Australia is one of the most advanced economies ranking 12th largest in the world as measured by Gross Domestic Product (Nominal). It is an advanced economy with its per-capita GDP higher than that of the UK, Germany, and France. Australia is a member of...
The actual use of the euro is very recent but the idea of having a unified currency for Europe was raised long ago. The need was felt to have some kind of ‘Economic and Monetary Union’ for the benefit of trade within Europe. In the early decades of the twentiet...
The growth of Japan started right after World War II. Japan suffered devastation during the war but immediately focused extensively and largely on rebuilding itself after the war was over. Two notable characteristics of the post-World War II economy were the close ...
How the US dollar became a leading currency on a global scale brings us back to the times immediately after World War II. The war devastated European and Asian economies while leaving the United States’ economy relatively unharmed. As European governments exh...
This notice is provided to you in compliance with Financial Conduct Authority requirements because you are proposing to undertake dealings in financial instruments in the form of Forex, spread bets or CFDs with a firm which is carrying on investment business. This notice cannot and does not disclose or explain all of the risks and other significant aspects involved in dealing in such products.
Acenya Capital is prohibited under Financial Conduct Authority requirements from providing you with investment advice relating to investments or possible transactions in investments or from making investment recommendations of any kind. We can give you factual market information or information, in relation to a transaction about which you have enquired, as to transaction procedures, potential risks involved and how those risks may be minimised.
Engaging in Forex, spread betting or CFDs (in this notice referred to as a “Transaction”) carries a high risk to your capital. You should not engage in this form of investing unless you understand the nature of the Transaction you are entering into and the true extent of your exposure to the risk of loss. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based.
For many members of the public, these Transactions are not suitable. You should, therefore, consider carefully whether they are suitable for you in the light of your circumstances and financial resources and investment objectives. In considering whether to engage in this form of investing, you should be aware of the following:
The high degree of “gearing” or “leverage” is a particular feature of this type of Transaction. This stems from the initial financial requirements applicable to such Transactions which generally involve a comparatively modest deposit or margin in terms of the overall market value of the Transaction involved, so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on your Transaction. If the underlying market movement is in your favour, you may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of your entire deposit, but may also expose you to a large additional loss over and above your initial deposit.
You may be called upon to deposit substantial additional margin, at short notice, to maintain your position. If you do not provide such additional funds within the time required, your position may be closed at a loss and you will be liable for any resulting deficit. You must understand that Acenya Capital may be unable to close the position due to factors beyond its control and you will be liable for any loss suffered. You cannot and must not rely on Acenya Capital to close a position.
The purpose of a spread bet or CFD Transaction is to secure a profit or avoid a loss by reference to fluctuations in the price of underlying property or an index (the “Underlying Market”). In the context of our activities, the Underlying Market may be a single security, a basket of securities, a securities Index, an exchange rate between two currencies, a treasury product, a bullion, a commodity or such other investment as we may from time to time agree in writing. It is an express term of each spread bet or CFD Transaction that neither you nor us:
Transactions with Acenya Capital are not transacted on a recognised or designated investment exchange and, accordingly, they may expose you to greater risks than exchange transactions. The Transactions structure and rules will be established solely by Acenya Capital pursuant to the Financial Conduct Authority Conduct of Business rules. For example, if you wish to close the position earlier than the time at which it would otherwise automatically expire, you will have to close it at Acenya Capital’s quotation which may reflect a premium or discount to the Underlying Market. When the Underlying Market is closed, Acenya Capital’s quotation can be influenced by the weight of other client’s buying or selling with Acenya Capital. You will have to close any position with the same provider with whom it was originally entered into.
Where entering into such Transactions, Acenya Capital must do so under a two-way client agreement (i.e. Terms and Conditions and documents incorporated by reference therein) pursuant to the Financial Conduct Authority Conduct of Business rules unless exempted from doing so. You should satisfy yourself that dealing is conducted throughout in strict conformity with that client agreement and report to the Financial Conduct Authority if you have reason to believe it is not.
Gapping (or Slippage) refers to an occurrence whereby the market moves past a Stop Loss level. This may be because the particular Underlying Market has become unusually volatile for a period of time. In such instances the Underlying Market may have stopped trading and may only recommence trading at a price below a Stop Loss level. Where this happens a Stop Loss may not be effective and the Position will be closed at the current Acenya Capital Quote. Accordingly, where you have an open Position in a volatile market environment you must understand the potential impact of Gapping.
Foreign markets will involve different risks from UK markets. In some cases risks will be greater. The potential for profit or loss from transactions on foreign markets or in foreign currency denominated markets will be affected by fluctuations in foreign exchange rates.
Under certain trading conditions it may be difficult or impossible to liquidate a Position. This may occur, for example at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading is restricted or suspended.
Acenya Capital is required to hold your money in its principals, MEX (Europe) Limited segregated trust accounts in accordance with the regulations of Financial Conduct Authority, but this may not afford complete protection. If you deposit collateral as security with Acenya Capital, you should ascertain from Acenya Capital how your collateral will be dealt with.
Your business with Acenya Capital may be covered by the Financial Services Compensation Scheme (“FSCS” or the “Scheme”). Client money will be deposited into a client money bank account opened at an approved bank. In the event that Acenya Capital and/or MEX (Europe) Limited were to become insolvent all client money held in the third party bank account would be protected. In the event that the third party bank was to become insolvent you may be entitled to compensation from the Scheme if the third party bank were unable to meet their obligations. This depends on the type of business you undertake, your status, and the circumstances of the claim. Most types of investment business are covered for up to £50,000 (which is the maximum level of compensation). Further information about compensation arrangements is available from the FSCS. You can contact the FSCS by writing to them at Financial Services Compensation Scheme, PO Box 300,Mitcheldean GL17 1DY, or by emailing them at the email address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk
Acenya Capital is a trading name of Finsa Europe Limited, a company registered in England and Wales (“Acenya Capital”, “we”, “us”) and authorised and regulated by the Financial Conduct Authority (“FCA”) with firm number 525164.
This agreement applies as between you, the User of this Website and Acenya Capital, the owner(s) of this Website. Your agreement to comply with and be bound by these terms and conditions is deemed to occur upon your first use of the Website. If you do not agree to be bound by these terms and conditions, you should stop using the Website immediately.
In this Agreement the following terms shall have the following meanings:
“Content” means any text, graphics, images, audio, video, software, data compilations and any other form of information capable of being stored in a computer that appears on or forms part of this Website;
“Service” means collectively any online facilities, tools, services or information that Acenya Capital makes available through the Website either now or in the future;
“System” means any online communications infrastructure that Acenya Capital makes available through the Website either now or in the future. This includes, but is not limited to, web-based email, message boards, live chat facilities and email links;
“User” / “Users” means any third party that accesses the Website and is not employed by Acenya Capital and acting in the course of their employment; and
“Website” means the website that you are currently using www.firstindex.com and any sub-domains of this site unless expressly excluded by their own terms and conditions.
2.1 All Content included on the Website, unless uploaded by Users, including, but not limited to, text, graphics, logos, icons, images, sound clips, video clips, data compilations, page layout, underlying code and software is the property of Acenya Capital, our affiliates or other relevant third parties. By continuing to use the Website you acknowledge that such material is protected by applicable United Kingdom and International intellectual property and other relevant laws.
2.2 Subject to sub-clause 2.3 you may not reproduce, copy, distribute, store or in any other fashion re-use material from the Website unless otherwise indicated on the Website or unless given express written permission to do so by Acenya Capital.
2.3 Material from the Website may be re-used without written permission where any of the exceptions detailed in Chapter III of the Copyright Designs and Patents Act 1988 apply.
This Website may contain links to other sites. Unless expressly stated, these sites are not under the control of Acenya Capital or that of our affiliates. We assume no responsibility for the content of such Websites and disclaim liability for any and all forms of loss or damage arising out of the use of them. The inclusion of a link to another site on this Website does not imply any endorsement of the sites themselves or of those in control of them.
Those wishing to place a link to this Website on other sites may do so only to the home page of the site www.firstindex.com without prior permission. Deep linking (i.e. links to specific pages within the site) requires the express permission of Acenya Capital.
6.1 Acenya Capital makes no warranty or representation that the Website will meet your requirements, that it will be of satisfactory quality, that it will be fit for a particular purpose, that it will not infringe the rights of third parties, that it will be compatible with all systems, that it will be secure and that all information provided will be accurate. We make no guarantee of any specific results from the use of our Service.
6.2 No part of this Website is intended to constitute advice and the Content of this Website should not be relied upon when making any decisions or taking any action of any kind.
6.3 Whilst Acenya Capital uses reasonable endeavours to ensure that the Website is secure and free of errors, viruses and other malware, all Users are advised to take responsibility for their own security, that of their personal details and their computers.
7.1 The Service is provided “as is” and on an “as available” basis. We give no warranty that the Service will be free of defects and / or faults. To the maximum extent permitted by the law we provide no warranties (express or implied) of fitness for a particular purpose, accuracy of information, compatibility and satisfactory quality.
7.2 Acenya Capital accepts no liability for any disruption or non-availability of the Website resulting from external causes including, but not limited to, ISP equipment failure, host equipment failure, communications network failure, power failure, natural events, acts of war or legal restrictions and censorship.
7.3 Acenya Capital reserves the right to alter, suspend or discontinue any part (or the whole of) the Website including, but not limited to, the products and/or services available. These Terms and Conditions shall continue to apply to any modified version of the Website unless it is expressly stated otherwise.
8.1 To the maximum extent permitted by law, Acenya Capital accepts no liability for any direct or indirect loss or damage, foreseeable or otherwise, including any indirect, consequential, special or exemplary damages arising from the use of the Website or any information contained therein. Users should be aware that they use the Website and its Content at their own risk.
8.2 Nothing in these terms and conditions excludes or restricts Acenya Capital’ liability for death or personal injury resulting from any negligence or fraud on the part of Acenya Capital.
8.3 Every effort has been made to ensure that these terms and conditions adhere strictly with the relevant provisions of the Unfair Contract Terms Act 1977. However, in the event that any of these terms are found to be unlawful, invalid or otherwise unenforceable, that term is to be deemed severed from these terms and conditions and shall not affect the validity and enforceability of the remaining terms and conditions. This term shall apply only within jurisdictions where a particular term is illegal.
In the event that any party to these Terms and Conditions fails to exercise any right or remedy contained herein, this shall not be construed as a waiver of that right or remedy.
In the event of any conflict between these Terms and Conditions and any prior versions thereof, the provisions of these Terms and Conditions shall prevail unless it is expressly stated otherwise.
Nothing in these Terms and Conditions shall confer any rights upon any third party. The agreement created by these Terms and Conditions is between you and Acenya Capital.
12.1 All notices / communications shall be sent to us either by post to our Premises (see address above) or by email to email@example.com. Such notice will be deemed received 3 days after posting if sent by first class post, the day of sending if the email is received in full on a business day and on the next business day if the email is sent on a weekend or public holiday.
12.2 Acenya Capital may from time to time send you information about our products and/or services. If you do not wish to receive such information, please email firstname.lastname@example.org requesting to be removed.
These terms and conditions and the relationship between you and Acenya Capital shall be governed by and construed in accordance with the Law of England and Wales and Acenya Capital and you agree to submit to the exclusive jurisdiction of the Courts of England and Wales.
For more general information on cookies please click on the link below:
You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the this site. Therefore it is recommended that you do not disable cookies.
This site offers newsletter or email subscription services and cookies may be used to remember if you are already registered and whether to show certain notifications which might only be valid to subscribed/unsubscribed users.
When you submit data to through a form such as those found on contact pages or demo and live account application forms cookies may be set to remember your user details for future correspondence.
In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences.
This site uses Google Analytics which is one of the most widespread and trusted analytics solution on the web for helping us to understand how you use the site and ways that we can improve your experience. These cookies may track things such as how long you spend on the site and the pages that you visit so we can continue to produce engaging content.
For more information on Google Analytics cookies, see the official Google Analytics page.
Third party analytics are used to track and measure usage of this site so that we can continue to produce engaging content. These cookies may track things such as how long you spend on the site or pages you visit which helps us to understand how we can improve the site for you.
From time to time we test new features and make subtle changes to the way that the site is delivered. When we are still testing new features these cookies may be used to ensure that you receive a consistent experience whilst on the site whilst ensuring we understand which optimisations our users appreciate the most.
As we sell products it's important for us to understand statistics about how many of the visitors to our site actually make a purchase and as such this is the kind of data that these cookies will track. This is important to you as it means that we can accurately make business predictions that allow us to monitor our advertising and product costs to ensure the best possible price.
We use adverts to offset the costs of running this site and provide funding for further development. The behavioural advertising cookies used by this site are designed to ensure that we provide you with the most relevant adverts where possible by anonymously tracking your interests and presenting similar things that may be of interest.
In some cases we may provide you with custom content based on what you tell us about yourself either directly or indirectly by linking a social media account. These types of cookies simply allow us to provide you with content that we feel may be of interest to you.
Several partners advertise on our behalf and affiliate tracking cookies simply allow us to see if our customers have come to the site through one of our partner sites so that we can credit them appropriately and where applicable allow our affiliate partners to provide any bonus that they may provide you for making a purchase.
We also use social media buttons and/or plugins on this site that allow you to connect with your social network in various ways. For these to work the following social media sites including; facebook,twitter,linkedin,googleplus,youtube, will set cookies through our site which may be used to enhance your profile on their site or contribute to the data they hold for various purposes outlined in their respective privacy policies.
Hopefully that has clarified things for you and as was previously mentioned if there is something that you aren't sure whether you need or not it's usually safer to leave cookies enabled in case it does interact with one of the features you use on our site. However if you are still looking for more information then you can contact us on email@example.com.
Acenya Capital Limited ("Acenya Capital"), believes that maintaining our clients' trust and confidence is a high priority. We understand that privacy is an important concern for both clients and visitors to our web site(s). Whether you are a client of Acenya Capital, or just visiting our web sites, we would like to take the opportunity to explain how we work to protect your privacy in the event we collect, retain and use information about you, and the steps we take to safeguard that information.
By registering for any services on this web site or by providing any information to us, you consent to the collection, use and transfer of your information under the terms of this policy.
No personal information is retrieved from our servers when a client or visitor browses the public (pre-login) areas of our web sites. Although we may use web site usage data to improve the content and services offered to our web site visitors, such data is reported on an aggregate, anonymous basis with no personal information associated with such gathering of data. Typical data may include: how many people visit our web sites; the pages they visit; how long they stay on our web sites; and the domain name of the site visitors connect from e.g. google.com.
In the event you access a third party web site via a link on our pages then associated cookies might also be created when you access these sites. Acenya Capital will not have access to these cookies or any information that these cookies may contain. Although we would expect third parties to adhere to a suitable privacy policies and terms and conditions of use, we are not responsible for the actions or policies of such third parties. Accordingly, you should contact the third party site for more information on their policies regarding cookies.
We will retain your information for a reasonable period or as long as the law requires. In accordance with the UK's Data Protection Act 1998, we employ strict physical, electronic, and administrative security measures to protect your information from access by unauthorised persons and against unlawful processing, accidental loss, destruction and damage both on-line and off-line.
Given that the Internet is a global environment, using the Internet to collect and process personal information necessarily involves the transmission of data on an international basis. Therefore by browsing this web site and communicating electronically with us, you acknowledge and agree to our processing of personal information in this way.
Whereas we employ reasonable measures to protect against viruses and other harmful components, the nature of the internet is such that it is impossible to ensure that your access to the Web site will be uninterrupted or error-free, or that this Web site, its servers or emails which may be sent by us are free of viruses or other harmful components.
Whether you are a Acenya Capital client or a visitor browsing our web sites, and you submit / request information from one of our non-public areas (login & password / token protected areas) such as our online account forms, or trading statements please note that we use Secure Sockets Layer ("SSL") encryption technology to protect the information you submit. This technology helps protect you from having your information intercepted by anyone other than Acenya Capital while it is being transmitted to us. We strive to ensure that our web sites are and remain secure and that they meet the highest possible industry standards. In addition to SSL encryption technology, we use a variety of other safeguards such as firewalls, authentication systems (e.g. passwords, tokens etc) and access control mechanisms to control unauthorized access to our systems and data.
The contents of this Web site are designed to comply with the general obligations of the European Directives on Data Protection and E-Privacy. We cannot be responsible for non-compliance with any local advertising or other laws in relation to this Web site or its contents.
Acenya Capital restricts access to Personal Information about you.
To protect the security of Personal Information, we maintain physical, electronic, and procedural safeguards that comply with regulatory standards for securing the information we collect about you. (as detailed previously).
In the event visitors to our web site choose to provide Acenya Capital with non-public personal information about themselves (e.g., name, address, phone number, email address) for the purpose of receiving additional information about our products and services, or if you are a Acenya Capital client and we obtain from you or from other sources non-public personal information about you in the course of providing you with our products and services, we will take the following steps to safeguard such non-public personal information ("Personal Information").
In order to provide you with financial products and services, or information about such services, Acenya Capital may collect the following types of Personal Information:
Information we receive from your Introducing Broker (if applicable) or from you on account applications, whether written or electronic, or on other forms (including on-line forms) and every time you email us or provide us with your details in other ways (i.e. over the telephone, by fax, by mail etc.) . This information would include, but not be limited to, such details as: your name, address, landline or mobile telephone numbers, fax number, e-mail address, social security or national insurance number, your date of birth; company name and contact details; income, investment experience; details of the ways in which you are happy to receive information from us and/or selected third parties etc. Information about your transactions with us, our affiliates, or others. This information could include your trading history through us, our affiliates and others, your history of meeting margin calls, and your use of the various products and services that we and our affiliates provide.
Information about you obtained in connection with our efforts to protect against fraud or unauthorized use of your account(s) with us.
Information relating to your selection of a user ID for the use of some of our services or activities. You will find that it is not compulsory to provide us with any additional information we request which is not necessary or reasonable in order to provide you with the services you have requested.
We hold your personal information in order to open and manage your account with us, whilst also satisfying the key regulatory obligation of "Know your client". In addition this information will enable us to review your needs on a regular basis thereby assisting us in providing you with the level of customer service you expect. It may also be used to provide you with new information or opportunities from us about our various products and services that we believe may be relevant to your needs.
The personal information you provide may be accessed by or given to our staff and disclosed to unaffiliated third parties with which Acenya Capital is engaged in a joint marketing arrangement (see Who we may share your information with section below). The personal information disclosed to such unaffiliated third parties will include but not be limited to:
Information we receive from your Introducing Broker (if applicable) or from you on account applications, whether written or electronic, or on other forms (including on-line forms) and every time you email us or provide us with your details in other ways (i.e. over the telephone, by fax, by mail etc.) . This information would include, but not be limited to, such details as: your name, address, landline or mobile telephone numbers, fax number , e-mail address, social security or national insurance number, your date of birth; company name and contact details; income, investment experience; details of the ways in which you are happy to receive information from us and/or selected third parties etc.
Information about your transactions with us, our affiliates, or others. This information could include your trading through us, our affiliates and others, your history of meeting margin calls, and your use of the various products and services that we and our affiliates provide.handle your personal data.
Acenya Capital may disclose the types of Personal Information listed above (see Information we may disclose section above) to the following types of third parties:
Companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements to sell Acenya Capital products or services;
Financial service providers, such as introducing brokers, broker-dealers, futures commission merchants, investment companies, investment advisers, commodity trading advisors, and commodity pool operators;
Publishers and other direct marketers of products related to the financial services industry, such as newsletter or book publishers and software or trading system developers;
Government bodies and law enforcement agencies;
Successors in title to our business;
We may also disclose Personal Information to other non-affiliated third parties as permitted or required by law, such as in response to a subpoena or legal process or in order to complete a transaction which you initiated and authorised,
You should be aware that countries outside the European Economic Area do not always have strong data protection laws. Therefore However In the event any transfer data is made to countries outside of the EEA, this will only be done to; countries with equivalent legislation and or organisations with the appropriate level of data security.
Finally, if our business enters into a joint venture with or is sold to or merged with another business entity, your information may be disclosed to our new business partners or owners.
Unless required to do so by law, we will not otherwise share, sell or distribute any of the information you provide to us without your consent.
Accessing, Updating, Contacting Us and Your right to opt-out of information sharing
Under the Data Protection Act 1998, you are entitled to see the personal information we hold about you and you may ask us to make any necessary changes to ensure that it is accurate and kept up to date.
Furthermore, if you prefer that we not disclose your Personal Information to unaffiliated third parties, you can choose to opt out of those disclosures. That is, you may direct us not to make those disclosures (other than disclosures permitted or required by law). However, this opt out will not apply to Personal Information disclosed about you to your Introducing Broker (if applicable), or any service provider necessary to effect or process any transaction in your account(s) with us (if applicable).
If you wish to correct or update the personal information that you have provided to us;
choose to opt out of any communications that you may have initially agreed to receive;
If you register for any of our online products or services, we will retain your user ID and password and other information about your use of our web site in order that we may recognise you as a registered user. We may also obtain your email address from you or from another source. We may send you email offers for our as well as our affiliates' products and services. You may also receive emails from third party product and service providers we think may be of interest to you.
All email offers we send to you include an opportunity to opt out from future email offers.
If you opt out from receiving email offers, we reserve the right to still send (via email or otherwise) important information about your account(s) with us (if applicable) and our products and services.
As and when necessary we reserve the right to make changes to our Privacy Statement. We recommend that regular visitors to our web sites review this Web site Privacy Statement periodically to learn of any updates and changes that have been made to this Statement. Should you become a Acenya Capital client by obtaining a user ID and password by completing account forms on-line, we will notify you of any changes we make to this Statement in the following manner. The first time you log on to a non-public part of our web site after we have modified our Web site Privacy Statement, you will be required to click-through our revised Statement. Accessing your account information or placing an order will not be possible until you agree to the terms of the revised Statement.
This is a statement of the data protection policy adopted by Acenya Capital Ltd ("Acenya Capital"). The responsibility for the updating and distribution of this policy rests with Acenya Capital's Information Protection Officer. Our policy is subject to periodic review to ensure that changes to the relevant legislation or the structure or internal polices of Acenya Capital are reflected into this policy. All directors and staff are expected to apply the policy and to seek advice or consultation as appropriate. In the normal course of commercial operations Acenya Capital needs to collect and retain certain types of personal data (both public & non-public) from a variety of sources including clients, prospective clients, personnel, suppliers, business contacts, Introducing Brokers, finance companies, credit reference agencies, internet users and others who Acenya Capital conducts business with. For the purpose of this policy these will be referred to as ("Data Subjects"). In addition, to ensure Acenya Capital complies with its regulatory obligations it may be required by law to collect and use certain types of information.
Personal Data means data which relates to a living individual who can be identified from that data or from that data combined with other information which is in the possession of, or is likely to come into the possession of, the data controller.
Under the Act personal data must generally not be processed at all unless an entry has been made on the notification register maintained by the UK Information Commissioner. Acenya Capital has made this notification and is registered under reference number ZA094211. In order to ensure continued compliance, Acenya Capital will regularly review the scope of these notification entries to ensure that they are kept up-to-date if the way in which Acenya Capital uses information changes throughout the year.
All personal data must be dealt with correctly, as provided for by the safeguards in the Data Protection Act 1998 ("DPA"), however it is ascertained, recorded and used. This applies equally whether the data is held electronically, on paper or by other means.
In addition to any legal consideration, Acenya Capital believes the lawful and correct treatment of all personal data (non-public) is an essential step in building and maintaining confidence to everyone concerned including both staff, clients & business associates alike. With this in mind we need to ensure that our company treats personal data in a lawful and correct manner.
In light of this Acenya Capital fully endorses and endeavours to comply with the eight principles set out in the DPA which govern the processing of personal data.
The Eight Principles of the DPA and application of those principles by Acenya Capital.
The eight data protection principles under the Act and some examples of practical steps taken by Acenya Capital to help ensure compliance with the principles (by the application of appropriate management structure and strict use of criteria and controls) are set out as follows:
In particular processing will not be fair and lawful if the data subject has been deceived or misled as to the purpose or purposes for which their personal data will be processed. Acenya Capital will therefore ensure that certain information, known as "Fair Processing Information", has been provided to the data subjects before processing takes place (i.e. on their data collection forms). This information must include the following:
In addition to providing the Fair Processing Information, to ensure that all processing is fair and lawful Acenya Capital will also ensure that the processing in question can be justified under certain conditions set out under the Act. This means that at least one of the following, what are known as "Fair Processing Conditions" must be met:
In the case of 'sensitive' personal data (i.e. personal data concerning a Data Subject's racial or ethnic origin, political opinions, religious beliefs, trade union membership, physical or mental health or condition (which will include employee's health records), sexual life or the commission or alleged commission of any offence or proceedings for any actual or alleged offence, the disposal of such proceedings or the sentence of any court in such proceedings) this may only be collected stored, used, disclosed or otherwise processed if, in addition to the requirements set out above one of the following conditions is met:
Personal data shall be obtained only for one or more specified and lawful purposes and shall not be further processed in any manner incompatible with that purpose or those purposes.
Acenya Capital has set up internal procedures to identify the collection points of data (e.g. websites, application forms, emails, CCTV, application forms etc.), the nature of the data collected and the purposes for which such data is processed.
Acenya Capital will give data subjects the Fair Processing Information when data is collected or obtained.
Acenya Capital will ensure that personal data is not used for reasons not set out in the Fair Processing Information without ensuring that one of the Fair Processing Conditions is met.
Personal data shall be adequate, relevant and not excessive in relation to the purpose or purposes for which it is processed.
In order to process data in a way which is compatible with the purposes for which it is processed Acenya Capital will, for example: periodically review data collection procedures to ensure that they are adequate, relevant and not excessive in relation to the purpose for which data is going to be processed; review requests for personal data, to ensure that all data which is supplied is necessary or whether it can be destroyed; periodically review personal data held in manual filing systems and computerised filing systems to ensure that Acenya Capital is holding no more than the minimum of data required for the purpose for which the data was collected; and ensure that if employees are allowed to enter free text onto records, training is given to them to ensure its relevance. Personal data shall be accurate and, where necessary, kept up to date.
Acenya Capital will check that personal data is accurate, complete and current by, for example: keeping a record of the dates on which personal data is created and/or obtained both manually and electronically; assessing the accuracy of the personal data at the time of collection when it comes from sources other than the data subject concerned and, in any case, reviewing the accuracy of personal data before it is entered into any filing systems; ensuring that where personal data is duplicated and held separately (e.g. at a different locations or in a different department) any updates or amendments are communicated to all holders of the personal data and that the personal data is updated/amended accordingly; and checking personal data periodically to ensure that it is accurate and up to date and to evaluate the degree of damage to the data subject (and Acenya Capital) which could be caused through inaccurate or out of date personal data being held. This could be done by putting a procedure in place which provides that when a record is accessed, the individual accessing the file has to sign off that they have briefly reviewed the entire file and removed/amended any inaccurate personal data. Personal data processed for any purpose or purposes shall not be kept for longer than necessary for that purpose or those purposes.
Acenya Capital will comply with this principle by, for example: reviewing personal data periodically to determine whether retention is justifiably necessary for legitimate business purposes or whether the personal data can be archived or destroyed; and ascertaining whether such personal data could be retained in an anonymous format (e.g. if kept only for historical or statistical purposes).
Determining the integrity of the personal data used and ensuring that records are not maintained for longer than is necessary.
Personal data shall be processed in accordance with the rights of data subjects under the Act.
Acenya Capital will inform data subjects of: the obligatory or optional nature of the personal data requested (e.g. optional fields could be marked with a star which indicates that such personal data may be used for future marketing activities; and how Data Subjects can contact Acenya Capital with any enquiries or complaints about the processing of personal data and the choices and the means offered by Acenya Capital for limiting the use and disclosure of personal data.
Acenya Capital has also established suitable procedures to enable an individual to find out whether personal data (of which that individual is the data subject) is being processed by or on behalf of Acenya Capital and if so what such personal data comprises. Such a request by an individual must be in writing and Acenya Capital may be entitled to charge a small fee for responding to such requests. Acenya Capital has t rained staff to recognise subject access requests from data subjects and to respond to these in accordance with the DPA and particularly in accordance with the statutory time limits.
Where Acenya Capital obtains personal data about an individual from a third party (e.g. from a marketing company) Acenya Capital will inform the data subject as soon as practicable that it is holding the personal data and set out the purposes for which such personal data will be held. This will not, however, be necessary where the third party has already informed the data subject that their personal data will be passed to Acenya Capital and identified these purposes.
Acenya Capital will obtain specific written consent from data subjects to use their personal data for non-obvious purposes such as for direct marketing at the time data subjects are first asked to provide personal data (or as soon after as is practicable) i.e. through a data protection notice on data collection forms (e.g. on website registration forms, application forms etc).
Acenya Capital will inform data subjects if it intends to use their personal data for a purpose which is different from those for which the personal data was originally collected or where it intends to disclose personal data to a third party who has not previously been authorised by the individual concerned. Acenya Capital will ensure the rights granted to the people about whom personal data is held are upheld, including such issues as their right to be informed that processing is being undertaken, their rights to access such personal data, and their rights to correct or have deleted personal data that is determined as wrong personal data.
Appropriate technical and organisational measures shall be taken against unauthorised or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data In order to protect personal data stored by Acenya Capital from being lost, misused, accessed without authorisation, disclosed, altered or destroyed, Acenya Capital will, for example: ensure that all necessary technical & structural security measures are undertaken to safeguard personal data; promote awareness of data security among employees and where possible, conduct training in security responsibilities and issues; only authorise individuals to access personal data where they have a business need to do so, where they are reliable and where they have the appropriate knowledge to make decisions concerning how it should be handled (i.e. carry out background checks and conduct training to ensure that individuals understand their responsibilities, particularly surrounding confidential information and special categories of data). Acenya Capital will also segregate employee duties to ensure that responsibility for sensitive tasks is appropriately controlled; monitor access to personal data to prevent violations, intentional or accidental damage or disclosure; identify potential security risks and exposures within the company and implement appropriate security measures to counter those risks (e.g. Acenya Capital will (i) only give employees access to personal data where they are authorised and have a legitimate business need to do so; (ii) create a system of secure cabinets within locked rooms; (iii) maintain a clear desk policy; and (iv) where possible use partition screens in open plan areas); ensure that where personal data is taken off-site (e.g. on laptop computers or hard copy files), only necessary personal data is taken and that training is given on security rules which employees must follow (e.g. ensuring the personal data is not left in an unlocked car or unattended in a place where it could be viewed by others etc); ensure that: (i) computer servers are set up to optimise security; (ii) all systems passwords/ authorisation levels etc. are periodically reviewed to ensure that they are assigned to appropriate staff; (iii) where possible, audit trail capabilities of automated systems are used to track who accesses and amends personal data; and (iv) account is taken of the risks of transmitting confidential information by fax, by e-mail or via the internet; implement procedures to stop all employees whose employment has been terminated or transferred and any third parties (e.g. contractors) who are no longer used, from accessing systems used to process personal data; and ensure that where the processing of personal data is carried out by a data processor on Acenya Capital's behalf it chooses a data processor providing sufficient guarantees in respect of the technical and organisational security measures governing that processing and takes reasonable steps to ensure compliance with those measures. Such processing must be carried out under a written contract with appropriate obligations as required under the Act, for example, ensuring that the data processor is to act only on the instructions of Acenya Capital.
Personal data shall not be transferred to a country or territory outside the European Economic Area, unless that country or territory ensures an adequate level of protection for the rights and freedoms of data subjects in relation to the processing of personal data.
Acenya Capital will ensure that the transfer of personal data abroad is only done once suitable safeguards have been made.
This will be where either one or several of the following conditions applies;
To enable Acenya Capital to achieve its objective of compliance with the principles of the DPA we have appointed a designated Information Protection Officer with specific responsibility for data protection who will act as the central focus for all issues relating to data protection and report directly to the Board . This will help to ensure that issues are dealt with in a uniform manner. The Information Protection Officer will be responsible for identifying information, implementing appropriate data protection measures to comply with applicable law and maintaining those measures at appropriate levels so that the cost of protection does not outweigh the value of the information to Acenya Capital, training and briefing employees and third parties as to the data protection measures in place, liaising with business functions to resolve any issues which may arise and notifying the national data protection supervisory authority.
The information protection officer can be contacted by writing to Acenya Capital, 5 Harbour Exchange Square, London E14 9GE or via email at firstname.lastname@example.org.Please note that due to potential sensitivity of personal data we cannot process enquires in the first instance by telephone.
The information within this site, or any electronically transmitted information subsequently communicated through a downloadable application or web application should not be construed as advice, solicitation or a recommendation to trade by Acenya Capital. Any investments or investment services mentioned in the web site are not available to retail customers as also defined by the FSMA. If you are uncertain as to whether any products or services offered within this web site are suitable for your requirements (including such matters as your country of residency) we would ask you contact us via email@example.com to enable a review of your individual circumstance.
You are responsible for complying with local laws and regulations of the jurisdiction from which you access this web site. This web site should not be accessed in any jurisdiction where for any reason the publication or availability of this web site is prohibited. We do not represent that this web site complies with laws in all jurisdictions. If you are in doubt, you should seek legal advice and if necessary, terminate your use of this web site immediately.
This information does not constitute an offer or solicitation in any jurisdiction and no representation is made or implied as to the suitability of any investment or investment services for prospective or existing investors. Prospective investors should inform themselves as to applicable legal requirements, exchange control and regulations and taxes in the countries of their citizenship, residence or domicile.
We provide the Content appearing on our Web Site, or subsequently communicated through a downloadable application or web application made available via this website on an "as is" basis and make no representations, warranties or conditions of any kind, express or implied, as to title, non-infringement, merchantability or fitness for purpose of the Content. In addition neither Acenya Capital or its Directors, employees, representatives, agents or affiliated third parties warrants, or is empowered to warrant, that any of the Content is accurate, complete, current, reliable or suitable for any particular purpose. Furthermore we do not warrant that any price information, either "real-time" or historic, provided on the site (both in public and non-public areas) is suitable for any investment or trading purpose. This web site is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person or corporation.
To the maximum extent permitted by law, Acenya Capital shall not be liable for any losses or damages whatsoever, whether in contract, tort (including negligence) or otherwise arising directly or indirectly related to your use of this web site, or from any interruption or delay in access to this web site for whatever reason. Acenya Capital will not be held liable for any damages or injuries arising out of your use of the information or data contained in this web site, including without limitation, damages relating to any, (i) error, omission, interruption, delay in operation or transmission, (ii) computer virus, (iii) failure or defect in any communication facilities, hardware or software, (iv) theft and destruction or unauthorized access to, alteration of, or use of information, whether resulting in whole or in part from the negligence or otherwise of Acenya Capital for this site or for the content of any external links from this site. The entire contents of the www.acenyacapital.co.uk internet site (the "site") are subject to copyright with all rights reserved. You may download or print individual sections of the site for your informational, non-commercial, non-profitable and personal use provided that you retain all copyright and other proprietary notices.
You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the site (or any part thereof) without the prior written permission of Acenya Capital. Any approved reproduction must acknowledge the source. You are prohibited from posting or transmitting to or from this web site any material for which you have not obtained all necessary licences or approvals or which is technically harmful (including; without limitation, computer viruses, logic bombs, Trojan horses, worms, harmful components, corrupted data or other malicious software or harmful data) and it is your responsibility to ensure that whatever you download or select for your use from the site is free from such items.
Acenya Capital has not reviewed any web sites which are linked to this web site and take no responsibility for the contents of such web sites, nor the products, services or other items offered through this site. Following links to any other web sites shall be entirely at your own risk. A condition in using the site is that in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the English Courts and waive any objection to proceedings in such courts on the grounds of venue or the grounds that the proceedings have been brought in an inconvenient forum. If you have any questions about the content, style or other concerns about this web site we would ask you to contact us via firstname.lastname@example.org
In accordance with your rights under the Data Protection Act 1998, you are informed that you have the right to access any personal information we hold about you and you may ask us to make any necessary changes to ensure it is accurate and kept up to date. If you wish to exercise this right please contact our email@example.com to correct any of this information.
Misuse of Web site This web site and its contents are provide solely for lawful purpose and any attempt to misuse this web site by any means including, but not limited to; hacking, defacing, altering or interfering with the front end "look and feel", obtaining or attempting to obtain unauthorised access to networks; or doing anything to impose large loads on the site etc; or using software etc. to interfere electronically or manually with the operation of this site shall be investigated and prosecuted to the maximum extent permissible by law.
Passwords Where you access non-public areas of this web site through the use of secure logins and passwords you warrant that any details, usernames, passwords or other means used to gain access to the site, shall at all times be kept separately and not disclosed to anyone without proper authority. Strict adherence to this policy is the sole responsibility of the user(s) and Acenya Capital shall have no liability for any losses, harm or other effects however caused by a breach of such policy.
Restricting Access Acenya Capital reserves the right to restrict or withdraw access to this site without notice. Furthermore Acenya Capital has no obligation to provide or disclose reasons or explain why such action has been taken other than your statutory rights to information held about you as provided for by the Data Protection Act 1998 as detailed in the Privacy section above. Neither Acenya Capital, directors, employees, agents or affiliated third parties shall not be liable for any losses or damages whatsoever, whether in contract, tort (including negligence) or otherwise arising directly or indirectly related to the restricting or withdrawing access to this web site for whatever reason. Miscellaneous No links to this web site are permitted without our prior written consent.
This client agreement, together with any Schedule(s), Annexes, and other accompanying documents, as amended from time to time, (this "Agreement") sets out the terms of the contract between you and us. It is, therefore, very much in your interests to read it carefully. Please let us know as soon as possible if there is anything which you do not understand.
1.1. Information about us:
1.2. Communication with us: You may communicate with us in writing (including fax), by email or other electronic means, or orally (including by telephone). Our website is at www.acenyacapital.co.uk contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website, the English version of this Agreement will prevail.
1.3. Capacity: We act as agent on your behalf in respect of forex, contracts for differences, over the counter products and on exchange products. We shall treat you as a retail client for the purposes of the FCA Rules. You have the right to request a different client categorisation. However, if you do so and we agree to such categorisation, you will lose the protection afforded by certain FCA Rules. This may include, but is not limited to: (a) the requirement for us to act in accordance with your best interests; (b) our obligation to provide appropriate information to you before providing the services; (c) the restriction on the payment or receipt by us of any inducements; (d) our obligation to achieve best execution in respect of your orders; (e) the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders; (f) our obligation to ensure that all information we provide to you is fair, clear and not misleading; and (g) the requirement that you receive from us adequate reports on the services provided to you. You act as principal and not as agent (or trustee) on behalf of someone else.
1.4. Commencement: This Agreement supersedes any previous agreement between you and us on the same subject matter, and takes effect when you signify acceptance of this Agreement. This Agreement shall apply to all Transactions contemplated under this Agreement. In the event of any conflict between the clauses of this Agreement and the terms of any other material distributed by us the clauses of this Agreement shall prevail.
1.5. Subject to Applicable Regulations: This Agreement and all Transactions are subject to Applicable Regulations so that: (i) if there is any conflict between this Agreement and any Applicable Regulations, the latter will prevail; (ii) nothing in this Agreement shall exclude or restrict any obligation which we have to you under Applicable Regulations; (iii) we may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations; (iv) all Applicable Regulations and whatever we do or fail to do in order to comply with them will be binding on you; and (v) such actions that we take or fail to take for the purpose of compliance with any Applicable Regulations shall not render us or any of our directors, officers, employees or agents liable.
1.6. Market action: If a Market (or intermediate broker or agent, acting at the direction of, or as a result of action taken by, a Market) or regulatory body takes any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on you. If a Market or regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
1.7. Scope of this Agreement: This Agreement sets out the basis on which we will provide services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.
1.8. Charges: You shall pay our charges as agreed with you from time to time, any taxes imposed by any competent authority on any account opened or Transaction effected by or cleared for you; any fees or other charges imposed by a Market or any clearing organisation; interest on any amount due to us at the rates then charged by us (and which are available on request); and any other value added or other applicable taxes of any of the foregoing, including any withholding tax. We will notify you of our current charges. Any alteration to charges will be notified to you before the time of the change.
1.9. Costs resulting from use of distance means: In addition to the costs set out above, additional costs may be payable by you by virtue of the fact that this contract is entered into via email, telephone or fax or other distance means.
1.10. Additional costs: You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
1.11. Payments: All payments to us under this Agreement shall be made in such currency as we may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding.
1.12. Remuneration and sharing of charges: We may receive remuneration from, or share charges with, an Associate or other third party in connection with Transactions carried out on your behalf. Details of any such remuneration or sharing arrangements are enclosed.
1.13. Description of Service: A description of the main characteristics of the service we will provide is enclosed.
1.14. Language and minimum duration: This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. The minimum duration of this Agreement shall be the earlier of settlement of the first trade in respect of which you instruct us or the occurrence of an Event of Default.
1.15. Contracts For Difference (CFD): For CFD Contracts MEX Europe Limited does not apply a charge unless there is a commission charge payable as disclosed by you in a Fee Acknowledgement Schedule or other official document.
1.16. Minimum Payments: All payment requests by clients to have a minimum set amount at USD 50.00 (or equivalent in another currency), unless withdrawing the remaining balance or account closures.
Right to Cancel: You have a right to cancel this Agreement for a period of fourteen days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the "Cancellation Period"). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing to the following address: Acenya Capital, 5 Harbour Exchange, London, E14 9GE, United Kingdom or email us at: firstname.lastname@example.org. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms.
3.1. Information from you: Although we do not normally provide an advisory service if we expressly agree in writing to provide you with advice we are obliged under Applicable Regulations to obtain information about your personal and financial circumstances so that we can make a recommendation or take a decision which is suitable for you. We shall assume that information about your personal and financial circumstances in any document provided from you to us, is accurate and we will have no responsibility to you if such information changes or becomes inaccurate unless you have informed us of such changes. Unless we obtain the necessary information from you, we will not be able to advise you.
3.2. Advice and execution-only arrangements: Please note that we will not advise you about the merits of a particular Transaction if we reasonably believe that, at the time of your order, you are not expecting such advice and are dealing on an execution-only basis. If we advise you that your proposed course of action is not suitable for you but you nevertheless wish to proceed with the Transaction, we will only accept your order on an execution-only basis. In such circumstances, we will inform you at the time that we will execute your order on that basis. We may proceed with the Transaction even when you are acting contrary to our advice.
3.3. No on-going advice: From time to time, we may, at our discretion, provide information, advice and recommendations on our own initiative. However, we shall not be under any obligation to provide on-going advice in relation to the management of your investments unless you have entered into a discretionary investment management agreement with us or we have agreed to maintain your portfolio under continuous review and provide specific recommendations from time to time.
3.4. Limitations: Where we do provide market information, advice or recommendations, we give no representation, warranty or guarantee as to their accuracy or completeness or as to the tax consequences of any Transaction. Unless we specifically agree otherwise in writing with you, you hereby acknowledge: (i) that the provision of advice is incidental to your dealing relationship with us and provided solely to enable you to make your own investment decisions; (ii) that the information provided to other clients may be different from advice given to you; and (iii) that such information may not be consistent with our proprietary investments, or those of our Associates, directors, employees or agents.
3.5. Investment research and other published information: We may from time to time send published research reports and recommendations and other publications to you. If the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on to any such person or category of persons. We make no representations as to the time of receipt by you of research reports or recommendations and cannot guarantee that you will receive such research reports or recommendations at the same time as other clients. We shall not be liable for any investment decision you make, based in whole or in part, on any investment research report, recommendation or other publication we send to you. Any such published research reports or recommendations may appear in one or more screen information service. Please refer to our Conflicts of Interest Policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you.
3.6. Tax advice: We will not provide any tax advice. In addition, we shall not at any time be deemed to be under any duty to provide tax advice.
4.1. Confidentiality and data protection: Subject to the following we will treat all information we hold about you as private and confidential, even when you are no longer a client. You agree, however, that we and other companies in our group may:
4.2. Your rights: You may have rights of access to some or all of the information we hold about you, to have inaccurate information corrected and to tell us that you do not wish to receive marketing information, under data protection law. If you wish to exercise any of these rights, please contact us in writing.
5.1. Placing of instructions: You may give us instructions in writing (including fax), by email or other electronic means or orally (including by telephone), unless we tell you that instructions can only be given in a particular way. If you give instructions by telephone, your conversation may be recorded. If any instructions are received by us by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorised to follow instructions notwithstanding your failure to confirm them in writing. Instructions for the simultaneous sale and purchase of a security financial instrument on behalf of the same beneficial owner may not be given under this Agreement. In this Agreement "instructions" and "orders" have the same meaning.
5.2. Authority: We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorised on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions.
5.3. Cancellation/withdrawal of instructions: We can only cancel your instructions if we have not acted upon those instructions. Instructions may only be withdrawn or amended by you with our consent.
5.4. Right not to accept orders: We may, but shall not be obliged to, accept instructions to enter into a Transaction. If we decline to enter into a proposed Transaction, we shall not be obliged to give a reason but we shall promptly notify you accordingly.
5.5. Control of orders prior to execution: We have the right (but no obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation): (i) controls over maximum order amounts and maximum order sizes; (ii) controls over our total exposure to you; (iii) controls over prices at which orders may be submitted (to include (without limitation) controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the order book); (iv) controls over the Electronic Services (to include (without limitation) any verification procedures to ensure that any particular order or orders has come from you); or (v) any other limits, parameters or controls which we may be required to implement in accordance with Applicable Regulations.
5.6. Execution of orders: We shall use our reasonable endeavours to execute any order promptly, but in accepting your orders we do not represent or warrant that it will be possible to execute such order or that execution will be possible according to your instructions. If we encounter any material difficulty relevant to the proper carrying out of an order on your behalf we shall notify you promptly. We shall carry out an order on your behalf only when the relevant Market is open for dealings, and we shall deal with any instructions received outside Market hours as soon as possible when that relevant Market is next open for business (in accordance with the rules of that Market). You agree that we may execute an order on your behalf outside a Market. When you give us a specific instruction, our order execution policy will not apply, and we may be unable to take the steps described in such policy to obtain the best possible result in executing your order. You confirm that you have read and agree to our order execution policy and best execution policy contained in the Schedule to this Agreement. We will notify you of any material changes to our order execution policy, but it is your responsibility to check for any other changes to our order execution policy as published from time to time at www.acenyacapital.co.uk. We will consider the continued placement of orders by you to constitute your continued consent to our order execution policy as in effect from time to time.
5.7. Crossing of orders: We may arrange for a Transaction to be executed, either in whole or in part, by selling an investment to you from another client, or a client of an Associate of ours, or vice-versa. We shall not give you prior notice if we arrange for a Transaction to be executed in this manner.
5.8. Aggregation of orders: We may combine your order with our own orders and orders of other clients. By combining your orders with those of other clients, we must reasonably believe that this is in the overall best interests of our clients. However, aggregation may result in you obtaining a less favourable price in relation to a particular order. Please refer to our order allocation policy for more information.
5.9. Confirmations: All trade transaction activity is available 24×7 on the platform that you use and subsequent to trade date on the back office platform. It is your responsibility to inform us of any discrepancy that you believe has occurred on the platform. Trade activity reported shall, in the absence of manifest error, be conclusive and binding on you, unless we receive from you objection in writing within five Business Days of execution.
5.10. Performance and settlement: You will promptly deliver any instructions, money, documents or property deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us for the purpose of enabling us to perform our obligations under the relevant matching Transaction on a Market or with an intermediate broker.
5.11. Intermediate brokers and other agents: We may, at our entire discretion, arrange for any Transaction to be effected with or through the agency of an intermediate broker, who may be an Associate of ours, and may not be in the United Kingdom. Neither we nor our respective directors, officers, employees or agents will be liable to you for any act or omission of an intermediate broker or agent. No responsibility will be accepted for intermediate brokers or agents selected by you.
5.12. Position limits: We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained.
5.13. Trade Reporting: Under Applicable Regulations, we may be obliged to make information about certain Transactions public. You agree and acknowledge that any and all proprietary rights in such Transaction information are owned by us and you waive any duty of confidentiality attaching to the information which we reasonably disclose.
5.14 CFD Rollover: A client with an open CFD position must roll the position no later than one day prior to IFL expiry date. If the position is not rolled voluntarily, then we will roll the positions to the next available month at the best possible prices (market orders) by the close of business.
6.1. Scope: These clauses apply to your use of any Electronic Services. The client agrees that any indemnities or limitation of liability in this Agreement are for Acenya Capital, and are also extendible to its Third Party Service Providers where permissible by Applicable Law.
6.2. Access: Once you have gone through the security procedures associated with an Electronic Service provided by us, you will get access to such service, unless agreed otherwise or stated on our website. Please consult our website for more details on operating times. We may change our security procedures at any time and we will tell you of any new procedures that apply to you as soon as possible.
6.3. Restrictions on services provided: There may be restrictions on the number of Transactions that you can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. You acknowledge that some Markets place restrictions on the types of orders that can be directly transmitted to their electronic trading systems. These types of orders are sometimes described on synthetic orders. The transmission of synthetic orders to the Market is dependent upon the accurate and timely receipt of prices or quotes from the relevant Market or market data provider. You acknowledge that a Market may cancel a synthetic order when upgrading its systems, trading screens may drop the record of such an order, and you enter such orders at your own risk.
6.4. Right Of Access: In respect of any Market to which we allow you to submit orders or receive information or data using Electronic Services, we may at any time or times, on reasonable notice (which, in certain circumstances, may be immediate) enter (or instruct our or the Market's subcontractors to enter) your premises and inspect your System to ensure that it complies with the requirements notified by us to you from time to time and that you are using Electronic Services in accordance with this Agreement and any requirements of any relevant Market or Applicable Regulations.
6.5. Access requirements: You will be responsible for providing the System to enable you to use an Electronic Service.
6.6. Virus detection: You will be responsible for the installation and proper use of any virus detection/scanning program we require from time to time.
6.7. Use of information, data and software: In the event that you receive any data, information or software via an Electronic Service other than that which you are entitled to receive pursuant to this Agreement, you will immediately notify us and will not use, in any way whatsoever, such data, information or software.
6.8. Maintaining standards: When using an Electronic Service you must:
6.9. System defects: In the event you become aware of a material defect, malfunction or virus in the System or in an Electronic Service, you will immediately notify us of such defect, malfunction or virus and cease all use of such Electronic Service until you have received permission from us to resume use.
6.10. Intellectual Property: All rights in patents, copyrights, design rights, trademarks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in us or our licensors. You will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by us in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. You shall ensure that all the licensors' trademarks and copyright and restricted rights notices are reproduced on these copies. You shall maintain an up-to-date written record of the number of copies of the Electronic Services made by you. If we so request, you shall as soon as reasonably practical, provide to us a statement of the number and whereabouts of copies of the Electronic Services.
6.11. Liability and Indemnity: Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
6.12. Suspension or permanent withdrawal with notice: We may suspend or permanently withdraw an Electronic Service, by giving you 10 days written notice. We will notify you of this action by the medium specified in your account application. The following process would apply in relation to suspension and subsequent closure of your Account:
6.13. Immediate suspension or permanent withdrawal: We have the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where we consider it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security, or in any other event at our discretion. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of (i) any licence granted to us which relates to the Electronic Service; or (ii) this Agreement. The use of an Electronic Service may be terminated immediately if an Electronic Service is withdrawn by any Market or we are required to withdraw the facility to comply with Applicable Regulations.
6.14. Effects of termination: In the event of a termination of the use of an Electronic Service for any reason, upon request by us, you shall, at our option, return to us or destroy all hardware, software and documentation we have provided you in connection with such Electronic Service and any copies thereof.
6.15. Idle Prices: We have an agency execution model and automatically cover all client positions with executing brokers and liquidity providers. On rare occasions the aggregated price feed which we provide to clients can become "idle". We reserve the right to reverse market or instant orders are executed where idle prices have been struck. These cases will be investigated by us and the client advised via e-mail or telephone where possible to notify the client of the trades being cancelled. We will always check to ensure that the reversal does not result in an unintended position being generated i.e. if the order is executed and subsequently reversed to open a position, any subsequent order(s) closing this position would also be reversed leaving the net P&L at zero so the client is not disadvantaged by this reversal due to our onward transmission of invalid prices.
6.16. Misquotes: We have an agency execution model and automatically cover all client positions with executing brokers and liquidity providers. Although we mitigate the risk of invalid prices feeds reaching clients through utilising a price aggregation system which generates a price from multiple liquidity providers (typically in excess of 10 liquidity providers), there are rare occasions where the prices can become "skewed". In such rare instances if orders are filled at these prices, we reserve the right to reverse orders where idle prices have been struck. These cases will be investigated by us and the client advised via e-mail or telephone where possible to notify the client of the trades being cancelled. We will always check to ensure that the reversal does not result in an unintended position being generated i.e. if the order is executed and subsequently reversed to open a position, any subsequent order(s) closing this position would also be reversed leaving the net P&L at zero so the client is not disadvantaged by this reversal due to our onward transmission of invalid prices.
6.17. Stale quotes and misquotes policy: Acenya Capital's quoted prices may on rare occasions become "stale" or "skewed". Acenya Capital reserves the right to cancel orders executed on idle or skewed prices. Acenya Capital will actively monitor/report and investigate such trading activity and in the event that trades are being cancelled will notify the client accordingly. Acenya Capital will pursue the fair treatment of its Customers and will use its best endeavours to make sure cancellations are performed fairly and that the client is not disadvantaged by the cancellation i.e. no inadvertent positions are left open and the client's net position is in line with the client's positions at the time of correction.
6.20. Please refer to the platform features on our website concerning how your deposits and Profit / Loss will be handled in relation to the base currency you select.
6.21 Acenya Capital does not support, maintain, or service any third party software or tool installed or used in conjunction with the trading platforms provided, such as Expert Advisors. By installing, accessing or otherwise utilizing such third party software or tool, including but not limited to any charts, signals, analytical tools or reports provided by such third parties, Acenya Capital disclaims all liabilities and losses related to the third party software or tool that you elect to utilise in conjunction with our trading platform(s). If you are using an EA and do not have a Virtual Private Server subscription, your EAs will stop running when you are logged out of Meta Trader so although you do not need to sit 24×7 watching the markets whilst using EA's, any single point of failure (e.g. computer, internet connection, MetaTrader 4) can stop your EA from running. Please consider carefully this when determining whether to utilise EA's. Because EAs are created by separate and independent third parties, Acenya Capital is not responsible for their completeness, reliability or accuracy. In other words, you use them at your own risk.
7.1. Client Money: MEX (Europe) Limited is authorised to hold Client Money on behalf of retail clients. Retail Client Money is fully segregated from the firms' money in accordance with the FCA's Client Money Rules.
In the case of Professional Clients, funds may be transmitted to an executing broker (the "market maker") for margin and daily P&L settlement purposes. This constitutes a "Title Transfer Collateral Arrangement" (TTCA) between the Professional Client and MEX (Europe)
Please refer to clause 7.7 Reconciliation for further information concerning the TTCA usage and calculation frequency / methodology.
Please note TTCA is not applicable to Retail Clients in accordance with The Financial Conduct Authority (FCA) guidelines.
7.2. The Company shall not be obliged to pay interest to the Customer on any funds which the Company holds. The Customer waives all rights to interest.
7.3. Segregation: The Company will promptly place any Segregated Funds held on the Customer's behalf and not transferred to or held for the Company, into a Segregated Account (subject to FCA Rules and Permissions). Please refer to 7.1 concerning TTCA usage for Professional Client accounts.
7.4. Unless the Customer has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Customer's behalf in a Segregated Account located outside the United Kingdom or pass money held on the Customer's behalf to an intermediate broker, settlement agent or OTC counterparty located outside the United Kingdom. The legal and regulatory regime applying to any such person will be different from that of the United Kingdom and in the event of the insolvency or any other equivalent failure of that person, the Customer's money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in the United Kingdom. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause.
7.5. The Customer agrees that, in the event that there has been no movement on the Customer's Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Customer despite having taken reasonable steps to do so, the Company may release any Customer's money balances from the Segregated Account.
7.6 The Company is covered by the Financial Services Compensation Scheme (FSCS). The Customer may be entitled to compensation from the scheme if the Company cannot meet its obligations. The Financial Services Compensation Scheme may be contacted by writing to the Financial Services Compensation Scheme at the physical address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk , or by emailing them at the email address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk.
7.7. Reconciliations: The Company will carry out reconciliations of records on a daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. This reconciliation will include determining the amount of funds which will be held with outside of segregation with an Executing Broker(s) for the purposes of daily P&L settlement, and to provide margin for trading the "Professional Client accounts". These monies are not treated as "Client Money" per the FCA's Definition. All "inactive" account monies will be held in Segregation per the Client Money Rules as defined by the FCA. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company's or a Customer's interests.
8.1. Contingent liability: Where we effect or arrange a Transaction involving an option, future, OTC Forex or Bullion, or contract for differences you should note that, depending upon the nature of the Transaction, you may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of your position. You will be required to make further variable payments by way of margin against the purchase price of the investment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of your investment will affect the amount of margin payment you will be required to make.
8.2. Margin call: You agree to pay us on demand such sums by way of margin as are required from time to time under the Rules of any relevant Market (if applicable) or as we may in our discretion reasonably require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement.
8.3. Failure to meet margin call: Please note that in the event that you fail to meet a margin call, we may (and after five Business Days will) close out the position unless we have previously granted you a loan or credit in accordance with Applicable Regulations.
8.4. Form of margin: Unless otherwise agreed, margin must be paid in cash. The currency of the cash margin you pay to us shall be the currency of the relevant underlying Transaction (if applicable) or as we may in our discretion reasonably decide from time to time. Cash margin is paid to us as an outright transfer of title and you will not retain any interest in it. Cash margin received by us will be recorded by us as a cash repayment obligation owed by us to you.
8.5. Non-cash margin: Where we agree to accept non-cash collateral, it must be in a form acceptable to us. The value of the non-cash collateral and the proportion of that value to be taken into account for margin purposes shall be determined by us in our absolute discretion.
8.6. Set-off on default: If there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us) to us. The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under the Clause headed "Netting" of this Agreement.
8.7. Security interest: As a continuing security for the performance of the Secured Obligations under or pursuant to this Agreement, you grant to us, with full title guarantee, a first fixed security interest in all non-cash margin now or in the future provided by you to us or to our order or under our direction or control or that of a Market or otherwise standing to the credit of your account under this Agreement or otherwise held by us or our Associates or our nominees on your behalf.
8.8. Further assurance: You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the margin, secure further the Secured Obligations, enable us to exercise our rights or to satisfy any market requirement.
8.9. Substitution: You may not withdraw or substitute any property subject to our security interest without our consent.
8.10. Negative pledge: You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash or non-cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
8.11. Power to charge: You agree that we may, to the extent that any of the margin constitutes "financial collateral" and this Agreement and your obligations hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the "Regulations"), free of any adverse interest of yours or any other person, grant a security interest over margin provided by you to cover any of our obligations to an intermediate broker or Market, including obligations owed by virtue of the positions held by us or other of our clients.
8.12. Power of sale: If an Event of Default occurs, we may exercise the power to sell all or any part of the margin. The restrictions contained in Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this Agreement or to any exercise by us of our rights to consolidate mortgages or our power of sale. We shall be entitled to apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations.
8.13. Power of appropriation: To the extent that any of the margin constitutes "financial collateral" and this Agreement and your obligations hereunder constitute a "security financial collateral arrangement" under the Regulations, we shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, you agree that the value of such financial collateral so appropriated shall be the amount of the margin, together with any accrued but unposted interest, at the time the right of appropriation is exercised. The parties further agree that the method of valuation provided for in this Agreement shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.
8.14. General lien: In addition and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all property held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.
8.15. Definition: "Secured Obligations" means the net obligation owed by you to us after the application of set-off under the clause headed "Set-off on default" in this Clause.
8.16. When a client has more than one trading account, Acenya Capital will have the right at any time to use funds from the clients account with a credit balance, to offset any debit balance in the other account(s).
9.1 Electronic Agreement Acceptance: For the purposes of this Agreement, upon clicking the "I ACCEPT" button on our Online Application Form you hereby agree that you are fully and legally bound by the terms of this Agreement. Moreover, by clicking "I ACCEPT" on the Online Application Form you confirm that the information that you have provided is both true and accurate and that you have:
9.2 The power and authority to enter into this Electronic Agreement; and
You have read, understood and agree to the terms and conditions set out in this Electronic Agreement; and
9.3 You agree irrevocably and unconditionally, despite any contestation, from your side or any third party whatsoever, that you are bound fully by the terms of this by this Electronic Agreement, Disclosure Statement, Contract Information Guide and Electronic Trading Terms.
10.1. Representations and warranties: You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:
10.2. Covenants: You covenant to us that:
11.1. Events of Default: The following shall constitute Events of Default:
12.1. Rights on Default: On the occurrence of an Event of Default, we may exercise our rights under this clause, except that , if so specified by us in the Individually Agreed Terms Schedule or otherwise, in the case of the occurrence of any Event of Default specified in the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.
12.2. Liquidation Date: Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the "Liquidation Date") for the termination and liquidation of Netting Transactions in accordance with this clause.
12.3. Automatic termination: Where so specified in the Individually Agreed Terms Schedule, the date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
12.4. Calculation of Liquidation Amount: Upon the occurrence of a Liquidation Date:
12.5. Payer: If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.
12.6. Other transactions: Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
12.7. Payment: The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any other currency, any costs of such conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) one 1% per annum for each day for which such amount remains unpaid.
12.8. Base Currency: For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
12.9. Payments: Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Netting Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
12.10. Additional rights: Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
12.11. Application of netting to Netting Transactions: Subject to the Individually Agreed Terms Schedule, this clause applies to each Netting Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
12.12. Single agreement: This Agreement, the particular terms applicable to each Netting Transaction, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Netting Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
12.13. Other agreements: Subject to sub-clause 6 of this clause, the provisions of this clause shall not apply to any Transaction which is subject to liquidation and termination under another agreement. However, any sum resulting from a liquidation and termination under another agreement, may be set-off against the Liquidation Amount.
13.1. Default: On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Netting Clause we shall be entitled without prior notice to you:
14.1. Termination: Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of your insolvency other than in the case of force majeure. Upon terminating this Agreement, all amounts payable by you to us will become immediately due and payable including (but without limitation):
14.2. Existing rights: Termination shall not affect then outstanding rights and obligations (in particular relating to the Indemnities and Limitation of Liability Clause and the Miscellaneous and Governing Law Clause) and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
15.1. General Exclusion: Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence. The client agrees that any indemnities or limitation of liability in this Agreement are for Acenya Capital, and are also extendible to its Third Party Service Providers where permissible by Applicable Law.
15.2. Tax implications: Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
15.3. Changes in the market: Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
15.4. Limitation of Liability: We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, Market, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under the regulatory system (as defined in the FCA Rules), which may not be excluded or restricted thereunder.
15.5. Responsibility for orders: You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
15.6. Entire Agreement: You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort under the Misrepresentation Act 1967) for a representation that is not set out in this Agreement and that is not fraudulent.
15.7. Indemnity: You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or any matching Transaction on a Market or with an intermediate broker or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.
16.1. Amendments: We have the right to amend this Agreement without obtaining your prior consent unless required by any Applicable Regulations. If we make any material change to this Agreement, we will give at least ten business day’s notice to you. Such amendment will become effective on the date specified in the notice. Any other amendment must be agreed in writing between us. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
16.2. Notices: Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other communications to be given by you under this Agreement shall be given to the address or fax number (in the Individually Agreed Terms Schedule) and/or by notice in writing by either party. You will notify us of any change of your address in accordance with this clause.
16.3. Electronic Communications: Subject to Applicable Regulations, any communication between us using electronic signatures shall be binding as if it were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
16.4. Recording of calls: We may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by you as evidence of the orders or instructions given.
16.5. Our records: Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing or are documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
16.6. Your records: You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted.
16.7. Investor Protection Schemes: We are a member of the Financial Services Compensation Scheme (the "Scheme") in the United Kingdom. The Scheme is only available to certain types of claimants and claims. Payments to eligible claimants under the Scheme will vary depending on the type of protected claim (e.g. deposits or investments) the claimants hold with respect to the relevant institution. Payments under the Scheme in respect of investments are subject to a maximum payment to any eligible investor GBP 50,000 in relation to Acenya Capital becoming insolvent. Further details of the Scheme are available on request or at the Scheme's official website atwww.fscs.org.uk
16.8. Complaints procedure: We are obliged to put in place internal procedures for handling complaints fairly and promptly. You may submit a complaint to us, for example by letter, telephone, e-mail, or in person. We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the Financial Ombudsman Service. Please contact us if you would like further details regarding our complaints procedures.
16.9. Third Party Rights: This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999.
16.10. Time of essence: Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
16.11. Rights and remedies: The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
16.12. Set-off: Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
16.13. Partial invalidity: If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
17.1. Governing law: A Transaction which is subject to the Rules of a Market shall be governed by the law applicable to it under those Rules. Subject thereto, this Agreement shall be governed by and construed in accordance with English law.
17.2. Law applicable to relationship prior to the conclusion of the Agreement: The law applicable to the relationship between us prior to the conclusion of this Agreement is English law.
17.3. Jurisdiction: Each of the parties irrevocably:
17.4. Waiver of immunity and consent to enforcement: You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any courts, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which you or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
17.5. Service of process: If you are situated outside England and Wales, process by which any Proceedings in England are begun may be served on you by being delivered to the address in England or Wales nominated by you for this purpose in the Individually Agreed Terms Schedule. This does not affect our right to serve process in another manner permitted by law.
18.1 Interpretation: In this Agreement:
18.2. "Applicable Regulations" means:
"Associate" means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them;
"Business Day" means a day which is not a Saturday or a Sunday and upon which banks are open for business in London;
"Credit Support Provider" means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement;
"Electronic Services" means a service provided by us, for example an internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
"Event of Default" means any of the events of default as listed in paragraphs (a) to (l) of sub-clause 1 of the Clause headed "Events of Default";
"FCA Rules" means the rules contained in the Handbook of Rules and Guidance produced by the Financial Conduct Authority as from time to time in force (as varied by any waiver, dispensations or individual guidance granted by the Financial Conduct Authority and applicable to Acenya Capital)
"Market" means, except in the LIFFE Schedule any regulated market, or multilateral trading facility (as such terms are defined in the FCA Rules);
"Netting Transaction" means a Transaction which is intended to be subject to the clause entitled "Netting" and for such purposes is identified as a "Netting Transaction" in the Individually Agreed Terms Schedule or by its own terms;.
"Rules" means articles, rules, regulations, procedures and customs, as in force from time to time; and
"System" means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service.
"Transaction" means any transaction subject to this Agreement, and includes:
(i) a contract made on a Market or pursuant to the Rules of a Market;
(ii) contract which is subject to the Rules of a Market;
(iii) a contract which would (but for its term to maturity only) be a contract made on, or subject to the Rules of a Market and which, at the appropriate time, is to be submitted for clearing as a contract made on, or subject to the Rules of a Market; in any of cases (i), (ii) and (iii) being a future, option, contract for differences, spot or forward contract of any kind in relation to any commodity, metal, financial instrument (including any security), currency, interest rate, index or any combination thereof;
(iv) a transaction which is matched with any transaction within paragraph (i), (ii) or (iii) of this definition; or
(v) any other transaction which we both agree, in any specific Clause, the Individually Agreed Terms Schedule or otherwise, shall be a Transaction.
18.4. General interpretation: A reference in this Agreement to a "clause" or "Schedule" shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to "document" shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the FCA's Rules have the same meaning in this Agreement unless expressly defined in this Agreement.
18.5. Schedules: The clauses contained in the attached Schedule(s) (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Markets or Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Market or Transaction shall not preclude a similar clause being expressed or implied in relation to any other Market or Transaction. So far as applicable, paragraph 1 of Part 1 of the LIFFE Schedule shall be construed as also applying to and having effect in relation to all other Markets.
18.6. Headings: Headings are for ease of reference only and do not form part of this Agreement.
Under MiFID, Acenya Capital ('Acenya Capital') is required to implement an Order Execution Policy and a Best Execution Policy in order to obtain the best results for its clients. The aim of this document is to provide our clients with the appropriate details of these policies in accordance with the Financial Conduct Authority's rules requirements and in order to extend to our clients a transparent overview to our business practices.
Acenya Capital has put in place Order Execution Policy and Best Execution Policy with a view to provide the best possible results to our clients depending upon the circumstances and market conditions on a best endeavour basis. These policies take into consideration the relevant execution factors with due diligence paid to their comparative importance.
Acenya Capital understands there to be a duty of Best Execution owed to the client when orders are executed having arisen from either contractual or agency obligations, on the client's behalf. The duty is not owed when Acenya Capital offers prices at which it will be prepared to buy or sell nor when Acenya Capital provide a quote in answer to such a request.
The general market understanding is that the best possible results for a client would be determined by the price and/or the liquidity of the market. However, Acenya Capital may decide, in their absolute discretion, that in certain circumstances, other factors e.g. the need for timely execution of the order are more important in determining the best possible results. This may depend on the type of order, the financial instrument or the market involved.
Acenya Capital will endeavour to execute the order received in a prompt, fair and expeditious manner, ensuring that potential conflicts of interest between clients or between the client and Acenya Capital are managed effectively. Where there is a lapse of time between Acenya Capital's first quote and the client's acceptance which causes delay or in the case that the market conditions have changed, Acenya Capital will still be within its rights to execute the order; provided the quote is not significantly out of date and that it still would have met the best execution requirements.
Acenya Capital records and executes otherwise comparable orders sequentially and timed to coincide with receipt of the order unless the characteristics of the order or market conditions make it impractical to do so; or if the client's interests demand otherwise. Orders received in a different media cannot be termed otherwise comparable.
Depending upon the circumstances, market conditions and order size, Acenya Capital may aggregate the client order with those of other clients or transactions on behalf of Acenya Capital. This aggregation is not considered to compromise the client interest although some disadvantage, in relation to a particular order, may occur. In the case of such aggregated orders being partially executed, Acenya Capital will allocate the executed orders in terms of its Order Allocation Policy.
Acenya Capital executes client orders at various execution venues. Selecting the execution venues to provide the best execution for the client requires consideration of the relative importance of the execution factors depending upon the characteristics of:
The execution factors that Acenya Capital consider are:
Acenya Capital monitor the execution venues and other execution arrangements regularly for their effectiveness and consistency in providing best results.
Depending upon circumstances, Acenya Capital may execute orders outside Regulated Markets or Multi-Lateral Trading Facilities ('MTFs'). Acenya Capital believe restricting the execution of orders to Regulated Markets and MTFs may adversely affect the quality of the execution and liquidity. By signing this agreement you expressly consent to our executing your orders outside Regulated Markets and MTFs.
We are required to publish limit orders given by you should we not be able to execute your order immediately.
Where you provide Acenya Capital with specific instructions in relation to your entire order, or any aspect of your order, for example a preferred execution venue, Acenya Capital will execute your order in accordance with your instructions, and to that extent Acenya Capital will not owe you a duty of best execution. To the extent that your specific instructions relate to only one or some aspects of the order, Acenya Capital will determine any unspecified aspects in accordance with its Order Execution Policy.
You should be aware that where you provide Acenya Capital with specific instructions in relation to the execution of your order, you may prevent Acenya Capital from following some or all of the steps in our Order Execution Policy to obtain the best possible result for you in respect to those aspects affected by your instructions.
While we take all reasonable steps based on the resources available to us and depending upon the market conditions and circumstances as then prevalent to enable us to provide best possible results to you, we cannot guarantee that we will always be able to provide best execution to each and every order executed on your behalf particularly where you give us specific instructions as to all or part of your order.
Acenya Capital's commitment to provide you with Best Execution does not mean that we owe you any fiduciary responsibility over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.
Under MiFID we are required to obtain your consent to our Best Execution Policy and other matters as outlined above. We will consider that you have consented to agreeing such Best Execution Policy by your placing an order with us on, or after the 1st November 2007.
We are however required to obtain your express consent for execution of your order outside Regulated Markets or MTFs and for exercising our judgement in the matter of publishing your Limit Orders.
Please signify that you have received, read and understood the foregoing Client Agreement, and the trading terms.
By clicking "I ACCEPT" on our Online Application Form, you confirm your full acceptance and agree that you are bound by the terms of these documents.
1.1 The clauses in this Annex of the Agreement apply to Transactions in forex.
1.2 In this Annex "Transaction" means a transaction for the purposes of sub-clause (v) of the definition of Transaction in the interpretation clause of the Agreement.
1.3 Our Transactions in forex with you will normally constitute a spot transaction in respect of currency pair exchange rates unless we agree expressly that delivery of the relevant currencies is contemplated in a particular Transaction. Spot transactions are due for delivery two days after dealing however, as a service to our customers, we will automatically roll clients' positions over every day until they are closed out and delivery will not normally occur unless we agree expressly that delivery of the relevant currency will occur in relation to a particular Transaction. If delivery of the currency does occur you will be liable to make or to receive delivery of the currency and to pay for all associated costs.
1.4 You should be aware that the product information contained in this Annex is not necessarily a comprehensive description of all aspects of the product. Additionally, specific products may be tailored for a particular client or market and may differ in detail from the outline set forth in this Annex. The terms of the particular Transactions will prevail over the product description and information given in this disclosure.
2.1 This Annex does not disclose all of the risks in dealing in forex. You should not deal in forex unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position. Importantly you should only trade forex on margin if you are prepared to sustain a total loss of the money you have invested plus any commission or other Transaction charges.
2.2 The risk of loss in dealing in forex can be substantial and it is possible to lose more than your initial investment. If the market moves against your position, you may be called upon to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
2.3 Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
2.4 The leverage often obtainable in forex trading means that a small margin can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you.
2.5 There are costs associated with financing positions held overnight. These costs (which are mentioned at section 8) are an important aspect of trading in forex and must be taken into account by you in advance of deciding whether to trade.
2.6 Any payments made or received in relation to any investment may be subject to tax and you should seek professional advice in this respect.
2.7 In light of the above you should consider carefully whether or not this product is suitable for you in light of your circumstances and financial position, and if in any doubt please seek professional advice.
3.1 In respect of every Transaction made between us we shall act as agent with you.
3.2 Transactions in forex involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). A list of some examples of the currency pairs that we offer is at our website www.acenyacapital.co.uk
3.3 Currency pairings are expressed as two codes usually separated by a division symbol (e.g. GBP/USD), the first representing the "base currency" and the other the "secondary currency". The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 2.0045 denotes that one unit of sterling (the base currency) can be exchanged for 2.0045 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the "Bid Price" and the "Offer Price".
3.4 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Offer Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Offer Price. The difference between the Bid and the Offer price is known as the "Spread". We make a profit from the spread. In general the wider the Spread the greater our profit.
3.5 You can take a view on the price of the base currency increasing by "Going Long" or you can take a view on the price of the base currency decreasing by "Going Short". For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD.
3.6 If you were Going Long, the opening price of the currency pair would be fixed at our Offer Price. If our Bid Price at the end of the contract is greater than our Offer Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Offer Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Offer Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Offer Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Tom/Next financing charges (see section 8).
3.7 If however you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Offer Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Offer Price of the currency pair. However, if the Offer Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Offer Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8).
3.8 Transactions in forex involve the obligation to settle a position at a future date. At 5pm New York time (which is the standard forex market value-date change time) each day, we will settle all spot transactions by closing the trade at the current market rate and reopening it for the following day's spot date at a rate that will reflect the interest rate differential (see section 8).
3.9 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions.
4.1 By trading in forex with us you will be required to provide a certain amount of margin and we will then leverage that margin. This exposes you to a high degree of risk. Leverage is the amount, expressed as a multiple, by which the notional amount traded exceeds the margin required to trade.
4.2 Subject to the Individually Agreed Terms Schedule of this Agreement we will advise you of the amount of margin and the amount of leverage that we will require on a Transaction by Transaction basis. If the price of the currency pair moves against your interests you may be called upon to deposit additional margin at short notice and we may close out your position without notice if we do not receive the additional margin from you.
Subject to your Individually Agreed Terms Schedule you may be able to agree with us to limit your losses while trading Forex by using stop loss, limit loss or take profit orders. These facilities may help you limit your exposure to us and we strongly recommend that you consider the use of such facilities.
Any Transaction to which this Annex applies shall, subject as follows, be deemed included in the definition of "Netting Transaction" for the purposes of this Agreement and subject to termination and liquidation under the clause headed "Netting" (the "Netting Clause") following an Event of Default.
New forex prices are quoted by us between 3pm on Sunday and 5pm on Friday (New York time).
8.1 Positions in forex which are rolled over from one trading day to the next will incur financing based upon the interest rate differentials between the currencies in the currency pair. The interest rate applied is described as "TomNext" which is an abbreviation for Tomorrow or the Next business day because the first value date is tomorrow or the next business day. The TomNext price reflects the applicable interest rate between TomNext and the spot value date in respect of the currency in question.
8.2 You pay interest on the currency that you are short on and you receive interest in the currency that you are long on. For example, if you are long on the GBP/USD pair you will receive interest on Sterling and you will pay interest on the US Dollar. If Sterling has a higher interest rate than the US Dollar then you will receive a net interest payment but if Sterling has a lower interest rate than the US Dollar then you will pay out a net interest amount. The TomNext price offered to you will differ depending on whether you are Going Long or Going Short. Acenya Capital may make a profit from the difference in the TomNext price offered to persons Going Long and the TomNext price offered to persons Going Short.
1.1 The clauses in this Annex of the Agreement apply to Transactions in Bullion (the term "Bullion" is defined at paragraph 1.3).
1.2 In this Annex "Transaction" means a transaction for the purposes of sub-clause (v) of the definition of Transaction in the interpretation clause of the Agreement.
1.3 Our Transactions in Bullion with you will normally constitute a spot transaction in respect of the value of gold, silver, platinum or palladium or any other metal in relation to which we agree to deal ("Bullion"). Spot transactions are due for delivery two days after dealing however, as a service to our customers, we will automatically roll clients' positions over every day until they are closed out and delivery will not normally occur unless we agree expressly that delivery of the relevant Bullion will occur in relation to a particular Transaction. If delivery of the Bullion does occur you will be liable to make or to receive delivery of the Bullion and to pay for all associated costs.
1.4 You should be aware that the product information contained in this Annex is not necessarily a comprehensive description of all aspects of the product. Additionally, specific products may be tailored for a particular client or market and may differ in detail from the outline set forth in this Annex. The terms of the particular Transactions will prevail over the product description and information given in this disclosure.
2.1 This Annex does not disclose all of the risks in dealing in Bullion. You should not deal in Bullion unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position. Importantly you should only trade Bullion on margin if you are prepared to sustain a total loss of the money you have invested plus any commission or other Transaction charges.
2.2 The risk of loss in dealing in Bullion can be substantial and it is possible to lose more than your initial investment. If the market moves against your position, you may be called upon to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
2.3 If we agree that delivery of the underlying Bullion will be made (either by us or by you) you will be responsible for all costs associated with the delivery of the Bullion and with storing the Bullion regardless of whether you are required to deliver the Bullion to us or we are required to deliver the Bullion to you. Such costs can include transportation and warehousing costs. Such costs may exceed your initial investment.
2.4 Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
2.5 The leverage often obtainable in Bullion trading means that a small margin can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you.
2.6 There are costs associated with financing positions held overnight. These costs (which are mentioned at section 8) are an important aspect of trading in Bullion and must be taken into account by you in advance of deciding whether to trade.
2.7 Any payments made or received in relation to any investment may be subject to tax and you should seek professional advice in this respect.
2.8 In light of the above you should consider carefully whether or not this product is suitable for you in light of your circumstances and financial position, and if in any doubt please seek professional advice.
3.1 In respect of every Transaction made between us we shall act as principal with you.
3.2 Transactions in Bullion involve you taking a position with regard to what you consider the price of a Bullion will be in the future. A list of some examples of the Bullion prices that we offer is at our website www.acenyacapital.co.uk .
3.3 The prices that we quote for Bullion are normally labelled as the "Bid Price" and the "Offer Price". The prices are expressed in US Dollars per ounce. Fluctuations in the value of the US Dollar can therefore affect the price of the Bullion and any profit or loss that you may make.
3.4 The Bid Price is the price that we will pay you for the position in the Bullion. The Offer Price is the price you will pay us for the position in the Bullion. The Bid Price will always be less than the Offer Price. The difference between the Bid and the Offer price is known as the "Spread". We make a profit from the spread. In general the wider the Spread the greater our profit.
3.5 You can take a view on the price of the Bullion increasing by "Going Long" or you can take a view on the price of the Bullion decreasing by "Going Short". For example, if you consider that the price of the Bullion will increase you will decide to take a position with us where you will Go Long (or buy) a position in the Bullion. If, by contrast, you consider that the price of the Bullion will drop you will decide to take a position with us whereby you Go Short (or sell) a position in the Bullion.
3.6 If you were Going Long, the opening price of the Bullion would be fixed at our Offer Price. If our Bid Price at the end of the contract is greater than our Offer Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the Bullion by the difference between the opening Offer Price and the closing Bid Price of the Bullion. However, if the Bid Price for the Bullion at the end of the contract does not exceed the Offer Price for the Bullion at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the Bullion by the difference between the opening Offer Price and the closing Bid Price of the Bullion. Regardless of how the price of the Bullion moves you will also be required to pay us applicable interest charges, ticket charges (which you will be notified about separately), and Tom/Next financing charges (see section 8).
3.7 If however you were Going Short, the opening price of the Bullion would be fixed at our Bid Price. If the Offer Price of the Bullion at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the Bullion by the difference between the opening Bid Price and the closing Offer Price of the Bullion. However, if the Offer Price for the Bullion at the end of the contract exceeds the Bid Price for the Bullion at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the Bullion by the difference between the opening Bid Price and the closing Offer Price of the Bullion. Again, regardless of how the price of the Bullion moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8).
3.8 Transactions in Bullion involve the obligation to settle a position at a future date. At 5pm New York time (which is the standard Bullion market value-date change time) each day, we will settle all spot transactions by closing the trade at the current market rate and reopening it for the following day's spot date at a rate that will reflect the interest rate differential (see section 8).
3.9 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions.
4.1 By trading in Bullion with us you will be required to provide a certain amount of margin and we will then leverage that margin. This exposes you to a high degree of risk. Leverage is the amount, expressed as a multiple, by which the notional amount traded exceeds the margin required to trade.
4.2 Subject to the Individually Agreed Terms Schedule of this Agreement we will advise you of the amount of margin and the amount of leverage that we will require on a Transaction by Transaction basis. If the price of the Bullion moves against your interests you may be called upon to deposit additional margin at short notice and we may close out your position without notice if we do not receive the additional margin from you.
Subject to your Individually Agreed Terms Schedule you may be able to agree with us to limit your losses while trading Bullion by using stop loss, limit loss or take profit orders. These facilities may help you limit your exposure to us and we strongly recommend that you consider the use of such facilities.
Any Transaction to which this Annex applies shall, subject as follows, be deemed included in the definition of "Netting Transaction" for the purposes of this Agreement and subject to termination and liquidation under the clause headed "Netting" (the "Netting Clause") following an Event of Default.
New Bullion prices are quoted by us between 3pm on Sunday and 5pm on Friday (New York time).
8.1 Positions in Bullion which are rolled over from one trading day to the next will incur financing based upon typical financing charges payable by participants in the interbank market. The interest rate applied is described as "TomNext" which is an abbreviation for Tomorrow or the Next business day because the first value date is tomorrow or the next business day. The TomNext price reflects the applicable interest rate between TomNext and the spot value date in respect of the Bullion in question.
8.2 If you are Going Long in respect of Bullion you will pay financing charges based on the TomNext price. If you are Going Short in respect of Bullion you will receive financing charges based on the TomNext price. The TomNext price offered to you will differ depending on whether you are Going Long or Going Short. Acenya Capital may make a profit from the difference in the TomNext price offered to persons Going Long and the TomNext price offered to persons Going Short.
Meta Trader MT 4 and Acenya Capital's management of order execution:
MetaQuotes Meta Trader ("MT4″) is a white labelled solution which can be integrated with our execution services, and MT4 facilitates customised or self-written scripts to implement client trading strategies.
Acenya Capital provides a download of this white labelled solution but has no control over the software or any subsequent client customisation.
It is worth noting however that when utilising "instant" orders (the default setting), instead of "market" orders (which permit slippage but reduces risk of re-quotes) clients can manage their downside risk of slippage through a configurable setting "locally" (by inputting the maximum “deviation" from current "local" bid/offer price struck). This totally controls the acceptable slippage (difference between the client side or "locally" displayed bid/offer) which the client is allowing the order to be filled at if it differs from the market price which Acenya Capital has on its execution server upon actual receipt of the order.
The primary reason is the time delay between local prices and execution server prices as well as market volatility at certain times.
Latency can be managed through a number of proactive measures such as using an effective ISP, a VPS (Virtual Private Server) Service and ensuring the local machine (PC or Laptop) has a high capacity and is unfettered by other resource hungry applications which may impact the performance to deliver orders. Acenya Capital recognises that latency is simply a part of the nature of using the internet so will permit slippage (variance between "market" order price and the actual market price upon receipt of the order) of one pip both in Acenya Capital's favour, and out of Acenya Capital's favour. This means that whether Acenya Capital is in or out of the money, we will still fill this order. If a client does not want any slippage whatsoever if out of the money then they can manage this downside risk by a deviation setting of less than one pip i.e. zero.
We are committed to providing a high-quality service to all of our clients. When something goes wrong, we need you to tell us about it. This will help us to improve our standards.
If you have a complaint, please contact us in the first instance at:
Complaints Acenya Capital Ltd 5 Harbour Exchange London E14 9GE Email: email@example.com
We will contact you to either;
If you are still unhappy with our response you may contact the Financial Ombudsman Service.
Financial Ombudsman Service Exchange Tower London E14 9SR Email: firstname.lastname@example.org Telephone: +44 (0)20 7964 1000
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