Special Terms and Conditions for eforex

Transcription

1 Special Terms and Conditions for eforex 1. AGREEMENT AND TRADING PLATFORMS 1.1. Swissquote Europe Ltd (hereinafter Swissquote ) offers Trading Platforms for the trading of currencies, precious metals and other supported Financial Instruments, including, as the case may be, contracts for differences (hereinafter altogether the eforex Instruments ), such as Advanced Trader, Web Trader or Mobile Trader and other Trading Platforms as may be offered from time to time (hereinafter individually, an eforex Platform and collectively, the eforex Platforms ) These Special Terms and Conditions for eforex govern the use of the eforex Platforms and the Transactions performed under them (hereinafter the eforex Transactions ), whether these eforex Transactions are initiated electronically or with the assistance of Swissquote s Trading Desk (hereinafter the Trading Desk ) These Special Terms and Conditions for eforex form an integral part of the Agreement, which shall apply to the Service provided by Swissquote in executing the eforex Transactions. These Special Terms and Conditions shall also apply to any other Account opened by the Client with Swissquote in relation to any of the eforex Trading Platforms (e.g. an Account with another base currency) The Client has read and understood, and accepts all the provisions of these Special Terms and Conditions for eforex, as well as the information contained in the documents to which these Special Terms and Conditions for eforex refer, and in particular Swissquote s website, any Trading Rules (as defined below) and the various prospectuses, fact sheets and other information sheets available on Swissquote s website or on any eforex Platform. All these mentioned documents form an integral part of these Special Terms and Conditions for eforex. The Client acknowledges and agrees that Swissquote considers that once the Client has completed an eforex Transaction subject to or in accordance with a prospectus, factsheet or other information sheet available on Swissquote s website or on an eforex Platform, the Client accepts the terms of that document Except if otherwise stated, the definitions set out in the General Terms and Conditions shall apply for the purposes of these Special Terms and Conditions for eforex The Client acknowledges and agrees that in the event of contradiction between these Special Terms and Conditions for eforex and the General Terms and Conditions or any other contractual document, these Special Terms and Conditions for eforex take precedence unless otherwise agreed Swissquote reserves the right to amend these Special Terms and Conditions for eforex in accordance with the provisions of the General Terms and Conditions. 2. TRADING RULES 2.1. The Client acknowledges and agrees that Swissquote is free to set the terms of use of the eforex Platforms (hereinafter the Trading Rules ), which it will set out on its website or in any form that it considers appropriate. In particular, Swissquote may at its discretion set: a) the hours of operation of the eforex Platforms; b) the hours of closure of the eforex Platforms (e.g. the hours over the weekend during which eforex Transactions are not possible; c) the cut-off time for performing Roll-overs (as defined below) and booking the Rollover Credit/Debit (as defined below); d) the hours of operation of the Trading Desk; e) the minimum and maximum eforex Transaction amounts; f) the maximum number of Open Positions; g) the minimum and maximum amounts of the eforex Margin; h) the maximum leverage effect during the hours of operation or closure of the eforex Platforms; i) the eforex Instruments available on the eforex Platforms; j) the currency, frequency, and other terms related to the booking of realised and unrealised profits and losses (also called Profit and Loss or PnL ), as well as to the Roll-over Credit/Debit (as defined below); k) the frequency, location, and production of Transaction advice notes, statements, and other Reports The Trading Rules may differ depending on the Client, client groups, the period in question, or other criteria chosen by Swissquote Swissquote shall be entitled to amend the Trading Rules at its sole discretion, at any time and without prior notice By carrying out an eforex Transaction, the Client confirms that he/she has read the latest version of the Trading Rules before v1 / September

2 executing the said eforex Transaction and accepts them. 3. POSSIBILITY TO USE AN EFOREX PLATFORM 3.1. Swissquote may at any time, on a case by case basis and as it sees fit, decide, without being obliged to inform the Client in advance or give reasons, to limit or withdraw the Client s right to perform eforex Transactions and/or to access the eforex Platforms and/or refuse his/her Orders, to the extent that these Orders do not solely concern the liquidation of Open Positions. Swissquote shall inform the Client once such a decision has been taken. In this regard, Swissquote recommends that the Client has an account available with another investment services company offering the same services as Swissquote so that the Client can perform the desired eforex transactions if these cannot be performed on the eforex Platforms Except in the case of fraud or gross negligence on its part, Swissquote may not be held liable for having prevented the Client from placing an Order The Client is aware that access to an eforex Platform might require him/her to install a software. It is possible that the Client will not be able simply to connect to his/her Account to execute eforex Transactions. The Client shall take account of this possible limitation: as soon as the Client has Open Positions on an eforex Platform, he/she shall always ensure that he/she is able to use said platform at very short notice. In situations where the Client needs to undertake eforex Transactions quickly, the possible need to install a software before being able to carry out these eforex Transactions could have unfortunate consequences. 4. MARGIN 4.1. The Client shall maintain at all times in his/her Account an amount that the Client wishes to use in order to carry out eforex Transactions (hereinafter the eforex Margin ) that covers the margin required by the Open Positions in his/her Account without notice from Swissquote. The Client shall pay to Swissquote any required monies as a margin and pay the monies necessary to clear any debit balance on any Account Swissquote is free to fix, at its sole discretion and regardless of market conditions, the margin required in respect of the eforex Transactions the Client wishes to carry out and the Open Positions the Client holds with Swissquote. Swissquote reserves the right to modify the required margin. Within this framework Swissquote may, but is not obliged to take into consideration the assets held by the Client with Swissquote, the amount of Open Positions in the Client s Account, the volume of eforex Transactions, the times and days involved and the conditions on the market, such as a pronounced lack of liquidity or a high volatility. The Client should refer to Swissquote s website in order to ensure that a sufficient eforex Margin is kept in his/her Account If the Client fails to cover the margin required by the Open Positions in his/her Account and/or if the Liquidation Percentage (as defined below) is reached and/or if the eforex Margin is not sufficient to cover the margin required by the desired eforex Transactions, Swissquote is authorised, without being obliged, and without providing prior notice, (i) to refuse to carry out any Order, to the extent that these Orders do not solely concern the liquidation of Open Positions and/or (ii) to liquidate all or part of the Open Positions, which may result in the loss of all funds deposited or even more. If one, several or all of the Open Positions are liquidated in this manner, Swissquote reserves the right to use the corresponding income to cover all sums due to it. Swissquote shall, in the event of exercising its rights under this Article, inform the Client accordingly The Client undertakes to monitor the status of any of his/her Orders until he/she has been informed of the execution or nonexecution of said Orders. 5. LEVERAGE EFFECT 5.1. eforex Transactions generally involve the use of leverage. The maximum leverage may differ according to client groups, the period in question, or other criteria chosen by Swissquote. For example, the maximum leverage effect authorised overnight or outside Business Days may differ from the maximum leverage effect normally authorised during Business Days. In this regard, it should be noted that THE TRANSITION TO A PERIOD WHEN THE MAXIMUM LEVERAGE EFFECT IS DIFFERENT COULD BRING ABOUT THE AUTOMATIC LIQUIDATION OF ALL OR PART OF CLIENT S OPEN POSITIONS Swissquote may change the maximum leverage effect at any time without notice for a fixed or indeterminate period for clients or client groups at its discretion. In particular, this may occur in extreme market conditions characterised by a lack of liquidity or high volatility. A CHANGE TO THE MAXIMUM v1 / September

3 LEVERAGE EFFECT MAY BRING ABOUT THE AUTOMATIC LIQUIDATION OF ALL OR PART OF CLIENT S OPEN POSITIONS THE CLIENT HEREBY ACKNOWLEDGES THAT HE/SHE SHALL ACCEPT ANY CONSEQUENCE ARISING FROM A CHANGE TO THE MAXIMUM LEVERAGE EFFECT. 6. ROLL-OVER OF OPEN POSITIONS 6.1. In the event that Swissquote does not receive instructions from the Client to liquidate or offset an Open Position by the close of a Business Day two (2) Business Days or, for certain currencies, one (1) Business Day prior to the settlement spot date of the said Open Position, Swissquote is authorised, but not obliged to, proceed to a roll-over (hereinafter the Roll-over ) of the said Open Positions to the next settlement spot date being a Business Day The Roll-over (also sometimes called swap or tomorrow next (tom-next) ) will have an effect on the Account. The Open Positions concerned by the Roll-over will remain open, but Swissquote shall credit or debit an amount, which is referred to as the Rollover Credit/Debit. It is calculated by Swissquote at its sole discretion The Client confirms that he/she has read and understood the explanations on the principle, the mechanism, the parameters and other details on the Roll-over, as available in these Special Terms and Conditions for eforex, on Swissquote s website or in any form that Swissquote considers appropriate. He/she further confirms that he/she has understood and accepts that the Roll-over may be applied differently depending on the eforex Instrument concerned. 7. RISKS ASSOCIATED WITH EFOREX TRANSACTIONS 7.1. THE CLIENT ACKNOWLEDGES AND UNDERSTANDS THAT TRADING IN EFOREX INSTRUMENTS IS HIGHLY SPECULATIVE, INVOLVES AN EXTREME DEGREE OF RISK, AND IS GENERALLY APPROPRIATE ONLY FOR PERSONS WHO CAN ASSUME RISK OF LOSS IN EXCESS OF THEIR EFOREX MARGIN The Client is referred to the eforex Risk Disclosure Statement, which outlines the risks associated with eforex Transactions, which is attached hereto. 8. CLIENT S REPRESENTATIONS AND WARRANTIES 8.1. As of the date hereof, the date of any Operation in the Account and any date on which the Agreement or any part thereof is revised, updated or amended, the Client represents and warrants the following to Swissquote and agrees to the following for the benefit of Swissquote: a) The Client confirms that he/she understands the nature of all the eforex Transactions that he/she carries out, all the circumstances surrounding the eforex Transactions, the required margin for such eforex Transactions, the Roll-Over mechanisms, the aspects connected to the price, the risk factors, the degree of risk, and the extent of the risk to which he/she will be exposed by carrying out such eforex Transactions, having particular regard to the upward or downward movements of prices, the possible restrictions linked to the overthe-counter (also called OTC ) market, the Market Rules, and the other legal terms and conditions connected to such eforex Transactions. b) The Client is aware of the Market Rules applicable to eforex Transactions and agrees to abide by those rules. c) The Client will only invest assets that he/she can afford to lose without having to change his/her standard of living, and the Client will cease trading in eforex Instruments if his/her financial situation no longer permits it. The Client understands that only assets that are not required for meeting the current expenses of his/her household and that are proportionate to the rest of his/her assets should be placed at risk by the eforex Transactions. The assets that the Client invests may be considered by Swissquote as risk capital. 9. MANAGEMENT AND MONITORING OF OPEN POSITIONS 9.1. The Client accepts that he/she is solely responsible for the management and monitoring of his/her Open Positions In order to limit the extent of the risks and/or implement investment strategies, the Client may want to consider using different types of orders, such as Spot orders, Market Best orders, Limit orders, Stop orders, Trailing Stop orders, One Cancels the Other (OCO) orders, If Done orders or If Done Once Cancel the Other orders. A definition of all available types of orders is available on Swissquote s website or on the eforex Platforms. v1 / September

4 9.3. The Client acknowledges that he/she shall frequently consult his/her Account, and in particular continually monitor the eforex Margin when he/she has one or several Open Positions in his/her Account. The Client should also refer to Article 3.3 of these Special Terms and Conditions for eforex. 10. SWISSQUOTE AS A COUNTERPARTY, SPREADS AND CONFLICTS OF INTEREST The Client acknowledges and accepts that, except if otherwise indicated, THE EFOREX TRANSACTIONS SHALL NOT BE CONDUCTED VIA A REGULATED MARKET, MULTILATERAL TRADING FACILITY OR ANY SIMILAR ORGANISATION The Client acknowledges and accepts that, except if otherwise indicated, ALL EFOREX TRANSACTIONS MADE AND ENTERED INTO BY SWISSQUOTE UPON INSTRUCTION BY THE CLIENT, ARE MADE AND ENTERED INTO BY SWISSQUOTE AS PRINCIPAL, I.E. AS COUNTERPARTY. Swissquote shall enter into all eforex Transactions with the Client in the capacity as buyer when the Client wishes to sell, and as seller when the Client wishes to buy, and not as broker, intermediary, agent, or in any fiduciary capacity. Each eforex Transaction is a contract of sale within the meaning of the Civil Code (Cap. 16 of the Laws of Malta). For some eforex Instruments, Swissquote further acts as a provider for derivatives Subject to the Best Execution Policy, as amended from time to time, the Client acknowledges and accepts that SWISSQUOTE HAS NO OBLIGATION TO OFFER PRICES AT ANY TIME. eforex Transactions shall therefore be entered into at the sole discretion and option of Swissquote. In the event that Swissquote does not offer a price during a certain period, the Client will not be able to open or liquidate an Open Position via the eforex Platforms and the Client s Orders will not be executed Subject to the Best Execution Policy, as amended from time to time, the Client acknowledges and accepts that all Market Best Orders, Limit Orders, Stop Orders, Trailing Stop Orders, One Cancels the Other (OCO) Orders, If Done Orders and If Done Once Cancel the Other Orders given to Swissquote and accepted by Swissquote are undertaken on a best efforts basis, that is, Swissquote shall execute the said Orders at the next available price taking into consideration the volume available to buy or sell at that price and the quantity and volume of orders that precede the Client s said Order, in accordance with the relevant regulations and the Trading Rules, as amended from time to time. The Client acknowledges, however, that due to market conditions or other circumstances, Swissquote may be unable to execute such Orders and the Client agrees that Swissquote shall bear no liability for failure to execute such Orders. This includes but is not limited to all such Orders that are entered outside the Business Days. In such circumstances, Orders will be executed on a best efforts basis once the corresponding eforex Platform is reopened on the next Business Day. The Client acknowledges that execution may not be immediate or at the price dictated by the opening level due to market conditions, market liquidity, price gaps or other circumstances THE CLIENT ACKNOWLEDGES AND ACCEPTS THAT, SUBJECT TO THE BEST EXECUTION POLICY, SWISSQUOTE, AS COUNTERPARTY, IS NOT OBLIGED TO PROVIDE THE BEST PRICE FOR THE CLIENT S EFOREX TRANSACTIONS THE CLIENT ACKNOWLEDGES AND ACCEPTS THAT IN AN EFOREX TRANSACTION, SWISSQUOTE S INTEREST IS CONTRARY TO THE CLIENT S. THE CLIENT IS SOLELY RESPONSIBLE FOR JUDGING WHETHER THE PRICES OFFERED BY SWISSQUOTE ARE ACCEPTABLE TO HIM/HER. In this regard, the Client is aware that no central source exists for exchange rates and that these rates and prices are negotiated individually, resulting in inefficiencies in their setting Swissquote is free to apply the spreads that it sees fit. Swissquote reserves the right to quote different spreads according to the size of the Client s deposit, the size of the eforex Transaction, or any other reason that Swissquote deems appropriate. Spreads will in particular increase in exceptional market conditions, following decisions by central banks, monetary policy decisions, or any similar events The Client acknowledges and accepts that the price offered by Swissquote is not the same as that obtained by Swissquote at the same time. Swissquote is in no way obliged to inform the Client of the profit margin obtained by Swissquote on eforex Transactions The Client acknowledges and accepts that Swissquote may have positions that bet on the same market movement as the Client is betting on, or positions that speculate upon an opposite movement. If Swissquote elects not to cover its own trading exposure, then the Client should be aware that Swissquote may make more money if the market goes v1 / September

5 against him/her THE CLIENT UNDERTAKES TO REGULARLY CONSULT SWISSQUOTE S WEBSITE IN ORDER TO READ SWISSQUOTE S CONFLICTS OF INTEREST POLICY AVAILABLE ON SWISSQUOTE S WEBSITE. 11. AUTOMATIC LIQUIDATION SYSTEM The Client acknowledges and agrees that Swissquote has set up a system that automatically liquidates all or part of the Client s Open Positions depending on defined circumstances (hereinafter the Automatic Liquidation System ). The functioning, parameters and other information pertaining to the Automatic Liquidation System, in particular the relevant percentage for the liquidation (hereinafter the Liquidation Percentage ) are available on Swissquote s website or in any form that Swissquote considers appropriate and may be amended at Swissquote s sole discretion at any time The Client confirms that prior to opening the Account he/she has studied and understood all the information relating to the Automatic Liquidation System and accepts the Automatic Liquidation System and the terms related thereto. IN PARTICULAR, THE CLIENT ACKNOWLEDGES THAT HE/SHE HAS UNDERSTOOD THAT THE ACTIVATION OF THE AUTOMATIC LIQUIDATION SYSTEM AS SOON AS THE LIQUIDATION PERCENTAGE IS REACHED DOES NOT MEAN THAT THE CLIENT S LOSSES WILL CORRESPOND TO THE LIQUIDATION PERCENTAGE; TAKING INTO ACCOUNT THE RAPIDITY AND EXTENT OF THE FLUCTUATIONS THAT APPLY TO PRICES, THE CLIENT S LOSSES MAY BE MUCH HIGHER The Client accepts the Automatic Liquidation System and acknowledges that SWISSQUOTE HAS NO OBLIGATION TO PROCEED WITH A SO-CALLED MARGIN CALL, that means request the deposit of additional assets such that the necessary margins are re-established. If Swissquote nonetheless proceeds with a margin call, it does so out of goodwill and the application of the Automatic Liquidation System will in no way be changed. The Client hereby accepts any eforex Transaction performed by virtue of the Automatic Liquidation System and acknowledges that the Client is solely liable for Damages resulting from the automatic liquidation of all or part of the Client s Open Positions The Client acknowledges and accepts that the Automatic Liquidation System has been set up for the sole benefit of Swissquote and that, while the Automatic Liquidation System has the purpose of avoiding the Client losing more than the eforex Margin and Swissquote will, in the vast majority of cases, ensure that the Automatic Liquidation System is activated as soon as the Liquidation Percentage is reached, it is entitled rather than obliged to do so. No warranty is given by Swissquote in this regard. The Client may still suffer a loss much higher than the eforex Margin The Client acknowledges that the Automatic Liquidation System may not function. The Client accepts that, except in the case of fraud or gross negligence on its part, Swissquote shall not be liable if the Automatic Liquidation System is not activated as soon as the Liquidation Percentage is reached The Client is obliged to ensure that his/her losses do not exceed the amount of his/her eforex Margin. The Client confirms that he/she is solely responsible for any Damages resulting from the non-liquidation (automatic or otherwise) of his/her Open Positions THE CLIENT ACKNOWLEDGES AND ACCEPTS THAT IN CERTAIN SEVERE CIRCUMSTANCES, SUCH AS, BUT NOT LIMITED TO, THE NON-SATISFACTION OF SWISSQUOTE S MARGIN REQUIREMENTS TOWARDS ITS COUNTERPARTIES, THE UNAVAILABILITY OF THE EFOREX PLATFORMS OR A FORCE MAJEURE EVENT, SWISSQUOTE SHALL BE ENTITLED, AT ITS SOLE DISCRETION, TO TAKE ANY STEPS THAT IT CONSIDERS NECESSARY, IN PARTICULAR CEASE OFFERING PRICES FOR SOME OR ALL EFOREX INSTRUMENTS, CLOSE ANY OF THE EFOREX PLATFORMS AND/OR ACTIVATE THE AUTOMATIC LIQUIDATION SYSTEM, EVEN THOUGH THE LIQUIDATION PERCENTAGE HAS NOT BEEN REACHED. IN THIS EVENT, THE CLIENT UNDERSTANDS THAT HIS/HER OPEN POSITIONS WILL BE LIQUIDATED REGARDLESS OF THE CLIENT S WISHES. 12. NETTING In the event that at the end of any Business Day Swissquote and the Client owe each other money due to eforex Transactions carried out, the obligations of each of Swissquote and the Client to make the payments in question shall be automatically netted off on that date and if the total amount payable by one party is greater than the total amount payable by the other party, the obligations shall be superseded on that date v1 / September

6 by the obligation of the party owing the highest amount to pay to the other party the difference between the two amounts Furthermore, for all claims arising from its business relations with the Client, irrespective of their value dates or the currencies in which they are denominated, Swissquote shall, with respect to its receivables, have netting rights for all Open Positions and all Financial Instruments held in its custody at Swissquote or in another location for the Client s account. Swissquote shall also be entitled at any time to net the Accounts the Client has opened with it, including Accounts with different branches or correspondents, regardless of their designation and the currency in which they are denominated. Moreover, netting shall be permissible even if Swissquote s and the Client s services are not identical, if the amount receivable to be netted aims to return items or security rights deposited with Swissquote or its correspondents, or if said amount receivable is subject to claims and exceptions. Swissquote will notify the Client of any netting carried out in accordance with the terms of this paragraph THE CLIENT ACKNOWLEDGES THAT HE/SHE MAY NOT, IN ANY CIRCUMSTANCES, DEMAND THE DELIVERY OR PAYMENT BY SWISSQUOTE OF THE UNDERLYING OF THE EFOREX INSTRUMENTS (E.G. THE UNDERLYING CURRENCIES). He/she may only request the net amount after the Open Positions have been netted off If the amounts payable are denominated in a currency other than euro, they may be converted by Swissquote into euro at an exchange rate to be determined by Swissquote. 13. EARLY TERMINATION OF EFOREX TRANSACTIONS The Article of the General Terms and Conditions on the Event of Default shall apply to eforex Transactions notwithstanding the Article 11 of these Special Terms and Conditions for eforex. 14. LIABILITY If the Client entered into an eforex Transaction at a price offered by Swissquote but that was incorrect due to an error, Swissquote shall have the right to make the necessary corrections in the Client s Account or to cancel the concerned eforex Transaction. An incorrect price may in particular be given when Swissquote relies on information (including that of Swissquote s counterparties or other third parties) that subsequently proves to be incorrect or defective, due to a spelling error or to special market circumstances, including, without limitation, a lack of liquidity or high volatility. The Client hereby accepts any correction of the said price where Swissquote has made a proper and timely correction taking account of a valid price at the time of the error. Except in the case of fraud or gross negligence on its part, Swissquote shall not be liable for any Damages suffered by the Client with respect to Swissquote s intervention pursuant to this Article The provisions of the General Terms and Conditions and of these Special Terms and Conditions for eforex pertaining to liability shall further apply. 15. REMUNERATION AND CHARGES OF SWISSQUOTE In addition to the spread, Swissquote shall be entitled to debit from any Account the fees, commissions and costs stipulated in the current fee schedule appearing on Swissquote s website or agreed separately in writing. 16. MISCELLANEOUS By accepting these Special Terms and Conditions for eforex, Clients whose Accounts are managed by money managers agree to extend the authorisation given to the money manager to all eforex Transactions, including those that are not covered and/or in that the risk of loss is, in theory, unlimited Subject to the applicable MFSA rules on aggregation and allocation of orders, the Client s Orders may at the discretion of Swissquote be aggregated with Swissquote s own orders or orders of a Group Entity or other clients. The Client is urged to read Swissquote s order allocation policy, available on its website Orders shall not be deemed effective until accepted by Swissquote. 17. GOVERNING LAW AND JURISDICTION These Special Terms and Conditions for eforex shall be governed by and construed in accordance with the substantive law of Malta The place of performance, the exclusive jurisdiction for any dispute arising from or in relation to these Special Terms and v1 / September

7 Conditions for eforex and the place for bringing proceedings all, including those with Clients domiciled outside Malta, shall be Malta. However, Swissquote reserves the right to bring such proceedings before the competent courts having jurisdiction at the Client s place of residence or domicile or before any other competent court, in which case the substantive law of Malta shall remain exclusively applicable. v1 / September