Product Disclosure Statement. Binary Options

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1 Product Disclosure Statement Binary Options

2 TABLE OF CONTENTS 1. Important Information... 3 NOTES AND DISCLAIMER... 3 HOW TO CONTACT US... 3 ELECTRONIC VERSION OF THE PDS... 3 UPDATED INFORMATION... 3 TREATMENT OF OVERSEAS APPLICANTS... 3 RESTRICTIONS ON THE DISTRIBUTION OF DOCUMENTATION... 3 APPLICATIONS... 4 PRODUCTS COVERED IN THIS PDS... 4 CALL RECORDINGS Terms and Conditions Advice Summary Table Key Features of Core Liquidity s Binary Options... 6 BINARY OPTIONS... 6 CALCULATING PROFIT AND LOSS Benefits of Trading Core Liquidity s Binary Options Risks of Trading Binary Options... 8 DERIVATIVES RISK... 8 MARKET VOLATILITY... 8 FOREIGN EXCHANGE RISK... 9 CORE LIQUIDITY s RISK/COUNTERPARTY RISK... 9 DEPOSIT... 9 CLIENT S MONEY... 9 CREDIT RISK POSSIBLE ILLIQUIDITY OF THE MARKET TERMINATION OF BINARY OPTIONS BEFORE THE EXPIRY TIME OPERATIONAL RISKS CONSEQUENCES OF YOUR DEFAULT OUR RIGHT TO EXERCISE CERTAIN DISCRETIONS INFORMATION WE MAKE AVAILABLE EXECUTION RISK ELECTRONIC TRADING PLATFORM RISK REGULATORY RISK NO COOLING OFF SUPERANNUATION FUNDS Product Disclosure Statement Binary Options Core Liquidity Markets

3 8. Binary Option s Transaction Examples CALL BINARY OPTION PUT BINARY OPINION ASIC Regulatory Guide 227 Disclosure Benchmarks Opening an Account The Binary Option s Account WHAT IS A BINARY OPTION S ACCOUNT? HOW ARE THE FUNDS YOU DEPOSIT WITH US HELD? HOW DO YOU GET FUNDS IN AND OUT OF YOUR BINARY OPTION S ACCOUNT? DO YOU GET INTEREST ON YOUR BINARY OPTION S ACCOUNT BALANCE? Operating an Account HOW DO YOU OPEN A BINARY OPTION S POSITION? ACCEPTANCE OF ORDERS HOW DO YOU CLOSE OUT A BINARY OPTION? CORE LIQUIDITY s TRADER PLATFORMS Deposit Requirements WHAT IS DEPOSIT? INITIAL DEPOSIT YOU ARE RESPONSIBLE FOR SATISFYING THE DEPOSIT REQUIREMENTS Fees and Other Costs ASSOCIATED FEES CURRENCY CONVERSION CALCULATION FEE DEPOSIT INTEREST ON ACCOUNT BALANCES INTERNATIONAL TRANSFER FEES OTHER FEES AND COSTS Taxation TAXATION ADVICE Disclosure of Interest Privacy Policy Dispute Resolution FINANCIAL OMBUDSMAN SERVICE (FOS) Anti-Money Laundering and Counter-Terrorism Financing Client Agreement Glossary Product Disclosure Statement Binary Options Core Liquidity Markets

4 1. Important Information NOTES AND DISCLAIMER Terms used in this Document have defined meanings and you should refer to Glossary in the last section of this document. Core Liquidity Markets Pty Ltd ACN ( Core Liquidity Markets, Core Liquidity, we or us ) is a Corporate Authorised Representative of GO Markets Pty Ltd (AFSL ABN ). When trading with Core Liquidity, you are dealing with GO Markets Pty Ltd as principal. Any transactions carried out on the Core Liquidity s trading portal or by any other means are received and processed by GO Markets Pty Ltd. This Product Disclosure Statement ( PDS ) is dated 14 th of March of 2014 and was prepared by GO Markets Pty Ltd. Its purpose is to help you decide whether Binary Options are appropriate for your financial objectives, situation and needs. It has not been prepared to take into consideration your current financial needs or objectives. This PDS does not constitute a recommendation, advice or opinion. It is general information only. Binary Option products are considered speculative products which carry significantly greater risks than non-geared investments, such as shares. You should not invest in Binary Option products unless you properly understand the nature of Binary Option products, and are comfortable with the attendant risks. You should obtain financial, legal, taxation and other professional advice prior to entering into a Binary Option transaction to ensure this is appropriate for your objectives, needs and circumstances. The taxation consequences of Binary Option transactions can be complex and will differ for each individual s financial circumstances, and your tax adviser should be consulted prior to entering into a Binary Option transaction. Core Liquidity also recommends that you seek independent advice to ensure this is appropriate for your particular financial objectives, needs and circumstances. No aspect of this product has been endorsed or approved by the Australian Securities and Investments Commission ( ASIC ) or any party or market referred to in this PDS. This PDS has not been lodged with ASIC and is not required by the Corporations Act to be lodged with ASIC. ASIC takes no responsibility for the contents of this PDS. Nothing in this PDS should be considered as a recommendation to trade in Binary Options or any other particular product in any way. Core Liquidity does not guarantee the investment performance of Binary Option products or the investment performance of the underlying markets or instruments. Note that past performance is no indication or guarantee of future performance. Use of examples in this PDS are provided for illustrative purposes only and do not necessarily reflect our actions or determinations or an investor s personal circumstances. HOW TO CONTACT US Name: ACN: Core Liquidity Markets Pty Ltd Address: Level Collins Street Melbourne VIC 300 Phone (AUS): Phone (UK): Website: ELECTRONIC VERSION OF THE PDS This PDS documentation is available on the internet at in electronic format. Any person receiving this documentation electronically who requests a paper copy will be sent documentation to include account opening forms and the Financial Services Guide ( FSG ) from Core Liquidity. UPDATED INFORMATION All clients shall be bound by the contents of this PDS. Information which is not materially adverse to Investors may be subject to change from time to time and will be updated on Core Liquidity s website at If you require a paper copy of any updated information, please contact Core Liquidity. Core Liquidity may issue a supplementary or replacement PDS as a result of certain changes, which shall be available on our website or shall be distributed in electronic form as required. TREATMENT OF OVERSEAS APPLICANTS This PDS does not constitute an offer or invitation in any place outside Australia where, or to any person to whom it would be unlawful to make such an offer or invitation. The distribution of this PDS (electronically or otherwise) in any jurisdiction outside Australia may be restricted by law and persons who come into possession of this PDS should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable law. The offer to which this PDS relates is available to persons receiving the PDS (electronically or otherwise) in Australia, who are Australian residents and who provide an Australian address for service when making their application. Application forms which do not specify an Australian address for service (or which are accompanied by payment drawn from a foreign bank account) may be rejected and returned. RESTRICTIONS ON THE DISTRIBUTION OF DOCUMENTATION Distribution of this PDS outside Australia may be restricted by law. This PDS is not intended to, and does not constitute an offer of securities or recommendation to trade in Binary Option products at any place which, or to any person to 3 Product Disclosure Statement Binary Options Core Liquidity Markets

5 whom, the making of such offer would not be lawful under the laws of that jurisdiction. APPLICATIONS If you wish to apply for a Binary Option s account in paper form, you must complete and return the Core Liquidity application form agreeing to be bound by the contents of this PDS, the Client Agreement, the Terms and Conditions and the FSG. If an electronic Binary Option s application is completed, you will need to electronically agree that you have read and understood the Client Agreement, the Terms and Conditions, the FSG and this PDS. When applying for a Binary Option s account you agree to be bound by the contents within this PDS. PRODUCTS COVERED IN THIS PDS This is a PDS for derivatives and Binary Option products provided by Core Liquidity. These are over-the-counter ( OTC ) options that pay a pre-determined, fixed amount, depending on whether or not a financial event occurs by a certain time. Binary Options can have only one of two possible outcomes and allow you to take a simple Yes or No approach. For example, will the EUR/USD finish above the current price at the end of the hour? If the answer is Yes, the Binary Option settles in-the-money. If the answer is No, the Binary Option settles out-of-the-money. Core Liquidity s products do not result in the physical delivery of the underlying instrument/market. All of the Binary Option products are cash adjusted or Closed Out by the client i.e. there is not a physical exchange of one product for another. CALL RECORDINGS Please note that your call may be recorded for training and monitoring purposes. Any advice provided to you by our representative is general advice only, and does not take into account your objectives, financial situation or needs. 2. Terms and Conditions Information provided to you in our Financial Services Guide ( FSG ) and this PDS is important and is binding on you. Additional legal terms governing our relationship are detailed in the Client Agreement. If you are applying online you must complete the application in its entirety and then electronically submit the application to Core Liquidity for processing. If you complete a hardcopy application you must complete the application in its entirety, sign and return the application form via , fax or by post, and then have your Account approved by Core Liquidity. Please note that Core Liquidity reserves the right to refuse to open a Binary Option s Account for any person. Core Liquidity does not guarantee the performance, return of capital from, or any particular rate of return, of a Binary Option product or transaction. Clients should only invest in risk capital (that is, capital you can afford to lose). Please note that the historical financial performance of any Binary Option or underlying instrument/market is no guarantee or indicator of future performance. Please also note that the examples provided in this PDS are only provided for illustrative purposes only and do not necessarily reflect current or future market or product movements, the values that Core Liquidity will apply to a trade, nor how such trades impact your personal circumstances. The figures used in the examples do not necessarily reflect your personal circumstances and do not restrict in any manner the way in which Core Liquidity may exercise its powers or discretions. Those examples do not constitute general or personal financial product advice to any person reading this PDS. Core Liquidity only accepts Binary Options order instructions via the electronic trading platform and will not accept order instructions via any other means. You are required to access the electronic trading platform on a daily basis to confirm that any order instructions have in fact been received by us, re-confirm all orders that you place with us, review order confirmations we provide, to ensure their accuracy, and monitor your deposit obligations. Any order discrepancies identified must be reported to us immediately. Core Liquidity will provide all clients, via the electronic trading platform or the website, with access to both daily and historical account statements allowing you to check your open positions, deposit requirements and cash balances, and trading confirmations. Should you have any queries relating to your statements we encourage you to contact us. 3. Advice Core Liquidity is authorised to buy and sell Binary Option products and to give advice in relation thereto. We only provide you with GENERAL ADVICE, which does not take into account your particular needs, objectives and circumstances. No personal advice will be provided to any client under any circumstances. This PDS does not take into account your investment objectives, financial situation or needs. Accordingly, nothing in this PDS should be construed as a recommendation by us or any other person to invest in Binary Options, or any other financial product. You are responsible for the selection of the Binary Option you transact with us. We make no representation about the performance of any Binary Option. The performance of the Binary Option will depend on the investment decisions made by you. 4. Summary Table On the next page, you will find the summary of the key features and characteristics involved in dealing in our Binary Options. In addition to this summary, you should ensure you have read and understood the content of this PDS, the Client Agreement and our FSG. 4 Product Disclosure Statement Binary Options Core Liquidity Markets

6 ISSUE Who is the issuer of this PDS and the Binary Options? What financial products do we provide? What are Binary Options? What is a Position? A Binary Option is issued over-thecounter. What does this mean? What charges are payable when dealing in Binary Options? How do I open an Account? What is the minimum balance to open an account? How do you deal in Binary Options with us? What are Call and Put Binary Options? How do I close-out a position? How do we deal with your money? What is my Total Equity? What is my Free Equity? SUMMARY Core Liquidity is a Corporate Authorised Representative of GO Markets Pty Ltd. This PDS was issued and prepared by GO Markets Pty Ltd. Core Liquidity is the provider of the Binary Options, however, when trading with Core Liquidity, you are dealing with GO Markets Pty Ltd as principal. Any transactions carried out on the Core Liquidity s trading portal or by any other means are received and processed by GO Markets Pty Ltd. Binary Options. Binary Options are over-the-counter ( OTC ) options that pay a pre-determined, fixed amount, depending on whether or not a financial event occurs by a certain time. Binary Options can only have one of two simple possible outcomes, Yes or No. A Binary Option (also known as a Digital Option or All-or-Nothing Option ) is termed a Derivative, which is a financial instrument whose value, or price, is derived from an Underlying Market. It is in effect a synthetic instrument completely constructed to obtain value from movements in a financial market. Binary Options give the Holder the right to profit from moves in the Underlying Market. A Position is a Binary Option entered into by you under the Client Agreement. Over-the-Counter ( OTC ) means that you do not trade in Binary Options through an exchange or market; rather, it is a transaction between you and us. This means you can only enter into transactions in relation to our products with us. You do not have the protections normally associated with trading on a regulated market. It is not possible to close a Binary Option by giving instructions to another provider, broker or Australian financial services licensee. The fees associated with Binary Options are the price of the Binary Option itself. You will not be charged a fee or commission when you acquire any Binary Option product. Core Liquidity reserves the right to pass on, if any, administration charges such as (but not limited to) credit card merchant fees and bank wire transfer fees. Read this PDS, the Client Agreement and our FSG, and then complete an Application Form. You may obtain these documents by: telephoning us on , or going to our website at The minimum balance to open an Account is AUD$500 (or equivalent). Unless otherwise specified, all dollar amounts referred to in this PDS are denominated in Australian Dollars. You may place orders to deal in Binary Options only via the Core Liquidity s Trading Platform, through a computer connected to the internet or your mobile telephone. Please note that Core Liquidity does not accept orders or instructions from you through any other means, such as or telephone, unless we have previously agreed with you to do so. It is possible for a third party to place orders on your behalf provided that a written Power of Attorney or authority has been received and accepted by us. A Call Binary Option is a Binary Option that yields a profit for the buyer when the price of the Underlying Market (the Strike Price ) at the Expiry Time is HIGHER than the Expiry Price. Call Binary Options are for those clients who are bullish, and wish for the Underlying Market to up. A Put Binary Option is a Binary Option that yields a profit to the buyer when the price of the Underlying Market (the Strike Price ) at the Expiry Time is LOWER than the Expiry Price. Put Binary Options are for those clients who are bearish, and wish for the Underlying Market to go down. You close a Position in a Binary Option by you taking an equal and opposite Position with us either by single Position Closing or opposite Position closing. Money which you deposit with us will be regulated in accordance with the requirements of the Corporations Act. Your Total Equity is the aggregate of: the current cash balance in your Account; and your current unrealised profits and losses. Your Free Equity is your Total Equity less your current Total Deposit Requirement. The Free Equity is the amount that you may withdraw from your Account or use to cover additional deposit requirements. 5 Product Disclosure Statement Binary Options Core Liquidity Markets

7 What is Deposit? How are payments made in and out of my Account? Do I receive interest on moneys held in my Account or pay interest on moneys I owe to you? Are there any Financing or Swap Charges or Benefits? What are the key benefits of Binary Options? What are the risks of Binary Options? What procedures are in place to deal with your complaints or concerns? What are the taxation implications of entering into Binary Options? What are your trading and office hours? What if I need further information? What additional fees and charges are payable in respect of Binary Options? Deposit is initially the amount that you must have in your Account to enter into a Binary Option with us. The level of deposit required to open and maintain a position is called the Initial Deposit Requirement. The sum of your deposit requirements for all of your open Positions is called the Total Deposit Requirement. You may deposit funds by credit card, electronic transfer, B-Pay or by cheque. All funds must be Cleared Funds in your Account before they are made available for you to use in dealing in Binary Options. Payments using B-Pay are not Cleared Funds in your Account at the time of use of B-Pay. Generally, cleared funds are received in your Account 24 hours after the use of B-Pay. We will pay you through electronic transfer or cheque. Core Liquidity does not pay interest on credit balances in currency ledgers on your Account. However, we will charge interest on any debit balances in a currency ledger on your Account. Any amounts of interest payable to us will be deducted from any amounts payable by us to you. There are no charges or benefits associated with Binary Options. Some of the key benefits for Binary Options offered by us in this PDS are set out in Section 6. Binary Options are derivative products which are speculative, and carry significantly greater risk than non-geared investments such as shares. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply. You should obtain your own independent financial, legal, taxation and other professional advice as to whether Binary Options are an appropriate investment for you. More information about the risks of trading Binary Options is set out in Section 7. A preliminary investigation of any disputes will be conducted by Core Liquidity and referred to GO Markets Pty Ltd should the dispute remain unresolved within 3 days. GO Markets Pty Ltd has an internal dispute resolution process in place for Core Liquidity s clients and it is a member of the Financial Ombudsman Scheme ( FOS ), an external complaints resolution body. If you wish to make a complaint please see Section 18. The taxation consequences of Binary Option transactions depend on your personal circumstances. Some general taxation consequences are set out in Section 15. The taxation consequences can be complex and will differ for each individual s financial circumstances. We recommend that you obtain independent taxation and accounting advice in relation to the impact of Binary Option transactions and products on your particular financial situation. Core Liquidity s Trading Hours Trading hours for Binary Options will depend on the relevant Underlying Instrument Market s hours of operation, and are set out on our website. Core Liquidity s Office Hours Our office hours are from Monday to Friday, 7:00am to 7:00pm AEST/AEDT, subject to public holidays. You should speak to your financial advisor, or, alternatively, you can contact us by: Phone: Website: Whilst we endeavour to include all fees and charges, in some circumstances you may incur fees and charges which are set out in this PDS. See Section Key Features of Core Liquidity s Binary Options BINARY OPTIONS Binary Options are over-the-counter ( OTC ) derivatives that pay a pre-determined, fixed amount, depending on whether or not a financial event occurs by a certain time. Binary Options can only have one of two possible outcomes and allow you to take a simple Yes or No approach. A Binary Option is termed a Derivative, which is a financial instrument whose value, or price, is derived from an Underlying Market. Examples of Underlying Markets are gold, 6 Product Disclosure Statement Binary Options Core Liquidity Markets

8 silver, currencies, securities, indices, etc. It is fundamentally any instrument that is tradable. In effect, Binary Options are synthetic instruments completely constructed to obtain value from movements in a financial market. Binary Options give investors the right to profit from moves in the Underlying Market. A Call Binary Option enables investors to profit from an Underlying Market that is going up. It yields a profit for the investor when the price of the Underlying Market (the Strike Price ) at the Expiry Time is higher than the Expiry Price. A Put Binary Option, conversely, enables investors to profit from a downward movement of the Underlying Market. It yields a profit to the investor when the price of the Underlying Market (the Strike Price ) at the Expiry Time is lower than the Expiry Price. Binary Options do not require the physical exchange of one product for another. Binary Options will always be cash settled and the Binary Option s Account will be credited or debited according to the profit or loss of the trade you place. Binary Options may be settled in either American style or European Style. American Options can be exercised at any time up to and including the Expiry Time. European Options can be exercised only on the Expiry Time, not before. Investors who trade in Binary Options may do so for a variety of reasons, two of which are: Speculation An attempt to profit from fluctuations in the price or value of the Underlying Market; Hedging An attempt to hedge exposure of a current holding in an Underlying Market. Core Liquidity offers Binary Options to customers on individual shares, stock indices, currencies, commodities and other Binary Option products as may be notified from time to time. How Binary Option transaction works is illustrated in examples in Section 8. The Binary Option is a contract between you and Core Liquidity who is the Corporate Authorised Representative of GO Markets Pty Ltd, which means you and GO Markets Pty Ltd will act as principals to the transaction and have a direct credit exposure to each other. You do not trade through an exchange and are not afforded the protections normally associated with exchange-traded Derivatives, such as guarantee agreements. CALCULATING PROFIT AND LOSS The potential profit or return that a Binary Option offers is certain and known before the purchase is made. As the product is binary in nature, there can only be two possible outcomes, a Fixed amount or Nothing at All. When trading a Binary Option, your risk is limited to the value you place in the Investment tab. In essence, a Payout figure will be displayed after you have defined your initial investment. Payout means the total monetary profit return. This is a sum of your initial investment and the Specific Percentage, which is based on your initial investment and is pre-determined by Core Liquidity, and may differ according to the time to expiry. Below is the summary of Core Liquidity s current payout rates in accordance with each time frame. Please note that the payout rates are subject to change (with or without notice) at any time. TIME EXPIRY PAYOUT RATE 60 seconds 80% 5 minutes 75% 10 minutes 75% 15 minutes 75% 30 minutes 75% 1 hour 60% 6. Benefits of Trading Core Liquidity s Binary Options Options and Derivatives in general can be complex and primarily geared towards professional and institutional investors. Binary Options are much more transparent and easy to understand than traditional options and derivatives since you are speculating on a simple probability of directional movement. There are significant benefits associated with trading Core Liquidity s Binary Options including, but not limited to: 1. Limitation of Loss The maximum loss you may suffer from trading Binary Options is capped at the initial amount of money you invested. There is no possibility of you losing more than your initial investment in the purchase of a Binary Option. The level of risk associated with trading Binary Options is thus, always certain, in contrast to CFDs, Futures, other type of options or derivatives where losses can increase exponentially. In Binary Options, there are no margin calls therefore you will not need to worry about stop losses that are normally associated with when you re trading other leveraged financial products such as Margin FX or CFDs. 2. Hedging You can use Binary Options to hedge exposure of a current holding in the Underlying Market. 3. Speculation You may use Binary Options to speculate on the price of the Underlying Market Instrument, for example a currency or commodity, without the need to buy or sell the Underlying Market Instrument itself. Unlike buying an actual commodity or currency where you expect the price to rise, with Binary Options, you are allowed to make a speculation on whether the Underlying 7 Product Disclosure Statement Binary Options Core Liquidity Markets

9 Market price will increase or decrease in value without actually buying or selling the underlying itself. For example, you can go Long or Short by buying a Call Binary Option if you think that the Underlying Market will go up or buying a Put Binary Option if you think that it will go down. 4. Trade in Small Amounts The Core Liquidity s system enables you to make transactions in small amounts. You can start using Core Liquidity even with an opening balance as little as AUD $50. When trading in a Binary Option offered by Core Liquidity, you may deposit the sum that suits you, or the amount which is in line with the amount you are willing to risk. With Core Liquidity, you are in full control of your funds. Fundamentally, the Deposit Requirement for a Binary Option is an amount equal to your maximum loss on that Binary Option. 5. Market Positions and Strategies You can use Binary Option s trading strategies to profit from both rising and falling markets. However, given the uncertainty of market movements, there is no guaranteed that the employment of the Binary Option s trading strategies will lead to profits and from time to time, the employment of trading strategies may lead to losses. It is important to note that some trading strategies are more complex than others and may have different levels of risk associated with them. 6. Profit Potential in Flat Markets Binary Options, by their nature, have a fixed payout. Therefore, there are always trading opportunities when the markets are trading flat. 7. Access to Markets in Real Time When using Core Liquidity, you gain access to a trading system which is active and provides you with the opportunity to trade in real time on any global financial market which is open for trading. This gives you a unique opportunity to react instantly to breaking news that is affecting the markets. 8. Real-time Streaming Quotes and Tradable Prices The Core Liquidity s execution system uses the latest highly sophisticated technologies in order to offer you upto-the-minute quotes. You may check your Accounts and Positions in real-time and you may do so 24 hours a day on any global market which is open for trading and make a trade based on realtime information. Subject to satisfying the execution limits, all orders are automatically accepted without intervention from Core Liquidity. The execution limits are set out on our website at or are available by calling us. The execution limits are subject to change at any time. 7. Risks of Trading Binary Options This section does not detail ALL risks applicable to Binary Options but rather seeks to highlight the key significant risks involved in trading in Binary Options. Binary Options are speculative in their nature and involves a high degree of risk, including the risk of losing your entire Deposit Requirement. Core Liquidity recommends that you obtain independent professional advice and carefully consider whether Binary Options are appropriate for you in light of your knowledge, experience and financial needs and circumstances. Trading in Binary Options should not be undertaken unless you understand and are comfortable with the risks of geared investments. Accordingly, you should not rely on this PDS or use it as the sole or principal basis for your investment decision in relation to Core Liquidity s Binary Options. DERIVATIVES RISK The risk of loss in trading derivatives can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. In considering whether to trade in Binary Options, you should be aware that you have the potential to suffer a risk of losing your entire Deposit Requirement to establish or maintain a position. MARKET VOLATILITY The Global Financial Markets are subject to many influences which may result in rapid fluctuations and reflect unforeseen events or changes in conditions with the inevitable consequence being market volatility. External market forces including, but not limited to, changing supply and demand relationships, governmental, agricultural, commercial, or trade programs and policies, as well as national and international political and economic events and the prevailing psychological characteristics of the marketplace can influence the markets and prices to change very quickly. There is a risk that you may suffer a loss as a result of the price of the underlying market moving in a direction that is not anticipated or unfavourably. Furthermore, due to the All or Nothing payout, an investment in Binary Options involves the risk of the Binary Option expiring with no value at all. Given the potential levels of volatility in prices and the financial markets, it is recommended that you closely monitor your positions with Core Liquidity at all times. Financial markets are highly volatile and are very difficult to predict. Due to such volatility, no such Binary Option offered by Core Liquidity, or any other financial services provider, may be considered as a safe trade. All derivatives involve risk and there is no trading strategy that can eliminate it. You could lose all of the Initial Deposit that you make to establish or maintain a Binary Option s position. 8 Product Disclosure Statement Binary Options Core Liquidity Markets

10 In cases where you are speculating, we suggest that you do not risk more capital than you can afford to lose. A good general rule is never to speculate with money which, if lost, would alter your standard of living. FOREIGN EXCHANGE RISK Your profits and losses may be affected by fluctuations in the relevant foreign exchange rate between the time the order is placed and the time the Binary Option is closed out. For example, what may appear as a profit from the Binary Option position may actually constitute as a loss in the chosen base currency due to currency fluctuations. Until the foreign currency balance is converted to the base currency, fluctuations in the relevant foreign exchange rate may affect the Unrealised Profit/Loss made on the Binary Option transaction. Foreign currency markets can change rapidly. Exchange rates depend on a number of factors including, for example, interest rates, currency supply, and demand and actions of government. In some situations, exchanges of currency may be suspended. There is always operational risk associated with the currency conversion calculation process that is undertaken for Binary Options. For example, disruptions in our operational processes such as communications, computers and computer networks, or external events may lead to delays in the execution and settlement of a transaction. CORE LIQUIDITY s RISK/COUNTERPARTY RISK As Core Liquidity is the Corporate Authorised Representative of GO Markets Pty Ltd, who is the market maker or the issuer of the Binary Option products described in this PDS, GO Markets Pty Ltd is the counterparty to every binary contract. You will have an exposure to GO Markets Pty Ltd in relation to each contract as is common to all OTC financial market products. You are therefore exposed to the financial and business risks, including credit risk, associated in dealing with GO Markets Pty Ltd and reliant on GO Markets ability to meet its counterparty obligations to you to settle the relevant contract. Our ability to fulfil our obligations is linked to our financial wellbeing, which is commonly referred to as credit or counterparty risk. You must make your own assessment of our ability to meet our obligations. Neither Core Liquidity nor GO Markets Pty Ltd has been rated by an external credit rating agency. If we were to become insolvent, we may be unable to meet our obligations to you. Core Liquidity or GO Markets Pty Ltd may become unable to operate its Binary Options market as a result of a regulatory impediment (for example, GO Markets Pty Ltd ceasing to hold an Australian Financial Services Licence ( AFSL ) or because ASIC imposes a stop order on the PDS issued by GO Markets Pty Ltd). GO Markets Pty Ltd may enter into arrangements with third party execution and clearing providers for the facilitation of transactions and settlements, and avail monies received for deposit requirements and settlements to such providers for this purpose. Accordingly, clients are indirectly exposed to the financial risks of our counterparties and organisations with which GO Markets Pty Ltd holds client s funds. If the financial condition of Core Liquidity or GO Markets Pty Ltd, or assets of our counterparties or the parties with which we hold client assets deteriorate, then clients could suffer loss because the return of the client capital could become difficult. In other words, in the event there is a deficit in the client money (trust) account and Core Liquidity or GO Markets Pty Ltd becomes insolvent or is otherwise unable to pay the deficiency, there is a risk that you may not receive all the money held by GO Markets Pty Ltd on your behalf in that account. You are reliant on GO Markets ability to meet its counterparty obligations to you to settle the relevant contract. GO Markets Pty Ltd may choose to limit this exposure by entering into opposite transactions as principal in the wholesale market in relation to its exposures with clients. In addition, GO Markets Pty Ltd must comply with the financial requirements imposed under its AFS Licence. If GO Markets Pty Ltd defaults on its obligations, investors may become unsecured creditors in an administration or liquidation and will not have recourse to any underlying assets in the event of GO Markets insolvency. Please contact us in writing at the address/ provided herein, should you wish to obtain a free-of-charge copy of GO Markets Pty Ltd. s or Core Liquidity s latest audited financial statements which may assist in your assessment of credit risk. DEPOSIT Each open Binary Option position will require you to maintain a certain amount of deposit with us. Under the Client Agreement, a failure to meet our deposit requirements is an event of default and we have the discretion to immediately refuse or to accept an order requested by you, or close out your Binary Option positions. You must therefore regularly monitor your own deposit requirements when trading Binary Options. Pease note that Core Liquidity reserves the sole discretion to determine how much deposit is required. CLIENT S MONEY Your funds are held in Core Liquidity s client trust account and are comingled with the funds of all of our other clients. Subject to the Corporations Act, your funds kept in Core Liquidity s client trust account can be used for the purposes of covering payments for other clients and meeting Core Liquidity s margin requirements with its OTC Derivatives Providers. This means that you may potentially suffer losses as a result of default by another client where money from the client trust accounts is applied to cover that client s payment obligations. Moreover, you may not receive all the money held by Core Liquidity s on your behalf in the client trust account if there is a deficit in the client trust account and Core Liquidity becomes insolvent or is otherwise unable to pay the deficiency. 9 Product Disclosure Statement Binary Options Core Liquidity Markets

11 CREDIT RISK Binary Options are traded over-the-counter ( OTC ), which means that they are not traded via a regulated exchange or market and not covered by the protections for exchangetraded derivatives arising from any domestic or international exchange rules (such as guarantee or compensation funds). Binary Options are a transaction between you and Core Liquidity. Our obligations to make payments in respect of the Binary Option are unsecured obligations of Core Liquidity, which means that you are subjected to our Core Liquidity s credit risk. If we were to become insolvent, it is possible that a scenario may evolve that we would become unable to meet our financial obligations to you. Investors must do their own due diligence and make their own assessment of Core Liquidity s ability to meet its obligations in respect to the above mentioned situation. POSSIBLE ILLIQUIDITY OF THE MARKET A Liquid market is one which generally has sufficient trading activity to satisfy both buyers and sellers. An Illiquid market, on the other hand, is generally one in which it is difficult to find bids and offers. Some commodity markets are extremely illiquid. Core Liquidity thus reserves the right to postpone in offering a price for a Binary Option until a more liquid market develops. TERMINATION OF BINARY OPTIONS BEFORE THE EXPIRY TIME European style binary options cannot be closed out or sold prior to the Expiry Time. Therefore, you may not be allowed the flexibility to take advantage of movements in the Underlying Market and thus, take advantage of a profitable situation and close out, realising a profit prior to expiry. OPERATIONAL RISKS There are operational risks in Binary Option transactions. The operation of your Binary Option s account and the transaction of Binary Options is reliant on the continuing operation of, among other things, the Core Liquidity s Trader platforms, our computers, the Internet, and your personal computer. Disruptions, failures or delays in any of these may lead to delays in execution and settlement of Binary Option transactions. While we will endeavour to provide you with access to trade on the Core Liquidity s Trader platforms generally 24 hours a day, from 8:00 AM AEST, Monday, to 7:00 AM AEST, Saturday, there may be disruptions in the availability of the platforms. To the maximum extent permitted by law, no responsibility is taken for any liability incurred in connection with any disruption, failure or delay of the Core Liquidity s Trader platforms or any related infrastructure. We have outsourced the operation of the Core Liquidity s Trader platforms to a third party and we rely on this third party to ensure the systems are updated and maintained. CONSEQUENCES OF YOUR DEFAULT If you fail to perform any obligation under your Binary Options, we have extensive powers under our Client Agreement with you to take steps to protect our position including, for example, the power to close out your Binary Option position. Under the Client Agreement, you also indemnify us for certain losses and liabilities, including, for example, any default by you under the Client Agreement. Further, our liability to you is expressly limited. You should read the Client Agreement carefully and obtain advice to make sure you understand these matters. OUR RIGHT TO EXERCISE CERTAIN DISCRETIONS You should note that there are a number of provisions in the Client Agreement that confer discretion to us which could affect your Binary Options. These discretions include: To set the minimum deposit requirement to open a Binary Option; and To close your Binary Option positions, limit the total value of the Binary Options that you can open, refuse an order or terminate the agreement between us if certain circumstances arise, including where we: > decide in our absolute discretion and provided that we have given you prior written notice of such decision; or > reasonably consider it necessary for the protection of our rights under the Client Agreement. Please note that you do not have the power to direct us in the exercise of our discretions. INFORMATION WE MAKE AVAILABLE We may make information available to you that is generated by us or obtained from third parties. This includes, but is not limited to, market information such as financial market data, quotes, news, analyst opinions and research reports, graphs or data. This market information: is not intended to be advice; is not endorsed or approved by us and we do not guarantee the accuracy, timeliness, completeness or correct sequencing of the market information; is available as a service for your own convenience only; may quickly become unreliable for various reasons including, for example, changes in market conditions or economic circumstances; and is not necessarily up to date. Except as required by law, we do not warrant any results from your use or reliance on the market information. We may discontinue offering this market information at any time without notice. EXECUTION RISK A delay in execution may occur for various reasons, such as technical issues with your internet connection to our trading servers. The Core Liquidity s Trader Platforms may not be maintaining a constant connection with our trading servers. 10 Product Disclosure Statement Binary Options Core Liquidity Markets

12 In those circumstances, the price offered by us may change before we receive your order. If you place an order and the price changes before the order is received, the order will be accepted by us at the new price. This means the price at which your order is accepted may be different from the price you were quoted. We cannot predict future price movements and our quotations are not a forecast of where we believe currency prices will be at a future time. ELECTRONIC TRADING PLATFORM RISK You shall be responsible for providing and maintaining the means by which to access the electronic trading platform, which may include without limitation a personal computer, modem and telephone or other access line. While the internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or prevent access thereto. If you are unable to access the internet and thus, the electronic trading platform, it will mean you may be unable to trade in a Binary Option product offered by Core Liquidity when desired and you may suffer a loss as a result. Should the system be unavailable, clients may place their closing orders via telephone with a representative of Core Liquidity. Furthermore, in unforeseen and extreme market situations, such as an event like September 11, or a global catastrophe, Core Liquidity reserves the right to suspend the operation of the electronic trading platform or any part or sections of it. In such an event, Core Liquidity may at its sole discretion (with or without notice), close out your open contracts at prices it considers fair and reasonable at such a time. Core Liquidity may impose volume limits on client accounts, at its sole discretion. You should note that you do not have the power to direct us in the exercise of our discretions. Please also note that such measures would only be implemented in extreme market conditions, and such discretion only reasonably exercised in the best interests of the client. REGULATORY RISK Changes in taxation and other laws, government, fiscal, monetary and regulatory policies may have a material adverse effect on your dealings in Binary Option transactions, as may any regulatory action taken against either Core Liquidity or GO Markets Pty Ltd. NO COOLING OFF There are no cooling-off arrangements for Binary Option transactions. This means that when Core Liquidity arranges for the execution of a Binary Option position, you do not have the right to return the product, nor request a refund of the money paid to acquire the product. SUPERANNUATION FUNDS It should be noted that complying superannuation funds are subject to numerous guidelines and restrictions in relation to their investment activities which are contained in the Superannuation Industry Supervision Act 1993, and associated regulations and regulatory guidance material. Without being an exhaustive list, following are some of the issues that should be considered by a Trustee of a complying superannuation fund: Restrictions on borrowing and charging assets and whether dealing in over-the-counter Derivative products would breach those borrowing and charging restrictions; The purpose of dealing in over-the-counter Derivative products in the context of a complying superannuation fund s investment strategy as well as the fiduciary duties and other obligations owed by Trustees of those funds; The necessity for a Trustees of a complying superannuation fund to be familiar with the risk involved in dealing in over-the-counter Derivative products and the need to have in place adequate risk management procedures to manage the risks associated in dealing in those products; and The consequences of including adverse taxation consequences if a superannuation fund fails to meet the requirements for it to continue to hold complying status. 8. Binary Option s Transaction Examples The examples below are for illustrative purposes only. The rates and figures quoted are hypothetical and do not represent actual rates or figures. CALL BINARY OPTION You are of the opinion that EUR/USD will be above in 60 seconds. You will attempt to benefit from this speculation by entering into an Up Binary Option with a 60 second Expiry Time. Assuming that your Initial Deposit investment is USD $25, you would be required to have USD $25 in equity in your Account in order to enter into this transaction. If you do not have the Initial Deposit Requirement, the order will not be accepted by Core Liquidity. Upon conclusion of the Binary Option position, if the EUR/USD bid price (as shown in the Binary Option s ticket window) is above the opening price of , you then make a profit. For example, if the EUR/USD rises and the EUR/USD is now quoted at , you will make the following profit: USD $43.75 ($25 plus (75% of $25)). If, at the conclusion of the trade, the EUR/USD bid price is equivalent to the opening price of the trade, the trade is considered a draw, and the original deposit of $25 will be returned to you. However, if, at the conclusion of the trade, the EUR/USD bid price is lower than the opening price, you then lose the entire USD $25 investment. 11 Product Disclosure Statement Binary Options Core Liquidity Markets

13 Please note that once a position is closed out, no further deposit is required. PUT BINARY OPINION You are of the opinion that EUR/USD will be below in 60 seconds. You will attempt to benefit from this speculation by entering into a Down Binary Option with a 60 second Expiry Time. Assuming that your Initial Deposit investment is USD $25, you would be required to have USD $25 in equity in your Account in order to enter into this transaction. If you do not have the Initial Deposit Requirement, the order will not be accepted by Core Liquidity. Upon conclusion of the Binary Option position, if the EUR/USD bid price (as shown in the Binary Option s ticket window) is below the opening price of , you then make a profit. For example, if the EUR/USD falls and the EUR/USD is now quoted at , you will make the following profit: USD $43.75 ($25 plus (75% of $25)). If, at the conclusion of the trade, the EUR/USD bid price is equivalent to the opening price of the trade, the trade is considered a draw, and the original deposit of $25 will be returned to you. However, if, at the conclusion of the trade, the EUR/USD bid price is greater than the opening price, you then lose the entire USD $25 investment. Please note that once a position is closed out, no further deposit is required. 9. ASIC Regulatory Guide 227 Disclosure Benchmarks ASIC Regulatory Guide 227 requires issuers of OTC derivatives to retail investors to publish certain information addressing a range of disclosure benchmarks. These benchmarks are required to be addressed on an if not, why not basis, and are intended to assist retail investors to properly understand the complexity and risks of trading in OTC derivative products, particularly with regard to leverage. There are 7 disclosure benchmarks required to be address, all of which we are of the view, have been met by Core Liquidity s compliance with each benchmark is addressed in the following table: BENCHMARK DESCRIPTION Client Qualification Opening Collateral HOW DOES CORE LIQUIDITY MEET THIS BENCHMARK? Because of the significant risks involved, trading in Binary Options is not suitable for all investors. Core Liquidity operates a client qualification policy that is intended to ensure that new Australian resident clients are adequately qualified to trade in any product offered through us. Core Liquidity is required to ensure a minimum level of understanding before providing an account to potential clients. To qualify that a potential client does understand the nature and risks of trading OTC derivatives, Core Liquidity requires that a client meet the following criteria: The client completes an online test and obtains a pass score of 70% or more; or Can successfully demonstrate that: 1. Has previous trading experience in financial products; 2. Has an understanding of leverage, margins and volatility; 3. Has an understanding of the trading process and relevant technology; 4. Has an ability to monitor and manage the risks of trading; and 5. Has an understanding that only risk capital should be traded Core Liquidity only permits clients to open an Account and trade with Cleared Funds (i.e. transfer of cash from your banking account to your trading account). Please note that an Account may be opened with a cash transfer from your bank account by EFTPOS, BPAY, SWIFT wire, cheque or with a credit card (but only to a maximum amount of $1,000 for initial deposit from credit cards, from March 2012). Funds deposited with us may take up to three business days or more to clear. It is your RELEVANT SECTIONS OF THE PDS Section 2 Terms and Conditions Section 3 Advice Section 5 Key Features of Core Liquidity s Binary Options Section 20 Client Agreement Section 2 Terms and Conditions Section 11 The Binary Option s Account Section 12 Operating an Account Section 13 Deposit Requirements 12 Product Disclosure Statement Binary Options Core Liquidity Markets

14 Counterparty Risk Hedging Counterparty Risk Financial Resources responsibility to ensure that the amounts transferred to our trust account are cleared in sufficient time to meet all the payment obligations that you have under the Client Agreement. A failure to do so could result in your orders being cancelled, your Binary Option transactions being closed out and being charged default interest. If you are not sure how long it will take for your payments to clear, you should contact your financial institution. Prior to entry into a Binary Option, you must have sufficient Cleared Funds in your trading account, which either equals or exceeds the Deposit Requirement. We may not hedge a client s position or post the trade straight through (known as Straight through Processing, or STP ) and instead, we set the prices at which we are prepared to deal with you. In some cases, client trades are hedged by passing the equivalent volume of instrument traded through to a liquidity partner, thereby mitigating client risk resulting from adverse market movements. We also conduct regular surveillance of our client-to-liquidity provider exposure to ensure any discrepancies that may arise are corrected as appropriate. This may from time-to-time involve bulk purchases of a given currency, security or index with a liquidity partner which are generally infrequent and immaterial in size. It is also imperative to mitigate counterparty risk. In an effort to reduce this risk, GO Markets Pty Ltd sources their liquidity from Tier 1 or 2 partners. Glossary Hedging/Hedged: The buying or selling of a tradable instrument, matching the client s trade size and instrument. Liquidity Partner: A financial institution, Bank or Provider who accepts order flows directly from GO Markets Pty Ltd, otherwise known as a counterparty, hedging partner or liquidity provider. Client Risk: Inadvertent exposure to a given currency, security or index through a client s exposure including the potential for the client to default on their margining obligations with Core Liquidity. Counterparty Risk: An inadvertent exposure to the financial health of a counterparty, otherwise known as a hedging partner or liquidity partner/provider. Core Liquidity is a Corporate Authorised Representative of GO Markets Pty Ltd who is an issuer of OTC derivatives. GO Markets Pty Ltd complies with the financial requirement of licence holders set out in RG166. The goal of these requirements is to ensure that GO Markets Pty Ltd meets a minimum level of financial resources to conduct business and meet any liabilities as and when they may arise. GO Markets Pty Ltd keeps a policy to ensure that it meets and maintains adequate financial resources and complies with the financial requirements of its Australian Financial Services Licence ( AFSL ). GO Markets Pty Ltd has a dedicated Compliance Officer who monitors Core Liquidity s compliance with its licence conditions and ASIC RG166 (financial) obligations. In addition, GO Markets Pty Ltd have independent external legal and accounting advisers who ensure both Section 7 Risks of Trading Binary Options Section 7 Risks of Trading Binary Options (Counterparty Risk) 13 Product Disclosure Statement Binary Options Core Liquidity Markets

15 Client Money GO Markets Pty Ltd and Core Liquidity meet ASIC requirements. As part of this policy, and to ensure GO Markets Pty Ltd meets liquid capital requirements set out by ASIC and also GO Markets Pty Ltd. s obligations to its clients, GO Markets Pty Ltd: Execute a daily adjusted liquid surplus funds calculation; and Perform daily calculation on all client funds accounts. GO Markets Pty Ltd. s capital requirement and surplus position is monitored on a daily basis by their accounts department in real time. All client cash is maintained in a segregated client account which is also monitored by the accounts department. This in turn is monitored and overseen by GO Markets Pty Ltd. s Chief Financial Officer ( CFO ). GO Markets Pty Ltd appoints the services of an external independent auditor who conducts an audit at the end of each financial year. Please contact us in writing at the address/ provided herein, should you wish to obtain a copy of GO Markets Pty Ltd. s or Core Liquidity s latest financial statements (free of charge) which may assist in your assessment of the credit risk. Client positions, margin calls and liquidation are all monitored by selected risk staff. Market risk is monitored on a daily basis against set limits. Our free margin levels with our hedging counterparties are displayed at all times, showing how much market movement or increase in client position size can be sustained with the current level of margin funds. The risk exposure that our clients face is maintained by our risk and compliance staff, along with all other key risks of the business. GO Markets Pty Ltd maintains a risk register which is reviewed at each Compliance Committee meeting. Both Core Liquidity and GO Markets Pty Ltd maintain and apply a clear policy with regard to the use of client money. Any money that you deposit with Core Liquidity, including your net running profits, will be held separately from Core Liquidity s or GO Markets Pty Ltd. s money, in a dedicated account, and held and dealt with in accordance with the Corporations Act requirements. Core Liquidity holds its client funds in a dedicated client bank accounts with Commonwealth Bank of Australia ( Commbank ) while GO Markets Pty Ltd holds client funds in dedicated client bank accounts with National Australia Bank ( NAB ). These accounts hold Client Money separately from money belonging to the business. Neither GO Markets Pty Ltd nor does Core Liquidity use Client Money for any business purpose. Client Money is solely used to maintain margin that is needed to cover positions opened by clients. One of the risks of holding Client Funds in dedicated accounts is that market movements may cause a client s account to go into negative equity and GO Markets Pty Ltd or Core Liquidity may be unable to redeem these funds, thus creating a deficit in the other client s money. To reduce this risk, both GO Markets Pty Ltd and Core Section 7 Risks of Trading Binary Options (Client s Money) Section 7 Risks of Trading Binary Options (Counterparty Risk) Section 11 The Binary Option s Account 14 Product Disclosure Statement Binary Options Core Liquidity Markets

16 Suspended or Halted Underlying Assets Margin Calls Liquidity run an Automated Stop Out System designed to prevent any client from falling into a negative balance. Additionally, GO Markets Pty Ltd brings these negative balances onto our own balance sheet as a cost of business. All client cash transactions are reconciled daily and double reconciled monthly. Money is only withdrawn from the client account to: make a payment to, or in accordance with the written direction of, a person entitled to the money we do not transfer money from one account into the other if it s not in the same clients name; defray brokerage or other proper charges; or pay to Core Liquidity or GO Markets Pty Ltd money to which it is entitled. Your funds kept in our client accounts can be used to meet the payment obligations of our other clients. This means that you may also potentially suffer a loss as a result of default by another client where money from the client account is applied to meet the payment obligations of that client and there is a deficiency in the client account. In the event of our insolvency, your entitlements as a creditor will rank equally with all other clients and you may not receive of all the money held by us on your behalf if there is a deficit in the client account. An underlying financial product may be placed in a trading halt on the relevant exchange in various circumstances. Additionally, it may be suspended or delisted in certain circumstances. Exchange rates depend on a number of factors including, for example, interest rates, currency supply and demand and actions of government. In some situations, exchanges of currency may be suspended. Core Liquidity may, in its absolute discretion, cancel your order in respect of a Binary Option transaction which has not yet been opened, or close any open Position, where the underlying financial product is the subject of a trading halt, suspension or delisting. When you place an order for a Binary Option with us, it is likely that we will place a corresponding order to purchase or sell the relevant product to hedge our market risk. Core Liquidity has the discretion as to when and if it will accept an order. Without limiting this discretion, it is likely that we will elect not to accept an order in circumstances where our corresponding order cannot be filled. Accordingly, Core Liquidity may at any time determine, in our absolute discretion, that we will not permit the entry into Binary Options over one or more underlying markets. There are no margin calls associated with Binary Options. The maximum loss a person suffers from trading Binary Options is capped at the initial amount invested. There is no possibility of the investor losing more than their initial investment in the purchase of a Binary Option and thus, the level of risk is always certain. In essence, there are no margin calls or the need to worry about stop losses when trading Binary Options. Section 2 Terms and Conditions Section 12 Operating an Account Section 20 Client Agreement Section 6 Benefits of Trading Core Liquidity s Binary Options 15 Product Disclosure Statement Binary Options Core Liquidity Markets

17 10. Opening an Account Prior to transacting in Binary Options, you must read and understand our FSG, this PDS and the Client Agreement. Before opening an Account, you must sign our Client Agreement. This is an important legal document containing the terms and conditions which govern our relationship with you. It is provided to you separately by Core Liquidity. Please see Section 20 of this PDS which sets out some of its key terms. We recommend that you consider seeking independent legal advice before entering into the Client Agreement, as the terms and conditions detailed in this Agreement are important and affect your dealings with us. You must complete, sign and return a Client Agreement, and have your application to open an Account approved by Core Liquidity. Core Liquidity may refuse to open an Account for any person. All deposits are accounted for in the Base Currency which the client has a choice of. When sending funds to Core Liquidity, please send the same currency as the Base Currency of your Account. If your application is accepted, we may require you to pay to us, and maintain at all times, a balance in your Binary Option s account representing Cleared Funds. Cleared Funds are amounts deposited or credited to your Binary Option s account which are able to be withdrawn by us for the purposes of acquiring Binary Options or making other payments. We will comply with our obligations to report all relevant transactions to AUSTRAC in accordance with anti-money laundering requirements. 11. The Binary Option s Account WHAT IS A BINARY OPTION S ACCOUNT? A Binary Option s account is a record, or a series of records, maintained by us (or on our behalf) that shows, at any point in time, the net position of the payments that you have made or are required to make to us and the payments we have made or are required to make to you. The Binary Option s account is not a deposit account with us and no money is held in the Binary Option s account. Money paid by you is initially deposited in our trust account and dealt with as set out in Section 7. Under the Client Agreement, you authorise us to: Credit your Binary Option s account with any amounts deposited by you in our trust account and the amounts we are required to credit to you; Debit your Binary Option s account with the amounts set out in Sections 9 and 10 and any amounts withdrawn by you; and Designate the amounts in the Binary Option s account as either Free Equity or Deposit depending on the amount of funds you have deposited with us, your orders, open Binary Option s positions and market movements. HOW ARE THE FUNDS YOU DEPOSIT WITH US HELD? Under the Client Agreement, you agree to pay to us sufficient funds at all times to satisfy all amounts payable by you under the Client Agreement. Any money that you pay to us may for a period be held, separately from our money, in a client trust account or invested by us. Such money will be held, dealt with and invested in accordance with the Corporations Act and the terms of the Client Agreement. Under the terms of the Client Agreement, you agree that: your money in our client trust account is not kept separate from the money of other clients; we may withdraw your money from the trust account in any of the following circumstances: > making a payment to, or in accordance with your written directions for purposes of entering into Binary Options; > defraying brokerage and other proper charges; > paying to us money to which we are entitled; > making a payment that is otherwise authorised by law; > paying to us money to which we are entitled pursuant to the operating rules of a financial market; and > making a payment to another licensee provided that the receiving licensee is notified that the money has been withdrawn from the trust account and pays it into their trust account; amounts withdrawn from the client trust account under the above clause: > belong to us; and > will no longer be your funds or be held for you; we are entitled to invest the money in the client trust account in accordance with the Corporations Act; unless otherwise agreed in writing with you: > we are solely entitled to any interest or earnings derived from your money being deposited in our client trust account, the trust account of our OTC Derivatives Provider or invested by us in accordance with the Corporations Act. Such interest or earnings are payable to us from the relevant trust account or investment account, as the case requires, as and when we determine; > upon realization of an investment of your funds, the initial capital invested must either be invested in another investment permitted by the Corporations Act or deposited by us into the client trust account operated in accordance with the Corporations Act; > in the event that the amount received upon realization of an investment of your funds is less than the initial capital invested, we must pay an amount equal to the difference into the client trust account for your benefit, except where any such difference is the result of amounts paid out of the investment to us in accordance with the Client Agreement; and > we will not charge a fee for investing the money in the client trust account; we may use the money in the trust account for the purpose of meeting obligations incurred by us in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives by us (including dealings with our OTC Derivatives 16 Product Disclosure Statement Binary Options Core Liquidity Markets

18 Provider), including dealings on behalf of other clients. If used for this purpose, the money will be held in one or more accounts in the OTC Derivatives Providers name in accordance with the Corporations Act. Holding your money in one or more client trust accounts may not afford you absolute protection. The purpose of a client trust account is to segregate our clients money, including your money, from our own funds. If the amount held in a trust account for you does not satisfy or fully satisfy moneys we owe to you and we become insolvent, you will be an unsecured creditor in relation to the balance of the moneys owing to you. Your funds will be kept together with the funds of other clients in our client trust account. Your funds kept in our client trust accounts can be used to meet the payment obligations of our other clients. This means that you may also potentially suffer a loss as a result of default by another client where money from the client trust account is applied to meet the payment obligations of that client and there is a deficiency in the client trust account. In the event of our insolvency, your entitlements as a creditor will rank equally with all other clients and you may not receive of all the money held by us on your behalf if there is a deficit in the client trust account. Core Liquidity is entitled to retain all interest earned on client moneys held in segregated accounts with a bank or approved deposit-taking institution. The rate of interest earned by Core Liquidity on this account is determined by the provider of the deposit facility. HOW DO YOU GET FUNDS IN AND OUT OF YOUR BINARY OPTION S ACCOUNT? You can deposit funds to our trust account by sending us a cheque or using electronic funds transfers, BPAY or credit card. Those funds will be credited into your Binary Option s Account. Funds deposited with us may take up to three days or more to clear. It is your responsibility to ensure that the amounts transferred to our trust account are cleared in sufficient time to meet all the payment obligations you have under the Client Agreement. A failure to do so could result in your orders being cancelled and your Binary Options being closed out and being charged default interest. If you are not sure how long it will take for your payments to clear, you should contact your financial institution. Free Equity means the cash balance in your Binary Option s Account plus or minus any Unrealised Profit/Loss less any deposit requirements. You can, subject to our terms and conditions, withdraw funds up to the amount, if any, of your Free Equity s Unrealised Profit/Loss is profit or loss that has been made or lost but is not yet realised through a transaction. EXAMPLE Free Equity You have cash balances of $5,000 in your Binary Option s account of which $3,000 is needed to meet your deposit requirements for the opened Binary Option positions and an Unrealised Profit of $1,000. In this case, your Free Equity is $3,000 and you will be able to withdraw up to this amount from your Binary Option s Account. DO YOU GET INTEREST ON YOUR BINARY OPTION S ACCOUNT BALANCE? You will not receive any interest on balances in your Binary Option s Account. 12. Operating an Account HOW DO YOU OPEN A BINARY OPTION S POSITION? Binary Options can only be opened by placing an order on the Core Liquidity s Trader Platforms. To open a Binary Option, you will need to provide us with specific information including the type of the underlying market instrument that you would like to speculate, the size of the position and whether you intend to be the long or short party. All quotes are indicative and no Binary Option position will be entered into, until your order is accepted in accordance with the Client Agreement. Due to transmission delays which may occur between when you send us your order and our trading server accepting your order, the price offered by us may change before we receive your order. If you place an order and the price changes before the order is received, the order will be accepted by us at the new price. This means the price at which your order is accepted may be different from the price you were quoted. We cannot predict future price movements and our quotations are not a forecast of where we believe they will be at a future time. ACCEPTANCE OF ORDERS If we accept your order then the Binary Option is opened and we will send a confirmation to you as follows: If you have entered an order through the Core Liquidity s Trader Platforms, the platforms will automatically give you a summary of the main elements of your order which can be printed by you so that you can check the order is correct. This summary is not a confirmation. Once your order has been executed, you can access your Trades Booked statement online. The Trades Booked statement is your confirmation. You will be asked to accept this standing facility method of receiving confirmations in the Client Agreement; If you have placed an order by calling us, you can access your Trades Booked statement online which is your confirmation as set out above; and If requested, we will send a confirmation to you by ordinary post. We have absolute discretion on whether to accept an order or not. In general, we will use reasonable endeavours to accept an order. However, we may not accept an order if, for example, it is not reasonably practicable for us to do so. 17 Product Disclosure Statement Binary Options Core Liquidity Markets

19 HOW DO YOU CLOSE OUT A BINARY OPTION? Binary Option is automatically closed out upon expiring. At no point during the duration of the trade can the Binary Option position be closed manually. Once the Binary Option position is closed out, we: determine any debits or credits required to your Binary Option s account; and send a confirmation to you as set out above. There are some circumstances set out in the Client Agreement in which we may close out a Binary Option in our sole discretion. For example, we may do this where you fail to maintain your required deposit. This is explained further in Sections 7 and 8 of this PDS. CORE LIQUIDITY s TRADER PLATFORMS We will provide you with access to an online trading platform which will enable you to trade in our Binary Options over the internet. The Core Liquidity s Trader Platforms enable you to: trade Binary Options generally 24 hours a day from Monday 9:00 am AEST to Saturday 9:00 am AEST; and access information on a wide range of global markets generally 24 hours a day. The significant features of the Core Liquidity s Trader Platforms are as follows: Real time prices however, due to transmission delays between when your order is sent to us and when the order is automatically accepted by our trading server, your order may be accepted at a different price than what was quoted at the time of your order (see Section 12 for further details); Real time news feeds; Technical analysis; Account summaries; Support; and A secure website 13. Deposit Requirements WHAT IS DEPOSIT? You are required to maintain a specified amount of cash deposit with us in respect of each open Binary Option position, referred to as the Deposit Requirement. The deposit paid by you is initially deposited in our trust account but is then dealt with as set out in Section 11. The amount of required deposit is determined by you, at your sole discretion, on the condition that it is not lower than our minimum deposit requirement for the selected Binary Option product. This PDS does not specify the minimum requirement rates because the rates are determined by us by reference to a number of variable factors, including the liquidity and volatility of the underlying markets. The current minimum deposit rates for particular underlying markets are published on our website at or can be obtained by calling us. INITIAL DEPOSIT The deposit you are required to maintain with us is normally considered as the Initial Deposit. Initial Deposit is the amount of the deposit required to open a Binary Option position. YOU ARE RESPONSIBLE FOR SATISFYING THE DEPOSIT REQUIREMENTS If the required amount of deposit for all your Binary Options exceeds the equity balance of your Binary Option s account, you must either deposit additional cash with us or alternatively close out the open Binary Option positions to reduce your required deposit to a level acceptable to us. Due to the highly volatile nature of the underlying markets, we cannot give you definite timeframes for you to meet your deposit requirements. In some circumstances, we may need to close out your open Binary Option position immediately if you fail to meet deposit requirements in order to minimise our risk exposure. Under the Client Agreement, a failure to meet our deposit requirements is an event of default and we have the right to immediately close out your Binary Options. You must regularly monitor your own deposit requirements. You are responsible for ensuring that you have sufficient deposit. Binary Options can be highly volatile and you should ensure that you are always contactable by us. Essentially, all trades are your responsibility so you should always be aware of your deposit requirements and act accordingly. Please note that there are no margin calls for Binary Options. If you do not meet the required deposit requirements, then we may, in our absolute discretion to: cancel any orders; and close out, without notice, all or some of your open Binary Option positions. Any losses resulting from us closing a Binary Option will be debited into your Binary Option s account and may require you to deposit additional cash with us. Default interest may apply on the amount of any cash shortfall. Please note that we may change your deposit requirements at any time by giving you prior notice by contacting you directly via or by calling you. 14. Fees and Other Costs ASSOCIATED FEES The fees associated with Binary Options are the price of the Binary Option itself. You will not be charged a fee when you acquire any Binary Option product. Core Liquidity absorbs all of its costs regarding its hedging, trading and dealing, and never passes these onto clients. Instead, Core Liquidity derives its income from options purchased by clients that expire out of the money. Please note that an option trade expires out of the money when the Expiry Price of the underlying market is below the 18 Product Disclosure Statement Binary Options Core Liquidity Markets

20 Strike Price for a Call Binary Option, and above the Strike Price for a Put Binary Option. Core Liquidity reserves the right to pass on administration fees or charges such as, but not limited to, credit card merchant fees and bank wire transfer fees. CURRENCY CONVERSION CALCULATION FEE Funds can be deposited to us and held in the following currencies: Australian Dollars, United States Dollars, New Zealand Dollars, Singapore Dollars, British Pound Sterling & Euros. Your Binary Option s Account can be denominated in any of the six stated currencies. Under the Client Agreement, we are entitled to charge you a conversion calculation fee of up to 0.5 per cent for converting amounts into your nominated currency when you deal in a Binary Option denominated in a currency other than Australian dollars, United States Dollars, New Zealand Dollars, British Pound Sterling, Singapore Dollars or Euros and: funds are transferred from our client trust account and converted at the current spot rate for the conversion of the relevant funds into your nominated currency (being either Australian dollars, US Dollars, New Zealand Dollars, British Pound Sterling, Singapore Dollars or Euros); or realised profits and losses are converted to your nominated currency (being either Australian dollars. US Dollars, New Zealand Dollars, British Pound Sterling, Singapore Dollars or Euros) immediately on closing the Binary Option position at the current spot rate. EXAMPLE Conversion Calculation Fee If following the termination of a Binary Option, you realise a profit of 100,000 Japanese Yen and your account is denominated in Australian Dollars, and the exchange rate is 1 AUD = 77 Yen, you will receive AUD $1, and we will charge you a conversion calculation fee of AUD $6.49. Currently, we have waived the conversion calculation fee for all currency conversions. However, we may, at our discretion, charge the conversion calculation fee by giving you 30 days prior notice. DEPOSIT You are required to maintain a deposit as set out in Section 13. The deposit is not a fee but rather a security deposit that you are required to keep with us. INTEREST ON ACCOUNT BALANCES Core Liquidity is entitled to retain all interest earned on client moneys held in segregated accounts with a bank or approved deposit-taking institution. The rate of interest earned by Core Liquidity on this account is determined by the provider of the deposit facility. INTERNATIONAL TRANSFER FEES Depositing Funds When depositing funds to your Core Liquidity s trading account internationally, both the transferring and receiving financial institutions may place a transfer fee on your transaction. When reconciling your international payment, our funding department will note the transfer amount, which includes the transferring bank s charge. Subsequently, we will note the bank charge from Core Liquidity s bank account. The net sum will then be transferred to your Core Liquidity s trading account. Withdrawing Funds When you withdraw funds from your trading account, the amount you receive in your bank account may differ from the sum withdrawn. While Core Liquidity covers the fee for all withdrawals with our bank, your financial institution and/or intermediary bank may also apply charges. These charges depend on your account/credit card type, and/or the location of which the receiving bank is located and other considerations such as alliances with the transferring bank and/or intermediary institution. Although we do our utmost to negotiate transfer fees with our bank, we are unable to ascertain, control or negotiate transfer costs with your financial institution and/or credit card provider. OTHER FEES AND COSTS There may be other costs that may apply to you, such as: Credit Card payments PayPal payments Telegraphic Bank Transfer payments For further information on the above, please see Taxation TAXATION ADVICE Please note that Core Liquidity does not provide any taxation advice. If you trade in Binary Options, you may be subjected to Australian Taxation. This section outlines general information about the significant Australian Income Tax and GST implication of trading derivatives. The information contained in this section is of a general nature only and is not intended to constitute legal or taxation advice and should not be relied upon as such. The taxation implications of your transactions will depend on your own individual circumstances and Core Liquidity recommends that you obtain independent professional taxation advice on the full range of taxation implications applicable to your own personal facts and circumstances. Taxation laws are complex in nature and their interpretation and administration may change over the term of your transacting. We will not advise you of any changes in taxation laws should they occur. You must take full responsibility for the taxation implications arising from your own transacting, 19 Product Disclosure Statement Binary Options Core Liquidity Markets

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