PRODUCT DISCLOSURE STATEMENT

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1 PRODUCT DISCLOSURE STATEMENT Margin FX Contracts and CFDs Issuer: Goldland Capital Group Pty Ltd ABN Australian Financial Services Licence No Date: 8 September 2015 Page 1

2 TABLE OF CONTENTS PRODUCT DISCLOSURE STATEMENT 1. INTRODUCTION IMPORTANT INFORMATION OUR CONTACT DETAILS ANTI MONEY LAUNDERING LEGISLATION OPENING AN ACCOUNT WARNING REGULATORY BENCHMARK DISCLOSURE KEY INFORMATION QUESTIONS & ANSWERS WHAT DO THE TERMS IN THIS PDS MEAN AND HOW DO I INTERPRET IT? WHAT FINANCIAL PRODUCTS DO WE PROVIDE? WHAT IS A MARGIN FX CONTRACT? WHAT IS A CFD? WHAT IS A POSITION? WHAT IS A MARGIN FX CONTRACT OR CFD ISSUED OVER THE COUNTER? WHAT CHARGES ARE PAYABLE WHEN DEALING IN MARGIN FX CONTRACTS AND CFDS? HOW DO WE DETERMINE THE PRICES OF MARGIN FX CONTRACTS AND CFDS? CAN WE CHANGE OR RE- QUOTE THE PRICE AFTER YOU HAVE ALREADY PLACED YOUR REQUESTS FOR ORDER? IF THERE IS LITTLE OR NO TRADING GOING ON IN THE UNDERLYING MARKET FOR AN ASSET, CAN YOU STILL TRADE MARGIN FX CONTRACTS AND CFDS OVER THAT ASSET? CAN YOU PLACE STOP LOSS ORDERS AND LIMIT ORDERS? HOW DO YOU OPEN AN ACCOUNT? WHAT PAYMENT OPTIONS DO YOU HAVE? WHAT IS THE MINIMUM TRADING SIZE, THE MAXIMUM TRADING SIZE AND THE MINIMUM BALANCE TO OPEN AN ACCOUNT? HOW DO YOU DEAL IN MARGIN FX CONTRACTS OR CFDS WITH US? WHEN IS A CONTRACT FORMED? WHAT ARE LONG AND SHORT POSITIONS? HOW DO YOU REQUEST TO CLOSE OUT A POSITION? WHAT IS MARGIN? WHAT IS A MARGIN CALL? HOW ARE PAYMENTS MADE IN AND OUT OF YOUR ACCOUNT? DO YOU RECEIVE INTEREST ON MONEYS HELD IN YOUR ACCOUNT OR PAY INTEREST ON MONEYS YOU OWE TO US? WHAT HAPPENS IF YOU HOLD A POSITION OVERNIGHT? WHAT ARE THE RISKS OF MARGIN FX CONTRACTS AND CFDS? WHAT ARE THE TAXATION IMPLICATIONS OF ENTERING INTO MARGIN FX CONTRACTS AND CFDS? HOW DO I LEARN TO USE THE TRADING PLATFORM AND HOW TO DEAL WITH YOU? WHAT IF I NEED FURTHER INFORMATION? MARGINS AND MARGIN CALLS INITIAL MARGIN Page 2

3 3.2 CONTINUING MARGIN OBLIGATION CHANGING MARGIN PERCENTAGE OUR RIGHTS WHERE YOUR (TOTAL EQUITY LESS AGGREGATE MARGIN REQUIREMENT) IS AT OR BELOW A CERTAIN LEVEL YOU MUST MONITOR MARGIN NO OBLIGATION TO MAKE MARGIN CALL; FAILURE TO PAY MARGIN RISK BECOMING A CLIENT QUALIFICATION POLICY PROVING SUFFICIENT TRADING EXPERIENCE MULTIPLE- CHOICE QUIZ KEY BENEFITS HEDGING INVESTMENT LEVERAGE KEY RISKS OF TRADING WITH US AND IN OUR PRODUCTS INTRODUCTION LOSS OF MONEYS RISK RESULTING FROM FAILURE TO PROVIDE REQUIRED MARGIN DERIVATIVE MARKETS DEALING MAY BE AFFECTED BY FACTORS IN THE UNDERLYING MARKET YOUR ACCOUNT WILL BE MAINTAINED IN THE CURRENCY THAT YOU HAVE NOMINATED: THAT IS, THE BASE CURRENCY LOSS CAUSED BY SPREAD COUNTERPARTY RISK NOT A REGULATED MARKET REGULATORY CHANGES SYSTEMS RISK CHANGES IN MARGIN PERCENTAGE HOLDING YOUR MONEY TRUST ACCOUNT PROTECTION AFFORDED BY THE AUSTRALIAN CLIENT MONEY RULES WARNING ABOUT TRUST ACCOUNTS WHAT IS AN UNSECURED CREDITOR? FEES, COSTS AND CHARGES GENERAL COMMISSIONS SWAP CHARGES AND SWAP BENEFITS, AND ROLLOVER CHARGES AND ROLLOVER BENEFITS CONVERSION FEES INTEREST CHARGES APPLIED TO BALANCES Page 3

4 8.6 ADMINISTRATION CHARGES INTEREST IN CLIENT MONEY ACCOUNTS DEFAULT INTEREST TAXATION IMPLICATIONS TAXATION RULING: CONTRACTS FOR DIFFERENCE ADDITIONAL MATTERS NOT COVERED BY RULING CAPITAL GAINS TAX INTEREST INTEREST ON DEBIT BALANCES INTEREST PAID OR RECEIVED DUE TO HOLDING A CFD THE INCOME TAX TREATMENT OF MARGIN FX CONTRACTS TAXATION OF FINANCIAL ARRANGEMENTS GOODS AND SERVICES TAX (GST) RULING CHANGING YOUR MIND COOLING OFF PROVISIONS OUR RIGHTS AND POWERS CLIENT AGREEMENT OUR DISCRETIONS SUPERANNUATION FUNDS COMPLAINTS AND DISPUTE RESOLUTION PRIVACY POLICY INTERPRETATION AND GLOSSARY 46 Page 4

5 1. INTRODUCTION 1.1 IMPORTANT INFORMATION This Product Disclosure Statement (PDS) has been prepared and issued by Goldland Capital Group Pty Ltd (ABN ) (we, us or our). It provides you with key information about our financial products being over the counter margin foreign exchange contracts (Margin FX Contracts) and contracts for difference (CFDs). The information contained in this PDS does not constitute any recommendation, advice or opinion. This PDS does not take into account your objectives, financial situation or needs. You should consider our financial products and the information in this PDS having regard to your objectives, financial situation and needs, and should consult with professional advisers, before entering into the financial products. Our products are complex, risky and highly leveraged and may not be suitable for you. Their prices and the Underlying Instruments may fluctuate rapidly and widely because of events or conditions which may not be foreseeable and cannot be controlled. This PDS is not intended to and does not constitute any offer or invitation, directly or indirectly, in any jurisdiction where the offer or invitation would breach the applicable laws or require the PDS or any other document to be lodged or registered. The Australian Securities and Investments Commission will not extend investor protections to clients receiving financial services outside of Australia. The distribution of this PDS outside Australia may be restricted by the laws of the places where it is distributed and therefore persons into whose possession this PDS comes should seek advice on and observe those restrictions. Failure to comply with relevant restrictions may violate those laws. If we ask you for your personal information to assess your suitability to trade Margin FX Contracts or CFDs and we accept your application to trade Margin FX Contracts or CFDs, this is not personal advice or any other advice to you. You must not rely on our assessment of your suitability since it is based on the information you provide and the assessment is only for our purposes of deciding whether to open an Account for you. You may not later claim you are not responsible for your losses merely because we have opened an Account for you after assessing your suitability. You remain solely responsible for your own assessments of the features and risks and seeking your own advice on whether Margin FX Contracts or CFDs are suitable for you. This PDS, the Client Agreement and Financial Services Guide (FSG) are important documents. You should read this PDS, the Client Agreement and the Financial Services Guide (FSG) in their entirety before making any decision to enter into a financial product with us. A copy of this PDS, the Client Agreement and the FSG can be downloaded from our website at The information in this PDS is current as of 8 September We may issue a supplementary or replacement PDS as a result of certain changes. Page 5

6 For information regarding our full range of products and services, please read our FSG. If you have any queries, please contact us. 1.2 OUR CONTACT DETAILS Office Address: Suite 2201 Level 22 Australia Square 264 George Street Sydney NSW 2000 Postal Address: GPO Box 826 Sydney NSW 2001 Phone: Fax: ANTI MONEY LAUNDERING LEGISLATION We may require information from you from time to time to comply with the Anti Money Laundering and Counter- Terrorism Financing Act 2006 (Cth) (AML/CTF Act). You undertake to provide us with all information and assistance that we may require to comply with the AML/CTF Act. We may pass on information collected from you and relating to transactions as required by the AML/CTF Act or other applicable laws and regulations and are under no obligation to inform you we have done so. We may undertake all such anti money laundering and other checks in relation to you (including restricted lists, blocked persons and countries lists) as deemed necessary or appropriate by us, and we reserve the right to take any action with regard thereto with no liability whatsoever therefore. You also warrant that: you are not aware and have no reason to suspect that: o o the moneys used to fund your transactions have been or will be derived form or related to any money laundering, terrorism financing or other illegal activities whether prohibited under Australian law, international law or convention or by agreement; or the proceeds of your investment will be used to finance any illegal activities; and neither you nor your directors, in the case of a company, are a politically exposed person as the term is used in the Anti- Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No. 1). Page 6

7 1.4 OPENING AN ACCOUNT Before you begin dealing in our Margin FX Contract and CFD products, you must complete an Application Form and be approved by us to open an account. There are 3 Application Forms: one for applicants that are individuals (including joint applicants); one for corporations; and one for trusts. Before completing the appropriate Application Form you should read this PDS, the Client Agreement and the FSG. You must provide us with your Application Form, or at any time requested by us, such of the documentation as set out in the Application Form. The Application Forms require you to disclose personal information. You should refer to our privacy statement. Please contact us if you have any concerns or if you would like to see a copy of our privacy statement, which explains how we collect personal information and then maintain, use and disclose that information. 1.5 WARNING The financial products offered by us in this PDS are derivatives as defined in the Corporations Act. Derivatives are complex and often high- risk financial products. You should not engage in derivative transactions or enter into derivative related contracts unless you properly understand the nature of derivative products and are comfortable with the attendant risks. You should obtain financial, legal, taxation and other professional advice prior to entering into a Margin FX Contract or CFD to ensure this is appropriate for your objectives, financial situation and needs and in relation to the impact of any gains or losses on your particular financial situation. You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply. These losses may be far greater than the money that you have deposited into your Account or are required to deposit to satisfy Margin Requirements. It is important that you understand that when you enter into a Margin FX Contract or CFD you are not trading in (and do not own or have any rights to) the Underlying Instrument. Page 7

8 1.6 REGULATORY BENCHMARK DISCLOSURE Benchmarks for Margin FX Contracts and CFDs ASIC has developed seven disclosure benchmarks for these products, the regulatory requirements for which are contained in Regulatory Guide 227. This table sets out the benchmarks and the information which describes how we deal with the benchmarks. Client Qualification Address the issuer s policy on investors qualification for CFD trading. Opening Collateral Addresses the issuer s policy on the types of assets accepted from investors as opening collateral. Counterparty risk hedging Addresses the issuer s practices in hedging its risk from client positions and the quality of this hedging. Counterparty risk financial resources Addresses whether the issuer holds sufficient liquid funds to withstand significant adverse market movements. Client Money Addresses the issuer s policy on its use of client money. Suspended or halted underlying assets Addresses the issuer s practices in relation to investor trading when trading in the underlying asset is suspended or halted. Margin calls Addresses the issuer s practices in the event of client accounts entering into margin call. Yes No Yes Yes Yes Yes No We will assess client qualifications when you apply to open an account. Further information can be found in section 4. To the extent that this benchmark requires that a limit of $1,000 be accepted for opening payments made by credit cards, we accept credit card payments for more than $1,000 as initial funding in order to provide flexible payment options to clients. See section We maintain a written policy to manage our exposure to market risks from open positions. See section 6.8 and the up- to- date hedging policies on our Website. We maintain and apply policies to ensure that we meet all of our financial regulatory obligations under the conditions of our Australian Financial Services Licence. We carry out financial stress tests. See section 6.8 for more information. We have a well- defined client money policy. These moneys are held and used in accordance with the Australian Client Money Rules. We do not use client money in a trust account for hedging with counterparties. See section 7 for more information. With the exception of Margin FX Contracts where there is no suspension or halting of the underlying market, we do not allow new positions to be opened when the underlying market is halted or suspended. See section To the extent that this benchmark requires that we must make margin calls, we are not obliged to make margin calls, and you must monitor your margin. We do maintain and apply a clear policy in relation to margin requirements and our rights including to close out positions. See section 3. Page 8

9 2. KEY INFORMATION QUESTIONS & ANSWERS 2.1 WHAT DO THE TERMS IN THIS PDS MEAN AND HOW DO I INTERPRET IT? A full list of defined terms is available in the Glossary. See section WHAT FINANCIAL PRODUCTS DO WE PROVIDE? We provide over the counter Margin FX Contracts and CFDs. We hold Australian Financial Services Licence No WHAT IS A MARGIN FX CONTRACT? A Margin FX Contract is an agreement under which you may make a profit or incur a loss arising from fluctuations in the price of the contract. The price of our Margin FX Contracts is based on the price of an Underlying Instrument being currency. However, you do not own or have any interest or right to that Underlying Instrument or have an ability to trade it on an exchange by entering into a Margin FX Contract. By entering into a Margin FX Contract, you are either entitled to be paid an amount of money, or required to pay an amount of money, depending on movements in the price of the Margin FX Contract. The amount of any gain or loss made on a Margin FX Contract will be the net of: the difference between the price of the contract when your Position is opened and the price of the contract when the Position is closed; any Margin Adjustments in respect of the contract; any Swap Charges or Swap Benefits relating to the contract. The balance in your Account will also be affected by other amounts you must pay to us in respect of your Account such as interest on debit balances. 2.4 WHAT IS A CFD? A CFD is an agreement which allows you to make a profit or loss from fluctuations in the price of the CFD. The price of the CFD is based on the price of the relevant Underlying Instrument. However, you do not own or have any interest or right in that Underlying Instrument or have an ability to trade it on an exchange by entering into a CFD. By entering into a CFD, you are either entitled to be paid an amount of money, or required to pay an amount of money, depending on movements in the price of the CFD. The amount of any gain or loss made on a CFD will be the net of: the difference between the price of the CFD when your Position is opened and the price of the CFD when the Position is closed; any Margin Adjustments in respect of the contract; any Swap Charges or Swap Benefits relating to the CFD; and Page 9

10 any Rollover Charges or Rollover Benefits relating to the CFD. The balance in your Account will also be affected by other amounts you must pay to us in respect of your Account such as interest on debit balances. We offer CFDs based on the following Underlying Instruments: gold and silver (Bullion CFDs); and Commodity CFDs. 2.5 WHAT IS A POSITION? A Position is a Margin FX Contract or CFD entered into by you under the Client Agreement. A Position is opened by either buying (going long) or selling (going short) a Margin FX Contract or CFD. You go long when you buy a Margin FX Contract or CFD in the expectation that the price of the Underlying Instrument to which the Margin FX Contract or CFD is referable will increase, which has the effect that the Margin FX Contract or CFD price will increase. You go short when you sell a Margin FX Contract or CFD in the expectation that the price of the Underlying Instrument to which the Margin FX Contract or CFD is referable will decline, which has the effect that the Margin FX Contract or CFD price will decline. A Position in respect of a Margin FX Contract or a CFD is open until it is closed, and the amount of profit or loss to you can then be calculated. You close a Margin FX Contract or CFD by entering into and executing an equal and opposite transaction in the same Margin FX Contract or CFD. If you close a Position, you must cancel any related orders you have placed against that Position. Failure to do so will mean that the related orders remain at risk of execution. A Margin FX Contract or CFD will close automatically on the fifth anniversary of the date on which the Margin FX Contract or CFD was first entered into. Before that, you may give instructions to request close, or we can exercise its rights to close as set out in clause 12.1 and clause 12.2 of the Client Agreement. 2.6 WHAT IS A MARGIN FX CONTRACT OR CFD ISSUED OVER THE COUNTER? Over the counter means that you do not trade in financial products through an exchange or market. Rather, it is a bilateral transaction between you and us. This means you can only enter into contracts with us. You do not have the protections normally associated with trading on a regulated market. It is not possible to close a Margin FX Contract or CFD by giving instructions to another provider, broker or Australian financial services licensee. 2.7 WHAT CHARGES ARE PAYABLE WHEN DEALING IN MARGIN FX CONTRACTS AND CFDS? The common fees and charges you will incur when dealing in Margin FX Contracts and CFDs may incorporate any or all of the following: Page 10

11 Payment of Margins (Initial Margin and in relation to your continuing obligation in relation to Margin); Swap Charges and Rollover Charges; Interest applied to debit balances in your Account; Administration charges; and In addition, we will apply a bid / offer spread in respect of financial products, which will also affect the profits or losses you make when dealing in these contracts. See Section HOW DO WE DETERMINE THE PRICES OF MARGIN FX CONTRACTS AND CFDS? Margin FX Contracts:. Our prices for Margin FX Contracts will be a bid and offer price (which ever is applicable) calculated by us. Index Futures CFDs: Our prices for Index Futures CFDs are calculated by us with regard to mid market price of the relevant futures contract over an equity index on the relevant exchange. Commodity CFDs: Our prices for Commodity CFDs are calculated by us based on to the last traded price of the Underlying Instrument (being a futures contract over a commodity) on the relevant exchange. Bullion CFDs: Our prices for Bullion CFDs will be a bid and offer price (which ever is applicable) calculated by us. 2.9 CAN WE CHANGE OR RE- QUOTE THE PRICE AFTER YOU HAVE ALREADY PLACED YOUR REQUESTS FOR ORDER? Yes. When you make a request to place an order, we may: (a) (b) provide an amended quote of the Contract Price originally quoted by our Trading Platform; and/or make the quote subject to special conditions and requirements; as notified to you by us at the time of the order being considered by us. This may occur, for example, when you place an order outside the Normal Trading Size, or the aggregate of your order and all other orders for a Margin FX Contract or CFD is outside the Normal Trading Size, or to take account of any change in market conditions since the original quote. Such amended Contract Price will be determined by us having regard to the applicable prices and costs of entering into a transaction of that size on the relevant market. You will not be obliged to proceed with any order for which an amended price or special conditions and requirements are notified to you by us. For example, we may quote a revised price applicable to the proposed Margin FX Contract or CFD which you may, at your absolute discretion, accept or reject. The amended quote may no longer be available if there is any delay in acceptance. Page 11

12 We can change or re- quote prices after you have already placed your requests for order because, among other things, markets are subject to slippage from time to time. Slippage is the difference between a requested price of a trade or pending order and the price at which the order was executed or filled. A gap in the markets is a break between prices on a chart that occurs when the price of a product makes a sharp move up or down with no trading occurring in between or when the market closes at different rate to when it opens again. There are 2 common types of slippage: (a) (b) when a market gaps, either over the weekend or after a news event (like payroll figures or interest rate decisions); and when a price is clicked on and has substantially changed in the time it took to get back to the executing bank or broker. For the benefit of our clients, we treat both slippage scenarios in the same way that they would be treated in the exchange- traded share or futures markets in that we slip our clients to a better price if the interbank market from which we obtain prices has moved in the client s favour, and similarly a worse price if the market has moved against them. The price differences reflect the slippage that we get from the aggregated price obtained from our hedging counterparties IF THERE IS LITTLE OR NO TRADING GOING ON IN THE UNDERLYING MARKET FOR AN ASSET, CAN YOU STILL TRADE MARGIN FX CONTRACTS AND CFDS OVER THAT ASSET? Foreign exchange markets trade continuously. However, our platform open at 05:30 pm American Eastern Standard Time Sunday and close at 04:30 pm American Eastern Standard Time on Friday. They are open 24 hours during this period other than a daily 14 minutes outage at 04:56 to 05:09pm American Eastern Standard Time. Prices are continuously streamed during this period. Because foreign exchange is not an exchange-traded product, it is not possible to suspend or halt the streaming of these prices. For our futures, commodities and index future CFD products, we will halt client trading and the use of client money in an asset or derivative when a trading halt exists for the underlying asset, or trading in the underlying asset has been suspended through an exchange or otherwise. We will only allow you to trade Margin FX Contracts and CFDs when the market is open CAN YOU PLACE STOP LOSS ORDERS AND LIMIT ORDERS? Stop Loss Orders and Limit Orders are only available on selected instruments. We may refuse to accept any Stop Loss Orders or Limit Orders on any trade. Stop Loss Orders: A Stop Loss Order allows you to specify a price at which you wish to close out a Position or open a Position. Stop Loss Orders must be placed at a minimum distance from our current bid and offer prices. The minimum distance away from a Stop Loss Order placement is specified on our Website and will be advised to you upon request. We will execute a Stop Loss Order once the offer price reaches the order price in the case of a buy- Page 12

13 order, or our bid price has reached the order price in the case of a sell- order. We note that stop losses are not guaranteed and the execution of such orders will depend on market volatility and liquidity. A Stop Loss Order is triggered automatically when the Stop Loss price is reached. Once the Stop Loss price is reached, the Stop Loss Order becomes a market order to buy or sell (depending on your instructions). The Stop Loss Order could be activated by a short- term fluctuation in the markets, or in a fast moving market, the price at which the trade is executed could be much different from the stop- loss order price. This is known as gapping and is due to market movements during the time it takes to open or close Positions. You should discuss the operation of these order types with one of our representatives. You should also refer to our Client Agreement with respect to the operation of these order types. Limit Orders: A Limit Order may be used by you to either open or close a Position at a predetermined price that is more favourable to you than the current market price. We will execute your Limit Order when our offer price has reached the price of your buy- Limit Order or our bid price has reached the price of your sell- Limit Order. You acknowledge and agree that under the Client Agreement we may impose a Stop Loss Order on one or more of your Positions. Further, we may impose a limit on the number of open pending orders of each account to prevent the degradation of the Trading Platform performance of all other clients. The limit is currently set at 100 orders but we retain the right to change this limit HOW DO YOU OPEN AN ACCOUNT? Read this PDS, the Client Agreement and our FSG, and then complete an Application Form. See section WHAT PAYMENT OPTIONS DO YOU HAVE? We offer a number of payment options for Clients to open and fund their accounts and provide credit card funding for the ease of providing secure electronic payment system to our Clients. This is used for both funding accounts and meeting Margin Calls. See also section Please be aware that using a credit card to fund your account may pose the risk of double leverage from the combined effect of utilising a credit facility to fund a leveraged trading account. We do not accept cash equivalents as opening collateral (e.g. no securities as deposits) WHAT IS THE MINIMUM TRADING SIZE, THE MAXIMUM TRADING SIZE AND THE MINIMUM BALANCE TO OPEN AN ACCOUNT? The size of your Margin FX Contract or CFD must exceed the relevant Minimum Trading Size and must not exceed the relevant Maximum Trading Size, each as specified on our Website from time to time for the type of Margin FX Contract or CFD. The minimum balance to open an account is as follows: Page 13

14 AUD 1,000* for Australian Clients. AUD 2,000* or its currency equivalent for Foreign Clients. * This may be varied at our discretion HOW DO YOU DEAL IN MARGIN FX CONTRACTS OR CFDS WITH US? You may place requests for orders to deal in Margin FX Contracts or CFDs in two ways: by telephoning us on ; or using our Trading Platform through a computer connected to the internet or your mobile telephone. We will not accept requests for orders or instructions from you through any other means, such as , unless we have previously agreed with you to do so. It is possible for a third party to place orders on your behalf provided that a written and executed Power of Attorney or Authorised Person authority has been received and accepted by us WHEN IS A CONTRACT FORMED? A quote given to you by one of our traders is not an offer to contract. If you indicate that you wish to trade at the price quoted you will be deemed to be making an offer to trade at the quoted price and our trader will be entitled to confirm or reject that offer. No trade will be effective unless and until such confirmation is given. Your clicking buy or sell or accepting a quote to buy or sell by telephone will send a message to our traders indicating that you wish to trade on the terms and conditions indicated. This message will constitute an offer by you to buy or sell at the price and trade size chosen. If we accept the trade we will send you a message to this effect. Your trade will not have been placed and no contract will come into existence until we send this message to you. You must wait for this message to appear after sending a buy or sell message and should you not receive this within two minutes you must notify us immediately. If you do not receive our Confirmation and you do not notify us as required, you will be deemed to have agreed only the transactions recorded by us. Similarly, if you dispute the contents of any Confirmation sent by us to you, you must notify us immediately upon receipt by telephone; if you do not, the transactions recorded by us will be deemed to have been agreed by you WHAT ARE LONG AND SHORT POSITIONS? You can take both long and short Positions. If you take a long Position, you profit from a rise in the underlying base currency price or the price of the Underlying Instrument, and you lose if the underlying base currency price or the price of the Underlying Instrument falls. Conversely, if you take a short Position, you profit from a fall in the underlying base currency price or the price of the Underlying Instrument, and lose if the underlying base currency price or the price of the Underlying Instrument rises. Page 14

15 2.18 HOW DO YOU REQUEST TO CLOSE OUT A POSITION? You can request to close a Position by selecting a Position in the Trading Platform and clicking the Close button. However, please note that we may not be able to allow you to close a Position at a particular time and/or at the particular price, for example, without limitation, due to gapping or illiquidity WHAT IS MARGIN? To place a trade that creates an open Position you are required to pay us, or have in your Account, the Margin for that trade as calculated by us ( Initial Margin ). In addition to the Initial Margin, you have a continuing obligation in relation to Margin in respect of all open Positions on your Account. Margin Requirements will fluctuate with the value of the Underlying Instrument on which the contract is based. Further, where you deal in a contract that is denominated in a currency other than the Base Currency of your Account, your Margin Requirement may also be affected by fluctuations in the relevant foreign exchange rate. See section WHAT IS A MARGIN CALL? A Margin Call is a call on you to top up the amount of money you have in your Account as Margin. Notwithstanding any other terms of any document, we are not under any obligation to keep you informed of your Account balance and required Margin by making a Margin Call HOW ARE PAYMENTS MADE IN AND OUT OF YOUR ACCOUNT? You may deposit funds by credit card, electronic transfer, B- Pay or by cheque. All funds must be cleared funds before they are treated as satisfying a Margin Call or can be made available for you to use in dealing in Margin FX Contracts or CFDs. Payments using B- Pay are not cleared funds at the time of use of B- Pay. We will pay you through electronic transfer. You must ensure that: payments into an Account are from you as the holder of the Account and not from any third party; without limiting the above, payments from an account are payments from your account and not from any account of any third party. You agree and acknowledge that we may refuse to accept or return any payment of money from any third party or from any account of any third party, and that we do not accept any liability or responsibility for any loss, cost or expense incurred or suffered by you in Page 15

16 connection with such non- acceptance or return, including because you are subsequently in default of your obligations to us DO YOU RECEIVE INTEREST ON MONEYS HELD IN YOUR ACCOUNT OR PAY INTEREST ON MONEYS YOU OWE TO US? We may pay interest on the credit balance in your Account (after deducting from your balance Margin Requirements only if: you are an Australian resident for tax purposes; and the credit balance in your Account is in excess of your Total Margin Requirements. If there is a debit balance in your Account after the Margins for our products have been taken into account, (i.e. you owe money to meet the Margin Requirement), you will pay us interest on the debit balance. The relevant rates of interest are determined by us at our discretion. Any amounts of interest payable to us will be deducted from any interest payable to you. Further, if you fail to make any payment required under the Client Agreement when it falls due, interest will be charged (and you will pay interest) on the outstanding sum at the Australian Taxation Office (ATO) general interest rate, which can be found on the ATO website and is updated on a quarterly basis. Interest accrues and is calculated daily from the date payment was due until the date you pay in full and is compounded daily WHAT HAPPENS IF YOU HOLD A POSITION OVERNIGHT? When you hold a Position or Positions overnight in a Margin FX Contract or CFD (other than an Excepted Contract) they will be rolled to the next Business Day which will result in you paying a Swap Charge or receiving a Swap Benefit. No Swap Charge is paid or Swap Benefit is received in the case of Excepted Contracts; but there will be a Rollover Charge or Rollover Benefit. For further information see section WHAT ARE THE RISKS OF MARGIN FX CONTRACTS AND CFDS? Margin FX Contracts and CFDs are derivative products that are complex, highly leveraged, and carry significantly greater risk than non- geared investments. You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply. These losses may be far greater than the money that you have deposited into your Account or are required to deposit to satisfy Margin Requirements. It is important that you understand that when you enter into a Margin FX Contract or CFD you are not trading in (and do not own or have any rights to) the Underlying Instrument. See section 6. Page 16

17 You should obtain your own independent financial, legal, taxation and other professional advice as to whether Margin FX Contracts or CFDs are an appropriate investment for you WHAT ARE THE TAXATION IMPLICATIONS OF ENTERING INTO MARGIN FX CONTRACTS AND CFDS? The taxation consequences of dealing in Margin FX Contracts and CFDs depend on your personal circumstances. Some general taxation consequences are set out in section 9. The taxation consequences can be complex and will differ for each individual s financial circumstances. We recommend that you obtain independent taxation and accounting advice in relation to the impact of foreign exchange and CFD transactions and products on your particular financial situation HOW DO I LEARN TO USE THE TRADING PLATFORM AND HOW TO DEAL WITH YOU? Our Trading Platform contains an extensive user guide which is accessible from the Help menu. We also provide free practice accounts also known as Demo accounts. Contact our Client Services Department for further details WHAT IF I NEED FURTHER INFORMATION? You should speak to your financial advisor, or, alternatively, you can contact us by: telephone: Page 17

18 3. MARGINS AND MARGIN CALLS 3.1 INITIAL MARGIN Upon placing a trade that creates an open Position you are required to pay us, and have in your Account, the Margin for that trade as calculated by us ( Initial Margin ). This Initial Margin is calculated as follows: Initial Margin requirement = (Quantity of Contract Units x Contract Price) x Margin Percentage. 3.2 CONTINUING MARGIN OBLIGATION In addition to the Initial Margin, you have a continuing obligation in relation to Margin as set out below in respect of all open Positions on your Account. You have a continuing Margin obligation to us to ensure that at all times during which you have opened Positions, your Total Equity is at least the Margin that we require you to have paid to us for all of your open Positions, such Margin required by us at all times (the Margin Requirement) for each open Position being: (Quantity of Contract Units x Contract Price) x Margin Percentage. You must pay to us the Margin required by us for all of your open Positions. Your Total Equity will be determined by us on an ongoing basis during the day. If there is any shortfall between your Total Equity and your Total Margin Requirement for all your open Positions, you are required by us to deposit additional funds into your account so that there is no such shortfall. These funds are due and payable to us immediately on your Total Equity falling below your Total Margin Requirement for all your open Positions. Margin Requirements will fluctuate with the value of the Underlying Instrument on which the contract is based. Further, where you deal in a contract that is denominated in a currency other than the Base Currency of your Account, your Margin Requirement may also be affected by fluctuations in the relevant foreign exchange rate. Also we may vary the Margin Percentage (and therefore the Margin) at any time at our discretion (see section 3.3). The Total Equity of your Account will fluctuate according to the money you have deposited in your Account, the dealings conducted on your Account and the Positions you hold. During the trading day, your Account is constantly calculated in line with movements in our prices. The Account balance is also calculated at the end of the day. It is your responsibility to monitor and manage your open Positions and exposures and ensure that your Account is sufficiently funded at all times for Margin. This may require: closing or reducing one or more of your open Position(s) in order to reduce your Margin Requirement; and/or depositing additional funds into your Account in order to satisfy the Margin Requirement. Page 18

19 If you choose to deposit additional funds into your Account, these additional funds must be cleared funds before they will be treated as having satisfied your obligations. 3.3 CHANGING MARGIN PERCENTAGE We may vary the Margin Percentage at any time at our discretion. Without limitation, we may vary the Margin Percentage in response to or in anticipation of the following: (a) (b) (c) (d) (e) changing volatility and/or liquidity in the Underlying Instrument or in the financial markets generally; economic news; changes in your dealing pattern with us; your credit circumstances change; or your exposure to us being concentrated in a particular Underlying Instrument. You should note that there may be other circumstances which may give rise to us changing your Margin Percentage. 3.4 OUR RIGHTS WHERE YOUR (TOTAL EQUITY LESS AGGREGATE MARGIN REQUIREMENT) IS AT OR BELOW A CERTAIN LEVEL In addition to the requirements set out in sections 3.1 and 3.2, if at any time (Total Equity less aggregate Margin Requirement) is at or below 20% of aggregate Margin Requirement, whilst it is not an Event of Default, we may (but are not obliged to) close some or all of your open Positions at our absolute discretion. We will not be responsible for any losses you may suffer or incur in connection with any such closing of your open Positions or any lack of closing thereof. 3.5 YOU MUST MONITOR MARGIN Through the Electronic Service, you may have access to your Account and sufficient information to enable you to calculate the amount of any Margin required from you and the total amount of Margin due from you in the Base Currency using our Exchange Rate. It is your responsibility to ensure that you obtain all relevant information in respect of your Account (including when placing any orders over the telephone, to request such information before placing any orders to open or close a Position), including all information in respect of your current open Positions. We will not be responsible for any losses you may suffer or incur as a result of you not obtaining or requesting any such information. It is your responsibility to monitor at all times (including by checking on the Electronic Service) the amount of Margin deposited with us from time to time against the amount of any Margin currently required and any additional Margin that may be necessary or desirable, having regard to such matters as: (i) (ii) your open Positions; the volatility of any relevant Underlying Instrument; Page 19

20 (iii) (iv) (v) (vi) the volatility of the relevant market; the volatility of the markets generally; any applicable exchange rate risk; and the time it will take for you to remit sufficient cleared funds to us. 3.6 NO OBLIGATION TO MAKE MARGIN CALL; FAILURE TO PAY MARGIN Notwithstanding any other terms of any document, we are not under any obligation to keep you informed of your Account balance and required Margin by making a Margin Call. Your failure to pay any Margin or comply with your obligations in connection with Margin is an Event of Default. If an Event of Default occurs, we may, among other things, terminate the Client Agreement and/or close all or any of your open Positions and deduct the resulting realised loss from your Account. See section 11 for a description of our powers upon an Event of Default. In addition, if you do not wish us to be able to exercise our rights referred to in section 3.4, you will ensure that at any time (Total Equity less aggregate Margin Requirement) is above 20% of aggregate Margin Requirement. 3.7 RISK You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply. These losses may be far greater than the money that you have deposited into your Account or are required to deposit to satisfy Margin Requirements. Page 20

21 4. BECOMING A CLIENT 4.1 QUALIFICATION POLICY We operate a client qualification policy that is intended to ensure that new Australian resident clients are adequately qualified to trade in any product offered through us because trading in Margin FX Contracts and CFDs is not suitable for all clients due to the significant risks involved. In order to be deemed sufficiently qualified to trade with us, potential clients must prove that they are able to satisfy one of the two following criteria: have sufficient trading experience; or pass a multiple choice quiz designed to test the extent of their knowledge in trading and financial markets. 4.2 PROVING SUFFICIENT TRADING EXPERIENCE In order to establish that an individual has had sufficient trading experience, potential clients must prove all of the following. That they: have operated, within the past three (3) years, an over the counter margin forex or CFD account, through an ASIC regulated provider similar to us 1 ; and have had at least two months of trading experience; and operated as an active trader. 2 If a potential client fails to completely satisfy all three of the above criteria, then they may attempt the quiz (section 4.3). 4.3 MULTIPLE- CHOICE QUIZ In order to qualify, a potential client of us must record a pass score. The quiz consists of 10 (ten) multiple choice questions, with at least one correct answer required from each of the following sections: previous experience in investing in financial instruments, including securities and derivatives; an understanding of the concepts of leverage, margins and volatility; an understanding of the nature of CFD, and margin FX trading; an understanding of the processes and technologies used in trading; a preparedness to monitor and manage the risks of trading. If you pass the multiple- choice quiz, you will be deemed qualified to trade through us. 1 Call us for clarification regarding the eligibility of your provider 2 To be considered actively operating as a trader, you must have made at least 20 trades during the time that your account has been open, and you must be assessed for compliance by providing your trading statement to us. Page 21

22 5. KEY BENEFITS 5.1 HEDGING The use of our Margin FX Contracts and CFDs provide a number of benefits, which must, of course, be weighed up against the risk of using them. Benefits include the following: - You can use Margin FX Contracts and CFDs to hedge exposures in relation to the relevant Underlying Instrument. Hedging also means that you may not receive the benefits of movements on your favour. 5.2 INVESTMENT You can also use Margin FX Contracts and CFDs for investment, with a view to possibly deriving gains from fluctuations with respect to the Underlying Instruments. Where used for investment, losses (rather than gains) may result. 5.3 LEVERAGE The use of Margin FX Contracts and CFDs involves a high degree of leverage. These contracts enable you to outlay a relatively small amount (in the form of margin) to secure an exposure to the Underlying Instrument. Gains and losses are amplified by the extent of the leverage. The leverage can work against you as well as for you. The use of leverage can lead to large losses as well as large gains. Page 22

23 6. KEY RISKS OF TRADING WITH US AND IN OUR PRODUCTS 6.1 INTRODUCTION You should carefully consider whether dealing in Margin FX Contracts or CFDs is appropriate for you in the light of your financial circumstances. In deciding whether or not you wish to become involved in these transactions, you should be aware that these products are derivative products that are speculative, highly leveraged and carry a significantly greater risk than non- geared investments. We do not make or give any recommendation advice or opinion in relation to Margin FX Contracts or CFDs. We do not take into account your objectives, financial situation or needs. Without limitation, the Client Qualification process does not amount to personal financial product advice. You should obtain financial, legal, taxation and other professional advice prior to entering into a Margin FX Contract or CFD to ensure this is appropriate for your objectives, financial situation and needs. The risks include the following: 6.2 LOSS OF MONEYS You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that you are liable to pay to us. These losses may be far greater than the money that you have deposited into your Account or are required to satisfy Margin Requirements. You could be required to pay further funds that represent losses and other fees on your open and closed Positions. If you acquire a Margin FX Contract or CFD you will be exposed to movements in the price, value or level of the Underlying Instrument. The risk of loss is increased as you are highly leveraged. 6.3 RISK RESULTING FROM FAILURE TO PROVIDE REQUIRED MARGIN If the Margin FX Contract or CFD price moves against your Position you may be required to deposit further moneys with us in order to satisfy your Total Margin Requirement and maintain your Position. The amount of the additional Margin may be substantial and failure to pay it promptly may result in: some or all of your open Positions being closed or liquidated by us; you being prevented from opening new Positions or extending existing Positions; and you being liable for interest charges on negative or debit balances. Further, any additional funds must become cleared before they will be taken as satisfying your Margin Requirement. Your Position may be liquidated before you have an Page 23

24 opportunity to deposit additional funds and any additional funds that you deposit have had the opportunity to become cleared funds. 6.4 DERIVATIVE MARKETS Derivative markets are speculative and volatile. Margin FX Contracts and CFDs are derivative instruments and can be highly volatile. When you enter into a Margin FX Contract or CFD you are not trading in (and do not own or have any rights to) the Underlying Instrument. Under certain market conditions, the price of contracts may not maintain the usual relationship with the Underlying Markets because of unforeseeable events or changes in conditions, which cannot be controlled by you. 6.5 DEALING MAY BE AFFECTED BY FACTORS IN THE UNDERLYING MARKET Our prices are derived from prices in the Underlying Market. Prices in Underlying Markets, and prices of Margin FX Contracts and CFDs, will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and prevailing psychological characteristics and expectations of the markets. Under certain market conditions, it could become difficult or impossible for you to manage the risk of open Positions by entering into opposite Positions in another contract or closing existing Positions. Sometimes markets move so quickly that gapping occurs. Gapping is the exposure to loss from failure of market prices or rates to follow a "smooth" or continuous path due to external factors such as world, political, economic and specific corporate events. If gapping occurs in the Underlying Market, it will also occur in the price of the relevant Margin FX Contract or CFD and may mean that you are unable to close out your Position or open a new Position at the price at which you have placed your order or may have liked to place your order. The Underlying Market may lack liquidity, caused by insufficient trading activity or because the aggregate of all requests for orders at a particular price determined by us exceeds the available volume in that market. This may affect our ability to offer Margin FX Contracts or CFDs in sufficient volume to allow you to close out your Position or open a new Position. As a result, a potentially profitable deal may not be executed, or it may not be possible to close out a Position in a timely fashion at the price you require. This may lead to reduced profits and high losses. We have the right to close your open Position, limit the size of your open Position or refuse orders to establish new Positions, by giving you notice orally or in writing. You should refer to clause 15.2 of the Client Agreement. Page 24

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