Common use of MARKET MAKING Clause in Contracts

MARKET MAKING. In certain markets, including the foreign exchange markets and CFD Contracts, the Company may act as a ‘Market Maker’, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. Following execution of any position, we may, at its reasonable discretion, subsequently off-set each such position with you with another client position or with a position with one of our counterparties, or it may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting client positions at prices that are different from the Price Quotes initially provided to you, resulting in trading profits or losses for our Company. This in turn can raise the possibility of you incurring an implied cost (i.e., the difference between the price at which you traded with Us and the price at which the company subsequently traded with its counterparties and/or other clients), due to any profits realised by our company as a result of the Market Making function. However, please note that the Market Making function may involve significant costs to the company if the market moves against it in comparison to the price at which we traded with you. The Client hereby accepts that in such Markets where the Company acts as Market Maker, it may hold positions that are contrary to Clients’ positions, resulting in potential conflicts of interest. In Markets, where the Company acts as a Market Maker, the Client accepts that the company has no obligation to quote prices to the clients, at any time in any given Market, nor shall it have an obligation to provide such Price Quotes to the Client and/or any of its other clients with a specific maximum spread. You acknowledge, recognise and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which the company may have covered or expected to be able to ‘cover’ the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledge, recognise and accept the said ‘spread’ constitutes remuneration to the Company and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall not be specified at the Settlement/Trade Confirmation. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by Us acting as a Market Maker in certain Markets, and any other fees and charges shall consequently influence your trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘spreads’, would not apply. Whilst dealing ‘spreads’ and commissions are normally considered moderate in relation to the value of the Financial Instruments traded, such costs may be considerable when compared with your Margin deposit. As a consequence, thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned costs for you that are caused by the Company performing as a Market Maker. If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total impact of costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us as a Market Maker. For very active clients, such costs may over time, exceed the value of the Margin deposited with the company. Normally, when trading Margin derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. You are hereby being notified that CFDs are OTC products quoted by the Company whilst operating as a Market Maker and are not traded on an organised stock exchange. As a result, the description above of the implied costs related to the company’s performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 68.1 You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘Market Maker’, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. 68.2 In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 68.3 Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set offset each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting us offsetting client positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clients), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. The Client hereby accepts that . 68.4 You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest. interest between us, and any such other of our clients. 68.5 In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the you and/or any of our other clients, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients with a specific maximum spread. . 68.6 You acknowledgeacknowledges, recognise recognize and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which the company we may have covered or expected to be able to ‘cover’ the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognize and accept the that said ‘spread’ constitutes remuneration to the Company us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall will not be specified at the Settlement/Trade Confirmation. Confirmation or otherwise revealed to you. 68.7 Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘the’ spreads’, would not apply. . 68.8 Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to the value of the Financial Instruments traded, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing our performance as a Market Maker. . 68.9 If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clients, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. . 68.10 You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 68.11 Please not that we are at no time and under no circumstances obliged to disclose any details of our performance or our income produced as a Market Maker, or otherwise related to other commissions, charges and fees. 68.12 You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognized stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘“Market Maker’”, i.e., we may take the risk of holding a certain number of Supported Financial Trading Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘“bid’ ” and ‘“ask’ ” prices (‘“buy’ ” and ‘“sell’ ” quotations) for such Supported Financial Trading Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Trading Instruments from our own inventory or seeking an Offsetting Order. 64.2 In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 64.3 Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set offset each such position with you with another client customer position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting client us offsetting customer positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clientscustomers), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. The Client hereby accepts that . 64.4 You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our customers, resulting in potential conflicts conflict of interest. interest between us, and any such other of our customers. 64.5 In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the clientsyou and/or any of our other customers, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients customers with a specific maximum spread. . 64.6 You acknowledge, recognise recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which the company we may have covered or expected to be able to ‘“cover’ ” the Transaction or Contract in a trade with another client customer or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognize and accept the that said ‘“spread’ ” constitutes remuneration to the Company us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall ” will not be specified at the Settlement/Trade Confirmation. Confirmation or otherwise revealed to you. 64.7 Any commission costs, interest charges, costs associated to and included in the ‘“spreads’ ” that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘“spreads’”, would not apply. . 64.8 Whilst dealing ‘“spreads’ ” and commissions are normally considered moderate seen in relation to the value of the Financial Instruments tradedTrading Instruments, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing our performance as a Market Maker. . 64.9 If you are an active trader and you are undertaking numerous Transactions and/or ContractsTransactions, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clientscustomers, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. Transaction. 64.10 You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 64.11 Please note that we are at no time and under no circumstances obliged to disclose any details of our performance or our income produced as a Market Maker, or otherwise related to other commissions, charges and fees. 64.12 You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognized stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 65.1 You are specifically informed that in certain markets, including the such as foreign exchange markets markets, OTC foreign exchange options, and CFD Contracts, the Company we may act as a ‘'Market Maker’, i.e., ,' meaning that we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘'bid’ ' and ‘'ask’ ' prices (‘'buy’ ' and ‘'sell’ ' quotations) for such Supported Financial Instruments on our Online Trading Facility FX platform. 65.2 In order to provide Price Quotes with the speed typically associated with speculative trading, we may have to rely on available prices or information that later proves to be inaccurate due to specific market circumstances, such as a lack of liquidity in, or suspension of, an Underlying Instrument or asset, or errors in information provider feeds. We may cancel the relevant Transaction and/or Contract with you in these circumstances, provided that we acted in good faith when issuing the relevant Price Quote to you. We will do so within a reasonable time and filling Orders received in respect to give you with a complete explanation for the cause for such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. cancellation. 65.3 Following the execution of any positionposition with you, we may, at its reasonable in our sole discretion, subsequently off-set balance each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain keep a proprietary position in the Market with the intention in order to obtain profit from trading profits from such positionsprofits. Such decisions As a result of these judgments and actions actions, we may therefore result in off-setting offset client positions at prices that are different differ – sometimes dramatically – from the Price Quotes initially provided supplied to you, resulting in trading profits or losses for our Companyus. This in turn can raise As a result of any profits realized by us as a result of the possibility of Market Making function, you incurring may incur what is known as an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company subsequently we later traded with its our counterparties and/or other clients), due to any profits realised by our company as a result of the Market Making function. However, please note Please keep in mind that the Market Making function may involve significant costs to the company if the market moves swings against it us in comparison relation to the price at which we traded with you. The Client hereby accepts that , the Market Making feature could cost us a lot of money. 65.4 You acknowledge that, in such Markets where the Company acts we function as Market Maker, it we may hold take positions that are contrary diametrically opposed to Clients’ positionsyours and/or those of certain other clients, resulting in potential thereby creating conflicts of interest. In Markets, interest between us and those other customers. 65.5 You agree that in Markets where the Company acts we function as a Market Maker, the Client accepts that the company has we have no obligation responsibility to quote prices to the clients, you and/or any of our other clients at any time in any given Market, nor shall it do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to the Client you and/or any of its our other clients with a specific maximum spread. clients. 65.6 You acknowledgeacknowledges, recognise recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which the company we may have covered or expected to be able to ‘'cover’ ' the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognizes, and accept the accepts that said ‘'spread’ ' constitutes remuneration to the Company us and that such ‘'spread’ ' cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall not be specified at the Settlement/Trade Confirmation. be 65.7 Any commission costs, interest charges, costs associated to with and included in the ‘'spreads’ ' that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall consequently will, as a result, influence your trading result(s) and may have a negative effect on your trading performance when compared to a situation in which where such commission costs, interest charges, costs associated to with and included in the ‘'spreads’, would ' do not apply. Whilst . 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate in relation usually deemed reasonable when compared to the value of the Financial Instruments tradedexchanged, such costs may be considerable they can add up quickly when compared with to your Margin deposit. As a consequence, thereofresult, your Margin deposit may be depleted by the reduced as a result of trading losses, which you may incur losses and by the directly clearly visible dealing costs such as commissions, interest charges charges, and brokerage fees, as well as by the afore-mentioned aforementioned invisible costs for you that are caused generated by the Company performing our performance as a Market Maker. . 65.9 If you are an active a frequent trader and you are undertaking numerous who engages in a large number of Transactions and/or Contracts, the total cumulative impact of costs may both visible and invisible expenses can be significant. ConsequentlyAs a result, you may have need to obtain significant profits in order make considerable gains to cover the costs fees associated with the trading activities operations you undertake with Us perform as a Market MakerMaker with us. For Such fees may be excessive for individuals who are very active clients, such costs may over time, active. exceed the value of the Margin deposited with the companyus over a period of time. Normally, when trading Margin derivatives, the The lower the percentage of the applicable Margin rate, the higher larger the proportion of the costs associated involved with executing a Transaction and/or Contract. Contract when trading Margined derivatives. 65.10 You are hereby being notified specifically informed that significant implied costs can arise as a result of the profits made by us in our capacity as a Market Maker in the areas of foreign exchange, CFD Contracts, and other OTC products; thus, our performance as a Market Maker may negatively affect your Account with us, and the said associated costs may not be directly visible or directly quantifiable for you at any time. 65.11 Please be aware that we are under no obligation to share any information about our performance as a Market Maker or any other commissions, charges, or fees at any time or under any circumstances. 65.12 You should be aware that CFDs are OTC products quoted by the Company whilst operating that we quote while working as a Market Maker and are not traded on an organised a recognized stock exchange. As a result, the description above foregoing explanation of the implied implicit, non-visible costs related to the company’s associated with our Market Maker performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 65.1 You are specifically informed that in certain markets, including the such as foreign exchange markets markets, OTC foreign exchange options, and CFD Contracts, the Company we may act as a ‘'Market Maker’, i.e., ,' meaning that we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘'bid’ ' and ‘'ask’ ' prices (‘'buy’ ' and ‘'sell’ ' quotations) for such Supported Financial Instruments on our Online Trading Facility FX platform. 65.2 In order to provide Price Quotes with the speed typically associated with speculative trading, we may have to rely on available prices or information that later proves to be inaccurate due to specific market circumstances, such as a lack of liquidity in, or suspension of, an Underlying Instrument or asset, or errors in information provider feeds. We may cancel the relevant Transaction and/or Contract with you in these circumstances, provided that we acted in good faith when issuing the relevant Price Quote to you. We will do so within a reasonable time and filling Orders received in respect to give you with a complete explanation for the cause for such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. cancellation. 65.3 Following the execution of any positionposition with you, we may, at its reasonable in our sole discretion, subsequently off-set balance each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain keep a proprietary position in the Market with the intention in order to obtain profit from trading profits from such positionsprofits. Such decisions As a result of these judgments and actions actions, we may therefore result in off-setting offset client positions at prices that are different differ – sometimes dramatically – from the Price Quotes initially provided supplied to you, resulting in trading profits or losses for our Companyus. This in turn can raise As a result of any profits realized by us as a result of the possibility of Market Making function, you incurring may incur what is known as an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company subsequently we later traded with its our counterparties and/or other clients), due to any profits realised by our company as a result of the Market Making function. However, please note Please keep in mind that the Market Making function may involve significant costs to the company if the market moves swings against it us in comparison relation to the price at which we traded with you. The Client hereby accepts that , the Market Making feature could cost us a lot of money. 65.4 You acknowledge that, in such Markets where the Company acts we function as Market Maker, it we may hold take positions that are contrary diametrically opposed to Clients’ positionsyours and/or those of certain other clients, resulting in potential thereby creating conflicts of interest. In Markets, interest between us and those other customers. 65.5 You agree that in Markets where the Company acts we function as a Market Maker, the Client accepts that the company has we have no obligation responsibility to quote prices to the clients, you and/or any of our other clients at any time in any given Market, nor shall it do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to the Client you and/or any of its our other clients with a specific maximum spread. clients. 65.6 You acknowledgeacknowledges, recognise recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which the company we may have covered or expected to be able to ‘'cover’ ' the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognizes, and accept the accepts that said ‘'spread’ ' constitutes remuneration to the Company and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall not be specified at the Settlement/Trade Confirmation. us. 65.7 Any commission costs, interest charges, costs associated to with and included in the ‘'spreads’ ' that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall consequently will, as a result, influence your trading result(s) and may have a negative effect on your trading performance when compared to a situation in which where such commission costs, interest charges, costs associated to with and included in the ‘'spreads’, would ' do not apply. Whilst . 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate in relation usually deemed reasonable when compared to the value of the Financial Instruments tradedexchanged, such costs may be considerable they can add up quickly when compared with to your Margin deposit. As a consequence, thereofresult, your Margin deposit may be depleted by the reduced as a result of trading losses, which you may incur losses and by the directly clearly visible dealing costs such as commissions, interest charges charges, and brokerage fees, as well as by the afore-mentioned aforementioned invisible costs for you that are caused generated by the Company performing our performance as a Market Maker. . 65.9 If you are an active a frequent trader and you are undertaking numerous who engages in a large number of Transactions and/or Contracts, the total cumulative impact of costs may both visible and invisible expenses can be significant. ConsequentlyAs a result, you may have need to obtain significant profits in order make considerable gains to cover the costs fees associated with the trading activities operations you undertake with Us perform as a Market MakerMaker with us. For Such fees may be excessive for individuals who are very active clients, such costs may over time, and exceed the value of the Margin deposited with the companyus over a period of time. Normally, when trading Margin derivatives, the The lower the percentage of the applicable Margin rate, the higher larger the proportion of the costs associated involved with executing a Transaction and/or Contract. You are hereby being notified that CFDs are OTC products quoted by the Company whilst operating as a Market Maker and are not traded on an organised stock exchange. As a result, the description above of the implied costs related to the company’s performance as a Market Maker, may also apply to any CFD ContractContract when trading Margined derivatives.

MARKET MAKING. In certain markets, including the foreign exchange markets and CFD Contracts, the Company may act as a ‘Market Maker’, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. Following execution of any position, we We may, at its reasonable discretion, subsequently off-set each such position with you with another client position or with a position with one of our counterparties, or it may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting client positions at prices that are different from the Price Quotes initially provided to you, resulting in trading profits or losses for our Company. This in turn can raise the possibility of you incurring an implied cost (i.e., the difference between the price at which you traded with Us and the price at which the company subsequently traded with its counterparties and/or other clients), due to any profits realised by our company as a result of the Market Making function. However, please note that the Market Making function may involve significant costs to the company company, if the market moves against it in comparison to the price at which we traded with you. The Client hereby accepts that in such Markets where the Company acts as Market Maker, it may hold positions that are contrary to Clients’ positions, resulting in potential conflicts of interest. In Markets, where the Company acts as a Market Maker, the Client accepts that the company has no obligation to quote prices to the clients, at any time in any given Market, nor shall it have an obligation to provide such Price Quotes to the Client and/or any of its other clients with a specific maximum spread. You acknowledge, recognise and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which the company may have covered or expected to be able to ‘cover’ the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledge, recognise and accept the said ‘spread’ constitutes remuneration to the Company and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall not be specified at the Settlement/Trade Confirmation. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by Us acting as a Market Maker in certain Markets, and any other fees and charges shall consequently influence your trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘spreads’, would not apply. Whilst dealing ‘spreads’ and commissions are normally considered moderate in relation to the value of the Financial Instruments traded, such costs may be considerable when compared with your Margin deposit. As a consequence, thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned costs for you that are caused by the Company performing as a Market Maker. If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total impact of costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us as a Market Maker. For very active clients, such costs may over time, exceed the value of the Margin deposited with the company. Normally, when trading Margin derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. You are hereby being notified that CFDs are OTC products quoted by the Company whilst operating as a Market Maker and are not traded on an organised stock exchange. As a result, the description above of the implied costs related to the company’s performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 65.1 You are specifically informed that in certain markets, including the such as foreign exchange markets markets, OTC foreign exchange options, and CFD Contracts, the Company we may act as a ‘'Market Maker’, i.e., ,' meaning that we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘'bid’ ' and ‘'ask’ ' prices (‘'buy’ ' and ‘'sell’ ' quotations) for such Supported Financial Instruments on our Online Trading Facility FX platform. 65.2 In order to provide Price Quotes with the speed typically associated with speculative trading, we may have to rely on available prices or information that later proves to be inaccurate due to specific market circumstances, such as a lack of liquidity in, or suspension of, an Underlying Instrument or asset, or errors in information provider feeds. We may cancel the relevant Transaction and/or Contract with you in these circumstances, provided that we acted in good faith when issuing the relevant Price Quote to you. We will do so within a reasonable time and filling Orders received in respect to give you with a complete explanation for the cause for such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. cancellation. 65.3 Following the execution of any positionposition with you, we may, at its reasonable in our sole discretion, subsequently off-set balance each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain keep a proprietary position in the Market with the intention in order to obtain profit from trading profits from such positionsprofits. Such decisions As a result of these judgments and actions actions, we may therefore result in off-setting offset client positions at prices that are different differ – sometimes dramatically – from the Price Quotes initially provided supplied to you, resulting in trading profits or losses for our Companyus. This in turn can raise As a result of any profits realized by us as a result of the possibility of Market Making function, you incurring may incur what is known as an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company subsequently we later traded with its our counterparties and/or other clients), due to any profits realised by our company as a result of the Market Making function. However, please note Please keep in mind that the Market Making function may involve significant costs to the company if the market moves swings against it us in comparison relation to the price at which we traded with you. The Client hereby accepts that , the Market Making feature could cost us a lot of money. 65.4 You acknowledge that, in such Markets where the Company acts we function as Market Maker, it we may hold take positions that are contrary diametrically opposed to Clients’ positionsyours and/or those of certain other clients, resulting in potential thereby creating conflicts of interest. In Markets, interest between us and those other customers. 65.5 You agree that in Markets where the Company acts we function as a Market Maker, the Client accepts that the company has we have no obligation responsibility to quote prices to the clients, you and/or any of our other clients at any time in any given Market, nor shall it do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to the Client you and/or any of its our other clients with a specific maximum spread. clients. 65.6 You acknowledgeacknowledges, recognise recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which the company we may have covered or expected to be able to ‘'cover’ ' the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognizes, and accept the accepts that said ‘'spread’ ' constitutes remuneration to the Company and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall not be specified at the Settlement/Trade Confirmation. us. 65.7 Any commission costs, interest charges, costs associated to with and included in the ‘'spreads’ ' that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall consequently will, as a result, influence your trading result(s) and may have a negative effect on your trading performance when compared to a situation in which where such commission costs, interest charges, costs associated to with and included in the ‘'spreads’, would ' do not apply. Whilst . 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate in relation usually deemed reasonable when compared to the value of the Financial Instruments tradedexchanged, such costs may be considerable they can add up quickly when compared with to your Margin deposit. As a consequence, thereofresult, your Margin deposit may be depleted by the reduced as a result of trading losses, which you may incur losses and by the directly clearly visible dealing costs such as commissions, interest charges charges, and brokerage fees, as well as by the afore-mentioned aforementioned invisible costs for you that are caused generated by the Company performing our performance as a Market Maker. . 65.9 If you are an active a frequent trader and you are undertaking numerous who engages in a large number of Transactions and/or Contracts, the total cumulative impact of costs may both visible and invisible expenses can be significant. ConsequentlyAs a result, you may have need to obtain significant profits in order make considerable gains to cover the costs fees associated with the trading activities operations you undertake with Us perform as a Market MakerMaker with us. For Such fees may be excessive for individuals who are very active clients, such costs may over time, and exceed the value of the Margin deposited with the companyus over a period of time. Normally, when trading Margin derivatives, the The lower the percentage of the applicable Margin rate, the higher larger the proportion of the costs associated involved with executing a Transaction and/or Contract. Contract when trading Margined derivatives. 65.10 You are hereby being notified specifically informed that significant implied costs can arise as a result of the profits made by us in our capacity as a Market Maker in the areas of foreign exchange, CFD Contracts, and other OTC products; thus, our performance as a Market Maker may negatively affect your Account with us, and the said associated costs may not be directly visible or directly quantifiable for you at any time. 65.11 Please be aware that we are under no obligation to share any information about our performance as a Market Maker or any other commissions, charges, or fees at any time or under any circumstances. 65.12 You should be aware that CFDs are OTC products quoted by the Company whilst operating that we quote while working as a Market Maker and are not traded on an organised a recognized stock exchange. As a result, the description above foregoing explanation of the implied implicit, non-visible costs related to the company’s associated with our Market Maker performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 68.1 You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘Market Maker’, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. 68.2 In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you,but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 68.3 Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set offset each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting us offsetting client positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clients), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. The Client hereby accepts that . 68.4 You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest. interest between us, and any such other of our clients. 68.5 In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the you and/or any of our other clients, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients with a specific maximum spread. . 68.6 You acknowledgeacknowledges, recognise recognize and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which the company we may have covered or expected to be able to ‘cover’ the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognize and accept the that said ‘spread’ constitutes remuneration to the Company tous and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall will not be specified at the Settlement/Trade Confirmation. Confirmation or otherwise revealed to you. 68.7 Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘the’ spreads’, would not apply. . 68.8 Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to the value of the Financial Instruments traded, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing causedby our performance as a Market Maker. . 68.9 If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clients, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. . 68.10 You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 68.11 Please not that we are at no time and under no circumstances obliged to disclose any details of our performance or our income produced as a Market Maker, or otherwise related to other commissions, charges and fees. 68.12 You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognized stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘“Market Maker’”, i.e., we may take the risk of holding a certain number of Supported Financial Trading Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘“bid’ ” and ‘“ask’ ” prices (‘“buy’ ” and ‘“sell’ ” quotations) for such Supported Financial Trading Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Trading Instruments from our own inventory or seeking an Offsetting Order. 64.2 In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 64.3 Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set offset each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting us offsetting client positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clients), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. The Client hereby accepts that . 64.4 You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our clients, resulting in potential conflicts conflict of interest. interest between us, and any such other of our clients. 64.5 In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the you and/or any of our other clients, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients with a specific maximum spread. . 64.6 You acknowledge, recognise recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which the company we may have covered or expected to be able to ‘“cover’ ” the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognize and accept the that said ‘“spread’ ” constitutes remuneration to the Company us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall ” will not be specified at the Settlement/Trade Confirmation. Confirmation or otherwise revealed to you. 64.7 Any commission costs, interest charges, costs associated to and included in the ‘“spreads’ ” that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘“spreads’”, would not apply. . 64.8 Whilst dealing ‘“spreads’ ” and commissions are normally considered moderate seen in relation to the value of the Financial Instruments tradedTrading Instruments, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing our performance as a Market Maker. . 64.9 If you are an active trader and you are undertaking numerous Transactions and/or ContractsTransactions, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clients, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. Transaction. 64.10 You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 64.11 Please note that we are at no time and under no circumstances obliged to disclose any details of our performance or our income produced as a Market Maker, or otherwise related to other commissions, charges and fees. 64.12 You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognized stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In 63.1. You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘“Market Maker’”, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order. 63.2. In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Financial Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 63.3. Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set each such position with you with another client position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in us off-setting client positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clients), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. 63.4. The Client hereby accepts that You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our clients, resulting in potential conflicts of interestinterest between us, and any such other of our clients. 63.5. In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the you and/or any of our other clients, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients with a specific maximum spread. 63.6. You acknowledge, recognise and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which the company we may have covered or expected to be able to ‘cover’ the Transaction or Contract in a trade with another client or a counterparty; furthermore, you acknowledge, recognise and accept the that said ‘spread’ constitutes remuneration to the Company us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall will not be specified at the Settlement/Trade ConfirmationConfirmation or otherwise revealed to you. 63.7. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘spreads’, would not apply. 63.8. Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to the value of the Financial Instruments traded, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing our performance as a Market Maker. 63.9. If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clients, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. 63.10. You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 63.11. You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognised stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. In ‌ 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets markets, OTC foreign exchange options and CFD Contracts, the Company we may act as a ‘“Market Maker’”, i.e., we may take the risk of holding a certain number of Supported Financial Trading Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘“bid’ ” and ‘“ask’ ” prices (‘“buy’ ” and ‘“sell’ ” quotations) for such Supported Financial Trading Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Trading Instruments from our own inventory or seeking an Offsetting Order. 64.2 In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation. 64.3 Following execution of any positionposition with you, we may, at its our reasonable discretion, subsequently off-set offset each such position with you with another client customer position or with a position with one of our counterparties, or it we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in off-setting client us offsetting customer positions at prices that are different – sometimes significantly different – from the Price Quotes initially provided to you, resulting in trading profits or losses for our Companyus. This in turn can raise the possibility of you incurring incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with Us us and the price at which the company we subsequently traded with its our counterparties and/or other clientscustomers), due to any profits realised by our company us as a result of the Market Making function. HoweverPlease also note, please note however, that the Market Making function may involve significant costs to the company us, if the market moves against it us in comparison to the price at which we traded with you. The Client hereby accepts that . 64.4 You accept that, in such Markets where the Company acts we act as Market Maker, it we may hold positions that are contrary to Clients’ positionsyour positions and/or the positions of certain other of our customers, resulting in potential conflicts conflict of interest. interest between us, and any such other of our customers. 64.5 In Markets, where the Company acts we act as a Market Maker, the Client accepts you accept that the company has we have no obligation to quote prices to the clientsyou and/or any of our other customers, at any time in any given Market, nor shall it we have an obligation to provide such Price Quotes to the Client you and/or any of its our other clients customers with a specific maximum spread. . 64.6 You acknowledge, recognise recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which the company we may have covered or expected to be able to ‘“cover’ ” the Transaction or Contract in a trade with another client customer or a counterparty; furthermore, you acknowledgeacknowledges, recognise recognize and accept the that said ‘“spread’ ” constitutes remuneration to the Company us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ shall ” will not be specified at the Settlement/Trade Confirmation. Confirmation or otherwise revealed to you. 64.7 Any commission costs, interest charges, costs associated to and included in the ‘“spreads’ ” that are part of the Price Quotes provided by Us acting us as a Market Maker in certain Markets, and any other fees and charges shall will consequently influence your you trading result(s) and may have a negative effect on your trading performance compared to a situation in which such commission costs, interest charges, costs associated to and included in the ‘“spreads’”, would not apply. . 64.8 Whilst dealing ‘“spreads’ ” and commissions are normally considered moderate seen in relation to the value of the Financial Instruments tradedTrading Instruments, such costs may be considerable when compared with your Margin deposit. As a consequence, consequence thereof, your Margin deposit may be depleted by the trading losses, which you may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by the Company performing our performance as a Market Maker. . 64.9 If you are an active trader and you are undertaking numerous Transactions and/or ContractsTransactions, the total impact of visible as well as invisible costs may be significant. Consequently, you may have to obtain significant profits in order to cover the costs associated with the trading activities you undertake with Us us as a Market Maker. For very active clientscustomers, such costs may over time, time exceed the value of the Margin deposited with the companyus. Normally, when trading Margin Margined derivatives, the lower the percentage of the applicable Margin rate, the higher the proportion of the costs associated with executing a Transaction and/or Contract. Transaction. 64.10 You are hereby being notified specifically made aware that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may negatively affect your Account with us and the said associated costs may neither directly visible nor directly quantifiable for you at any time. 64.11 Please note that we are at no time and under no circumstances obliged to disclose any details of our performance or our income produced as a Market Maker, or otherwise related to other commissions, charges and fees. 64.12 You are hereby specifically made aware that CFDs are may be OTC products quoted by the Company us whilst operating as a Market Maker Maker, and are not traded on an organised a recognized stock exchange. As a result, the description above of the implied implied, not visible costs related to the company’s our performance as a Market Maker, may also apply to any CFD Contract.