CLIENT
AGREEMENT
Margin
Trading
Please
read
this
Client
Agreement
as
it
will
govern
your
relationship
with
us.
1. Introduction
1.1 This AgreementisbetweenActivTradesPlc(registeredinEnglandwith number 05367727)whose registered
officeisat1ThomasMoreSquare,UnitedKingdom,E1W1YN (we)and
FULLNAME:
……….………. ADDRESS:
……….………. ……….………. ……….……….
(TOBECOMPLETEDINBLOCKCAPITALS)
(You)
1.2 All financial products traded on margin carry a high degree of risk to your capital and can result in losses as well as
gains. The margin trading service described in this Agreement is not suitable for everyone and it is designed for clients who are knowledgeable and experienced in the financial services market and in the types of transactions described in this Agreement.
1.3 YoushouldnotdealintheproductsorsignuptoreceivethemargintradingservicedescribedinthisAgreement
unlessyouunderstandtheirnatureandtheextentofyourexposuretorisk. Youshouldalsobesatisfiedthatthe
products and service are suitable for you in the light of your circumstances and financial position. An
explanationoftherisksassociatedwiththetypesoftheproductsofferedbyusissetoutintheInformationNotice
and you should ensure you fully understand such risks before entering into this Agreement. If you are not
experiencedinthetypesoftransactionsdescribedinthisAgreementorifyouareunsureaboutanyoftheterms, youshouldseekadvicefromyourindependentfinancialadviser.
1.4 You should also not deal in the products or sign up to receive the margin trading service described in this Agreement if you are a US resident or US citizen.
1.5 We areauthorised and regulated by the Financial Conduct Authority (FCA) under the Financial Services and
MarketsAct2000andenteredontheFCA’sRegisterofauthorisedfirms withnumber434413. TheFCAmaybe
contactedat25NorthColonnade,CanaryWharf,LondonE145HSorbytelephoneon +44 (0)2070661000.
1.6 Our dealings and relations with you are subject to English law and will be conducted in the English language. In
the event that there is a difference between the English version and any translated versions of this document, the English version shall prevail. We will not be made responsible for any damage or loss caused by an error, inaccuracy, misunderstanding or misspelling with regards to the translations.
1.7 ThisAgreementandtheInformationNoticesetoutmatterswhichwearerequiredtodisclosetoyouunderthe
FCAHandbookofRulesandGuidance(FCARules).
1.8 Pleasenotethattransactionsinfutures,options,contractsfor differenceandspreadbetsmayresultinliability
dependentonfutureuncertaineventsandgiverisetotheobligationforyoutoprovideuswithmargin(asumof moneyrequiredtoprotectusagainstpotentiallossesonatransaction). Moredetailscanbefoundinclause18.
1.9 Inordertoprovideinvestmentservicestoyou,wemayprovideanintroductionormakearrangementswitha
viewtoyoudealingwithanoverseaspersonwhoisnotauthorisedtocarryoninvestmentbusinessintheUnited
Kingdom. The investment services undertaken on yourbehalf (or provided to you) by such person are not
coveredbythe rulesandregulationsgoverningtheprotectionofinvestorsintheUnitedKingdom. Thismeans
thatyouwillnothavethebenefitofrights,includingcompensationarrangements,designedtoprotectinvestors underFCARules. Similarprotectionsmay,however,beprovidedinthejurisdictionwithinwhichthebusinessisto
becarriedon.
1.10 This Agreement, the Information Notice, the Application Form, the Electronic Trading Supplement, Summary
order execution policyand thetermsofeachTransactionastheymaybeamendedorsupplementedfromtime
totimetogetherconstituteasingleagreementbetweenyouandusandarereferredtoasthisAgreement. 2. Definitions
2.1 WordsandexpressionsusedinthisAgreement(unlessthecontextotherwiserequires)havethesamemeanings
asintheFCARules.
2.2 InthisAgreement,wordsareusedthathavespecialmeanings.Wehaveputthesespecialwordsinboldtextto
help you understand what those special words mean when used in this booklet. The special words are
incorporatedas part of this Agreement. Thefollowing arethespecial words and expressions that are used
togetherwiththeirspecialmeanings:
Act the Financial Services and Markets Act 2000.
Affiliated Company (in relation to a person) an undertaking in the same group as that person.
Application Form the account application form completed by you and accessed through our Website.
Applicable Regulations (i) FCA Rules or any other rules of a relevant
regulatory authority;
(ii) the rules of the relevant Exchange; and
(iii) all other applicable laws, rules and regulations as in force from time to time
as applicable to this Agreement.
Appropriateness Assessment the process we use to assess the appropriateness of a product or service for you
Associate(s) (in relation to a person) (A):
(i) an Affiliated Company of A;
(ii) an appointed representative of A or of any Affiliated Company;
(iii) any other person whose business or domestic relationship with A or his Associate might reasonably be expected to give rise to an alignment of interests between them.
Base Currency the currency used to open your account, which may be the
lawful currency of the United Kingdom (GBP Sterling), the European Union (Euros), the United States (United States Dollars) and Switzerland (CHF Francs), as appropriate.
(i) in relation to a date for the payment of any amount in: (a) any currency other than Euro, banks generally are open for business in the principal financial centre of the country of such currency; or (b) Euros, the settlement of payments denominated in Euros is generally possible in London or any other financial centre in Europe selected by us; and
(ii) for all other purposes, is not a bank holiday or public holiday in London.
Client Money Rules the provisions in the FCA’s Client Assets sourcebook relating to client
money.
Complex Product(s) certain derivative products including, without limitation, warrants,
securitised derivatives, contracts for difference and spread betting. Contract for Difference a contract which mirrors the trading of a security (including foreign exchange rates) but which may only be settled in cash and does not involve the delivery of the underlying security.
Corporate Action the occurrence of any of the following in relation to the issuer of any
relevant Underlying Securities:
(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, capitalisation or similar issue;
(ii) any distribution of cash or shares, including any payment of dividend;
(iii) a take-over; tender offer; or merger offer for shares;
(iv) any other event in respect of the Underlying Securities comparable to any of the above events;
(v) any equivalent event to the ones listed in (i) to (iv) on any non-UK stock exchange.
Credit Support Document any document containing an obligation of a Credit Support Provider, or of you, in favour of us supporting any of your obligations under this Agreement.
Credit Support Provider a third party who provides security for your obligations.
Electronic Trading Supplement means the supplemental terms relating to online trading which can be found on our Website (a hard copy is available on request).
Event of Default the occurrence of one or more of the following events:
(a) your failure to make any payment (including any payment of margin) to us or to any Associate in accordance with clause 22 of this Agreement;
(b) your or a Credit Support Provider’s continued failure to perform any obligation to us one Business Day after we have given you notice of non-performance;
(c) the initiation by a third party of proceedings for your bankruptcy (if you are an individual) or for your winding- up or for the appointment of an administrator or receiver in respect of you or any of your assets (if you are a company) or (in both cases) if you make an arrangement or composition with your creditors or any other similar or analogous procedure is commenced in respect of you (a Bankruptcy Default);
(d) if you are an individual, your death;
(e) any representation or warranty made by you or a Credit Support Provider is or becomes untrue;
(f) any Credit Support Document expires or is no longer in full force and effect before your obligations under this Agreement have been satisfied, unless we agree otherwise in writing;
(g) you are or become unable to pay your debts as and when they fall due; or
(h) any other circumstance where we reasonably believe that it is necessary or desirable to declare an Event of Default to protect ourselves or all or any of our other clients.
Exchange(s) ME, CBOT, CME, KCBT, MGE, NYBOT on ICE, NYMEX Globex, NYMEX
COMEX Globex, SFE, HKEX, SGX-DT, Euronext Paris, Eurex, IDEM, Euronext Amsterdam, MEFF, ICE, LME, Euronext LIFFE and NASDAQ OMX.
FCA the Financial Conduct Authority.
FCA Rules the FCA Handbook of Rules and Guidance.
Information Notice the information notice in Schedule 1 to these Terms.
Limit Order an order to buy or sell an investment at its specified price limit or better and for a specified size.
Platforms electronic trading platforms, access to which we may from time to time
facilitate for clients via links on our Website.
POA power of attorney, a legal document granting another person access to
your account, which we have agreed to in writing.
Retail Client a retail client for the purposes of the FCA Rules.
Services the services we provide to you as set out in clause 8.
Spread Betting a bet on the difference between the opening and closing price of a
contract, the financial value of which is derived by reference to fluctuations in the price of the underlying asset.
Terms the terms of business set out in this Agreement.
Transaction(s) a transaction under this Agreement.
Underlying Securities Securities including stocks, shares, debt securities, futures, options, commodities, currencies, interest rates and bonds.
We, us and our ActivTrades plc.
Website the website at www.activtrades.com or such other website as we
may maintain from time to time for access by clients
You and your the person or persons signing the Application Form.
3. Commencement and Cancelation
3.1 ThisAgreementwillcommenceonthedateyoureceivenoticefromusinaccordancewithclause5.3below.
3.2 Duetothefactthatthepriceofinvestmentsdependsonfluctuationsinthefinancialmarketplaceoutsideofour
control,youhavenorighttocancelthisAgreementonceyouhaveenteredintoitunlesswecommitaserious breachofourobligations. However,pleaseseeyourrightstoterminateatclause26below.
4. ApplicableRegulationsandExchangerequirements
4.1 ThisAgreementandallTransactionsaresubjecttoApplicableRegulationssothat:
4.1.1 ifthereisanyconflictbetweenthisAgreementandanyApplicableRegulations,theApplicable Regulationswillprevail;
4.1.2 wemaytakeorfailtotakeanyactionweconsidernecessarytoensurecompliancewithanyof
4.1.3 allApplicableRegulationsandwhateverwereasonablydoorfailtodoinordertocomplywith themwillbebindingonyou;and
4.1.4 neitherwenor any ofourdirectors, officers,employees oragents shall beresponsible if we
reasonablytakeorfailtotakeanyactionsinordertocomplywithanyApplicableRegulations.
4.2 IfanyExchange(orintermediatebrokeroragent,actingatthedirectionof,orasaresultofactiontakenby,an
Exchange)orregulatorybodytakesanyactionwhichaffectsaTransaction,thenwemaytakeanyactionthat wereasonablyconsiderdesirabletominimiseanyloss.Anysuchactionthatwetakeshallbebindingonyou.
5. Accountactivation
5.1 Whenyou sign thisAgreement, youconfirm thatyou(andanyoneyouappoint undera POA)arenot aUS
residentorUScitizen.
5.2 IfyouwanttoenterintoFOREXtransactions,pleasenotethatweonlyenterintoFOREXtransactionswhichdo
not involve delivery oftheunderlying currenciesto youor from you.In otherwords, anyFOREX transactions enteredintobyuswillbeatypeofcontractfordifference. FOREXpositionsaretradedonaglobalbasis,but othertypesofcontractsfordifferencearenot. Ifyouareplanningontradingincontractsfordifferencepositions,
youareresponsibleformakingsurethatyouarecomplyingwithallapplicablelawsofthecountry(orcountries)
youare tradingin.Ifyouhave anydoubts astowhether you are complyingwith allapplicable laws ofthe
country(orcountries)youaretradingin,youshouldseekadvicefromyourindependentfinancialadviser.
5.3 Youraccountwillbeactivatedbyus givingnoticetoyouassoonaswereceivethecompleted Application
Formandacompleted,signedanddatedcopyoftheseTermsandtheElectronicTradingSupplement.Where
you are proposing to trade a Complex Product you must also successfully complete the Appropriateness
Assessmentbeforewecanactivateyouraccount.
5.4 By lawwe areobligedto establishyour identity beforewecan takeyou on asour client. Wemay, at our
reasonablediscretion,usevariousagenciestoverifyyourdetailsbeforeactivatingyouraccount.
5.5 Itisyourresponsibilitytokeepthepassword(s)toyouraccount(s)secureandconfidential.Youshouldnotshare
yourpassworddetailswithanyotherpartyunlessyouhavecompletedandreturnedthenecessaryPOAtous.If
youhavetoldsomeoneyourpasswordorlog-indetails,oryoususpectthatsomeonemayknowyourpassword
or log-in details, please notify us immediately by calling us on +44 (0)207 6500 500 or emailing us at
englishdesk@activtrades.com.
5.6 Ifyouwishforsomeoneelse(suchasapartnerorotherfamilymember)tohaveaccesstoyouraccount,then
youmustrequestthisinwritingandwewillconsidereachrequestonacase-by-casebasis.
5.7 WhenyousignthisAgreement,youagreetoprovideuswithrelevantcontactdetailssothatwemaycontact
you in writing, by email, by fax and/or by telephone, as applicable. It is your responsibility to notify us
immediately if any of those contact details change.
5.8 Youacceptthat,whereverpossible,wewillcommunicatewithyouviaemailorvianotificationsonourWebsite.
Ifyouarerequiredtoacceptacommunicationwhichyouwouldnormallyberequiredtosign,wewillprovide youwiththemeanstosignthatcommunicationelectronically.
6. Classification and investment objective
6.1 WewilltreatyouasaRetailClient(unlesswenotifyyouinwritingtoproposethatwetreatyouasadifferenttype
ofclientunderFCARules).
6.2 Before activating your account to trade Complex Productswe are required by FCARules to carry out an
AppropriatenessAssessment.Wewilldothisbyaskingyoutoanswercertainquestionssothatwecanassessyour knowledgeandexperienceoftherelevantproductorservice.
6.3 Whenassessingyourclassificationandafterwardswhendealingwithyou,wewillrelyonthetruth,accuracyand
completenessoftheinformationprovidedbyyou,includingtheinformationprovidedbyyouontheApplication Form. Youexpresslyconsenttous usingandrelyingonallsuchinformationinmakingourassessmentandour
6.4 Ifthereisachangeinyourpersonalcircumstancesyoumustnotifyusimmediatelyandinwritingofthechange
sothatwecanconsideryourclassification.
6.5 Theseareourstandardtermsofbusinessuponwhichweintendtorely,togetherwiththeInformationNoticeand
theclientclassification.Foryourownbenefitandprotection,youshouldreadtheseTerms,theInformationNotice andthe clientclassificationcarefullybeforesigningthem andcompletingthe ApplicationForm.Ifyou donot understandanypoint,pleaseaskforfurtherinformationorseekindependentlegalorfinancialadvice.
6.6 Wemayreviewyourclassificationfromtimetotimetore-classifyyouaswethinkfit.
7. Capacity
7.1 WhencarryingoutTransactions,weactasprincipalandthereforecarryoutTransactionsinourownname.We
willnotactasyouragenttocarryoutTransactionsonyourbehalfunlessweagreethiswithyouorwenotifyyou inwriting.
7.2 WewilltreatyouasourclientandwillprovidetheServicestoyouandholdyouresponsibleforyourobligations
underthisAgreement. This remains the case even if you notify us that you are acting as the agent of an
identifiedprincipal,unlessweagreeinwritingtotreatthatprincipalasourclient,oryouappointanagenttoact
onyourbehalfandcompleteaPOA.
8. Services
8.1 ThisAgreementsetsoutthebasisonwhichwewilldealinorarrangedealsininvestments,enterintoTransactions
andprovidesuchotherservicesaswemayagreewithyouinwritingfromtimetotime.ThisAgreementgoverns
each Transaction entered into or outstanding between you and us on or after you have signedup to this
Agreement.
8.2 Wemay combine your orderswithourown orders,orders ofAssociatesandpersonsconnectedwithus and
ordersofyouragentorotherclients. Ifyourorderiscombined,wemustreasonablybelievethatthisisunlikelyto
operate to yourand our other clients’ disadvantage. However, on some occasions, combining orders may
meanthatyougetalessfavourablepricethanifyourorderhadbeenexecutedseparately.
8.3 WemayundertakeTransactionsforyouinunitsinunregulatedcollectiveinvestmentschemes.
8.4 Wewillnotprovidepersonalrecommendationsoradviceonthemeritsofanyspecificinvestmenttransactions.
We deal onanexecution-onlybasisanddonot adviseonthemeritsofparticularTransactions. Whengiving
instructionsyoumustrelyonyourownjudgement.You maywishtoseekindependentadvicebeforeentering
intoaTransaction.
8.5 From time totime,wemaydecidetoprovideyou withinformationinnewsletters,whichwemaypostonour
Websiteorprovidetoyouinanyothermanner. Wewillmakeallreasonableeffortstoensuretheaccuracyand
completeness of thisinformation, butitwill not amountto investmentadvice orrecommendation andifyou
have any doubts as to the effect or consequences of the information for you, you should contact your
independentfinancialadviser.
8.6 Wereservetheright tochargeafee forsubscription toournewsletter,as detailedfrom timetotime onour
Website. Ifwedoso,youareentitledtorefusesubscriptiontothenewsletterifyounotifyusinwriting.
8.7 WemayrefusetoprovidetheServicestoyouatanytime.Wemaynotinformyouofthereasonsforthis. 9. Instructions
9.1 Anypersonoragentthatyouhavenotifiedtousinwritingisauthorisedbyyoumaygiveus verbalorwritten
instructionsconcerninganyTransactionorproposedTransactionoranyothermatter.
9.2 Youauthoriseustorelyandactonanyorder,instructionorcommunicationwereceivefromyouwithoutfurther
enquiryonourpartastotheauthenticity,genuineness,authorityoridentityofthepersongivingorclaimingto givesuchinstructions. Youwillberesponsibleforandboundbyallobligationsweenterintoorassumeonyour
behalfasaresultoforinconnectionwithsuchorders,instructionsorcommunications.
9.3 Unlessclause9.4applies,allinstructionstoenterintoTransactionsmustbegivenbyyouthroughthePlatforms. Youcanonlycancelinstructionsifwehavenotacteduponthem.
9.4 We will make reasonable endeavours to provide you with telephone support and assistance and (unless
otherwiseagreedinwriting)wemaypassonyourorderstointermediatebrokersordealers,onanexecutiononly basis. Ifweagree,youmaygiveusinstructionsbytelephone. Ifanyinstructionsarereceivedbyusbytelephone,
wemayaskyoutoconfirmtheseinstructionsinwriting. Weshallbeauthorisedtofollowsuchinstructionsevenif
youfailtoconfirmtheminwriting.
9.5 Wemaydecidetorefusetoacceptanyorderorinstructionfromyou,providedthatweinformyouofourrefusal
assoonasreasonablypracticable. Wewillendeavourtoprovideyouwithareasonforanyrefusal.
9.6 Oncegiven,instructionsmayonlybewithdrawnoramendedwithourconsent,whichwillnotbeunreasonably
withheld.
9.7 You acknowledge and agree thatwe have the right(but no obligation) to setlimitsand/or parameters to
control your abilitytoplace orders. Theselimitsand/orparametersmaybeamended,increased,decreased,
removedoraddedtobyusandmayinclude(withoutlimitation):
9.7.1 controlsovermaximumorderamountsandmaximumordersizes;
9.7.2 controlsoverourtotalexposuretoyou;
9.7.3 controlsoverpricesatwhichordersmaybesubmitted (toinclude(withoutlimitation)controls
overorderswhichareatapricethatdiffersgreatlyfromthemarketpriceatthetimetheorder issubmittedtotheorderbook);
9.7.4 controlsovertheelectronicservices(toinclude(withoutlimitation)anyverificationprocedures
toensurethatanyparticularorderorordershascomefromyou);or
9.7.5 any other limits, parameters or controls which we may be required to put in place in
accordancewithApplicableRegulations.
However,insettinglimits and/orparameters,wewillseek toprotectyour interestsasfarasreasonably possible.
10. CorporateactionandcontractsfordifferenceTransactions
10.1 ThecontractsfordifferencewhichwetradeforyourelatetoUnderlyingSecurities,whichmaybesubjecttoa
CorporateAction.
10.2 IfanyUnderlyingSecurityissubjecttoCorporateAction,weshall,actingreasonably,determinetheappropriate
adjustment,ifany,tobemadetothesizeand/orvalueand/ornumberoftheaffectedTransactions.Thisremains
thecasewhethertheaffectedTransactionsareopenorhavebeenclosed(and/ortothelevelofanystopor
LimitOrderattachingtothosebets),inordertoaccountfortheeffectoftheCorporateActiononthosebets.
Theadjustmentwemakemaytaketheformofacreditordebitpaymenttoyouraccountoranadjustmentto
youraffectedTransactions,whichmayinvolveusopeningnewTransactionsonyouraccount.
11. Normalmarketsize
11.1 YoumaywishtomakeaTransactionwhichweconsidertobelargerthannormalmarketsize.Wewillbeentitled
todeterminewhatconstitutesnormalmarketsize.Wewilldothisbyreferencetotheleveloftradingactivityfor
whichpricesareavailableonanyrelevantmarketorexchangeaboutwhichwearereasonablyabletoobtain
priceinformation.
11.2 IfweacceptanofferfromyoutoopenorcloseaTransactionthatislargerthannormalmarketsize,itmaybe
subjecttospecialconditionsandrequirements.Wewilltellyouabouttheseatthetimeyouasktoopenorclose theTransactionwithus.Inparticular,wemayquotearevisedpriceforenteringintotheproposedTransaction. OurquotationforaTransactionequaltoorgreaterthannormalmarketsizeisnotguaranteedtobewithinany specificpercentageofanyunderlyingmarketorrelatedmarketquotation.
12. Errors
12.1 Fromtimetotimeitispossiblethaterrorsmayoccurinthepricingofcontracts.Notwithstandingtherightsthat
you haveunder ApplicableRegulations orlaw, we reservethe righttovoid, orto amendthe terms of, any
error(aManifestError).IndecidingwhetheranerrorisaManifestErrorwemaytakeintoaccountanyrelevant informationincluding,thestateoftheunderlyingmarketatthetimeoftheerrorandanyerrorwithin,orlackof clarityof,anyinformationsourceorpronouncement.IndecidingwhetherornottherehasbeenaManifestError, we will make reasonable efforts to take into account any financial commitments that you have made or
refrainedfrommakinginrelianceonaTransaction.
12.2 Intheabsence ofourfraud,wilfuldefaultornegligence,wewillnotbeliable toyouforanylossesfollowinga
ManifestError.IntheeventthataManifestErrorismadebyanyinformationsource,commentatororofficialon whomwereasonablyrely,wewillnotbeliabletoyou,exceptforourfraud,wilfuldefaultornegligence,forany losses.
13. Executionoforders
13.1 Weshalluseallreasonablestepstoexecuteanyorderpromptly,butinacceptingyourorderwedonotpromise
thatitwillbepossibletoexecutetheorderinaccordancewithyourinstructions.Ifweencounteranymaterial difficultyrelevanttothe properexecutionofanorderweshallnotifyyoupromptly. Weshallonlyexecutean
order whenthe relevant exchangeisopen for dealing. Anyinstructions received outside Exchangeopening
hourswillbeexecutedassoonaspossibleoncetherelevantExchangeisnextopenforbusiness(inaccordance withtherulesofthatExchange).
13.2 WeexecutetradesonanumberofmarketsincludingIDEM,EUREX,CME,CBOT,EURONEXT,ICE and NASDAQ.
13.3 Youagreethatwemayexecuteanorderoutsidearegulatedmarketormultilateraltradingfacility.
13.4 WewillprovideyouwithbestexecutioninaccordancewiththeFCARules.
13.5 We have established an order execution policy to enable us to take all reasonable steps to obtain, when
executingorders,thebestpossibleresultinaccordancewithFCARules. Themainexecutionfactorsthatweuse
todeterminethebestpossibleresultarepriceandthecostsassociatedwithexecutingtheTransaction.Where wepassanordertoanotherbrokerwecheckthatthebrokerhasapolicyandarrangementsdesignedtoobtain thebestpossibleresult,takingintoaccountthenatureoftheorderandtherelevantmarket.Beforeagreeingto theseTermsandsigningtheApplicationForm,youconfirmthatyouhavereadandagreetoour Summaryorder
execution policy, which is available on our Website.If you have any questions about our Summary order
execution policy, please call +44(0)207 6500 500 oremail englishdesk@activtrades.com before agreeing to theseTerms.
13.6 WewillmonitorthequalityoftheexecutionreceivedandwillregularlymonitorandreviewourSummary order
execution policy.AnymaterialchangesthatwemaketoourSummary order execution policywillbepublished
onourWebsite.
13.7 WhenyougiveusaspecificinstructionsuchasaLimitOrder,someorallofourSummary order execution policy
maynotapplytotheTransactionconcerned.
13.8 You agree that we will not make public Limit Orders in shares that are not immediately executed under
prevailingmarketconditions.
13.9 Youwillpromptlydeliveranyinstructions,money,documentsorpropertyrequiredtobedeliveredbyyouunder
aTransactioninaccordancewiththetermsofthatTransaction(asamendedbyanyinstructionsgivenbyus)so
that we can perform our obligations under the relevant matching Transaction on an Exchange or with an
intermediatebroker.
13.10 Wemay,atourreasonablediscretion,arrangeforanyTransactiontobemadewithorthroughtheagencyofan
intermediatebroker,who maybean Associateofoursandmaynot beinthe UnitedKingdom. Youwill be
responsibleforanyintermediatebrokersoragentsselectedbyyou.
13.11 Wemayrequireyoutolimitthenumberofopenpositionswhichyouhavewithusatanytimeandwemay,at
ourreasonablediscretion,closeoutanyoneormoreTransactionsinordertoensurethatsuchpositionlimitsare maintained.
14. RolloveronFOREXCFDs
All FOREX positions that remain open from 23:59:45 to 23:59:59 (Server time)will be subject to rollover. All
positionswhichare openedorclosedfrom 23:59:45 to23:59:59 (Servertime)maybe subjecttorollover. The
withtheswapspolicywebpage,whichisavailableonourWebsite. IfyouwillbedealinginFOREXpositions,you
should read the swaps information page on our Website
(http://www.activtrades.co.uk/index.aspx?page=forex_swaps),which is updatedregularly, before agreeing to
theseTermsandsigningtheApplicationForm.
15. ClientMoney
15.1 MoneyheldbyusonyourbehalfwillbetreatedasclientmoneywithinthemeaningoftheClientMoneyRules.
Wewill,onreceiving clientmoney,promptlyplace thismoneyintoa segregatedclientaccountheldatour custodianbank,nolaterthancloseofbusinessonthedayonwhichwereceiveit.
15.2 Wemaypassmoneyreceivedfromyoutoathirdparty(e.g.amarket,intermediatebroker,OTCcounterpartyor
clearinghouse)toholdorcontrol inordertomakeaTransactionthroughorwiththatpersonortosatisfy your obligation to provide a deposit (such as an initial requirement that you provide margin) in respect of a
Transaction.Althoughwewillremainresponsibleformoneyreceivedfromyouevenifwepassittoathirdparty, youmaybeexposedtotheadditionalriskthat,intheeventofaninsolvencyorsimilarinrelationtothatthird party,the amount ofmoney receivedbyus from the thirdparty maynot be sufficientto satisfyyour claims. However,youmaystillbeabletoclaimagainstusforanyoutstandingamounts.
15.3 WemayholdclientmoneyonyourbehalfoutsidetheEuropeanEconomicArea(EEA). Thelegalandregulatory
regimeapplyingtoanybankorpersonthatholdsyourmoneyoutsidetheEEAwillbedifferentfromthatofthe UnitedKingdom.Asaresult,shouldthatbankorperson gointoinsolvencyorsimilarproceedings,yourmoney
maybetreateddifferentlythanitwouldhavebeenifthemoneywasheldwithabankintheUnitedKingdom.
Wewillnotbeliablefortheinsolvency,actsoromissionsofanythirdpartyreferredtointhissub-clause.
15.4 Toavoiddoubt,wewillnotpayintereston anyamountsinyour account,unlesswehaveagreedtodosoin
writing. Unlesswehaveagreedotherwiseinwriting,onsigningthisAgreement,youconsenttothefactthatno
interestwillbepaidtoyouonanyamountsinyouraccountandthatwewillretainallsuchinterest.
15.5 Youagreethat,intheeventthattherehasbeennomovementonyouraccountbalanceforaperiodofatleast
sixyears(notwithstandinganypaymentsorreceiptsofchargesorsimilaritems)andweareunabletotraceyou andreturnyouraccountbalancetoyou,despitehavingtakenallreasonablestepstodoso,wemayceaseto
treatyour money asclientmoneyand accordingly releaseany clientmoneybalances from the segregated
account. However,ifatanypointafterthistime,youaskustoreturnyouraccountbalancetoyou,wewilldoso ifyouraccountbalanceisincredit.
16. Currency
16.1 Weshallbeentitled,withoutgivingnoticetoyoufirst,tomakeanycurrencyconversionsweconsiderreasonably
necessary or desirable for the purposes of complying with our obligations or exercisingour rights under this AgreementoranyTransaction. Anycurrencyconversionshallbemadebyusinthemannerandattherateswe
determinetobeappropriate,havingdueregardtothecurrentratesforCurrencies.
16.2 WhereitisnecessarytomakeaCurrencyconversion,youwillbearallforeigncurrencyexchangeriskarisingfrom
any contract orfrom thecompliance byuswith ourobligations ortheexercise byus ofourrights under this Agreement.
16.3 If youtrade incontracts for differences, for any Transaction denominated in acurrency other than aBase
Currency,wewill automaticallyconvertthetotalsumoftheTransactionintotheBase Currency applicableto your account at the time of the Transaction. The exchange rate for all types of currency conversion will be
basedonthemid-marketexchangerate.Thesedetailsareavailableonrequest.Exchangeratesfluctuateand
maychangebetweenthetimethattheindicativeexchangerateisquotedandthetimethattheamountsare
converted.Whereapplicabletheconfirmationoftheconversionwillshowtheexchangerateused. 17. Confirmationsandperiodicstatements
17.1 TotheextentrequiredunderFCARules,wewillsendyoudailyconfirmationsinrespectofeachTransaction.Such
confirmationsmaybesentelectronicallyanditisyourresponsibilitytoinformusifyouhavenotreceivedadaily
confirmationinrespectofa Transactionwhichyouexpectedtoreceive fromus. Wewill sendyouamonthly
statementinrespectofeachofyouraccountswithin10Business Daysoftheendofeachcalendarmonth.
17.2 Unlesswe receivewrittennoticefrom youwithintwoBusinessDaysofdeliveryofa confirmationtoyouorwe
notifyyouofanerrorintheconfirmation,weshallbeentitledtoconcludethattheconfirmationisconclusive
18. Margin
18.1 WhereyouhavesuccessfullycompletedtheAppropriatenessAssessment andweagreetomakeaTransaction
involvinganoption,future,contractfordifferenceoraspreadbetwewillrequireyoutoprovideandmaintain
theamountofmargininyouraccountthatweconsiderappropriate.Youshouldnotethat,dependingonthe
natureoftheTransaction,youmayhavetomakeadditionalpaymentsiftheTransactionfailstobecompleted orifthesettlementorclosingoutofyourpositiontakesplaceearly.Themovementinthemarketpriceofyour investmentwillaffecttheamountofmarginpaymentyouwillberequiredtomake. Wewillmonitoryourmargin
requirementsonadailybasisandwewillinformyouassoonasitisreasonablypracticableoftheamountofany marginpaymentrequiredunderthisclause.
18.2 Whenrequestedbyus,youagreetoprovideuswithpaymentsofmarginthatwereasonablyrequiretoprotect
ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement.
Differentmarginrequirementsmayapplytodifferentaccountsand/orinvestmentstraded.Youmayberequired
toaddtothismarginatanytimewhenyouraccountshowsanegativebalanceoranincreaseinyourmargin
requirementandwewillnormallyinformyouoneBusinessDay beforehandifwerequireyou topayadditional
margin.Youwillpayortransfermarginwithintheminimumperiodspecifiedbyus(whichwillnormallybeatleast
oneBusinessDaybutinexceptionalcircumstances, mayberequiredtobewithinthesameday).However,in
certain circumstances,theremaybetimeswheneitherwewill berequiredtosettleorcloseoutyour position earlyandwemaynotbeabletoprovideyouwithnoticeofthisbeforeithappens.However,wewillonlydothis whereitis reasonable forus todoso(forexample,wherethere isarisk ofyour accountshowinga negative balance).
18.3 MargininrelationtoaparticulartypeofTransactionwillbeprovidedincash.Wemayinourdiscretionallowyou
toprovidemarginintheformofcertaintypesofinvestmentsorotherassets(ifany)thatweagreefromtimeto time,inaccordancewiththeprovisionsofSchedule1 ofthisAgreementandonsuchothertermsthatweagree inaseparatewrittenagreement.
18.4 UnlessthetermsapplyingtoaparticulartypeofTransactionspecifyotherwise,themarginthatyouprovidewill
be valuedbyus onthe basis that we reasonablydeterminetobe appropriate. This valuationmay reflect,
amongstotherthings,ourviewastothelevelofavailabilityoftheassetsprovidedasmarginorthediscountto thecurrentmarketvalueofthemarginthatweconsiderreflectsitsmarketrisk.
18.5 Wewillbeentitledtocloseoutorliquidatesomeorallofyourpositionsifyoufailtopaymarginwhenrequiredor
ifthemargininyouraccountfallsbelowtheminimumamountrequiredandyouraccountisatriskofshowinga negativebalance.However,weareundernoobligationtocloseoutorliquidateanyTransactionsortakeany
other action inrespect of positions openedor acquiredon yourinstruction if youfailto pay margin when
required.For theavoidanceofdoubtitisyourresponsibilitytomaintainanappropriateamountofmarginon youraccountatalltimes.
18.6 All cashmarginandotherpaymentsdue fromyouunderthisAgreementshallbemadeinfreelytransferable
fundsinthecurrencyandtothebankaccount(s)thatwemayfromtimetotimespecify.
18.7 Ifyouareprovidingmarginincash,pleaserefertoclause15.Ifyouareallowedtoprovidenon-cashmargin,as
referred to in sub-clause 18.2, we will be entitled to realise the value of such assets, in circumstances as
describedintheseparatewrittenagreement. 19. Margininrelationtocontractsfordifference
19.1 Ifyoutradecontractsfordifferencetheprovisionsinthisclause19willapplyinadditiontothoseinclause18.
19.2 Whenyouopenanaccounttotradecontractsfordifferencewewillsetalevelofmarginforyouraccount.You
agreethatwemaycloseoutyourpositionautomaticallyifyourmarginfallsbelowapre-agreedpercentageof thatlevelofmargin.
19.3 Youmustmaintainamargintocoveryourpositiononintra-daytrading(theIntra-dayMargin)and,ifyouholda
positionovernight,youmustholdanovernightmargin(theOvernightMargin).
19.4 TheIntra-dayMarginthatwesetforyouraccountwill,inmostcases,belowerthantheamountthatwesetfor
yourOvernightMargin.Ifyouwishtoholdapositionovernightyouwillneedtoensure thatyouhavesufficient
fundsin your account to meet the higher OvernightMargin amount. You agreethat ifyou hold a position
overnight youwill ensure thatyouhavesufficient fundsin your accountto coveryourOvernight Margin.This obligationappliestoeachaccountthatyouopenwithus.
19.5 AtthecloseofbusinesswewillcheckanyopenpositionsheldbyyouagainsttheagreedOvernightMargin.You
agreethatiftheamountheldinyouraccountisinsufficienttomeetyourOvernightMarginwemaycloseyour openpositionwithoutreferencetoyou.
20. Yourwarranties
20.1 Representations and warranties are personalstatements, assurances or undertakings given byyouto uson
whichwerelywhenwedealwithyou.Youmakethefollowingrepresentationsandwarrantiesatthetimeyou
enterintothisAgreement,atthedateofeveryTransactionoranytimeyougiveusanyotherinstruction:
20.1.1 ifyouareanindividual,youareover18yearsoldandyouhavefullcapacitytoenterintothis Agreement;
20.1.2 youhaveallnecessaryauthority,powers,consents,licencesandauthorisationsandhavetaken
allnecessaryactiontoenableyoulawfullytoenterintoandperformthisAgreementandsuch TransactionandtograntthesecurityinterestsandpowersreferredtointhisAgreement;
20.1.3 thepersonsenteringintothisAgreementandeachTransactiononyourbehalfhavebeenduly
authorisedtodoso;
20.1.4 this Agreement, each Transactionand theobligations created under themboth arebinding
uponyou andenforceable againstyouinaccordancewiththeirterms(subjecttoapplicable
principlesoflaw)anddonotandwill notviolatethetermsofanyregulation,order,chargeor
agreementbywhichyouarebound;
20.1.5 noEventofDefaultoranyeventwhichmaybecomeanEventofDefault(aPotentialEventof
Default)hasoccurredandiscontinuingwithrespecttoyouoranyCreditSupportProvider; 20.1.6 you are actingonyour ownbehalf(unlesswehaveagreedotherwise inwriting)andnot as
trusteeinenteringintothisAgreementandeachTransaction;
20.1.7 anyinformationwhichyouprovideorhaveprovidedtousinrespectofyourfinancialposition,
domicileorothermattersisaccurateandnotmisleadinginanymaterialrespect;
20.1.8 youarewillingandfinanciallyabletosustainatotallossoffundsresultingfromaTransaction; and
20.1.9 exceptasotherwiseagreedbyus,youarethesolebeneficialownerofallmarginyoutransfer
under thisAgreement,free andclearofanysecurityinterestwhatsoeverotherthanarightto withhold ordisposeofassets routinelyimposed on allsecurities in a clearingsystem inwhich suchsecuritiesmaybeheld.
20.2 Youpromisethat:
20.2.1 youwillatalltimesobtainandcomply,anddoallthatisnecessarytomaintaininfullforceand
effect,allauthority,powers,consents,licencesandauthorisationsreferredtointhisclause; 20.2.2 youwillpromptlynotifyusoftheoccurrenceofanyEventofDefaultorPotentialEventofDefault
withrespecttoyourselforanyCreditSupportProvider;
20.2.3 youwill takeallreasonablestepstocomplywithallApplicableRegulationsinrelation tothis AgreementandanyTransaction,sofarastheyareapplicabletoyouorus;
20.2.4 youwillnotsendordersortakeanyactionthatcouldcreateafalseimpressionofthedemand
for orvalue ofafinancialinstrument,orsendorderswhichyou havereasontobelievearein
breach of Applicable Regulations. You shall observe the standard of behaviour reasonably
expected of personsin yourposition andnot take anystepwhichwould causeus tofail to
observethestandardofbehaviourreasonablyexpectedofpersonsinourposition;and
20.2.5 upon demand, you willprovide us with any information that wemay reasonably require as
evidence of your compliance with the matters referred to in this clause or any Applicable
21. Netting
21.1 If an EventofDefaultoccurs atany time (otherthan a Bankruptcy Default),then wemayexercise ourrights
undersub-clause21.4.IfaBankruptcyDefaultoccursatanytime,theprovisionsofclause21.3shallapply.
21.2 Subjecttoclause21.3,atanytimeafteranEventofDefaultoccurs,wemayprovideyouwithnoticeofaday
(theLiquidationDate)fortheterminationandliquidationofTransactionsinaccordancewiththeprovisionsofthis clause.
21.3 Unless we tell you otherwise, the date on which any Bankruptcy Defaultoccurs shall automatically be the
Liquidation Date (Automatic Termination), without the need for us to provide you with any notice and the
provisionsofclause21.4shallapply.
21.4 OntheoccurrenceofaLiquidationDate:
21.4.1 neither you nor us shall be obliged to make any further payments or deliveries under any
Transactionwhichwould,if notfor thisclause,havebecomedueforperformanceonorafter the Liquidation Date and these obligations shall be satisfied by settlement (whether by
payment, set-off or otherwise) of the Liquidation Amount(as defined below in sub-clause
21.4.3);
21.4.2 weshall(on,orsoonasreasonablypracticableafter,theLiquidationDate)determineforeach
Transactionreferredtoinsub-clause21.4.1above,thetotalcost,lossorgainasaresultofthe terminationunderthisAgreementofeachpaymentordeliverythatwouldotherwisehavebeen requiredtobemade undereachTransaction. Sumsdeterminedunderthis sub-clausewill be
expressedinthecurrencythatwespecifyinwritingtoyouor,ifwedonotspecifyacurrency, theBaseCurrencyapplicabletoyouraccount;and
21.4.3 weshalltreateachcostorlosstousasapositiveamountandeachgainbyusasanegative
amount and combine all of these amounts to produce a single, net positive or negative
amount,expressedintheBaseCurrencyapplicabletoyouraccount(LiquidationAmount).
21.5 IftheLiquidationAmountisapositiveamount,youshallpayittousandifitisanegativeamount,weshallpayit
to you. We shall notify youof the Liquidation Amount,and bywhomit is payable,immediatelyafter the
calculationofthisamount.
21.6 OntheLiquidationDate,weshallalsobeentitled,atourreasonablediscretion,toterminateandliquidateany
otherTransactionsenteredintobetweenusthatremainunsettled,inaccordancewithclause21.4.
21.7 TheLiquidationAmountshallbepaidintheBaseCurrencyapplicabletoyouraccountbythecloseofbusiness
on theBusinessDayfollowingthenotificationoftheLiquidation Amount(convertedasrequiredbyapplicable
law intoanyothercurrency,anycostsofsuchconversiontobe bornebyyou, and(ifapplicable)deducted
fromanypaymenttoyou). AnyLiquidationAmountnotpaidontheduedateshallbetreatedasanunpaid
amount andbear interest at therate reasonably determined byus tobethecost of funding that unpaid
amount. Interestwillaccrueonadailybasisandwillbedueandpayablebyyouasaseparatedebt.
21.8 Forthepurposesofanycalculationunderthisclause21,wemayconvertamountsdenominatedinanyother
currencyintotheBase Currencyapplicable toyour accountatthe currentrateatthetimeofthecalculation thatwereasonablyselect.
21.9 Unless a LiquidationDatehas occurred or has been effectively set, we shall not be obliged to make any
paymentordeliveryscheduledtobemadebyusunderaTransactionforaslongasanEventofDefaultora
PotentialEventofDefaultwithrespecttoyouhasoccurredandiscontinuing.
21.10 Ourrightsunderthisclauseshallbeinadditionto,andwillnotacttolimitorexclude,anyotherrightswhichwe mayhave(whetherbyagreement,operationoflaworotherwise).
21.11 ThisclauseappliestoeachTransactionenteredintoorremainingunsettledbetweenusonorafterthedatethis Agreementtakeseffect.
21.12 Subject to clause 21.6, the provisions of this clause shall not apply to any Transaction which is subject to
liquidation and termination under another agreement. However, any sum resulting from a liquidation and
21.13 Unlessotherwiseagreedinwritingbetweenus, ortherulesofanyrelevantExchangeprovideotherwise,ifwe
enterintoanyTransactionwithyouinordertocloseoutanyexistingTransactionbetweenusthenourrespective obligationsunderbothsuchTransactionsshallautomaticallyandimmediatelybeterminateduponenteringinto thesecondTransaction,exceptforanysettlementpaymentduefromoneofustotheotherinrespectofsuch close-out.
22. ChargesandTaxes
22.1 YouagreetopayusanyfeesonanyTransactioncarriedoutforyouunderthisAgreementasexpresslyagreed
betweenyouandus.
22.2 You must also payany applicable VAT, stamp duty, stamp duty reserve tax,and any other taxes,levies or
Transactioncosts.
22.3 Pleasenotethatthereisthepossibilitythatothertaxesorcostsmayexistthatarenotpaidthroughusorimposed
byus. Youwillatalltimesbefullyresponsibleforpaymentofallothertaxesdue,formakingallclaims,forfiling
anytaxreturnsandforprovidinganyrelevanttaxauthoritieswithinformationinrelationtotheserviceswecarry outforyouoryourmoneyandinvestments.
22.4 Wedonotusuallychargeafeeforcontractsfordifferenceorspreadbets.Wemaychargefeesfortradingin
futures. Allfeeswillbesetoutinwritingandagreedwithyouinadvance,beforeyousignthisAgreement.
22.5 WemaysharechargeswithourAssociatesandotherthirdpartiesorreceiveandretainpaymentfromthemin
respectofTransactionscarriedoutonyourbehalf.Detailsofanysuchpaymentsorsharingarrangementswillbe
madeavailabletoyoubeforeanysuchpaymentsorsharingarrangementsaremade.
22.6 Ifyouarerequiredbylawtodeductorwithholdanysumfortaxorotherreasons,theamountowedtouswillbe
increased,sothatafteryoumakesuchataxdeductionorwithholding,wereceivethesameamountasifno
suchdeductionorwithholdinghadbeenmade.
22.7 Wemayimposecertainreasonableadditionalchargesassetoutfromtimetotimeinwritingtoyou,whichyou
shall have to payin the event that you do not comply with your obligations under this Agreement. These
additionalchargesmayinclude,withoutlimitation,anyreasonablelegalcostswemayincurasaresultofyour failuretocomplywiththisAgreement.Therearenoadditionalchargespayablebyyoubyvirtueofthefactthat thisAgreementisenteredintoviaemail,telephoneorfaxorotherdistancemeans.
22.8 Wemaypassontoyoucertainthirdpartychargesincurredbyus,forexample,creditcardfees. Thechargesare
set out on our Website. If you have any questions about these charges, please contact us at
englishdesk@activtrades.com.
23. Conflictsofinterestandmaterialinterests
Please refertoourconflicts ofinterestpolicy, availableonourWebsite orinhardcopyon request,for further
information on how we manage conflictswhich would affect the impartialityof the serviceswe provide to
you. Ifyouhaveanyquestionsonourconflictsofinterestpolicy,pleasecall+44(0)207 6500 500oremailusat
compliance@activtrades.com beforeagreeingtotheseTerms.
24. Limitationsofliability
24.1 Wewillnotbeliableforanylossorexpenseyousustaininconnectionwith,ordirectlyorindirectlyarisingfrom: 24.1.1 anyerrororfailureintheoperationofthePlatformsoranydelaycausedbythePlatforms;
24.1.2 TransactionsmadeviathePlatforms;
24.1.3 anyfailurebyus toperformanyofourobligations underthese Terms asaresultofacause
beyondourcontrol;or
24.1.4 theacts,omissionsornegligenceofanyintermediatebrokerorsettlementagent, excepttotheextentcausedbyournegligence,fraudorwilfuldefault.
lossesareaforeseeableconsequenceofusbreakingthisAgreement.Lossesareforeseeablewheretheycould becontemplatedbyyouandusatthetimetheAgreementwasenteredinto.Wearenotresponsibleforindirect losseswhichhappenasasideeffectofthemainlossordamageandwhicharenotforeseeablebyyouandus (suchaslossofprofitsorlossofopportunity).
24.3 YouwillpayusforanylosseswemayincurifyoufailtoperformanyofyourobligationsundertheseTerms ora Transaction,orfromyouruseofthePlatform.
25. Variation
25.1 Wemayvary thisAgreementat anytimebygivingyouwrittennotificationofthe changes.Wewill only
makechangesforthefollowingreasons:
25.1.1 tomakethetermsclearerormorefavourabletoyou;
25.1.2 reflectinglegitimatechangesinthecostofprovidingtheservicetoyou;
25.1.3 reflectingachangeintheApplicableRegulationsoranyotherapplicablelaw,regulationor
codesofpracticeordecisionsbyacourt,ombudsman,regulatororsimilarbody; 25.1.4 reflectingchangesinmarketconditions;
25.1.5 reflectingchangesinthewaywedobusiness.
25.2 Ifwe varythis Agreement in accordancewith clause 25.1, wewill give you at least30 days’ notice of the
changes. Wemay notifyyouinwriting, byemail,byposting anupdate onourWebsite orthroughanyother
methodofcommunicationwhichitisappropriatetocontactyouby.
25.3 If youobjectto anychange you must tell uswithin14 daysofthedate thenoticeisdeemed tohavebeen
received byyouunderclause 31 (Notices).Ifyoudo not doso,youwill be deemedtohave acceptedthe
change(s).Ifyougiveusnoticethatyouobject,thenthechangeswillnotbebindingonyou,butwemayclose youraccountassoonasreasonablypracticableand/orrestrictyouractivitytoTransactionswhichwillcloseout youropenpositions.
26. Defaultandtermination
26.1 IfanEventofDefaultoccursorifwereasonablybelievethatyouwillnotbeableorwillinginthefuturetoperform
anyofyourobligationstous,weshallbeentitledwithoutfirstgivingyounotice:
26.1.1 topayyouthefairmarketvalueoftheinvestmentscreditedtoyouraccountatthetimeofthis
payment,insteadofreturningtoyouinvestmentsequivalenttothoseinvestments;
26.1.2 tosellthoseofyourinvestmentsthatareinourpossessionorinthepossessionofanynomineeor
thirdpartyappointedunderorinaccordancewiththisAgreement,ineachcaseaswemayin our reasonable discretion selector andupon the terms that wereasonably think fit(without beingresponsibleforanylossorreductioninprice)inordertoprovideuswithsufficientfundsto
coveranyamountowedbyyouunderthisAgreement;
26.1.3 tocloseout,replaceorreverseanyTransaction,buy,sell,borroworlendorenterintoanyother
Transaction or take, orrefrainfrom taking, any other actionat any time ortimes andin the
manner thatwe, at our reasonable discretion, consider necessary or appropriate to cover,
reduceorremoveourlossorliabilityunder orinrelationtoanyofyourcontracts, positionsor
commitments;and/or
26.1.4 totreatanyorallTransactionshavenotbeensettledbetweenusashavingbeenrepudiated
byyou,meaningthatourobligationsundertheTransaction(s)areimmediatelycancelledand terminated.
26.2 WeoryoumayterminatetheseTermsbygivingtheotherwrittennotice,whichwill takeeffectimmediatelyor
after any period thatis specifiedin the notice. However,wewill give youreasonable noticeof termination
unlessthereisavalidreasonnotto,suchasanEventofDefault.
26.3 On theterminationof thisAgreement, allamounts payable byyou tous willbecome immediatelydue and
incurred by terminating this Agreement, and any losses and expenses resultingfrom the closing out of any Transactionsorsettlingorconcludingoutstandingobligationsincurredbyusonyourbehalf.
26.4 Terminationwill bewithoutprejudice to the completionof Transactionsalready initiated. All Transactions in
progresswillbeexecutedinaccordancewithyourinstructions.
26.5 Upontermination ofthese Terms wewillbeentitled,withoutfirstgivingyounotice,tostopprovidingyouwith
accesstothePlatforms.
26.6 TheterminationoftheseTermswillnotaffectanyrightswhichmayalreadyhavearisenorobligationwhichmay
alreadyhavebeenincurredbyeitherofusundertheseTerms. 27. Personaldataandrecordingoftelephonecalls
27.1 Wemayuse,storeorotherwiseprocesspersonalinformationprovidedbyyouinconnectionwiththeprovisionof
theServices.
27.2 WeareregisteredasadatacontrollerintheUnitedKingdomundertheDataProtectionAct1998.
27.3 Ifyouareanindividual,weareobligedtosupplyyou,onrequest,withacopyofthepersonaldatawhichwe
holdaboutyou(ifany),providedthatyoupayasmallfee.
27.4 PleasebeadvisedthatbysigningtheseTerms,youwillbeconsentingtothetransmittalofyourpersonaldata
(and/orhaveobtainedconsentfromindividualsworkingonyourbehalf)outsidetheEEA.
27.5 Youagreethatwemaypassinformationaboutyouwhichyouhaveprovidedtoothercompaniesinourgroup
and to external companies to help usto process and/oranalyse this information as part of the provision of
Servicestoyou.
27.6 With your permission, your personal data may also be used for marketing purposes or to conduct market
researchfor usorothercompaniesinourgroup, whichmayuse thepersonaldata tobringtoyour attention
productsandservicesthatmaybeofinteresttoyou,andalsotoassistintheefficientprovisionoftheServices. Pleaseadviseinwritingifyoudonotwishyourpersonaldatatobeusedforsuchpurposes.
27.7 Anytelephoneconversationbetweenyouandusmayberecorded. Allinstructionsreceivedbytelephonewill
bebindingasifreceivedinwriting. Ourrecordingsshallbeandremainoursolepropertyandwillbeaccepted
byyouasconclusiveevidenceoftheorders,instructionsorconversationssorecorded. Youagreethatwemay
delivercopiesoftranscriptsofsuchrecordingstoanycourt,regulatoryorgovernmentauthority. 28. Consenttodirectcontact
28.1 We may from time totime contact youin relation to administeringthe Servicesprovided to youunder this
Agreementortoofferyouotherfinancial servicesorproductsthatyoumaybeinterestedin.Wemaycontact
youbytelephone,faxorothermethodsofcommunicationforthesepurposesandyouconsenttothiscontact.
Pleaseadviseusinwritingifyoudonotwishtohearaboutotherfinancialservicesorproducts.
28.2 You consenttoreceive thecommunications describedinsub-clause28.1aboveandacknowledgethat such
communicationwouldnotbeconsideredbyyouasbeingabreachofanyofyour rightsunderanyrelevant
dataprotectionand/orprivacyregulations.
29. Complaintsandcompensation
29.1 Ifyouthinkthatyouhavereasontomakeacomplaintpleasewriteinthefirstinstanceto: Complaints
ActivTradesPlc
1ThomasMoreSquare,E1W1YN
UnitedKingdom
Yourcomplaintwillbefullyinvestigatedandafullresolutionsought.Ourcomplaintsprocedureisavailableupon request,butwewillautomaticallyprovideyouwithacopyifwereceiveacomplaintfromyou.
Ifyouareunhappyordissatisfiedwithourhandlingorfindingsinrelationtoyourdisputeorcomplaintyoumay referthemattertotheFinancialOmbudsmanServiceforfurtherinvestigationatFinancial OmbudsmanService,
We are a member of the Financial Services Compensation Scheme (the Scheme). You may be entitled to
compensationfromtheSchemeifwecannotmeetourobligationstoyou.Thisdependsonthetypeofbusiness
and thecircumstances ofthe claim. The Schemeis onlyavailableto certaintypes ofclaimantsand claims.
Payments under the Schemein respect of investments are subject to a maximum payment to any eligible
investorof100%ofthefirst£50,000.Theamountsofcompensationmaybechangedfromtimetotimeandyou
should check your entitlement with the Scheme. Further information about compensation arrangements is
available from the Scheme.You can contactthe Schemeby calling theirHelpline on + 4 4 (0)207 741 4 1 0 0,
loggingontotheirwebsiteat www.fscs.org.uk orwritingtotheFinancial Services CompensationScheme,10th Floor,Beaufort House, 15 St Botolph Street, London EC3A 7QU.
30. Confidentiality
Theinformationweholdaboutyouisconfidentialandwillnotbeusedforanypurposeotherthaninconnection withtheprovisionoftheServices. Informationofaconfidentialnaturewillbetreatedassuchprovidedthatsuch
information is not already in the public domain. Information of a confidential nature (including information
relatingtoyour Transactions)willonlybe disclosedoutside agroup ofcompaniestowhichwebelonginthe followingcircumstances:
30.1 whererequiredbylaworifrequestedbyanyregulatoryauthorityorexchangehavingcontrolorjurisdictionover us(oranyrespectiveAssociate);
30.2 toinvestigateorpreventfraudorotherillegalactivity;
30.3 toanythirdpartyinconnectionwiththeprovisionofServicestoyoubyus;
30.4 tointermediatebrokersorsettlementagents;
30.5 forpurposes ancillarytotheprovisionoftheServices ortheadministrationofyour account,including,without
limitation,forthepurposesofcreditoridentificationenquiriesorassessments; 30.6 ifitisinthepublicinteresttodisclosesuchinformation;or
30.7 atyourrequestorwithyourconsent.
31. Notices
31.1 AnynoticeorothercommunicationgivenunderthisAgreementmustbeinwritingandmaybe:
31.1.1 madebyelectronicmeans,includinge-mail;
31.1.2 deliveredpersonally;
31.1.3 sent by prepaid recordeddelivery or registeredpost,or registeredairmail in the case ofan
addressforserviceoutsidetheUnitedKingdom;or
31.1.4 byfaxwithaconfirmatorycopysentbypost(asabove),toyourorouraddressasspecifiedin
thisAgreementortosuchotheraddress,thee-mailaddressorfaxnumberaseitheryouorwe mayhavelastnotifiedtotheother,asapplicable.
31.2 Anysuchnoticewillbeconsideredtohavebeenserved:
31.2.1 ifdeliveredbyhand,atthetimeofdelivery;
31.2.2 ifsentbyprepaidrecordeddeliveryorregisteredpost,twoclearBusiness Daysafterthedateof
posting(i.e.notincludingthedayofpostingitself);and
31.2.3 ifsentbyregisteredairmail,fiveclearBusiness Daysfromthedateofposting(i.e.notincluding
thedayofpostingitself);
31.2.4 ifsentbyfax,atthecompletionoftransmissionduringbusinesshoursatitsdestinationor,ifnot
withinbusinesshours,attheopeningofthenextperiodofbusinesshours,butsubjectto: 31.2.4.1 proofbythesenderthatitholdsaprintedtransmissionreportconfirmingdespatch
ofthetransmittednotice;
31.2.4.2 thesendernotreceivinganytelephonecallsfromtherecipient,tobeconfirmed
inwriting,thatthefaxhasnotbeenreceivedinalegibleform;and
31.2.4.3 despatchofthenoticebypostinaccordancewith clause31.1.4 onthesame
dayasitstransmission;and
31.2.5 ifsentbye-mail,onehouraftersendingduringbusinesshoursatitsdestinationor,ifnotwithin
businesshours,attheopeningofthenextperiodofbusinesshours,butsubjecttono“notsent” or“notreceived”messagebeingreceivedfromtherelevante-mailproviders.
31.3 Forthepurposeofclause31.2,businesshoursmeansbetween9.00a.m.and5.30p.m.onaBusiness Day.
31.4 E-mailmaybeusedtoenableustocommunicatewithyou. Aswithanyothermeansofdeliverythiscarrieswith
ittherisk ofinadvertentmisdirectionornon-delivery. Itisyourresponsibilitytocarryoutaviruscheck onany
attachments received. As internetcommunications are capableofdata corruptionwedo not acceptany
responsibility for changes made to such communications after their dispatch. For this reason it may be
inappropriatetorelyonthecontentofane-mailwithoutobtainingwrittenconfirmationofit. Allrisksconnected
withsendingconfidentialinformationrelatingtoyouarebornebyyouandarenotourresponsibility. Ifyoudo
notacceptthisrisk,youshouldnotifyusinwritingthate-mailisnotanacceptablemeansofcommunication. 32. General
32.1 ThegrantingbyyouorusofanytimeorconcessioninrespectofanybreachoftheseTermsbytheotherwillnot
beconsideredtobeawaiverofthatbreach.
32.2 TheseTermscomprisetheentireagreementbetweenthepartiesrelatingtothesubjectmatterhereofandeach
ofthepartiesacknowledgesthatithasnotenteredintotheseTermsrelyingonanyrepresentation,statementor agreement,whetheroralorinwriting,otherthanthoseexpresslyincorporatedintheseTerms.
32.3 Set-off:inadditiontoanyotherrighttowithholdpayment,wemayatanytimeandwithoutnoticetoyou,setoff
anyamountsowingbetweenyouandus.Ifweexercisetherightofset-offanditshowsthattheamountsdueto usexceedtheamountsduetoyou,wewillgiveyounoticeofthisandyoushallimmediatelypaysuchexcessto us. For the purposes of set-off any amounts due or available within joint accounts held with other person(s) will be the responsibility of each of the joint accounts holders in equal part.
32.4 If,at anytime,anyprovisionofthis Agreementisorbecomesillegal,invalidorunenforceableinanyrespect
underthelawofanyjurisdiction,neitherthelegality,validityorenforceabilityoftheremainingprovisionsofthis Agreementnorthelegality,validityorenforceabilityofsuchprovisionunderthelawofanyotherjurisdictionshall inanywaybeaffected.
33. Governing law and jurisdiction
These Terms, and any non-contractual obligations connected with them, are governed by and construed in accordance with English law and you and we submit to the exclusive jurisdiction of the English courts.
34. Negative Protection
34.1 Our conditions are designed to prevent you from incurring a negative balance when trading under normal market conditions. However, it may still be possible to incur a negative balance whilst trading and therefore we will reimburse the negative balance on your account. The provisions of this clause shall not apply:
34.1.1 where ActivTrades determines that the negative balance is unrelated to the trading activity. For example, where the negative balance relates to any fees or charges owed to ActivTrades; 34.1.2 where the negative balance is connected to or a result of a breach of any provision within these
Terms;
34.1.3 where we are able to set-off any amounts owing between you and us under clause 32.3 of these
Terms;
34.1.4 where we, at our sole discretion, notify you that you are excluded from this protection; and 34.1.5 in the case of an event arising as described in clause 24 (except 24.1.2) of these Terms.
DocumentChecklist:
Thefollowingpolicies anddocumentsareavailableonourWebsite(www.activtrades.com)orinhardcopyonrequest.If youhaveanyquestions,pleasecall+44(0)207 6500 500oremailusat compliance@activtrades.com.
ICONFIRMTHATIHAVEREADTHEFOLLOWINGPOLICIES/DOCUMENTSANDAGREETOTHEIRTERMS.
Summary order execution policy
(http://cdn.acti vtrades.com/documents/legal /at_en_summary.pdf)
Swapsinformation(http://www.activtrades.co.uk/index.aspx?page=forex_swaps)
Conflictsofinterestpolicy(http://cdn.activtrades.com/documents/legal/at_en_conflicts.pdf)
ElectronicTradingSupplement
(http://cdn.activtrades.com/documents/legal/at_en_electronic.pdf)
These areour standardterms ofbusinessuponwhich weintend torely. For your ownbenefitandprotection,you should
readthese Terms carefully beforesigning them.If you do notunderstandany point, please askfor furtherinformationor seekindependentlegalorfinancialadvice.
IHAVEREADTHECLIENTAGREEMENTANDAGREETOITSTERMS:
Signed:……….
Name: ……….
Schedule
1
Information
Notice
ThisNoticeisprovidedbyActivTradesPlc(registeredinEnglandwithnumber 05367727)whoseregisteredofficeisat
1ThomasMoreSquare,LondonE1W1YN (we)toyouincompliancewiththeFCARules.
All words and expressions defined inthe Termsof business shall, unless thecontext requires otherwise, havethesame meaninginthisNotice.
Thefollowingstatementsareintendedtomakeyouawareofanddisclosetoyouthenatureandriskofcertaininvestment typesandtradingstrategiesandpotentialforriskandlossthatwillariseinrespectoftradingonthefinancialmarkets. ThisNoticecannotdisclosealltherisksandothersignificantaspects ofeither theinvestmenttypessuchaswarrantsand derivative products including futures, options,and contracts for differences, orthe differenttrading strategies. Before
undertakinganytradingyoumustfamiliariseyourselfwiththeproductthatyouproposetotradeandthewayinwhichthe market operates.Pleaseensure thatyoureadalltheinformation onourWebsite thatis relevanttothetradingthatyou proposetoundertakewithus.Youshouldnotdealintheseproductsunless youunderstandtheirnatureandtheextentof yourexposuretorisk. Youshouldalsobesatisfiedthattheproductissuitableforyouinthelightofyourcircumstancesand
financial position. Certainstrategies,such asa “spread”positionora“straddle”,may beas riskyas asimple “long”or
“short”position.
Although warrants and/or derivativeinstruments can be utilised for the management of investmentrisk, some ofthese
productsareunsuitableformanyinvestors. Differentinstrumentsinvolvedifferentlevelsofexposuretoriskandindeciding
whethertotradeinsuchinstrumentsyoushouldbeawareofthefollowingpoints: 1. Securitisedderivatives
Theseinstruments may give you a time-limitedrightor anabsolute rightto acquire orsell one ormore types of investment,whichisnormallyexercisable againstsomeoneotherthantheissuerofthat investment. Ortheymay
give you rightsunder a contract for difference,which allows for speculationon fluctuations in the value of the propertyofanydescriptionoranindex,suchastheFTSE100index. Inbothcases,theinvestmentorpropertymay
bereferredtoasthe"underlyinginstrument".
Theseinstrumentsofteninvolvea highdegree ofgearing orleverage,sothatarelativelysmallmovementin the priceoftheunderlyinginvestment resultsina muchlargermovement,unfavourableorfavourable,inthepriceof theinstrument. Thepriceoftheseinstrumentscanthereforebevolatile.
Theseinstrumentshavealimitedlife,andmay(unlessthereissomeformofguaranteedreturntotheamountyou areinvestingintheproduct)expireworthlessiftheunderlyinginstrumentdoesnotperformasexpected.
Youshould onlybuythis productifyou arepreparedtosustain atotal orsubstantiallossofthemoney youhave investedplusanycommissionorothertransactioncharges.
You shouldconsider carefully whether or not this product is suitable for you in light of yourcircumstances and financialposition,andifinanydoubtpleaseseekprofessionaladvice.
2. Futures
Transactionsinfuturesinvolvetheobligationtomake,ortotake,deliveryoftheunderlyingassetofthecontractata futuredate,orin some casesto settlethe positionwithcash. Theycarrya high degreeofrisk. The gearing or
leverageoftenobtainableinfuturestradingmeansthatasmalldepositordownpaymentcanleadtolargelosses aswellasgains. Italsomeansthatarelativelysmallmovementcanleadtoaproportionatelymuchlargermovement
in the value ofyour investment, andthis can work against you aswell as for you. Futures transactionshavea
contingentliability, andyoushouldbeawareoftheimplications ofthis,in particularthemargining requirements, whicharesetoutinparagraph11below.
3. Options
Therearemanydifferenttypesofoptionswithdifferentcharacteristicssubjecttothefollowingconditions. Buyingoptions:
Buyingoptionsinvolveslessriskthansellingoptionsbecause,ifthepriceoftheunderlyingassetmovesagainstyou, youcansimplyallow theoptiontolapse. Themaximumlossislimitedtothepremium,plusanycommissionorother
willacquirethefuture. Thiswillexposeyoutotherisksdescribedunder“futures”and“contingentliabilityinvestment
transactions”. Writingoptions:
Ifyouwriteanoption,theriskinvolvedisconsiderablygreaterthanbuyingoptions. Youmaybeliableformarginto
maintainyourpositionandalossmaybesustainedwellinexcessofthepremiumreceived. Bywritinganoption,you
acceptalegalobligationtopurchaseorselltheunderlyingassetiftheoptionisexercisedagainstyou,howeverfar themarketpricehasmovedawayfromtheexerciseprice. Ifyoualreadyowntheunderlyingassetwhichyouhave
contractedtosell(whentheoptionswillbeknownas“coveredcalloptions”)theriskisreduced. Ifyoudonotown
the underlying asset (“uncovered call options”) the risk can be unlimited. Only experienced persons should
contemplatewritinguncoveredoptions,andthen onlyaftersecuringfull detailsoftheapplicableconditionsand potentialriskexposure.
Traditionaloptions:
CertainLondonStockExchangememberfirmsunderspecialexchangeruleswriteaparticulartypeofoptioncalled a“traditionaloption”. Thesemayinvolvegreaterriskthanotheroptions. Two-waypricesarenotusuallyquotedand
thereisnoexchangemarketonwhichtocloseoutanopenpositionortoeffectanequalandoppositetransaction toreverseanopenposition. Itmaybedifficulttoassessitsvalueorforthesellerofsuchanoptiontomanagehis
exposuretorisk.
Certain optionsmarkets operate on a marginedbasis, underwhich buyersdo notpay the fullpremium ontheir
optionatthetimetheypurchaseit. Inthissituationyoumaysubsequentlybecalledupontopaymarginon the
optionuptothelevelofyourpremium. Ifyoufailtodosoasrequired,yourpositionmaybeclosedorliquidatedin
thesamewayasafuturesposition.
4. SpreadBetting
Financialspreadbettingenablestraderstospeculateonthemovementoffinancialinstruments,bychoosingthe value(stake)ofeachpointthepricemoves.
Youwillbeabletobet,orenteratrade,backingwhateveryouthinkafinancialinstrumentwilldonext.Foreach pointthemarketmoves,sowillyourgainsorlossesbymultiplesofyourstake.Asthemarketmovesinyourfavour, youwillprofitbymultiplesofyourstake.Ontheotherhand,shouldthemarketgotheoppositedirection,thensowill thelosses.
5. Contractsfordifference
Futuresandoptionscontractscanalsobereferredtoascontractsfordifference. Thesecanbeoptionsandfutures
ontheFTSE100indexoranyotherindex,aswellascurrencyandinterestrateswaps. However,unlikeotherfutures
andoptions,thesecontractscanonlybesettledincash. Investinginacontractfordifferencescarriesthesamerisks
asinvestinginafutureoranoptionandyoushouldbeawareoftheseassetoutinparagraphs5and6respectively.
Transactions in contracts for differences may also have a contingentliability and you should be aware of the
implicationsofthisassetoutinparagraph12below. 6. Off-exchangetransactionsincontractsfordifference
Thesetransactionsarenotcarriedoutona recognisedexchangeordesignatedexchangeandthismaymeana
higherlevelofriskisincurredbytheinvestor.Thebettingstructureandthebettingrolesareestablishedsolelybyus. This means, for example, that ifyou wish to close the bet earlier than at the time at which it would otherwise automaticallyexpire,youwillhave tocloseit atour quotation,which mayreflect apremium ordiscount tothe underlyingmarket.Whentheunderlyingmarketisclosed,ourquotationcanbeinfluencedbytheweightofother clientsbuyingorselling.Betsenteredintowithuscanonlybeclosedwithus.
7. Off-exchangetransactionsinderivatives
It may not always be apparent whether or not a particular derivative is arranged on exchange or in an
off-exchangederivativetransaction. Wemustmakeitcleartoyouifyouareenteringintoanoff-exchangederivative
transaction.
Whilesomeoff-exchangemarketsarehighlyliquid,transactionsinoff-exchangeornon-transferablederivativesmay
involve greaterriskthaninvesting inon-exchangederivatives becausethereis no exchangemarketonwhich to
closeoutanopenposition. Itmaybeimpossibletoliquidateanexistingposition,toassessthevalueoftheposition
arisingfrom anoff-exchangetransactionortoassesstheexposuretorisk. Bidpricesandofferpricesneednotbe
quoted,and,evenwheretheyare,theywillbeestablishedbydealersintheseinstrumentsandconsequentlyitmay bedifficulttoestablishwhatisafairprice.
