CONTRACTS FOR DIFFERENCE

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "CONTRACTS FOR DIFFERENCE"

Transcription

1 CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for CONTRACTS FOR DIFFERENCE Halifax New Zealand Limited Financial Services Provider No Date 26th May 2015 HALIFAX Client Service Agreement 1

2 This document provides important information about to help you decide whether you want to enter into any of these derivatives. There is other useful information about this offer at Many derivatives are complex and high-risk financial products that are not suitable for most retail investors. If you do not fully understand a derivative described in this document and the risks associated with it, you should not enter into it. You can also seek advice from a financial adviser to help you make your decision. You should ask if that adviser has experience with these types of derivatives. Halifax New Zealand Limited has prepared this document in accordance with the Financial Markets Conduct Act i HALIFAX NZ

3 1. Key Information Summary 1.1 What is this? This is a product disclosure statement (PDS) for (CFD) provided by Halifax New Zealand Limited (Halifax, we, our, us). CFDs are derivatives, which are contracts between you and Halifax that may require you (client) or Halifax to make payment or deliver on the CFDs underlying index, equity, commodity, financial product, or other asset (as the case may be). The value of the contract will depend on the price or value of the underlying index, equity, commodity, financial product, or other asset. The contract specifies the terms on which those payments and deliveries are to be made. 1.2 Warning Risk that you may owe money under the derivative If the price, value, or level (as the case may be) of the underlying index, equity, commodity, financial product, or other asset changes, you may suffer losses. In particular, unlike most other kinds of financial products, you may end up owing significant amounts of money. You should carefully read section 2.8 of this PDS on how payments are calculated Your liability to make margin payments Halifax may require you to make additional margin payments to contribute towards your future obligations under the CFDs. These payments may be required at short notice and can be substantial. You should carefully read section 2.8 of this PDS about your obligations Risks arising from issuer s creditworthiness When you enter into derivatives with Halifax, you are exposed to a risk that Halifax cannot make payments or deliver an index, equity, commodity, financial product, or other asset (as the case may be) as required. You should carefully read section 3 of the PDS (risks of these derivatives) and consider the creditworthiness of Halifax and its Platform Counterparties. If Halifax or the Platform Counterparty runs into financial difficulty, the margins you provide may be lost. For more information about risks and liability, see section 3 of this PDS. 1.3 About Halifax New Zealand Limited Halifax is a New Zealand company which issues derivatives on CFDs, exchange traded options, margin foreign exchange and foreign exchange options. It also offers broking services in futures contracts and futures options contracts. For more information about Halifax see section 6 of this PDS. 1.4 Which derivatives are covered by the PDS? The derivatives covered by this PDS are CFDs issued by Halifax. CFDs are over-the-counter (OTC) derivative contracts. This means that they are created and traded off-market between you and Halifax rather than on an exchange, such as a stock exchange or futures exchange. HALIFAX NZ ii

4 1.4.1 What is a CFD? CFDs are OTC derivative contracts which are negotiated and entered into between you on one hand and Halifax as principal on the other hand. Under a CFD, you and Halifax each agree to pay the other the difference arising from movements in the value of an Underlying Product (for example, changes in a stock index, a commodity or equity). This is a counterparty relationship which means that any positions you choose to open with Halifax can only be Closed Out with Halifax. Your Trading Account will either be credited or debited according to the profit or loss of that trade. We offer CFDs in the following Underlying Products: a. Share CFDs: International shares refer to section of this PDS for additional details. b. Index CFDs: International market indices refer to section of this PDS for additional details. c. Expiring CFDs: Commodities, bonds and interest rates refer to section of this PDS for additional details. Trading in CFDs does not result in the ownership by you in the Underlying Product and you will have none of the rights of an owner in that Underlying Product. When you enter into a CFD with us, you do so through an online interface (referred to as a Trading Platform). See section 2 of this PDS for further information about entering into a CFD and the Trading Platforms. We hedge 100% of our exposure to you under every CFD Transaction. This means that for each CFD Transaction you enter into with us, we will hedge our exposure to you by entering into an equivalent matching CFD with a Platform Counterparty (referred to as a Hedge Transaction) What are the key benefits and uses of CFD products? CFDs are generally used for one of two purposes hedging or speculating: a. Hedging: They can provide investors or traders with a facility for managing risks associated with changing prices in the Underlying Product. b. Speculation: They can be traded by speculators, who trade in them hoping to profit from the changing prices in the Underlying Product. For more information about CFDs see section 2 of this PDS. CFDs allow you to utilise margins to leverage your positions to take a much greater exposure to the price of an Underlying Product than if you were to buy and sell the Underlying Product directly. This has the capacity to significantly increase the potential losses or returns. See section 2.8 of this PDS for further information regarding the use of margins when trading CFDs. iii HALIFAX NZ

5 Contents 1. Key Information Summary ii 2. Key features of the derivatives 1 3. Risks of these derivatives Fees How Halifax treats funds and property received from you About Halifax New Zealand Limited How to complain Where you can find more information How to enter into Client Services Agreement 19 Glossary 20 HALIFAX NZ iv

6 2. Key features of the derivatives 2.1 What is a CFD? A CFD is an agreement between you and Halifax to pay the other the difference arising from movements in the value of an Underlying Product, without either party having to actually own the Underlying Product. A CFD is an OTC derivative product. This means that CFDs are created and traded off-market between you and Halifax rather than being traded on an exchange, such as a stock exchange or futures exchange. We offer CFDs in the following Underlying Products: a. Share CFDs: Shares listed on international exchanges (Underlying Securities) refer to section of this PDS for additional details. b. Index CFDs: International market indices (Underlying Index) - refer to section of this PDS for additional details. c. Expiring CFDs: Commodities (Underlying Commodity), bonds (Underlying Bond) and interest rates (Underlying Interest Rate) - refer to section of this PDS for additional details. As a party to a CFD, you can be paid an amount of money (profit), or be required to pay an amount of money (loss) depending on movements in the value of the Underlying Product. CFDs are therefore cash adjusted between you and Halifax. 2.2 Trading CFDs When you enter into a CFD with us, you do so through an online interface (referred to as a Trading Platform). The Trading Platforms that can be used to trade CFDs are Halifaxonline, MetaTrader4 and Trader Work Station. Set out below is a summary of the types of orders that you can place with Halifax and on the Trading Platforms (refer to section 2.9 of this PDS for further information about entering into a CFD on a Trading Platform). Order type Market Stop Loss Stop Entry Market If Touched Description An order filled immediately at the best price available. An order that becomes a market order only when the price offered by Halifax on the relevant Trading Platform trades at a specified price. An order placed to open a new position or increase an existing open position at a price which is inferior to the current price offered by Halifax. A price order that becomes a market order when the price offered by Halifax on the relevant Trading Platform trades at a specified price at least once. Limit One Cancels The Other If Done Good Til Cancelled Orders Standing Order An order that can be filled only at a specified price or better. An order that includes two orders, one of which cancels the other when filled. Also referred to as one-cancels-other. An order that includes two orders, where the second of the two orders only becoming active should the first order be executed. An order which remains in the relevant Trading Platform until it is either executed according to the terms of that order or cancelled by you. A standing order means an instruction to execute an order for a specified volume on a recurring basis if triggered, unless otherwise cancelled. 1 HALIFAX NZ

7 2.3 Types of CFDs Halifax offers Share CFDs, Index CFDs and Expiring CFDs Share CFDs You can enter into CFDs based on shares listed on international exchanges. These CFDs are referred to as Share CFDs. Share CFDs derive their price from real time fluctuations in the exchange traded price of the Underlying Security on which the Share CFDs are based. For example, if you bought 1000 Share CFDs and the price of the Underlying Security was quoted as 25.70/25.71 then the Share CFDs would have a notional value or contract value of $25,710 (being x 1000). This example is included for illustrative purposes only. It provides an example of one situation only and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. Prices for Share CFDs are only quoted and can only be traded during the open market hours of the relevant exchange on which the Underlying Security is traded. Open hours of the relevant exchanges are available by viewing the exchange websites which are set out in Schedule 1, Annexure A, of the Other Material Information document on the Disclose Register. Halifax may in its sole discretion choose not to quote a price on a Share CFD over a particular Underlying Security. This may occur, for example, in instances where the Underlying Security is illiquid or in suspension or the company that issues the Underlying Security has gone into external administration. Halifax does not offer Share CFDs over all listed global stocks, and the Underlying Security on which you can enter into a Share CFD will differ depending on which Trading Platform you use. For more information on which Share CFDs you can trade with us, please download a demonstration Trading Platform located on the Halifax website or contact us Index CFDs You can enter into CFDs on many world indices. These CFDs are referred to as Index CFDs. Index CFDs derive their price or value from the real time fluctuations in the value of an Underlying Index as calculated by the relevant exchange or Halifax s valuation of that Underlying Index. For example, if the level of the ASX S&P 200 is 5000 then trading 10 Index CFDs would mean the notional value or contract value of the trade would be $50,000. This example is included for illustrative purposes only. It provides an example of one situation only and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. Similar to Share CFDs, prices are only quoted for Index CFDs and can only be traded during the open market hours of the relevant exchange on which the Underlying Index is determined. The opening hours of the exchanges are available on the website of each exchange. The website addresses for the exchanges are set out in Schedule 1, Annexure A, of the Other Material Information document on the Disclose Register. Index CFDs allow you to trade anticipated market trends rather than individual shares or commodities. Halifax offers Index CFDs on the majority of major market indices. These market indices are set out in Schedule 1, Annexure B, of the Other Material Information document on the Disclose Register Expiring CFDs You can enter into CFDs over futures on many traded physical commodities, bonds and interest rates. These CFDs are referred to as Expiring CFDs. Expiring CFDs derive their value from fluctuations in the value of the relevant Underlying Commodity, Underlying Bond or Underlying Interest Rate as calculated by us from time to time. We will generally calculate the value of the Underlying Commodity, Underlying Bond or Underlying Interest Rate for an Expiring CFD by reference to publicly available Pricing Sources, such as futures markets or cash indices published on the relevant Trading Platforms. We may however, in our sole discretion, use a different source for pricing an Expiring CFD. Although the Underlying Commodity, Underlying Bond or Underlying Interest Rate on which an Expiring CFD is based may trade over specific trading times, we reserve the right to reduce or extend the trading times at our sole discretion. An example of when this may occur is in instances where the underlying market trades over a 24 hour period, but only has sufficient liquidity during the main session (for example a.m. to 4.00 p.m.) then the CFD may only be made available during the main session trading hours of a.m. to 4.00 p.m. as opposed to the HALIFAX NZ 2

8 full 24 hour trading period where the underlying market may still be open. The Underlying Commodities, Underlying Bonds or Underlying Interest Rates on which you can enter into an Expiring CFD will differ depending on which Trading Platform you use. For more information on which Expiring CFDs you can trade with us, please download a demonstration Trading Platform located on the Halifax website or contact us. 2.4 The capacity in which Halifax acts CFDs are negotiated and entered into between you on one hand and Halifax as principal on the other hand. This is a counterparty relationship, which means that any positions you choose to open with Halifax can only be Closed Out with Halifax. We hedge 100% of our exposure to you under every CFD Transaction. This means that for each CFD Transaction you enter into with us, we will hedge our exposure to you by entering into an equivalent matching CFD with a Platform Counterparty. 2.5 Two models for determining the price or value quoted by Halifax of a CFD There are two models or ways of trading CFDs with Halifax. The first is via what is commonly known as, the DMA Model. The second is via what is commonly known as, the Market Made Model. You can elect to use either model. The default model for new clients of Halifax that do not elect a preferred model will depend upon the Trading Platform selected, for example Halifaxonline defaults to a Market Made Model whilst Trader Workstation defaults to a DMA Model The DMA Model Under the DMA Model all CFD quotes will be the same as the price or value of the Underlying Product on the relevant exchange i.e. we will not apply any spread to prices or values of CFDs. The spread is the difference between the bid price and the offer price The Market Made Model Under the Market Made Model all CFD quotes made by Halifax are with direct reference to the price or value of the Underlying Product on the relevant exchange but an additional spread may be applied to the price or value of the CFDs. The value of the spread will be determined by Halifax in its sole discretion The fundamental difference between the DMA and Market Made Models The fundamental difference between the DMA Model and the Market Made Model is the way in which the Platform Counterparty hedges your CFD position. Under the Market Made Model the Platform Counterparty may hedge your position via its internal order book or may take on the risk of your position in their own account i.e. the Platform Counterparty s market maker chooses not to hedge your position. Under the DMA Model the Platform Counterparty will immediately offset (hedge) your position in the underlying market. There may also be a difference in the way in which Halifax charges its commission to you. Under the Market Made Model, the commission may be charged via a widening of the spread (the difference between the bid price and the offer price) as opposed to, or in addition to a separate commission fee. Using the DMA Model, Halifax charges a commission on each CFD Transaction; being the greater of the percentage value of the CFD Transaction and the minimum fixed charge. Refer to section 4 of this PDS for more information on the fees and charges payable in connection with CFD Transactions. 3 HALIFAX NZ

9 2.6 Key features of CFDs The key features of CFDs are as follows: a. CFDs and Underlying Product are closely aligned: A CFD broadly replicates the price movement of the Underlying Product i.e. if the price of the Underlying Product changes, so too will the value of the CFD. b. No requirement to own Underlying Security: Share CFDs are a trading solution that provide the opportunity to profit (or incur loss) by dealing in the Underlying Security without having to actually own the Underlying Security. This is unlike trading in the Underlying Security itself where you acquire a beneficial interest in the actual Underlying Security i.e. the share. As the holder of a Share CFD, you do not have a beneficial interest in the Underlying Security and you have none of the rights of a shareholder, such as voting rights or any entitlements to dividends or other distributions which may be paid to shareholders in respect of the Underlying Security. c. OTC contracts are not standardised: Unlike contracts traded on an exchange, OTC products are not standardised. The terms of a CFD are individually tailored to the particular requirements of you and Halifax. d. Counterparty relationship: CFDs are OTC derivative products. CFDs are an agreement between you and Halifax and can only be entered into and Closed Out with us. e. Margin Requirements: CFDs are subject to Margin Requirements and are marked to market (for more information see section 2.8 of this PDS). f. Expiry Date: CFDs generally do not have an expiry date (unless the Underlying Product itself has an expiring date i.e. Expiring CFDs), and will remain in place until either you or we, in our sole discretion, Close Out the open position. Expiring CFDs will be Closed Out on the expiry date of the Underlying Product unless Closed Out by you or us, in our sole discretion, prior to that expiry date. g. You can take both long and short positions: You can take both long and short CFD positions. If you take a long position (i.e. purchase CFDs), you profit from a rise in the price of the Underlying Product, and you lose if the price of the Underlying Product falls. Conversely, if you take a short position (i.e. sell CFDs), you profit from a fall in the price of the Underlying Product and lose if the Underlying Product s price rises. h. Calculating profits and/or losses: The amount of any gross profit or loss made on a CFD Transaction will be equal to the difference between the value of the Underlying Product when the CFD is opened and the value of the Underlying Product when the CFD is Closed Out, multiplied by the number of the CFDs held. The value of the Underlying Product is determined by Halifax by reference to the relevant Pricing Source. The calculation of profit or loss is also affected by fees and charges payable in respect of each CFD Transaction. There may be certain adjustments made in relation to the CFDs which may affect the calculation of profit or loss. Section 4 of this PDS sets out the fees and charges payable in connection with CFD Transactions. For example: Assume: i. you purchase 1,000 Share CFDs (i.e. you enter into a long CFD) where the Underlying Security is an ANZ share and the price at which you enter into the CFD is $32.71; and ii. you later Closed Out the CFD by selling (or entering into a short CFD) at a higher price of $ The resulting gross profit on the transaction would be $600 being sale price ($33.31) less buy price ($32.71) x 1,000. The net profit is determined after deducting commission, funding charges, transaction costs and any other charges. The impact of fees on the net profit realised will be dependent on many factors and in particular, the length of time the open position was held as the funding charge is applied daily. The example above is included for illustrative purposes only. It provides an example of one situation only and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. It should not be considered to be indicative of the actual prices, rates, fees or spreads which might be offered. For additional trade examples please refer to Halifax NZ s CFD Trading Examples Booklet found on Halifax NZ s website at disclosure-documents. HALIFAX NZ 4

10 2.7 Key Benefits CFDs provide a number of benefits which must be weighed against the risks of using them. The benefits of CFDs are as follows: a. Ability to use CFDs to hedge: CFDs can be used to hedge your exposure to the Underlying Product. b. Ability to use CFDs to speculate: You may take a view on a particular Underlying Product and invest in our CFDs according to this belief. c. Tailored: OTC contracts (such as the CFDs offered by Halifax) are not standardised and can be personally tailored to suit your requirements. For example, Halifax allows you to enter into CFDs in small amounts whereas exchange traded products have a minimum transaction size based on a dollar value. d. Profit potential in both rising and falling markets: CFDs do not require a rising market to make money. There is the potential for profit (and loss) in both rising and falling markets depending on the strategy you employ. e. Leverage: CFDs involve a high degree of leverage. CFDs enable a client to outlay a relatively small amount (in the form of the Initial Margin) to secure an exposure to the movements in the value of the Underlying Product without having to pay the full price of actually acquiring the Underlying Product. For example: If you have a positive view about the prospects of a company, say XYZ, you could either buy 10,000 shares of XYZ at $1.00 and pay your stock broker $10,000 (plus costs) or you could buy 10,000 Share CFDs from Halifax (where the Underlying Security is shares of XYZ) and lodge an Initial Margin (depending on the particular company) of somewhere between $500 and $2,500 (plus costs). For the experienced investor, this leverage provides an attractive means of gaining exposure to the performance of the Underlying Securities without the need to invest in the physical shares or to pay the full purchase price. The use of CFDs involves a high degree of leverage and gives a client the ability to take a greater level of risk for a small initial outlay, thus amplifying the risks and rewards. You need to fully understand that leverage also increases risks and can magnify losses - see section 3 of this PDS and, in particular, section The example above is included for illustrative purposes only. It provides an example of one situation only and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. For additional trade examples please refer to Halifax NZ s CFD Trading Examples Booklet found on Halifax NZ s website at Margin Obligations CFDs are subject to margin obligations i.e. clients must have sufficient balance in their Trading Account for security and margining purposes. You are responsible for meeting all margin payments required by Halifax Types of Margin There are two components of the Margin Requirements which you may be required to pay in connection with CFDs; Initial Margin and the Variation Margin Initial Margin In order to enter into a CFD Transaction you will be required to pay us the Initial Margin or have an amount of Net Free Equity in your Trading Account that is at least equal to the Initial Margin. This amount represents collateral for your exposure under the transaction and covers the risk we take on you. Depending on the particular CFD Transaction, the market volatility for the Underlying Product and the Trading Platform you use, the Initial Margin for a CFD Transaction will typically be between 1% and 30% of the face value or contract value of the CFD Transaction. However, it is not uncommon for Initial Margins to be above this range. 5 HALIFAX NZ

11 Margin Requirements differ depending on the Trading Platform you choose. In choosing a Trading Platform, you should carefully consider the Margin Requirements of each Trading Platform as Margin Calls could have an adverse impact on your investment. We may, in our sole discretion and without the need to notify you, change the percentage Margin Requirements for a Trading Platform from to time. You should refer to the Initial Margin schedule on your Trading Platform for more information about the Margin Requirements each time you enter into a CFD Transaction. You must have an amount of Net Free Equity in your Trading Account that is at least equal to the Initial Margin amount before entering into a CFD Transaction Variation Margin As the value of your CFD will constantly change due to changing values of the Underlying Product, the Margin Requirement (being the minimum Trading Account balance you must maintain in order for us not to Close Out some or all of your CFD Transactions) on the open positions will also constantly change. This is also commonly referred to as a Variation Margin. The amount of your Margin Requirements (being the Initial Margin and any adverse Variation Margin) at any one time will be displayed on the open positions report made available through your Trading Platform. Any adverse price movements in the market must be covered by further payments from you (unless you already have sufficient Net Free Equity in your Trading Account). We will also credit the Variation Margin to your Trading Account when a position moves in your favour. We determine the Variation Margin for a CFD Transaction by reference to changes in the value of the Underlying Product. In other words, each contract is effectively marked to market on at least a daily basis. Marked to market means that an open position is revalued generally in real time or at least on a daily basis to the current market value. The difference between the real time/current day s valuation compared to the previous real time/ day s valuation respectively is the amount which is debited (in the case of unrealised losses) or credited (in the case of unrealised profits) to your Trading Account. The valuations are calculated using the closing value (at the close of trading on each day) of the Underlying Product as determined by the relevant Pricing Source. Intraday marked to market revaluations will be based on the last available value of the Underlying Product as determined by us in our sole discretion. We will attempt to provide you with notice of any adverse Variation Margin by making a Margin Call (via pop-up screens or screen alerts on the Trading Platform). It is your responsibility to monitor your Variation Margin obligations. Any notification of a Margin Call will be via a pop up screen or screen alert which you will only receive notice of if you access your online Trading Account via your Trading Platform s website. There may be instances where we do not provide you with a Margin Call notifying you of an obligation to meet a Variation Margin. This does not waive your obligation to meet that Variation Margin. If you fail to meet a Variation Margin we may in our absolute discretion (but without an obligation to do so) Close Out, without notice, all or some of your open CFD Transactions. Margin Calls are made on a net Trading Account basis i.e. should you have several open positions with respect to a particular Trading Platform, then Margin Calls are netted across the group of open positions. In other words, the realised and unrealised profits of one CFD Transaction can be used or applied as Initial Margin or Variation Margin for another CFD Transaction Notifications regarding Margin Requirements As described in section 2.8.3, Margin Calls will be notified to you using pop-up screens or screen alerts on the Trading Platform. You are required to log into the Trading Platform regularly when you have open positions to ensure you receive notification of any Margin Calls. Halifax is under no obligation to contact you in the event of any change to the Margin Requirements or any actual or potential shortfalls in your Trading Account. HALIFAX NZ 6

12 Failing to meet a Margin Call If you do not meet Margin Calls immediately, some or all of your positions may be Closed Out by Halifax without further reference to you. Halifax generally applies risk limits (referred to as Default Liquidation Thresholds) to ensure that the percentage of your Trading Account balance which you are using at any one time to satisfy Margin Requirements (Margin Utilisation) does not exceed certain pre-defined levels. If your Margin Utilisation exceeds the Default Liquidation Threshold for your Trading Platform, a Margin Call will generally be applied to your Trading Account. If you do not meet a Margin Call immediately, we may Close Out some or all of your open CFD Transactions without notice to you. The Default Liquidation Threshold is determined by the Platform Counterparty for your Trading Platform. It is implemented for risk management purposes, and may be varied by the Platform Counterparty at any time. See Schedule 1, Annexure C, of the Other Material Information document on the Disclose Register for more information. If you fail to meet a Margin Call, then we may in our absolute discretion (but without an obligation to do so) Close Out, without notice, all or some of your open CFD Transactions and deduct the resulting realised loss from your Trading Account. You may be required to provide additional funds to us if the balance of your Trading Account is insufficient to cover these losses. If a Close Out occurs you will not be able to enter into another CFD Transaction until you transfer additional funds to us How Margin Calls are to be met When we make a Margin Call you must immediately transfer the amount of funds that we request into our nominated Trust Account. All funds received from clients are held, used and withdrawn in accordance with our Client Services Agreement and applicable New Zealand laws. All interest that may accrue on any positive balance in your Trading Account will be kept by us, unless we otherwise agree with you How to deposit money with Halifax You will only be permitted to deal in and maintain open CFD Transactions on the basis of cleared funds being provided to meet your Margin Requirements. It is your responsibility to provide the funds for your margin obligations on time. You should bear in mind accepted New Zealand banking practice in relation to fund transfers or deposits from other financial institutions, which typically require three business days clearance for personal cheques and one business days clearance for direct deposits (depending on the timing of your transfer). Any delay in crediting your Margin Requirements is at your risk. In practical terms, you also need to know and prepare yourself for the methods of depositing money in response to a Margin Call as this may determine whether some or all of your open positions are Closed Out. Some of the methods for depositing money in response to a Margin Call that can be used by you are as follows: a. Real time gross settlement (RTGS): This is an immediate transfer of cleared funds which may or may not be available at the institution that you bank with. b. Electronic transfer of funds (ETF): This is a transfer of funds that in most instances if lodged with a New Zealand bank, will be placed as cleared funds usually within the next business day with Halifax, but can be delayed through various external factors outside of yours or Halifax s control. c. International electronic transfer of funds (IETF): This is a transfer from an overseas bank that in most instances if lodged with an overseas bank will be placed as cleared funds usually within five business days, but can be delayed through external factors outside of yours or Halifax s control. d. Bank cheque: This is a cheque that is issued by a bank that traditionally requires three business days or more to clear and would be required to be deposited with a special answer to be made available as cleared funds the following business day (if required), but can be delayed through external factors outside of yours or Halifax s control. 7 HALIFAX NZ

13 e. Business cheque and personal cheque: This is a cheque that is issued by a business or person that traditionally requires three business days or more to clear and would be required to be deposited with a special answer to be made available as cleared funds the following business day (if required), but can be delayed through external factors outside of yours or Halifax s control. If Halifax receives confirmation of RTGS and ETF, Halifax will determine this as cleared funds. Unfortunately, as IETF, bank cheques, business cheques and personal cheques can be cancelled or withdrawn, Halifax will need to assess on a case by case basis whether this method of deposit is appropriate or, alternately if cleared funds will still need to be provided by you. Whilst RTGS or ETF facilities may imply an immediate transfer of funds, you should also be aware that these processes can take additional time which could have some impact on your ability to trade and to control your open positions while the funds are waiting to be cleared. We recommend that you clarify with your bank or financial institution what timeframes or delays may be experienced when transferring funds via RTGS or ETF facilities to Halifax. Credit cards may not be used to open or trade on your Trading Account at any time. We also do not accept other financial products as collateral for opening or trading on your Trading Account. You should be aware that timing delays in your ability to transfer funds to us could affect your ability to satisfy a Margin Call in time, which could result in us Closing Out an open CFD Transaction. 2.9 Entering into, altering and terminating a CFD Opening an account and getting a Trading Account To open a Trading Account, you must firstly contact us either by using the contact details in section 6 of this PDS or by completing an account application and account opening form which can be located on our website at You will also need to execute a Client Services Agreement, which forms part of the account application. The Client Services Agreement sets out the general terms of your dealings with us for the financial products covered by this PDS and also for dealings not covered by this PDS (such as trading in other financial products offered by Halifax). Once you have completed the account application and have opened a Trading Account with us, you may deposit funds in your Trading Account by using one of the methods described in section of this PDS. Once funds have been deposited in your Trading Account and are cleared, you may then place an order (i.e. provide an instruction to either open or Close Out a CFD Transaction) Cooling off arrangements and altering the terms of CFDs There are no cooling off arrangements for the CFDs offered by Halifax. This is consistent with other product issuers in similar products. This means that when you enter into a CFD Transaction with Halifax, you do not have the right to return the product, or request a refund of the money paid to acquire the CFD. Should you change your mind after entering into the CFD Transaction with Halifax you should Close Out your position by entering into an opposite transaction (although loss may be incurred in doing so) Price of CFDs Halifax, via its Trading Platforms, provides continuous quotations for CFDs offered by Halifax. Any quotation provided by Halifax for a CFD is valid for so long as it is displayed on the Trading Platform. Halifax reserves the right to amend the quotations offered at any time. You should ensure that you enter an order to trade immediately if the quote for a CFD is at a level price or value at which you wish to trade. You should be aware that Halifax, at its absolute discretion, may quote different prices to different clients (for example due to different order sizes). You will always have the option to either accept or reject any quotation displayed on the relevant Trading Platform, although if you delay in accepting the price it may no longer be available at a later time. HALIFAX NZ 8

14 Opening a position Orders to open a position can be given through your chosen Trading Platform or by contacting us within business hours. Section 2.2 contains a summary of the types of orders that you can place with Halifax. We are not obliged to accept orders from you. For example, we may refuse to accept orders from you if: a. there is insufficient Net Free Equity in your Trading Account to meet your Margin Requirements (for more information about your margin obligations see section 2.8 of this PDS); b. we are unable to quote values in the relevant Underlying Product due to the unavailability of information from the relevant exchange or Pricing Source (as applicable) on which the Underlying Product is traded; or c. there are problems with systems, the website or Trading Platform (see risks in section 3 of this PDS). Once you have entered an order into one of the Trading Platforms, the system will automatically report the main elements of that order to you in a pop up window or in the trade log. This is a preliminary notification and provides you with a quick reference point for your trade. It will enable you to print a confirmation of the primary data, including the quantity, price, and the date and time the order was transmitted to us. Once your order has been executed you can obtain a comprehensive trade confirmation by accessing the daily statement online. This is an online report that you can access and print upon demand and highlights all of the particulars concerning the transaction If you have provided us with an or other electronic address, you consent to confirmations being dispatched to you electronically, including by way of the information posted to your Trading Account in the Trading Platform. It is your obligation to review any confirmation immediately to ensure its accuracy and to report any discrepancies within 48 hours. Confirmations can be viewed electronically through the Trading Platform and from daily statements (an example of a daily statement is available on our website) Adjustments Under the Client Services Agreement, we have the right to decide to make an adjustment in a number of circumstances if we consider an adjustment is appropriate. Our right to make an adjustment to your open position, as well the circumstances in which we may make an adjustment are set out in the Client Services Agreement Expiry of CFDs CFDs generally do not have an expiry date (unless the Underlying Product itself has an expiry date i.e. Expiring CFDs), and will remain in place until either you or we, in our discretion, Close Out the open position. Expiring CFDs may be left open up to close of trading on the expiry date for the Underlying Product (being the futures contract over the Underlying Commodity, Underlying Bond or Underlying Interest Rate you select for your Expiring CFD) and can be Closed Out at any time prior to the expiry date. If an Expiring CFD is not Closed Out by close of trading on the expiry date, the CFD will be Closed Out automatically at that time and cash settled at the last available closing value. When you enter into an Expiring CFD, you will need to select the term of the futures contract over the relevant Underlying Commodity, Underlying Bond or Underlying Interest Rate What factors affect the CFD value on Close Out? On the day that the CFD is Closed Out, Halifax will calculate your remaining payment rights and obligations to reflect movements in the contract value since the previous business day s close (including interest and other credits/debits). The closing contract value may also be affected by the following factors: a. External administration: If the Share CFD is over shares in a company which becomes externally administered, the CFD will be Closed Out by Halifax at that time and any resultant profit or loss will be credited or debited to your Trading Account. If this happens, Halifax will determine the price at which the CFD will be Closed Out having regard to any factors it considers appropriate including for example, the last traded price of the Underlying Security. It is the policy of Halifax that it will not continue to offer or quote Share CFDs where the Share CFD is over shares in a company which becomes externally administered. b. Takeovers: If a Share CFD is over shares in a company which becomes the subject of a takeover offer, Halifax may give you notice of its intention to Close Out the CFD. If this happens, Halifax will determine the closing price at its discretion. The closing price will usually be determined taking into account the terms of the takeover offer. 9 HALIFAX NZ

15 c. Trading halts: If a Share CFD is over shares in a company in respect of which there is a trading halt, we will determine the closing price at our discretion. The closing price we determine may be zero. You may be required to pay us an amount on Closing Out the CFD. d. Suspension: If the CFD is over: i. Underlying Shares which cease to be quoted on the exchange on which they were quoted when the CFD was entered into, or are suspended from quotation for five consecutive business days (or such lesser period as may be agreed with you); ii. iii. an Underlying Index which ceases to be calculated by the relevant index sponsor, or the index parameters are materially changed; or an Underlying Commodity, Underlying Bond or Underlying Interest Rate for which pricing ceases to be available from a reputable pricing provider, we may elect to Close Out the CFD and/or call additional Margin. If we elect to Close Out the CFD, we will determine the closing value and in making such determination, will, at our discretion, have regard to a number of factors including the last value of the Underlying Product and the reasons for any suspension (e.g. administration, liquidation, removal of listed stock or termination of the index) How CFDs are traded Trading Platforms Halifax enables it clients to trades CFDs using Trading Platforms. Each client must select a Trading Platform as part of the account opening and application process. You should carefully consider which of the Trading Platforms is likely to best meet your needs. Before you enter into a CFD Transaction you should open a demo account and conduct simulated trading. This enables you to become familiar with the attributes of the various online Trading Platforms. It is important to note that there are significant and fundamental differences between each Trading Platform. These differences include the following: a. The nature of the online interface through which you can transact and monitor your Trading Account. b. The Underlying Products over which you can enter into a CFD Transaction. c. The credit risk you take on the Platform Counterparty for your Trading Platform. d. The fees and costs you are charged for the CFD Transaction. You can change Trading Platforms at any time by contacting us. You can also choose to use one of the other Trading Platforms. An open position however cannot be transferred from one Trading Platform to another. The Trading Platforms that we use, and the Platform Counterparties that operate those Trading Platforms, are set out below. We encourage you to review the website of each Trading Platform to an understanding of how they each operate. Trading platform Platform counterparty Web address to access trading platform Halifaxonline Saxo Capital Markets (Australia) Pty Ltd or au.saxomarkets.com Trader Work Station Interactive Brokers LLC or MetaTrader 4 Gain Capital Holdings, Inc HALIFAX NZ 10

16 Trading Hours The trading hours for our CFDs will depend on the market or exchange on which the Underlying Product is traded or based. A list of these markets and exchanges are set out in See Schedule 1, Annexures A and B, of the Other Material Information document on the Disclose Register. Outside these hours, you may still access the Trading Platforms and view your Trading Account, market information, research and our other services. However, there will not be any live prices or trading. It is at the sole discretion of Halifax to provide services to you outside these trading hours Trading Examples When trading CFDs offered by Halifax, you should be aware of the risks and benefits and review examples of how the CFDs can be traded. Halifax has prepared various trading examples which can be found on our website at co.nz/support/disclosure-documents. 3. Risks of these derivatives 3.1 Product risks Changes in the price, value or level of the Underlying Product Trading in CFDs involves a high degree of risk. It is important that you carefully consider whether trading CFDs are appropriate for you in light of your investment objectives, financial situation and needs. If there is an adverse change in the price, value or level of the Underlying Product, you will be required to immediately transfer additional funds to us in order to maintain your position i.e. to top up your Trading Account balance. Those additional funds may be substantial. If you fail to provide those additional funds immediately, we may Close Out some or all of your open positions. You will also be liable for any shortfall in your Trading Account balance following that closure. This shortfall may, in some instances, be substantial. CFDs involve a high degree of leverage because the Margin Requirements that must be paid at the outset (referred to as the Initial Margin Requirement) are relatively small in comparison to the price or value of the Underlying Product. The use of leverage can lead to large losses. Even a slight fluctuation in the value of the Underlying Product could result in you incurring substantial losses. By entering CFD Transactions you could lose the full balance of your Trading Account (and more) Other variables that lead to losses for clients The following is a description of some of the other significant risks associated with trading CFDs offered by us. a. Incorrect details entered: If you incorrectly place your intended order you are responsible for the result of the incorrectly placed order, including all costs to close out the position and any resulting profit or loss on the outcome. b. Exercise of our discretion to Close Out: We have absolute discretion to Close Out a client s open positions at values we determine (see section of this PDS). The effect of us exercising our discretion is that we may Close Out your open position and you may suffer loss as a result (including actual loss or opportunity loss if the value improves from the value the open position was Closed Out). We are not responsible for any such loss. c. Order acceptance risk: When you place an order (i.e. request to open or Close Out a position), we have an absolute discretion whether or not to accept and execute such request. The effect of our discretion is that an order you give may not be executed and you may suffer loss (whether it be actual loss or an opportunity loss) as a result. We are not responsible for such loss. d. Substantial losses: Stop loss orders are often used to attempt to limit or minimise the amount which can be lost on an open CFD Transaction. Stop loss orders may not always be filled and, in any event, may not limit your losses to the amounts specified in the order. 11 HALIFAX NZ

17 e. Market conditions: Under certain market conditions it could become difficult or impossible to manage the risk of open positions by entering into opposite positions in another contract or to Close Out an existing position. Market conditions may also mean that the price of CFDs may not maintain their usual relationship with the value of the Underlying Product. These circumstances could be pre-market pricing, settlement, corporate actions and price anomalies not related to standard price action. f. Foreign Exchange risk: In instances where you trade in a CFD based on an Underlying Product priced in a currency other than the nominated currency of your Trading Account, your profit or loss will be determined by movements in the price of the Underlying Product and also by the impact of movements in the exchange rate. Adverse foreign exchange rate movements could cause you to incur significant losses. g. Platform Counterparty: You will take on credit exposure not only on us, but also on the Platform Counterparty with which we enter into Hedge Transactions in respect of your CFD Transactions. This means that our obligations to you are linked to the performance by the Platform Counterparty of its obligations under the Hedged Transaction. If the Platform Counterparty fails to perform its obligations under the Hedged Transaction our obligations to you for your corresponding CFD Transaction will be reduced accordingly. If the Hedging Counterparty becomes insolvent, you might lose some or all of the balance of your Trading Account (even though we might continue to be solvent). You also might face considerable delays before you are able to access the amount (if any) that is able to be recovered from the Platform Counterparty. Therefore, you should make your own assessment of both our ability to perform our obligations under the CFD Transaction and the relevant Platform Counterparty s ability to meet its obligations under the corresponding Hedge Transaction (see section 5.2 of this PDS for more information). h. Co-mingling of client monies: Funds paid to Halifax by you are first deposited into a Client Trust Account maintained by Halifax. This means that client funds (and property) deposited with us are held in safe keeping and segregated from our own funds (or property). Client monies are held, used and withdrawn in accordance with this PDS and our Client Services Agreement. This means that those funds are not available to pay general creditors in the event of receivership or liquidation by Halifax. For money deposited in our Client Trust Account, you should be aware that individual client accounts are not separated from each other and all clients funds are co-mingled in the one Client Trust Account The consequences of a failure by the investor to make a payment or delivery If the level of the Underlying Product moves against your CFD position, you will be required to have sufficient funds in your Trading Account to meet your Margin Requirement in order to maintain your position. The amount of funds required may be substantial. If you fail to pay us immediately, your position may be Closed Out at a loss and you will be liable for any shortfall in your Trading Account balance The consequences of altering the terms of a derivative or terminating a derivative Under the Client Services Agreement, we have the right to decide to make an adjustment in a number of circumstances if we consider an adjustment is appropriate. We have a discretion to determine the extent of the adjustment so as to place the parties substantially in the same economic position they would have been in had the event giving rise to the need for the adjustment not occurred. We may elect to vary or Close Out a position if an adjustment event occurs for example, if the sponsor of the Index ceases to calculate the index; a Underlying Security is the subject of a takeover offer or corporate actions are taken in respect of an Underlying Security. HALIFAX NZ 12

18 3.2 Issuer risks Given you are dealing with us as counterparty to every CFD Transaction, you will have an exposure to us in relation to each of those CFD Transactions. You should review our financial accounts (available on request or in the Other Material Information on the Disclose Register) to assess our ability to meet our financial obligations. As an investor in the derivatives offered under this PDS, you will be exposed to the risk that we become insolvent and are unable to meet our obligations under the derivative. If we become insolvent, then we may be unable to meet our obligations to you in full or at all. Any funds you transfer to us may not be protected. Halifax s creditworthiness has not been assessed by an approved rating agency. This means that Halifax has not received an independent opinion of its capability and willingness to repay its debts from an approved source. 3.3 Risks when entering or settling the derivatives There are a number of significant risks that arise from the processes by which the derivatives are entered into or settled, including risks associated with using internet-based Trading Platforms. Such risks include, but are not limited to: a. risks related to the use of software and/or telecommunications systems such as software errors and bugs; b. delays in telecommunications systems; c. interrupted service; d. data supply errors; and e. faults or inaccuracies and security breaches. A disruption to a Trading Platform could mean you are unable to trade in CFD and that you may suffer a financial loss or an opportunity loss as a result. 4. Fees Fees and charges will be charged to your Trading Account at the time a Transaction is entered into and Closed Out and, for open positions, through daily adjustments to your Trading Account. The fees and charges you are required to pay will vary depending on a number of factors, including the following: a. Trading Platform: The Trading Platform that you use. The tables in Schedule 1, Annexure D, of the document containing Other Material Information on the Disclose Register sets out some of the differing costs you incur under each Trading Platform. Please contact Halifax for information in relation to fees for any product not listed in Schedule 1, Annexure D. b. Agreed terms: The terms agreed between you and us at the time of entering into the CFD Transaction. 13 HALIFAX NZ

19 4.1 Commission Halifax charges a commission (sometimes referred to as a transaction fee) on each CFD Transaction that is executed. Halifax is remunerated through the fees and charges that it charges you. The level of commission may be subject to negotiation between you and Halifax prior to transacting any business. Details of commissions are included in your daily statement. This is an online report that you can access and print upon demand and can be found on your Trading Platform. The level of commission may vary depending on the type and level of service required, and the frequency and size of your CFD Transactions. These fees are subject to change from time to time. For up to date fees please contact a representative of Halifax. Schedule 1, Annexure E, of the document containing Other Material Information on the Disclose Register provides further information regarding the commission Halifax charges on each CFD Transaction. 4.2 Interest on long and short positions Interest on long open positions If you hold a long position overnight you will pay interest (or a financing charge) on the market value of the open position. This value is calculated daily and is the quantity of CFDs you hold multiplied by the closing market price for the Underlying Product on that day. The interest rate you will be charged differs depending on the Trading Platform you use. The means of calculating the interest rate for each Trading Platform is set out in Schedule 1, Annexure D, of the document containing Other Material Information on the Disclose Register. We may agree to a lower interest rate charge on a case by case basis. For example: Assume you transact through Halifaxonline (i.e., Saxo Capital Markets is the relevant Platform Counterparty). The monthly interest offer rate as determined by Saxo Capital Markets and set out in Halifaxonline website is 4.25% p.a. The financing charge is calculated as 7% over the monthly interest rate ask (i.e. the financing charge rate is 11.25% per annum). You buy a contract that was for 10,000 CFDs and the closing price was $2.00 per share, the open position value would be $20, The daily interest would be approximately $6.16* for every day the contract is maintained ($20,000 x 11.25%= $2,248 divided by 365). The exact amount of interest deducted by us will vary each day, depending on such factors as the closing market price, value or level of the Underlying Products, changes to the holdings within your CFD portfolio and/or changes to the prevailing interest rate that is applied. If you hold an open position on the last relevant trading day before a day on which the relevant exchange is not open for trading (i.e. if you hold an open position on a Friday, or the last day before a public holiday in the relevant jurisdiction), your daily interest charge will be multiplied by 1 + the number of days before the relevant market opens again (i.e. for a normal weekend, it would be 3 times). Interest on long positions are calculated daily and applied monthly. This is also the case for short positions (see below at section of this PDS). The example above is for illustrative purposes only. It provides one example of a situation and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. For additional trade examples please refer to Halifax NZ s CFD Trading Examples Booklet found on Halifax NZ s website at HALIFAX NZ 14

20 4.3.2 Short Position If you hold a short CFD position overnight, we will credit your Trading Account (or, if the calculation gives an amount that is less than zero, we will debit your Trading Account) with interest on the closing contract value of the open position. The interest rate we will use to calculate the interest credit differs depending on the Trading Platform you use. The way we calculate the interest rate for each Trading Platform is set out in Schedule 1, Annexure D, of the document containing Other Material Information on the Disclose Register. We may agree to a higher interest rate credit (or a lower interest charge, if the calculation gives an amount that is less than zero) on a case by case basis. For example: Assume you transact through Trader Work Station (i.e., Interactive Brokers is the relevant Platform Counterparty). The relevant Interactive Brokers Interest rate, as set out in the Trader Work Station website, is 2.50% p.a. The interest charge is calculated as 3.0% p.a. less than the relevant Interactive Brokers rate, or -0.5% (2.5%-3.0% = -0.5%). If you buy a contract for 10,000 CFDs and the closing price is $2.00 per share, the open position value would be $20, The daily interest debited from your Trading Account (because relevant rate determined under the formula above is less than zero) is approximately $0.27* for every day the contract is maintained ($20,000 x 0.50%= $100 divided by 365). The exact amount of interest deducted by us will vary each day, depending on such factors as the closing market price of the Underlying Products, changes to the holdings within your CFD portfolio and/or changes to the prevailing interest rate that is applied. The example above is for illustrative purposes only. It provides one example of a situation and does not reflect the specific circumstances or the obligations that may arise under a derivative you enter in to. For additional trade examples please refer to Halifax NZ s CFD Trading Examples Booklet found on Halifax NZ s website at What interest rate do we use as Benchmark and why do we use this? Halifax offers CFDs in Underlying Products from around the world. Where you hold an open position in a currency other than NZD, it is appropriate to use different interest benchmarks to determine financing charges for long positions (see section of this PDS) and interest receipts for short positions (see section of this PDS). To find out what the current benchmark rate is to the corresponding country please go to Com or Interest on credit and debit balances Interest on debit balances Interest is charged where the Net Free Equity in your Trading Account is in debit. Your Trading Account could go into debit in certain circumstances, e.g. in the event of a major market movement against your position where you fail to meet a Margin Call, we may exercise our right to Close Out some or all of your open positions. If the realised loss is greater than the balance of your Trading Account then your Trading Account will go into debit. The interest rate you will be charged differs depending on the Trading Platform you use. The way we calculate the interest rate for each Trading Platform is set out in Schedule 1, Annexure D, the document containing Other Material Information on the Disclose Register. Interest on debit balances is calculated daily and applied monthly. No interest on credit balances Unless otherwise negotiated with us, there is no interest applied where your Net Free Equity is in credit. 15 HALIFAX NZ

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS Halifax New Zealand Limited Financial

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE Halifax Investment Services Limited Australian Financial Services Licence No. 225973 Date 20th October 2014 HALIFAX Product Disclosure Statement 1

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8 CONTENTS Section 1 Important Information... 2 Section 2 Regulatory Guide 227... 2 Section 3 Features... 3 Section 4 How to Trade... 8 Section 5 Significant Risks... 32 Section 6 Costs, Fees & Charges...

More information

PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE

PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE STA Global Investments Pty Ltd (ACN 158 641 064) Trading as Trade.com Level 29, 66 Goulburn Street Sydney NSW 2000 Australia PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE AUSTRALIAN FINANCIAL SERVICES

More information

FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT

FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT Issue Date: 14 January 2013 First Prudential Markets Pty Ltd ABN 16 112 600 281 AFSL 286354 1 FP Markets Contracts For Difference Product

More information

PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE

PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE STA Global Investments Pty Ltd (ACN 158 641 064) Trading as Markets.com Level 29, 66 Goulburn Street Sydney NSW 2000 Australia PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE AUSTRALIAN FINANCIAL

More information

AAFX CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT

AAFX CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT AAFX CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT Issue Date: 7 August 2012 AYERS Alliance Securities Pty Limited ABN 81 149 475 105 AFSL 403070 AAFX_27417-10760-CFD PDS 1 Table of Contents Section

More information

Margin FX and CFDs Product Disclosure Statement 26 April 2016

Margin FX and CFDs Product Disclosure Statement 26 April 2016 Margin FX and CFDs 26 April 2016 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

26 th November, 2014. IC Markets CFDs and FOREX (etoro) PRODUCT DISCLOSURE STATEMENT

26 th November, 2014. IC Markets CFDs and FOREX (etoro) PRODUCT DISCLOSURE STATEMENT IC Markets CFDs and FOREX (etoro) PRODUCT DISCLOSURE STATEMENT International Capital Markets Pty Limited ABN 12 123 289 109 Australian Financial Services Licence No. 335 692 26 th November, 2014 International

More information

CONTRACTS FOR DIFFERENCE IRESS PRODUCT DISCLOSURE STATEMENT

CONTRACTS FOR DIFFERENCE IRESS PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE IRESS PRODUCT DISCLOSURE STATEMENT Issue Date: 1st May 2015 Contents Section 1: Important Information Page 3 Section 2: Key Information Page 5 Section 3: How to Trade Page 12 Section

More information

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS We re here to help To find out more, call us on 1300 307 853, from 8am Monday to 6am Saturday, email us at cfds@commsec.com.au or visit our website at commsec.com.au.

More information

Margin FX and CFDs Product Disclosure Statement 26 June 2015

Margin FX and CFDs Product Disclosure Statement 26 June 2015 Margin FX and CFDs 26 June 2015 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

ebridge Online Trading Facility

ebridge Online Trading Facility Futures Contracts For Difference Product disclosure Statement ebridge Online Trading Facility Issuer: StoneBridge Securities Limited ABN 92 067 161 755 Australian Financial Services Licence No. 238148

More information

MARGIN FOREIGN EXCHANGE

MARGIN FOREIGN EXCHANGE PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE Halifax Investment Services Limited Australian Financial Services Licence No. 225973 Date 20th October 2014 HALIFAX Product Disclosure Statement 1 IMPORTANT

More information

PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE

PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE This document provides important information about Margined Foreign Exchange and Contracts for Difference contracts to help you decide

More information

ARUDA PTY LTD. PRODUCT DISCLOSURE STATEMENT Over- the- Counter Contracts for Difference. Online Trading Facility. Issue Date: 28 May 2012 V5.

ARUDA PTY LTD. PRODUCT DISCLOSURE STATEMENT Over- the- Counter Contracts for Difference. Online Trading Facility. Issue Date: 28 May 2012 V5. ARUDA PTY LTD PRODUCT DISCLOSURE STATEMENT Over- the- Counter Contracts for Difference Online Trading Facility Issue Date: 28 May 2012 V5. IMPORTANT INFORMATION Financial Services are provided by Aruda

More information

Macquarie Shorting. Product Disclosure Statement 15 JUNE 2015

Macquarie Shorting. Product Disclosure Statement 15 JUNE 2015 Macquarie Shorting Product Disclosure Statement 15 JUNE 2015 Macquarie Bank Limited. ABN 46 008 583 542. Australian Financial Services Licence No. 237502. 1 This PDS This product disclosure statement (

More information

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1 CMC Markets NZ Limited Next Generation Platform Risk Warning Notice 31 May 2015 CMC Markets NZ Limited Risk Warning Notice 1 Significant risks of trading CFDs This document sets the major risks that can

More information

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT Issue Date: 1 August 2014 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 1 Table of Contents

More information

PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED

PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED PART 1 This document is part of a Product Disclosure Statement and is Part 1. The other document which makes up

More information

Macquarie Contracts for Difference

Macquarie Contracts for Difference Macquarie Contracts for Difference Product Disclosure Statement 15 JUNE 2015 Macquarie Bank Limited. ABN 46 008 583 542. Australian Financial Services Licence No. 237502. 1 This PDS This product disclosure

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT Margin FX Contracts and CFDs Issuer: Goldland Capital Group Pty Ltd ABN 76 162 331 311 Australian Financial Services Licence No. 436416 Date: 8 September 2015 Page 1 TABLE

More information

MARGIN FOREIGN EXCHANGE & CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT. AxiCorp Financial Services Pty Ltd ACN 127 606 348 AFSL 318232

MARGIN FOREIGN EXCHANGE & CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT. AxiCorp Financial Services Pty Ltd ACN 127 606 348 AFSL 318232 MARGIN FOREIGN EXCHANGE & CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT AxiCorp Financial Services Pty Ltd ACN 127 606 348 AFSL 318232 CONTENTS 1. IMPORTANT INFORMATION... 3 2. APPLYING TO TRADE

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement AND Issued on 10 November 2011 Issued by AVA CAPITAL MARKETS AUSTRALIA Pty Ltd ABN: 72 143 340 907 AFSL: 406684 www.avafx.com.au Please note: except where specified, this Product

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement Margin Foreign Exchange AND Contracts For Difference (CFD s) Issued 15 of November 2015 by O.C.M. Online Capital Markets Pty Ltd Trading as XTrade ACN 140 899 476 AFSL 343628

More information

PRODUCT DISCLOSURE STATEMENT FOREIGN EXCHANGE

PRODUCT DISCLOSURE STATEMENT FOREIGN EXCHANGE STA Global Investments Pty Ltd (ACN 158 641 064) Trading as Markets.com Level 29, 66 Goulburn Street Sydney NSW 2000 Australia PRODUCT DISCLOSURE STATEMENT FOREIGN EXCHANGE AUSTRALIAN FINANCIAL SERVICES

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement Margin Foreign Exchange AND Contracts for Difference Issued on 21 July 2015 Issued by AVA CAPITAL MARKETS AUSTRALIA Pty Ltd ABN: 72 143 340 907 AFSL: 406684 www.avatrade.com.au

More information

CMC MARKETS UK PLC. Risk Warning Notice for CFDs. February 2014. Registered in England. Company No. 02448409

CMC MARKETS UK PLC. Risk Warning Notice for CFDs. February 2014. Registered in England. Company No. 02448409 CMC MARKETS UK PLC Risk Warning Notice for CFDs February 2014 Registered in England. Company No. 02448409 Authorised and regulated by the Financial Conduct Authority. Registration No. 173730 CMC Markets

More information

COMBINED FINANCIAL SERVICES GUIDE AND PRODUCT DISCLOSURE STATEMENT

COMBINED FINANCIAL SERVICES GUIDE AND PRODUCT DISCLOSURE STATEMENT SAXO CAPITAL MARKETS (AUSTRALIA) PTY LTD COMBINED FINANCIAL SERVICES GUIDE AND PRODUCT DISCLOSURE STATEMENT Financial Services Guide PURPOSE AND CONTENT OF THIS FSG This FSG is prepared by Saxo Capital

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE Issue Date 7th January 2014 Version Number 1 You should read all sections of this Product Disclosure Statement before making a decision to acquire

More information

Forex TG Pty Ltd PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE AND CONTRACTS FOR DIFFERENCE. Page 1

Forex TG Pty Ltd PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE AND CONTRACTS FOR DIFFERENCE. Page 1 Forex TG Pty Ltd PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE AND CONTRACTS FOR DIFFERENCE Page 1 MARGIN FOREIGN EXCHANGE AND CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT Please note:

More information

CFD Disclosure Document - Next Generation Platform (DD)

CFD Disclosure Document - Next Generation Platform (DD) CMC Markets NZ Limited CFD Disclosure Document - Next Generation Platform (DD) 28 July 2013 Company Registration Number 1705324 Table of contents Table of contents 1 Important information 6 1.1 About this

More information

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT Issue Date: 23 March 2016 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 1 Table of Contents

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT 1 JULY 2014 HIGHLOW MARKETS PTY LTD ACN: 143 553 628 +61 (0) 2 9186 9162 Level 14, Macquarie House, 167 Macquarie Street, Sydney, NSW 2000, Australia Copyright. Audax Legal

More information

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT

OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT OANDA AUSTRALIA PTY LTD PRODUCT DISCLOSURE STATEMENT Issue Date: 5 August 2015 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 OANDA Australia Pty Ltd ACN 152 088 349 AFSL 412981 1 Table of Contents

More information

CFD Disclosure Document Marketmaker TM (DD)

CFD Disclosure Document Marketmaker TM (DD) CMC Markets NZ Limited CFD Disclosure Document Marketmaker TM (DD) 9 March 2013 Company Registration Number 1705324 Table of contents Table of contents 01 Important information 5 1.1 About this DD 1.2

More information

Client Acknowledgement. Risk Warning Notice for CFDs

Client Acknowledgement. Risk Warning Notice for CFDs Please read this document fully. IMPORTANT NOTICE Client Acknowledgement Clients (including account applicants) of CMC Markets Singapore Pte. Ltd. ( CMC Markets ) should be aware of the risks involved

More information

TD 365 Product Disclosure Statement (PDS) 17 th September 2013

TD 365 Product Disclosure Statement (PDS) 17 th September 2013 TD 365 Product Disclosure Statement (PDS) 17 th September 2013 Issued by Finsa Pty Limited (ACN 158065635) trading as TD 365, Australian financial services licence no. 422661) Table of Contents - Product

More information

PRODUCT DISCLOSURE STATEMENT Spot Forex, FX Options and CFDs

PRODUCT DISCLOSURE STATEMENT Spot Forex, FX Options and CFDs GAIN Capital FOREX.com Australia Pty Ltd ACN 138 414 605 Level 1, 62 Pitt Street, Sydney, NSW 2000 PRODUCT DISCLOSURE STATEMENT Spot Forex, FX Options and CFDs AUSTRALIAN FINANCIAL SERVICES LICENCE NO:

More information

Vanilla Options. Product Disclosure Statement. 21 May 2015

Vanilla Options. Product Disclosure Statement. 21 May 2015 Vanilla Options Product Disclosure Statement Issued by Western Union Business Solutions (Australia) Pty Limited (NZ Branch) (Company Number 3527631, FSP 168204) 21 May 2015 This document provides important

More information

CFD Product Disclosure Statement Next Generation Platform (PDS)

CFD Product Disclosure Statement Next Generation Platform (PDS) CMC Markets Asia Pacific Pty Ltd CFD Product Disclosure Statement Next Generation Platform (PDS) 24 January 2015 AFSL No. 238054 and ABN 11 100 058 213 Table of contents Table of contents 1 Important information

More information

RISK DISCLOSURE. Version: 1.0. Date: April. 2014

RISK DISCLOSURE. Version: 1.0. Date: April. 2014 RISK DISCLOSURE Version: 1.0 Date: April. 2014 RISK DISCLOSURE. (, we, us, our ) is authorised and regulated by the New Zealand Financial Service Providers (NZFSP) under licence number 119/10 and registration

More information

Plus500AU Pty Limited. Risk Disclosure Notice

Plus500AU Pty Limited. Risk Disclosure Notice Plus500AU Pty Limited Risk Disclosure Notice Risk Disclosure Notice Trading in margin contracts (including CFDs) involves the potential for profit as well as the risk of loss of your initial investment

More information

IntroductIon to commsec cfds

IntroductIon to commsec cfds Introduction to CommSec CFDs Important Information This brochure has been prepared without taking account of the objectives, financial and taxation situation or needs of any particular individual. Because

More information

RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS

RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS This disclosure statement discusses the characteristics and risks of standardized security futures contracts traded on regulated U.S. exchanges.

More information

FENIX FX MARKETS Product Disclosure Statement (PDS) 28 th September 2015

FENIX FX MARKETS Product Disclosure Statement (PDS) 28 th September 2015 FENIX FX MARKETS Product Disclosure Statement (PDS) 28 th September 2015 Issued by Finsa Pty Limited (ACN 158065635) trading as Fenix FX Markets, Australian financial services licence no. 422661 Page 1

More information

CAPITAL INDEX PTY LTD Product Disclosure Statement (PDS) 20 th April 2015

CAPITAL INDEX PTY LTD Product Disclosure Statement (PDS) 20 th April 2015 CAPITAL INDEX PTY LTD Product Disclosure Statement (PDS) 20 th April 2015 Issued by Capital Index Pty Limited (ACN 602584887) as an Authorised Representative of Finsa Pty Limited (AFSL no. 422661) Page

More information

RUBIX FX MARKETS Product Disclosure Statement (PDS) 5 th October 2015

RUBIX FX MARKETS Product Disclosure Statement (PDS) 5 th October 2015 RUBIX FX MARKETS Product Disclosure Statement (PDS) 5 th October 2015 Issued by Finsa Pty Limited (ACN 158065635) trading as Rubix FX Markets, Australian financial services licence no. 422661 Page 1 of

More information

TD 365 Product Disclosure Statement (PDS) 28 th September 2015

TD 365 Product Disclosure Statement (PDS) 28 th September 2015 TD 365 Product Disclosure Statement (PDS) 28 th September 2015 Issued by Finsa Pty Limited (ACN 158065635) trading as TD 365, Australian financial services licence no. 422661 Page 1 of 65 Table of Contents

More information

Finsa Pty Limited Product Disclosure Statement (PDS) 21 st September 2015

Finsa Pty Limited Product Disclosure Statement (PDS) 21 st September 2015 Finsa Pty Limited Product Disclosure Statement (PDS) 21 st September 2015 Issued by Finsa Pty Limited (ACN 158065635) Australian financial services licence no. 422661 Page 1 of 54 Table of Contents - Product

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT EIGHTCAP PTY LTD ABN 73 139 495 944 AFSL 391441 Suite 1913, Level 19, 180 Lonsdale Street, Melbourne, VIC 3000, Australia Phone: 03 8373 4800 Fax: 03 9623 2201 Email: customerservice@eightcap.com

More information

Our authorisation and permission details can be found on the FCA website at www.fca.gov.uk.

Our authorisation and permission details can be found on the FCA website at www.fca.gov.uk. is authorised and regulated by the Financial Conduct Authority (FCA), FRN: 595450. We are also regulated under the Market in Financial Instruments Directive (MiFID) in regards to other offices within the

More information

Risk Disclosure. Introduction. through Stofs.com falls under the CySEC licence.

Risk Disclosure. Introduction. through Stofs.com falls under the CySEC licence. Risk Disclosure Introduction AFX Capital and SuperTradingOnline (STO) are trading names of AFX Capital Markets Ltd. and AFX Markets Ltd. AFX Capital Markets Ltd. is authorised and regulated by the Cyprus

More information

Risk Disclosure Statement for CFDs on Securities, Indices and Futures

Risk Disclosure Statement for CFDs on Securities, Indices and Futures Risk Disclosure on Securities, Indices and Futures RISK DISCLOSURE STATEMENT FOR CFDS ON SECURITIES, INDICES AND FUTURES This disclosure statement discusses the characteristics and risks of contracts for

More information

General Risk Disclosure

General Risk Disclosure General Risk Disclosure Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). This notice is provided

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement Sumo Forex Limited Level 4, 228 Queen Street, Auckland, 1010, New Zealand Tel: +6498871044 Email: support@sumoforex.com 1. Important Information and Disclaimer 1.1 Financial

More information

Module 1 Introduction to CFDs

Module 1 Introduction to CFDs Module 1 Introduction to CFDs Course #: Title Topic 1: Why use CFDs?... 3 Introduction... 3 Leveraged exposure... 3 Trade rising or falling markets... 3 Protect a physical position... 4 Pairs trading...

More information

Product Disclosure Statement. Contracts for Difference

Product Disclosure Statement. Contracts for Difference Product Disclosure Statement Contracts for Difference TABLE OF CONTENTS 1. Important Information... 4 Notes and Disclaimer... 4 How to Contact Us... 4 Electronic Version of the PDS... 4 Updated Information...

More information

Risk Warning Notice. Introduction

Risk Warning Notice. Introduction First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product

More information

HY Markets Product Disclosure Statement

HY Markets Product Disclosure Statement HY Markets Product Disclosure Statement 18 th December 2012 Issued by Henyep Capital Markets (UK) Limited (ABN 157 707 287, Australian financial services licence no. 423082) http://www.hymarkets.com.au

More information

SuperTradingOnline Risk Disclosure. Version: 3.0 Date: May 2015 STO Cyprus

SuperTradingOnline Risk Disclosure. Version: 3.0 Date: May 2015 STO Cyprus SuperTradingOnline Risk Disclosure Version: 3.0 Date: May 2015 STO Cyprus RISK DISCLOSURE AFX Capital Markets Ltd. ( AFX, we, us, our ) trading as SuperTradingOnline (STO) is authorised and regulated by

More information

Content. Executive Summary. What is a CFD? Who are the participants? Advantages of trading CFDs. Features and benefits of CFDs. Reasons for using CFDs

Content. Executive Summary. What is a CFD? Who are the participants? Advantages of trading CFDs. Features and benefits of CFDs. Reasons for using CFDs Corporate Retail Contracts and Investment for Difference Banking Content Executive Summary What is a CFD? Who are the participants? Advantages of trading CFDs Features and benefits of CFDs Reasons for

More information

For Forward Foreign Exchange & Foreign Exchange Option Contracts

For Forward Foreign Exchange & Foreign Exchange Option Contracts Product Disclosure Statement For Forward Foreign Exchange & Foreign Exchange Option Contracts This document provides important information about Forward Foreign Exchange and Foreign Exchange Option contracts

More information

Complex Products. Non-Complex Products. General risks of trading

Complex Products. Non-Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

Next Generation Platform

Next Generation Platform CMC Markets NZ Limited Next Generation Platform Terms and Conditions of Trading 18 July 2015 CMC Markets NZ Limited Terms and Conditions of Trading 1 1 Important information 4 1.1 About this Document 1.2

More information

MQ Contracts For Difference

MQ Contracts For Difference MQ Contracts For Difference Product Disclosure Statement MQ PRIME 1 June 2007 Macquarie Bank Limited ABN 46 008 583 542 AFSL 237502 This PDS This Product Disclosure Statement is dated 1 June 2007 ( PDS

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT TABLE OF CONTENTS PRODUCT DISCLOSURE STATEMENT 1. INTRODUCTION 3 1.1 BACKGROUND 3 1.2 OUR CONTACT DETAILS 3 1.3 TRADING HOURS 3 1.4 OFFICE HOURS 3 1.5 ANTI MONEY LAUNDERING

More information

Plus500 Ltd. Risk Disclosure Notice

Plus500 Ltd. Risk Disclosure Notice Plus500 Ltd Risk Disclosure Notice Risk Disclosure Notice CFD s can put your capital at risk if used in a speculative manner. CFD s are categorized as high risk by some regulatory authorities as there

More information

Thinking of trading contracts for difference (CFDs)?

Thinking of trading contracts for difference (CFDs)? Thinking of trading contracts for difference (CFDs)? This guide from the Australian Securities and Investments Commission (ASIC) can help you assess the risks of CFDs. How this booklet can help you This

More information

RISK DISCLOSURE STATEMENT PRODUCT INFORMATION

RISK DISCLOSURE STATEMENT PRODUCT INFORMATION This statement sets out the risks in trading certain products between Newedge Group ( NEWEDGE ) and the client (the Client ). The Client should note that other risks will apply when trading in emerging

More information

ewrap Investment Additional Information Booklet

ewrap Investment Additional Information Booklet ewrap Investment Additional Information Booklet Issue date: 15 December 2014 About Asgard Asgard Capital Management Ltd ABN 92 009 279 592 AFSL 240695 (Asgard, we, our, and us) is the operator, administrator

More information

1 Introduction. 1.5 Margin and Variable Margin Feature

1 Introduction. 1.5 Margin and Variable Margin Feature Risk Disclosure Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors and you should ensure that you understand the risks

More information

FUTURES PRODUCT DISCLOSURE STATEMENT. INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL Number: 245 574

FUTURES PRODUCT DISCLOSURE STATEMENT. INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL Number: 245 574 FUTURES PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL Number: 245 574 Date of Issue: 5 February 2015 1 INDEX 1. INTRODUCTION...3 1.1 Important information...3 1.2 Purpose of

More information

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 Date of Issue: 12 February 2014 INDEX 1. GENERAL INTRODUCTION 4 1.1 Important Information 4 1.2

More information

PRODUCT DISCLOSURE STATEMENT for Contracts for Difference issued by OM Financial Limited

PRODUCT DISCLOSURE STATEMENT for Contracts for Difference issued by OM Financial Limited PRODUCT DISCLOSURE STATEMENT for Contracts for Difference issued by OM Financial Limited 22 nd May 2015 This document provides important information about Contracts for Difference to help you decide whether

More information

RISK DISCLOSURE AND WARNINGS NOTICE

RISK DISCLOSURE AND WARNINGS NOTICE RISK DISCLOSURE AND WARNINGS NOTICE Contents 1. Introduction... 3 2. Charges and Taxes... 3 3. Third Party Risks... 3 4. Insolvency... 3 5. Investor Compensation Fund... 4 6. Technical Risks... 4 7. Trading

More information

CONTRACTS FOR DIFFERENCE MARGIN FX CONTRACTS

CONTRACTS FOR DIFFERENCE MARGIN FX CONTRACTS PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE & MARGIN FX CONTRACTS DIRECT FX TRADING Pty Ltd ACN 120 189 422 AFSL No. 305 539 Level 2, 19-21 Hunter Street SYDNEY NSW 2000 Page 1 of 36 PRODUCT

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement 1. Contact Details Hantec Markets (Australia) Pty Ltd ACN 129 943 086 Address: Level 38, 2 Park Street Sydney NSW 2000 Australia Website: www.hantecmarkets.com Phone: +612

More information

RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS

RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS ROBOOPTION TN / ROBOFOREX (CY) LTD RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS RoboOption is a trade name of RoboForex (CY) Ltd (hereinafter called the Company )

More information

Plus500AU Pty Ltd. Product Disclosure Statement

Plus500AU Pty Ltd. Product Disclosure Statement Plus500AU Pty Ltd Product Disclosure Statement Product Disclosure Statement Our Contact Details Issuer: PLUS500AU Pty Ltd ACN 153 301 681 Address: Level 19, 1 O Connell Street Sydney NSW 2000 Australia

More information

PRODUCT DISCLOSURE STATEMENT BINARY OPTIONS

PRODUCT DISCLOSURE STATEMENT BINARY OPTIONS PRODUCT DISCLOSURE STATEMENT BINARY OPTIONS Issue Date 7 th January 2014 Version Number 1 You should read all sections of this Product Disclosure Statement before making a decision to acquire this financial

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT In consideration of UBFS invest powered by Moneychoice Brokers Ltd (hereafter the Company ) agreeing to enter into over-the-counter ( OTC ) contracts for differences ( CFDs )

More information

MERCER GLOBAL LOW VOLATILITY SHARES FUND Product Disclosure Statement

MERCER GLOBAL LOW VOLATILITY SHARES FUND Product Disclosure Statement MERCER GLOBAL LOW VOLATILITY SHARES FUND Product Disclosure Statement 1 June 2015 ARSN: 154 973 154 APIR: MIN0083AU Contents Page 1. About Mercer Investments (Australia) Limited 2 2. How the Mercer Global

More information

1 Introduction. 1.5 Leverage and Variable Multiplier Feature

1 Introduction. 1.5 Leverage and Variable Multiplier Feature Risk Disclosure BUX is a trading name of ayondo markets Limited. ayondo markets Limited is a company registered in England and Wales under register number 03148972. ayondo markets Limited is authorised

More information

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex )

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) 1. INTRODUCTION 1.1. TradingForex.com is a domain owned and operated by TTCM Traders Trust Capital Markets

More information

Whitehaven Equity Income Fund

Whitehaven Equity Income Fund Whitehaven Equity Income Fund ARSN: 166 733 133 Product Disclosure Statement Dated 6 January 2014 Whitehaven Private Portfolios Ltd Investment Manager and Responsible Entity ABN 64 109 808 577; AFSL 300878

More information

optionsxpress Australia Pty Limited Futures

optionsxpress Australia Pty Limited Futures Futures Product Disclosure Statement Part 1 Incorporating Part 2 - Schedule of Fees and Costs Issued by: ABN: 11 085 258 822 Australian Financial Services Licence No. 246743 Address: Unit 5, 4 Skyline

More information

HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS)

HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS) HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS) May 2014 Risks associated with transactions in Derivative Financial Instruments (CFDs) WARNING: It is

More information

Risk Explanation for Exchange-Traded Derivatives

Risk Explanation for Exchange-Traded Derivatives Risk Explanation for Exchange-Traded Derivatives The below risk explanation is provided pursuant to Hong Kong regulatory requirements relating to trading in exchange-traded derivatives by those of our

More information

PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE. Issued 16 November 2015 by FOREX FINANCIAL SERVICES PTY LTD ABN 84129217812 AFSL 323193

PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE. Issued 16 November 2015 by FOREX FINANCIAL SERVICES PTY LTD ABN 84129217812 AFSL 323193 PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE Issued 16 November 2015 by FOREX FINANCIAL SERVICES PTY LTD ABN 84129217812 AFSL 323193 1 IMPORTANT NOTE Financial Services are provided by, and this

More information

Futures Supplementary Product Disclosure Statement

Futures Supplementary Product Disclosure Statement Futures Supplementary Product Disclosure Statement Issued by Macquarie Equities Limited (ABN 41 002 574 923 Australian Financial Services Licence No. 237504) Date of issue 27 June 2014 Macquarie Private

More information

optionsxpress Australia Pty Limited Exchange Traded Options

optionsxpress Australia Pty Limited Exchange Traded Options Part 1 Incorporating Part 2 - Schedule of Fees and Costs Issued by: ABN: 11 085 258 822 Australian Financial Services Licence No. 246743 Address: Unit 5, 4 Skyline Place Frenchs Forest NSW 2086 Phone:

More information

Combined Product Disclosure Statement Financial Services Guide for MahiFX Margin FX Trading

Combined Product Disclosure Statement Financial Services Guide for MahiFX Margin FX Trading Combined Product Disclosure Statement Financial Services Guide for MahiFX Margin FX Trading MahiFX Limited ARBN: 152 535 085 AFSL: 414198 Date: 28 August 2013 Version: 3.1 1. About this combined Product

More information

XIV. Additional risk information on forward transactions in CFDs

XIV. Additional risk information on forward transactions in CFDs XIV. Additional risk information on forward transactions in CFDs The following information is given in addition to the general risks associated with forward transactions. Please read the following information

More information

Plus500CY Ltd. Order Execution Policy

Plus500CY Ltd. Order Execution Policy Plus500CY Ltd. Order Execution Policy Order Execution Policy This Order Execution Policy forms part of the Client Agreements as defined in the User Agreement. 1. CONDUCTING BUSINESS 1.1. We have a general

More information

Version :4.0 Date: April 2015 STO AFX Markets Ltd (FCA)

Version :4.0 Date: April 2015 STO AFX Markets Ltd (FCA) Risk Disclosure Version :4.0 Date: April 2015 STO AFX Markets Ltd (FCA) RISK DISCLOSURE AFX Markets Ltd. ( AFX, we, us, our ) trading as SuperTradingOnline (STO) is authorised and regulated by the Financial

More information

RISK DISCLOSURE NOTICE

RISK DISCLOSURE NOTICE RISK DISCLOSURE NOTICE www.walbrookcapitalmarkets.com Equities Futures Options FX CFDs Fixed Income SECTION 1 / INTRODUCTION This Risk Disclosure Notice has been produced by Walbrook Capital Markets Limited

More information

Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement

Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement Investment Management 1 July 2014 Walter Scott Global Equity Fund (Hedged) Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement This Product Disclosure Statement

More information

Exchange Traded Options Product Disclosure Statement and Application Form

Exchange Traded Options Product Disclosure Statement and Application Form CommSec Adviser Services Phone 1800 252 351 Fax 1300 668 788 Locked Bag 3005 Australia Square NSW 1215 www.commsecadviserservices.com.au advisertrading@cba.com.au Exchange Traded Options Date of Issue:

More information