TERMS AND CONDITIONS FOR TRADING IN CFD AND SIMILAR INSTRUMENTS

Transcription

1 TERMS AND CONDITIONS FOR TRADING IN CFD AND SIMILAR INSTRUMENTS 1. INTRODUCTION Lucro Capital Ltd (hereinafter referred to as the Firm ) is an investment firm that operates as a global broker. The Firm is incorporated (Certificate of Incorporation No. HE ) in the Republic of Cyprus through the Department of Registrar of Companies and Official Receiver. The Firm is authorised and regulated by the Cyprus Securities and Exchange Commission ( CySec ) (Licence No. 252/14) and operates under the Investment Services and Activities and Regulated Markets Laws of 2007 to AKNOWLEDGEMENT 2.1. The Client acknowledges that he/ she read, understood and accepted the Terms and Conditions of Business ( the Terms and Conditions ), as amended from time to time in addition to any information contained within the Firm s website, including but not limited to the Legal Information and the Legal Documentation as well as the Order Execution Policy, the Client Categorisation Notice, the Investor Compensation Fund Notice and the Conflicts of Interest Policy available online at THE CLIENT AGREES THAT USING THE SERVICES PROVIDED BY THE FIRM AND/OR ANY SOFTWARE INDICATES THAT HE/SHE HAS READ ALL OF THE ABOVE, UNDERSTOOD THEM AND AGREED TO BE BOUND BY THEIR PROVISIONS By accepting the Terms and Conditions, the Client enters into a binding legal agreement with the Firm The Client acknowledges that the Firm s official language is the English language. 3. SCOPE OF THE TERMS AND CONDITIONS OF BUSINESS 3.1. The Terms and Conditions govern all the actions that relate to the execution of the Client s orders. and Exchange Commission (License no. 252/14) 1

2 3.2. The Terms and Conditions are non-negotiable and override any other agreements, arrangements, express or implied statements made by the Firm unless the Firm determines -in its sole discretion- that the context requires otherwise. If the Terms and Conditions were to be amended, reasonable notice shall be given by the Firm to the client The Distance Marketing of Consumer Financial Services Law N.242 (I)/2004, which implements EU Directive 2002/65/EC, does not require the Terms and Conditions to be signed by either the Firm or the client in order for both the Firm and the client to be legally bound by it. 4. INTERPRETATION OF TERMS Unless indicated to the contrary, the defined terms included in the present document shall have a specific meaning and may be used in the singular or plural as appropriate. ASK Shall mean the price at which the Firm is willing to sell a CFD Access Codes the username and password given by the Firm to the Client for accessing the Firm s electronic systems Authorised Representative Balance Balance Currency Base Currency Bid Client Shall mean either the natural or legal person who is expressly authorised by the client to act on his/ her behalf; the above mentioned relationship is documented through a Power of Attorney, a copy of which is held by the Firm. Shall mean the funds available in a trading account that may be used for trading financial instruments. Shall mean the currency that the trading account is denominated in; it should be noted that all charges including spreads, commissions and swaps, are calculated in that currency. Shall mean the first currency represented in a currency pair, for example in the EURUSD currency pair the base currency is the EUR. Shall mean the price at which the Firm is willing to buy a CFD Shall mean either the natural or legal person who receives an notification that contains the trading account number and or access 2

3 codes and certain documents. Closed Position Contract for Difference (CFD) Contract Specifications Declared Price Equity Free Margin Market Execution Order Shall mean the opposite of an open position Shall mean a CFD on spot foreign exchange ( FX ), or a CFD on shares, or a CFD on spot metals, or a CFD on futures or any other CFD related instrument that is available for trading through trading platforms; a full list of the financial instruments is available online at Each lot size or each type of CFD as well as all necessary trading information concerning spreads, margin requirements etc, as determined in the Firm s main website Shall mean the price that the client requested for either an instant execution or pending order. Shall mean the balance of a Trading Account plus or minus any profit or loss that derives from any open positions. Shall mean funds that are available for opening a position. It is calculated as: Free Margin = Equity Margin. Shall mean an order most likely to be executed at the best available current price. It does not contain restrictions on the buy/sell price or the timeframe in which the order can be executed. Lot Margin Shall mean the unit that represents the volume of a transaction. Client should regularly visit and check the in order to receive information about the Lot. Shall mean the required funds available in a trading account for the purposes of maintaining an open position Margin Level Shall mean the Equity to Margin ratio calculated as: Margin Level = Equity / Margin * 100 Open Position Order Shall mean any position that has not been closed. Shall mean the request for the transaction execution. 3

4 Pending Order Spread Stop Loss Stop Out Level Take Profit Trading Account Value Date Variable Currency Shall mean either a buy stop, or sell stop, or buy limit, or sell limit, stop loss or take profit order. Shall mean the difference between the purchase price (rate) and the sale price (rate) of the CFD contract at the same moment Shall mean an order attached to an already open or pending position in order to close it at a specified market price to minimize losses. Shall mean such condition of the Trading Account when the Open positions are forcedly closed by the Company at current prices due to insufficient margin. Shall mean an order attached to an already open or pending position in order to close it at a specified market price for securing profit Shall mean the account, which has a unique number, maintained by a client for the purposes of trading financial instruments through the Firm s Platform. Shall mean the delivery date of funds Shall mean the second currency represented in a currency pair, for example in the EURUSD currency pair the variable currency is the USD 5. PROVISION OF SERVICES 5.1. The Firm provides investment and ancillary services (the Services ) to the Client, details of which are provided by CySec online at The Client acknowledges that the Services do not include the provision of investment advice. Any investment information as may be announced by the Firm to the Client does not constitute investment advice but aims merely to assist him/her in his/her investment decision making. No information provided by the Firm shall be deemed as an assurance or guarantee on the expected results of any transaction. The Firm retains the right to, from time to time and as often as it deems appropriate, issue material ( the Material ), which contains information including but not limited to the conditions of the financial market, published through its website or disseminated via other media. It should be noted the Material is considered to be marketing communication only and does not contain, and should not be construed as containing, investment 4

5 advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments 5.3. The Client agrees and acknowledges that he/she is solely responsible for any investment strategy, transaction or investment, composition of any account and taxation consequences and he/she shall not rely, for this purpose on the Firm. It is also understood and accepted that the Firm shall bear absolutely no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment or information The Client may trade through his/ her trading account from (GMT+2) on a Monday until (GMT+2) on a Friday. Client must note that trading of certain financial instruments occurs during specific timeframes; the Client is responsible for looking at the contract specifications of such instruments for further details, prior to trading The Firm offers, on an execution-only basis, a number of financial instruments to the client the contract specifications of which are available online at The trading conditions and execution rules of the financial instruments on offer by the Firm can be found online at any given time. Upon notice to the Client, the Firm reserves the right to amend, from time to time, both the trading conditions and execution rules. Even if the Firm amends any part of the trading conditions and/ or execution rules the Client continues to be bound by these Terms and Conditions. 6. CAPACITY The Firm shall decide at its own discretion whether to effect any Transactions with the Client as principal or as an agent. The Client acts as principal and not as agent, or representative or trustee or custodian on behalf of someone else, unless he/she has produced, to the Firm s satisfaction, a document and/or powers of attorney enabling him/her to act as an agent and/or representative and/or trustee and/or custodian of any third person and relevant identification documents of such third party. 7. CLIENT CLASSIFICATION 5

6 7.1. In accordance with Directive 2004/39/EC of the European Parliament and of the Council (hereinafter referred to as MiFID ) and the Investment Firms Law 144(I)/2007 of the Republic of Cyprus (hereinafter referred to as the Law ), the Firm is obliged to categorize Clients as follows: retail clients, professional clients and eligible counterparties By accepting these Terms and Conditions the Client acknowledges and agrees that he is automatically categorized as a Retail client. Taking into account the Client s professional experience and knowledge the Firm may, at the Client s request and/or at the Firm s sole discretion, change the Client s categorization from retail client to professional client In case the Firm assigns the Client to another category, the Frim shall notify the Client in a durable medium of any limitations to the level of client protection related to such change to another category 7.4. The Client is entitled to request that the Frim re-categorises him as a Professional Client (which attract a lower degree of regulatory protection) at any time provided that the Firm may decline such request at its sole and absolute discretion; and/or 7.5. The Firm is entitled to re-categorise the Client provided that the Frim explains clearly why it is doing this and the effect this will have on the Client s rights In the event of a re-categorisation of the Client s classification pursuant to the present clause, the Firm will not be obliged to provide the Services until a new agreement has been entered into between the Client and the Firm, which incorporates the different protections required by the applicable law in respect to other categories of clients as defined above The terms Retail Client, Professional Client or Eligible Counterparty, as those terms are defined under the Investment Services and Activities and Regulated Markets Laws of 2007 to 2012, and as amended from time to time, will be used while defining a Client s classification You agree and acknowledge that you are responsible for keeping us informed about any change that could affect your classification as above. 8. ASSURANCES AND GUARANTEES 6

7 8.1. The Client states, affirms and guarantees that: (a) whatever money handed over to the FIrm belongs exclusively to the Client, free of any lien, charge, pledge and any other encumbrance, (b) are no direct or indirect proceeds of any illegal act or omission or product of any criminal activity and (c) he/she acts for himself/herself and not as a representative or a trustee of any third person, unless he/she has produced, to the satisfaction of the Firm, a document and/or powers of attorney enabling him/her to act as representative and/or trustee of any third person The Client assure and guarantees all documents handed over to the Firm as authentic and valid both in the Trading Account opening process and for as long as the Trading Account will remain open The Client agrees and understands that the Firm reserves the right to refund/send back to the remitter (or beneficial owner) any amounts received under sections 7.1 (a) and (b) above, having sufficient proof that these amounts are direct or indirect proceeds of any illegal act or omission or product of any criminal activity and/or belong to a third party and the Client has not produced sufficient excuse for that, and consents that the Firm may reverse any or all types of previous transactions performed by the Client in any of his/her trading accounts and terminate the agreement as per these Terms and Conditions. The Firm reserves the right to take any legal action against the Client to cover itself upon such an event and claim any damages caused to the Firm by the Client as a result of such an event. 9. CLIENT S MONEY 9.1. Any money received by the Client will be deposited by the Firm in an Institution, segregated from any of the Firm s funds and will be kept according to applicable rules and regulations. The money will always be treated as belonging to the Client and the Firm will exercise all reasonable care and diligence to the selection of the Institution The Client s money will be pooled with money belonging to other clients which means that an individual Client will not have a claim against a specific sum in a specific account, in the event of insolvency. The Client s claim will be against the client money pool in general The Firm is not in any way obligated to pay the Client any kind of interest on the money 7

8 deposited and the Client has the right to withdraw at any time funds equal to the Free Margin available in a specific Trading Account. The Client acknowledges that such request may take up to [x] of days to be processed The Client accepts that money received by the Firm will be deposited in Client s Trading Account on the value date received by the Institution net of any transfer fees and or other charges imposed by the Institution holding the funds Furthermore the Client accepts that funds shall be deposited in his/her Trading Account only the Firm is satisfied that the Sender is the Client or his/ her authorised representative. If the Firm is not satisfied as to the above then the Firm has the right to reject the funds and return them to the remitter net of any transfer fees or other charges incurred by the Firm, using the same transfer method as the one through which it originally received the funds Client accepts that that withdrawal of any part of the funds shall be concluded using the same transfer method and the same remitter as the one which the Firm originally received the funds from The Firm retains the right to decline a withdrawal that the Client requested using a specific transfer mode and suggest an alternative The Client accepts that the Institution may reverse any part of the funds, for any reason; as a result, the Firm shall immediately reverse the respective amount from the trading account net of any transfer fees or other charges incurred by the Firm, using the same transfer method as the one through which it originally received the Funds. In the case that this results in a negative balance the Firm has the power the to merge the funds held in different Trading Accounts of the same Client The Client accepts that the Firm reserves the absolute right in case of absence of any trading activity for 90 consecutive days of the Client s Trading account, to charge a maintenance fee of 1.25% per annum on the balance of such an account. Such fee will not be less than 3.- or the equivalent amount of any other currency and shall be calculated on a monthly basis. In case of Trading Account becoming inactive as above described but with a zero balance then the Firm will have the right to close the Trading Account. 8

9 9.10. The Firm may need to pass money received from Client to a third party (e.g. a market or intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy Client s obligation to provide collateral (e.g. Margin) in respect of a Transaction. The Firm has no responsibility for any acts or omissions of any third party to whom it passes money received from the Client. The third party to whom the Firm passes money may hold it in an omnibus account and it may not be possible to separate it from the Firm s money or the third party's money in cases if such third party is situated outside the EU areas and is not subject to the MIFID clients money regulations. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Firm will only have an unsecured claim against the third party on behalf of the Client and other clients of the Firm, and the Client will be exposed to the risk that the money received by the Firm from the third party is insufficient to satisfy the claims of the Client and all other clients with claims in respect of the relevant account The Firm has a right to hold the Client s monetary funds and financial instruments with credit and financial institutions outside European Economic Area If the Firm holds the Client s monetary funds and financial instruments outside European Economic Area they will be subject to the laws of that state and the Client s rights in relation to those monetary funds and financial instruments may differ accordingly as described in the point j) hereof. 10. ASSESSMENT OF APPROPRIATENESS With regard to each Client the Firm performs assessment of appropriateness with regard to the services provided to the Client by the Firm. The Firm assesses the Client s experience and knowledge to realize the relevant risks with regard to specific services that the Firm provides to the Client and with regard to the financial instruments the Client intends to deal with and transactions to be executed by the Firm on behalf of the Client. To assess the appropriateness of the Firm s services for the Client, the Firm requests from the Client, and the Client undertakes to provide the Firm with information in the scope and degree corresponding to the peculiarities of this Client, nature and amounts of the Firm s services this Client intends to use, and also the types of transactions and operations the Client intends to execute through the Firm s assistance, including their complexity and accompanying risks, including the following information: - the types of services, transactions and financial instruments the Client has experience 9

10 and knowledge to deal with; - the nature, volume and frequency of the Client s transactions in financial instruments and the period over which they have been carried out; - the level of education, profession or the relevant former profession of the Client. The Firm reserves the right to request the Client for any additional information both before the entering into the business relationship with the Client and during the term of business relations The Firm has the right to rely on the information provided by the Client to the Firm unless the Firm is aware or ought to be aware that such information is manifestly out of date and/or inaccurate and/or incomplete 11. ELECTRONIC TRADING Once the Client accepts the Terms and Conditions and receives the Trading Account s Access Codes , the Client shall download and install the trading platform software ( the Software ) available online at and will use the Access Codes to enable his/her log in to the trading platform for the purposes of sending and/or amending instructions for trading in CFDs The Client shall be solely responsible for any instructions sent and/ or received through the trading platform from the Client or his/ her authorised representative The Client shall ensure that his/ her Access Codes remain confidential at all times. If, under any circumstances, the Client reveals the Access Codes to either a natural or legal person, other than his/ her authorised representative, the Firm shall bear no responsibility for any loss that arises, including but not limited to financial loss, as a result of such actions. The Client is obligated to immediately inform the Firm if it comes to his/ her attention that the Access Codes have been used, either for trading or other purposes, without his/ her express consent. The client accepts that the Firm has no means to identify whether a person, logging-in to the trading platform, is doing so as the Client or with Client s express consent The client accepts that the Firm reserves the right to terminate the client s access to the trading platform in order to ensure and/ or restore the orderly operation of the trading platform and protect the interests of both the clients and the Firm. If the following circumstances occur the Firm may, at its discretion, close any of the Client s Trading Account(s): 10

11 (a) a violation of any part of the Terms and Conditions on behalf of the Client; (b) an issuance of an application, order, resolution or other announcement in relation to bankruptcy or winding-up proceedings that involves the Client; (c) Client s death; and (d) Client involving the Firm in any type of fraud The Client accepts that the Firm bears no responsibility if either a natural or legal person attains through unauthorised access any information, including information regarding client s trading, whilst such information is being transmitted from the Client to the Firm (or any other party authorised by the Firm) and vice versa; such transmission may either occur through electronic or other means The Client accepts that the Firm bears no responsibility for any loss, including but not limited to financial loss, incurred by the client due to the inability of the latter to access the trading platform if this has been caused: (i) due to the Client s failure to maintain the Software updated as required or (ii) due to any other mechanical, software, computer, telecommunications or electronic system failure that could not have been controlled by either the client or the Firm The Firm is responsible to maintain its trading platform and other related systems updated; therefore, the client accepts that the Firm or a relevant third party may, from time to time, perform maintenance that may include shutting down, restarting, or refreshing the servers to ensure the effective and efficient operation of the trading platform or other related systems; these actions may cause the trading platform or other related systems to being inaccessible for a period of time. The Client accepts that the Firm bears no responsibility for any loss, including financial loss, caused due to any of the above The Client accepts that the Firm is not an internet service or electricity provider; consequently, the former accepts that Firm is not responsible for any failure to provide an investment or ancillary service, if such failure arises as a direct or an indirect result of an internet service or electricity failure If for any reason the client is unable to access the trading platform in order to send an instruction for the purposes of trading financial instruments he/ she may contact the Dealing Department at rto@hiwayfx.eu or call on to place a verbal instruction, subject to the following restrictions: 11

12 (a) The telephone calls may be recorded and kept as records and the Firm retains the right to use them as it deems necessary or in order to resolve a dispute between the Client and Firm. (b) The Firm may provide copies of these recordings to any Regulatory Authority without informing the Client prior to such an event The Firm reserves the right to reject such verbal instruction when the operator of the Dealing Department is not satisfied with the Client s identify or clarity of instructions; under such circumstances, the Firm reserves the right to request from the client to transmit an instruction through another mean. The Client accepts that at times of excessive transaction flow there might be some delay in connecting over the telephone with a member of the Dealing Department, especially when there are important market announcements The Client understands and agrees the Firm is the sole counterparty and therefore the Client will not bring any legal action, whether in tort, including negligence, breach of contract or otherwise, to any third party software and/or technology providers whose products and services assist in providing the platform to the Client. 12. INSTRUCTIONS ORDERS The Firm will, in certain circumstances, accept instructions, by telephone or in person, provided that the Firm is satisfied, at its full discretion, of the caller s identity and clarity of instructions. In case of an order received by the Firm in any means other than through the electronic Trading Platform, the order will be transmitted by the Firm to the electronic Trading Platform and processed as if it was received through the electronic Trading Platform The Firm reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the Communication System. The Client accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the Communication System, regardless of how they have been caused, including technical and/or mechanical damage The Client has the right to authorize a third person to give instructions and/or orders to 12

13 the Firm or to handle any other matters related to this agreement, provided that the Client has notified the Firm in writing, of exercising such a right and that this person is approved by the Firm fulfilling all of Firm s specifications for this. Unless the Firm receives a written notification from the Client for the termination of the said Authorised Representative, the Firm will continue accepting instructions and/or orders given by this person on behalf of the Client and the Client will recognize such orders as valid and committing. The above written notification for the termination of the Authorised Representative has to be received by the Firm with at least 2 days notice Once the Client s instructions or Orders are given to the Firm, they cannot be revoked. Only in exceptional circumstances the Firm may allow the Client to revoke or amend the relevant instruction or Order. The Firm has the right to proceed to a partial execution of the Client s Orders The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Client. The Client chooses desirable operation and makes a request for the transaction confirmation by the Firm. The transaction is executed at the best available current market price The Client, using electronic access, can give give instructions for, Market Execution Orders or for Pending Orders: i. OPEN to open a position; ii. CLOSE to close an open position; iii. To add, remove, edit orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop. It should be noted that a stop loss and/ or take profit may be attached to an market execution or pending order Any other Orders are unavailable and are automatically rejected. The confirmed open or closed position cannot be cancelled by the Client Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Client s Order shall be valid in accordance with the type and time of the given Order, as specified. If the time of validity of the order is not specified, it shall be valid for an 13

14 indefinite period The Firm shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via computer, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Client. The Firm shall not be held responsible for information received via computer or for any loss which the Client may incur in case this information is inaccurate The Firm reserves the right to change the opening/closing price (rate) and/or size and/or number of the related transaction (and/or the level and size of any Sell Limit, Buy Limit, Sell Stop, Buy Stop order) in case of any underlying asset of the CFD becomes subject to possible adjustment as the result of any event set out in Paragraph below (hereinafter called a Corporate Event ). This operation is applied exclusively to securities and has a meaning to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event. All actions of the Firm according such adjustments are conclusive and binding upon the Client. The Firm shall inform the Client of any adjustment as soon as reasonably practicable While a Client has any open positions on the ex-dividend day for any of underlying asset of the CFD, the Firm reserves the right to close such positions at last price of the previous trading day and open the equivalent volume of the underlying security at first available price on the ex-dividend day. In this case the Firm has to inform the Client by internal mail in trading terminal about the possibility of such actions not later than the closing of the trading session prior to the ex-dividend day Corporate Events are the declarations by the issuer of the underlying asset of the CFD of the terms of any of the following but not limited to: i. a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalization or similar issue; ii. a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or securities, rights or 14

15 warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Firm ; iii. any other event in respect of the shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares Pending Orders on CFD contracts are executed at the declared by the Client price on the first current price touch. The Firm reserves the right not to execute the order, or to change the opening (closing) price of the transaction in case of the technical failure of the trading platform, reflected financial tools quotes feed, and also in case of other technical failures Under certain trading conditions it may be impossible to execute Pending orders on any CFD contract at the declared price. In this case the Firm has the right to execute the order or change the opening (closing) price of the transaction at a first available price. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted. Or this may occur in the trading session start moments. So as a result, placing a stop loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price The Client may submit to the Firm in writing by facsimile transmission or , his objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding for the Client At specific margin levels available online at the Firm will automatically close positions at market price starting from worst position. Client will be informed about the Stop Out level immediately upon opening a Trading Account In case of force-majeure, hacker attacks and other illegal actions against the servers of the Firm and also a suspension of trade in the financial markets concerning Financial Instruments offered by the Firm, the Firm may, suspend, freeze or close the Client 15

16 positions and request the revision of the executed transactions All price levels in the trading terminal are determined at the Firm s discretion. Any references of the Client to prices of other trading or information systems shall be disregarded Trading operations using additional functions of the client trading terminal such as Trailing Stop or Expert Adviser are executed completely under the Client s responsibility, as they depend directly on the Client trading terminal and the Firm bears no responsibility whatsoever The 1 (one) standard lot size is the measurement unit specified for each CFD traded in the Electronic Trading Platform. The Firm reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the CFD before placing any order. The Firm reserves the right to change the Client s trading account leverage at its discretion, either for a limited time period or on a permanent basis, by informing the Client by written notice sent either by regular mail or by internal mail The Firm has the right at its discretion to increase or decrease spreads on CFDs depending on market conditions The Firm has the right at its discretion to Execute Client s orders for financial instruments which may be admitted to trading on a regulated market or Multilateral Trading Facility (MTF), outside of such regulated market or MTF; The Firm has the right at its discretion not to make public any of the Client s Limit orders in respect of the shares admitted to trading on an EEA regulated market, which are not immediately executed under prevailing market conditions up to a normal market size 13. REFUSAL TO EXECUTE ORDERS The Client accepts that the Firm shall have the right, at any time, to refuse at its discretion the provision of any investment or ancillary service, including but not limited to the execution of instructions for the purposes of trading financial instruments, without providing notice to the client, amongst other and in the following cases: 16

17 (a) The Firm has reasonable reasons to believe that the execution of such Order would affect the orderly function of the market or aims at or may aim at manipulating the market of the Financial Instruments; (b) The Order constitutes an abusive exploitation or privileged confidential information; (c) The Order contributes to the legalisation of proceeds from illegal acts or activities (money laundering); (d) Execution of the Order will affects the orderly function or reliability of the Trading Platform; (e) The requested Order relates to a purchase of a financial instrument but Client s funds are not sufficient to cover such purchase and applicable charges. (f) If a technical or other error occurs The Client declares that he shall not knowingly give any Order or instruction to the Firm that might instigate the Firm to refuse execution of the Order If the Firm believes that the Client has performed any Disallowed Trading Activity, the Firm has the absolute right without any prior notice to the Client, to immediately close and/or cancel the result of any executed orders involved in this activity. 14. SETTLEMENT OF TRANSACTIONS The Firm shall proceed to a settlement of all transaction upon execution of such transactions The Client will have the choice to be provided with a daily or a monthly Statement of Account. In the case of a daily Statement of Account such will be provided only if Client performs any number of transactions. In the case of a monthly Statement such will be provided regardless of the number of transactions performed during the requested period Any confirmation or proof for any act or statement of account or certification issued by the Firm in relation to any transaction or other matter shall be final and binding on the Client, unless the Client has any objection in relation to such statement of account or 17

18 certification and the said objection is filed in writing and received by the Firm within two (2) working days from the receipt or the deemed date of receipt of any statement of account or certification The Client may, at any time, review the current and historic state of his/ her trading account through the trading platform. 15. COMPLAINTS HANDLING PROCEDURE Complaints shall be addressed, in the first instance, to the Customer Support Department. If the Client receives a response from the Customer Support Department but deems that the complaint needs to be raised further the Client may contact the Complaints Department Both the Customer Support Department and the Complaints Department shall thoroughly examine any complaints as required, taking into account any information contained within the books and records of the Firm, including but not limited to the Client s trading account journal A complaint shall include the Client s name and surname, the Client s trading account number, the affected transaction numbers (if applicable), the date and time of the incident and a brief description of the incident and issue arising. 16. FIRM S FEES The Firm is entitled to receive fees from the Client for its Services provided as described in the Agreement as well as compensation for the expenses it will incur for the obligations it will undertake during the execution of the said Services. The Firm reserves the right to modify, from time to time, the size, the amounts and the percentage rates of its fees and the Client will be informed accordingly The Client shall pay the Firm, immediately when so requested by the latter and the Firm is entitled to debit the account of the Client with any value added tax or any other tax, contribution or charge which may be payable as a result of any transaction which concerns the Client or any act or action of the Firm under the Agreement (excepting taxes payable by the Firm in relation to the Firm s income or profits) In case the Client fails to pay any amount by the date on which the said amount is payable, the Firm shall be entitled to debit the accounts of the Client stated in Paragraph 18

19 8 above with the said amount and/or liquidate in the name of the Client any of the Client s Financial Instruments in view of covering the aforementioned amount By accepting the terms and conditions the Client has read and understood and accepted the information under the title CONTRACTS SPECIFICATIONS as this information is loaded on the Firm s main website public and available for all Clients, in which all related commission, costs and financing fees are explained. The Firm reserves the right to amend at discretion all such commission, costs and financing fees and proper information on such amendments will be available on the main website which the Client must review during the period the Client is dealing with the Firm and especially before placing any Orders to the Firm. 17. DURATION OF THE AGREEMENT AND AMENDMENTS This Agreement shall take effect upon the first funding of the Client s account, provided that the Firm has sent the Client written confirmation for his/her acceptance. It shall be valid for an indefinite time period until its termination by virtue of the provisions of Paragraph The Firm reserves the right to amend, from time to time, any part of the present Agreement, especially if the Firm deems that such amendments are necessary given an announcement by a regulatory authority of a competent jurisdiction. Under such circumstances, the Client shall be notified either in writing or through the Firm s site ( accordingly and shall reserve the right to accept or deny the amendments; it should be noted that the Client s consent is not required for any amendment to be effective immediately. 18. TERMINATION The Client has the right to terminate the Agreement by giving the Firm at least fourteen (14) days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all pending transactions on behalf of the Client shall be completed. The first day of the notice shall be deemed to be the date such notice has been received by the Firm The Firm may terminate the Agreement by giving the Client at least fourteen (14) days written notice, specifying the date of termination in such. 19

20 18.3. The Firm may terminate the Agreement immediately without giving 14 days notice in the following cases: i. Death of the Client; ii. If any application is made or any order is issued or a meeting is convened or a resolution is approved or any measures of bankruptcy or winding up of the Client are taken; iii. Such termination is required by any competent regulatory authority or body; iv. The Client violates any provision of the Agreement and in the Firm s opinion, the Agreement cannot be implemented; v. The Client violates any law or regulation to which he is subject, including but not limited to, laws and regulations relating to exchange control and registration requirements; vi. The Client performs Disallowed Trading Activity on his Trading Account. 1.1 The termination of the Agreement shall not in any case affect the rights which have arisen, existing commitments or any contractual provision which was intended to remain in force after the termination and in the case of termination, the Client shall pay: i. Any pending fee of the Firm and any other amount payable to the Firm; ii. Any charge and additional expenses incurred or to be incurred by the Firm as a result of the termination of the Agreement; iii. Any damages which arose during the arrangement or settlement of pending obligations In case of breach by the by the Client of Paragraphs 16.3v and 16.3 vi., the Firm reserves the right to reverse all previous transactions which places the Firm s interests and/or all or any its Clients interests at risk before terminating the agreement The Client reserves the right to terminate the present Agreement within 15 (fifteen) business days from the announcement of an amendment as per paragraph 15 above, by sending a notification through registered post to the Firm s Head Office, given that there are no open positions traded through the relevant trading account and the Client has no outstanding obligations to the Firm. 19. FIRM LIABILITY 20

21 19.1. The Firm shall conclude transactions in good faith and with due diligence but shall not be held liable for any omission, deliberate omission or fraud by any person, physical or legal from whom the Firm receives instructions for the execution of the Client s Orders and/or from which transactions are carried out on behalf of the Client, unless to the extend where this would be the result of negligence, deliberate omission or fraud on the part of the Firm The Firm shall not be held liable for any loss of opportunity as a result of which the value of the Client s Financial Instruments could increase or for any reduction in the value of the Client s Financial Instruments, regardless of how such decrease may arise, unless to the extent that such loss or reduction is directly due to deliberate omission or fraud by the Firm or its employees If the Firm incurs any claims, damage, liability, costs or expenses, which may arise in relation to the execution or as a result of the execution of the Agreement and/or in relation to the provision of the Services and/or in relation to the disposal of the Client s Financial Instruments in view of the satisfaction of any claims made by the Firm or due to the non - fulfilment of any of the Client s statements and/or Orders and/or instructions contained in the Agreement it is understood that the Firm bears no responsibility whatsoever and it is the Client s responsibility to indemnify the Firm for such The Firm shall not be held liable for any loss which is the result of deceit in relation to the facts or mistaken judgment or any act done or which the Firm has omitted to do, whenever it arose, unless to the extent that such deceit or act or omission is due directly to deliberate omission or fraud by the Firm or its employees The Firm shall be held liable, to the extent that this is permissible under the Agreement, for the deposit of cash in its possession or which it will receive at any time on behalf of the Client in the Bank Account, but it shall not be held liable in relation to any omission, negligence, deliberate omission or fraud by the bank where the Bank Account is maintained The Firm shall not be held liable for the loss of financial instruments and funds of the Client, including the cases where the Client s assets are kept by a third party such as a bank or other institution used as a payment provider, or for an act, which was carried out based on inaccurate information at its disposal prior to being informed by the Client, of any change in the said information. 21

22 19.7. The Firm informs the Client that it is a member of the Investor Compensation Fund for Customers of Cypriot Investment Firms (hereinafter referred to as the Fund ) in order to secure financial instruments (Securities) and monetary funds, transferred by the Client to the Firm according to the present terms and conditions. Fund secures the Client s claims which may arise from failure of the Firm to fulfill its obligations to the Client. In cases specified in the Law, if the Firm is unable to fulfill its obligations under these Regulations, the Client has a right to receive compensation at the expense of the above mentioned Fund. Brief information about Fund s objects, conditions and procedure of compensation payment by the Fund to the Clients is contained on the Firm s web-site By accepting the terms and conditions the Client has read and understood and accepted the information under the title INVESTOR COMPENSATION FUND as this information is loaded on the Firm s main website public and available for all Clients. 20. CONFIDENTIALITY AND PERSONAL DATA PROTECTION The Firm is registered with the Office of the Commissioner for Personal Data Protection of the Republic of Cyprus; therefore, any Client s personal data is kept by the Firm according to the Processing of Personal Data (Protection of the Individual) Law of 2001, its amendment (Law No. 37(I)/2003) and the Regulation of Electronic Communications The Firm shall not disclose to a third party, any of the Client s confidential information unless required to do so by a regulatory authority of a competent jurisdiction; such disclosure shall occur on a need-to-know basis, unless otherwise instructed. Under such circumstances, the Firm shall expressly inform the third party regarding the confidential nature of the information The Client accepts that the Firm may need to disclose the Client s Personal Data to third party service providers in the context of the provision of specific services to the Client. The Firm shall not release the Client s data without informing the Client in advance and without obtaining his consent via an opt-in mechanism to participate in or use the third party service provider s services The Client accepts and consents that the Firm may, from time to time, contractually engage companies for statistical purposes in order to improve the Firm s marketing; as a 22

23 result, some or all of the client s personal data may be disclosed on an anonymous and aggregated basis only. 21. CONFLICT OF INTEREST The Firm declares that it takes all necessary measures, where possible, in order to anticipate or solve any conflicts of interest between, on the one hand itself and its associated persons and Clients and on the other hand, between its Clients However, the Firm draws the Client s attention to the following possibilities of a conflict of interest: The Firm and/or any associated Firm and/or any Firm which is a member of the group of companies to which the Firm belongs to, might: (a) Enter itself into an agreement with the Client in order to execute his/her Order; (b) Be an issuer of the Financial Instruments in which the Client wishes to conclude a transaction; (c) Act on its behalf and/or for another client as purchase and/or seller and may have an interest in the Financial Instruments of the issuer in which the Client wishes to conclude a transaction; (d) Act as market maker, consultant and investment manager and/or have any trading or other relationship with any issuer; (e) Pay a fee to third persons who either recommended the Client to the Firm or who mediated in any way so that the Client s Orders are forwarded to the Firm for execution The Firm is entitled to share commission fees and charges with its partners, Introducing Brokers and any third parties, as well as to obtain remuneration from them with respect to Contracts in which the Firm is participating. Information regarding any such remuneration, or sharing shall not be reflected on the respective Settlement/Trade Confirmation. The Firm (or any of its partners) is entitled to earn profit from commission fees, extra charges or discounts, as well as any other remuneration for its role as Counterparty in a Contract The Firm is under obligation to provide the Client information regarding the calculation method of commission fees, extra charges or discounts, or any other remuneration paid 23