Common use of Order Types Clause in Contracts

Order Types. 4.1 An Order is an offer to open or close a Transaction if our price moves to or beyond a level you specify. The basic Order types available are: • Instant Orders; • Market Orders; • Stop Loss Orders or Limit Orders; • Trailing Stop Orders; and • Guaranteed Stop Orders. 4.2 Instant Orders are an immediate instruction to buy or sell at the LCG Quoted price. 4.3 A Market Order is an instruction to deal in a specified size at the best available price for that size. By placing a Market Order, you acknowledge that the order might be executed at a price that is worse than the LCG Quote at the time you place your Order. 4.4 A Stop Loss Order is an instruction to deal if the LCG Bahamas Quoted price becomes less favourable to you. A Stop Loss Order is generally placed to provide some risk protection, for example in the event of your Transaction moving into loss, and can be used to either open or close a Transaction. Each Stop Loss Order has a specific stop level, set by you, subject to our acceptance. A Stop Loss Order will be triggered if our bid or offer price (as appropriate) moves against you to a point that is at or beyond the level specified by you. Once a Stop Loss Order is triggered we will open or close (as appropriate) a Transaction at a level that is the same or worse than your stop level. 4.5 A Limit Order is an instruction to deal if the LCG Bahamas Quoted price becomes more favourable to you. A Limit Order can be used to either open or close a Transaction. Each Limit Order has a specified limit level, set by you, subject to our acceptance. A Limit Order will be triggered if our bid or offer price (as appropriate) moves in your favour to a point that is at or beyond your specified limit level. Once a Limit Order is triggered we will seek to open or close a Transaction at a level that is the same or better than your limit. 4.6 Trailing Stop Orders automatically track the price activity of open Transactions, and adjust the Stop Level to reflect the price activity if that price activity is favourable to you. They are a tool to “lock in” profits, and mean you don’t have to monitor and move your Stop Level constantly. You set the conditions for the Trailing Stop Order to move automatically if the Market moves in your favour. Trailing Stop Orders can be used on Long or Short Transactions, assisting you in securing gains if they occur as the market moves. Trailing Stop Orders are available on most Markets, and may be added to a new Transaction, or attached to open Transactions at a later stage. You specify the Stop Level (how far away from the opening level the Trailing Stop Order is to be placed), and the Trailing Stop Order will move in predetermined increments if the price moves in a favourable direction. Trailing Stop Orders are not guaranteed and may be subject to Gapping and/or Slippage. There is no charge for setting a Trailing Stop Order. Trailing Stop Orders only operate when you are logged into your account and your browser is connected. If the connection is lost or ended, the Trailing Stop is cancelled. 4.7 Guaranteed Stop Orders are available on certain markets; these are detailed in the Market Information. Guaranteed Stop Orders cannot be added, cancelled or amended when the relevant market is closed or outside our Quoting Hours. Maximum Transaction Size and minimum Order distance levels may be different for Guaranteed Stop Orders when compared to Stop Loss Orders. We may amend at any time and without notice the Markets for which Guaranteed Stop Orders are available, the times that Guaranteed Stop Orders can be placed, cancelled or amended, the maximum Transaction Size permitted and minimum stop distances. When instructing us to attach a Guaranteed Stop Order to an existing open Transaction, an opening Transaction, or an Order, you agree that we may charge a premium either through widening the spread on which you make your Transaction or by executing a cash debit to your account. We may change the Guaranteed Stop Order premiums at any time without notice, including in cases of volatile market conditions and/or illiquidity regardless of whether this change is or is not reflected in the Market Information. We are not required to agree to any request to place a Guaranteed Stop Order and, in certain circumstances including volatile market conditions and/or periods of illiquidity, we may refuse any request to place a Guaranteed Stop Order. 4.8 Other than for Limited Risk Accounts, the effects of Guaranteed Stop Orders on Transactions will not be considered for the purposes of determining your margin requirement. 4.9 Upon activation, a Guaranteed Stop Order will be executed at the price that you have specified and at no other price (Guaranteed Stop Orders will not be subject to Slippage or Gapping). In the event that any Order with an associated Guaranteed Stop Order is Slipped, the Stop Level of the associated Guaranteed Stop Order may be different to the Stop Level specified in the Confirmation, but equate to the same risk. We may require you to pay an additional premium in order to amend the level of a Guaranteed Stop Order. Guaranteed Stop Orders are cancelled automatically when your Transaction is closed. You will not be re-credited with any premium charged for a Guaranteed Stop Order that is cancelled. Premiums will be recharged every time an open Transaction is rolled over into a future contract if you so instruct us to place a Guaranteed Stop Order on the new Transaction. When rolling over a Transaction with a Guaranteed Stop Order attached to the next available contract period it is your sole responsibility to ensure that the new Transaction has a Guaranteed Stop Order attached if you so require. A Guaranteed Stop Order will not be attached to the new Transaction unless you specifically request it. 4.10 We may amend the Size and Stop Level of a Guaranteed Stop Order in the event of any corporate action or change in dividend policy relating to a particular market. You also agree that, if any placement of a Guaranteed Stop Order is unfairly advantageous to you (for example if you are Long in a market that goes ex-dividend and you have a Guaranteed Stop Order placed within the amount of the dividend payment) or to us, we may amend the Size and Stop Level of any Guaranteed Stop Order. 4.11 We may amend a proportion of the Guaranteed Stop Order to a Stop Loss Order when the Transaction Size, whether acquired via a single Transaction or accumulated over a period via a number of Transactions, is of such a Size to warrant such an action (given the Underlying Market). If such an action is taken, we will promptly notify you as such by telephone or email so that, if you wish, you can opt to close sufficient Transactions to reduce the overall Transaction Size. 4.12 You may request that an Order is “Until Cancelled”, “Until End of Session” or “Until Date”:

Order Types. 4.1 An Order is an offer to open or close a Transaction if our price moves to or beyond a level you specify. The basic Order types available are: • Instant Orders; • Market Orders; • Stop Loss Orders or Limit Orders; • Trailing Stop Orders; and • Guaranteed Stop Orders. 4.2 Instant Orders are an immediate instruction to buy or sell at the LCG Quoted price. 4.3 A Market Order is an instruction to deal in a specified size at the best available price for that size. By placing a Market Order, you acknowledge that the order might be executed at a price that is worse than the LCG Quote at the time you place your Order. 4.4 A Stop Loss Order is an instruction to deal if the LCG Bahamas Int. Quoted price becomes less favourable to you. A Stop Loss Order is generally placed to provide some risk protection, for example in the event of your Transaction moving into loss, and can be used to either open or close a Transaction. Each Stop Loss Order has a specific stop level, set by you, subject to our acceptance. A Stop Loss Order will be triggered if our bid or offer price (as appropriate) moves against you to a point that is at or beyond the level specified by you. Once a Stop Loss Order is triggered we will open or close (as appropriate) a Transaction at a level that is the same or worse than your stop level. 4.5 A Limit Order is an instruction to deal if the LCG Bahamas Int. Quoted price becomes more favourable to you. A Limit Order can be used to either open or close a Transaction. Each Limit Order has a specified limit level, set by you, subject to our acceptance. A Limit Order will be triggered if our bid or offer price (as appropriate) moves in your favour to a point that is at or beyond your specified limit level. Once a Limit Order is triggered we will seek to open or close a Transaction at a level that is the same or better than your limit. 4.6 Trailing Stop Orders automatically track the price activity of open Transactions, and adjust the Stop Level to reflect the price activity if that price activity is favourable to you. They are a tool to “lock in” profits, and mean you don’t have to monitor and move your Stop Level constantly. You set the conditions for the Trailing Stop Order to move automatically if the Market moves in your favour. Trailing Stop Orders can be used on Long or Short Transactions, assisting you in securing gains if they occur as the market moves. Trailing Stop Orders are available on most Markets, and may be added to a new Transaction, or attached to open Transactions at a later stage. You specify the Stop Level (how far away from the opening level the Trailing Stop Order is to be placed), and the Trailing Stop Order will move in predetermined increments if the price moves in a favourable direction. Trailing Stop Orders are not guaranteed and may be subject to Gapping and/or Slippage. There is no charge for setting a Trailing Stop Order. Trailing Stop Orders only operate when you are logged into your account and your browser is connected. If the connection is lost or ended, the Trailing Stop is cancelled. 4.7 Guaranteed Stop Orders are available on certain markets; these are detailed in the Market Information. Guaranteed Stop Orders cannot be added, cancelled or amended when the relevant market is closed or outside our Quoting Hours. Maximum Transaction Size and minimum Order distance levels may be different for Guaranteed Stop Orders when compared to Stop Loss Orders. We may amend at any time and without notice the Markets for which Guaranteed Stop Orders are available, the times that Guaranteed Stop Orders can be placed, cancelled or amended, the maximum Transaction Size permitted and minimum stop distances. When instructing us to attach a Guaranteed Stop Order to an existing open Transaction, an opening Transaction, or an Order, you agree that we may charge a premium either through widening the spread on which you make your Transaction or by executing a cash debit to your account. We may change the Guaranteed Stop Order premiums at any time without notice, including in cases of volatile market conditions and/or illiquidity regardless of whether this change is or is not reflected in the Market Information. We are not required to agree to any request to place a Guaranteed Stop Order and, in certain circumstances including volatile market conditions and/or periods of illiquidity, we may refuse any request to place a Guaranteed Stop Order. 4.8 Other than for Limited Risk Accounts, the effects of Guaranteed Stop Orders on Transactions will not be considered for the purposes of determining your margin requirement. 4.9 Upon activation, a Guaranteed Stop Order will be executed at the price that you have specified and at no other price (Guaranteed Stop Orders will not be subject to Slippage or Gapping). In the event that any Order with an associated Guaranteed Stop Order is Slipped, the Stop Level of the associated Guaranteed Stop Order may be different to the Stop Level specified in the Confirmation, but equate to the same risk. We may require you to pay an additional premium in order to amend the level of a Guaranteed Stop Order. Guaranteed Stop Orders are cancelled automatically when your Transaction is closed. You will not be re-credited with any premium charged for a Guaranteed Stop Order that is cancelled. Premiums will be recharged every time an open Transaction is rolled over into a future contract if you so instruct us to place a Guaranteed Stop Order on the new Transaction. When rolling over a Transaction with a Guaranteed Stop Order attached to the next available contract period it is your sole responsibility to ensure that the new Transaction has a Guaranteed Stop Order attached if you so require. A Guaranteed Stop Order will not be attached to the new Transaction unless you specifically request it. 4.10 We may amend the Size and Stop Level of a Guaranteed Stop Order in the event of any corporate action or change in dividend policy relating to a particular market. You also agree that, if any placement of a Guaranteed Stop Order is unfairly advantageous to you (for example if you are Long in a market that goes ex-dividend and you have a Guaranteed Stop Order placed within the amount of the dividend payment) or to us, we may amend the Size and Stop Level of any Guaranteed Stop Order. 4.11 We may amend a proportion of the Guaranteed Stop Order to a Stop Loss Order when the Transaction Size, whether acquired via a single Transaction or accumulated over a period via a number of Transactions, is of such a Size to warrant such an action (given the Underlying Market). If such an action is taken, we will promptly notify you as such by telephone or email so that, if you wish, you can opt to close sufficient Transactions to reduce the overall Transaction Size. 4.12 You may request that an Order is “Until Cancelled”, “Until End of Session” or “Until Date”:

Order Types. 4.1 An Order is an offer to open or close a Transaction if our price moves to or beyond a level you specify. The basic Order types available are: • Instant Orders; • Market Orders; • Stop Loss Orders or Limit Orders; • Trailing Stop Orders; and • Guaranteed Stop Orders. 4.2 Instant Orders are an immediate instruction to buy or sell at the LCG Quoted price. 4.3 A Market Order is an instruction to deal in a specified size at the best available price for that size. By placing a Market Order, Order you acknowledge that the order might be executed at a price that is worse than the LCG Quote at the time you place your Order. 4.4 A Stop Loss Order is an instruction to deal if the LCG Bahamas Quoted price becomes less favourable to you. A Stop Loss Order is generally placed to provide some risk protection, for example in the event of your Transaction moving into loss, and can be used to either open or close a Transaction. Each Stop Loss Order has a specific stop level, set by you, subject to our acceptance. A Stop Loss Order will be triggered if our bid or offer price (as appropriate) moves against you to a point that is at or beyond the level specified by you. Once a Stop Loss Order is triggered we will open or close (as appropriate) a Transaction at a level that is the same or worse than your stop level. 4.5 A Limit Order is an instruction to deal if the LCG Bahamas Quoted price becomes more favourable to you. A Limit Order can be used to either open or close a Transaction. Each Limit Order has a specified limit level, set by you, subject to our acceptance. A Limit Order will be triggered if our bid or offer price (as appropriate) moves in your favour to a point that is at or beyond your specified limit level. Once a Limit Order is triggered we will seek to open or close a Transaction at a level that is the same or better than your limit. 4.6 Trailing Stop Orders automatically track the price activity of open Transactions, and adjust the Stop Level to reflect the price activity if that price activity is favourable to you. They are a tool to “lock in” profits, and mean you don’t have to monitor and move your Stop Level constantly. You set the conditions for the Trailing Stop Order to move automatically if the Market moves in your favour. Trailing Stop Orders can be used on Long or Short Transactions, assisting you in securing gains if they occur as the market moves. Trailing Stop Orders are available on most Markets, and may be added to a new Transaction, or attached to open Transactions at a later stage. You specify the Stop Level (how far away from the opening level the Trailing Stop Order is to be placed), and the Trailing Stop Order will move in predetermined increments if the price moves in a favourable direction. Trailing Stop Orders are not guaranteed and may be subject to Gapping and/or Slippage. There is no charge for setting a Trailing Stop Order. Trailing Stop Orders only operate when you are logged into your account and your browser is connected. If the connection is lost or ended, the Trailing Stop is cancelled. 4.7 Guaranteed Stop Orders are available on certain markets; these are detailed in the Market Information. Guaranteed Stop Orders cannot be added, cancelled or amended when the relevant market is closed or outside our Quoting Hours. Maximum Transaction Size and minimum Order distance levels may be different for Guaranteed Stop Orders when compared to Stop Loss Orders. We may amend at any time and without notice the Markets for which Guaranteed Stop Orders are available, the times that Guaranteed Stop Orders can be placed, cancelled or amended, the maximum Transaction Size permitted and minimum stop distances. When instructing us to attach a Guaranteed Stop Order to an existing open Transaction, an opening Transaction, or an Order, you agree that we may charge a premium either through widening the spread on which you make your Transaction or by executing a cash debit to your account. We may change the Guaranteed Stop Order premiums at any time without notice, including in cases of volatile market conditions and/or illiquidity regardless of whether this change is or is not reflected in the Market Information. We are not required to agree to any request to place a Guaranteed Stop Order and, in certain circumstances including volatile market conditions and/or periods of illiquidity, we may refuse any request to place a Guaranteed Stop Order. 4.8 Other than for Limited Risk Accounts, the effects of Guaranteed Stop Orders on Transactions will not be considered for the purposes of determining your margin requirement. 4.9 Upon activation, a Guaranteed Stop Order will be executed at the price that you have specified and at no other price (Guaranteed Stop Orders will not be subject to Slippage or Gapping). In the event that any Order with an associated Guaranteed Stop Order is Slipped, the Stop Level of the associated Guaranteed Stop Order may be different to the Stop Level specified in the Confirmation, but equate to the same risk. We may require you to pay an additional premium in order to amend the level of a Guaranteed Stop Order. Guaranteed Stop Orders are cancelled automatically when your Transaction is closed. You will not be re-re- credited with any premium charged for a Guaranteed Stop Order that is cancelled. Premiums will be recharged every time an open Transaction is rolled over into a future contract if you so instruct us to place a Guaranteed Stop Order on the new Transaction. When rolling over a Transaction with a Guaranteed Stop Order attached to the next available contract period it is your sole responsibility to ensure that the new Transaction has a Guaranteed Stop Order attached if you so require. A Guaranteed Stop Order will not be attached to the new Transaction unless you specifically request it. 4.10 We may amend the Size and Stop Level of a Guaranteed Stop Order in the event of any corporate action or change in dividend policy relating to a particular market. You also agree that, if any placement of a Guaranteed Stop Order is unfairly advantageous to you (for example if you are Long in a market that goes ex-ex- dividend and you have a Guaranteed Stop Order placed within the amount of the dividend payment) or to us, we may amend the Size and Stop Level of any Guaranteed Stop Order. 4.11 We may amend a proportion of the Guaranteed Stop Order to a Stop Loss Order when the Transaction Size, whether acquired via a single Transaction or accumulated over a period via a number of Transactions, is of such a Size to warrant such an action (given the Underlying Market). If such an action is taken, we will promptly notify you as such by telephone or email so that, if you wish, you can opt to close sufficient Transactions to reduce the overall Transaction Size. 4.12 You may request that an Order is “Until Cancelled”, “Until End of Session” or “Until Date”:

Order Types. 4.1 7.1 An Order is an offer to open or close a Transaction if our price moves to or beyond a level you specify. The basic Order types available are: • Instant Orders; • Market Orders; • Stop Loss Orders or Limit Orders; • Trailing Stop Orders; and • Guaranteed Stop Orders. 4.2 7.2 Instant Orders are an immediate instruction to buy or sell at the LCG Quoted price. 4.3 7.3 A Market Order is an instruction to deal in a specified size at the best available price for that size. By placing a Market Order, Order you acknowledge that the order might be executed at a price that is worse than the LCG Quote at the time you place your Order. 4.4 7.4 A Stop Loss Order is an instruction to deal if the LCG Bahamas Quoted price becomes less favourable to you. A Stop Loss Order is generally placed to provide some risk protection, for example in the event of your Transaction moving into loss, and can be used to either open or close a Transaction. Each Stop Loss Order has a specific stop level, set by you, subject to our acceptance. A Stop Loss Order will be triggered if our bid or offer price (as appropriate) moves against you to a point that is at or beyond the level specified by you. Once a Stop Loss Order is triggered we will open or close (as appropriate) a Transaction at a level that is the same or worse than your stop level. 4.5 7.5 A Limit Order is an instruction to deal if the LCG Bahamas Quoted price becomes more favourable to you. A Limit Order can be used to either open or close a Transaction. Each Limit Order has a specified limit level, set by you, subject to our acceptance. A Limit Order will be triggered if our bid or offer price (as appropriate) moves in your favour to a point that is at or beyond your specified limit level. Once a Limit Order is triggered we will seek to open or close a Transaction at a level that is the same or better than your limit. 4.6 7.6 Trailing Stop Orders automatically track the price activity of open Transactions, and adjust the Stop Level to reflect the price activity if that price activity is favourable to you. They are a tool to “lock in” profits, and mean you don’t have to monitor and move your Stop Level constantly. You set the conditions for the Trailing Stop Order to move automatically if the Market moves in your favour. Trailing Stop Orders can be used on Long or Short Transactions, assisting you in securing gains if they occur as the market moves. Trailing Stop Orders are available on most Markets, and may be added to a new Transaction, or attached to open Transactions at a later stage. You specify the Stop Level (how far away from the opening level the Trailing Stop Order is to be placed), and the Trailing Stop Order will move in predetermined increments if the price moves in a favourable direction. Trailing Stop Orders are not guaranteed and may be subject to Gapping and/or Slippage. There is no charge for setting a Trailing Stop Order. Trailing Stop Orders only operate when you are logged into your account and your browser is connected. If the connection is lost or ended, the Trailing Stop is cancelled. 4.7 7.7 Guaranteed Stop Orders are available on certain markets; these are detailed in the Market Information. Guaranteed Stop Orders cannot be added, cancelled or amended when the relevant market is closed or outside our Quoting Hours. Maximum Transaction Size and minimum Order distance levels may be different for Guaranteed Stop Orders when compared to Stop Loss Orders. We may amend at any time and without notice the Markets for which Guaranteed Stop Orders are available, the times that Guaranteed Stop Orders can be placed, cancelled or amended, the maximum Transaction Size permitted and minimum stop distances. When instructing us to attach a Guaranteed Stop Order to an existing open Transaction, an opening Transaction, or an Order, you agree that we may charge a premium either through widening the spread on which you make your Transaction or by executing a cash debit to your account. We may change the Guaranteed Stop Order premiums at any time without notice, including in cases of volatile market conditions and/or illiquidity regardless of whether this change is or is not reflected in the Market Information. We are not required to agree to any request to place a Guaranteed Stop Order and, in certain circumstances including volatile market conditions and/or periods of illiquidity, we may refuse any request to place a Guaranteed Stop Order. 4.8 7.8 Other than for Limited Risk Accounts, the effects of Guaranteed Stop Orders on Transactions will not be considered for the purposes of determining your margin requirement. 4.9 7.9 Upon activation, a Guaranteed Stop Order will be executed at the price that you have specified and at no other price (Guaranteed Stop Orders will not be subject to Slippage or Gapping). In the event that any Order with an associated Guaranteed Stop Order is Slipped, the Stop Level of the associated Guaranteed Stop Order may be different to the Stop Level specified in the Confirmation, but equate to the same risk. We may require you to pay an additional premium in order to amend the level of a Guaranteed Stop Order. Guaranteed Stop Orders are cancelled automatically when your Transaction is closed. You will not be re-re- credited with any premium charged for a Guaranteed Stop Order that is cancelled. Premiums will be recharged every time an open Transaction is rolled over into a future contract if you so instruct us to place a Guaranteed Stop Order on the new Transaction. When rolling over a Transaction with a Guaranteed Stop Order attached to the next available contract period it is your sole responsibility to ensure that the new Transaction has a Guaranteed Stop Order attached if you so require. A Guaranteed Stop Order will not be attached to the new Transaction unless you specifically request it. 4.10 7.10 We may amend the Size and Stop Level of a Guaranteed Stop Order in the event of any corporate action or change in dividend policy relating to a particular market. You also agree that, if any placement of a Guaranteed Stop Order is unfairly advantageous to you (for example if you are Long in a market that goes ex-dividend and you have a Guaranteed Stop Order placed within the amount of the dividend payment) or to us, we may amend the Size and Stop Level of any Guaranteed Stop Order. 4.11 7.11 We may amend a proportion of the Guaranteed Stop Order to a Stop Loss Order when the Transaction Size, whether acquired via a single Transaction or accumulated over a period via a number of Transactions, is of such a Size to warrant such an action (given the Underlying Market). If such an action is taken, we will promptly notify you as such by telephone or email so that, if you wish, you can opt to close sufficient Transactions to reduce the overall Transaction Size. 4.12 7.12 You may request that an Order is “Until Cancelled”, “Until End of Session” or “Until Date”:

Order Types. 4.1 An Order is an offer to open or close a Transaction if our price moves to or beyond a level you specify. The basic Order types available are: • Instant Orders; • Market Orders; • Stop Loss Orders or Limit Orders; • Trailing Stop Orders; and • Guaranteed Stop Orders.. move automatically if the Market moves in your favour. Trailing Stop Orders can be 4.2 Instant Orders are an immediate instruction to buy or sell at the LCG XX0XXX.XXX Quoted price. 4.3 A Market Order is an instruction to deal in a specified size at the best available price for that size. By placing a Market Order, you acknowledge that the order might be executed at a price that is worse than the LCG Quote at the time you place your Order.XX0XXX.XXX 4.4 A Stop Loss Order is an instruction to deal if the LCG Bahamas XX0XXX.XXX Int. Quoted price becomes less favourable to you. A Stop Loss Order is generally placed to provide some risk protection, for example in the event of your Transaction moving into loss, and can be used to either open or close a Transaction. Each Stop Loss Order has a specific stop level, set by you, subject to our acceptance. A Stop Loss Order will be triggered if our bid or offer price (as appropriate) moves 5 against you to a point that is at or beyond the level specified by you. Once a Stop Loss Order is triggered we will open or close (as appropriate) a Transaction at a level that is the same or worse than your stop level. 4.5 A Limit Order is an instruction to deal if the LCG Bahamas XX0XXX.XXX Int. Quoted price becomes more favourable to you. A Limit Order can be used to either open or close a Transaction. Each Limit Order has a specified limit level, set by you, subject to our acceptance. A Limit Order will be triggered if our bid or offer price (as appropriate) moves in your favour to a point that is at or beyond your specified limit level. Once a Limit Order is triggered we will seek to open or close a Transaction at a level that is the same or better than your limit. 4.6 Trailing Stop Orders automatically track the price activity of open Transactions, and adjust the Stop Level to reflect the price activity if that price activity is favourable to you. They are a tool to “lock in” profits, and mean you don’t have to monitor and move your Stop Level constantly. You set the conditions for the Trailing Stop Order to move automatically if the Market moves in your favour. Trailing Stop Orders can be used on Long or Short Transactions, assisting you in securing gains if they occur as the market moves. Trailing Stop Orders are available on most Markets, and may be added to a new Transaction, or attached to open Transactions at a later stage. You specify the Stop Level (how far away from the opening level the Trailing Stop Order is to be placed), and the Trailing Stop Order will move in predetermined increments if the price moves in a favourable direction. Trailing Stop Orders are not guaranteed and may be subject to Gapping and/or Slippage. There is no charge for setting a Trailing Stop Order. Trailing Stop Orders only operate when you are logged into your account and your browser is connected. If the connection is lost or ended, the Trailing Stop is cancelled. 4.7 Guaranteed Stop Orders are available on certain markets; these are detailed in the Market Information. Guaranteed Stop Orders cannot be added, cancelled or amended when the relevant market is closed or outside our Quoting Hours. Maximum Transaction Size and minimum Order distance levels may be different for Guaranteed Stop Orders when compared to Stop Loss Orders. We may amend at any time and without notice the Markets for which Guaranteed Stop Orders are available, the times that Guaranteed Stop Orders can be placed, cancelled or amended, the maximum Transaction Size permitted and minimum stop distances. When instructing us to attach a Guaranteed Stop Order to an existing open Transaction, an opening Transaction, or an Order, you agree that we may charge a premium either through widening the spread on which you make your Transaction or by executing a cash debit to your account. We may change the Guaranteed Stop Order premiums at any time without notice, including in cases of volatile market conditions and/or illiquidity regardless of whether this change is or is not reflected in the Market Information. We are not required to agree to any request to place a Guaranteed Stop Order and, in certain circumstances including volatile market conditions and/or periods of illiquidity, we may refuse any request reqest to place a Guaranteed Stop Order. 4.8 Other than for Limited Risk Accounts, the effects of Guaranteed Stop Orders on Transactions will not be considered for the purposes of determining your margin requirement. 4.9 Upon activation, a Guaranteed Stop Order will be executed at the price that you have specified and at no other price (Guaranteed Stop Orders will not be subject to Slippage or Gapping). In the event that any Order with an associated Guaranteed Stop Order is Slipped, the Stop Level of the associated Guaranteed Stop Order may be different to the Stop Level specified in the Confirmation, but equate to the same risk. We may require you to pay an additional premium in order to amend the level of a Guaranteed Stop Order. Guaranteed Stop Orders are cancelled automatically when your Transaction is closed. You will not be re-re- credited with any premium charged for a Guaranteed Stop Order that is cancelled. Premiums will be recharged every time an open Transaction is rolled over into a future contract if you so instruct us to place a Guaranteed Stop Order on the new Transaction. When rolling over a Transaction with a Guaranteed Stop Order attached to the next available contract period it is your sole responsibility to ensure that the new Transaction has a Guaranteed Stop Order attached if you so require. A Guaranteed Stop Order will not be attached to the new Transaction unless you specifically request it. 4.10 We may amend the Size and Stop Level of a Guaranteed Stop Order in the event of any corporate action or change in dividend policy relating to a particular market. You also agree that, if any placement of a Guaranteed Stop Order is unfairly advantageous to you (for example if you are Long in a market that goes ex-dividend and you have a Guaranteed Stop Order placed within the amount of the dividend payment) or to us, we may amend the Size and Stop Level of any Guaranteed Stop Order. 4.11 We may amend a proportion of the Guaranteed Stop Order to a Stop Loss Order when the Transaction Size, whether acquired via a single Transaction or accumulated over a period via a number of Transactions, is of such a Size to warrant such an action (given the Underlying 6 Market). If such an action is taken, we will promptly notify you as such by telephone or email so that, if you wish, you can opt to close sufficient Transactions to reduce the overall Transaction Size. 4.12 You may request that an Order is “Until Cancelled”, “Until End of Session” or “Until Date”: