ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf. 6.2 Subject to Section 6.15 below, the Company may, in certain circumstances, accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform. 6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures. 6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party. 6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion. 6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate. 6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities. 6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform. 6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform. 6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account. 6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer. 6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer. 6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). 6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. 6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request. 6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders. 6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions. 6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded. 6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e using expert advice software, auto clicker and similar software). 6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements). 6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. 6.21 The Company has the right to set control limits in relation to Customer’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation: a. controls over maximum order amount and size; b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s identity during the receipt of the order; or c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations. 6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s 6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction. 6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character: i. OPEN – to open a position; ii. CLOSE – to close an Open Position; iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for _______________________________________________________________________________________________________ checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf.
6.2 Subject to Section 6.15 below, the Company may, in certain circumstances, accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform.
6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party.
6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion.
6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate.
6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any _______________________________________________________________________________________________________ Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities.
6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform.
6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform.
6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account.
6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event _______________________________________________________________________________________________________ occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer.
6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer.
6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in _______________________________________________________________________________________________________ relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO').
6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request.
6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders.. _______________________________________________________________________________________________________
6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions.
6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded.
6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e i.e. using expert advice software, auto clicker and similar software).
6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. During the first few hours after trading is open, the market tends to be thinner than usual until the Europe and London market sessions begin. These thinner markets may result in wider spreads and may increase the likelihood of orders being filled at a different price than the requested price, as there are fewer buyers and sellers during this period.
6.21 The Company has the right to set control limits in relation to Customer’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation:
a. controls over maximum order amount and size;
b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s identity during the receipt of the order; oror _______________________________________________________________________________________________________
c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations.
6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s
6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character:
i. OPEN – to open a position;
ii. CLOSE – to close an Open Position;
iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 1 contract
Samples: Client Agreement
ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf.
6.2 Subject to Section 6.15 below, the Company maycan, in certain circumstancescircumstances (including the cases where a specific instrument becomes unavailable for trading), accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform.
6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party.
6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion.
6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate.
6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities. In certain occasions, for instance in case of extremely low liquidity due to pending expiry of an instrument, the Company may in its sole discretion decide to roll the client’s open position/s and/or pending order/s to the next available more liquid contract or to set an earlier expiry date for the said instruments and settle all client’s open positions at the current market rate available at the moment of expiration.
6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform.
6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform.
6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account.
6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-re- listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer.
6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer.
6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO').
6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request.
6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders.
6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions.
6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded.
6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e i.e. using expert advice software, auto clicker and similar software).
6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. During the first few hours after trading is open, the market tends to be thinner than usual until the Europe and London market sessions begin. These thinner markets may result in wider spreads and may increase the likelihood of orders being filled at a different price than the requested price, as there are fewer buyers and sellers during this period.
6.21 The Company has the right to set control limits in relation to CustomerXxxxxxxx’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation:
a. controls over maximum order amount and size;
b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s ; identity during the receipt of the order; or
c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations.
6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s
6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character:
i. OPEN – to open a position;
ii. CLOSE – to close an Open Position;
iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 1 contract
Samples: Client Agreement
ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf.
6.2 Subject to Section 6.15 below, the Company maycan, in certain circumstancescircumstances (including the cases where a specific instrument becomes unavailable for trading), accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform.
6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party.
6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion.
6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate.
6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities. In certain occasions, for instance in case of extremely low liquidity due to pending expiry of an instrument, the Company may in its sole discretion decide to roll the client’s open position/s and/or pending order/s to the next available more liquid contract or to set an earlier expiry date for the said instruments and settle all client’s open positions at the current market rate available at the moment of expiration.
6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform.
6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform.
6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account.
6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-re- listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer.
6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer.
6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO').
6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request.
6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders.
6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions.
6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded.
6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e i.e. using expert advice software, auto clicker and similar software).
6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. During the first few hours after trading is open, the market tends to be thinner than usual until the Europe and London market sessions begin. These thinner markets may result in wider spreads and may increase the likelihood of orders being filled at a different price than the requested price, as there are fewer buyers and sellers during this period.
6.21 The Company has the right to set control limits in relation to Customer’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation:
a. controls over maximum order amount and size;
b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s identity during the receipt of the order; or
c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations.
6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s
6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character:
i. OPEN – to open a position;
; ii. CLOSE – to close an Open Position;
; iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 1 contract
Samples: Client Agreement
ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf.
6.2 Subject to Section 6.15 below, the Company maycan, in certain circumstancescircumstances (including the cases where a specific instrument becomes unavailable for trading), accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform.
6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party.
6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion.
6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate.
6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities.
6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform.
6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform.
6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account.
6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-re- listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer.
6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer.
6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide Margin, starting from the most recent position ('Last In, First Out - LIFO').
6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request.
6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders.
6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions.
6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded.
6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e i.e. using expert advice software, auto clicker and similar software).
6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. During the first few hours after trading is open, the market tends to be thinner than usual until the Europe and London market sessions begin. These thinner markets may result in wider spreads and may increase the likelihood of orders being filled at a different price than the requested price, as there are fewer buyers and sellers during this period.
6.21 The Company has the right to set control limits in relation to Customer’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation:
a. controls over maximum order amount and size;
b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s identity during the receipt of the order; or
c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations.
6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s
6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character:
i. OPEN – to open a position;
; ii. CLOSE – to close an Open Position;
; iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 1 contract
Samples: Client Agreement
ORDERS – INSTRUCTIONS. 6.1 The Company shall receive, execute and transmit all Orders strictly in accordance with the Trading Conditions and in accordance with its Best Execution Policy. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Customer’s behalf.
6.2 Subject to Section 6.15 below, the Company maycan, in certain circumstancescircumstances (including the cases where a specific instrument becomes unavailable for trading), accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Customer’s identity, and the Company is further also satisfied with the clarity of instructions. In case of an Order received by the Company in any means other than through the Trading Platform, the Order will be transmitted by the Company to the Trading Platform and processed as if it was received through the Trading Platform.
6.3 The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Customer fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
6.4 The Customer has the right to authorize a third person to give instructions and/or Orders to the Company or to handle any other matters related to this agreement, provided that the Customer has notified the Company in writing that such a right shall be exercised by a third party and that this person is approved by the Company and fulfills all of Company’s conditions to allow this. Unless the Company receives a written notification from the Customer terminating the said person’s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Customer and the Customer will recognize such Orders as valid and binding on the Customer. The Company requires 2 working days written notification for the termination of the authorization to a third party.
6.5 Once the Customer’s instructions or Orders are given to the Company, they cannot be revoked except with the Company's written consent which may be given at the Company's sole and absolute discretion.
6.6 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Customer. The Company shall not be held responsible for information received via the Internet or other communications network or for any loss which the Customer may incur in case this information is inaccurate.
6.7 The Customer acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Customer, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market or Underlying Asset, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) upon or prior to Corporate Actions; (v) upon reasonable suspicion that the Customer has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities. In certain occasions, for instance in case of extremely low liquidity due to pending expiry of an instrument, the Company may in its sole discretion decide to roll the client’s open position/s and/or pending order/s to the next available more liquid contract or to set an earlier expiry date for the said instruments and settle all client’s open positions at the current market rate available at the moment of expiration.
6.8 Customer is aware that the functionality of the Trading Platform may vary between the downloadable platform, the Website platform the mobile platform.
6.9 If any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to withdraw the specific financial instrument from the Company’s trading platform.
6.10 If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company if no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) business days, the Company may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion and/or to amend or vary the margin requirements and margin rates. If at any time, during the term of this agreement, the margin available on the account is insufficient to cover the margin requirement, the customer is obliged either to reduce the volume and/or amount of position(s) or transfer adequate funds to the account.
6.11 If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-re- listed, re- traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Customer.
6.12 The Customer may submit to the Company in writing by e-mail or delivery by hand, his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding on the Customer.
6.13 Margin Close out Level For the Retails Clients of the Company, the Close out Level will be as follows: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO'). Where the Margin Level drops below 50% we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy. For the Professional Clients of the Company, the Close out Level will be as follows: FIX Account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 0% (“Close out Level”), we have the right to close out all your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx. Floating account: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 25% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO'). ECN: Where you fail to provide Margin in clear funds received by us by the time at which your Margin Level reaches 50% (“Close Out Level”), we have the right to begin closing out your positions in your trading account, in relation to the Transactions for which you have failed to provide MarginXxxxxx, starting from the most recent position ('Last In, First Out - LIFO').
6.13.1 Where the Margin Level drops below 50%, 25% or 0% depend on your account type, we will proceed with close out without further reference to you. There will be no further warning before close out. Any such closing out under this Clause shall be performed in compliance with our duty of best execution to you, in accordance with our Order Execution Policy.
6.14 The Customer agrees and realizes that all conversations / communications between the Customer and the Company can be recorded on magnetic, electronic or other means. Such records will be the Company’s property and the Customer further agrees that the Company has the right to use these records as evidence in the event that any dispute arises between the Company and the Customer and/or for any purpose which it deems desirable. Furthermore, all records are stored by us in a durable medium, which allows the Company to replay or copy them. We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent. The Company will keep copies of such records for any period of time is required by applicable legislation. A copy of such telephone recording or electronic communications will be available to you upon a writing request.
6.15 The Company has the right to refuse the execution of transactions on behalf of the Customer ordered via telephone if the actions of the Customer are not clear and do not include the following operations: opening position, closing position, changing or removing orders.
6.16 In case of force-majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company systems, or in the event of a suspension of trade in the financial markets or Underlying Asset relevant to the Financial Instruments of the Company, the Company may suspend, freeze or close the Customer positions and request the revision of the executed transactions.
6.17 All price levels on the Trading Platform are determined at the Company’s discretion. Any references of the Customer to prices of other trading or information systems shall be disregarded.
6.18 Customer shall not use any software for the purpose of automatic trading in his account. Furthermore the Customer shall not use or allow the use of a device with which the Customer is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e i.e. using expert advice software, auto clicker and similar software).
6.19 The Company has the right not to accept trading in any currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
6.20 Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Customer’s Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement. During the first few hours after trading is open, the market tends to be thinner than usual until the Europe and London market sessions begin. These thinner markets may result in wider spreads and may increase the likelihood of orders being filled at a different price than the requested price, as there are fewer buyers and sellers during this period.
6.21 The Company has the right to set control limits in relation to CustomerXxxxxxxx’s orders at its own and absolute discretion. Such limits may be amended, removed or added and may include without limitation:
a. controls over maximum order amount and size;
b. controls over the electronic systems and/or trading platforms to verify for example the Customer’s identity during the receipt of the order; or
c. any other limits, parameters or controls which the Company may deem required to be implemented in accordance with Applicable Regulations.
6.22 The detailed trading requirements, conditions, and specifications for each Financial Instruments are published at Company’s website under Trading Conditions. The Company shall have the right to change the Trading Conditions at any time. The Customer agrees to check the full specifications of the Transaction before placing any Order. FOREX/CFD’s
6.23 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Customer. The Customer chooses the position he wishes to take and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Customer can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Customer a new price. In the event the Company offers the Customer a new price the Customer can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
6.24 The Customer, using the Trading Platform, can give only the following Orders of trading character:
i. OPEN – to open a position;
; ii. CLOSE – to close an Open Position;
; iii. To add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as further detailed in Paragraph 6.26 below. Any other Orders are unavailable and are automatically rejected. The Open or Closed Position confirmed cannot be cancelled by the Customer.
Appears in 1 contract
Samples: Client Agreement
