Note: The English version of this agreement is the governing version
and shall prevail whenever there is any discrepancy between the English version and the other
versions.
This client agreement, together with any Schedule(s), and accompanying documents, as amended
from time to time, (hereafter the "Agreement") sets out the terms of the contract between you, the customer
(also referred as the "client") and us, the Company. By signing this agreement, it is assured that you have
read, understand and agree with all the terms of this Agreement.
In this Agreement:"Account" means the trading account you hold with us and designated with a unique account number.
"Agreement" means these Terms and Conditions for the Services offered by the Company.
"Applicable Regulations" means the Saint Vincent & Grenadines; and all other applicable laws, rules and regulations as in force from time to time.
"Associate" means an undertaking in the same group as us, a representative whom we appoint or an undertaking in the same group as us, 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.
"Base Currency" means US Dollars.
"Balance" means the sum held on behalf of the Customer on its Account within any period of time.
"Business Day" means a day which is not a Saturday or a Sunday or a public holiday in Saint Vincent & Grenadines and upon which banks are open for business in Saint Vincent & Grenadines.
"Close Position" means deal of purchase (sale) covered by the opposite sale (purchase) of the contract
"Contract for Differences" or "CFD" means any financial instrument that is available for trading through V7 Markets trading platform(s)
"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.
"CRS" shall refer to the Common Reporting Standard (CRS) as developed by the Organization for Economic Co-operation and Development (OECD) for the Automatic Exchange of Financial Account Information which forms the legal basis for exchange of data with regards to Tax matters;
"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 Clause 15.1 to Clause 15.9 of Clause 14.1 (Events of Default).
"Execution" means the completion of clients' orders on the Company's trading platform, where the Company acts as the Execution Venue to clients' transactions.
"FATCA" is an abbreviation for Foreign Account Tax Compliance Act
"FFI" is an abbreviation for Foreign Financial Institution
"Financial Instruments" means any of the financial instruments offered by V7 Markets and which are defined as such under applicable Law or Regulation. According to the V7 Markets's license these are:
i. Transferable Securities
ii. Money Market instruments
iii. Units in collective investment undertakings
iv. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.
v. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event).
vi. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market or/and an MTF.
vii. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point (vi) above and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls.
viii. Derivative instruments for the transfer of credit risk.
ix. Financial contracts for differences.
x. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contract relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Part, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognized clearing houses or are subject to regular margin calls.
"FSA" is an abbreviation for Financial Services Authority Saint Vincent & Grenadines.
"FX Contract" means a contract between V7 Markets Company and its Client to exchange two currencies at an agreed exchange rate
"Order" means the request / instruction given by the Customer to the Company in the Customer's Account.
"V7 Markets Trading Desk" means the trading desk operated by us at our premises the Headquarters of V7 Markets, Saint Vincent & Grenadines.
"V7 Markets Online Trading System" means the internet-based trading system available at our website that allows you to provide us with instructions.
"US Reportable Persons" – In accordance to FATCA, a US Reportable
persons is: a) a US citizen (including dual citizen); b) a US resident alien for tax
purposes; c) a domestic partnership; d) a domestic corporation; e) any estate other than
a foreign estate; f) any trust if:
a court within the United States is able to exercise primary supervision over the
administration of the trust one or more United States persons have the authority to
control all substantial decisions of the trust any other person that is not a foreign
person.
"Secured Obligations" means the net obligation owed by you to us after the application of set-off under clause 13 (Clients Funds) in the paragraph entitled (Set-off on default).
"Services" means the investment services which will be provided by the Company to the customers and are governed by this Agreement as these are described herein.
"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 type of transaction subject to this Agreement and includes a CFD, spot or forward contract of any kind, future, option or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorized under our license from time to time which we both agree shall be a Transaction.
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.
Commencement
This Agreement supersedes any previous agreement between you and us on the same
subject matter and takes effect when you indicate your acceptance via our website.
This Agreement shall apply to all Transactions contemplated under this Agreement.
The relationship between the Customer and V7 Markets shall be governed
by this Agreement.
This Agreement is a distance contract and has the same rights and liabilities as a
duly signed contract. In the event where you, the Customer, wish to have a signed
Agreement, the Customer should print and send 2 (two) copies to V7 Markets, where V7
Markets will
sign and stamp the Agreements and send a copy back to the Customer.
We reserve the right to change this Agreement at any time and notify you of any such
change either via email or through V7 Markets website. Any changes
to the Agreement will
not apply to transactions performed prior to the date on which the changes become
effective unless specifically agreed otherwise. In case you disagree with the changes,
you may terminate the Agreement in accordance with Clause 18 herein.
Information about us
We, V7 Markets, are
authorized and regulated by the Saint Vincent & Grenadines Financial Services
Authority
("FSA") with License Number 26059 BC 2020. Our registered office is V7 Markets, Saint
Vincent & Grenadines. Our contact details are set out in Clause 20
(Miscellaneous) under the heading "Notices".
V7markets is operated by V7 Markets which is the primary service
provider and website operator.
Language
This Agreement is supplied to you in English and we will continue to
communicate with you in English for the duration of this Agreement. However, where
possible, we will communicate with you in other languages in addition to English.
Communication with us
You may communicate with us in writing (including fax), by
email or other electronic means, or orally (including by telephone). Our contact
details are set out in Clause 20 (Miscellaneous) under the heading "Notices". The
language of communication shall be English, and you will receive documents and other
information from us in English. However, where appropriate and for your convenience,
we will endeavour to communicate with you in other languages. Our website 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 this Agreement will prevail.
V7 Markets monitors your communications to evaluate the quality of
service you receive, your
compliance with this Agreement, the security of the website, or for other reasons. You
agree that such monitoring activities will not entitle you to any cause of action or
other right with respect to the manner in which V7 Markets monitors
your communications.
Legal Age
The Company's services and products traded are only available to individuals who are
at least 18 years old (and at least the legal age in your jurisdiction). You represent
and warrant that if you are an individual, you are at least 18 years old and of legal
age in your jurisdiction to form a binding contract, and that all registration
information you submit is accurate and truthful. The Company reserves the right to ask
for proof of age from you and your account may be suspended until satisfactory proof
of age is provided. The Company may, in its sole discretion, refuse to offer its
products and services to any person or entity and change its eligibility criteria at
any time.
Capacity
We act as principal and not as agent on your behalf and you enter this
Agreement as principal and not as agent (or trustee) on behalf of someone else. We
shall treat you as a retail client for the purposes of all the Applicable Regulations.
You have the right to request a different client categorisation. However, if you do
request such different categorisation and we agree to such categorisation, the
protection afforded by the Applicable Regulations may be reduced. This may include,
but is not limited to:
1. the requirement for us to act in accordance with your best interests;
2. our obligation to provide appropriate information to you before providing the
services;
3. the restriction on the payment or receipt by us of any inducements;
4. our obligation to achieve best execution in respect of your orders;
5. the requirement to implement procedures and arrangements which provide for the
prompt, fair and expeditious execution of your orders; and
7. the requirement that you receive from us adequate reports on the services provided
to you.
Banned/Not permitted Jurisdictions
The Company reserves the right and is entitled to at any time, and upon its sole
discretion, to restrict offering its services to certain jurisdictions and consider
them as banned countries in terms of engagement with the potential clients. Currently
the Company does not accept new clients and/or the opening of new accounts from the
following jurisdictions:
Australia, Brazil, Democratic Republic of Congo, Eritrea, Hong Kong, Israel, Japan,
Libyan Arab Jamahiriya, New Zealand, North Cyprus, North Korea, Russia. Singapore,
Somalia, Sudan, all USA jurisdictions, all EU CountriesThe list of banned countries,
is subject to alteration at any time the Company deems proper upon its sole discretion
without any prior notice.
The Customer hereby, confirms that by agreeing to this Agreement he is not residing in
one of the countries mentioned on the aforementioned list and covenants to inform the
Company should his situation alters in any way. The Company reserves the right to
request any additional information deems necessary in order to verify compliance with
this clause.
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 Applicable Regulations have the same meaning in this
Agreement unless expressly defined in this Agreement. Schedules
The clauses
contained in the attached Schedule (as amended from time to time) shall apply. We may
from time to time send to you further Schedules in respect of 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 Transaction shall not preclude a similar clause being
expressed or implied in relation to any other Transaction. You acknowledge having
read, understood and agreed to the Schedules to this Agreement
Headings
Headings are for ease of reference only and do not form part of this
Agreement
Subject to Applicable Regulations
This Agreement and all Transactions are subject to Applicable Regulations so that:
1. nothing in this Agreement shall exclude or restrict any obligation which we
have to you under Applicable Regulations;
2. we may take or omit to take any action we consider necessary to ensure
compliance with any Applicable Regulations;
3. all Applicable Regulations and whatever we do or fail to do in order to comply
with them will be binding on you; and
4. 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.
Action by regulatory body
If a 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 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.
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. In case of any value added tax or any other tax
obligations that arise in relation a transaction performed on your behalf or any other
action performed under this Agreement for you, the amount incurred is fully payable by
you and in this respect you must pay V7 Markets when so requested and
V7 Markets is fully entitled
to debit your account with the outstanding amount to be settled (excluding taxes
payable by V7 Markets in relation to V7 Markets's
income or profits).
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.
V7 Markets is the entity that is responsible for Skrill and
NETELLER payments.
V7 Markets is the entity that is responsible for Skrill and
NETELLER payments.
Remuneration and sharing of charges
We may share charges with partners, affiliates, business introducers and agents
in connection with Transactions carried out on your behalf. If you require more
information on the fees and commissions that we pay to business introducers and other
affiliates, inform us and we will provide you with further information.
Rollovers, Interest
A daily financing charge may apply to each FX/CFD open position at the closing of
V7 Markets trading day as regard to that FX/CFD. If such financing
charge is applicable, it will either be requested to be paid by Client directly to V7
Markets or it will be paid by V7 Markets to Client,
depending on the type of FX/CFD and the nature of the position Client holds. The
method of calculation of the financing charge varies according to the type of FX/CFD
to which it applies. Moreover, the amount of the financing charge will vary as it is
linked to current interest rates (such as LIBOR). The financing charge will be
credited or debited (as appropriate) to Client's account on the next trading day
following the day to which it relates.
V7 Markets reserves the right to change the method of calculating
the financing charge, the financing rates and/or the types of FX/CFDs to which the
financing charge applies. For certain types of FX/CFDs, a commission is payable by
Client to open and close FX/CFD positions. Such commission payable will be debited
from Client's account at the same time as V7 Markets opens or closes
the relevant FX/CFD. Changes in our swap interest rates and calculations shall be at
our own discretion and without notice. Clients need to always check our website for
the then current rates charged. Rates may change quickly due to market conditions
(changes in interest rates, volatility, liquidity etc.) and due to various risk
related matters that are at the firm's sole discretion.
Additional Conversion fees apply.
Conversion fees will apply only when your account currency is different than the
quoted currency of the underlying asset being traded. The fee will be reflected as a
percentage of the conversion rate used. This will affect any conversions made on the
Used Margin, Profit and Loss, Overnight Rollovers (Financing), CFD Rollovers and
adjustments for Corporate Actions.
As an example, if the account currency is US
Dollars and you open a position on a Euro quoted asset (i.e. Germany30) your Used
Margin is converted in US Dollars. The conversion will include a fixed percentage on
the conversion rate applicable at the time as a mark-up.
The future contract on which a CFD is based has an expiration
date, and clients will be able to close their CFD positions until this date. In order
to insure continuous trading conditions for the client, when a future contract that a
CFD is based on reaches its maturity, the underlying asset of that CFD will be
switched to the next maturity of the same futures contract. A calendar of such
rollovers is mentioned on the V7markets.com section "CFD Expiration Dates".
A
premium will be either added or substracted from the client's account, based on the
difference in prices between the two futures contracts.
Example: If you sell 1
lot EURUSD, you will pay rollover costs on 100.000 Euro, which at the current rate
would be $0.017. This rate may vary over time, for actual rates please check the "CFD
Expiration Dates" on our website.
Any open FX/CFD transaction held by Client at the end of the
trading day as determined by V7 Markets or over the weekend, shall
automatically be rolled over to the next business day so as to avoid an automatic
close and physical settlement of the transaction. Client acknowledges that when
rolling over such transactions to the next business day, a premium may be either
added or subtracted from Client's account with respect to such transaction. The
platforms calculates overnight rollover at 22:00 GMT (21:00 GMT, summertime) and the
rollover charge/credit is debited or credited to and from the trading account. For
FX pairs, on Wednesday at 22:00 GMT (21:00 GMT, summertime), overnight rollover fees
are multiplied by three (x3) in order to compensate for the upcoming weekend. For
Shares CFD, on Friday at 22:00 GMT (21:00 GMT, summertime), overnight rollover fees
are multiplied by three (x3) in order to compensate for the upcoming weekend. The
following instruments will have their triple-swap charged on Wednesday: Gold and
Silver, and the following FX pairs on Thursday: EUR/RUB, USD/RUB, USD/CAD, USD/TRY.
The premium amount shall be determined by V7 Markets from time
to time, in V7 Market's absolute discretion. Client hereby
authorizes V7 Markets to add or subtract the premium to or from
Client 's account for any open transaction that have accrued a premium, in
accordance with the applicable rate thereto, each day at the time of collection
specified on the trading platform for each individual instrument, as applicable.
You have a right to cancel this Agreement within 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 a notice in writing to the following address: V7 Markets, Saint Vincent & Grenadines, or electronically to the following email address: info@v7markets.com Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by you during the Cancellation Period. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms but you may terminate this Agreement in accordance with clause 18 (Termination without Default).
Execution only
V7 Markets deals on an
execution only basis and do
not advise on the merits of particular Transactions, or their taxation consequences.
Own judgment and suitability
Without prejudice to our foregoing obligations, in asking us to enter into any
Transaction, you represent that you have been solely responsible for making your own
independent appraisal and investigations into the risks of the Transaction. You
represent that you have sufficient knowledge, market sophistication, professional
advice and experience to make your own evaluation of the merits and risks of any
Transaction and that you have read and accepted the Risk Disclosure Statement and
guidelines in relation to the financial instruments and the markets which are
available in our websites. We give you no warranty as to the suitability of the
products traded under this Agreement and assume no fiduciary duty in our relations
with you.
You assume all responsibility in relation to any investment strategy,
transaction or investment, tax costs, and for any consequences brought by from any
transaction that you perform and V7 Markets shall not be held
responsible nor you shall
rely on the Company for the aforementioned.
Incidental information and investment research
Where we do provide generic trading recommendations, market commentary or other
information in our newsletters and/or website:
1. this is incidental to your dealing relationship with us. It is provided
solely to enable you to make your own investment decisions and does not amount to
investment advice;
2. where information is in the form of a document containing
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;
3. we give no representation, warranty or guarantee as to the accuracy or
completeness of such information or as to the tax consequences of any Transaction;
4. you accept that prior to dispatch, we may have acted upon it ourselves or
made use of the information on which it is based. We do not make representations as
to the time of receipt by you and cannot guarantee that you will receive such
information at the same time as other clients. Any published research reports or
recommendations may appear in one or more screen information service.
Conflicts of interest policy
Under Applicable Regulations, V7 Markets is required to have
arrangements in place to
manage conflicts of interest between V7 Markets and its Customers
and between other
Customers. In this respect, V7 Markets will make all reasonable
efforts to avoid conflicts
of interest; when they cannot be avoided V7 Markets shall ensure
that you are treated
fairly and at the highest level of integrity and that your interests are protected
at all times.
You acknowledge and accept that you have read and accepted the Conflict of
Interest Policy, which was provided to you during the registration process and is
uploaded on V7 Markets official website.
The Client acknowledges and accepts that the Company reserves
the right, upon written notice, to freeze any trading account by virtue of any legal
and/or regulatory requirements
Documents
When you register for the Services, V7 Markets will ask you to
provide certain
identifying information, as part of the account opening procedure that will allow us
to identify you and categorise you..
You acknowledge your willingness to share with V7 Markets
certain private information
which it uses for the purpose of confirming your identity and categorizing you. This
information is collected in line with our stringent verification procedures which
are used to deter international money laundering operations and to ensure the
security and safety of our customers' trading activity throughout and is subject to
the Company's "Privacy Policy".
You are requested to provide your bank account details prior to the opening of
your trading account in order for V7 Markets to be able to return
any funds relating to
your trading account.
If you are registering as a legal entity, you hereby declare that you have the
authority to bind that entity to this Agreement. V7 Markets will
treat with care the
information you entrust to V7 Markets, in accordance with the
disclosures it provides
during the registration process and in its Privacy Policy.
Before you can place an order with V7 Markets, you must read
and accept this
Agreement, including the risk disclosure statement, the trading policies and
procedures as listed in clause 9 below, and all applicable addenda, you must deposit
sufficient funds in your account and your customer registration form and all
accompanying documents must be approved by V7 Markets. Upon the
approval of your
registration, you will be notified by e-mail. V7 Markets may, in its
sole discretion,
request that in addition to online acceptance of this Agreement, Customer must
complete and submit any signed documents so required by V7 Markets,
including but not
limited to this Agreement and risk disclosure statement.
Currency of Accounts
You will be able to open your trading Account(s) in
USD, EUR, GBP- or any currency that may be offered by V7 Markets.
Account(s) balances will
be calculated and reported to you in the currency in which Account(s) are
maintained.
Joint Accounts
In addition to the conditions listed in Clause 9 in the
paragraph entitled "Authority" with regards to joint Account holders, the following
additional conditions apply.
Where your trading Account held with V7 Markets, is jointly
owned by two or more
beneficiaries:
1. Each joint Account holder will be jointly and severally liable for all
obligations to V7 Markets arising in respect of your joint trading
Account.
2. Each of you is separately responsible for complying with the terms of this
Agreement.
3. If there is a dispute between you which we know about, we may insist that
both or all of you authorize written instructions to us.
4. If one of you dies, the survivor(s) may continue to operate the trading
Account and if there is more than one survivor, the provisions of this paragraph
will continue to apply to the trading Account.
5. Where you provide personal and financial information relating to other joint
Account holders for the purpose of opening or administering your trading Account you
confirm that you have their consent or are otherwise entitled to provide this
information to us and for us to use it in accordance with this Agreement.
6. Any
of you may request closure and the redirection of balances, unless there are
circumstances that require us to obtain authorisation from all of you.
7. Each of you will be given sole access to the funds initially deposited by
you in your joint trading Account. Should you wish to withdraw these funds from your
trading Account, you will be required to complete and sign a withdrawal form or an
electronic withdrawal form, upon receipt of the completed withdrawal form you will
be granted permission by V7 Markets to withdraw funds up to the
amount of available account
balance, provided that the conditions for withdrawals stipulated in clause 9 are
satisfied. V7 Markets will credit the amount withdrawn in the same
bank account,
credit/debit card or other payment method from where it was originally debited.
8. In the case of withdrawal from joint trading accounts, if any of the account
beneficiaries wishes to withdraw funds from the joint trading Account, you will be
required to complete and sign a withdrawal form or an electronic withdrawal form,
provided that the conditions for withdrawals stipulated in clause 9 are satisfied.
Upon receipt of the completed withdrawal form you will be granted permission by V7
Markets
to withdraw any funds from the joint trading Account. V7 Markets
will credit the amount of
funds withdrawn in the same bank account, credit/debit card or other payment method
from where it was originally debited.
9. In order for this Agreement to be valid
and binding it is required that all joint Account holders sign the Agreement and in
case any of the Account holders wish to terminate this Agreement and close the joint
trading Account held with the Company, the written consent of all Account holders
shall be obtained in accordance with the provisions of clause 17 of this Agreement.
10. Without limiting the foregoing, the Company, is required to comply based on
the Intergovernmental Agreement between Saint Vincent & Grenadines and the United
States and has taken all reasonable steps to be considered in compliance with FATCA.
The Client acknowledges and accepts that the Company, as an FFI, is required to
disclose information in relation to any US reportable persons to the relevant
authorities, as per the reporting requirements of FATCA. The Client may contact the
Company for additional information and/or clarifications prior to the signing of
this Agreement.
11. 4 We may collect, store and process information obtained from you or
otherwise in connection with the Agreement and the Transactions for the purpose of
complying with the CRS, for tax purposes information.
Islamic Accounts
In the event of a customer who due to its observance of
Islamic religious beliefs cannot receive or pay interest, such customer may elect to
designate, in the manner provided by the Company as this may be altered from time to
time, their trading account to be a swap-free account not charged with or entitled
to, premiums and/or rollovers and/or interest ("Islamic Account"). We reserve the
right to revoke the Swap-free status granted to any real trading Account at any time
without being obliged to provide any explanation or justification. Such action will
routinely be taken in cases where trades are held for more than 7 days or to close
the positions. The customer hereby confirms and/or accepts and/or declares that a
request to render their account as Islamic shall only be made due to the said
Islamic religious beliefs and for no other reason whatsoever. The Company reserves
the right to refuse accepting the request of a customer to designate their account
as an Islamic Account, upon its sole and absolute discretion which shall be
conclusive and undisputable upon the customer.
In the event that the Company suspects that a customer is abusing the rights
conferred to them by the classification of the account as Islamic Account, the
Company has the right, without prior notice, to proceed with one or more of the
following:
The Company may add commission upon each and every one of the trades executed
on the Islamic Account; and/or
The Company may cancel the special rights and/or conditions conferred to the
Account due to its classification as Islamic Account, recall the designation of the
Account as Islamic Account and render it a normal trading Account; and/or
The Company may restrict and/or prohibit the customer from hedging their
positions; and/or
The Company may, upon its sole discretion, close any open positions and
reinstate them upon the then real market price. The customer hereby, acknowledges
that they shall bear all costs derived from the aforementioned action, including but
not limited to, the cost on the change of the spread.
Bonus Policy for Forex, CFDs
V7markets offers a number of attractive reward features to new and existing
clients, including bonuses and one-time trading credits. These bonuses are limited
time offers and the terms and conditions associated with any bonus reward are
subject to change. You will be given the opportunity to accept or decline any bonus
reward you are offered.
Please note that by accepting the terms and conditions when registering with
our Company, you acknowledge that these promotions are limited, and have no actual
value except while in your account.
For any questions or for further information regarding awards and bonuses, you
are advised to acknowledge the Bonus Policy. In addition, please make sure you ask
in writing before participating in any promotions the account manager.
Placing of instructions
You may give us instructions in electronic form through the V7 Markets Online
Trading System. 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 authorized to follow instructions notwithstanding your failure
to confirm them in writing. In this Agreement "instructions" and "orders" have the
same meaning.
Types of Orders Accepted
Some of the types of orders V7 Markets accepts
include, but are not limited to:
a) Good till Cancelled ("GTC") - An order (other than a market order), that by
its terms is effective until filled or cancelled by Client. GTC Orders are not
automatically cancelled at the end of the Business Day on which they are placed.
b) Limit - An order (other than a market order) to buy or sell the identified
market at a specified price. A limit order to buy generally will be executed when
the ask price equals or falls below the bid price that you specify in the limit
order. A limit order to sell generally will be executed when the bid price equals or
exceeds the ask price that you specify in the limit order.
c) Market- An order to buy or sell the identified market at the current market
price that V7 Markets provides via the Online Trading System. An
order to buy is executed at the current market ask price and an order to sell is
executed at the current market bid price.
d) One Cancels the Other ("OCO") - An order that is linked to another order. If
one of the orders is executed, the other will be automatically cancelled.
e) Stop Loss - A stop loss order is an instruction to buy or sell a market at a
price which is worse than the opening price of an open position (or worse than the
prevailing price when applying the stop loss order to an already open position). It
can be used to help protect against losses. Please note that because of market
gapping, the best available price that may be achieved could be materially different
to the price set on the stop loss order and as such, stop loss orders are not
guaranteed to take effect at the price for which they are set.
f) Trailing Stop
- A trailing stop is the same as a stop loss order with the only difference being
that, instead of setting a price at which the order is activated, the trailing stop
order is activated at a fixed distance from the market price. For example, if Client
has purchased a long open position and the market ask price increases, the trailing
stop price will also increase and will trail behind the market ask price at the
fixed distance set by Client. If the market ask price then decreases, the trailing
stop price will remain fixed at its last position and if the market ask price
reaches the trailing stop price, the order will be executed. Please note that
because of market gapping, the best available price that may be achieved could be
materially different to the price set on the trailing stop order and as such,
trailing stop orders are not guaranteed to take effect at the fixed distance for
which they are set. Following submission of an order, it is your sole responsibility
to remain available for order and fill confirmations, and other communications
regarding your Account until all open orders are completed. Thereafter, you must
monitor your Account frequently when you have open positions in the Account.
Your order shall be valid in accordance with the type and time of the given
order, as specified. If the time of validity or expiration date/time of the order is
not specified, it shall be valid for an indefinite period.
g) Gap - a break between prices that occurs when the price of an asset makes a
sharp move up or down with no trading occurring in between. Gaps can be created by a
number of factors including regular buying or selling pressure, earning
announcements, or any other type of news release. If a market gaps through all
orders will be filled on a best efforts basis at first available price (not order
level).
Currency of Trades
Unless otherwise specified by V7 Markets, all trades
shall be
made in United States Dollars (USD).
Terms of Acceptance for Orders
You can place an Order via V7 Markets Trading Platform. Once
your instructions or
Orders are received by V7 Markets, they cannot be revoked, except
with V7 Markets written
consent which may be given at V7 Markets sole and absolute
discretion. V7 Markets shall have no
liability for failure to execute orders. V7 Markets shall have the
right, but not the
obligation, to reject any order in whole or in part prior to execution, or to cancel
any order, where your Account contains funds that are insufficient to support the
entire order or where such order is illegal or otherwise improper.
V7 Markets may, in certain circumstances accept instructions,
by telephone via V7 Markets
Dealing Room, provided that V7 Markets is satisfied, at its full
discretion, of your
identity and V7 Markets is further also satisfied with the clarity
of instructions. In case
of an Order received by V7 Markets in any means other than through
the Trading Platform,
the Order will be transmitted by V7 Markets to the Trading Platform
and processed as if it
was received through the Trading Platform. It is understood that an Order will not
be affected.
In the event that V7 Markets wishes to confirm in any manner
any instructions and/or
Orders and/or communications sent through the telephone, it reserves the right to do
so. You accept that there is a risk of misinterpretation or mistakes in the
instructions or Orders sent through the telephone, regardless of what caused them,
including, among others, technical failures.
Execution Policy
We are required to have an execution policy and to provide
our clients with appropriate information in relation to our execution policy. V7
Markets
takes all reasonable steps to obtain the best possible results for its Customers.
V7 Markets Best Execution Policy sets out a general overview on
how orders are executed
as well as several other factors that can affect the execution of a financial
instrument. Where you place orders with us, the execution factors that we consider
and their relative importance is as set out below:
1. Price. The relative importance we attach is "high".
2. Speed. The relative importance we attach is "high".
3. Likelihood of execution and settlement. The relative importance we attach is
"high".
4. Size. The relative importance we attach is "high".
We are the principal to every order you place with us and therefore we are the
only execution venue.
Authority
We shall be entitled to act for you upon instructions given or purporting to be
given by you without further enquiry as to the genuineness, authority or identity of
the person giving or purporting to give such instructions provided such instruction
is accompanied by your correct Account number and password. If your Account is a
joint account, you agree that we are authorized to act on the instructions of any
one person in whose name the Account is held, without further inquiry. We shall have
no responsibility for further inquiry into such apparent authority and no liability
for the consequences of any actions taken or failed to be taken by us in reliance on
any such instructions or on the apparent authority of any such persons.
Cancellation/withdrawal of instructions
Orders may be cancelled via the V7
Markets
Online Trading System but we can only cancel your instructions if you explicitly
request so, provided that we have not acted up to the time of your request upon
those instructions. Executed instructions may only be withdrawn or amended by you
with our consent. V7 Markets shall have no liability for any claims,
losses, damages, costs
or expenses, including legal fees, arising directly or indirectly out of the failure
of such order to be cancelled.
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.
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):
1. controls over maximum amounts placed to open a position using any of V7
Markets
products;
2. controls over maximum positions placed per trader and per asset;
3. controls over our total exposure to you;
4. 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);
5. 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
6. any other limits, parameters or controls which we may be required to
implement in accordance with Applicable Regulations.
Should you surpass the limits and/or parameter we set, your trade shall be
blocked and/or suspended.
The position limits will be notified in advance to you either through V7
Markets
website or trading platforms.
Trade Adjustments
Clients must be aware that Forex transactions carry a high degree of risk. The
amount of initial margin may be small relative to the value of the foreign currency
so that transactions are 'leveraged' or 'geared'. A relatively small market movement
may have a proportionately larger impact on the funds that the Client has deposited
or will have to deposit. This may work against as well as for the client. V7
Markets exclusively reserves the right to widen its variable
spreads, adjust leverage, change its rollover rates and/or increase the margin
requirements without notice under certain market conditions including, but not
limited to, when the trading desk is closed, around fundamental announcements, as a
result of changes in credit markets and/or at times of extreme market volatility. In
such circumstances, the Client agrees to indemnify V7 Markets for
any and all losses that may occur due the widening of spreads and the adjustment of
leverage.
Furthermore, it should be noted that the Company operates on a 'negative
balance protection' basis; this means that you cannot lose more than your initial
investment.
Execution of orders
We shall use our reasonable endeavors 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.
Confirmations
At the end of each trading day, confirmations for all
Transactions that we have executed on your behalf on that trading day will be
available via your online Account on our website. It is your responsibility to
notify V7 Markets if any confirmations are incorrect. Confirmations
shall, in the absence
of manifest error, be conclusive and binding on you, unless you place your objection
in writing within 5 Business Days. You may request to receive the Account statement
monthly or quarterly via email, by providing such a request to V7 Markets, but V7
Markets is not
obliged to provide you with the paper Account statement. The Account statement may
be provided at the expense of the client.
Cancellation of trades
We have the right to reject an order or to cancel a transaction if we have
adequate reasons/evidence that the following have occurred:
1. fraud/illegal actions that led to the transaction,
2. any instance when V7 Markets has cause to believe that a
person's trading
activities may be illegal;
3. any instance where V7 Markets may suffer any fiscal,
regulatory, or pecuniary
disadvantage by virtue of anyone's activities;
4. any instance where one or more transactions are judged by V7 Markets to have
been
performed in violation of this Agreement.
5.orders placed based on manipulated prices as a result of system errors or
system malfunctions,
6.arbitrage trading on prices offered by our platforms as a result of systems
errors; and
7.coordinated transactions by related parties in order to take advantage of
systems errors and delays on systems updates.
We reserve the right to cancel any and/or all trading positions and withhold
and/or forfeit any profits incurred by the Customer on all the Customer's trades if
we consider that that the Customer has engaged in market Arbitrage.
Disabling
and Cancelling Deposits
We have the right not to accept funds deposited by you and/or to cancel your
deposits in the following circumstances:
1. if you fail to provide V7 Markets with any documents it
requests from you either
for client identification purposes or for any other reason;
2. if V7 Markets suspects or has concerns that the submitted
documents may be false or
fake;
3. if V7 Markets suspects you are involved in illegal or
fraudulent activity;
4. if V7 Markets is informed that your credit or debit card (or
any other payment
method used) has been lost or stolen;
5. where V7 Markets considers that there is a chargeback risk;
and
6. when you deposit $3,000 or more or if you make over 10 separate deposits to
your trading Accounts and V7 Markets is unable to verify your credit
or debit card details
or is unable to verify any other payment method used.
In case of cancelled deposits, and if there is not a confiscation of your funds
by a supervisory authority on the grounds of money laundering suspicion or for any
other legal infringement, your funds will be returned to the bank account that have
been initially received.
Performance and settlement
You will promptly deliver any instructions, funds, or documents deliverable by
you under a Transaction in accordance with that Transaction as modified by any
instructions given by us.
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.
Roll Over
In certain market conditions you may be allowed to trade using
the Roll Over feature. The Roll Over feature enables you to extend the expiration
time of your trading position before it reaches the expiry date. This feature can be
used subject to the following conditions:
1. An additional 30% of the initial deposit must be added automatically to your
initial investment.
2. The Roll Over feature can only be used in cases where the progress of the
followed price does not take the direction which you had anticipated.
3. You can only use the Roll Over feature once for each trading position.
4. The Roll Over feature shall only be available up to 15 minutes before the
expiry time.
Improper or Abusive Trading
V7 Markets objective is to provide the most efficient trading
liquidity available in the form of streaming, tradable prices for most of the
financial instruments we offer on the trading platform. As a result of the highly
automated nature of the delivery of these streaming, tradable prices, you
acknowledge and accept that price misquotations are likely to occur from time to
time.
Should you execute trading strategies with the objective of exploiting such
misquotation(s) or act in bad faith (commonly known as 'sniping'), V7 Markets shall
consider this as unacceptable behaviour. Should V7 Markets determine, at its sole
discretion and in good faith, that you or any
representative of yours trading on your behalf is taking advantage, benefitting,
attempting to take advantage or to benefit of such misquotation(s) or that you are
committing any other improper or abusive trading act such as for example:
a) fraud/illegal actions that led to the transaction;
b) orders placed based on manipulated prices as a result of system errors or
system malfunctions;
c) arbitrage trading on prices offered by our platforms as a result of systems
errors; and/or
d) coordinated transactions by related parties in order to take
advantage of systems errors and delays on systems updates.
Then V7 Markets will have the right to:
1) adjust the price spreads available to you; and/or
2) restrict your access to streaming, instantly tradable quotes, including
providing manual quotation only; and/or
3) obtain from your account any historic trading profits that you have gained
through such abuse of liquidity as determined by us at any time during our trading
relationship; and/or
4) reject an order or to cancel a trade; and/or
5) immediately terminate our trading relationship
Prohibited Trading
No employee and/or former employee who currently works
or used to work on a full time or part time basis for V7 Markets or
any of its related entities shall, during the term of the employee and/or former
employee's service to V7 Markets or any of its related entities and
after termination of service become a client of any brand of V7 Markets (either
directly or indirectly, alone or with partners, associates,
affiliates or any other third party) without V7 Markets prior
written approval. Should V7 Markets consider that the employee
and/or former employee is trading with any brand of V7 Markets
without the V7 Markets prior written approval personally and/or
via a third party we shall consider all the trading to be abusive and/or improper
trading. In such circumstances the employee and/or former employee's trading
account(s) and all open positions shall be closed immediately and any funds held
within the account shall be confiscated. No business associate or former business
associate of V7 Markets or any of its related entities shall, during
the period of the agreement between the associate/former business associate and V7
Markets and after termination of such agreement, become a client of
any brand of V7 Markets (either directly or indirectly, alone or
with partners, associates, affiliates or any other third party) without V7
Markets prior written approval. Should V7 Markets
consider that the associate/former business associate is trading with any brand of
V7 Markets without V7 Markets prior written
approval personally and/or via a third party we shall consider all the trading to be
abusive and/or improper trading. In such circumstances the relevant associate/former
business associate's trading account(s) and all open positions shall be closed
immediately and any funds held within the account shall be confiscated.
Trailing Stop functionality in case that MT5 terminal is closed
In the event that the MetaTrader 5 client terminal is closed, trailing stop
will not work. This happens as the trailing stop works on the client terminal side
and in this respect, if the client terminal is closed, only the stop loss that was
placed by trailing stop before the closing of the terminal can trigger.
Withdrawals
Once your withdrawal request is approved, your withdrawal
request will be processed by us and sent to the same bank, credit card or other
source for execution on the same day that the request to withdraw funds was made, or
the next working day if the client's request is received outside of normal trading
hours. (Note: Some banks and credit card companies may take time to process payments
especially in currencies where a correspondent bank is involved in the transaction).
The funds will be returned to the bank account/credit card/other source from which
the funds were debited. You are fully responsible for the payment details that you
provided to V7 Markets and V7 Markets accepts no
responsibility if you have provided false or
inaccurate bank details. Further, withdrawals bare third party charges which may
vary in accordance with the terms and conditions of the third parties. These charges
may be verified upon request.
The minimum withdrawal amount for all methods (excluding the wire transfer) is
$20. The minimum withdrawal amount request for wire transfer is $100. Any withdrawal
request for an amount below the two amounts mentioned above, will incur handling and
processing charges as follows: minimum $10 for all methods (excluding wire transfer)
and minimum $ 50 for the wire transfer.
If you request a withdrawal of funds from your Account and we cannot comply
with it without closing some part of your open positions, we will not comply with
the request until you have closed sufficient positions to allow you to make the
withdrawal. Withdrawals will only be made on request by you, by bank transfer to an
account in your name or such other method as we, in our absolute discretion, may
determine.
In the event that it is not possible for the funds to be withdrawn without
delay, V7 Markets, in meeting its obligations to act in the client's
best interest, will
keep the client informed, including about the reasons for any delay and the expected
timeframe before the funds will be withdrawn. Information provided to the client
about any delays in withdrawing funds will be fair, clear and not misleading.
V7 Markets will endeavour to process your withdrawal requests
promptly, however the
time needed for the requested funds to be processed and appear in your account will
depend upon the method used for depositing the funds and the third parties which are
executing the payments.
Stock Related Payouts on CFDs
Payments on Stock Splits, Reverse Stock Splits, Stock Dividends and other Stock
related events can have an impact on the share price and thus on the price of an
equity based CFD. A person who holds a CFD position has no ownership of the
underlying instrument. However, when a client holds a long CFD position, V7
Markets shall pay the equivalent of the dividend to that client and
deduct the equivalent from any client holding a short CFD position. This shall be
done on or shortly after the ex-dividend date as that is when the economic effect is
felt on the underlying share price.
MT5 Trading Account Archiving
If we do not record any activity in your MT5 Trading Account during a
continuous period of three (3) months and you have a zero-account balance, your MT5
Trading Account and all its history will be archived on our trade server.
If you wish to keep using your MT5 Trading Account or restore it in the future,
please contact us at info@v7markets.com
Inactive and Dormant Account
The Customer acknowledges and confirms that any trading account(s), held with
V7 Markets by a V7 Markets Customer where the
Customer has not: 1. placed a trade; 2. opened or
closed positions; and/or 3. made a deposit into the Customers trading account; for a
period of ninety (90) days and more, shall be classified by V7 Markets as an
Inactive
Account ("Inactive Account") where the Customer has and continues to:
1. place a trade;
2. open or close positions; and/or
3. make a deposit into the Customers trading account;
the account shall be classified by V7 Markets as an Active
Account ("Active Account")
The Client further acknowledges and confirms that such Inactive Accounts will
be subject to a monthly charge of $10 (or equivalent in other currencies), relating
to the maintenance/administration of such Inactive Accounts. The Customer further
agrees that any Inactive Accounts, holding zero balance/equity, shall be turned to
Dormant ("Dormant Account"). In cases where your account remains Inactive for a
period exceeding 12 months, an Annual Inactivity Fee shall apply, which will be
deducted at a rate of one-hundred US Dollars ($100) or equivalent per quarter, minus
any monthly inactivity fees already charged. The Annual Inactivity Fee may be
charged by the Company at any point subsequent to the 12-month period being exceeded
and applies retroactively. For re-activation of Dormant Accounts, the Customer must
contact V7 Markets Customer Support Department and inform them of
the Customer's wish to
reactivate the Dormant Account. The Customer's Dormant Account will then be
reactivated (subject to, if required, up-to-date Know Your Customer documentation
provided to V7 Markets by Customer) and become an Active Account.
Scope
These clauses apply to your use of any Electronic
Services.
Access and Trading Hours
Once you have gone through the security
procedures associated with an Electronic Service provided by us, you will get access
to V7 Markets website and/or trading platforms, unless agreed
otherwise or stated on our
website in order to place orders for any Financial Instrument available from V7
Markets and
entering into Transactions with V7 Markets. Further, you will be
able to trade on the V7 Markets
Trading Platforms with and through V7 Markets with the use of a
personal computer,
smartphone or any other similar device that is connected to the internet. In this
respect, you understand that V7 Markets can, at its absolute
discretion, terminate your
access to V7 Markets systems in order to protect both the
Company's and your interests
and to ensure the systems' effectiveness and efficiency.
All references to V7 Markets hours of trading are in
Greenwich Mean Time ("GMT")
using 24-hour format. Our Electronic Services will normally be available
continuously from 21:00 GMT Sunday until 21:00 GMT Friday (winter time), every week,
excluding public holidays where the Forex market does not operate and cases where
the market is closed due to illiquidity in the financial instruments. Please consult
our website for more details on operating times for each financial instrument. We
reserve the right to suspend or modify the operating hours on our own discretion and
on such event our website will be updated without delay in order to inform you
accordingly. In this respect the operating hours, as indicated on the websites
operated by our company and to which you have trading rights are the applicable. We
may change our security procedures at any time and we will inform you of any new
procedures that apply to you as soon as possible.
Electronic Order entry for
Market Orders equals Order execution
In regards to Forex, to enter an online order, you must access the Markets
window, then click on "BUY/SELL" for the relevant market. A new window will appear
in which you enter the price and lot size. The order is filled shortly after you hit
the OK button provided you have sufficient funds in your Account. Orders may fail
for several reasons including changing dealer prices, insufficient margin,
unspecified lot size or unanticipated technical difficulties.
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. Please refer to our website for details of the limits imposed
upon Transactions carried out through our Electronic Services.
Access requirements
You will be responsible for providing the System to enable you to use an
Electronic Service.
Virus detection
You will be responsible for the installation and proper use of any virus
detection/scanning program we require from time to time.
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.
Maintaining standards
When using an Electronic Service, you must:
1. ensure that the System is maintained in good order and is suitable for use
with such Electronic Service;
2. run such tests and provide such information to us as we shall reasonably
consider necessary to establish that the System satisfies the requirements notified
by us to you from time to time;
3. carry out virus checks on a regular basis;
4. inform us immediately of any unauthorized access to an Electronic Service or
any unauthorized Transaction or instruction which you know of or suspect and, if
within your control, cause such unauthorized use to cease; and
5. not at any time leave the terminal from which you have accessed such
Electronic Service or let anyone else use the terminal until you have logged off
such Electronic Service.
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.
Intellectual Property
All rights in patents, copyrights, design rights, trade marks 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.
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.
1. System errors
We shall have no liability to you for damage which you may
suffer as a result of transmission errors, technical faults, malfunctions, illegal
intervention in network equipment, network overloads, malicious blocking of access
by third parties, internet malfunctions, interruptions or other deficiencies on the
part of internet service providers. You acknowledge that access to Electronic
Services may be limited or unavailable due to such system errors, and that we
reserve the right upon notice to suspend access to Electronic Services for this
reason.
2. Delays
Neither we nor any third-party software provider accepts any
liability in respect of any delays, inaccuracies, errors or omissions in any data
provided to you in connection with an Electronic Service.
We do not accept any
liability in respect of any delays, inaccuracies or errors in prices quoted to you
if these delays, inaccuracies or errors are caused by third party service providers
with which we may collaborate.
We shall not be obliged to execute any instruction which has been identified
that is based on errors caused by delays of the system to update prices provided by
the system price feeder or the third-party service providers. We do not accept any
liability towards executed trades that have been based and have been the result of
delays as described above.
3. Viruses from an Electronic Service
We shall have no liability to you
(whether in contract or in tort, including negligence) in the event that any
viruses, worms, software bombs or similar items are introduced into the System via
an Electronic Service or any software provided by us to you in order to enable you
to use the Electronic Service, provided that we have taken reasonable steps to
prevent any such introduction.
4. Viruses from your System
You will ensure that no computer viruses,
worms, software bombs or similar items are introduced into our computer system or
network and will indemnify us on demand for any loss that we suffer arising as a
result of any such introduction.
5. Unauthorized use
We shall not be liable for any loss, liability or cost
whatsoever arising from any unauthorized use of the Electronic Service. You shall on
demand indemnify, protect and hold us harmless from and against all losses,
liabilities, judgements, suits, actions, proceedings, claims, damages and costs
resulting from or arising out of any act or omission by any person using an
Electronic Service by using your designated passwords, whether or not you authorized
such use.
6. Markets
We shall not be liable for any act taken by or on the
instruction of an exchange, clearing house or regulatory body.
7. Suspension or permanent withdrawal with notice
We may suspend or
permanently withdraw an Electronic Service, by giving you 24 hours written notice.
8. 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. In
addition, the use of an Electronic Service may be terminated automatically, upon the
termination (for whatever reason) of:
1. any license granted to us which relates to the Electronic Service; or
2. this Agreement.
9. 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 discretion, return to us or destroy all hardware, software and
documentation we have provided you in connection with such Electronic Service and
any copies thereof.
Contingent liability
Where we effect or arrange a
Transaction, 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 may
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.
We will monitor your margin requirements on a daily basis and we will inform you
as soon as it is reasonably practicable of the amount of any margin payment
required under this clause.
Margin call
You agree to pay us on demand such sums by way of margin as
are required from time to time 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.
Failure to meet margin call
Please note that in the event that you fail
to meet a margin call, we may immediately close out the position.
Form of margin
Margin must be paid in cash in currency acceptable by us,
as requested from time to time by the Company. Cash Margin paid to us is held as
client money in accordance with the requirements of the Client Money Rules. Margin
deposits shall be made by wire transfer, credit card, e-wallet or by such other
means as The Company may direct.
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). The net amount, if any, payable
between us following such set-off, shall take into account the Liquidation Amount
payable under Clause 15 (Netting).
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 and obtain legal title to the Secured Obligations.
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 margin transferred to us, except a lien routinely imposed on all
securities in a clearing system in which such securities may be held.
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 cash held by us or our Associates or our nominees on your
behalf until the satisfaction of the Secured Obligations.
Client funds
We treat funds received from you or held by
us on your behalf in accordance with the requirements of the relevant regulations.
In particular, funds belonging to you that will be used for trading purposes will
be kept in an account with any bank or financial institution used to accept funds
which V7 Markets will specify from time to time and will be held
in V7 Markets name.
By accepting this Agreement, you authorize V7 Markets to make
any necessary
reconciliation transfers in order for the bank account balance to match the
trading account balance, including, without prejudice to the generality of the
above, withdrawals for the settlement of all transactions undertaken under the
Agreement and all amounts which are payable by or on behalf of the Customer to V7
Markets
or any other person.
It is understood that any amount payable by V7 Markets to
you, shall be paid
directly to you to a bank account the beneficial owner of which is you. Fund
transfer requests are processed by V7 Markets within the time
period specified on V7 Markets
official website and the time needed for crediting into your personal account will
depend on your bank account provider.
You agree that any amounts sent by you in the V7 Markets
bank accounts, will be
deposited to your trading account at the value date of the payment received and
net of any charges/fees charged by the bank account providers or any other
intermediary involved in such transaction process. In order for V7 Markets
to accept any
deposits by you, the identification of the sender must by verified and ensure that
the person depositing the funds is you. If these conditions are not met, V7
Markets
reserves the right to refund the net amount deposited via the method used by the
depositor.
Interest
You, the client, acknowledge and confirm that no interes t will
be received on the balance of your account.
Unclaimed client funds
You agree that we may cease to treat your funds
as client funds if there has been no movement on your balance for six years. We
shall write to you at your last known address informing you of our intention of no
longer treating your balance as client funds and giving you 28 days to make a
claim.
Liability and Indemnity
You agree that we shall not be liable for any
default of any counterparty, bank, custodian or other entity which holds funds on
your behalf or with or through whom transactions are conducted.
The Company will not be liable for loss suffered by you in connection to your
funds held by us, unless such loss directly arises from our gross negligence,
willful default or fraud.
You represent and warrant to us on the date this Agreement
comes into effect and as of the date of each Transaction that:
1. if you are
a natural person, you are of legal age and you have full legal capacity to enter
into this Agreement;
2. if you are not a natural person:
A. you are duly organized, constituted and validly existing under the applicable
laws of the jurisdiction in which you are constituted;
B. execution and
delivery of this Agreement, all Transactions and the performance of all
obligations contemplated under this Agreement have been duly authorized by you;
and
C. each natural person executing and delivering this Agreement on your
behalf, entering Transactions and the performance of all obligations contemplated
under this Agreement have been duly authorized by you and have been disclosed to
us providing all the necessary information and/or documentation,
3. you have all necessary authority, powers, consents, licenses and
authorization's and have taken all necessary action to enable you lawfully to
enter
into and perform this Agreement and such Transaction and to grant the security
interests and powers referred to in this Agreement;
4. the persons entering into this Agreement and each Transaction on your
behalf have been duly authorized to do so and are disclosed to us giving details
of the relationship with you by providing all necessary information and/or
documentation;
5. this Agreement, each Transaction and the obligations created under them
both are binding upon you and enforceable against you in accordance with their
terms (subject to applicable principles of equity) and do not and will not violate
the terms of any regulation, order, charge or agreement by which you are bound;
6. no Event of Default or any event which may become (with the passage of
time, the giving of notice, the making of any determination or any combination of
the above) an Event of Default (a "Potential Event of Default") has occurred and
is continuing with respect to you or any Credit Support Provider;
7. you act as principal and sole beneficial owner (but not as trustee) in
entering into this Agreement and each Transaction and in case you wish to open,
either in the present time or in the future, more than one accounts with V7
Markets
either as individual client (natural person) or as the beneficial owner of a
corporate client (legal person) it is required to immediately disclose to us that
you are the beneficial owner of the account(s) during the account opening
procedure and to provide us with the necessary information and/or documentation
regarding the relationship between the natural and/or legal person(s);
8. any information which you provide or have provided to us in respect of
your financial position, domicile or other matters is accurate and not misleading
in any material respect;
9. You are not located in any Banned Jurisdiction. We reserve the right to
request any additional information which we deem necessary, in form and content
satisfactory to us, in order to verify compliance with this paragraph.
10. you are willing and financially able to sustain a total loss of funds
resulting from Transactions and trading in such Transactions is a suitable
investment for you; and
11. except as otherwise agreed by us, you are the sole beneficial owner of
all funds you transfer under this Agreement, free and clear of any security
interest whatsoever other than a lien routinely imposed on all securities in a
clearing system in which such securities may be held.
Covenants:
Your covenant to us:
1. you will at all times obtain and
comply, and do all that is necessary to maintain in full force and effect, all
authority, powers, consents, licenses and authorizations referred to in this
clause;
2. you will promptly notify us of the occurrence of any Event of
Default or Potential Event of Default with respect to yourself or any Credit
Support Provider;
3. you will use all reasonable steps to comply with all
Applicable Regulations in relation to this Agreement and any Transaction, so far
as they are applicable to you or us;
4. you will not send orders or otherwise
take any action that could create a false impression of the demand or value for a
financial instrument. Nor will you send orders which we have reason to believe are
in breach of Applicable Regulations or by taking advantage of the account(s) you
may maintain with V7 Markets could be considered as system abusive
orders, including but
not limited to one's intention to benefit from delays in the prices, to trade at
off-market prices and/or outside trading hours and to abuse the system for trading
at manipulated prices; and
5. upon demand, you will provide us with such
information as we may reasonably require to evidence the matters referred to in
this clause or to comply with any Applicable Regulations.
You agree and
understand:
That in the event that V7 Markets has such proofs
that are adequate to
indicate that certain amounts received by you are proceeds from illegal acts or
products of any criminal activity and/or belonging to a third party, V7
Markets reserves
the right to refund these amounts to the sender, either this being you or a
beneficial owner of a legal entity. Furthermore, you also agree and understand
that V7 Markets may reverse any Transactions performed in your
Trading Account and may
terminate this agreement. V7 Markets at the discretion of its
compliance officer may
report any suspicious transactions to the relevant authorities. V7 Markets
reserves the
right to take any legal action against you to cover and indemnify itself upon such
an event and may claim any damages caused to V7 Markets by you as
a result of such an
event.
The following shall constitute Events of Default on the
occurrence of which V7 Markets shall be authorized to exercise its
rights in accordance
with the paragraph below:
1. you fail to make any payment when due under this Agreement or to observe or
perform any other provision of this Agreement and such failure continues for one
Business Day after notice of non-performance has been given by us to you;
2. you commence a voluntary case or other procedure seeking or proposing
liquidation, reorganization, an arrangement or composition, a freeze or
moratorium, or other similar relief with respect to you or your debts under any
bankruptcy, insolvency, regulatory, supervisory or similar law (including any
corporate or other law with potential application to you, if insolvent), or
seeking the appointment of a trustee, receiver, liquidator, conservator,
administrator, custodian or other similar official (each a "Custodian") of you or
any substantial part of your assets, or if you take any corporate action to
authorize any of the foregoing, and in the case of a reorganization, arrangement
or composition, we do not consent to the proposals;
3. an involuntary case or other procedure is commenced against you seeking or
proposing liquidation, reorganization, an arrangement or composition, a freeze or
moratorium, or other similar relief with respect to you or your debts under any
bankruptcy, insolvency, regulatory, supervisory or similar law (including any
corporate or other law with potential application to you, if insolvent) or seeking
the appointment of a Custodian of you or any substantial part of your assets and
such involuntary case or other procedure either:
A. has not been dismissed within five days of its institution or
presentation; or
B. has been dismissed within such period but solely on the grounds of an
insufficiency of assets to cover the costs of such case or other procedure;
4. you die, become of unsound mind, are unable to pay your debts as they fall
due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency
law applicable to you: or any indebtedness of yours is not paid on the due date
therefore, or becomes capable at any time of being declared, due and payable under
agreements or instruments evidencing such indebtedness before it would otherwise
have been due and payable, or any suit, action or other proceedings relating to
this Agreement are commenced for any execution, any attachment or garnishment, or
distress against, or an encumbrancer takes possession of, the whole or any part of
your property, undertaking or assets (tangible and intangible);
5. you or any Credit Support Provider (or any Custodian acting on behalf of
either of you or a Credit Support Provider) disaffirms, disclaims or repudiates
any obligation under this Agreement or any guarantee, hypothecation agreement,
margin or security agreement or document, or any other document containing an
obligation of a third party ("Credit Support Provider"), or of you, in favour of
us supporting any of your obligations under this Agreement (each a "Credit Support
Document");
6. any representation or warranty made or given or deemed made or given by
you under this Agreement or any Credit Support Document proves to have been false
or misleading in any material respect as at the time it was made or given or
deemed made or given;
7. any Credit Support Provider fails, or you yourself fail to comply with or
perform any agreement or obligation to be complied with or performed by you or it
in accordance with the applicable Credit Support Document;
8. any Credit Support Document expires or ceases to be in full force and
effect prior to the satisfaction of all your obligations under this Agreement,
unless we have agreed in writing that this shall not be an Event of Default;
9. any representation or warranty made or given or deemed made or given by
any Credit Support Provider pursuant to any Credit Support Document proves to have
been false or misleading in any material respect as at the time it was made or
given or deemed made or given;
10. any event referred to in Clauses 14.2 to Clause 14.4 of this Clause 14
(Events of Default ) occurs in respect of any Credit Support Provider;
11. Any situation where we consider it necessary or desirable for our own
protection, or any action is taken or event occurs which we consider might have a
material adverse effect upon, your ability to perform any of your obligations
under this Agreement;
12. you fail or omit to disclose to us your capacity as the beneficial owner
of more than one accounts you may maintain with us and/or your capacity to act as
a money manager on behalf of any other client of us;
13. you take advantage of delays occurred in the prices and you place orders
at outdated prices, you trade at off-market prices and/or outside trading hours,
you manipulate the system to trade at prices not quoted to you by us and you
perform any other action that constitutes improper trading; or
14. any event of default (however described) occurs in relation to you under
any other agreement between us.
Rights on Default
On the occurrence of an Event of
Default, we may exercise our rights under this clause, except that in the case of
the occurrence of any Event of Default specified in Clause 14.2 or Clause 14.3 of
the definition of Events of Default (each a "Bankruptcy Default"), the automatic
termination provision of this clause shall apply.
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
Transactions in accordance with this clause.
Automatic termination
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.
Calculation of Liquidation Amount
Upon the occurrence of a Liquidation
Date:
1. neither of us shall be obliged to make any further payments or
deliveries under any Transactions which would, but for this clause, have fallen
due for performance on or after the Liquidation Date and such obligations shall be
satisfied by settlement (whether by payment, set-off or otherwise) of the
Liquidation Amount (as defined below);
2. we shall (on, or as soon as reasonably practicable after, the Liquidation
Date) determine (discounting if appropriate), in respect of each Transaction the
total cost, loss or, as the case may be, gain, in each case expressed in the Base
Currency specified by us in writing or, failing any such specification, the lawful
currency of the United States (and, if appropriate, including any loss of bargain,
cost of funding or, without duplication, cost, loss or, as the case may be, gain
as a result of the termination, liquidation, obtaining, performing or
re-establishing of any hedge or related trading position) as a result of the
termination, pursuant to this Agreement, of each payment or delivery which would
otherwise have been required to be made under such Transaction (assuming
satisfaction of each applicable condition precedent and having due regard, if
appropriate, to such market quotations published on, or official settlement prices
set by the relevant exchange as may be available on, or immediately preceding, the
date of calculation); and
3. we shall treat each cost or loss to us, determined as above, as a positive
amount and each gain by us, so determined, as a negative amount and aggregate all
of such amounts to produce a single, net positive or negative amount, denominated
in the Base Currency (the "Liquidation Amount").
Payer
If the Liquidation Amount determined pursuant to this clause is a
positive amount, you shall pay it to us and if it 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.
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.
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) plus
one 1% per annum for each day for which such amount remains unpaid.
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.
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 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.
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).
Application of netting to Transactions
This clause applies to each
Transaction entered into or outstanding between us on or after the date this
Agreement takes effect.
Single agreement
This Agreement, the particular terms applicable to each
Transaction entered into under this Agreement, and all amendments to any of them
shall together constitute a single agreement between us. We both acknowledge that
all 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.
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 clause 15
(Netting) we shall be entitled to take the following actions, without prior notice
to you:
1. instead of returning to you investments equivalent to those credited to
your account, to pay to you the fair market value of such investments at the time
we exercise such right; and/or
2. to sell such of your investments as are in our possession or in the
possession of any nominee or third party appointed under or pursuant to this
Agreement, in each case as we may in our absolute discretion select or and upon
such terms as we may in our absolute discretion think fit (without being
responsible for any loss or diminution in price) in order to realise funds
sufficient to cover any amount due by you hereunder; and/or
3. to close out, replace or reverse any Transaction, buy, sell, borrow or
lend or enter into any other Transaction or take, or refrain from taking, such
other action at such time or times and in such manner as, at our sole discretion,
we consider necessary or appropriate to cover, reduce or eliminate our loss or
liability under or in respect of any of your contracts, positions or commitments;
and/or
4. to cancel and/or consider void any Transactions and profits or losses
either realised or unrealised and/or to close out the account(s) you maintain with
us pursuant to this Agreement, immediately and without prior notice.
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. In the event of termination, all
Customer's open positions shall be closed by the date of termination without
derogating all the provisions aforementioned therein, including charges, fees and
penalties.
Upon terminating this Agreement
1. all amounts payable by you to us will
become immediately due and payable including (but without limitation):
A. all
outstanding fees, charges and commissions; and
B. any dealing expenses incurred by terminating this Agreement; and
C. any losses and expenses realised in closing out any Transactions or
settling or concluding outstanding obligations incurred by us on your behalf.
2. V7 Markets shall apply best execution rules in cases where
you have not provided
V7 Markets with specific instructions regarding the closing of
your positions.
3. Return any funds remaining in your trading account to your bank account,
specifically the account from which the funds were debited. Your funds may be
returned to another bank account to which you are the beneficiary as long as you
provide us with the required documents to verify that the account belongs to you.
Existing rights
Termination shall not affect then outstanding rights and
obligations 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.
General Exclusion
It shall be noted that V7
Markets and any
entity related to V7 Markets, will perform Transactions in good
faith and with proper due
diligence but 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.
V7 Markets will not be held liable for any lost opportunities
by you that have
resulted in either losses or reduction (or increase) in the value of your
Financial Instruments.
Tax implications
Without limitation, we do not accept liability for any
adverse tax implications of any Transaction whatsoever.
V7 Markets
Levels
The
levels we present on our site are the ones V7 Markets is willing
to sell options at, they
are not the real-time market levels.
Changes in the market
The manner of calculating the Transactions'
expiration rates of indexes, stocks, currencies and commodities which are offered
by V7 Markets are updated from time to time, the assets offered by
V7 Markets and the way the
Transactions' expiration rates of indexes, stocks, currencies and commodities
which are offered by V7 Markets are calculated may change from
time to time at V7 Markets sole
discretion. Customer undertakes to continuously ensure customer is updated on the
assets and the manner of aforesaid calculation.
We reserve the right, at our full discretion, not to execute the order, or to
change the quoted price of the Transaction, or to offer you a new quote, in case
of technical failure of the trading platform or in case of extraordinary or
abnormal fluctuations of the price of the financial instrument as offered in the
market. In the event we offer you a new quote you have the right to either accept
it or refuse it and thus cancel the execution of the Transaction.
Without limitation, we do not accept any liability by reason of any delay or
change in market conditions before any particular Transaction is affected.
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,
exchange, 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 Applicable Regulations,
which may not be excluded or restricted thereunder.
V7 Markets makes every effort to ensure that the Banks and
institutions to which
your funds and/or Financial Instruments are deposited are of good standing and
reputation. However, V7 Markets shall not be held liable in the
event of a loss resulting
from deterioration of the financial standing of a bank or institution, or for an
event such as a liquidation, receivership or any other event that causes the Bank
or institution of a failure and therefore leads to a loss of all or part of the
funds deposited.
Without prejudice to any other terms of this Agreement, V7 Markets
will not be
liable for:
Systems errors (V7 Markets or service
providers)
Delays
Viruses
Unauthorized use
For any act taken by or on the instruction of a
Market, clearing house or regulatory body.
You further acknowledge that you
are responsible for reviewing the expiration dates for the options, which are
located on the V7markets.com website.
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.
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) for a representation that is not set out in this Agreement and
that is not fraudulent.
Indemnity
You shall pay to us such sums as we may – require, on a full
indemnity basis, for 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 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.
Amendments
We have the right to amend the terms of this
Agreement. If we make any material change to this Agreement, we will give at least
ten business days written notice to you. Such amendment will become effective on
the date specified in the notice. Unless otherwise agreed, an amendment will not
affect any outstanding order or Transaction or any legal rights or obligations
which may already have arisen.
If objections arise, you may terminate the Agreement within ten days from the
notification by sending a registered letter and on the condition that all pending
transactions on behalf of you shall be completed. Upon expiry of the
abovementioned deadline without the customer having raised any objection, it shall
be considered that you consent and/or accept the content of the amendment.
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 us in
writing at the address below:
Our Details
Name: V7 Markets
Address: V7 Markets, Saint Vincent & Grenadines Email
Address:
info@v7markets.com
You will notify us of any change of your address for the receipt of notices,
instructions and other communications immediately.
Electronic Communications
Subject to Applicable Regulations, any communication between us using
electronic signatures and any communications via our website and/or Electronic
Services shall be binding as if they 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.
Durable Medium
You may request documents, communications and instructions that emanate from
this Agreement be provided to you in a medium other that email. In such case the
Company will provide the requested information in the durable medium of your
choice.
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.
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 nor are they 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.
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. You can access your statements online at any time via our trading
platform. You may request to receive your statement monthly or quarterly via
email, by providing such a request to the support department.
Complaints procedure
We are obliged to establish and maintain internal procedures for handling
complaints fairly and promptly. You may submit a complaint to us, for example by
letter or by email. We will send you a written acknowledgement of your complaint
within 5 working days following receipt, enclosing details of our complaints
procedures, including when and how you may be able to refer your complaint to the
Saint Vincent & Grenadines Financial Services Authority (FSA) which is the
relevant
regulatory body. The Company will investigate your case and provide the outcome of
the investigation within 2 months from the receipt of the complaint.
The complaint will be regarded as being resolved and closed upon the
occurrence of any of the following: once we have sent you a final response; or
where you have told us in writing that you accept an earlier response that we have
sent to you; or if you refer your complaint to the Financial Services Authority,
when they inform us in writing that the complaint has been closed.
Please contact us if you would like further details regarding our complaints
procedures. You may find the complaints’ form by visiting the following link:
http://www.v7markets.com/policies/complaints-handling-policy.pdf. Please
submit your complaint please to our Customer support or to our Compliance
Department.
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. You agree that we may without further
notice to you and subject to Applicable Regulations, transfer by whatever means we
consider appropriate all or any of our rights, benefits, obligations, risks and/or
interests under this Agreement to any person who may enter into a contract with us
in connection with such transfer and you agree that we may transfer to such person
all information which we hold about you.
Time of essence
Time shall be of the essence in respect of all obligations of yours under
this Agreement (including any Transaction).
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.
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.
Governing law
This Agreement shall be governed by and
construed in accordance with the Saint Vincent & Grenadines Law.
Jurisdiction
Each of the parties irrevocably:
i. agrees for our benefit that the courts of Saint Vincent & Grenadines shall
have jurisdiction
to settle any suit, action or other proceedings relating to this Agreement
("Proceedings") and irrevocably submits to the jurisdiction of such courts
(provided that this shall not prevent us from bringing an action in the courts of
any other jurisdiction); and
ii. waives any objection which it may have at any time to the laying of venue
of any Proceedings brought in any such court and agrees not to claim that such
Proceedings have been brought in an inconvenient forum or that such court does not
have jurisdiction over it.
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 suit; jurisdiction of any
courts; relief by way of injunction, order for specific performance or for
recovery of property; attachment of assets (whether before or after judgment); and
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.
Please see the Bonus Policy for our current Promotional Terms and Conditions.
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If the client account is found inactive over the period of 3 months, V7 Markets has the sole discretion to cut an inactive fees of $10. This is subject to change by the companies policies.
Confirmation regarding interest policy
I acknowledge and confirm that no interest will be received
on the balance of my account.
Trading in CFDs involves significant risk to
your invested capital.