requirement, you or whether or not will be required to deposit additional funds into your account. These funds will be due and payable to us for our own account, immediately on your account balance (taking into account P&L) falling below your Initial Margin requirement unless:
(a) we have expressly told you that you have actual notice an account type that allows for longer payment periods for Margin, in which case you must pay Margin in accordance with the payment periods that we have advised to you, provided always that any credit or other limits placed on your dealings with us are not exceeded;
(b) we have expressly agreed to reduce or waive all or part of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation that we would otherwise require you to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by pay us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of your Transaction(s). The period of such waiver or reduction may be temporary or may be in place until further notice. Any such waiver or reduction must be agreed by an Authorised Employee in writing (including by email) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter;
(c) we agree, by an Authorised Employee, otherwise in writing (including by email), in which case you will be required to comply with such terms as are stated in the written agreement; or
(d) we have expressly extended you a credit limit, and you have sufficient credit to cover your Margin requirements and are in compliance with any other conditions that we have imposed on you. Importantly however, if at any time your credit facility is not limited sufficient to cover the Margin requirement on your deposit of Initial Mar- gin or Variation Marginopen Transactions, you must immediately place additional funds on your account in order to fully cover the Margin required. You are responsible Any credit limits extended to pay any deficit owing you will not act to us after Close Out of restrict your losses and no limit should be deemed as the maximum amount you could lose.
(3) Where we have categorised you as a Transaction and if you default in payment of such deficitRetail Client, we may pay the deficit out of the Account close or realize part close any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Outopen Transactions on your account if your account balance, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in P&L, is equal to or less than 50% of the total Initial Margin requirement for your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Valueopen Transactions.
17.12. (4) Details of Margin amounts paid and owing by you are available by logging onto on to our Electronic Trading Services or by telephoning one of our employees. You acknowledge: (a) that it is your Ac- countresponsibility to be aware of, and further that you agree to pay, the Margin required at all times for all Transactions that you open with us; (b) that your obligation to pay Margin will exist whether or not we contact you regarding an outstanding Margin obligation; and (c) that your failure to pay any Margin required in relation to your Transactions will be regarded as an Event of Default for the purposes of Term 17.
17.13. Xxxxxx Xxxxxxxx (5) Margin payments must be made in the form of cleared funds (paid on your account with us) unless, by separate written agreement, we accept other assets from you as collateral for payment of Margin. In the event that any applicable debit card authority or other paying agent declines to transfer funds to us for any reason whatsoever then we may, at our absolute discretion, treat any Transaction entered into by us in reliance on receipt of those funds as void from the nominated account outset or close it at our then prevailing price, and recover any losses arising from the voidance or closure of FinProsthe Transaction from you. We may reserve the right to stipulate the method of payment to be used by you for the payment of Xxxxxx.
17.14. (6) Subject to Term 15(3), in making any calculation of the Margin payments that we require from you under this Term 15, we may, at our absolute discretion, have regard to your overall position with us and/or an Associated Company of ours including any of your net unrealised losses (i.e. losses on open positions).
(7) We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If call’) however if we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we so the Margin call may do so be made by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the message or through an Electronic Trading Service. The Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we Term 14(10). We will also be deemed to have made a demand on you by telephone if if: (a) we have left a message requesting you to contact us and you have not done so within a reasonable time after we have left such a message; or (b) if we are unable to leave such a message and have used reasonable endeavours to attempt to contact you by telephone (at the telephone number last notified to us by you) but have been unable to contact you at such number. Any message that we leave for you requesting you to contact us should be regarded by you as extremely urgent unless we specify to the contrary when we leave the message. You acknowledge and accept that what constitutes a reasonable time specified in our message;
d) it the context of this Term may be influenced by the state of the Underlying Market and that, according to the circumstances, could be a matter of minutes or even immediately. It is your responsibility to notify us immediately of any change in your contact de- tails details and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin calldo so.
17.17(8) Subject to Applicable Regulations, we will be entitled, at any time, to increase or decrease the Margin required from you on open Transactions or to change the credit arrangements for your account. You agree that, regardless of the normal way in which you and we communicate, we will be entitled to notify you of a change to Margin levels or the credit arrangements for your account by any of the following means: telephone, post, email, text message, via one of our Electronic Trading Services or by posting notice of the change on our website. Any increase in Margin levels will be due and payable immediately on our demand, including our deemed demand in accordance with Term 15(7). Any change in the terms credit arrangements for your account will be effective at the time notified to you, which may include immediately. We will only increase Margin requirements or change the credit arrangements for your account where we reasonably consider it necessary, for example but without limitation, in response to or in anticipation of any of the following:
(a) a change in the volatility and/or liquidity in the Underlying Market or in the financial markets more generally;
(b) economic news;
(c) a company whose Instruments represent all or part of your Transaction becoming or being rumoured to be going insolvent, being suspended from trading or undertaking a Corporate Event;
(d) you changing your dealing pattern with us and/or an Associated Company of ours;
(e) your credit circumstances changing or our assessment of your credit risk to us changing;
(f) your exposure to us and/or an Associated Company of ours being concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group);
(g) our and/or an Associated Company of ours exposure is concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group) as a result of your Transactions with us in aggregation with transactions of other clients of ours and/or an Associated Company of ours;
(h) a change in the margin charged by our hedging counterparties or the margin rules set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policyby the relevant Underlying Market; or
(i) any change to the Applicable Regulations.
Appears in 2 contracts
Samples: Margin Trading Customer Agreement, Margin Trading Customer Agreement
Margin. 17.1. Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- action, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinProsXxxXxxx.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Upon opening Different Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such Margin at any time when your Account shows a Transaction, debit balance or an increase in your Margin requirement. You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your trading platform and you will be required to pay us the Initial Margin for that Trans- action, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that responsible at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14utilisation level. We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday’).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, Xxxxxx calls and Stop Out levels can be found on our website.
9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of Margin.
9.3 While failure to pay Margin when required will entitle us to close out some or all of your positions and / or call or if an Event of Default we are unable under no obligation to contact close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in making a Margin callRestricted Speculative Investments as soon as market conditions allow.
17.179.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. You agree with the terms set out If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our Leveragereceiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 9 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums.
9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include:
(a) the time it takes for our systems to process the payment;
(b) circumstances outside our control such as the delay or failure of a bank used to process the payment;
(c) if you have not correctly designated the payment; or
(d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions.
9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios:
(a) If your Margin Call & utilisation drops below the Stop Out Level.
(b) If you remain on margin call constantly for 24 hours.
(c) If you are on margin call going into the weekend.
(d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility.
(e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 10 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
(f) Margin Close Out Policyrequirements are subject to change. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.
Appears in 1 contract
Samples: Principal Client Agreement
Margin. 17.1. (1) Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2us (“Initial Margin”). You acknowledge Note that the Initial Margin for certain Transactions (for example, Share CFDs) ), will be based on a percentage of the Contract Value of the Transaction and there- fore, therefore the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Contract Value.
17.3. Initial Margin is due and payable to us before you enter into a immediately upon opening the Transaction (and for Trans- actions Transactions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).) unless:
17.4. You agree (a) we have expressly told you that you have an account type that allows for different Financial Products there will be different longer payment periods for Margin, in which case you must pay Margin requirementsin accordance with the payment periods that we have advised to you, which will be displayed provided always that any credit or other limits placed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements your dealings with us are subject not exceeded;
(b) we have expressly agreed to change without notice to you so you should make yourself aware reduce or waive all or part of the Margin requirementsthat we would otherwise require you to pay us in respect of a Transaction. The period of such waiver or reduction may be temporary or may be in place until further notified. Any such waiver or reduction must be agreed in writing (including by email) by a director, an authorised signatory or relationship manager of ours or a member of our credit or risk departments (each an “Authorised Employee”) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter; or
(c) we agree otherwise (any such agreement must be made in writing (including by email), by an Authorised Employee in order to be effective), in which case you will be required to comply with such terms as are stated in such written agreement.
17.5. (2) You also agree that you have continuing a variation Margin obligations obligation to us to ensure that at all times during which you have open Transactions you have Margin Cover in ensure that your Account account balance, taking into account all realised and/or unrealised profits and that it losses (“P&L”) on your account, is positive at all times.
17.6. You must maintain equal to at least the amount of Initial Margin Cover required by us, whether or not that we give any notice to require you to make those payments or have paid to us for all of your open Transactions. If there is any shortfall between your account balance (taking into account P&L) and your total Initial Margin requirement, you or whether or not will be required to deposit additional funds into your account. These funds will be due and payable to us for our own account, immediately on your account balance (taking into account P&L) falling below your Initial Margin requirement unless:
(a) we have expressly told you that you have actual notice an account type that allows for longer payment periods for Margin, in which case you must pay Margin in accordance with the payment periods that we have advised to you, provided always that any credit or other limits placed on your dealings with us are not exceeded;
(b) we have expressly agreed to reduce or waive all or part of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation that we would otherwise require you to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by pay us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of your Transaction(s). The period of such waiver or reduction may be temporary or may be in place until further notice. Any such waiver or reduction must be agreed by an Authorised Employee in writing (including by email) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter;
(c) we agree, by an Authorised Employee, otherwise in writing (including by email), in which case you will be required to comply with such terms as are stated in the written agreement; or
(d) we have expressly extended you a credit limit, and you have sufficient credit to cover your Margin requirements and are in compliance with any other conditions that we have imposed on you. Importantly however, if at any time your credit facility is not limited sufficient to cover the Margin requirement on your deposit of Initial Mar- gin or Variation Marginopen Transactions, you must immediately place additional funds on your account in order to fully cover the Margin required. You are responsible Any credit limits extended to pay any deficit owing you will not act to us after Close Out of restrict your losses and no limit should be deemed as the maximum amount you could lose.
(3) Where we have categorised you as a Transaction and if you default in payment of such deficitRetail Client, we may pay the deficit out of the Account close or realize part close any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Outopen Transactions on your account if your account balance, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in P&L, is equal to or less than 50% of the total Initial Margin requirement for your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Valueopen Transactions.
17.12. (4) Details of Margin amounts paid and owing by you are available by logging onto on to our Electronic Trading Services or by telephoning one of our employees. You acknowledge:
(a) that it is your Ac- countresponsibility to be aware of, and further that you agree to pay, the Margin required at all times for all Transactions that you open with us;
(b) that your obligation to pay Margin will exist whether or not we contact you regarding an outstanding Margin obligation; and
(c) that your failure to pay any Margin required in relation to your Transactions will be regarded as an Event of Default for the purposes of Term 17.
17.13. Xxxxxx Xxxxxxxx (5) Margin payments must be made in the form of cleared funds (paid on your account with us) unless, by separate written agreement, we accept other assets from you as collateral for payment of Margin. In the event that any applicable debit card authority or other paying agent declines to transfer funds to us for any reason whatsoever then we may, at our absolute discretion, treat any Transaction entered into by us in reliance on receipt of those funds as void from the nominated account outset or close it at our then prevailing price, and recover any losses arising from the voidance or closure of FinProsthe Transaction from you. We may reserve the right to stipulate the method of payment to be used by you for the payment of Margin.
17.14. (6) Subject to Term 8(3), in making any calculation of the Margin payments that we require from you under this Term 15, we may, at our absolute discretion, have regard to your overall position with us and/or an Associated Company of ours including any of your net unrealised losses (i.e. losses on open positions).
(7) We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If call’) however if we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we so the Margin call may do so be made by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the message or through an Electronic Trading Service. The Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we notice. We will also be deemed to have made a demand on you by telephone if if:
(a) we have left a message requesting you to contact us and you have not done so within a reasonable time after we have left such a message; or
(b) if we are unable to leave such a message and have used reasonable endeavours to attempt to contact you by telephone (at the telephone number last notified to us by you) but have been unable to contact you at such a number. Any message that we leave for you requesting you to contact us should be regarded by you as extremely urgent unless we specify to the contrary when we leave the message. You acknowledge and accept that what constitutes a reasonable time specified in our message;
d) it the context of this Term may be influenced by the state of the Underlying Market and that, according to the circumstances, could be a matter of minutes or even immediately. It is your responsibility to notify us immediately of any change in your contact de- tails details and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin calldo so.
17.17(8) Subject to Applicable Regulations, we will be entitled, at any time, to increase or decrease the Margin required from you on open Transactions or to change the credit arrangements for your account. You agree that, regardless of the normal way in which you and we communicate, we will be entitled to notify you of a change to Margin levels or the credit arrangements for your account by any of the following means: telephone, post, email, text message, via one of our Electronic Trading Services or by posting notice of the change on our website. Any increase in Margin levels will be due and payable immediately on our demand, including our deemed demand. Any change in the credit arrangements for your account will be effective at the time notified to you, which may include immediately. We will only increase Margin requirements or change the credit arrangements for your account where we reasonably consider it necessary, for example but without limitation, in response to or in anticipation of any of the following:
(a) a change in the volatility and/or liquidity in the Underlying Market or in the financial markets more generally;
(b) economic news;
(c) a company whose Instruments represent all or part of your Transaction becoming or being rumoured to be going insolvent, being suspended from trading or undertaking a Corporate Event;
(d) you changing your dealing pattern with us and/or an Associated Company of ours;
(e) your credit circumstances changing or our assessment of your credit risk to us changing;
(f) your exposure to us and/or an Associated Company of ours being concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group);
(g) our and/or an Associated Company of ours exposure is concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group) as a result of your Transactions with us in aggregation with transactions of other clients of ours and/or an Associated Company of ours;
(h) a change in the terms margin charged by our hedging counterparties or the margin rules set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policyby the relevant Underlying Market; or
(i) any change to the Applicable Regulations.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.1. Upon opening 9.1 You agree, upon entering into a Transaction, you will be required to pay Margin to us in relation to that Transaction (“Initial Margin”). You agree to maintain such Margin at the level required by us during the term of the Transaction.
9.2 The Initial Margin for that Trans- action, as and your ongoing Margin requirement shall be calculated by usus with reference to the market information sheets which are available on the website.
17.2. You acknowledge that the 9.3 Initial Margin for certain Transactions shall be due and payable by you immediately upon entering into a Transaction.
9.4 Your Margin requirement will change depending upon the performance of your open Transactions. We will calculate an indicative profit and loss amount (for example, Share CFDsyour “P&L”) will be based on a percentage of the Contract Value of the Transaction your unrealised trading profits and there- forelosses. If your account equity (Cash Balance + Credit Allocation + Profit and Loss) is less than your Margin requirement, the Initial you agree to make an additional Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3payment to us. Initial The additional Margin is payment shall be due and payable to us before immediately upon your Margin requirement being less than your equity amount, unless specifically agreed otherwise with you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place)writing.
17.49.5 Details of your current Margin requirement and P&L are available through the Platform. You agree that you are solely responsible for different Financial Products there will be different monitoring your Margin requirementsrequirement, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirementsP&L and account balance.
17.5. You also agree that you have continuing Margin obligations to us 9.6 It is your responsibility to ensure that at all times during which you have open Transactions you have maintain sufficient Margin Cover in your Account and that it is positive account at all times. We may, but shall not be under any duty to, contact you in relation to making additional Margin payments (a “Margin Call”). We may make a Margin Call to you at any time and in accordance with Clause 9.1 above.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) 9.7 If you fail to maintain sufficient Margin, we may, at our absolute discretion, allow you to maintain your open Transactions with us. However, we reserve the required right to
9.8 Margin Cover; orpayments must be made in the Base Currency in cleared funds in accordance with Clause 10 below. If any payment mechanism fails with regard to any Margin payment, we shall be entitled (at our discretion) to treat the Transaction as void, or close out the Transaction at prevailing market rates. You agree to reimburse us any Losses we may incur in relation to the failure of a payment mechanism.
c) 9.9 We may amend the Margin requirements in relation to any Instruments at any time, and from time you agree that any additional Margin following such amendment shall immediately be due and payable to timeus, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance unless we have agreed otherwise in your Account) represents a substantial net unrealized loss writing with you. Any such changes to you such that, in our belief, the con- tinued trading, or failure Margin requirements shall be made to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you our market information sheets which are available by logging onto your Ac- counton the website or on request.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 1 contract
Samples: Customer Terms and Conditions
Margin. 17.18.1 You will provide to us and maintain with us such amount of money in respect of and as security for your actual, future and contingent or potential liabilities to us (Liabilities) in such amounts and in such forms as we, at our absolute discretion, may require (Margin). Upon opening Subject to the provisions of clause 8.2 in respect of Retail Clients, we may change our Margin requirements at any time.
8.2 If you are a TransactionRetail Client entering into CFD transactions, we will always require you will to provide Margin of at least the amounts set out in the Schedule to this Agreement (which may be required updated from time to pay us time) depending on the type of underlying product (Minimum Initial Margin for that Trans- action, as calculated by usRequirement).
17.28.3 We will, at our absolute discretion but subject to the foregoing as applicable, determine the amount of Margin you need to deposit with us in order to enter into a transaction and maintain the position (Margin Requirement). You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before When you enter into a Transaction (and transaction you must have enough money on your trading account with us to satisfy the Margin Requirement for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place)all open positions.
17.48.4 Any requirement for Margin must be satisfied in such currency and within such time as may be specified by us (in our absolute discretion) or, if none is specified, immediately. You agree that for different Financial Products there One Margin demand does not preclude another. Xxxxxx will be different Margin requirementsprovided in the form of cash by electronic transfer.
8.5 If there is a significant market movement against you, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are you may, subject to change without notice to you so you should make yourself aware the provisions of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even clause 12.3 if you are not contactable.
17.9a Retail Client, sustain a loss. Deposited Margin If you a Professional Client or an Eligible Counterparty and there is credited by FinPros at a significant market movement against you, the time value of the loss that cleared funds have been received into you suffer may be greater than the CMTA and we have applied the payment value of your investment. Subject to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and clause 12.3 if you default in payment of such deficitare a Retail Client, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit all losses on your trading account. While we will require you to post Margin (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Outwhich, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by if you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must a Retail Client, will never be made in lower than the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or applicable Minimum Initial Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
dRequirement) it is your responsibility to notify determine whether the level of Margin is suitable for you when entering into a transaction.
8.6 Without limiting the generality of the previous clause, from time to time price fluctuations in the underlying property, product or value may be so rapid, or market conditions may otherwise change so rapidly or fundamentally, that your position will be liquidated automatically before we have a chance to reset a Margin Requirement. Similarly, even where we do reset a Margin Requirement, you may not have an opportunity to meet the revised Margin Requirement before your open positions are liquidated automatically.
8.7 The Margin Requirement we determine for you may be different from the Margin Requirement that we set for other clients or groups of clients.
8.8 You authorise us immediately of any change to convert funds in your contact de- tails trading account for Xxxxxx into and from such foreign currency at a rate of exchange determined by us on the basis of the then prevailing money market rates. In such circumstances we will not, subject to provide us with alternative contact details and ensure that our calls for Margin will be met clause 12.3 if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holidaya Retail Client, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable to you for any Losses, costs, expenses or damages incurred or loss suffered by you as a consequence result of your failure such action (although, we will use reasonable endeavors only to satisfy a Margin call or if we are unable convert such funds as may prudently be required to contact you cover Liabilities in making a Margin callrespect of relevant transactions).
17.178.9 You are responsible for maintaining appropriate arrangements with us at all times for the receipt and communication of information regarding Margin. If you fail to provide Margin to us in the required time, we may automatically close out your open positions and we will be entitled to exercise our rights in accordance with clause 20 below.
8.10 Unless otherwise agreed by us, you charge to us all Margin provided by you to us under the Agreement as a continuing security for your Liabilities under or pursuant to the Agreement (including under every transaction from time to time governed by the Agreement).
8.11 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Liabilities and/or enable us to exercise our rights.
8.12 If this Agreement terminates, we will not be obliged to repay any cash margin to the extent that you owe, or may owe, Liabilities to us. In determining the amounts of cash margin, your Liabilities, and our obligations to you, we may apply such methodology (including judgements as to the future movement of markets and values) as we consider appropriate, consistent with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policyapplicable law.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.1. 15.1 Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2. 15.2 You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- foretherefore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Contract Value.
17.3. 15.3 Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions Transactions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).
17.4. 15.4 You agree that for different Financial Products there will be different Margin requirements, which will requirements and they may be displayed on our Electronic Trading Service under the specifications of each Underlying InstrumentWebsite. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. 15.5 You also agree that you have a continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. 15.6 You must maintain at least the amount of Margin Cover required by us, us whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously continuously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uouscontinuous.
17.7. 15.7 It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. 15.8 You are required to maintain the Margin Cover, which might mean you must deposit pay more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited 15.9 A Margin payment is credited by FinPros Xxxxx Financial at the time that cleared funds have been received into the CMTA CMA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA CMA and applied to your Account by us.
17.10. 15.10 Your liability in respect of Margin requirements is not limited to your deposit payment of Initial Mar- gin Margin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros 15.11 Almas Financial may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
(a) your Margin Level Account Value falls below the Liquidation Level; or
(b) you fail to maintain the required Margin Cover; or
(c) at any time, and from time to time, FinPros Almas Financial determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued continued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. 15.12 Details of Margin amounts paid and owing by you are available by logging onto your Ac- countAccount.
17.13. Xxxxxx Xxxxxxxx 15.13 Margin payments must be made in the form of cleared funds (paid into the nominated account of FinProsAlmas Financial.
17.14. 15.14 We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. 15.15 If we do (in our reasonable discretion) make Xxxxxx calls on you:
(a) we may do so by telephone call, post, fax, email, email or text message, push notification, live pop-up messaging, rich text messaging etc.;
(b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above18.9 of this Agreement;
(c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
(d) it is your responsibility to notify us immediately of any change in your contact de- tails details and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable un-contactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. 15.16 We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Upon opening Different Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such Margin at any time when your Account shows a Transaction, debit balance or an increase in your Margin requirement. You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your trading platform and you will be required to pay us the Initial Margin for that Trans- action, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that responsible at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14utilisation level. We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday’).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, Xxxxxx calls and Stop Out levels can be found on our website.
9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of Margin.
9.3 While failure to pay Margin when required will entitle us to close out some or all of your positions and / or call or if an Event of Default we are unable under no obligation to contact close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in making a Margin callRestricted Speculative Investments as soon as market conditions allow.
17.179.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. You agree with the terms set out If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our Leveragereceiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 9 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: 0 Xxxxxxx Xxxxxx, Xxxx, Xxxxxx, XX0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums.
9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include:
(a) the time it takes for our systems to process the payment;
(b) circumstances outside our control such as the delay or failure of a bank used to process the payment;
(c) if you have not correctly designated the payment; or
(d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions.
9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios:
(a) If your Margin Call & utilisation drops below the Stop Out Level.
(b) If you remain on margin call constantly for 24 hours.
(c) If you are on margin call going into the weekend.
(d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility.
(e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 10 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: 0 Xxxxxxx Xxxxxx, Xxxx, Xxxxxx, XX0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
(f) Margin Close Out Policyrequirements are subject to change. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.
Appears in 1 contract
Samples: Principal Client Agreement
Margin. 17.1. Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage per- centage of the Contract Value of the Transaction and there- foretherefore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions Transactions that have a fluctuating fluc- tuating Initial Margin based on a percentage per- centage of the Contract Value, immediately imme- diately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing continu- ing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously continuously and can change automaticallyauto- matically, including over the weekend or other non-trading days. Your obligation obliga- tion to maintain at least the required amount of Margin Cover is contin- uouscontinuous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirementsrequire- ments.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit de- posit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account Ac- count or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account Ac- count by us.
17.10. Your liability in respect of Margin requirements re- quirements is not limited to your deposit de- posit of Initial Mar- gin Margin or Variation MarginMar- gin. You are responsible to pay any deficit def- icit owing to us after Close Out of a Transaction and if you default in payment pay- ment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the AccountAc- count) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic auto- matic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions Posi- tions (and not taking into account ac- count any cash balance in your Account) represents a substantial substan- tial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially mate- rially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- countAccount.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone tele- phone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails details and to provide pro- vide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because be- cause you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.18.1 You will provide to us and maintain with us such amount of money in respect of and as security for your actual, future and contingent or potential liabilities to us (Liabilities) in such amounts and in such forms as we, at our absolute discretion, may require (Margin). Upon opening Subject to the provisions of clause 8.2 in respect of Retail Clients, we may change our Margin requirements at any time.
8.2 If you are a TransactionRetail Client entering into CFD transactions, we will always require you will to provide Margin of at least the amounts set out in the Schedule to this Agreement (which may be required updated from time to pay us time) depending on the type of underlying product (Minimum Initial Margin for that Trans- action, as calculated by usRequirement).
17.28.3 We will, at our absolute discretion but subject to the foregoing as applicable, determine the amount of Margin you need to deposit with us in order to enter into a transaction and maintain the position (Margin Requirement). You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before When you enter into a Transaction (and transaction you must have enough money on your trading account with us to satisfy the Margin Requirement for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place)all open positions.
17.48.4 Any requirement for Margin must be satisfied in such currency and within such time as may be specified by us (in our absolute discretion) or, if none is specified, immediately. You agree that for different Financial Products there One Margin demand does not preclude another. Xxxxxx will be different Margin requirementsprovided in the form of cash by electronic transfer.
8.5 If there is a significant market movement against you, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are you may, subject to change without notice to you so you should make yourself aware the provisions of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even clause 12.3 if you are not contactable.
17.9a Retail Client, sustain a loss. Deposited Margin If you a Professional Client or an Eligible Counterparty and there is credited by FinPros at a significant market movement against you, the time value of the loss that cleared funds have been received into you suffer may be greater than the CMTA and we have applied the payment value of your investment. Subject to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and clause 12.3 if you default in payment of such deficitare a Retail Client, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit all losses on your trading account. While we will require you to post Margin (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Outwhich, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by if you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must a Retail Client, will never be made in lower than the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or applicable Minimum Initial Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
dRequirement) it is your responsibility to notify determine whether the level of Margin is suitable for you when entering into a transaction.
8.6 Without limiting the generality of the previous clause, from time to time price fluctuations in the underlying property, product or value may be so rapid, or market conditions may otherwise change so rapidly or fundamentally, that your position will be liquidated automatically before we have a chance to reset a Margin Requirement. Similarly, even where we do reset a Margin Requirement, you may not have an opportunity to meet the revised Margin Requirement before your open positions are liquidated automatically.
8.7 The Margin Requirement we determine for you may be different from the Margin Requirement that we set for other clients or groups of clients.
8.8 You authorise us immediately of any change to convert funds in your contact de- tails trading account for Xxxxxx into and from such foreign currency at a rate of exchange determined by us on the basis of the then prevailing money market rates. In such circumstances we will not, subject to provide us with alternative contact details and ensure that our calls for Margin will be met clause 12.3 if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holidaya Retail Client, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable to you for any Losses, costs, expenses or damages incurred or loss suffered by you as a consequence result of your failure such action (although, we will use reasonable endeavours only to satisfy a Margin call or if we are unable convert such funds as may prudently be required to contact you cover Liabilities in making a Margin callrespect of relevant transactions).
17.178.9 You are responsible for maintaining appropriate arrangements with us at all times for the receipt and communication of information regarding Margin. If you fail to provide Margin to us in the required time, we may automatically close out your open positions and we will be entitled to exercise our rights in accordance with clause 20 below.
8.10 Unless otherwise agreed by us, you charge to us all Margin provided by you to us under the Agreement as a continuing security for your Liabilities under or pursuant to the Agreement (including under every transaction from time to time governed by the Agreement).
8.11 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Liabilities and/or enable us to exercise our rights.
8.13 If this Agreement terminates, we will not be obliged to repay any cash margin to the extent that you owe, or may owe, Liabilities to us. In determining the amounts of cash margin, your Liabilities, and our obligations to you, we may apply such methodology (including judgements as to the future movement of markets and values) as we consider appropriate, consistent with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policyapplicable law.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Upon opening Different Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such Margin at any time when your Account shows a Transaction, debit balance or an increase in your Margin requirement. You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your trading platform and you will be required to pay us the Initial Margin for that Trans- action, as calculated by us.
17.2. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. You also agree that you have continuing Margin obligations to us to ensure that responsible at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and if you default in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14utilisation level. We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday’).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, Xxxxxx calls and Stop Out levels can be found on our website.
9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of Margin.
9.3 While failure to pay Margin when required will entitle us to close out some or all of your positions and / or call or if an Event of Default we are unable under no obligation to contact close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in making a Margin callRestricted Speculative Investments as soon as market conditions allow.
17.179.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. You agree with the terms set out If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our Leveragereceiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 10 of 29 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums.
9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include:
(a) the time it takes for our systems to process the payment;
(b) circumstances outside our control such as the delay or failure of a bank used to process the payment;
(c) if you have not correctly designated the payment; or
(d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions.
9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios:
(a) If your Margin Call & utilisation drops below the Stop Out Level.
(b) If you remain on margin call constantly for 24 hours.
(c) If you are on margin call going into the weekend.
(d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility.
(e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 11 of 29 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxx, X0X 0XX, Email: xxxxxxx@xxxxxxxx.xxx. Tel: +00 (0) 000 000 0000.
(f) Margin Close Out Policyrequirements are subject to change. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.
Appears in 1 contract
Samples: Principal Client Agreement
Margin. 17.17.1 You agree to provide to us and to maintain on your Account at all times such margin as is required under this clause 7 of these Terms of Business. Upon opening This is repeated for every Contract entered into by you and shall relate separately to each Account, if you have more than one Account with us.
7.2 The minimum level of margin that you are required to maintain on your Account at any particular time, by the deposit of cleared funds with us, is referred to as the Margin Requirement.
7.3 The Margin Requirement differs according to the financial instrument(s) that you wish to trade. The specific calculations for the Margin Requirement in respect of a TransactionContract is set out in Appendix II (as applicable to the financial instrument).
7.4 When depositing funds in respect of your Margin Requirement, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that required to meet the Margin Requirement at that time) depending on your view of your open positions, the volatility of the particular financial instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant.
7.5 You undertake to provide us with and to maintain on your Account at all times sufficient cleared funds in order to meet the Margin Requirement. You should keep in mind that a failure to meet the Margin Requirement at any time is a Specified Event (please see definition of this term). As a result, failing to meet your Margin Requirement may result in us closing out your open positions without notice to you under clause 17. We may, in our absolute discretion and subject to clause 7.6, allow you time to forward cleared funds so as to meet your Margin Requirement. Our permission will only be effective once it is confirmed by us in writing (including by email) and only to the extent specified in such notice. However, we may at any subsequent time following such notice be entitled to require you to make the Margin Payment to meet your Margin Requirement.
7.6 We shall provide to you via on-line access to your Account sufficient information to enable you to calculate the amount of any margin required by us under this Agreement. Please note that we may, in accordance with clause 21.4, vary the Margin Percentages or Notional Trading Requirements at any time by written notice to you. Unless provided for otherwise in this Agreement, you shall have three (3) Business Days from the date specified in the notice to deposit cleared funds on your Account to meet the Margin Requirement based on the new Margin Percentages or Notional Trading Requirements applicable to any of your open Contracts, provided always that, in the interim period, you continue to meet the Margin Requirement based on the old Margin Percentages or Notional Trading Requirements. For the avoidance of doubt, the new Margin Percentages or Notional Trading Requirements will apply immediately in respect of any new Contracts entered into after the relevant notice. We shall report the total amount of margin due from you in the Base Currency using the EML Exchange Rate. When dealing over the telephone, you will be required to pay us provided with the Initial Margin for that Trans- action, as calculated by usrelevant information upon request.
17.2. You acknowledge 7.7 It is your responsibility to monitor at all times the amount of margin deposited in your Account against the amount of any margin currently required under this Agreement and any additional margin that may be necessary or desirable, having regard to:
7.7.1 your open Contracts;
7.7.2 the Initial Margin for certain Transactions (for examplevolatility of any relevant Underlying, Share CFDs) will be based on a percentage Related Security, Related Index or Related Index Futures Contract;
7.7.3 the volatility of the Contract Value relevant market;
7.7.4 the volatility of the Transaction markets generally;
7.7.5 any applicable exchange rate risk;
7.7.6 the time it will take for you to remit sufficient cleared funds to us; and
7.7.7 such other matter as you, in your absolute discretion, consider appropriate, and there- forein the light of the information provided by us under clause 7.6 but subject to clause 7.8 of this Agreement, you waive any right you may have to receive a margin demand, call or notice from us in any circumstances. Margin Calls
7.8 Please note that where we are not able to provide you with on- line access to your Account due to circumstances within our control, we shall use reasonable endeavors to make a Margin Call. Again, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that requested in the Margin Call) depending on your view of your open positions, the Initial volatility of the particular instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant.
7.9 You agree that, in extreme circumstances where your open Contracts are moving or have moved against you and/or where we have increased the Margin due for such Transactions will fluctuate Percentages or Notional Trading Requirements in accordance with the Con- tract Valueclause 7.6, we may or may not make a Margin Call before exercising our rights under this Agreement to close out your Contracts.
17.3. Initial 7.10 Margin is due and payable to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage Calls, if made, will be effected under the notice provisions set out at clause 22 of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place)these Terms of Business.
17.47.11 We may allow your Contracts to remain open, notwithstanding that you have failed to meet a Margin Call. Where this occurs, we will at any later time be entitled to close all or part of your open Contracts unless the Margin Call has been satisfied. Without prejudice to any other right we may have under this Agreement to close or limit your Contracts, we reserve our right to close out all or part of your open Contracts if you do not meet a Margin Call within three (3) business days of its receipt. Making Margin Payments
7.12 You may make any Margin Payments by the means set out in clause 9.10. You agree that for different Financial Products there will be different must contact us immediately if you are unable to or anticipate being unable to make any Margin requirementsPayment when due. Failure to pay any sum due to us, which will be displayed on our Electronic Trading Service under the specifications whether in respect of each Underlying Instrument. The Margin requirements are subject to change Payments or otherwise, is a Specified Event and may result in us closing out your open positions without notice to you so you should make yourself aware (see clause 17).
7.13 Given the serious consequences of a failure to meet the Margin requirements.
17.5. You also agree that Requirement at any time or to make a Margin Payment when due, you have continuing are strongly advised to monitor the Margin obligations to us Requirement on your Account frequently and to ensure that we are able to get in contact with you at all times during which if necessary and be in a position to make Margin Payments from wherever you have open Transactions you have Margin Cover in your Account and that it is positive at all timesare.
17.67.14 You should also note:
a) you must not rely upon our right to demand Margin Payments or make Margin Calls as a method of monitoring your open contracts, as such monitoring is your responsibility and we accept no liability for it;
b) you must review your margin frequently as changes to the Margin Percentages or Notional Trading Requirements or price movements (notwithstanding that the relevant primary exchange is closed, for example, in the case of Contracts to which Limited Hours Trading does not apply), may increase your Margin Requirement;
c) you should be aware that any reduction in the application of Limited Hours Trading under clause 2.8 above means that open positions will be marked to market after closing of trading on the primary exchange and your Margin Requirement will vary accordingly. You must maintain If you do not wish to accept this additional risk, you may close out any affected Contract at least any time after notice has been given under clause 2.8;
d) the amount level of Margin Cover required by us, whether or Payments demanded does not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until intended to represent your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your entire liability in respect of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction and, subject to clauses 7.6 and if you default in payment of such deficit7.11, we may pay exercise our rights to close out your open positions if you fail to meet the deficit out of the Account or realize Margin Requirement at any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Accounttime even where we have made a Margin Call;
e) by making payment in full to us immediately when that deficit arises.
17.11. FinPros we may (without prior notice subject to youthe applicable laws) Close Out, make certain payment facilities and arrangements available to you following the occurrence of a Specified Event but will shall not be obliged to Close Out do so. If any such extensions are given by us we will not be required to close any positions which gave rise to the Specified Event; and
f) no demands, Xxxxxx Calls or to attempt to Close Out, some notices made or all Open Positions, at that time or any later time as we determine (whether in our discretion or given by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss us to you such that, in our belief, the con- tinued trading, or failure to Close Out, any one or more instances shall invalidate the waiver given by you pursuant to clause 7 of your Open Positions will this Agreement with respect to the necessity for us to make any such demand, call or is likely to materially prejudice your Account Valuenotice.
17.127.15 For the avoidance of doubt, the margin calculations provisions in this Agreement in respect of Spots, Forwards and Options (see Schedules A, B and C respectively of Appendix II) are cumulative. Details Your margin requirements under these Terms of Margin amounts paid and owing by you are available by logging onto your Ac- countBusiness shall be the total of all such calculations.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.
Appears in 1 contract
Margin. 17.1. (1) Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2us ("Initial Margin"). You acknowledge Note that the Initial Margin for certain Transactions (for example, Share CFDs) ), will be based on a percentage of the Contract Value of the Transaction and there- fore, therefore the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Contract Value.
17.3. Initial Margin is determined solely by us, is final and is due and payable to us before you enter into a immediately upon opening the Transaction (and for Trans- actions Transactions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of the Margin requirements.
17.5. (2) You also agree that you have a continuing Margin obligations obligation to us to ensure that at all times during which you have open Transactions you ensure that your account balance, taking into account all realized and/or unrealized profits and losses ("P&L") on your account, is equal to at least the Initial Margin that we require you to have paid to us for all of your open Transactions. If there is any shortfall between your account balance (taking into account P&L) and your total Initial Margin Cover in requirement, you will be required to deposit additional funds into your Account account. These funds will be due and payable to us for y o u r own account, immediately on your account balance (taking into account P&L) falling below your Initial Margin requirement.
(3) Details of your Margin amounts paid and owing are available once you login to our Electronic Trading Services or by speaking to one of our employees. You acknowledge:
i) that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor be aware of, and you warrant p a y m e nt of the Margin required at all times for all Transactions that you open with us;
ii) that your obligation to satisfy all pay Margin Cover requirementsremains regardless of whether you receive notification regarding the outstanding Margin obligation; and
iii) that your failure to pay any Margin required in relation to your Transactions will be regarded as an Event of Default.
17.8. You are required (4) We retain the right to maintain amend the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of Margin requirements is ratio including but not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing to us after Close Out of a Transaction Margin ratio and if you default continuing Margin ratio in payment of such deficit, we may pay the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (our absolute discretion without prior notice to you) Close Out, but . It is your responsibility to find out the latest Margin ratio applicable to the Underlying you are interested in before entering into the Transaction with us and we will not be obliged treat your entry into a Transaction as explicit consent to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your the Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Valueratio imposed.
17.12. Details of (5) Margin amounts paid and owing by you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx payments must be made in the form of cleared funds (paid from your named account into your account with us as we do not accept third party payment. In the nominated account event that any applicable debit card authority or other paying agent declines to transfer funds to us for any reason whatsoever then we may, at our absolute discretion, treat any Transaction entered into by us in reliance on receipt of FinProsthose funds as void from the outset or close it the prevailing price determined by us then, and recover any losses arising from the voidance or closure of the Transaction from you. We reserve the right to stipulate the method of payment to be used by you for the payment of Margin.
17.14. (6) You acknowledge that we have the absolute discretion to consider your overall position with us and/or associated company including any of your net unrealized losses on open positions in making calculation of the Margin payments that we require from you.
(7) We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a 'Margin calls.
17.15. If call') however if we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we so the Margin call may do so be made by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the message or through an Electronic Trading Service. The Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we notice. We will also be deemed to have made a demand on you by telephone if if: i) we have left a message requesting you to contact us and you have not done so within the a reasonable time specified in our after we have left such a message;
d) it is your responsibility to notify us immediately of any change in your contact de- tails and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin call.
17.17. You agree with the terms set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policy.; or
Appears in 1 contract
Samples: Customer Agreement
Margin. 17.1. (1) Upon opening a Transaction, you will be required to pay us the Initial Margin for that Trans- actionTransaction, as calculated by us.
17.2us (“Initial Margin”). You acknowledge Note that the Initial Margin for certain Transactions (for example, Share CFDs) ), will be based on a percentage of the Contract Value of the Transaction and there- fore, therefore the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Contract Value.
17.3. Initial Margin is due and payable to us before you enter into a immediately upon opening the Transaction (and for Trans- actions Transactions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease increase in Contract Value taking place).) unless:
17.4. You agree (a) we have expressly told you that you have an account type that allows for different Financial Products there will be different longer payment periods for Margin, in which case you must pay Margin requirementsin accordance with the payment periods that we have advised to you, which will be displayed provided always that any credit or other limits placed on our Electronic Trading Service under the specifications of each Underlying Instrument. The Margin requirements your dealings with us are subject not exceeded;
(b) we have expressly agreed to change without notice to you so you should make yourself aware reduce or waive all or part of the Margin requirementsthat we would otherwise require you to pay us in respect of a Transaction. The period of such waiver or reduction may be temporary or may be in place until further notified. Any such waiver or reduction must be agreed in writing (including by email) by a director, an authorised signatory or relationship manager of ours or a member of our credit or risk departments (each an “Authorised Employee”) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter; or
(c) we agree otherwise (any such agreement must be made in writing (including by email), by an Authorised Employee in order to be effective), in which case you will be required to comply with such terms as are stated in such written agreement.
17.5. (2) You also agree that you have continuing a variation Margin obligations obligation to us to ensure that at all times during which you have open Transactions you have Margin Cover in ensure that your Account account balance, taking into account all realised and/or unrealised profits and that it losses (“P&L”) on your account, is positive at all times.
17.6. You must maintain equal to at least the amount of Initial Margin Cover required by us, whether or not that we give any notice to require you to make those payments or have paid to us for all of your open Transactions. If there is any shortfall between your account balance (taking into account P&L) and your total Initial Margin requirement, you or whether or not will be required to deposit additional funds into your account. These funds will be due and payable to us for our own account, immediately on your account balance (taking into account P&L) falling below your Initial Margin requirement unless:
(a) we have expressly told you that you have actual notice an account type that allows for longer payment periods for Margin, in which case you must pay Margin in accordance with the payment periods that we have advised to you, provided always that any credit or other limits placed on your dealings with us are not exceeded;
(b) we have expressly agreed to reduce or waive all or part of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation that we would otherwise require you to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by pay us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.10. Your liability in respect of your Transaction(s). The period of such waiver or reduction may be temporary or may be in place until further notice. Any such waiver or reduction must be agreed by an Authorised Employee in writing (including by email) in order to be effective. Any such agreement does not limit, xxxxxx or restrict our rights to seek further Margin from you in respect of the Transaction at any time thereafter;
(c) we agree, by an Authorised Employee, otherwise in writing (including by email), in which case you will be required to comply with such terms as are stated in the written agreement; or
(d) we have expressly extended you a credit limit, and you have sufficient credit to cover your Margin requirements and are in compliance with any other conditions that we have imposed on you. Importantly however, if at any time your credit facility is not limited sufficient to cover the Margin requirement on your deposit of Initial Mar- gin or Variation Marginopen Transactions, you must immediately place additional funds on your account in order to fully cover the Margin required. You are responsible Any credit limits extended to pay any deficit owing you will not act to us after Close Out of restrict your losses and no limit should be deemed as the maximum amount you could lose.
(3) Where we have categorised you as a Transaction and if you default in payment of such deficitRetail Client, we may pay the deficit out of the Account close or realize part close any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (without prior notice to you) Close Outopen Transactions on your account if your account balance, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine (whether in our discretion or by automatic trading platform management) if:
a) your Margin Level falls below the Liquidation Level; or
b) you fail to maintain the required Margin Cover; or
c) at any time, and from time to time, FinPros determines that the value of all of your Open Positions (and not taking into account any cash balance in P&L, is equal to or less than 50% of the total Initial Margin requirement for your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Valueopen Transactions.
17.12. (4) Details of Margin amounts paid and owing by you are available by logging onto on to our Electronic Trading Services or by telephoning one of our employees. You acknowledge:
(a) that it is your Ac- countresponsibility to be aware of, and further that you agree to pay, the Margin required at all times for all Transactions that you open with us;
(b) that your obligation to pay Margin will exist whether or not we contact you regarding an outstanding Margin obligation; and
(c) that your failure to pay any Margin required in relation to your Transactions will be regarded as an Event of Default for the purposes of Term 17.
17.13. Xxxxxx Xxxxxxxx (5) Margin payments must be made in the form of cleared funds (paid on your account with us) unless, by separate written agreement, we accept other assets from you as collateral for payment of Margin. In the event that any applicable debit card authority or other paying agent declines to transfer funds to us for any reason whatsoever then we may, at our absolute discretion, treat any Transaction entered into by us in reliance on receipt of those funds as void from the nominated account outset or close it at our then prevailing price, and recover any losses arising from the voidance or closure of FinProsthe Transaction from you. We may reserve the right to stipulate the method of payment to be used by you for the payment of Xxxxxx.
17.14. (6) Subject to Term 8(3), in making any calculation of the Margin payments that we require from you under this Term 15, we may, at our absolute discretion, have regard to your overall position with us and/or an Associated Company of ours including any of your net unrealised losses (i.e. losses on open positions).
(7) We are not under any obligation to keep you informed of your Account account balance or and Margin Cover requirements or required (i.e. to make a ‘Margin calls.
17.15. If call’) however if we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we so the Margin call may do so be made by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the message or through an Electronic Trading Service. The Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we notice. We will also be deemed to have made a demand on you by telephone if if:
(a) we have left a message requesting you to contact us and you have not done so within a reasonable time after we have left such a message; or
(b) if we are unable to leave such a message and have used reasonable endeavours to attempt to contact you by telephone (at the telephone number last notified to us by you) but have been unable to contact you at such a number. Any message that we leave for you requesting you to contact us should be regarded by you as extremely urgent unless we specify to the contrary when we leave the message. You acknowledge and accept that what constitutes a reasonable time specified in our message;
d) it the context of this Term may be influenced by the state of the Underlying Market and that, according to the circumstances, could be a matter of minutes or even immediately. It is your responsibility to notify us immediately of any change in your contact de- tails details and to provide us with alternative contact details and ensure that our calls for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday).
17.16. We will not be liable for any Losseslosses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to satisfy a Margin call or if we are unable to contact you in making a Margin calldo so.
17.17(8) Subject to Applicable Regulations, we will be entitled, at any time, to increase or decrease the Margin required from you on open Transactions or to change the credit arrangements for your account. You agree that, regardless of the normal way in which you and we communicate, we will be entitled to notify you of a change to Margin levels or the credit arrangements for your account by any of the following means: telephone, post, email, text message, via one of our Electronic Trading Services or by posting notice of the change on our website. Any increase in Margin levels will be due and payable immediately on our demand, including our deemed demand. Any change in the credit arrangements for your account will be effective at the time notified to you, which may include immediately. We will only increase Margin requirements or change the credit arrangements for your account where we reasonably consider it necessary, for example but without limitation, in response to or in anticipation of any of the following:
(a) a change in the volatility and/or liquidity in the Underlying Market or in the financial markets more generally;
(b) economic news;
(c) a company whose Instruments represent all or part of your Transaction becoming or being rumoured to be going insolvent, being suspended from trading or undertaking a Corporate Event;
(d) you changing your dealing pattern with us and/or an Associated Company of ours;
(e) your credit circumstances changing or our assessment of your credit risk to us changing;
(f) your exposure to us and/or an Associated Company of ours being concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group);
(g) our and/or an Associated Company of ours exposure is concentrated in a particular Underlying Market or a sector (being a selection of stocks in a market normally associated with a specific industry group) as a result of your Transactions with us in aggregation with transactions of other clients of ours and/or an Associated Company of ours;
(h) a change in the terms margin charged by our hedging counterparties or the margin rules set out in our Leverage, Xxxxxx, Margin Call & Margin Close Out Policyby the relevant Underlying Market; or
(i) any change to the Applicable Regulations.
Appears in 1 contract
Samples: Client Agreement
Margin. 17.125.1. Leverage ratios are also expressed in percentage terms and comprise the Margin requirements for your Account. For example at the Default Leverage Limit ratio of 1:20, the Margin required is 5%. Upon opening a Transaction, you this Margin amount will be required to pay be held as collateral (otherwise known as “Initial Margin”) and to be maintained at all times until and subject to close out or termination of the relevant Transaction. The Margin payments required vary depending on the Leverage ratio of the CFD and the underlying Financial Instrument and the contract value of the Transaction. Details of our policy regarding the Margin requirements applicable to each CFD can be found at our Leverage and Margin Policy. The minimum level of Margin Level required for maintaining any open positions at any point in time is 50%, subject to Clause 25.4 below.
25.2. Your obligation to comply with the Margin requirements and maintain the relevant Margin Level as this applies to your open positions under all your Transactions with us, is a continuing obligation to which you are subject throughout the period during which a Transaction is open and exists independently or whether or not we provide you with any warning as to your obligation to maintain the relevant Margin Level and the consequences of your failure to do so. Where we are obligated or elect to warn or notify you of insufficient Margin hereunder, we shall, at our discretion, do
24.4. refer to our Leverage and Margin Policy. Without prejudice to any other rights which we have under this Agreement, where we allow you to trade at Leverage levels which are higher than the Default so by means of e-mail and/or SMS and/or push notification and/or by means of our electronic trading platform.
25.3. Where we effect or arrange a Transaction you shall comply with the Margin requirements applicable to such Transaction. Your failure to do so will constitute an Event of Default and will trigger close out of your position in respect of which you have failed to make payment of the required Margin.
25.4. Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level” or “Margin Close Out Level”), we have the right to begin closing out all positions in your account in relation to the Transactions for which you have failed to provide Xxxxxx, starting from the positions which are most unprofitable for you. Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause 25.4 shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
25.5. Where you carry out trading activity on the Markets Web/Mobile Trading Platforms, we may send you an email and/or notification in the event that the value of your positions falls below 70%, or such other level as we may determine in our sole discretion, of the Initial Margin requirement as an early warning. We are not under an obligation to provide you with such warning and failure on our part to send you any such warning shall not give rise to any claim against us, whether in contract or otherwise, and does not affect any of our rights hereunder. We will not be providing you any warnings or notifications where you are a client using the MT4 and MT5 Electronic Trading Platform.
25.6. You shall be solely responsible for monitoring your position in respect of any Transaction and remaining informed at all times regarding the amount of Margin which may be payable by you at any given point in time, and any changes in Margin that Trans- actionmay be introduced by us pursuant to Clause 25.7 below. We are under no obligation to contact you or give you any oral or written warning as to your failure to comply with the applicable Margin requirements. Safecap and the Group shall under no circumstances be liable for any direct or indirect loss suffered by you as a result of your failure to make timely payment in cleared funds of Margin amounts due by you.
25.7. We reserve the right to modify the Margin requirements applicable to any new (but not existing) positions of our customers for the purpose, inter alia, of preventing abusive trading and managing our market exposure in the following circumstances: • We may change the Margin requirements applicable to any positions opened less than 1 (one) hour before the closing of the market of the underlying Financial Instrument (or other instrument) of the CFDs; • We may change the Margin requirements applicable to any positions opened less than 1 (one) hour after the opening of the market of the underlying Financial Instrument (or other instrument) of the CFDs; • We may change the Margin requirements applicable to any positions opened less than 1 (one) before and after any schedule earnings reports or announcements by the issuers of the underlying Financial Instrument (or other instrument) of the CFDs; • Where changes in Margin are necessary to control our total exposure, as calculated by us.
17.2stipulated in Clause 13.2 hereof. Notwithstanding the above, we reserve the right to alter the timeframes for Margin changes stipulated in this Clause 25.7 in the event of unforeseen changes in the market conditions or where it is otherwise necessary to prevent abusive or manipulative trading. You acknowledge that the Initial Margin for certain Transactions (for example, Share CFDs) will be based on a percentage of the Contract Value of the Transaction and there- fore, the Initial Margin due for such Transactions will fluctuate in accordance with the Con- tract Value.
17.3. Initial Margin is due and payable are advised to us before you enter into a Transaction (and for Trans- actions that have a fluctuating Initial Margin based on a percentage of the Contract Value, immediately on opening the Transaction and thereafter immediately on any in- crease in Contract Value taking place).
17.4. You agree that for different Financial Products there will be different Margin requirements, which will be displayed on monitor our Electronic Trading Service under Platforms and the specifications of each Underlying Instrument. The Margin requirements are subject to change without notice to you so you should make yourself aware of Website for up-to-date information regarding the Margin requirements.
17.525.8. Margin must be paid in freely available cleared funds, in such currency as is acceptable to us. In the absence of fraud or gross negligence on our part, we shall have no responsibility with regard to the consequences of any failure of a Margin payment to be made to us within the required timeframes in freely available cleared funds.
25.9. You also undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree that you to assign or transfer, any of the cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
25.10. In addition, and without prejudice to any rights which we may have continuing Margin under this Agreement or any Applicable Laws and Regulations, we shall have a general lien on all cash held by us or our Associates or our nominees on your behalf, to the extent of your liabilities to us, until the satisfaction of your financial obligations to us to ensure that at all times during which you have open Transactions you have Margin Cover in your Account and that it is positive at all times.
17.6. You must maintain at least the amount of Margin Cover required by us, whether or not we give any notice to you to make those payments or you or whether or not you have actual notice of the required amount. The required amount of Margin Cover can change contin- uously and can change automatically, including over the weekend or other non-trading days. Your obligation to maintain at least the required amount of Margin Cover is contin- uous.
17.7. It is solely your responsibility to monitor and to satisfy all Margin Cover requirements.
17.8. You are required to maintain the Margin Cover, which might mean you must deposit more Margin, whether or not we give you a Margin call and even if you are not contactable.
17.9. Deposited Margin is credited by FinPros at the time that cleared funds have been received into the CMTA and we have applied the payment to your Account or such other time as allowed by us, so a Margin Cover requirement for a Contract or other Transaction issued by us is not satisfied unless and until your payment is received in cleared funds into the CMTA and applied to your Account by us.
17.1025.11. Your liability in respect If there is an Event of Default or this Agreement terminates, we shall set-off the balance of Margin requirements is not limited to your deposit of Initial Mar- gin or Variation Margin. You are responsible to pay any deficit owing owed by you to us after as well as any other financial obligations you may have due to us (as reasonably valued by us) against any amounts payable by us to you, before we return any remaining funds on your Account to you. The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under Clause 32 (“Events of Default, Netting and Close Out”).
25.12. Safecap may vary the required Margin and Close Out Level by giving you 10 (ten) calendar days prior notice in accordance with the provisions of a Transaction and if you default in payment of such deficit, we Clause 46 (“Amendments to this Agreement”). We may pay vary the deficit out of the Account or realize any Financial Products held by us and apply the amounts or proceeds against that deficit and you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
17.11. FinPros may (required Margin with immediate effect without prior notice to you) Close Out, but where the following circumstances arise or it is reasonably likely or possible that they will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as we determine arise (whether in our discretion or by automatic trading platform management) if:each case in the reasonable opinion of Safecap):
a) your Margin Level falls below Severe disruption in the Liquidation Level; orfinancial market or material adverse changes which may affect one or more Transaction;
b) you fail to maintain the required Margin Cover; orAny developments or news or events which may have a material adverse effect on one or more Transactions;
c) at any time, and from time to time, FinPros determines that Significant volatility affecting one or more Transactions or the value prices of all of your Open Positions (and not taking into account any cash balance in your Account) represents a substantial net unrealized loss to you such that, in our belief, the con- tinued trading, or failure to Close Out, one or more of your Open Positions will or is likely to materially prejudice your Account Value.
17.12. Details of Margin amounts paid and owing by the underlying financial instruments that comprise CFDs for which you are available by logging onto your Ac- count.
17.13. Xxxxxx Xxxxxxxx must be made in the form of cleared funds (paid into the nominated account of FinPros.
17.14. We are not under any obligation to keep you informed of your Account balance or Margin Cover requirements or to make Margin calls.
17.15. If we do (in our reasonable discretion) make Xxxxxx calls on you:
a) we may do so by telephone call, post, fax, email, text message, push notification, live pop-up messaging, rich text messaging etc.
b) the Margin call will be deemed to have been made as soon as you are deemed to have received such notice in accordance with clause 17.5 above;
c) we will also be deemed to have made a demand on you by telephone if we have left a message requesting you to contact us and you have not done so within the time specified in our messagemaintain open positions;
d) it is Any significant changes to your responsibility own
e) Any significant changes or anticipated changes to notify the Applicable Laws and regulations to which we are subject and which may significantly impact any one or more open Transactions between us immediately or our business of dealing in CFDs in general;
f) any actual or anticipated changes in the Applicable Laws and Regulations regarding the protection of Retail Clients.
25.13. The provisions of this Clause 25, are without prejudice to any other rights which we may have under this Agreement.
25.14. You understand and acknowledge that you shall be solely responsible for the assessment of the suitability of any change in your contact de- tails investment which you make through us and that you rely on you own judgment or advice from other advisors to provide us with alternative contact details and ensure that our calls which you may have access or which you may engage for Margin will be met if you will be uncontactable at the contact address or telephone number notified to us (for example because you are travelling or are on holiday, or you are prevented from being in contact because of a religious holiday)this purpose.
17.1625.15. We will In the absence of fraud or negligence on our part, we shall not be liable for any Lossesdirect or indirect, costspecuniary or other loss, expenses or damages incurred or including loss of opportunity suffered by you as a consequence result of any mistake or incorrect understanding or assessment of the risk involved in or consequences of any Transaction which you make with or through us, or for adverse consequences on your ability to meet your any of your failure financial obligations or commitments. The provisions of this Clause 25, are without prejudice to satisfy a Margin call or if we are unable to contact you in making a Margin callthe provisions of Clause 34 (“Exclusions, Limitation and Indemnity”).
17.1725.16. You agree with the terms set out in expressly acknowledge that you have read, understood and accept our Leverage, Xxxxxx, Margin Call & Margin Close Out PolicyRisk Disclosure Statement.
Appears in 1 contract
Samples: Investment Services Agreement