AFC ONLINE TRADING SOLUTIONS AGREEMENT Individual Account

Transcription

1 This Agreement (hereafter referred to as the "Agreement") governs the relationship between the Client and Arab Finance Corporation sal (AFC) with respect to electronic trading effected through any of the online trading platforms (hereafter referred to as the Platform ) offered by AFC and listed here below, and should be signed in conjunction with the AFC Fiduciary Agreement and Agreement for Trading Operations. All terms not specifically covered in this Agreement are specified in the AFC Fiduciary Agreement and Agreement for Trading Operations, and in case of discrepancy this Agreement controls. The opening of an account is required in order to subscribe to and use the Platform. Between the undersigned: Name: Nationality: First name Last name Date of Birth: Day Month Year Permanent Residence: Occupation: AFC account number: (hereafter referred to as the Client") on one hand, and Arab Finance Corporation sal (hereinafter referred to as "AFC") on the other hand, represented by: and, _ First name Last name Title _ First name Last name Title Page 1 of 7

2 It has been mutually agreed upon the following: The Client hereby wishes to subscribe to the following platform(s): AFC 7 AFC Flash AFC BeirutTrader And asks AFC to open in the Client s name the following account (s) (the Account(s) ): AFC 7 account number: AFC BeirutTrader account number: AFC Flash account number: The Client hereby elects to subscribe to the exchange data feed(s) specified in Appendix The Client acknowledges that he/she has been extensively explained and has fully understood the proper use and all the functions of the Platform and agrees not to hold AFC responsible for any errors occurring as a result of the Client's using the Platform. The Client acknowledges his/her familiarity with the general procedures of the markets offered by the Platform and assumes responsibility for his/her trading in accordance with the relevant rules and regulations (rules regarding, among other things, pricing, payment, delivery, trading hours, bidding and offering, types of orders accepted, short sale restrictions, etc...). 2. The Client acknowledges that a variety of factors (such as, among other things, exchange policies, order routing procedures, the trades or actions of other market participants, system delays or failure, etc...), may cause the Client's orders to be delayed, not executed at the best posted price or simply not executed at all. 3. The Client's margin transactions are subject, at all times, to the initial and maintenance margin requirements established by AFC. It is the Client's responsibility to inquire with AFC which securities are marginable, and the initial and maintenance margin levels applicable to the Client's Account. The Client should know these parameters at all times, since AFC may modify marginabilty and margin requirements for open and new positions, at any time, and without notifying the Client of any such changes. The Client shall maintain, without notice or demand from AFC, a sufficient Account balance at all times to continuously meet the margin requirements. 4. The Client understands that AFC may reject any of the Client's orders if the Client does not have a sufficient Account balance to meet margin requirements as determined by AFC, and may delay the processing of any order while determining the correct margin status of the Client's Account. The Client also understands that the placing of an order, whose execution will result in the initiation of a new position, will increase the Account's margin requirements. 5. Should the Client's Account balance fall below the maintenance margin required on the Account, AFC shall have the right, but not the obligation, to liquidate all or any part of the Client's positions in any of the Client's accounts with AFC, whether carried individually or jointly with others, at any time and in such manner and in any market as AFC deems necessary, without prior notice or margin call to the Client. The Client understands that AFC has no obligation to notify him/her of any failure to meet the maintenance margin requirement prior Page 2 of 7

3 to exercising AFC's rights under this Agreement, and further agrees to be responsible for any shortfall remaining in the Client's Account after such liquidation. 6. When a Client instructs delivery on a transaction, notice of such intent must be made in an appropriate fashion to AFC by the delivery cut-off time on the day prior to the day before the value date of the transaction. It is the Client s responsibility to inquire about the delivery cut-off time as well as the required procedure to instruct delivery. In addition, the Client understands that delivery instructions will be initiated only when he/she has sufficient funds in his/her Account(s) to pay for the transaction and an amount sufficient to meet any relevant delivery costs. 7. Electronic and computer-based systems such as the Platform are inherently vulnerable to disruption, delay or failure and such systems may therefore be unavailable to the Client for an unforeseeable period of time. As a result, the Client agrees that his/her use of the Platform and all orders initiated on such Platform are entirely at his/her own risk, and agrees to release AFC, its officers, agents, employees and owners for any and all loss, damage, claim, cost or expense which may be sustained from any delay, omission, suspension, error, or other disruption in the transmission or receipt of data and/or instructions hereunder or from any inability to use all or any part of the system including disruption as a result of any computer virus or line or system failure whilst communicating through the Internet. 8. In the event the Platform is not available, the Client agrees to maintain an alternative trading arrangement by directly placing orders by phone through AFC's trading desk. The Client agrees that any order placed through AFC's trading desk by phone might be subject to an additional fee, which will be determined on a case-bycase basis. 9. The Client understands and acknowledges the risks, including the loss of confidentiality, associated with transmitting data and communication through the Internet and agrees to hold AFC, its officers, agents, employees and owners harmless from any liability or damage incurred resulting from the unauthorized access to the Platform and from any alteration to any communication between the Client and AFC sent over the Internet. 10. AFC will assign the Client a unique confidential username and password which must be used solely by the Client in order to access the Platform. The Client agrees that the username and password may not be disclosed to, or used by, any other person, for any purpose whatsoever. In addition, the Client understands that AFC is unable to know whether someone other than the Client has entered or is entering orders using the Client's username and password and AFC will not have any responsibility to verify either the authority of the users or any capacity, restrictions or limitations of their authorizations. The Client is therefore ultimately responsible for the trades entered with his/her username and password. 11. The Client agrees to check on a daily basis the status of his/her Account and report any discrepancy to AFC immediately. The Client shall be deemed to have accepted and ratified the reported trading and financial information related to his/her Account unless he/she notifies AFC no more than 48 hours after the concerned information is made available to the Client. The Client is aware that the statements of account available on the Platform are not final, and that the account entries and balances that should be relied on by the Client are exclusively those shown on the statements of account issued and signed by AFC. 12. The Client authorizes AFC to carry out at its discretion any of the Client s transactions through the Platform as the Client s counterparty acting for its own account for all types of orders on Over-the-Counter (OTC) financial instruments. Accordingly, a Client s order on an OTC instrument may be directly fulfilled by AFC acting as counter party for its own account and at its sole discretion. 13. The Client acknowledges that he/she has been informed about all charges, fees, commissions and trading information related to the use of the Platform and agrees that AFC is entitled to amend charges, fees and commissions at any time and without notifying the Client of any such changes. These include, but are not limited to, commissions (flat fees, interest rates applied no balances, exchange data feed fees and ECN fees), Platform subscription fee, exchange data feed fees, margin requirements, and markets rules and procedures. Page 3 of 7

4 14. The Client authorizes AFC to deduct from the Account(s) the applicable monthly Platform subscription and exchange data feed fees. These fees are levied once a month for the entire month regardless of the date on which the Client has subscribed to the Platform. The Client also authorizes AFC to deduct all other applicable commissions and fees (including, but not limited to, inactivity fees, delivery charges, phone order charges, exchange data feed fees, interest rates charges, etc...) from the Client's Account. The Client acknowledges that such deductions may affect the amount of equity in the Client's Account to be applied against the margin requirements. 15. The Client acknowledges and agrees that he/she is solely responsible for the accuracy of all data entered by him/her using the Platform. The Client warrants that he/she shall at all times use the Platform only for the purpose of placing genuine orders in compliance with applicable laws and regulations and that such orders will not aim at manipulating the price of securities by artificially inflating, stabilizing or deflating such price or creating a false or misleading appearance with respect to the market of any security. The Client agrees to defend, indemnify and hold AFC, its officers, agents, employees and owners, harmless from and against any and all claims, losses, liability, costs and expenses (including, but not limited to, attorneys' fees) arising from the Client s violation of this warranty and any applicable laws or regulations. 16. The Client acknowledges that the accuracy, completeness, timeliness and correct sequencing of the real-time information concerning the Client's trading and account activity, quotes and market information (the "Information") are not guaranteed by AFC. The Client agrees that AFC shall not have any liability for the accuracy, completeness, timeliness or correct sequencing of the Information or for any decision made or action taken by the Client in reliance upon the Information or for any interruption of any data or Information. The Client may not reproduce, retransmit, disseminate, sell or distribute the Information without the express written consent of AFC. 17. There are no express or implied warranties or representations provided by AFC relating to the Platform, including but not limited to warranties or merchantability and warranties of fitness for a particular purpose or use. 18. The records and electronic files of AFC shall be sufficient evidence of any transactions or payments made pursuant thereto, executed or instructed by the Client through the Platform. The Client will not dispute or deny an instruction received by AFC through the mechanisms described in this Agreement. 19. The Client understands and agrees that the procedures related to the use of the Platform can be changed at any time by AFC, who is under no responsibility to inform the Client of such changes. 20. The Client irrevocably authorizes AFC to give its service providers and correspondents, including those securing entry to trading platforms, or any third party with whom AFC deals in relation to the transactions contemplated in the Agreement, access to any information regarding the Client s Account(s), and hereby waives the banking secrecy exclusively for such purposes. 21. AFC reserves the right to terminate Client s access to the Platform at AFC s sole discretion. In case the Client wishes to terminate his/her subscription, the Client agrees to notify AFC in writing at least 10 days prior to the requested month of termination, otherwise the Client will be charged for the entire following month. 22. Trading in the financial instruments available through the Platform, such as equities, foreign exchange, contracts for differences (CFDs), derivatives and other investment products which are leveraged, carry a high level of risk and may not be suitable for all investors. The Client understands that trading on margin involves a high degree of risk and may result in a loss of funds greater than the amount the Client has deposited in the Account. The Client hereby acknowledges that he/she has read and fully understood the Risk Disclosure Document which describes the types of risk involved in trading the financial instruments available through the Platform. Page 4 of 7

5 This Agreement is made In: On: Day Month Year in two original copies, each party receiving a copy thereof. Arab Finance Corporation sal: Client's Signature: IMPORTANT NOTICE BY SIGNING THIS AGREEMENT, THE CLIENT ACKNOWLEDGES THAT HE/SHE HAS SUFFICIENT KNOWLEDGE OF THE ENGLISH LANGUAGE, UNDERSTANDS ALL TERMS AND CONDITIONS OF THIS AGREEMENT, AND THAT HE/SHE HAS BEEN GIVEN SUFFICIENT TIME TO REVIEW, SEEK ADVICE AND ASK FOR CLARIFICATIONS ON ANY SECTION THAT THE CLIENT MAY CONSIDER UNCLEAR OR THAT HE/SHE HAS NOT UNDERSTOOD. إن حىقيع العميل/الزبىن على هذا العقذ يشكل إقزارا مىه بأوه يخقه اللغت االوجليزيت ويفهم الخعابيز المسخعملت فيه باإلضافت إلى جميع الشزوط المىصىص عليها في مخه هذا العقذ. يقز العميل ايضا بأوه قذ اعطي الىقج الكافي لمزاجعت واسخيضاح وطلب المشىرة بخصىص كل فقزة مه فقزاث وبىىد هذا العقذ والخي قذ يعخبزها غيز واضحت أو لم يخمكه مه فهمها. Page 5 of 7

6 APPENDIX 1 EXCHANGE DATA FEEDS Africa Delay Realtime Johannesburg Level 1 America Delay Realtime AMEX Canadian Exchange Group CBOT, MACE (incl. Level 2) CME (incl. Level 2) COMEX (incl. Level 2) ICE Futures U.S. NASDAQ - Future QuoteView & market makers position... NASDAQ Level 1 NYMEX (incl. Level 2) NYSE Level 1 Asia & Pacific Delay Realtime Hong Kong Stock Exchange Level 2 Tokyo Stock Exchange (Level 2 incl.) Europe Delay Realtime Bolsa de Madrid Level 1 Plus Borsa Italiana Level 1 Chi-X (incl. Level 2) Euronext BBO1 Plus ICE Futures Europe LSE - International Level 1 LSE - UK Securities Level 1 MEFF (Equity / Futures and Options - incl. Level 2... NYSE Liffe Equity and Index Derivatives Oslo Boers Level 1 RTS Quotes (incl. Level 2) SIX Swiss Exchange and SWX Europe - Level 1 Spot Market Frankfurt and Xetra Turquoise (incl. Level 2) Middle East Delay Realtime Beirut Stock Exchange Kuwait Stock Exchange Tadawul Stock Exchange Qatar Stock Exchange Dubai Stock Exchange Indices Delay Realtime China Indices Deutsche Börse Indices and Xetra ETF Euronext Market Indices European Free Indices for Financial Terminals FTSE Indices Hang Seng Indices NASDAQ OMX Global Index Data Service (GIDS) Other Indices for Financial Terminals SIX Swiss Exchange Indices STOXX Indices U.S Indices inc. Dow Jones and S&P Indices News Yes No DJ Global Premium Investment News-DJGP Page 6 of 7

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