Common use of MARKET MAKING Clause in Contracts

MARKET MAKING. 68.1 You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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 position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client position or with a position with one of our counterparties, or 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 offsetting client positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest between us, and any such other of our clients. 68.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clients, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread. 68.6 You acknowledges, recognize and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which 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 acknowledges, recognize and accept that said ‘spread’ constitutes remuneration to us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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. 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 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 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 as a Market Maker. For very active clients, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 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 may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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. 68.2 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 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 64.3 Following execution of any position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client customer position or with a position with one of our counterparties, or 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 offsetting client customer positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clientscustomers), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 64.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clientscustomers, resulting in potential conflicts conflict of interest between us, and any such other of our clientscustomers. 68.5 64.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clientscustomers, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients customers with a specific maximum spread. 68.6 64.6 You acknowledgesacknowledge, recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which 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 acknowledges, recognize and accept that said ‘“spread’ ” constitutes remuneration to us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ ” will not be specified at the Settlement/Trade Confirmation or otherwise revealed to you. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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 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 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 our performance as a Market Maker. 68.9 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 as a Market Maker. For very active clientscustomers, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 ContractTransaction. 68.10 64.10 You are hereby 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 64.11 Please not 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. 68.12 64.12 You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 You are specifically made aware that in In certain markets, including the foreign exchange markets, OTC foreign exchange options markets and CFD Contracts, we 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. 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 position with youposition, we We may, at our its reasonable discretion, subsequently offset off-set each such position with you with another client position or with a position with one of our counterparties, or we 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 us offsetting 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 usour Company. This in turn can raise the possibility of you incurring, what may be seen as, incurring an implied cost (i.e., the difference between the price at which you traded with us Us and the price at which we the company subsequently traded with our its counterparties and/or other clients), due to any profits realised by us our company as a result of the Market Making function. Please also noteHowever, however, please note that the Market Making function may involve significant costs to usthe company, if the market moves against us it in comparison to the price at which we traded with you. 68.4 You accept that, . The Client hereby accepts that in such Markets where we act the Company acts as Market Maker, we it may hold positions that are contrary to your positions and/or the positions of certain other of our clientsClients’ positions, resulting in potential conflicts of interest between us, and any such other of our clients. 68.5 interest. In Markets, where we act the Company acts as a Market Maker, you accept the Client accepts that we have the company has no obligation to quote prices to you and/or any of our other the clients, at any time in any given Market, nor shall we it have an obligation to provide such Price Quotes to you the Client and/or any of our its other clients with a specific maximum spread. 68.6 . You acknowledgesacknowledge, recognize recognise and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which we 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 acknowledgesacknowledge, recognize recognise and accept that the said ‘spread’ constitutes remuneration to us the Company and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will shall not be specified at the Settlement/Trade Confirmation or otherwise revealed to you. 68.7 Confirmation. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of the Price Quotes provided by us Us acting as a Market Maker in certain Markets, and any other fees and charges will shall consequently influence you 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’ 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 our performance the Company performing 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 usthe company. Normally, when trading Margined 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. 68.10 . You are hereby 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 being notified that CFDs may be are OTC products quoted by us the Company whilst operating as a Market Maker, Maker and are not traded on a recognized an organised stock exchange. As a result, the description above of the implied, not visible implied costs related to our the company’s performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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 position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client position or with a position with one of our counterparties, or 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 offsetting client positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest between us, and any such other of our clients. 68.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clients, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread. 68.6 You acknowledges, recognize and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which 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 acknowledges, recognize and accept that said ‘spread’ constitutes remuneration to us tous and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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. 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 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 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 as a Market Maker. For very active clients, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 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 may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 ‌ 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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. 68.2 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 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 64.3 Following execution of any position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client customer position or with a position with one of our counterparties, or 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 offsetting client customer positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clientscustomers), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 64.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clientscustomers, resulting in potential conflicts conflict of interest between us, and any such other of our clientscustomers. 68.5 64.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clientscustomers, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients customers with a specific maximum spread. 68.6 64.6 You acknowledgesacknowledge, recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which 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 acknowledges, recognize and accept that said ‘“spread’ ” constitutes remuneration to us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ ” will not be specified at the Settlement/Trade Confirmation or otherwise revealed to you. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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 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 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 our performance as a Market Maker. 68.9 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 as a Market Maker. For very active clientscustomers, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 ContractTransaction. 68.10 64.10 You are hereby 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 64.11 Please not 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. 68.12 64.12 You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 65.1 You are specifically made aware informed that in certain markets, including the such as foreign exchange markets, OTC foreign exchange options options, and CFD Contracts, 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 and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting OrderFX platform. 68.2 65.2 In order for us to provide Price Quotes with the swiftness normally speed typically associated with speculative trading, we may have to rely on available price prices or available information that may later prove proves to be faulty inaccurate due to specific market circumstances, for instance, but not limited to, such as a lack of liquidity in, or suspension of of, an Underlying Instrument or asset asset, or errors in feeds from information providers or in Price Quotes from our counterpartiesprovider feeds. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we 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, but shall . We will do so within a reasonable time and shall provide give you with a full complete explanation for the reason of cause for such cancellation. 68.3 65.3 Following the execution of any position with you, we may, at in our reasonable sole discretion, subsequently offset balance each such position with you with another client position or with a position with one of our counterparties, or 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 us offsetting offset client positions at prices different that differ – sometimes significantly different dramatically – from the Price Quotes provided supplied to you, resulting in trading profits or losses for us. 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 may be seen as, is known as an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently later traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, keep in mind that the Market Making function may involve significant costs to us, if the market moves swings against us in comparison relation to the price at which we traded with you, the Market Making feature could cost us a lot of money. 68.4 65.4 You accept acknowledge that, in such Markets where we act function as Market Maker, we may hold take positions that are contrary diametrically opposed to your positions yours and/or the positions those of certain other of our clients, resulting in potential thereby creating conflicts of interest between us, us and any such those other of our clientscustomers. 68.5 In Markets, 65.5 You agree that in Markets where we act function as a Market Maker, you accept that we have no obligation responsibility to quote prices to you and/or any of our other clients, clients at any time in any given Market, nor shall do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to you and/or any of our other clients with a specific maximum spreadclients. 68.6 65.6 You acknowledges, recognize recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which 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 acknowledges, recognize recognizes, and accept accepts that said ‘'spread’ ' constitutes remuneration to us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade Confirmation or otherwise revealed to youus. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently will, as a result, influence you 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’ the 'spreads’, would ' do not apply. 68.8 Whilst 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate seen 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 our performance as a Market Maker. 68.9 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 both visible as well as and invisible costs may 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 usus over a period of time. Normally, when trading Margined 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 ContractContract when trading Margined derivatives. 68.10 65.10 You are hereby specifically made aware informed that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence result of the profits made by us performing in our capacity as a Market MakerMaker 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 us, and the said associated costs may neither not be directly visible nor or directly quantifiable for you at any time. 68.11 65.11 Please not be aware that we are at no time and under no circumstances obliged obligation to disclose share any details of information about our performance or our income produced as a Market Maker, Maker or otherwise related to any other commissions, charges and feescharges, or fees at any time or under any circumstances. 68.12 65.12 You are hereby specifically made should be aware that CFDs may be are OTC products quoted by us whilst operating that we quote while working as a Market Maker, Maker and are not traded on a recognized stock exchange. As a result, the description above foregoing explanation of the impliedimplicit, not non-visible costs related to associated with our Market Maker performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 64.1 You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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. 68.2 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 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 64.3 Following execution of any position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client position or with a position with one of our counterparties, or 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 offsetting client positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 64.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clients, resulting in potential conflicts conflict of interest between us, and any such other of our clients. 68.5 64.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clients, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread. 68.6 64.6 You acknowledgesacknowledge, recognize and accept that the Price Quotes provided to you include a ‘“spread’ ” when compared with the price for which 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 acknowledges, recognize and accept that said ‘“spread’ ” constitutes remuneration to us and that such ‘“spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ ” will not be specified at the Settlement/Trade Confirmation or otherwise revealed to you. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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 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 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 our performance as a Market Maker. 68.9 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 as a Market Maker. For very active clients, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 ContractTransaction. 68.10 64.10 You are hereby 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 64.11 Please not 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. 68.12 64.12 You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 65.1 You are specifically made aware informed that in certain markets, including the such as foreign exchange markets, OTC foreign exchange options options, and CFD Contracts, 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 and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting OrderFX platform. 68.2 65.2 In order for us to provide Price Quotes with the swiftness normally speed typically associated with speculative trading, we may have to rely on available price prices or available information that may later prove proves to be faulty inaccurate due to specific market circumstances, for instance, but not limited to, such as a lack of liquidity in, or suspension of of, an Underlying Instrument or asset asset, or errors in feeds from information providers or in Price Quotes from our counterpartiesprovider feeds. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we 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, but shall . We will do so within a reasonable time and shall provide give you with a full complete explanation for the reason of cause for such cancellation. 68.3 65.3 Following the execution of any position with you, we may, at in our reasonable sole discretion, subsequently offset balance each such position with you with another client position or with a position with one of our counterparties, or 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 us offsetting offset client positions at prices different that differ – sometimes significantly different dramatically – from the Price Quotes provided supplied to you, resulting in trading profits or losses for us. 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 may be seen as, is known as an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently later traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, keep in mind that the Market Making function may involve significant costs to us, if the market moves swings against us in comparison relation to the price at which we traded with you, the Market Making feature could cost us a lot of money. 68.4 65.4 You accept acknowledge that, in such Markets where we act function as Market Maker, we may hold take positions that are contrary diametrically opposed to your positions yours and/or the positions those of certain other of our clients, resulting in potential thereby creating conflicts of interest between us, us and any such those other of our clientscustomers. 68.5 In Markets, 65.5 You agree that in Markets where we act function as a Market Maker, you accept that we have no obligation responsibility to quote prices to you and/or any of our other clients, clients at any time in any given Market, nor shall do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to you and/or any of our other clients with a specific maximum spreadclients. 68.6 65.6 You acknowledges, recognize recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which 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 acknowledges, recognize recognizes, and accept accepts that said ‘'spread’ ' constitutes remuneration to us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade Confirmation or otherwise revealed to youus. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently will, as a result, influence you 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’ the 'spreads’, would ' do not apply. 68.8 Whilst 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate seen 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 our performance as a Market Maker. 68.9 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 both visible as well as and invisible costs may 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 usus over a period of time. Normally, when trading Margined 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 ContractContract when trading Margined derivatives. 68.10 You are hereby 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 may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 65.1 You are specifically made aware informed that in certain markets, including the such as foreign exchange markets, OTC foreign exchange options options, and CFD Contracts, 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 and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting OrderFX platform. 68.2 65.2 In order for us to provide Price Quotes with the swiftness normally speed typically associated with speculative trading, we may have to rely on available price prices or available information that may later prove proves to be faulty inaccurate due to specific market circumstances, for instance, but not limited to, such as a lack of liquidity in, or suspension of of, an Underlying Instrument or asset asset, or errors in feeds from information providers or in Price Quotes from our counterpartiesprovider feeds. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we 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, but shall . We will do so within a reasonable time and shall provide give you with a full complete explanation for the reason of cause for such cancellation. 68.3 65.3 Following the execution of any position with you, we may, at in our reasonable sole discretion, subsequently offset balance each such position with you with another client position or with a position with one of our counterparties, or 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 us offsetting offset client positions at prices different that differ – sometimes significantly different dramatically – from the Price Quotes provided supplied to you, resulting in trading profits or losses for us. 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 may be seen as, is known as an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently later traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, keep in mind that the Market Making function may involve significant costs to us, if the market moves swings against us in comparison relation to the price at which we traded with you, the Market Making feature could cost us a lot of money. 68.4 65.4 You accept acknowledge that, in such Markets where we act function as Market Maker, we may hold take positions that are contrary diametrically opposed to your positions yours and/or the positions those of certain other of our clients, resulting in potential thereby creating conflicts of interest between us, us and any such those other of our clientscustomers. 68.5 In Markets, 65.5 You agree that in Markets where we act function as a Market Maker, you accept that we have no obligation responsibility to quote prices to you and/or any of our other clients, clients at any time in any given Market, nor shall do we have an any obligation to provide deliver such Price Quotes with a certain maximum spread to you and/or any of our other clients with a specific maximum spreadclients. 68.6 65.6 You acknowledges, recognize recognizes, and accept accepts that the Price Quotes provided to you include a ‘'spread’ ' when compared with to the price for which 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 acknowledges, recognize recognizes, and accept accepts that said ‘'spread’ ' constitutes remuneration to us and that such ‘'spread’ ' cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade Confirmation or otherwise revealed to you.be 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently will, as a result, influence you 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’ the 'spreads’, would ' do not apply. 68.8 Whilst 65.8 While dealing ‘'spreads’ ' and commissions are normally considered moderate seen 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 our performance as a Market Maker. 68.9 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 both visible as well as and invisible costs may 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 usus over a period of time. Normally, when trading Margined 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 ContractContract when trading Margined derivatives. 68.10 65.10 You are hereby specifically made aware informed that in the area of Market Making in foreign exchange, CFD Contracts and other OTC products, significant implied costs can arise as a consequence result of the profits made by us performing in our capacity as a Market MakerMaker 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 us, and the said associated costs may neither not be directly visible nor or directly quantifiable for you at any time. 68.11 65.11 Please not be aware that we are at no time and under no circumstances obliged obligation to disclose share any details of information about our performance or our income produced as a Market Maker, Maker or otherwise related to any other commissions, charges and feescharges, or fees at any time or under any circumstances. 68.12 65.12 You are hereby specifically made should be aware that CFDs may be are OTC products quoted by us whilst operating that we quote while working as a Market Maker, Maker and are not traded on a recognized stock exchange. As a result, the description above foregoing explanation of the impliedimplicit, not non-visible costs related to associated with our Market Maker performance as a Market Maker, may also apply to any CFD Contract.

MARKET MAKING. 68.1 63.1. You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, 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 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. 68.3 63.3. Following execution of any position with you, we may, at our reasonable discretion, subsequently offset off-set each such position with you with another client position or with a position with one of our counterparties, or 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 offsetting off-setting client positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you. 68.4 63.4. You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest between us, and any such other of our clients. 68.5 63.5. In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clients, at any time in any given Market, nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread. 68.6 63.6. You acknowledgesacknowledge, recognize recognise and accept that the Price Quotes provided to you include a ‘spread’ when compared with the price for which 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 acknowledgesacknowledge, recognize recognise and accept that said ‘spread’ constitutes remuneration to us and that such ‘spread’ cannot necessarily be calculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at the Settlement/Trade Confirmation or otherwise revealed to you. 68.7 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 as a Market Maker in certain Markets, and any other fees and charges will consequently influence 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 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 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 our performance as a Market Maker. 68.9 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 as a Market Maker. For very active clients, such costs may over time exceed the value of the Margin deposited with us. Normally, when trading 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 63.10. You are hereby 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 63.11. You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating as a Market Maker, and are not traded on a recognized recognised stock exchange. As a result, the description above of the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD Contract.