Contracts Forms and Disclosures

8/12/2019 Contracts Forms and Disclosures

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Contracts, Forms

and Disclosures



Account Application Formfor Natural Persons

3

App#:Êâ.:

Zip:Èíäåêñ:

Name:

Surname:

Plese fill separately for each joint account holder.

Street: House:

City: State/Region: Country:

E-mail:Telephone:

Phone Dealing Password:

Stocks: Years Trading:

Years Trading:

Years Trading:

Commodities:

Currencies:

How did you hear about us?

Net Worth (exclusive of residence): Liquid Net Worth:$ $

Estimated Initial Deposit: Annual Net Income:$ $

App#:

Zip:

Passportor ID#:

Country ofIssuance:

Date of Issue: . .

Date of Birth: . .

Preservation of Capital: Income:

USD EUR Other :

Growth: Trading Profits: Speculation: Hedging:

Source Code: (Optional)

Years Trading:Options:

Years Trading:Futures:

Additional:

Title:

Base Currency:

FINANCIAL INFORMATION

INDIVIDUAL OR JOINT ACCOUNT

ACCOUNT INFORMATION

INVESTMENT OBJECTIVES AND INTENDED PURPOSE OF TRADING

INVESTMENT EXPERIENCE

PERSONAL INFORMATION

RESIDENTIAL ADDRESS

CONTACT INFORMATION



Account Application Formfor Companies

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Zip:Èíäåêñ:

Company �Name:

Descriptionof Business:

PRINCIPAL PLACE OF BUSINESS

E-mail:Telephone:

Website, if any:

RegistrationNumber:

Tax ID#:

Date ofRegistration: . .

COMPANY INFORMATION

CORPORATE ACCOUNT

Street: House:


Office:

Zip:

INVESTMENT OBJECTIVES AND INTENDED PURPOSE OF TRADING

Preservation of Capital: Income: Growth: Trading Profits: Speculation : Hedging:

Name:

Surname:

Passportor ID#:

Country of

Issuance:

Date of Issue: . .

PERSON COMPLETING THE APPLICATION FOR THE ORGANIZATION

Date of Birth: . .

Title:

App#:Êâ.:

Zip:Èíäåêñ:

Residential Address

Street: House:


Contact Information

E-mail:Telephone:

App#:

Zip:

Not required:



:

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INVESTMENT EXPERIENCE

Stocks: Years Trading:

Years Trading:

Years Trading:

Commodities:

Currencies:

How did you hear about us? Source Code: (Optional)

Years Trading:Options:

Years Trading:Futures:

Additional:

Net Worth (exclusive of residence): Liquid Net Worth:$ $

Total Assets: Source of Funds:$

Estimated Initial Deposit: Annual Net Income:$ $

FINANCIAL INFORMATION

ACCOUNT INFORMATION

Phone Dealing Password:USD EUR Other :Base Currency:



Customer Agreement

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1. Introduction:

This Agreement (“Agreement”) governs therelationship between Customer and AdmiralMarkets Ltd (“AM”), registered at the followingaddress: Akara Bldg, 24 De Castro Street,Wickhams Cay 1, Road Town, Tortola, BritishVirgin Islands (BVI COMPANY NUMBER: 1006255).Customer agrees to monitor the AM website atwww.fxservice.com for information regardingAM’s services. To the extent that this Agreementvaries from any material provided on the AMwebsite, this Agreement controls. No provisionof this Agreement can be amended or waivedexcept in writing by a Compliance Ofcer of AM,and conrmed in writing by AM’s Chief Executive

Ofcer.

AM Customer Service Department employees arenot authorized to amend or waive the terms ofthis Agreement in any respect.

2. Responsibility for

Providing Customer

Services:

AM generally shall be responsible for thefollowing:

a. Obtaining and verifying Customer’s informationand documentation and opening and closingCustomer’s Accounts.

b. Providing software for Customer’s tradingand arranging for the transmission to the AMMetaTrader System of orders (and modicationsand cancellations thereof) submitted by Customerfor the specied contracts for differences andother investment products that AM may make

available for Customer’s trading in Customer’saccount and arranging for the execution and/orclearance of such orders.

c. Accepting Customer’s orders (and modicationsand cancellations thereof) and clearing themon various exchanges through AM businesscounterparties. Pursuant to the Agreement, AMreserve the right to reject, cancel and modify ordelete any Customer’s order that may be transmitted toAM for execution.

d. Determining the commissions and other feescharged to Customer.

e. Performing certain money services forCustomer. Such services may include, withoutlimitation:

(1) accepting and holding all money submittedto fund Customer’s account (including, withoutlimitation, funds submitted for the purposeof satisfying AM’s initial and maintenancemargin requirements [collectively, “MarginRequirements”]);

(2) applying the Margin Requirements toCustomer’s account;

(3) receiving and distributing dividends and otherdistributions;

(4) processing contracts for differences as a resultof corporate actions;

(5) transferring funds to Customer on withdrawalrequests;

(6) as set forth in the Agreement, effectuating theliquidation of Customer’s positions.

f. Performing certain back—ofce and recordkeeping and reporting functions with respect toCustomer’s account, such as account statements,distributing account statements directly to

Customer by e-mail, maintaining books andrecords of all Customer’s transactions, andreporting such information as may be requiredby relevant regulatory or self-regulatoryorganizations or applicable law.

g. Performing technical services related to the AMMetaTrader System, or certain computer hardwareor software related thereto.

h. Accepting, processing and responding toCustomer’s complaints regarding any Customer’stransaction or Customer’s Account.

AM is authorized to disclose information ordocumentation relating to Customer’s accountand Customer’s transactions to AM’s respectiveafliates. AM and its afliates are authorizedto use, store, or process personal informationprovided by Customer (or its employees, agents orrepresentatives) or otherwise acquired from them.

3. No Tax or Trading Advice:

Representatives of AM are not authorized to

provide tax or trading advice or to solicit orders.



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C u s t o m e r A g r e e m e n t

None of the information, research or othermaterial provided by AM or on the AM websiteconstitutes a recommendation by AM or a

solicitation to buy or sell contracts for differencesor other investment products. Customer retainsfull responsibility for making all trading decisionswith respect to Customer’s account.

4. Acknowledgment of Risks:

Customer acknowledges that trading contractsfor differences and other investment productstraded on foreign markets is a highly speculativeactivity involving a high degree of risk, arising

from the use of leverage and rapidly uctuatingmarkets. Customer represents that Customer iswilling and able to assume these risks. Customeracknowledges that it is responsible for knowingthe rights and terms of any investment products inits account, including but not limited to, corporateactions (such as whether an underlying security isthe subject of a stock split or reverse stock split);and that AM has no obligation to notify Customerof dates of meetings or to take any other actionwithout specic written instructions sent byCustomer to AM Customer Service Departmentat [email protected] and received byAM Customer Service Department. Customer

acknowledges that there are special characteristicsand unique risks associated with trading incontracts for differences and other investmentsproducts. Such risks include, but are not limitedto, the risk of lower liquidity, the risk of highervolatility, the risk of changing prices, the riskarising from unlinked markets, the risk of newsannouncements affecting prices, and the risk ofwider spreads

5. Customer Must Maintain

Alternative TradingArrangements

Electronic and computer-based facilities andsystems such as those provided to Customerand used by AM are inherently vulnerable todisruption, delay or failure and such facilitiesand systems may be unavailable to Customeras a result of foreseeable and unforeseeableevents. Customer must maintain alternativetrading arrangements in addition to Customer’sAM account for the placement and execution

of Customer’s orders in the event that the AM

MetaTrader System is unavailable. By signingthis Agreement, Customer represents thatCustomer shall maintain such alternative trading

arrangements.

6. Customer Must Maintain

Alternative Trading

Arrangements

AM shall be entitled to act for Customer upon anyinstructions given or purported to be given byCustomer. Once given, instructions may only be

withdrawn by Customer with consent. Customerunderstands that AM is unable to know whethersomeone other than Customer has entered, oris entering, orders using Customer’s login andpassword. Unless otherwise specied to andagreed by AM, Customer will not permit any otherperson to have access to Customer’s accountfor any purpose. Customer shall be responsiblefor the condentiality and use of, and anyCustomer orders entered with, Customer’s loginand password. Customer agrees to report anyloss or theft of Customer’s login or password, orany unauthorized access to Customer’s account,immediately by e-mail to AM Customer ServiceDepartment at [email protected]. However,Customer shall remain responsible for all ordersentered using Customer’s login and password.

7. Order Routing

A. AM has discretion to select the marketplace towhich to route Customer’s order. For investmentproducts that are traded at multiple marketcenters, AM may provide a best execution orderrouting whereby the AM System or AM Dealing

Desk operators attempt to seek the best availableterms for a Customer’s order. Customer assumesresponsibility for examining and directingCustomer’s trading in accordance with the relevantrules, policies and procedures of the marketcenter to which the orders are routed (e.g., rulesregarding, among other things, trading hours,bidding and offering, types of orders accepted,short sale restrictions, odd-lot trading restrictions,etc.).

B. AM cannot and does not warrant or guaranteethat every Customer order will be executed at theposted price. Among other things, AM may not

have access to every market at which a particular



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product may trade; other orders may tradeahead of Customer’s order and exhaust availablevolume at a posted price; exchanges or market

makers may fail to honor their posted prices. AMhas discretion to re-route customer orders out ofautomated execution systems for manual handling(in which case execution or representation ofCustomer’s order may be substantially delayed);or exchange rules, policies, procedures ordecisions or system delays or failures may preventCustomer’s order from being executed by AM, maycause a delay in the execution of Customer’s orderor may cause Customer’s order not to be executedat the requested price.

8. Order Cancellation andModication

Customer acknowledges that it may not bepossible to cancel or modify an order. Any attemptto cancel or modify an order is simply a requestto cancel or modify. AM is not liable to Customerif AM is unable to cancel or modify an order.Customer further acknowledges that attemptsto modify or cancel and replace an order canresult in an execution of the undesirable order,and Customer shall be responsible for all such

executions.

9. Order Execution

AM is authorized to execute Customer orders asprincipal and shall execute Customer orders asprincipal. AM may utilize another executing broker,including but not limited to an afliate, to executeCustomer orders. Such executing brokers shallhave the benet of all of AM’ rights and remedieshereunder. Customer shall be responsible for

monitoring all Customer orders until AM conrmsexecution, cancellation or modication of the orderto Customer. All transactions effected with AMor through AM are subject to the constitutions,rules, regulations, policies and procedures ofthe exchanges, markets and clearing houses onwhich such trades are executed and/or cleared,and are also subject to all applicable regulations.Customer specically acknowledges that exchangeRules may afford the exchange wide powers invarious situations, including, but not limited to,in an emergency, in an otherwise undesirablesituation, or in the event of a default (notnecessarily on the part AM or Customer), to close-

out a transaction or to take such other steps orcombination of steps as the exchange thinks t.Customer agrees that, if a relevant exchange (or

intermediate broker acting at the direction of, oras a result of any action taken by, any exchange)takes any action which affects any transaction,then AM may take any action which AM, in itsabsolute discretion, considers desirable to respondto such action or to mitigate any loss incurred asa result of such action. Any such action taken byAM will be binding on Customer. In no event shallAM be liable to Customer for any action, inaction,decision or ruling of any exchange, market,clearing house, third-party intermediate broker orregulatory authority.

10. Conrmations and

Account Statements

A. AM shall send a summary of daily tradingactivity (Daily Conrmation) in Customer’s accountto Customer via e-mail on a daily basis and shallsend a summary of monthly trading activity(Account Statement) in Customer’s account toCustomer via e-mail on a monthly basis.

B. AM shall conrm the execution, cancellation

or modication of any Customer order bytransmitting an electronic conrmation toCustomer through the AM MetaTrader System.

C. Customer agrees to monitor each open orderuntil AM conrms an execution, cancellationor modication of the order to Customer.Conrmations may be subject to delays. Customerunderstands that reports and conrmations oforder executions, cancellations or modicationsmay be erroneous for various reasons.Conrmations also are subject to change by AM, inwhich case Customer shall be bound by the actualorder execution, so long as it is consistent withCustomer’s order. In the event that AM conrmsan execution or cancellation in error and Customerunreasonably delays in reporting such errorwithin 24 hours, AM reserves the right to requireCustomer to accept the trade, or remove the tradefrom Customer’s account, in AM’s sole discretion.

D. Customer agrees to notify AM immediately bytelephone, or by e-mail to AM Customer ServiceDepartment at [email protected], if:

i) Customer fails to receive a conrmation of anexecution, cancellation or modication;



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C u s t o m e r A g r e e

m e n t

ii) Actual order execution is not consistent withCustomer’s order;

iii) Customer reveals execution or cancellation ofan order that Customer did not place;

iv) Customer receives an account statement,conrmation, or other information reectinginaccurate orders, trades, account balances,positions, funds, margin status, or transactionhistory.

E. Customer understands and agrees that AM mayadjust Customer’s account to correct any error.Customer agrees to promptly return to AM anyassets distributed to Customer to which Customerwas not entitled.

11. Complaint Procedures

AM’s internal complaint handling procedureshall be made available to Customer withassistance of AM Compliance Department [email protected].

12. Proprietary Trading

Customer authorizes AM to engage in proprietarytrading, and to execute the proprietary trades ofits afliates, even though AM may simultaneouslyhold unexecuted Customer’s orders for the sameproducts which could be executed at the sameprice.

13. Material Interest

AM may, when arranging deals or dealing for

Customer, have an interest relationship orarrangement that is material including, withoutlimitation:

(A) Dealing in the investment concerned or arelated investment or an asset underlying theinvestment, as principal for AM’s own accountor that of someone else, including selling to orbuying from Customer;

(B) Combining Customer’s orders with AM’s ownorders or the orders of the Customers of AM;

(C) Matching (e.g., by way of a cross) Customer’sorder with that of another Customer by acting onhis behalf as well as that of Customer;

(D) Holding a position (including a short positionin the investment concerned, a related investmentor an asset underlying the investment);

(E) Quoting prices to the market;

(F) Arranging deals and providing other services toassociates or Customers who may have interestsin investments which conict with Customer’sown. Customer authorizes AM or its Customers,to act as buyers with respect to orders given byCustomer to AM to sell for Customer’s accounts,or as sellers with respect to orders given byCustomer to AM to buy for Customer’s accounts.Customer accepts that AM may have interestswhich conict with Customer’s interests and mayowe duties which conict with duties which wouldotherwise be owed to Customer and consents tothe same.

14. Privacy Policy

Customer represents that Customer consents tothe collection and use of the personal informationthat Customer has shared with AM and itsafliates.

15. Customer Qualication

Customer acknowledges that:

(i) the Account Application Form and Terms ofBusiness submitted by Customer are incorporatedby reference and made a material part of thisCustomer Agreement.

(ii) all of the information contained in theCustomer’s account application materials is trueand complete. Customer agrees to disclose to

AM any change in any information providedby Customer including, but not limited to, anychange in the ownership or benecial interest inthe Customer’s account, by using the proceduresavailable on the AM website or by contactingAM Customer service via an e-mail addressed toAM Customer Service Department at [email protected]. Customer authorizes AM to makesuch inquiry as it deems appropriate, at any time,to verify Customer information.

A. If Customer Is a Natural Person:

Customer represents and warrants that Customer

is over 18 years old; is under no legal incapacity;



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is nancially sophisticated; has sufcientexperience with contracts for differences and otherinvestment products to be traded in Customer’s

account; and is knowledgeable about the risks andcharacteristics of such products.

B. If Customer Is a Company:

Customer and its authorized representativesrepresent and warrant that Customer:

(i) is authorized pursuant to its articles ofincorporation, partnership agreement, charter,by-laws, operating agreement or other governingdocument(s), and the jurisdictions in whichCustomer is so registered or regulated, to enterinto this Agreement and to trade the contracts fordifferences and other investment products to betraded in Customer’s account;

(ii) is under no legal incapacity;

(iii) is nancially sophisticated;

(iv) has sufcient experience with, and isknowledgeable about, the risks and characteristicsof contracts for differences and other investmentproducts to be traded in Customer’s account;

(v) and that the persons which Customer identies

to AM as authorized to enter orders and trade onbehalf of Customer have full authority to do so.

С. If Customer Is a Regulated Entity or Afliatedwith a Regulated Entity:

Unless Customer has notied AM to the contrary inthe Client Information Form, Customer representsthat Customer is not a broker-dealer; a futurescommission merchant; or an afliate, associatedperson or employee of a broker-dealer or futurescommission merchant; and is not an afliate,associated person or employee of any exchange,clearing house or regulatory agency or self-

regulatory organization. Customer agrees to notifyAM immediately by e-mail to AM Customer ServiceDepartment at [email protected] if Customerbecomes employed by, or afliated or associatedwith, a broker-dealer or futures commissionmerchant, or if Customer becomes registered withany nancial regulatory agency or self-regulatoryorganization.

16. Joint Accounts

For joint accounts, each joint account holderagrees that each joint account holder shall have

authority, without notice to the other joint accountholder to:

(i) buy and sell contracts for differences or otherinvestment products on margin, or otherwise,depending on the type of account;

(ii) receive statements and communications ofevery kind related to the account;

(iii) receive and dispose of money in the account;

(iv) make, terminate, or agree to a modication ofthis Agreement;

(v) waive any of the provisions of this Agreement;

(vi) generally to deal with AM as if each jointaccount holder alone was the sole holder of theaccount. Each joint account holder agrees thatnotice to any joint account holder shall constitutenotice to all joint account holders. Each jointaccount holder further agrees that he or she shallbe jointly and severally liable to AM with respect toall matters relating to the account. AM may followthe instructions of any of the joint account holdersconcerning the account and make payments to anyof the joint account holders, of any or all moniesin the account as any of the joint account holdersmay order and direct, even if such payments shall

be made to only one of the joint account holderspersonally. In the event of the death of any of the joint account holders, the surviving joint accountholders shall immediately give AM notice by e-mailto AM Customer Service Department at [email protected] and AM may, before or afterreceiving such notice, initiate such proceedings,require such documents, retain such portion and/or restrict transactions in the account as it deemsadvisable, in its sole discretion. The estate of anydeceased joint account holder shall be liable andeach survivor will be liable, jointly and severally,to AM for any debt or loss in the account or debtor loss incurred in the liquidation of the account

or the adjustment of the interests of the jointaccount holders. In the event of the death of anyof the joint account holders, the entire interest inthe account shall be vested in the surviving jointaccount holders on the same terms and conditionsas theretofore held, without in any mannerreleasing the deceased joint account holder’s estatefrom liability.

17. Margin

The following provisions apply to margin trading:

A. Risk of Margin Trading:



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Customer understands that trading on margininvolves a high degree of risk and may resultin a loss of funds greater than the amount

Customer has deposited in Customer’s account.Customer represents that Customer has readand understands the “Risk Disclosure Statement”provided separately by AM.

B. Requirement to Maintain Sufcient Margin:

Customer margin transactions are subject tothe initial margin and maintenance marginrequirements (the “Margin Requirements”)established by AM. AM’s Margin Requirementsshall be posted on the AM website. The generalformulas for calculating Margin Requirementsprovided on the AM website are only indicativeand may not accurately reect the actual MarginRequirements in effect at a particular time forCustomer’s portfolio. The margin required by AMmay exceed the margin required by any exchangeor clearing house. AM may modify such MarginRequirements for any Customer for open and newpositions, at any time, in AM’s sole discretion.AM may reject any Customer order if Customerdoes not have a sufcient account balance tomeet Margin Requirements and may delay theprocessing of any order while determining thecorrect margin status of Customer’s account.Customer shall maintain, without notice or

demand from AM, a sufcient account balance atall times so as to continuously meet the MarginRequirements. As set forth herein, Customer shallsubmit all payments made by Customer to satisfyMargin Requirements directly to AM in accordancewith the instructions then set forth on the AMwebsite and then in effect. Customers must atall times satisfy whatever margin requirement iscalculated by AM.

C. AM Will Not Issue Margin Calls:

AM has no obligation to notify Customer of anyfailure to meet Margin Requirements in Customer’s

account prior to AM exercising its rights andremedies under this Agreement. Customerunderstands that AM generally will not issuemargin calls, that AM generally will not creditCustomer’s account to meet intraday margindeciencies, and that AM is authorized to liquidatepositions in Customer’s account in order to satisfyMargin Requirements without prior notice toCustomer.

D. Liquidation of Positions (Stop—Out):

i. In the event that Customer’s account balancehas zero equity or is in decit at any time, orthe account does not have a sufcient account

balance to meet the Margin Requirements, or anEvent of Default has occurred, or this Agreementhas been terminated, AM shall have the right,

in its sole discretion, but not the obligation, toliquidate all or any part of Customer’s positions inany of Customer’s AM accounts, whether carriedindividually or jointly with others at any time andin such manner and in any market as AM deemsnecessary, without prior notice or margin call tothe Customer. Customer agrees to be responsiblefor, and promptly pay to AM, any decienciesin Customer’s account that arise from suchliquidation or remain after such liquidation. AM willnot have any liability to Сustomer in connectionwith such liquidations (or if the AM MetaTraderSystem experiences a delay in effecting, or doesnot effect, such liquidations) even if Customer

subsequently re-establishes its position at a lessfavorable price.

ii. Customer expressly waives any rights to receiveprior notice or demand from AM and agrees thatany prior demand, notice, announcement oradvertisement shall not be deemed a waiver ofAM’s right to liquidate any Customer position.Customer understands that, in the event positionsare liquidated by AM, Customer shall have noright or opportunity to determine the orderor manner of liquidation. AM may, in its solediscretion, effect a liquidation on any exchange or

market. In the event that AM liquidates any or allpositions in Customer’s account, such liquidationshall establish the amount of Customer’s gain orloss and indebtedness to AM, if any. Customershall reimburse and hold AM harmless for allomissions, expenses, fees, penalties, losses andliabilities associated with any such transactionundertaken by AM. Customer shall be responsiblefor all resulting losses on Customer’s positions,notwithstanding AM’s delay in or failure toliquidate any such positions. If AM executesan order for which the Customer did not havesufcient funds, AM has the right, without noticeto Customer, to liquidate the trade and Customer

shall be responsible for any loss as a result ofsuch liquidation, including any costs, and shallnot be entitled to any prot that results from suchliquidation.

iii. Customer acknowledges and agrees that AMdeducts overnight adjustments, commissions andvarious other fees from Customer’s accounts andthat such deductions may affect the amount ofequity in Customer’s account to be applied againstthe Margin Requirements. Customer’s positionsare subject to liquidation as described herein ifdeduction of commissions, fees or other chargescauses Customer’s account to have an insufcient

balance to satisfy the Margin Requirements.



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iv. If the AM MetaTrader System does not, forany reason, effect a liquidation, and AM issues amargin call to Customer by e-mail or any other

method, Customer must satisfy such margincall immediately. Customer agrees to monitore—mail messages and satisfy any margin callissued by AM by immediately depositing funds inCustomer’s account to pay, in full, the under—margined position. Notwithstanding such margincall, Customer acknowledges that AM, in its solediscretion, may liquidate Customer’s positions atany time.

v. AM also shall have the right to liquidate all orany part of Customer’s positions without priornotice to the Customer in the same manner asprovided above:

(i) if any dispute arises concerning any Customertrade,

(ii) upon Customer’s failure to timely discharge itsobligations to AM,

(iii) upon the Customer’s insolvency or ling ofa petition in bankruptcy or for protection fromcreditors,

(iv) upon the appointment of a receiver,

(v) or whenever AM deems liquidation necessaryor advisable for AM’s protection or to prevent whatAM, in its discretion, considers to be a violation ofany applicable regulations or good standards ofmarket practice.

18. Universal Accounts

Customer authorizes AM to combine informationregarding the separate underlying marketsavailable for trading with AM, including but notlimited to position and margin information, into asingle account type (“Admiral—Live”) and into asingle account statement sent to Customer.

19. Provisions Relating to

Multi-Currency Margin

Accounts and Multi-Currency Trades:

A. Operation of Multi-Currency Accounts:

Customers is provided with the ability to tradecontracts denominated in different currencies

using a single AM account denominated in a “deposit” currency of the Customer’s choosing.Customer may choose a “deposit” currency that

is currently being offered as a deposit currencyby AM such as United States Dollar or Euro. Whena Customer trades a contract denominated in acurrency other than the base currency, a marginrequirement is automatically converted into thebase currency using the relevant exchange ratequoted by AM for contracts for differences, as wellas position gains and losses will be continuouslyconverted into the base currency using theforegoing exchange rate. Customer agrees tomonitor spot foreign currency exchange rates inAM MetaTrader System and will accept conversionrates applied to Customer trades on contracts,denominated in other currencies than Customer’s

account base currency.

B. Transactions on nancial markets:

Customers can use contracts for differences(“CFDs”) on nancial markets to take positionsfor purposes of investment or speculation. AMis authorized to execute Customer orders onnancial markets as principal and shall executethese orders as principal. AM is authorized, butnot obligated, to charge transaction fees foroperations on nancial markets, which AM may bededucted by AM directly from Customer’s account.

C. Margin:

Customer is obligated to maintain sufcient fundsin Customer’s account at all times to meet theMargin Requirements set by AM, or be subjectto liquidation of positions as described above. IfCustomer maintains positions denominated inforeign currencies, the AM MetaTrader Systemwill calculate the margin required to carry thosepositions by applying relevant foreign exchangerates specied by AM for foreign exchange CFDsand translating the foreign currency marginbalances into the base currency specied by the

Customer (Customer understands that this is apro forma calculation — no funds will actually beconverted for purposes of margin calculations).

D. AM’s Right to Refuse Orders:

These provisions do not evidence a commitmentof AM to enter into foreign currency exchangetransactions generally or to enter into any specicforeign currency exchange transaction. AMreserves the right, exercisable at any time in AM’ssole discretion, to refuse:

(i) acceptance of Customer’s orders,

(ii) to quote a two—way market.



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C u s t o m e r A g r e e m

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E. Authorization to Transfer Funds:

Customer agrees that AM may transfer to or

from Customer’s account(s) from or to any ofCustomer’s account(s) funds that may be requiredto avoid margin calls or for any other reason thatis not in conict with applicable law, applyingrelevant foreign exchange rates specied byAM for foreign exchange CFDs and translatingthe foreign currency funds into the Customeraccount’s base currency.

20. Off-Exchange Derivatives

Customer acknowledges that contracts fordifferences on foreign exchange rates are off-exchange derivatives and that while foreignexchange CFDs are generally highly liquid, tradingoff-exchange derivatives involves a greater riskthan an on—exchange derivatives as there isno exchange market on which to close—out anopen position. Customer consents to be onlyable to open and close positions on off-exchangederivatives with AM, and AM shall executeCustomer’s orders on off-exchange derivatives asprincipal. The performance of such transactionsby AM is not guaranteed or regulated by anyexchange or clearing house.

21. Security Interest:

Any and all funds or investments of Customer,held by AM for Customer’s account, are herebypledged to AM and may be subject to a perfectedrst priority lien and security interest in AM’s favorto secure performance of Customer’s obligationsand liabilities to AM arising under this Agreementany other agreement with AM, or any transaction.

22. Interest Charges:

AM is authorized, but not obligated, to pay creditinterest to Customer and charge debit interest toCustomer at such interest rates and on such creditor debit balances as may be then set on the AMwebsite.

23. Event of Default:

An “Event of Default” hereunder shall occurautomatically, without notice from AM if:

(1) Customer breaches, repudiates, or defaults inany way on any agreement with AM or with anythird party;

(2) Any representation or warranty made orgiven, or deemed to have been made or given, byCustomer, to AM, whenever or wherever made,was false or misleading at the time it was madeor given, or deemed to be made or given, or laterbecomes false;

(3) Customer fails to provide to AM, upon request,any information or documentation requestedby AM for purposes of verifying the identity ofCustomer or any of the Customer’s directors,principals, shareholders, owners, authorizedsignatories or traders, settlers or other personswhose identity AM wishes to identify for purposesof detecting money laundering;

(4) AM, in its sole discretion, determines thatit has sufcient grounds for insecurity withrespect to Customer’s performance of anyobligation to any person and, immediately afterdemand, Customer fails to provide assurance ofperformance of the obligation satisfactory to AM;

(5) Any proceedings are commenced by oragainst Customer under any bankruptcy,insolvency, relief of debtors, regulatory,

supervisory or similar law (including anycorporate or other law with potential applicationto Customer if insolvent); or any proceedings arecommenced for any execution, any attachmentor garnishment, or any distress against, or anencumbrancer takes possession of, the whole orany part of Customer’s property, undertakings orassets (whether tangible or intangible);

(6) Any other proceeding is commenced withrespect to any of Customer’s property or involvingany organization of which Customer is a member.

(7) Customer makes an assignment for the benet

of creditors;

(8) A receiver, trustee, conservator, liquidator, orsimilar ofcer is appointed for Customer or any ofCustomer’s property;

(9) Customer dies or becomes legallyincompetent, becomes of unsound mind orbecomes incapable, by reason of mental disorder,of managing and administering his property andaffairs;

(10) Customer is dissolved, or, if its existenceis dependent upon a form of registration orauthorization, such registration or authorization isremoved or ends;



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(11) Customer or any organization of whichCustomer is a member suspends or threatens tosuspend the transaction of its usual business;

or (12) AM has reason to believe that any of theforegoing is likely to occur imminently.

24. Termination Upon an

Event of Default

Customer absolutely and unconditionally agreesthat, after the occurrence of an Event of Default,AM is authorized to terminate this Agreement, any

or all of AM’s obligations to Customer for futureperformance; and AM shall have the right in itssole discretion, but not the obligation, withoutprior notice to the Customer to cancel any openCustomer’s orders and to liquidate any or any partof Customer’s positions in any of Customer’s AMaccounts, whether carried individually, or jointlywith others, at any time and in such manner andin any market as AM deems necessary. Customerwill indemnify AM and hold AM harmless for allactions, omissions, costs, expenses (includingattorneys’ fees), losses, penalties, claims orliabilities, which AM incurs in connection with:

(i) the exercise of any remedy,

(ii) the care of the collateral and defending orasserting the rights and claims of AM in respectthereof,

(iii) meeting any obligation of AM which it fails toperform by reason of an Event of Default.

25. Termination

AM may decline any Customer order, or terminatethis Agreement and/or Customer’s use of thefacilities and services provided by AM at any timein AM’s sole discretion. Upon termination, AMshall have the right, in its discretion, but not theobligation, at any time, to take any one or moreactions specied in foregoing sections.

26. Closing Accounts

Customer may close its account only if all

positions in the account have been closed andonly pursuant to a written instruction sent by

e-mail addressed to the AM Customer ServiceDepartment at [email protected].

27. Submission of Funds

Customer agrees to submit all funds related toCustomer’s account or otherwise made pursuantto this Agreement (including, but not limited to,funds submitted to satisfy Margin Requirements)directly to AM or to a designated nancialinstitution with which AM maintains an account,in accordance with the instructions then set forthon the AM website and in effect. AM reservesthe right to amend such instructions, in its sole

discretion, at any time, upon notice made byposting the amended instructions on the AMwebsite.

28. Account Decits

For any Customer decit in any account thatremains unpaid, Customer agrees to pay and shallbe liable for the reasonable costs and expenses ofcollection of the debit balance, including, but notlimited to, attorneys’ fees and/ or collection agentfees.

29. Commissions and Fees

Upon execution of a Customer order, Customershall pay to AM its commissions and fees, whichAM may deduct from Customer’s account. AMmay modify commissions and fees upon notice toCustomer provided through the AM website.

30. TaxesAM may, in its discretion, deduct or withhold fromCustomer’s account all forms of tax (whether a taxanywhere in the world and whenever imposed) inaccordance with applicable regulations.

31. Price Quotations, Market

Information, Research and

Internet Links



15


A. Price quotations, market information, news,research and any other information accessiblethrough the AM website or other AM’s services

or facilities (“Information”) may be prepared byexchanges or information providers (“Providers”)that are independent of AM and its afliates. Noneof the Information constitutes a recommendationby AM or a solicitation of any offer to buy or sellany contracts for differences or other investmentproducts. Neither AM nor the Providers guaranteethe accuracy, timeliness, or completeness of theInformation, and Customer should

conduct further research and analysis orconsult an investment advisor before makinginvestment decisions. Reliance on quotes, dataor other information is at Customer’s own risk.In no event will AM or the Providers be liablefor consequential, incidental, special or indirectdamages arising from use of the Information.

B. The Information is the property of AM, theProviders or their licensors and is protected byapplicable copyright

law. Customer agrees not to reproduce, re-transmit, disseminate, sell, distribute, publish,broadcast, circulate or commercially exploitthe Information in any manner without theexpress written consent of AM or the Providers.

AM reserves the right to terminate access tothe Information. Links to outside websites areprovided for the convenience of Customers andwebsite visitors only and do not constitute arecommendation by AM or a solicitation of anyoffer to buy or sell any contracts for differencesor other investment products. Such links leadto third-party websites that are independentof AM, and AM does not guarantee or warrantthe accuracy, timeliness or completeness of anyinformation provided on such websites.

32. Limitation of LiabilityCustomer accepts the AM MetaTrader System “as is”, and without warranties, express orimplied, including, but not limited to, theimplied warranties of merchantability or tnessfor a particular use, purpose or application;timeliness; freedom from interruption; or anyimplied warranties arising from trade usage,course of dealing or course of performance.Under no circumstances shall AM be liable for anyindirect, incidental, special or consequential lossor damages, including loss of business, prots

or goodwill. AM shall not be liable to Customerby reason of delays or interruptions of service

or transmissions, or failures of performance ofthe AM MetaTrader System, regardless of cause,including, but not limited to, those caused by

hardware or software malfunction; governmental,exchange or other regulatory action; war,terrorism, or AM’ unpremeditated acts.Customer recognizes that there may be delaysor interruptions in the use of the AM MetaTraderSystem, including, for example, those causedintentionally by AM for purposes of servicing theAM MetaTrader System. AM and its respectivedirectors, ofcers, employees, afliates or agentsshall not be liable to Customer for any partial ornon-performance of their obligations under thisAgreement by reason of any cause beyond itsreasonable control including, but not limited to,industrial actions; the rules or actions of any supra

national, governmental or regulatory authority; orthe failure by any intermediate broker or agent,or principal of AM or its afliates, dealer, clearinghouse or supra national, governmental, regulatoryor selfregulatory body, for any reason, to performits obligations.

33. AM and Its Afiates

Afliates of AM are not liable for AM’s actsand omissions.All of AM’s rights and remedies

hereunder shall inure to the benet of its afliatedcompanies.

34. Governing Law and

Jurisdiction

Customer consents that this Agreement shall begoverned by applicable law of the British Virgin

Islands. With respect to any court proceedings,Customer irrevocably:

(1) Agrees that courts of the British Virgin Islandsshall have exclusive jurisdiction to determine anyproceedings between Customer and AM;

(2) Submits to jurisdiction of the British VirginIslands;

(3) Withdraws any objections which Customermay raise to the fact of bringing any proceedingsbetween Customer and AM to courts of the BritishVirgin Islands;



16

(4) Waives to the full extent permitted byapplicable law its immunity from:

(a) suit,

(b) jurisdiction of any courts,

(c) seizing its property and assets,

(d) enforcement by any court decision.

Customer consents to the extent permitted byapplicable law that Customer will not claim anysuch immunities in any court proceedings.

35. Revision of the AgreementCustomer understands and agrees that AM maymodify or change the terms and conditions ofthis Customer Agreement (in each instance, a “Revised Agreement”) by providing Customer withnotice of a Revised Agreement via e-mail. Theterms and conditions of any Revised Agreementshall be deemed to be accepted by Customer andthe Revised Agreement shall become effectiveve (5) business days after the date of thee-mail notice to the Customer (“5 Day Period”)unless, within the 5 Day Period, Customer has

sent a written notice of objection via an e-mailto the AM Customer Service Department [email protected] and AM has received suchobjection. If Customer objects to any term orcondition of any Revised Agreement, Customermust promptly cease using the services of AM,except as necessary to close Customer’s account.Customer’s continued use of the services ofAM after the 5 Day Period also shall constituteacceptance of the terms and conditions of theRevised Agreement.

36. MiscellaneousA. Customer agrees to the provision of thisAgreement in English and represents thatCustomer understands all of the terms andconditions contained herein.

B. This Agreement contains the entire agreementbetween the parties, who have made norepresentations or warranties other than asexpressly provided herein.

C. If any provision of this Agreement is deemed

unenforceable, such provision shall be ineffective

only to the extent of such unenforceability,without invalidating the remaining provisions ofthis Agreement. The failure of

AM to enforce, at any time or for any period, anyone or more of the terms or conditions of thisAgreement shall not constitute a waiver of suchterms or conditions or of the right, at any timesubsequently, to enforce all terms and conditionsof this Agreement.

D. This Agreement shall inure to the benet ofAM’s successors and assigns and binds Customer’ssuccessors and assigns, although Customer maynot assign or transfer any rights or obligationshereunder without the prior written consent ofAM. In the event of any assignation or transferof Customer’s rights under this Agreement, theassignee or transferee shall be liable for all ofCustomer’s past and present debts and obligationsto AM.

E. Customer, and any person connected to orrepresenting Customer, accepts that all telephoneconversations between AM or their afliates, onthe one hand, and Customer or such other person,on the other hand, may be recorded without theuse of a warning tone. Such recordings will beAM’s sole property.

F. Customer consents to receipt of electronicrecords and communications regarding thisAgreement and all Customer transactions anddealings with AM.

G. In order to trade using the AM MetaTraderSystem, there are certain system hardware andsoftware requirements, which are described onthe AM website. Since these requirements maychange, Customer must periodically refer to theAM website for current system requirements.To receive electronic mail from AM, Customer isresponsible for maintaining a valid Internet e-mailaddress and software allowing customer to read,

send and receive e-mail. Customer must notifyAM immediately of a change in Customer’s e-mailaddress by contacting the AM Customer ServiceDepartment at [email protected] for furtherinstructions.



17

Terms of Business

1. Introduction

These Terms of Business (‘Terms’) governbasic aspects of interaction between AdmiralMarkets Ltd (‘AM’) and Customer in respect ofopening and closing Customer positions, as wellas of placement, cancellation and modicationof Customer orders executed by means ofMetaTrader 4 Admiral Markets online tradingplatform (‘MetaTrader 4’) in the context ofproviding Customer with online dealing services byAM.

Whereas, AM is a dealer in contracts fordifferences on spot foreign currencies, stocksand futures registered at the following address:

Akara Bldg, 24 De Castro Street, Wickhams Cay1, Road Town, Tortola, British Virgin Islands (BVICOMPANY NUMBER 1006255).

Whereas, Customer is a signatory of CustomerAgreement with AM.

These Terms should be treated as a handbookdescribing general concepts of makingtransactions in MetaTrader 4 and dialoguesbetween Customer and AM’s employee responsiblefor handling Customer trades (‘Dealer’).

These Terms may not describe or reect any up-to-date modications of MetaTrader 4. Customeraccepts these Terms without warranties, expressor implied, including,but not limited to, the impliedwarranties of completeness, timeliness or freedomfrom errors. Denition of terms is set forth inclause 15.

2. General Terms

2.1. Limitation of Liability

Customer accepts the AM MetaTrader 4 System “as is”, and without warranties, express orimplied, including, but not limited to, theimplied warranties of merchantability or tnessfor a particular use, purpose or application;timeliness; freedom from interruption; or anyimplied warranties arising from trade usage,course of dealing or course of performance.Under no circumstances shall AM be liable for anyindirect, incidental, special or consequential lossor damages, including loss of business, protsor goodwill. AM shall not be liable to Customerby reason of delays or interruptions of service

or transmissions, or failures of performanceof the AM MetaTrader 4 Server, regardlessof cause, including, but not limited to, those

caused by hardware or software malfunction;governmental, exchange or other regulatoryaction; war, terrorism, or AM’ unpremeditatedacts. Customer recognizes that there may bedelays or interruptions in the use of the AMMetaTrader 4 System, including, for example,those caused intentionally by AM for purposes ofservicing the AM MetaTrader 4 System. AM and itsrespective directors, ofcers, employees, afliatesor agents shall not be liable to Customer for anypartial or non-performance of their obligationsunder these Terms by reason of any cause beyondits reasonable control including, but not limited to,industrial actions; the rules or actions of any supra

national, governmental or regulatory authority; orthe failure by any intermediate broker or agent,or principal of AM or its afliates, dealer, clearinghouse or supranational, governmental, regulatoryor selfregulatory body, for any reason, to performits obligations.

2.2. Responsibility for Satisfying System

Requirements

In order to trade using the AM MetaTrader 4,

there are certain system hardware and softwarerequirements, which are described on the AMwebsite. Since these requirements may change,Customer must periodically refer to the AMwebsite for current system requirements. Toreceive electronic mail from AM, Customer isresponsible for maintaining a valid Internet e-mailaddress and software allowing customer to read,send and receive e-mail. Customer must notifyAM immediately of a change in Customer’s e-mailaddress by contacting the AM Customer ServiceDepartment at [email protected] for furtherinstructions.

2.3. Responsibility for Maintaining

Alternative Trading

Electronic and computer-based facilities andsystems such as those provided to Customerand used by AM are inherently vulnerable todisruption, delay or failure and such facilitiesand systems may be unavailable to Customeras a result of foreseeable and unforeseeableevents. Customer must maintain alternativetrading arrangements in addition to Customer’s

AM account for the placement and executionof Customer’s orders in the event that the AMMetaTrader 4 System is unavailable.

T e r m s o f b u s i n e s

s



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2.4. Phone Dealing Service

Customer is provided with ability to use theAM Phone Dealing Service on a 24-hourly basisfrom Monday to Friday by the telephone number+372 6 309 306 in the event the AM’s onlinetrading facilities are malfunctioning or otherwiseunavailable to Customer. Client is responsiblefor being well-familiarized with ‘Phone DealingEtiquette’ handbook published at the AM websiteand consents to follow this handbook using the AMPhone Dealing Service. Under no circumstancesshall AM be liable for any indirect, incidental,special or consequential loss or damages,including loss of business, prots or goodwill,arising from Customer’s inaction in the event of

urgent need to seize Customer’s opportunity touse the AM Phone Dealing Service. AM shall beresponsible to inform Customer by email aboutchanges of the above telephone number.

2.5. Responsibility for Customer Orders

and Customer Trades

AM shall be entitled to act for Customer upon anyinstructions given or purported to be given byCustomer. Once given, instructions may only be

withdrawn by Customer with consent. Customerunderstands that AM is unable to know whethersomeone other than Customer has entered, oris entering, orders using Customer’s login andpassword. Unless otherwise specied to andagreed by AM, Customer will not permit any otherperson to have access to Customer’s accountfor any purpose. Customer shall be responsiblefor the condentiality and use of, and anyCustomer orders entered with, Customer’s loginand password. Customer agrees to report anyloss or theft of Customer’s login or password, orany unauthorized access to Customer’s account,immediately by email to AM Customer Service

Department at [email protected]. However,Customer shall remain responsible for all ordersentered using Customer’s login and password.

2.6. Conrmations and Account

Statements

A. AM shall send a summary of daily tradingactivity (Daily Conrmation) in Customer’s accountto Customer via e-mail on a daily basis and shallsend a summary of monthly trading activity(Account Statement) in Customer’s account toCustomer via e—mail on a monthly basis.

B. AM shall conrm the execution, cancellationor modication of any Customer order bytransmitting an electronic conrmation to

Customer through the AM MetaTrader System.Customer agrees to accept electronic tradeconrmations in lieu of printed conrmations.

C. Conrmations may be subject to delays.Customer understands that reports andconrmations of order executions, cancellationsor modications may be erroneous for variousreasons. Conrmations also are subject to changeby AM, in which case Customer shall be boundby the actual order execution, so long as it isconsistent with Customer’s order. In the eventthat AM conrms an execution or cancellationin error and Customer unreasonably delays inreporting such error within 24 hours, AM reservesthe right to require Customer to accept the trade,or remove the trade from Customer’s account, inAM’ sole discretion. D. Customer agrees to notifyAM immediately by telephone, or by e-mail toAM Customer Service Department at [email protected], if:

i) Customer fails to receive a conrmation of anexecution, cancellation or modication;

ii) Actual order execution is not consistent withCustomer’s order;

iii) Customer reveals execution or cancellation ofan order that Customer did not place;

iv) Customer receives an account statement,conrmation, or other information reectinginaccurate orders, trades, account balances,positions, funds, margin status, or transactionhistory.

E. Customer understands and agrees that AM mayadjust Customer’s account to correct any error.Customer agrees to promptly return to AM anyassets distributed to Customer to which Customer

was not entitled.

2.7. Limitation of Liquidity

AM cannot and does not warrant or guaranteethat every Customer order will be executed at theposted price. Among other things, AM may nothave access to every market at which a particularproduct may trade; other orders may tradeahead of Customer’s order and exhaust availablevolume at a posted price; exchanges or marketmakers may fail to honor their posted prices. AM

has discretion to re-route customer orders out of



19

T e r m s o f B u s i n e s s

automated execution systems for manual handling(in which case execution or representation ofCustomer’s order may be substantially delayed);

or exchange rules, policies, procedures ordecisions or system delays or failures may preventCustomer’s order from being executed by AM, maycause a delay in the execution of Customer’s orderor may cause Customer’s order not to be executedat the requested price.

2.8. Acceptance of Undesirable

Consequences

Customer acknowledges that under some

circumstances it may not be possible to open orclose position and/or to place, cancel or modifyan order. Any attempt to open or close a positionor to place, cancel or modify an order is simplya request. AM is not liable to Customer if AM isunable to conrm such request. Customer furtheracknowledges that attempts to modify or canceland replace an order can result in an executionof the undesirable order, and Customer shall beresponsible for all such executions.

3. Execution of Customer

Requests

3.1. Basic Terms of Making and Executing

Requests

Execution of Customer’s orders and requests iseffected through MetaTrader 4 platform as follows:

1) Customer formulates its instructions as arequest in the standard order entry window of

client terminal (“Order” window).

2) Client terminal automatically carries out acheckup on the correctness of the request createdby a Customer. The checkup takes into accountthe type of the request, the present quotelevel of the selected instrument available in theCustomer’s terminal. After a successful checkupthe request will be routed to the server.

3) If the client terminal has an active internetconnection with the server at the moment of therequest then this request is received by the serverand a second checkup on the correctness of therequest is carried through in regards to the type

of the request and the present quote level of theselected instrument available in the server.

4) If the checkup is successful then Customeris informed through the Order window that therequest has been accepted for processing (“Orderaccepted”) and all such orders are placed in aqueue and sorted by the time they were receivedby the server. 5) If the request is rst in the queuethen it is accepted for processing by a dealer andCustomer is notied that “Order in processing”.Dealer has a right to take into processing anyrequest present in the queue and thereforechanging the sequence of received requests. Dueto this option execution results of one or anotherrequest of a Customer can be indicated in a logof the server with a much latter time than theexecution results of Customer’s older request.

6) Conrmation of execution of Customer’srequest by a dealer is sent to the server, iswritten into a server log and is sent to Customer’sterminal.

7) In case of an active internet connectionCustomer receives a conrmation of itssuccessfully executed request in the Orderwindow. For example: “#779336 sell 3.00EURUSD at 1.3816 successful”.

3.2. Request Execution Period

The duration of the period needed for theexecution of a request depends on the quality ofthe internet connection between Customer’s clientterminal and dealing server, also on the situationin the relevant market or trading conditionsrelated to a specic instruments selected bythe Customer. During normal market conditionsexecution of a request of a Customer can take upto 20 seconds. During market conditions differingfrom normal market conditions execution of

Customers requests might take up to 60 seconds.Ultimate time for request execution is limited to90 seconds. In case a request of a Customer isnot executed during this period then the requestwill be deleted from the queue and Customer isinformed in the Order window that the requestwas “Off quotes”.

3.3. Requests Cancelled by Customer

Customer has the right to cancel a request sentto the server only if the status of the request

is “Order accepted”. To cancel the requestCustomer has to press “Cancel”button in the Order



20

window. In case the order has the status “Orderin processing” then Customer is not allowed tocancel the request.

3.4. Requests Rejected by Dealer:

Dealer has the right to reject any request of aCustomer should the following occur:

1) market conditions at the moment the order isreceived for processing are abnormal;

2) request of a Customer is sent before the rstquote of a current market session; in case thisrequest is executed by a dealer using a closing

quote of a previous market session then AM hasthe right to overrule results of this execution ofwhich Customer is informed by internal email inMetaTrader 4;

3) request of a Customer is made with a clearlyincorrect quote;

4) there is no liquidity with requested price level;

5) during the period the request was sent andaccepted for processing by the server an upsideor downward price gap has occurred eliminating

the option to execute the request at the price levelselected by a Customer;

6) a software of hardware failure occurs makingthe execution of requests impossible;

7) Customer’s requests and actual tradingtransactions exceeds reasonable proportions;

8) market has reached a price limit set for theselected instrument or a stock on the exchange orany other restriction;

9) request is related to a positions that is currently

in a liquidation process (please see 7-7.2);

10) request is related to a position that iscurrently in a queue of Stop Loss or Take Protprocessing;

11) request is related to a standing pending orderthat is currently in a queue of processing or isbeing processed due to market price reaching thelevel set by this particular pending order;

12) price set in the request is closer to themarket price than is allowed for pending orders(Limit/Stop Level) by specications of selectedinstruments;

13) request is for opening a pending order thatis not allowed due to market price change ofselected instrument;

14) Customer’s account has manifest errors thatmake execution of the request impossible or shallmake it impossible if such errors will be corrected.In case the dealer rejects Customer’s request the “Off quotes” message is displayed in the Orderwindow.

4. Execution Types

Prices of tradable instruments can be quoted

by AM in three modes: “Instant execution”, “Execution on request” and “Market execution”.Information on the quotation mode is displayedin the Order window. AM reserves the right tochange the quotation mode of any instrument atany time should that be considered necessary.Quotes of instruments that are in a mode of “Execution on request” and “Market execution”should be considered as indicative only and donot have to be identical with prices sent by adealer after receiving a request from Customer.AM reserves the right to independently decideon the right price level provided to a Customerirrespective of the quotation mode.

5. Opening and Closing

Customer Positions

i) Opening a buy position (Buy) and closing a sellposition (Sell) is carried out using the Ask price.

ii) Opening a sell position (Sell) and closing a buyposition (Buy) is carried out using the Bid price.

5.1. Position Opening in ‘Instant

Execution’ Mode

In order to send a request in “Instant execution”mode it is necessary to press “Buy” or “Sell”button in the Order window. Specic instrumentand transaction size in lots should be selectedbeforehand.



21

5.2. Position Opening in ‘Market

Execution’ Mode

In order to send a request in “Market Execution”mode it is necessary to press “Buy by Market”or “Sell by Market” button in the Order window.Specic instrument and transaction size in lotsshould be selected beforehand.

5.3. Position Opening in ‘Request for

Quote’ Mode

In order to receive a two-way quote from a dealer

it is necessary to press “Request” button in theOrder window. Specic instrument and transactionsize in lots should be selected beforehand. Afterthe quote is received Customer has within 3seconds an option to open a position either bypressing on “Buy” or “Sell” button. After 3 secondsthis option expires and a new quote should berequested from a dealer.

5.4. Basic Terms of Executing Requests

for Position Opening

When the request is received by the server thenan automatic checkup is carried out to makesure that there are sufcient funds in Customeraccount to meet margin requirements set by AM.Margin requirement of a new position is virtuallysummed up with total margin requirement ofpositions that are already open. Moreover, marginrequirement for non-hedged positions is the initialmargin, margin requirement for locked positions iscalculated as a Hedged Margin.

a) When the checkup shows that the parameterFree (also called as Free Margin) does not drop

under a set limit then the Customer accountsuccessfully passes the checkup of marginrequirements and new position is opened inCustomer account. This transaction is thenwritten into a server log and Journal of Customerterminal. Conrmation of position opening isdisplayed to the Customer in Order window andthe position appears in a list of open positions inthe Trade window of Customer terminal.

b) When the checkup shows that opening of anew positions will breach a Free Margin limit thenthe Customer account does not pass the checkupsuccessfully and a message “Not enough margin”

is displayed in client terminal and a relevant note

is written to the server log.

5.5. Position Closing in ‘Instant Execution’Mode:

In order to close a position quoted in an “Instantexecution” mode a Customer has to choose theposition in the “Trade” list and press “Close….”,volume of a transactions should also be selected.For example, “Close #769733 sell 1.0 GBPUSD at2.0077”.

5.6. Position Closing in ‘Market Execution’

Mode:

In order to close a position quoted in an “Marketexecution” mode a Customer has to choose theposition in the “Trade” list and press “Close….”,volume of a transactions should also be selected.For example, “Close #769733 sell 1.0 GBPUSD byMarket”.

5.7. Position Closing in ‘Request for

Quote’ Mode

In order to get a quote for closing a position it isrequired to press “Request” button in the Orderwindow. Customer should select the positionin Trade list and choose the transaction sizebeforehand. Within 3 seconds after receiving aquote from a dealer a Customer can close theposition by pressing “Close…” button. After 3seconds the quote expires.

5.8. Opening and Closing Positions by

Expert Advisors

Expert Advisors creates a request for closing oropening a position using current market prices.In case a quote is received from a dealer and thequote meets Slippage parameter then the Advisorcreates a request for opening or closing a positionusing the quote provided by a dealer.

5.9. Requotes

When the price of an instrument changes within

the period required to execute Customer request




22

for closing or opening a position then a dealerhas the right but not an obligation to providea new quote to the Customer to execute the

request. New quote is displayed in a new window “Requote”. If the Customer agrees to this quotethen “Ok” button should be pressed within 3seconds. If the Customer does not press thisbutton within 3 seconds then this quote expires.

5.10. Closing Locked Positions

If there are two or more locked positions inCustomer account then by selecting one of thosepositions in Trade list new option appear in theOrder window than can be accessed through

Type list: “Multiple close by” and “Close by”.Positions closed by these options are displayedwith a comment “close hedge by #XXXXX” in the “Account history” list.

5.11. Closing Locked Positions Using

‘Close By’ Option

After choosing “Close by” option in the Orderwindow a list of locked positions appears. Byselecting one locked position and pressing “Close

#XXXX by #XXXX” a Customer sends a requestfor simultaneous closing of two locked positions ata current market price. If the two positions havea different size then the one that is smaller will beclosed completely and the other one will be closedwith the same size as the rst one. The remainingposition stays open and receives a new ticket.Partial positions closed like this receive a comment “partial close” in the “Account history” list.

5.12. Closing Locked Positions Using

‘Multiple Close By’ Option

After choosing “Multiple close by” option in theOrder window a list of locked positions appears.By pressing “Multiple close by for…” Customersends a request for simultaneous closing atcurrent market price of all positions that havethe same size. If the positions have a differentsize then the ones that are smaller will be closedcompletely and the other ones will be closed withthe same size as the rst ones. The remainingpositions stay open and receive a new ticket.Partial positions closed like this receive a comment “partial close” in the “Account history” list.

6. Customer Orders

Customer has the option to open and closepositions using instructions that are used by adealer to execute Orders Pending Orders andStop Loss and Take Prot orders.

The following pending orders are used to openpositions

— Buy Limit (appears in the Trade list as “blimit”),Sell Limit (slimit), Sell Stop (sstop), Buy Stop(bstop).

The following pending orders are used to closepositions

— Stop Loss (S/L) and Take Prot (T/P).

Customer has the right to send requests foropening, modifying and deleting such ordersduring open market sessions that can be viewedon the website of AM.

6.1. Pending Orders

6.1.1. Placing Pending Orders

i) In order to create a request for opening apending order Customer has to select in theOrder window the instrument and the size of atransaction. “Pending order” should be chosenfrom the “Type” list and then the type of a pendingorder and the price in the “at price” eld.

After pressing “Place” button the request is sent toan automatic checkup carried out by the Customerterminal. In case the price set in the order is inconict with the type of an order and with currentmarket price (for example, Buy Stop EURUSD at

1.3400 when current market price

by Ask is EURUSD 1.3528) then order isautomatically rejected and a message “InvalidS/L or T/P” is displayed. Order is also removedautomatically with the same message when theprice set in the order is closer to the market pricethat is allowed for pending orders set by AM anddisplayed in the contract specication page as “Limit/Stop Level”. The value of “Limit/Stop Level”is also displayed in the Order window as: “Openprice you set must differ from market price by atleast XX pips”. In the Order window Customer cansee the current market Ask price for Buy Limit and

Buy Stop orders and Bid price for Sell Limit andSell Stop orders.



23

ii) When the request for opening a pending orderpasses the checkup successfully during an activemarket session then it is put in the queue for

processing by a dealer.

6.1.2. Cancellation and Modication of Pending Orders:

1) In order to create a request to remove apending order Customer has to select the specicorder in the Trade list and the press “Delete” inthe “Order…” window.

2) In order to create a request to modify apending order Customer has to click twice on thespecic order in the Trade list and then select in “Order…” window in the eld “Price” a new price

for the order and the press “Modify”. In case thenew price does not conict with order type andcurrent market price and also with the Limit/StopLevel the request is sent to processing. In all othercases the button “Modify” stays inactive.

3) In order to change the size of a pendingorder Customer at rst has to delete the currentpending order and create a new pending orderwith same type and price and select new size inthe Order window.

6.2. Placing, Cancellation and Modicationof ‘Stop Loss’ and ‘Take Prot’ Orders

Stop Loss and Take Prot orders can be:

1) placed to a position already open, also placedsimultaneously with the opening of a positionexcept when trading in a Market execution mode.Market exaction does not allow to place ‘Stop Loss’and ‘Take Prot’ orders at the moment of openingof the order

2) placed to a pending order already open, also

placed simultaneously with the opening of apending order;

3) changed on an open position or open pendingorder;

4) deleted from an open position or open pendingorder.

(I) In order to create a request for placing a StopLoss or Take Prot order to an open position (or toa pending order) Customer has to select a specicposition (or a pending order) from the Trade list.After that “Modify order” should be selected from “Type” list in the “Order…” window. It is necessary

to set in the eld “Stop Loss” and “Take Prot” thedesired price level where the Customer wishes toplace these orders and then press the “Modify…”

button.

In case price levels set in the “Stop Loss” and “Take Prot” eld by a Customer do not conictwith the type on these orders and the currentmarket price then the request is placed in thequeue for processing. In case one or both pricesset in the “Stop Loss” and/or “Take Prot” eld arein conict with the type of these orders and withthe current market price of the instrument (forexample, Take Prot on buy EURUSD at 1.3500with current market price at 1.3550) or if one orboth prices are in conict with Limit/Stop Levelthen the button to send a request stays inactiveand Customer’s instruction are considered asincorrect.

(II) In order to place a Stop Loss and/or TakeProt order simultaneously with the openingof a position (or opening a pending order) it isnecessary to set the price level of a Stop Lossand/or Take Prot in relevant elds in the upperside of the Order window when placing a requestto open a position (or a pending order).

In case one or both prices set in the “Stop Loss”and/or “Take Prot” eld are in conict with the

type of these orders and with the current marketprice of the instrument or if one or both prices arein conict with Limit/Stop Level then the requestto open a position (or a pending order) will beautomatically rejected and a message “Invalid S/Lor T/P” is displayed to the Customer.

(III) Customer can create a request for modifyingpreviously placed Stop Loss or Take Prot ordersthe same way as creating a request to place theseorders (please see paragraph 6.2.).

(IV) Customer can create a request for deletingpreviously placed Stop Loss or Take Prot orders

the same way as creating a request to place theseorders (please see paragraph 6.2.). Also a value of0.0000 should be placed in the eld of an order tobe deleted. The value 0.0000 in the eld of S/L orT/P of an open position or a pending order in theCustomer’s Trade list states that Stop Loss or TakeProt order is not placed.

6.3. Execution of Requests for Order

Placing, Cancellation and Modication

1) In case a request from a Customer for placinga pending order is conrmed by a dealer then




24

a ticket is assigned to the order that is alsodisplayed in the Trade list of Customer’s terminal.The same is written to the server log and

displayed to the Customer in the Order windowas “# (ticket, type, size, instrument and price)successful”.

2) In case a request from a Customer for deletinga pending order is conrmed by a dealer then thisorder is removed from the Trade list of Customer’sterminal. A relevant message is written to theserver log and displayed to the Customer inthe Order window as “# (ticket, type, size,instrument, price) deleted”. This order is displayedin the Account History list as “cancelled”.

3) In case a request from a Customer formodifying a Stop Loss and/or Take Prot orderis conrmed by a dealer then these orders areconsidered as modied and new S/L and T/Plevels are displayed in the Trade list of Customerterminal. A relevant message is written to theserver log and displayed to the Customer inthe Order window as “# (ticket, type, size,instrument, price) sl: XXXX tp: YYYY”.

6.4. Rejected Requests for Order Placing,

Cancellation and Modication

Please see “Requests Rejected by Dealer”

6.5. Basic Terms of Order Execution

Order reaches the queue of processing and can beexecuted by a dealer in the following cases:

1) current market Bid price of the instrumentrelating to a Stop Loss of an open Buy position ora pending Sell Stop order is equal to or lower thanthe price set by a Customer, or was equal to or

lower than the price set by a Customer within thelast 90 seconds;

2) current market Ask price of the instrumentrelating to a Stop Loss of an open Sell positionor a pending Buy Stop order is equal to or higherthan the price set by a Customer, or was equal toor higher than the price set by a Customer withinthe last 90 seconds;

3) current market Bid price of the instrumentrelating to a Take Prot of an open Buy positionor a pending Sell Limit order is equal to or higherthan the price set by a Customer, or was equal toor higher than the price set by a Customer withinthe last 90 seconds;

4) current market Ask price of the instrumentrelating to a Take Prot of an open Sell positionor a pending Buy Limit order is equal to or lower

than the price set by a Customer, or was equal toor lower than the price set by a Customer withinthe last 90 seconds;

6.6. Terms of Pending Orders Execution

When the request to execute a pending orderis received by the server then an automaticcheckup is carried out to make sure that thereare sufcient funds in Customer account tomeet margin requirements set by AM. Marginrequirement of a new position to be opened by a

pending order is virtually summed up with totalmargin requirement of positions that are alreadyopen. Moreover, margin requirement for non—hedged positions is the initial margin, marginrequirement for locked positions is calculated as aHedged Margin.

i) When the checkup shows that the parameterFree (also called as Free Margin) does not dropunder a set limit then the Customer accountsuccessfully passes the checkup of marginrequirements and new position is opened inCustomer account. This transaction is thenwritten into a server log and Journal of Customerterminal. Conrmation of position opening isdisplayed to the Customer in Order window andthe new position appears in a list of open positionsin the Trade window of Customer terminal.Required margin is also reserved from theCustomer account to maintain the position

ii) When the checkup shows that opening of anew position will breach a Free Margin limit thenthe Customer account does not pass the checkupsuccessfully and therefore the pending orderis removed from the list of active orders and amessage “cancelled by dealer” is displayed to the

Customer in its terminal’s Account History list.

6.7. Terms of Execution of ‘Stop Loss’ and

‘Take Prot’ Orders

When the request from a Customer to executea Stop Loss or a Take Prot order reaches thequeue for processing then the server does notcarry out any checkups. In case a Stop Loss orTake Prot order of an open position is executedthen a dealer makes a contrary transaction (buy incase of a Sell position, sell against a Buy position)

at the price set by a Customer in the relevantStop Loss or Take Prot order. This way the two-



25

way transaction is considered completed, protor loss is added to Customer’s balance, marginrequirement of this specic position is removed

from total margin requirement of all openpositions.

6.8. Order Execution

6.8.1. Order Execution at Posted Price:

A) The price levels set in the orders of a Customerare considered as hypothetical. The Customeraccepts unconditionally that in real marketconditions the execution of Customer’s order

could be impossible with the specic prices set inthe order. The Customer accepts to agree with allexecutions in all cases unless a clear mistake ismade and this is conrmed by AM.

B) Customer’s orders can be executed at pricesset by the Customer only at normal marketconditions and also in cases when there areno price gaps or price differences between thecurrent market price of an instrument quotedby the server at the precise moment the orderreaches the queue for processing and the price ofan instrument quoted by a server not more that90 seconds before the order reaches the queue for

processing; and also when there are no price gapsand price differences between any two quotesduring this specic time resulting a differencebetween the current market price and the priceset in the order.

C) In the presence of a price gaps or fast pricemovement AM is not obligated to executeCustomer’s orders at prices different from marketprices. AM reserves the right to execute anyCustomer order at the set price at any marketcondition if it does not conict with Customer’sorder.

6.8.2. Orders Cancelled by Dealer and Orders

Executed with Slippage:

(A) AM reserves the right but not the obligationto execute types of orders such as Sell Stop, BuyStop or Stop Loss at the price less benecial for aCustomer, and/or remove the types of orders suchas Sell Stop or Buy Stop from the list of activeorder of a Customer in the following cases:

1) there is a price gap or large price movementbetween the current market price quoted by

the server at the moment the order reachesthe queue for processing and the price of aninstrument quoted by a server not more that 90

seconds before the order reaches the queue forprocessing; or when there is a price differencesbetween any two quotes during this specic time

resulting a 2 spread between the current marketprice and the price set in the order;

2) order reaches the queue for processing at thestart of a trading session and there is a price gapor a large price movement between the rst quoteof a current trading session and the last quote ofa previous trading session resulting a 2 spreaddifference between the current market price andthe price set in the order;

3) market conditions at the moment the orderreaches the queue for processing differ fromnormal market conditions or were different fromnormal market condition during past 90 secondsresulting a 2 spread difference between thecurrent market price and the price set in theorder; in this case the “the price less benecialfor a Customer” is considered to be the rst quoteafter the price gap or a large price movementor a rst quote that is accessible to the dealerat the moment the order reaches the queuefor processing during market conditions notconsidered to be as normal;

(B) In case the Customer’s order is removed orthere is slippage then a message is sent to the

Customer’s terminal. Customer is obligated tooverlook the status of its account and read allmessages sent to the client terminal by AM. AMis not responsible for any losses occurring inCustomer’s account due to Customer’s lack ofknowledge of its account’s status.

6.9. Execution of ‘Sell Limit’, ‘Buy Limit’

and ‘Take Prot’ Orders

(i) Sell Limit, Buy Limit and Take Prot orderscan be executed at set prices in case the current

market price quoted by the server at the momentthe order reaches the queue for processing is inaccordance with market conditions determined bythe type and the price level of an order.

(ii) AM reserves the right but not the obligationto execute Sell Limit, Buy Limit and Take Protorders at prices more benecial to the Customerat own discretion.

(iii) AM reserves the right of not executingCustomer’s Sell Limit, Buy Limit and Take Protorders in case market conditions set by the type

and the price level of an order change within 90seconds after the order reaches the queue forprocessing.




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6.10. Succession of Order Execution

1) In case multiple orders of a Customer reachthe queue for processing the Buy Stop, Sell Stopand Stop Loss orders could be executed at rstand only then Sell Limit, Buy Limit and TakeProt orders. This is not affected by the sequencethe orders arrive. AM reserves the right ofindependently deciding on the succession of orderexecution.

2) The time needed to execute orders could takeup to 90 seconds for each order out of 5, forexample.

6.11. Order Duration

a) All pending orders that trade 24 hours a dayhave the status of GTC (Good Till Cancelled) whichmeans that these orders are considered to beactive until executed or removed by a Customer.

b) Pending orders that trade in other tradingsessions less than 24 hours a day have the statusof “Day Order” and are removed by AM at themoment the trading session ends.

c) In order to place a pending order with limitedduration it is necessary to select in the menu “Pending order” a function called “Expiry” andto set a date and time of the order expiry. Whenexpiry arrives then the order is automaticallyremoved from the list of active orders with thecomment of “expired”.

d) All Stop Loss and Take Prot orders have thestatus of GTC and unlimited duration.

e) Stop Loss and Take Prot orders placed by aCustomer to a pending order have the status of “If Done” which means that they become active

only after a successful execution of this specicpending order and only in relation to the positionopened with this specic pending order.

7. Liquidation of Customer

Positions

AM shall have the right, in its sole discretion, butnot the obligation, to liquidate all or any part ofCustomer’s positions if:

(i) Customer’s account has minimum margin levelspecied by AM for Customer’s account type;

(ii) any dispute arises concerning any Customertrade;

(iii) Customer failures to timely discharge itsobligations to AM;

(iv) Customer is insolvent or ling a petition inbankruptcy or for protection from creditors;

(v) AM is advised by the appointment of a receiver;

(vi) Customer Agreement with Customer has beenterminated;

(vii) an Event of Default has occurred (please referto clause 23 of AM Customer Agreement);

(viii) AM deems liquidation necessary or advisablefor AM’s protection or to prevent what AM, inits discretion, considers to be a violation of anyapplicable regulations or good standards of marketpractice.

i. AM has the discretion, but not the obligation, toliquidate all or any part of Customer’s positions inany of Customer’s AM accounts, whether carriedindividually or jointly with others at any time andin such manner and in any market as AM deemsnecessary, without prior notice or margin call tothe Customer. AM will not have any liability to

Сustomer in connection with such liquidations (orif the AM MetaTrader 4 server experiences a delayin effecting, or does not effect, such liquidations)even if Customer subsequently re-establishes itsposition at a less favorable price.

ii. Customer expressly waives any rights to receiveprior notice or demand from AM and agrees thatany prior demand, notice, announcement oradvertisement shall not be deemed a waiver ofAM’s right to liquidate any Customer position.Customer understands that, in the event positionsare liquidated by AM, Customer shall have noright or opportunity to determine the order or

manner of liquidation. If AM executes an orderfor which the Customer did not have sufcientfunds, AM has the right, without notice toCustomer, to liquidate the trade and Customershall be responsible for any loss as a result ofsuch liquidation, including any costs, and shallnot be entitled to any prot that results from suchliquidation.

iii. Customer acknowledges and agrees that AMdeducts overnight adjustments, commissions andvarious other fees from Customer’s accounts andthat such deductions may affect the amount ofequity in Customer’s account to be applied againstthe Margin Requirements. Customer’s positionsare subject to liquidation as described herein if



27

deduction of commissions, fees or other chargescauses Customer’s account to have an insufcientbalance to satisfy the Margin Requirements.

iv. If the AM MetaTrader server does not, forany reason, effect a liquidation, and AM issues amargin call to Customer by e-mail or any othermethod, Customer must satisfy such margin callimmediately. Customer agrees to monitor e-mailand internal MetaTrader messages and satisfyany margin call issued by AM by immediatelydepositing funds in Customer’s account to pay, infull, the under-margined position. Notwithstandingsuch margin call, Customer acknowledgesthat AM, in its sole discretion, may liquidateCustomer’s positions at any time.

7.1. Succession of Liquidation

1) If Customer’s account equity reaches minimummargin level specied by AM (minimum marginlevel is 30% for all accounts opened since January1st 2007), AM server shall send a liquidationrequest to the execution queue.

2) AM shall effect the liquidation by closingCustomer’s open positions at current marketprices available for dealers upon receipt of theliquidation request from the queue. Liquidatedpositions shall be commented by the ‘stop out’record in server log-les and by the ‘s/o’ record inclient log-le.

3) If Customer’s account has more than onepositions, such position shall be liquidated indescending order of oating loss.

4) Liquidation of locked positions shall be effectedby closing Buy positions at the current Bid priceand by closing Sell positions at the current Askprice.

7.2. Liquidation of Positions on Expired

Contracts

In the event Customer’s account has openpositions in contracts with expiry date specied(futures CFDs), such positions are subject forliquidation at the last quote on the expiry date andat time specied by AM.

(I) AM has discretion, but not the obligation, tonotify Customer of approaching expirations byinternal MetaTrader 4 mail. Customer agrees tond out expiration schedules of underlying assets

with no assistance of AM. AM has discretion,but not the obligation, to set expirations ofits instruments on expiry dates of respective

underlying assets.

(II) AM has the right to put instruments withapproaching expiry dates into the ‘Close Only’mode that prohibits opening new positions.

8. Hedged Margin

In the event Customer’s account has lockedpositions, such positions shall require a securitycollateral (i.e. Margin) specied by the ‘Hedged

Margin’ parameter. Hedged Margin is calculated as50% of summarized margin requirements appliedto locked positions.

9. Provisions Related to

Customer Account History

i) All Customer’s positions, orders and balanceoperations shall obtain an unique identicationnumber (‘ticket’) shown in all related server

log-les and client log-les, as well as displayedin ‘Trade’ and ‘Account History’ layouts of clientterminal. Partially closed positions shall bedisplayed in the ‘Account History’ layout with thesame ticket and shall be commented as a ‘partialclose’, and the remained part of the open positionshall obtain a new ticket.

ii) Customer’s orders requests shall be deemedexecuted exclusively if corresponding server logrecords are available to AM.

10. Overnight Payments andCharges

a) Customer’s open positions are subject toovernight adjustments specied by contractdetails at 23.59 in platform time zone.

b) Overnight adjustment values shall be displayedin the ‘SWAP’ column in the ‘Trade’ layout of clientterminal.

c) Customer open positions are subject to

overnight adjustments multiplied by three at23.59 each Wednesday (3-day SWAPs).




28

d) Overnight adjustments summary shall beapplied to Customer’s account balance afterclosing its positions.

11. Spread

Under normal market conditions all spreads shallhave oating spread values specied by contractdetails that are published at AM webpages. AMhas the right, in its sole discretion, but not theobligation, to widen spreads:

1) individually to Customer if the ratio of itsrecent requests and effective transactions is

unreasonably high;

2) jointly to all customers under abnormal marketconditions, in the event of force majeur or if AMdeems such widening reasonable and customersare notied not less than 10 days before thewidening by a notice at the AM website.

3) temporarily for one or another instrument ifthe data stream contains repeating errors such asprice gaps followed by returning to previous pricelevels.

4) two or three times from 16.00 till 8.00 London

time for instruments with limited liquidity, suchas currency pairs with Poland Zloty and HungaryForint.

12. Leverage

АМ provides Customers with the leverage ratiofrom 1:1 up to 1:500. The exact leverage rationdepends on particular instrument of trading,account balance of Customer and current marketconditions. AM reserves the right on its sole

discretion and without any previous notice tochange the leverage ratio on a single or multipletrading accounts of Customers or to change thehighest possible leverage ration to any particularinstrument that is offered for trading. The changeof leverage may occur in but not limited tofollowing situations:

(i) On and prior to national holidays in countrieswhere AM’s counterparties and partners reside

(ii) In case of any changes to trading conditionson a side of AM’s counterparties and partners

(iii) Whenever market bias and conditions are notconsidered by AM to be normal

(iv) In case when trading account balance exceedscertain amount that is posted in AM websitesection that is related to the trading conditions

and terms in the particular account typedescription.

13. Customer Complaints

13.1. Complaint Preparation

A) Customer has discretion to raise a claim to theAM Compliance Department in the event of anyAM’s dissatisfactory action or inaction related toCustomer’s account, or in any event Customerdeems such claim appropriate. AM ComplianceDepartment shall accept Customer claims [email protected] within 24 hours aftercorresponding events in Customer’s account.

B) Customer shall contribute to AM in handling ofCustomer’s claims by providing the AM ComplianceDepartment with all necessary information,including, but not limited to:

1) Customer’s Name and Surname (for corporateclients company name);

2) Customer’s account login;

3) Date and time of the issue in the platform timezone;

4) Tickets of orders and positions involved;

5) Detailed description of the issue.

C) Customer has obligation to avoid any kind ofoffensive vocabulary, intimidation, unsubstantiatedaccusation or emotional interpretation of anythingrelated to his claim or to AM or its business.

13.2. Complaint Handling

i) AM shall take decisions on Customer claimswithin two working days upon receipt. In theevent AM is unable to take decision on Customer’sclaim within the above period, AM shall notifyCustomer by telephone or by e-mail about theextension of the investigation terms.

ii) Customer accepts server log-le records asa main source of information in the context ofhandling of Customer claims. Customer accepts



29

the absolute seniority of server log-le recordsagainst other sources, including client terminallog—le records.

iii) AM shall indemnify Customer exclusively bydepositing in Customer’s account with AM.

iv) In the event AM deems necessary to deleteone or another of Customer’s tickets, such ticketsshall be removed from Customer’s client terminal,and Customer’s account balance and/or equityshall be adjusted by the summarized value ofprot/loss and rollovers related to such tickets.

v) In the event AM deems necessary to restoreone or another of Customer’s tickets, suchtickets shall be reestablished in ‘Trade’ layout ofCustomer’s client terminal; summarized prot/loss and rollovers related to such tickets shall bededucted from Customer’s account balance andapplied to Customer’s account equity in connectionwith current market prices.

13.3. Rejected Complaints

(I) AM shall have the right, in its sole discretion,but not the obligation, to decline Customer claimson the expiry of 24-hourly period after related

issues. AM may not accept claims handed over toАМ not by e-mail to [email protected] orotherwise contradictory to clause 13.2.

(II) AM shall have the right to decline Customer’sclaim or any of its arguments if server log-lerecord required for examination of such claim orarguments does not exist.

(III) AM shall have the right, in its sole discretion,but not the obligation, to decline:

1) customer claims related to execution period ofany requests or orders;

2) customer claims related to server maintenanceworks, if such works were previously announcedat the AM website not less than 48 hours beforethe server downtime.

3) customer claims related to differences betweenrates quoted by AM and similar rates quoted byanother companies or institutions (including ratesof underlying assets), except for claims related tomanifest errors in AM’s datafeed.

4) customer claims related to delays orinterruptions of service or transmissions, orfailures of performance of the server, regardless

of cause, including, but not limited to, thosecaused by hardware or software malfunction;governmental, exchange or other regulatory

action; war, terrorism, or AM’s unpremeditatedacts.

13.4. How to Appeal to KROUFR

In the event AM’s decision on Customer’s claimis dissatisfactory, or Customer does not haveAM’s reasonable response to his claim within vebusiness days, Customer has the right to appealto KROUFR against AM by lling an online form atwww.kroufr.org. KROUFR shall accept Customer’sappeals within one month after AM’s nal decision

on the initial claim. KROUFR shall not acceptCustomer’s appeals related to open positions.

i) AM represents that it is a certied memberof KROUFR and assumes responsibility formaintaining all standards applied to members ofKROUFR.

ii) AM shall full its duties arising from theKROUFR Agreement and shall implement allactions required by KROUFR resolutions onCustomer appeals.

14. Quotes Database

1) AM has the right to refresh, update andmodify historical quotes data for purposes oferror correction, lling gaps arising from serverdowntime and for any other purposes AM, in itssole discretion, deems reasonable.

2) AM has the right to use any sources ofhistorical quotes data for building its own charts.3) In the event any dispute or claim is related tomissing or erroneous charts data, AM shall make

its decisions solely using server log-le recordsand corrected charts data.




30

A

‘Abnormal Market Conditions’ — ‘Rapid Market’or ‘Thin Market’.

‘Account History’ — a register of completedtransactions, balance operations and cancelledorders in Customer’s account.

‘AM’ — a dealer in contracts for differenceson spot foreign currencies, stocks and futuresregistered at the following address: Akara Bldg,24 De Castro Street, Wickhams Cay 1, Road Town,Tortola, British Virgin Islands (BVI COMPANYNUMBER 1006255). ‘AM website’ - AdmiralMarkets website at www.fxservice.com.

‘Ask’ — the price at which a seller or amarketmaker is willing to accept for a tradedinstrument, also known as the offer price; a pricefor establishing an open Buy position.

‘Available Margin’ (‘Free Margin’) — a rest offunds in Customer’s account with the deduction ofmargin, oating prot/loss and rollovers summary.

B‘Balance’ — a summarized nancial result of allfunds deposited in and withdrawn from Customer’saccount and of all closed positions in Customer’saccount.

‘Bid’ — the price at which a seller or amarketmaker is willing to buy a tradedinstrument; a price for establishing an open Sellposition.

‘Buy Limit’ — a pending order for establishing anopen Buy position in Customer’s account in the

event the price on the specied instrument fallsto the specied level; can be only executed at theAsk price and placed below the current Ask priceof the specied instrument.

‘Buy Position’ — an open position thatrepresents expectation that market price shallincrease. For example, buying the base currencyagainst the quote currency or buying a contractfor differences on an underlying security rate.

‘Buy Stop’ — a pending order for establishing anopen Buy position in Customer’s account in the

event the price on the specied instrument risesto the specied level; can be only executed at the

Ask price and placed above the current Ask priceof the specied instrument.

C

‘CFD’ (Contract for Differences) — a objectof electronic transaction based on the priceuctuation of an underlying asset (for example,stock or futures contract).

‘Chart’ — diagrammatic representation ofhistorical quotes in the form of line, bars orcandlesticks. Client Log—le’ — a text le locatedin the folder MetaTrader4/Logs and used forrecording all requests of client terminal; it iscreated in the form of separate daily les.

‘Client Terminal’ — the MetaTrader 4 programof version 4.хх designed for Customer trading,exercising supervision over Customer accounts,obtaining real—time and historical quotes, newsand other market information that AM may havemade available to Customer; also commonlyused for technical analysis, automated trading byExpert Advisors and for Customer feedback viainternal mail system.

‘Close’ — a request or instruction for closing aspecied position at the current market price.

‘Close By’ — a request or instruction for closingthe two locked positions on the same instrument.

‘Commission’ — an amount of service paymentscharged to Customer’s account.

‘Contract Details’ — parameters of aninstrument specied by AM for Customer tradingand published at AM website. ‘Currency Pair’ —traded instrument based on the change of thevalue of one currency against another currency.

‘Customer’ — a physical or juridical person, asignatory of Customer Agreement with AM.

‘Customer Account’ (Account) — Customer’spersonal system register of its transactions, ordersand balance operations.

D

‘Datafeed’ — a stream of quotes in AMMetaTrader 4 trading platform.

Terms and Definitions



31

‘Dealer’ — AM’s employee responsible foraccepting Customer requests, executing Customerorders and for carrying out the liquidation

of Customer open positions in the event ofStop—Out.Terms and Denitions

‘Dispute’, Complaint, Claim — the eventCustomer believes that AM’s action or inaction iserroneous or contradictory to these Terms or/andto AM Customer Agreement, and vice versa.

E

‘Expert Advisor’ — a program written in MQL4(MetaQuotes Language 4) and executed by clientterminal for the purpose of automated trading inCustomer’s account. ‘Expiry’ — an instruction for cancellation ofpending order at specied time and date.

‘Equity’ — a net worth of funds in Customer’saccount. ‘Explicit Error’ — an event the positionopening or closing price signicantly differs fromthe market price being actual at the moment ofexecution; an event the execution of Customer’sorder or request is inconsistent with its order or

request by general meaning.

F

‘Floating Proft/Loss’ — a difference valuebetween Customer account’s equity and balance.

G

‘Gap’ — signicant difference between the twoconsecutive quotes; may been shown on chartsas a blank eld between bars or candles when thetime period between the two quotes covers thebar’s or candlestick’s close time.

H

‘Hedged margin’ — AM margin requirements for

maintaining locked positions.

I

‘Initial Margin’ (Margin) — AM’s requirementsfor a security collateral for opening a position.‘Instant Execution’ — a request execution typethat means all quotes shown in client terminalmay be accepted by AM for Customer’s tradingwith no preliminary requests for quotes.

K

‘KROUFR’ — nancial markets regulatorycommittee — a non—prot public organizationresponsible for assisting Customer in unresolveddisputes with AM and other dealers on theterritory of Russian Federation.

L

‘Leverage’ — transaction size/margin ratio; forexample, the 1:100 leverage shall mean thatCustomer is required to have 1% of transactionsize in its account as a security collateral (i.e.

margin). ‘Login’ — Customer account’s unique identicationnumber.

‘Locked Position’ — a position consisting ofequal long and short positions on the sameinstrument; locked positions require 50% ofsummarized margin for both positions.

‘Lot’ — a transaction size unit in MetaTrader 4;with reference to currency pairs 1 lot is equal toa contract on 100’000 base currency units; withreference to stock CFDs 1 lot is equal to one unitof an underlying security.

‘Lot Size’ — an amount of base currency unitsor underlying asset units specied by AM contractdetails as a transaction size per one (1.0)standard lot.

M

‘Margin’ — a summarized value of account’sfunds reserved as a security collateral for

maintaining Customer’s open position inaccordance with AM’s Margin Requirements.

T e r m s a n d D e f i n i t i o n s



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‘Margin Level’ — an equity/margin percentageratio.

‘Margin Trading’ — a customer trading serviceutilizing the leveraged technique that providesCustomer with ability to make transactionsexceeding its account’s deposit.

‘Market Opening’ — the time when instrumentsbecome available for Customer trading afterweekends, holidays, regular closing intervals orserver downtimes.

‘Market Order’ — an electronic instruction foropening a position in Customer’s account at thecurrent market price.

‘Market Execution’ — type of execution of orderswhere lling of orders is guaranteed, however theprice of actual lling of order may differ from theprice that was quoted at the moment of sendingof the order. All quotes in the mode of Marketexecution are considered to be indicative only.

‘MetaTrader 4 AM’ — a software platformdesigned for online trading; consists of:MetaTrader 4 Client (‘client terminal’), MetaTrader4 Server (‘server’), MetaTrader 4 Data Center(‘data—center’), MetaTrader 4 Multiterminal(‘multiternminal’), MetaTrader 4 Mobile,

MetaTrader 4 Smartphone; it is a technologicalbasis of AM’s customer trading services.

‘Modify’ — a request for modication of pendingorder’s level; a request for placement, cancellationor modication or ‘Stop Loss’ or ‘Take Prot’ levelson an open position or pending order.

‘Multiple Close By’ — a request or instruction forclosing all locked position in Customer’s account.

N‘Normal Market Conditions’ — antithesis to ‘Rapid Market’ and absence of market data errors.

O

‘Open Position’ — a contract for buying orselling an instrument being in force in Customer’saccount; it is the rst part of a complete

transaction and an obligation for making an equalcounter transaction afterwards; it is also treated

as Customer’s obligation to satisfy AM’s MarginRequirements and to maintain, without notice ordemand from AM, a sufcient account balance

at all times to continuously meet AM’s MarginRequirements and the equity/margin minimumratio specied by AM (for example, a minimumratio of 30%).

‘Order’ — an electronic instuction for openingor closing a position in Customer’s account on aspecied instrument in the event its price reachesthe specied level.

‘Order Level’ — a price specied by Customerin order placement request as an instruction foropening a position in Customer’s account at thisprice under condition determined by order’s type.

P

‘Pending Order’ — an electronic instruction foropening a position in Customer’s account in theevent the price of a specied instrument reachesa specied level; Customer is provided with abilityto use pending orders of following types: BuyLimit, Sell Limit, Buy Stop, Sell Stop.

‘Platform Time Zone’ — a time zone the AMserver is synchronized with; a time zone which isused for recording any events into the server log—le. MetaTrader 4 AМ is currently synchronizedwith London time (GMT+0; daylight saving time— GMT+1).

‘Point’ — a minimum of the price change; forexample, 0.0001 for EURUSD, 0.25 for #ZCXX.

‘Price’ — 1) a two-way quote; consists of Bid andAsk prices; 2) position opening or closing price; 3)order level;

‘Close Price’ — a position closing price.

‘Open Price’ — a position opening price.

‘Price Gap’ — an event the current Bid price isabove the previous Ask price and vice versa.

Q

‘Quote’ — an electronic message about the

current price displayed in Client Terminal; consistsof demand price (Bid) and supply price (Ask).



33

‘Quotes Base’ — the AM server’s archive lecontaining historical quotes.

‘Quoting’ — providing Customer with quotes thatAM may accept for buying or selling instruments inCustomer’s account.

R

‘Rapid Market’ — market conditionscharacterized by signicant price changes in shortperiods of time frequently causing wide gapsbetween consecutive quote values. Commonlyoccurs immediately before and/or after importantevents such as:

1. key economic reports on any of G7 countries;

2. press conferences of G7 nancial ministers orcentral banks’ chairmen;

3. central banks’ decisions on interest rates;

4. market interventions;

5. political or natural force majeur, war, terrorismetc.

‘Rate’ — 1) with reference to currency pair —base currency value in quote currency; 2) withreference toCFDs — underlying asset value.

‘Request’ — 1) an electronic instruction foropening or closing a position, placement,cancellation or modication of order, given byCustomer via client Terminal; 2) a query for atwo-way quote.

S‘Sell Limit’ — a pending order for establishing anopen Sell position in Customer’s account in theevent the price on the specied instrument risesto the specied level; can be only executed at Bidprice and placed above the current Bid price of thespecied instrument.

‘Sell Position’ — an open position that representsexpectation that market price shall decline. Forexample, selling the base currency against thequote currency or selling a contract for differences

on an underlying security rate.

‘Sell Stop’ — a pending order for establishing anopen Sell position in Customer’s account in theevent the price on the specied instrument falls

to the specied level; can be only executed at Bidprice and placed below the current Bid price of thespecied instrument.

‘Server’ — the program MetaTrader Server ofversion 4.xx, designed for transmitting requestsof client terminals to dealers, sending news,quotes and execution conrmations to clientterminals, and recording all messages relatedto customer trading process; it is a softwaretool for maintaining mutual liabilities betweenAM and Customer which are formalized in AMCustomer Agreement, contract details and marginrequirements.

‘Server Log—fle’ — a text le generated byMetaTrader 4 server and used for recording allevents related to customer trading and platformperformance, including all dialogues betweenclient terminals and dealers.

‘Session Gap’ — a price gap between the rstquote of the current market session and the lastquote of the previous market session.

‘Slippage’ — a parameter of Expert Advisordesigned for setting up the maximum difference

between the requested price and the dealer’sprice acceptable to Expert Advisor for openinga position in Customer’s account; a differencebetween order’s price and the price of its actualexecution.

‘Spike’ (Data Error) — an incorrect quotegenerated by server as a result of datafeederror; commonly looks like a signicant price gapreturning close to the previous level on the nextprice update with no signs of rapid market around.AM has discretion, but not the obligation, toremove such errors from its quotes database.

‘Split Close’ — a partial position closing; forexample, closing 0.5 lots of 2.0 lots.

‘Spread’ — a difference between Bid and Askprice, evaluated in points.

‘Stop Loss’ — an order for closing a speciedopen position at specied level in the event theprice moves in unfavorable direction; can be onlyexecuted at Bid price and placed below the currentBid price with reference to Buy positions; can beonly executed at Ask price and placed above thecurrent Ask price with reference to Sell positions.

‘Stop Out’ — a compulsory closing ofCustomer’s open positions by AM in the event

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Customer’s account does not satisfy AM’s MarginRequirements.

‘SWAP’ — an amount of overnight adjustmentspaid or charged to Customer’s account at 23.59 inthe platform time zone, in accordance with valuesspecied in contract details; it is a daily settlementfor margin trading services. ‘Symbol’ — an objectof electronic transaction, for example: currencypair, stock CFD, futures CFD; an instrument inMetaTrader 4 online trading platform.

T

‘Take Proft’ — an order for closing a speciedopen position at specied level in the event theprice moves in favorable direction; can be onlyexecuted at Bid price and placed above thecurrent Bid price with reference to Buy positions;can be only executed at Ask price and placedbelow the current Ask price with reference to Sellpositions.

‘Thin Market’ — periods of low trading activities

and amounts of quotes per time, as compared tonormal marker conditions; for example, periodsbetween 21.00 and 00.00 GMT and beforeChristmas holidays.

‘Ticket’ — an unique identication number ofposition, order or balance operation in Customer’saccount.

‘Trailing Stop’ — a built—it option of clientterminal designed for adjusting a Stop Loss orderlevel automatically by a specied amount ofpoints, if the favorable price motion exceeds thisamount; it may only work with the client terminal

connected to the server. ‘Transaction’ — anoperation consisting of two equal counter trades ina specied instrument.

‘Transaction Size’ — lot size multiplied byamount of lots.



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Customer:

Admiral Markets Ltd:

Date

:

Signature:

Corporate Seal

Date:Signature:

Title:Corporate Seal (for companies)

Name:

Surname:

Customer hereby acknowledges that it has read and understood all provisions of Customer Agreement and Terms of Business and agreesto be bound by all of the terms and conditions hereof.

Signatures

S i g n a t u r e s



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Table of Contents

Account Application Form for Natural Persons

Account Application Form for Companies

Customer Agreement

Terms of Business

Terms and Denitions

Signatures

3

4

6

17

30

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Contracts Forms and Disclosures

Documents

Transcript of Contracts Forms and Disclosures