Agreement for Trading on itrend

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1 Agreement for Trading on itrend This agreement constitutes a contract between: 1. AVUS CAPITAL Ltd., a licensed investment intermediary having its registered office at Litex Tower, fl. 10, 3 Lachezar Stanchev St., Sofia, Bulgaria, UIC (company number) , represented by its Managers Plamen Valkanov Peychev and Constantin Vassilev Vassilev, hereinafter referred to as Avus Capital and 2., hereinafter referred to as the Client ) hereinafter together referred to as the Parties. This agreement (hereinafter referred to as the Agreement ) is executed on the grounds of the license granted to Avus Capital by the Bulgarian Financial Supervision Commission. 1. Main Terms Account means an account opened with Avus Capital in the name of the Client to trade with currency pairs, stocks, indexes and commodities. Any entries in that account shall only be made upon the performance of the subject matter of this Agreement; Currency Pair means an instrument for speculation on the currency markets. The currency pair is the correlation of the currencies of two countries, e.g. GBP/USD; Contract for Difference or CFD, if abbreviated, has the meaning specified in item 11.1 of this Agreement; Market Hours means the time span of trading on the financial markets as indicated on the website During those market hours, the Client shall have the right to place orders for execution for those financial instruments whose exchanges are open for trading; Order means an order to buy or to sell financial instruments (currency pairs and CFDs) as placed by the Client via the electronic trading platform on or by phone; Minimum deposit means the minimum amount that should be deposited by the Client as per the Terms and Commissions Table of Avus Capital; 1/12

2 Invested amount means all of the Client s funds that are blocked as collateral to secure Open positions and Auto Close Orders (Stop Loss Orders). The Invested Amount cannot be withdrawn or used to make deals. Free funds means all of the Client s funds that are not blocked as collateral to secure Open positions and Auto Close Orders (Stop Loss Orders). The Free funds can be withdrawn or invested. Equity means the current net worth of the account. It is a sum of the Free funds, the Invested Amount, and the Live result. Index means a contract for difference based on a stock exchange index; Long position means the purchase of a financial instrument by the Client; Short position means the sale of a financial instrument by the Client; Stock means a share of a public company, registered for trading on a foreign stock exchange. 2. Subject Matter of the Agreement 2.1. The Client hereby assigns and Avus Capital undertakes, under the conditions of this Agreement, to accept and perform transactions for contracts for difference (CFDs) under item 3.1, at the Client s expense and risk via the electronic trading platform, access to which is provided via the website This Agreement shall be concluded on the grounds of the General Terms and Conditions and the Terms and Commissions Table available on the website: Avus Capital shall classify the Client as non-professional. The Client shall be entitled to indemnities from the Bulgarian Investors Compensation Fund. For this purpose, Avus Capital pays to the aforementioned fund contributions for all its clients, as required by the law All transactions under the subject matter of this Agreement shall be concluded via the Client s account with Avus Capital Each transaction shall be concluded only at the Client s discretion and order and shall be entirely at the Client s expense and risk. Avus Capital shall not provide any advice to the Client and shall not be liable for the Client s investment decisions. Trading 2/12

3 with currency pairs and CFDs entails a high level of financial risk. The Client may lose all the money in his/her account Avus Capital shall be obliged to provide customers with information about the circumstances under article 27, item 3, article 27, item 5, articles 36 and 37 of the Law on Markets in Financial Instruments, respectively articles 8, 9, 10, 18 and 32 of Ordinance No. 38 dated 25 July 2007 on the requirements for the activity of Investment Intermediaries (Ordinance No. 38), and other information, when applicable to this Agreement. This information is included in Avus Capital s General Terms and Conditions and its Policy for Executing Client s Orders and for Transmitting/Placing Orders. This Agreement is based on the internal rules, policies and general terms for signing contracts with customers that are valid at the time of its conclusion. The General Terms and Conditions in the preceding sentence are available on the website: and shall apply to all outstanding issues. 3. Services provided by Avus Capital and Terms of Business 3.1. The services provided by Avus Capital to the Client according to the subject of this Agreement are to receive and transmit orders for: a) trading with CFDs on currency pairs; b) trading with CFDs on stocks and indexes; c) trading with CFDs on futures and commodities Avus Capital shall open an account in the name of the Client in euros (EUR), US dollars (USD), British pounds (GBP) or other local currencies. This Agreement shall take effect after the Client makes a minimum deposit to his/her account with Avus Capital, which may not be less than the amount specified in the Terms and Commissions Table available on the website: The Client shall make a profit or suffer a loss as a result of the transactions concluded by the Client under item 3.1. All profits and losses shall be re-calculated immediately into the currency in which the account under item 3.2 is opened The Client declares that he/she shall place all orders for transactions in his/her own name and at his/her own expense The order shall only be deemed placed by the Client as soon as Avus Capital confirms its receipt via the electronic trading platform or by phone. In the case of the preceding sentence, the requirements of Ordinance No. 38 shall apply. 3/12

4 4. Parties Rights and Obligations. Liability 4.1. The Client shall have the right to receive quotes as per item 1 of the Agreement during market hours The Client shall have the right to receive confirmations for the executed transactions as statements of his/her account Avus Capital may provide to the Client, via the electronic trading platform under item 2.1, information on charts, current information on the status of an instrument or a market where the instrument is traded, calendar, news, analysis, training materials (including video training), market sentiment, technical indicators, and any such information, but the Client shall be expressly informed that this is neither advice, nor a recommendation to make transactions The Client shall be obliged to monitor his/her open positions and is aware that he/she bears the risk of suffering a loss from trading up to the amount of money available in his/her account Avus Capital shall provide to the Client on a daily basis, via the electronic trading platform under item 2.1, a statement and a confirmation of his/her transactions, as well as an account balance and a record of all transactions for the client's account with the content and terms set out in Ordinance No. 38. The Client shall be obliged to check, on a daily basis, the electronic statements received from Avus Capital and to notify Avus Capital in case of any discrepancy The Client agrees that all orders, given by him/her by phone, will be recorded by Avus Capital and later played back in case of disputes arising between the Parties All transactions under this Agreement that refer to instruments traded on a stock exchange or another regulated market shall be carried out according to the regulations of the relevant market. Avus Capital shall not be liable for any loss suffered by the Client as a result of changes in the trading terms of the relevant stock exchange or currency market Avus Capital shall not accept orders for transactions when: a) the relevant market is closed for trading; b) the Client does not have enough money in his/her account to execute the transaction; c) there are force majeure events Avus Capital may terminate all or any part of the services without prior notice in cases where: 4/12

5 a) Avus Capital finds that there are force majeure events; b) Avus Capital suspects that the Client is engaged in money laundering and/or funding terrorism; c) Avus Capital suspects that the Client has malicious attitude towards Avus Capital or there is evidence of such attitude. d) Avus Capital suspects that the Client is using front running practices or has acquired and misused inside information or any other information protected by law or the relevant market practices. In such cases, Avus Capital shall have the right to refuse to execute the Client s orders or instructions and to make void all of the Client s trading transactions, even if they have already been confirmed by Avus Capital, without stating any reasons for its decision. In this case, Avus Capital shall have the right to not pay the amounts received in the Client s account as a result of such transactions. e) In the above cases, Avus Capital shall not be held liable for any damages incurred by the Client The Client understands that sometimes there may be technical issues or faults with the trading platform. In such cases the Client should immediately contact Avus Capital and request information about the prices of the instruments or place orders by phone The Client agrees that Auto Close Orders and Market Orders may be executed at a price different (higher or lower) from that specified via the electronic trading platform at the moment of placing the order/s in case of sharp fluctuations in the price of the respective instrument/s By signing the Agreement, the Client declares that he/she is informed about errors that may occur in the prices of certain financial instruments to which they have access via the electronic trading platform as a result of technical errors or delays in obtaining the necessary information, which could make the quote incorrect, since quotes under this Agreement shall be formed using quotes of multiple foreign investment firms and banks, which are obtained via a DDE protocol. The mechanism for identifying errors in quotes is defined in Section XII of the General Terms and Conditions applicable to contracts with customers If as per the hypothesis of the preceding paragraph, an obvious factual error in a specific quote is found, Avus Capital shall be entitled to cancel the transaction (executed under a wrong quote) and the relevant consequences in terms of either a profit or a loss for the Client no later than 2 days after the transaction. If the cancellation is made after the expiry of the deadline specified in the previous sentence, Avus Capital shall be responsible for the damage suffered by the Client as a result of the cancellation (if any) and shall be obliged to compensate the Client up to the amount of the damage suffered Avus Capital shall be liable (including within the two-day period stated in the above item) for the damage suffered by the Client (if any) up to the amount of the damage suffered as a result of any error in quotes that could have been prevented as a 5/12

6 result of due care or was caused by premeditated actions by Avus Capital s employees, including when the error has been caused by drawbacks of the electronic platform software or by an entered wrong price, as per item By signing the Agreement, the Client shall be notified and acknowledges that the electronic trading platform and Avus Capital may stop providing quotes at certain times, if there are temporary technical difficulties or circumstances that make it impossible to carry out transactions on a given market and hence to formulate quotes. In this case, Avus Capital shall not be liable for damages sustained by the Client For other rights and obligations of the Parties to determine the limit of Avus Capital s liability for damages suffered by the Client in other hypotheses, as well as for other clauses and specific aspects of the Agreement, the provisions of Section XII of the General Terms and Conditions applicable to contracts with customers shall be applied By signing this Agreement, the Client declares that: a) he/she is familiar with and accepts the General Terms and Conditions of Avus Capital; b) he/she is familiar with and accepts the Terms of Use which are available on the website: c) he/she is familiar with the Terms and Commissions Table of Avus Capital, which includes all costs of executing orders; d) he/she shall provide to Avus Capital all personal data necessary for the execution of this Agreement, and agrees that this data can be treated by Avus Capital under the Law on Protection of Personal Data The Client hereby declares that he/she wants to receive all information that Avus Capital is obliged to provide to the Client by electronic means of communication, including via the electronic trading platform on Avus Capital shall not be liable for any losses suffered by the Client as a result of investment decisions (orders) made by the Client while using the services as described in the Agreement. However, Avus Capital shall be responsible before the Client for the correct execution of his/her orders with the exception described in item 4.11 above. In compliance with the Law on Markets in Financial Instruments and the relevant implementing regulations, Avus Capital shall ensure the Client s protection and shall act in the Client s best interest The Client shall be obliged to observe the tax legislation on income realized under the present Agreement from transactions with CFDs Avus Capital shall issue, upon request, an official statement to the Client stating the exact income as described in item /12

7 4.19. The Client has the right without owing compensation or penalty and without stating any reason to terminate this Agreement within 14 (fourteen) days from the date of its conclusion, and in this case the Client shall be obliged to close all open positions. 5. Invested Amount 5.1. Invested amount for each open position, Avus Capital shall block as collateral a part of the funds deposited by the Client. The information about the current percentage of the amount is available on the website The Client shall be obliged to maintain at all times an Auto Close Order (Stop Loss) for every open position. The maximum loss in the Auto Close Order will be up to the amount of the Free Funds in the account The Client shall have the right to withdraw money from his/her account up to the amount of the free funds in it. No payments to third parties from the Client s money shall be allowed. Bank deposits from third parties to the Client s account shall not be accepted either. The Client shall have the right to transfer money to Avus Capital s bank accounts only after signing a contract with Avus Capital. 6. Instructions and Communication between the Parties 6.1. The Client shall place his/her orders via the trading platform after identifying him/herself with his/her address and password The Client may also place orders by phone at the phone numbers provided by Avus Capital, after identifying him/herself with his/her name and the address used for the account registration Avus Capital shall not be liable for any losses suffered by the Client due to an inaccurately placed order, interruption of the connection, or failure of the means of communication. 7. Making Deals. Types of Orders 7.1. The transactions between the Parties shall be concluded by using the means of communication specified in item 6. 7/12

8 7.2. For each transaction, the Client shall receive a quote from the platform or by phone. The quote shall be valid until replaced by a new one Avus Capital and the Client cannot cancel the execution of a deal if the deal is executed at a valid quote price and the Client has confirmed that he/she buys or sells the desired quantity of the relevant instrument Avus Capital shall quote two prices for each instrument via the platform or by phone BUY price and SELL price. The Client shall buy at the BUY price and shall sell at the SELL price The Client may place the following types of orders: a) Market Order this order is executed immediately at the current market price. b) Auto Close Order this order is activated at Target profit or Target loss specified by the Client. The Target profit and loss are not guaranteed and are indicative. The Auto Close Order is used for closing an open position either on profit or on loss All transactions with financial instruments shall be concluded in accordance with the abovementioned provisions, using the types of communication specified in item Interests, Fees and Commissions 8.1. Avus Capital shall not pay any interest on the Client s money For each day when the Client has an open position, he/she shall pay or receive an interest Swap as specified in the Terms and Commissions Table The charges under the preceding items may be changed. The new charges for the execution of orders shall take effect after being announced on the website: including the Terms and Commissions Table on it All order execution expenses payable by the Client shall be deducted from his/her account, and if the Interest Swap is positive, it shall be transferred to the Client s account. 9. Reporting 9.1. By signing this Agreement, the Client declares his/her wish to receive the information which Avus Capital is obliged to provide on a durable medium by electronic means of communication, including via the website via the electronic trading platform, or via the Client s . 8/12

9 9.2. The Client must check the statements upon their receipt and must notify Avus Capital if there are any errors or discrepancies in them. Statements shall be final and shall not be corrected if the Client fails to notify Avus Capital for errors or discrepancies within one work day from the date of the statement s receipt. 10. Trading with CFDs on Currency Pairs The price of a currency pair shows the exchange rate at which the two currencies are traded. Purchase of a currency pair means the purchase of the first currency of the pair and the sale of the second one. Sale of a currency pair means the sale of the first currency of the pair and the purchase of the second one. Transactions in currency pairs do not include the actual delivery of currency. They are traded for speculation purposes only The Client is aware that the prices of the currency pairs are indicated by the electronic trading platform and may be different from the prices quoted by other investment intermediaries Profits and losses generated by trading with currency pairs are always in the second currency of the pair. For instance, if the Client trades EUR/USD, he/she will incur profits or losses in US dollars Avus Capital may determine Restricted Price Zones in which the Client cannot place pending orders. Usually these are prices which are too close to or too far from the market price of an instrument. 11. Trading with CFDs on Stocks and Indexes The Contract for Difference, or CFD, is a financial instrument created on the basis of a stock, an index, a futures contract, or another financial instrument (base instrument). The Contracts for Difference are created to enable the Client to speculate on the price of a stock, an index, or a futures contract without having to physically buy the instrument When trading with CFDs, the Client and Avus Capital explicitly agree on the following conditions: a) none of the Parties shall physically acquire the base instrument purchased by the Contract for Difference; b) none of the Parties shall be obliged to buy, sell or deliver the respective base instrument traded as a Contract for Difference Prices, interests and commissions: 9/12

10 The price of the Contract for Difference changes on a daily basis and is close or equal to the exchange price of the respective base instrument stock, index or futures In order to trade with CFDs, the Client must have sufficient security in his/her account (Invested amount), and the information about the current Invested Amount is available on the website The requirements of item 5 shall be valid for all open positions When the Client has opened a long position, he/she shall pay from his/her account an interest for every day this position is open, according to Avus Capital s Terms and Commissions Table When the Client has opened a short position, his/her account shall be credited or debited with an interest for every day this position is open, according to Avus Capital s Terms and Commissions table The Client s account will be charged with the costs for the execution of each transaction with contracts for difference, according to Avus Capital s Terms and Commissions Table Payment of dividends on stocks that are the base for a CFD: a) in case the Client has a long position in a CFD, the Client agrees to receive 100% of the net dividend in his/her account; b) in case the Client has a short position in a CFD, the Client shall pay from his/her account 100% of the gross dividend payable Avus Capital reserves the right to make cash or other adjustments with respect to movements in an underlying index resulting from dividends distribution or other corporate events, to the extent such adjustments are considered fair and reasonable. Such events include (the list is not exhaustive): а) an announcement that a certain stock shall be removed or added to the index; b) a change in the calculation method of an index; c) dividend payment by a stock within an index; d) Avus Capital may, at its own discretion, change the rate of the collateral for any instrument, and additional funds may be requested from the Client If a company splits or reverse splits its stock, the Client shall be informed and agrees that the quantity of the CFDs in the Client s position will be increased or reduced. 10/12

11 11.5. If a company bankrupts or is delisted from the respective stock exchange, the Client shall be informed that his/her positions in CFDs of this company will be closed, and the Client agrees to the closing prices In case of major fluctuations in the price of an instrument, Avus Capital may change the rate of the collateral for this instrument and additional money may be requested from the Client TRADING WITH CFDs ON FUTURES All provisions of items shall be valid for trading with CFDs on futures Each futures contract is traded for a specific period of time. The expiration date is included in the name of the futures, for example Oil-19Jul The Client agrees that his/her positions will be automatically closed on the expiration date of the corresponding futures contract The Client agrees with the prices at which his/her positions will be closed on the expiration date of the respective futures contract TRADING WITH CFDs ON GOLD AND SILVER Trading with CFDs on Gold and Silver is based on spot prices and does not include the actual delivery of the quantities that have been purchased or sold When trading with CFDs on Gold and Silver, the price of the precious metal shows the proportion in which it is traded against the currencies The Client is aware that the prices of CFDs on Gold and Silver are indicated via the electronic platform and may differ from the minimum prices of other investment intermediaries Avus Capital may determine Restricted Price Zones in which the Client cannot place pending orders. Usually these are prices which are too close to or too far from the market price of an instrument. 12. Effective Term, Effect, Amendment and Termination of the Agreement This Agreement is concluded for an indefinite period of time. It comes into force at the moment the Client s funds (in the amount specified in item 3.2) are received by Avus Capital via one of the payment methods listed on the website: 11/12

12 12.2. This Agreement may be terminated as follows: by the mutual written consent of both Parties; by a fourteen-day prior notice in writing by each of the Parties. In case the Client has open positions, Avus Capital will have the right to close them; by Avus Capital without prior notice in case the Client commits a breach of any of his/her obligations under this Agreement Avus Capital may amend the conditions of this Agreement at any time, by sending a notice at least 14 days in advance to notify the Client about the amendments. 13. Other Provisions For any clauses not expressly settled in this Agreement, the General Terms and Conditions of Avus Capital shall apply By signing this Agreement, the Client shall be obliged to notify immediately Avus Capital of any changes to the information declared Avus Capital shall comply with all of its obligations under the Law on Markets in Financial Instruments and the law's implementation regulations, including observing the Agreement with respect to the transmission and execution of orders, and implementing proper control over the execution of the Client's orders. Avus Capital aims to provide its Clients with continuity and quality of the services provided under this Agreement Under this Agreement, Avus Capital shall guarantee that the Client's assets will be identified and stored with Avus Capital separately from Avus Capital s own assets, including via keeping an analytical account of the Client s funs as per item 3.2 above Any disputes shall be settled with the mutual consent of the Parties. If they cannot reach an agreement, the dispute shall be referred for settlement to the competent Bulgarian court This Agreement may also be signed by the Parties by using remote communication ( and the website In this case, the Agreement will be concluded as an electronic document, subject to the provisions of the Law on Distance Provision of Financial Services and the Law on Electronic Document and Electronic Signature. 12/12

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