1. Introduction

• 1.1. This Customer Agreement (“Agreement”) is entered by and between (SigmaForex.com)  (hereinafter called the “Company”) and the customer who has completed the “Application to Open a Personal/Corporate Margin Trading Account” Form (“Customer”).

• 1.2. This Agreement with the Risk Acknowledgement and Disclosure attached to the schedule of this Agreement and the Terms of Business as amended from time to time in accordance with clause 21.1 (together, the “Operative Agreements”) set out the terms upon which the Company will deal with the Customer in respect of foreign exchange transactions and Contracts for Differences (CFDs). The dealings and relations between the Company and the Customer are subject to English law whether or not the terms of the Operative Agreements are accepted by the Customer and will be conducted in the English language unless otherwise agreed with the Customer.
  The brand name “SigmaForex” and the domain name “www.sigmaforex.com” are owned by Sigmaforex Securities and Financial Services, a financial services company incorporated and registered under the laws of Switzerland under Certificate of Registration, having granted a license to provide the Investment Services covered in this agreement, wishes to provide Investment Services through its highly developed electronic system via Internet (hereinafter called the “Company”)

THE COMPANY WILL OFFER SERVICES STRICTLY UNDER THE FOLLOWING TERMS AND CONDITIONS, WHICH ARE NON - NEGOTIABLE AND WILL BE AMENDED ONLY WITH PROPER NOTICE TO COUNTER PARTY (hereinafter called “the Client”) BY COMPANY ALONE AND UNDER THE PROVISIONS OF TERMS IN THIS AGREEMENT.

The Client has read, understood and accepted all information loaded on the Company’s domain (website) www.sigmaforex.com (hereinafter called “the main website”) clearly and publicly stated, available to all Clients including the Legal Information. The Company reserves the right to register and operate other relevant domains (websites) for marketing and promotional purposes to specific countries which contain information and disclosures to clients and prospective clients in any language other the English language. The Client accepts and understands that the Company’s official language is the English language and should always read and refer to the main website for all information and disclosures about the Company and its activities.

The Client by completing the Investor’s Questionnaire, which informs the Company as regards to the Clients Identity and Investment Profile, available on the Company’s main website accepts the following terms and conditions and enters into a legal and binding agreement with the Company as any agreement between the Company and its clients and the procedure to be followed, is governed by the Distance Marketing of Consumer Financial Services Law N.242(I)/2004 implementing the EU directive 2002/65/EC, under which signing the Agreement is not required and the agreement has the same judicial power and establishes the same rights and duties and responsibilities as a regular agreement signed between both parties. In case a client wishes to have a printed agreement, duly signed and stamped by the Company, the client must send 2 signed copies of the Agreement to the Company, stating his postal address and a copy will be sent back to that address.

2. DEFINITIONS – INTERPRETATIONS

In the agreement, unless the context otherwise requires, the following words shall be construed as follows:

CFD Contract – Contracts for Differences on spot FOREX, stocks, equity indexes, precious metals or any other commodities available for trading.

Balance – the sum on sub – account of the Client after the last transaction made within any period of time.

Balance Currency – the monetary unit in which sub – account’s all balances, commission fees and payments are nominated and calculated.

Base Currency – the first currency in currency pair.

Margin – the necessary guarantee funds to open positions, as determined in the contract specification.

Margin Level – index characterizing the account, calculated as: Equity/Margin.

Open Position – deal of purchase (sale) not covered by the opposite sale (purchase) of the contract.

Equity – provided part of the Client’s sub – account including open positions which are tied to the balance and floating (Profit/Loss) by the following formula: Balance + Profit + Swap. These are the funds on the Client’s sub – account reduced by the current loss on the open positions and increased by the current profit on the open positions.

Floating Profit/Loss – unrealized profit (loss) of open positions at current prices of the underlying currencies, contracts or stocks, equity indexes, precious metals or any other commodities available for trading.

Free Margin – funds not used as the guarantee to open positions, calculated as : Free Margin = Equity – Margin.

Lot – a unit measuring the transaction amount, equalling to 100.000 of base currency.

Operating (Trading) Time of the Company – period of time within a business week, where the trading terminal of the Company provides the opportunity of trading operations with CFD contracts. The Company reserves the right to alter this period of time as fit, upon notification to the Client.

Order – the request for the transaction execution.

Spread – difference between the purchase price (rate) and the sale price (rate) of the CFD contract at the same moment.

Stop – out level/Margin Call – such condition of account when the open positions are forcedly closed by the Company at current prices.

Storage Swap – the funds withdrawn or added to the Client’s account for the prolongation (transfer) of open position to the next day.

Client Account – the special personal account for internal calculation and customer deposits, opened in the Company on the name of the Client. The Terms and Conditions for the Services Offered by the Company may use the word sub-account or client account interchangeably, which they both have the same meaning.

Financial Instruments (Trading Tools) – CFD Contracts available for trading.

Access Codes – the username and password given by the Company to the Client for accessing the Company’s electronic systems.

Contract Specifications – each lot size or each type of CFD as well as all necessary trading information concerning spreads, swaps, margin requirements etc, as determined in the Company’s main website.

3. PROVISION OF SERVICES

• 3.1 The Investment Services to be provided by the Company to the Client are the following:

    (a) Execution of Orders in relation to transactions having as an object one or more of the following financial instruments:

        i. CFD on Spot FOREX, precious metals, future contracts and any other trading tools.
        ii. The Company reserves the right to offer the Financial Instruments on any underlying security it considers appropriate. The Company’s main website will be the primary means of presenting the underlying security on which the Company will offer the Financial Instrument of Contracts for Difference and the Contract Specification for all and each of them. The Company reserves the right to modify the main website at any time upon written notice given to the client on these modifications and the Client agrees to continue to be bound by this agreement and the modified Contract Specifications.

    (b) Foreign Currency Services provided are associated with the provision of Investment Services.

•  3.2 The Client acknowledges that the Services do not include the provision of investment advice. Any investment information as may be announced by the Company to the Client does not constitute investment advice but aims merely to assist him in his investment decision making. No information provided by the Company shall be deemed as an assurance or guarantee on the expected results of any transaction.

The Client agrees and acknowledges that he is solely responsible for any investment strategy, transaction or investment, composition of any account and taxation consequences and he shall not rely, for this purpose on the Company. It is also understood and accepted that the Company shall beat absolutely no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment or information.

•  3.3 The Client is informed that any orders placed with the Company for the Financial Instrument of Contracts for Differences (CFDs), the Company acts as the principal and the Company is the sole Execution Venue which is a non-regulated market.
•  3.4 The Company operation time: round – the – clock from 10.00.01 P.M. Greenwich Mean Time (GMT) Sunday through 10.00.00 P.M. Greenwich Mean Time (GMT) Friday. Non working periods: from 10.00.01 P.M. Greenwich Mean Time (GMT) Friday through 10.00.00 P.M. Greenwich Mean Time (GMT)Sunday. Holidays will be announced through the internal mail of the trading terminal supplied by the Company.
•  3.5 By accepting these terms and conditions the Client is accepting that he read and understood and accepted all the information provided under the title “ORDER EXECUTION POLICY FOR CONTRACTS FOR DIFFERENCE (CFDs)”, as this information is loaded on the Company’s main website which is public and available to all Clients.

4. Commencement

• 4.1. The Operative Agreements will commence on the date on which the Customer receives notice from the Company and will continue unless or until terminated by either party
  
• 4.2. This Agreement is an initial service agreement which relates to a series of successive or separate operations including, without limitation, Transactions. The Customer has no right to cancel the Agreement on the basis that it is a distance contract.

5. Account activation

• 5.1. The Customer’s Trading Account will be activated by the Company giving notice to the Customer as soon as the Company has received a completed signed and dated copy of “Application to Open a Personal/Corporate Margin Trading Account” Form and identity checks have been satisfied.

6. Classification

• 6.1. The Company will treat the Customer as a Retail Client, Professional Client or Eligible Counterparty, depending on how the Customer completes the “Application to Open a Personal/Corporate Margin Trading Account” Form.
  
• 6.2. When assessing the Customer’s classification and thereafter dealing with the Customer, the Company will rely upon the truth, accuracy and completeness of the information provided by the Customer in the “Application to Open a Personal/Corporate Margin Trading Account” Form. The Customer expressly consents to the Company using and relying on all such information in making its assessment and its dealings with the Customer.
  
• 6.3. If there is a change in the personal circumstances of the Customer, the Customer must immediately notify the Company of the change in writing.
  
• 6.4. The Company may review the Customer’s classification from time to time (subject to complying with regulatory requirements) to re-classify the Customer if necessary.

7. Capacity

• 7.1. In relation to any Transaction the Company acts as principal to principal and not as agent on the Customer’s behalf. This means that unless otherwise agreed, the Company will treat the Customer as a client for all purposes and the Customer shall be directly and fully responsible for performing the obligations under each Transaction made by or on behalf of the Customer.
  
• 7.2. If the Customer acts in relation to or on behalf of someone else, whether or not the Customer identifies that person, the Company shall not accept that person as an indirect client and shall accept no obligation to that person, unless otherwise specifically agreed.
  
• 7.3. Any person or agent notified to the Company as being authorized by the Customer may give
  Instructions and Requests to the Company concerning any Transaction, or proposed Transaction, or any other matter
  
• 7.4. The Customer authorizes the Company to rely and act on any Request, Instruction or other communication received from the Customer which purports to have been given by the Customer or on behalf of the Customer without further enquiry on the part of the Company as to the authenticity, genuineness, authority or identity of the person giving or purporting to give such Request, Instruction or other communication. The Customer will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Customer in consequence of or in connection with such Requests, Instructions or other communications.

8. Customer money

• 8.1.Funds has been transferred by the Customer to the Company or otherwise passed to the Company for the purpose of securing or otherwise covering the Customer’s present or future, actual or contingent or prospective obligations: such amounts do not constitute and shall not at any time be deemed to constitute client money and the Customer agrees that the Company can deal with this money on its own right and the Customer will no longer have a proprietary claim over this money until an equivalent transfer is made back to the Customer if the provision of collateral by the Customer is no longer necessary.
  
• 8.2. The Company shall not be obliged to pay interest to the Customer on any funds which the Company holds. The Customer waives all rights to interest.
  
• 8.3. The Customer agrees that, in the event that there has been no movement on the Customer’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Customer despite having taken reasonable steps to do so, the Company may release any Customer’s money balances
  
• 8.4. The Company is covered by the Financial Services Compensation Scheme. The Customer may be entitled to compensation from the scheme if the Company cannot meet its obligations. This depends on the type of business, the Customer’s status and the circumstances of the claim.

9. ASSURANCES, GUARANTEES AND COVERAGE

The Company states, affirms and guarantees that whatever money handed over to the Company belongs exclusively to the Client, free of any lien, charge, pledge and any other encumbrance, being no indirect proceeds of any illegal act or omission or product of any criminal activity.

If however, the Client acts as a representative or a trustee of any third person, then the Client guarantees that he has followed the procedures stated in this contract

The Client understands and accepts that all transactions in relation to trade in any of the Financial Instruments, will be performed only through the Trading Platform provided by the Company and the Financial Instruments are not transferable to any other Trading Platform whatsoever.

The Client guarantees the authenticity and validity of any document handed over by the Client to the Company.

10. ELECTRONIC TRADING

By signing this Agreement, the Client is entitled to apply for access codes, within the Company’s electronic systems, in order to be able to give orders for the purchase or sale of Financial Instruments with the Company, through a compatible Personal Computer of the Client, connected to the internet. The Client acknowledges and understands that the Company reserves the right, at its discretion, to terminate the Client’s access to the Company’s electronic systems or part of them.

The Client agrees and states that he will keep in a safe place the access codes and not reveal them to any other person. He will not proceed and avoid proceeding in any action that could probably allow the irregular or unauthorized access or use of the Electronic System.

The Client will make all necessary efforts to keep his access codes secret and known only to him. Also, the Client will be liable for all orders given through and under his access codes and any such orders received by the company will be considered as received by the Client. In cases were a third person is assigned as an authorized representative to act on behalf of the Client, the Client will be responsible for all orders given through and under the representative’s access codes.

The Client undertakes to notify the Company immediately if it comes to his attention that his access codes are being used unauthorized.

The Client acknowledges that the Company will not take action based on orders transmitted to the Company using electronic means other than those orders transmitted to the Company using the predetermined electronic means.

The Client agrees to use software programs developed by third parties including but not limited to the generality of those mentioned above, browser software that supports Data Security Protocols compatible with protocols used by the Company. Moreover, the Client agrees to follow the access procedure (Login) of the Company for Electronic Services that support such protocols.

The Client acknowledges that the Company bears no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted between the Client and the Company or any other party, using the internet or other network communication facilities, telephone, or any other electronic means.

The Company is not an Internet Service Provider and cannot be responsible for not fulfilling any obligations under this agreement because of the internet connection failures. In the case of such communication/Internet failures, and the Client wishes to execute a position, then he must telephone our operators on the phone line and give a verbal instruction. The Company reserves the right to decline any verbal instruction in cases where its telephone recording system in not operational or in cases where the Company is not satisfied of the caller’s/Client’s identity or in cases where the transaction is complicated, and reserves the right to ask the client to give instructions by other means.

11. Services

• 11.1. Subject to the Customer’s obligations under the Operative Agreements being fulfilled, the Company may enter into Transactions with the Customer in the Instruments specified in the Contracts Specifications.
  
• 11.2. The Company shall carry out all Transactions with the Customer on an execution-only basis. The Company is entitled to execute Transactions notwithstanding that a Transaction may be not suitable for the Customer. The Company is under no obligation, unless otherwise agreed in the Operative Agreements, to monitor or advise the Customer on the status of any Transaction; to make margin calls; or to close out any Customer’s Open Positions. Unless otherwise specifically agreed, the Company does not owe the Customer the duty of best execution.
  
• 11.3. The Customer shall not be entitled to ask the Company to provide investment advice or to make any statements of opinion to encourage the Customer to make any particular Transaction.
  
• 11.4. The Company shall not provide physical delivery in relation to any Transaction. Profit or loss in the Currency of the Trading Account is deposited in/withdrawn from the Trading Account once the Transaction is closed.
  
• 11.5. The Company will not:
   (a) provide personal recommendations or advice on the merits of any specific Transactions; or
  (b) other than as described in clauses, hold or safeguard any assets or investments.
  
• 11.6. The Company may from time to time and at its discretion provide information and recommendations in newsletters which it may post on its Website or provide to subscribers via its Website or otherwise. It will not be responsible for such information and recommendations and gives no representation, warranty or guarantee as to the accuracy, correctness or completeness, suitability or effect or consequences upon the Customer of such information and recommendations. It is provided solely to assist the Customer to make the Customer’s own investment decisions and does not amount to investment advice or unsolicited financial promotions to the Customer.
  
• 11.7. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Customer and the Customer agrees that the Company will have no obligation to inform the Customer of the reasons.

12. ORDERS - INSTRUCTIONS

• 12.1 The Company will, in certain circumstances, accept instructions, by telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller’s/Client’s identity and clarity of instructions. In case of an order received by the Company in any means other than through the electronic Trading Platform, the order will be transmitted by the company to the electronic Trading Platform and processed as if it was received through the electronic Trading Platform.

The Company reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the Communication System. The Client accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the Communication System, regardless of how they have been caused, including technical and/or mechanical damage.
The Client has the right to authorize a third person to give instructions and/or orders to the Company, provided that the Client has notified the Company in writing, of exercising such a right and that this person is approved by the Company fulfilling all of Company’s specifications for this. Unless the Company receives a written notification from the Client for the termination of the said person’s authorization, the Company will continue accepting instructions and/or orders given by this person on behalf of the Client and the Client will recognize such orders as valid and committing. The above written notification for the termination of the authorization to a third party has to be received by the Company with at least 2 days notice.

Once the Client’s instructions or Orders are given to the Company, they cannot be revoked. Only in exceptional circumstances the Company may allow the Client to revoke or amend the relevant instruction or Order. The Company has the right to proceed to a partial execution of the Client’s Orders.

• 12.2 The transaction (opening or closing a position) is executed at the "BID" / "ASK" prices offered to the Client. The Client chooses desirable operation and makes a request for the transaction confirmation by the Company. The transaction is executed at the prices the Client can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Client a new price. In the event the Company offers the Client a new price the Client can either accept the new price and execute the transaction or refuse the new price, thus cancel the execution of the transaction.
• 12.3 The Client, using electronic access, can give only the following orders of trading character:
      i. OPEN – to open a position;
      ii. CLOSE – to close an open position;
      iii. To add, remove, edit orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop.

Any other orders are unavailable and are automatically rejected. The confirmed open or closed position cannot be cancelled or changed.

Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Client’s Order shall be valid in accordance with the type and time of the given Order, as specified. If the time of validity of the order is not specified, it shall be valid for an indefinite period.

• 12.4 The Company shall not be held responsible in the case of delays or other errors caused during the transmission of orders and/or messages via computer, as well as for damage which may be caused by the non validity of securities, or a mistake in the bank account balance of the Client. The Company shall not be held responsible for information received via computer or for any loss which the Client may incur in case this information is inaccurate.
• 12.5 The Company reserves the right to change the opening/closing price (rate) and/or size and/or number of the related transaction (and/or the level and size of any Sell Limit, Buy Limit, Sell Stop, Buy Stop order) in case of any underlying asset of the CFD becomes subject to possible adjustment as the result of any event set out in Clause 6.7 below (hereinafter called a “Corporate Event”). This operation is applied exclusively to securities and has a meaning to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event. All actions of the Company according such adjustments are conclusive and binding upon the Customer. The Company shall inform the Customer of any adjustment as soon as reasonably practicable.
• 12.6 While a Client has any open positions on the ex-dividend day for any of underlying asset of the CFD, the Company reserves the right to close such positions at last price of the previous trading day and open the equivalent volume of the underlying security at first available price on the ex-dividend day. In this case the Company has to inform the Client by internal mail in trading terminal about the possibility of such actions not later than the closing of the trading session prior to the ex-dividend day.
• 12.7 ”Corporate Events” are the declarations by the issuer of the underlying asset of the CFD of the terms of any of the following but not limited to:

    i. a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalization or similar issue;

    ii. a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Company;

    iii. any other event in respect of the shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares.

• 12.8 Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on CFD contracts are executed at the declared by the Client price on the first market price touch. The Company reserves the right not to execute the order, or to change the opening (closing) price of the transaction in case of the technical failure of the trading platform, reflected financial tools quotes feed, and also in case of other technical failures.
• 12.9 Under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop) on any CFD contract at the declared price. In this case the Company has the right to execute the order or change the opening (closing) price of the transaction at a first market price. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted. Or this may occur in the trading session start moments. So as a result, placing a stop—loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.
• 12.10 For CFD Contracts with spread less than 10 points, the minimum level for placing Stop Loss, Take Profit and Limit Orders from a market price is 10 points. For CFD Contracts with spread more than 10 points, the minimum level is equal to the spread. The Client has no right to change or remove Stop Loss, Take Profit and Limit Orders if the price has reached the level of the order execution.

The Client may submit to the Company in writing by facsimile transmission or delivery by hand, his objection to the execution or the non execution or the mode of execution of a transaction and/or Order concluded on his behalf within two (2) working days from the conclusion of the transaction. Otherwise the transaction will be considered valid and binding for the Client.

• 12.11 At Margin level less than 10% the Company has a discretionary right to begin closing positions starting from most unprofitable. If Margin level is equal or less than 5%, all positions are automatically closed at market price.
• 12.12 The Client agrees and realizes that all conversations between the Client and the Company can be recorded on magnetic, electronic and other carriers. The Client further agrees that the Company has the right to use these records as evidence in case any dispute arises between the Company and the Client.

The Company has the right to refuse the Client in the execution of transactions through the telephone line if the actions of the Client are not clear and do not include the following operations: opening position, closing position, changing or removing orders.

In case of force-major, hacker attacks and other illegal actions against the Server of the Company and also a suspension of trade in the financial markets concerning Financial Instruments of the Company, the Company may, suspend, freeze or close the Client positions and request the revision of the executed transactions.

• 12.13 All price levels in the trading terminal are determined at the Company’s discretion. Any references of the Client to prices of other trading or information systems shall be disregarded.
• 12.14 Trading operations using additional functions of the client trading terminal such as Trailing Stop or Expert Adviser are executed completely under the Client’s responsibility, as they depend directly on the client trading terminal and the Company bears no responsibility whatsoever.
• 12.15 The 1 (one) standard lot size is the measurement unit specified for each CFD traded in the Electronic Trading Platform. The Company reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the CFD before placing any order. The minimum volume of the transaction is 0,1 lot. A possible choice of a leverage rate ranges from 1:1 up to 1:500 depending on the type of the CFD and at the discretion of the Company. At opening of a Client trading account, the leverage rate is set at 1:100 by default and it is taken into consideration where applicable depending on the type of the CFD. The Client may change the leverage of their trading account by contacting the Company. The Company reserves the right to allow a change to the Client’s trading account leverage at its discretion, and to change the already existing one.
• 12.16 The level of Swap rates may vary in size and change depending on the level of interest rates. The Company reserves the right to change the level of swap rates application to the CFDs and inform the Client about it through the internal mail of the trading terminal. From Friday to Monday swaps are calculated once. From Wednesday to Thursday swaps are calculated in triple size.
• 12.17 In case of absence of any trading activity within one year of the Client’s account, the Company reserves the right to charge a fixed payment of 10 US dollars per year in order to maintain the account assuming that the Client Account has the available funds. If the Client account is funded by less than 10 US dollars and has been inactive for a period of one year, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
• 12.18 The company has the right at its discretion to increase or decrease spreads on CFDs depending on market conditions.

13. REFUSAL TO EXECUTE ORDERS

• 13.1 The Client acknowledges that the Company shall have the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, amongst others in the following cases:

    i. Whenever the Company deems that the execution of the Order aims at or may aim at manipulating the market of the Financial Instruments, constitutes an abusive exploitation of privileged confidential information (insider trading); contributes to the legislation of proceeds from illegal acts or activities (money laundering); affects or may affect in any manner the reliability or smooth operation of the Electronic Trading Platform;

    ii. Whenever the Order concerns the purchase of any Financial Instrument but there are no available cleared funds deposited with the Company and/or in the Bank Account (as in paragraph 9 below) to pay the purchase price of the relevant Financial Instrument and all the charges relating to the said Electronic Trading Platform. In calculating the said available funds, all funds required to meet any of the Client’s obligations include, but without limitation, obligations which may arise from the possible execution of other previously registered purchase Orders, which will be deducted from the cleared funds deposited with the Company and/or in the Bank Account;

    It is understood that any refusal by the Company to execute any Order shall not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.

• 13.2 The Client declares that he shall not knowingly give any order or instruction to the Company that might instigate the Company taking action in relation to paragraph 7.1 above.
• 13.3 In case any Order either to open or close a position concerning any Financial Instrument, has been mistakenly accepted and/or executed by the Company, the Company will make every effort to maintain the Client’s original position. Any charges, losses or profits incurred from the actions above, will be absorbed by the Company.

14. SETTLEMENT OF TRANSACTIONS

• 14.1 The Company shall proceed to a settlement of all transaction upon execution of such transactions.
• 14.2 A statement of Account will be provided by the Company to the Client on a monthly basis, within five (5) working days from the end of the previous month. In case no transactions were concluded in the past month, the Client is deemed to have lost his right to be informed. Any confirmation or proof for any act or statement of account or certification issued by the Company in relation to any transaction or other matter shall be final and binding on the Client, unless the Client has any objection in relation to such statement of account or certification and the said objection is filed in writing and received by the Company within two (2) working days from the receipt or the deemed date of receipt of any statement of account or certification.

15. Conflicts of interest and material interests

• 15.1. When the Company deals with or for the Customer, the Company, an associate or some other person connected with the Company, may have an interest, relationship or arrangement that is material in relation to the Transaction concerned or that conflicts with the Customer’s interest. By way of example only, when the Company deals with a Transaction for or on behalf of the Customer, the Company may be:
  (a) dealing in the Instrument concerned as principal for the Company’s account by selling to or buying the Instrument from the Customer;
  (b) matching the Customer’s Transaction with that of another customer by acting on such other customer’s behalf as well as on the Customer’s behalf;
  (c) dealing in the Instrument which the Company recommends to the Customer (including holding a Long or Short Position); or
  (d) advising and providing other services to associates or other customers of the Company who may have interests in investments or underlying assets which conflict with the Customer’s interests.
  
• 15.2. The Customer consents to and authorizes the Company to deal with or for the Customer in any manner which the Company considers appropriate, notwithstanding any conflict of interest or the existence of any material interest in a Transaction, without prior reference to the Customer.
  Company employees are required to comply with a policy of independence and to disregard any such material interest or conflict of interest while advising the Customer.

16. CLIENT ACCOUNTS

• 16.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account with any bank which the Company shall specify from time to time (“the ‘Bank Account’).
• 16.2 Unless the Parties otherwise agree, in writing, any amount payable by the Company to the Client, shall be paid directly to the Client.
• 16.3 The Company may, at its discretion, from time to time and without the Client’s authorization, set-off any amounts held on behalf and/or to the credit of the Client against the Client’s obligation to the Company and/or merge any accounts of the Client with the Company. Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights or credit facilities.
• 16.4 The Client has the right to withdraw the funds which are not used for margin covering, free from any obligations from his sub-account without closing the said sub - account.
• 16.5 Money transfer is achieved within three banking days after receiving from the Client transfer request instructions. Then the transferring amount reduces the balance of the Client's sub-account on the day the transfer request was received.
• 16.6 The Client agrees to pay any incurred bank transfer fees when withdrawing funds from his sub-account to his designated bank account. The Client is fully responsible for payments details, given to the Company and the Company accepts no responsibility for the Client’s funds, if the Client’s given details are wrong. It is also understood that the Company accepts no responsibility for any funds not deposited directly into Company’s bank accounts.

17. Currency

• 17.1. The Company is entitled, without prior notice to the Customer, to make any currency conversions which the Company considers necessary or desirable for the purposes of complying with its obligations or exercising its rights under the Operative Agreements or any Transaction. Any such conversion shall be effected by the Company in such manner and at such rates as the Company may in its discretion determine, having regards to the prevailing rates for freely convertible currencies.
  
• 17.2. All foreign currency exchange risk arising from any Transaction or from the compliance by the Company with its obligations or the exercise by it of its rights under the Operative Agreements will be borne by the Customer.

18. Providing Quotes

• 18.1. The Company provides Quotes to the Customer in accordance with the Terms of Business.
  
• 18.2. The Company shall not be obliged to, but may, at its absolute discretion, execute the Customer’s Requests and Instructions in respect of any Instrument out of normal trading hours specified in the Contract Specifications for that particular Instrument.
  
• 18.3. The Company specifies Spread for each Instrument in the Contract Specifications. The Company is entitled to change Spreads without prior Written Notice to the Customer subject to the Terms of Business. Otherwise, the Company shall notify the Customer not less than 14 calendar days prior to any changes in Spreads.
  
• 18.4. Quotes displayed on the Website are Indicative Quotes.
  
• 18.5. Although the Company does not ensure that the CFD Quotes it provides are within any specific percentage of the underlying asset price, the Company takes into account the underlying asset price. When the Underlying Market is closed, the Quotes provided by the Company will reflect what the Company believes to be the current Bid and Ask price of the relevant Security of the Underlying Market at that time. The Customer acknowledges that such Quotes will be set by the Company at its absolute discretion.

19. Customer’s Requests and Instructions

• 19.1. The Company processes and executes Requests and Instructions in accordance with the Terms of Business.
  
• 19.2. The Company is entitled to decline a Request or an Instruction if any of the conditions set out in the Terms of Business of this Agreement is breached before the Request or Instruction is processed by the Company. However, the Company may at its absolute discretion, accept and execute the Request or Instruction, notwithstanding that the conditions in the Terms of
  Business of this Agreement are breached. If the Company executes the Request or Instruction and becomes aware of any breach of the conditions set out in the Terms of Business of this Agreement, the Company may act in accordance with the Terms of Business.
  
• 19.3. The conditions referred to are as follows:
  (a) a Quote must be obtained from the Company;
  (b) a Quote must not be an Indicative Quote;
  (c) if a Quote is provided to the Customer via the Client Terminal or the telephone, the Customer Instruction must be given whilst the Quote is valid;
  (d) the Company receives and accepts the Instruction before the telephone conversation or before the Internet connection is disrupted;
  (e) a Quote must not be manifestly erroneous;
  (f) a Quote must not be an Error Quote (Spike);
  (g) the Transaction Size must not be less than the minimum Transaction Size for this Instrument indicated in the Contract Specifications;
  (h) a Force Major Event must not have occurred;
  (i) when the Customer gives a Request or an Instruction to the Company an Event of Default must not have occurred in respect of the Customer; and
  (j) when the Customer opens a position the Customer shall have sufficient Free Margin to cover the Initial Margin requirement in respect of that Open Position.
  
• 19.4. Terms defined in the Operative Agreements are subject to the Transaction Size within Normal Market Size for the specified Instrument (refer to the Website for details). The Company may, at its absolute discretion, change these terms if the Customer wishes to make a Transaction larger than
  Normal Market Size for the specified Instrument.
  
• 19.5. The Company reserves the right not to accept any offer to trade, e.g., if the Company believes that it will not be able to hedge the proposed Transaction in the Underlying Market, or the proposed Transaction is of such a size (too small or too large), that the Company does not wish to accept that Transaction.

20. COMPANY’S FEES

• 20.1 The Company is entitled to receive fees from the Client for its Services provided as described in the Agreement as well as compensation for the expenses it will incur for the obligations it will undertake during the execution of the said Services. The Company reserves the right to modify, from time to time, the size, the amounts and the percentage rates of its fees and the Client will be informed accordingly.
• 20.2 The Client shall pay the Company, immediately when so requested by the latter and the Company is entitled to debit the account of the Client with any value added tax or any other tax, contribution or charge which may be payable as a result of any transaction which concerns the Client or any act or action of the Company under the Agreement (excepting taxes payable by the Company in relation to the Company’s income or profits).
• 20.3 The Company shall have a lien on all the amounts which are deposited in the accounts and on statements of Financial Instruments of the Client, to the extent that there remain amounts due by the Client to the Company. Before the exercise of the said right, which doesn’t need the Client’s consent, the Company shall give the Client notice stating its intention to exercise the lien, as well as the deadline upon the expiry of which the Company shall exercise the said right.
• 20.4 In case the Client fails to pay any amount by the date on which the said amount is payable, the Company shall be entitled to debit the accounts of the Client with the said amount and/or liquidate in the name of the Client any of the Client’s Financial Instruments in view of covering the aforementioned amount.
• 20.5 By accepting the terms and conditions the Client has read and understood and accepted the information under the title “CONTRACTS SPECIFICATIONS” as this information is loaded on the Company’s main website public and available for all Clients, in which all related commission, costs and financing fees are explained. The Company reserves the right to amend at discretion all such commission, costs and financing fees and proper information on such amendments will be available on the main website which the Client must review during the period the Client is dealing with the Company and especially before placing any orders to the Company.

21. Netting

• 21.1. The amounts payable under the Operative Agreements are automatically converted by the Company into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.
  
• 21.2. If the aggregate amount payable under the Operative Agreements by the Customer equals the aggregate amount payable under the Operative Agreements by the Company, then the obligations to make payment of any such amount will be automatically satisfied and discharged.
  
• 21.3. If the aggregate amount payable under the Operative Agreements by one party exceeds the aggregate amount payable under the Operative Agreements by the other party, then the party with the larger aggregate amount shall pay the excess to the other party and all obligations to make payment will be automatically satisfied and discharged.
  
• 21.4. The Customer obligations to pay any due amount shall include all commissions, charges and other costs determined by the Company.

22. Margin requirements

• 22.1. The Customer shall provide and maintain the Initial Margin and/or Hedged Margin in such limits as the Company, at its sole discretion, may require from time to time under the Operative Agreements. Such sums of money shall only be paid to the Company's bank account in the form of cleared funds. It is the Customer’s responsibility to ensure that the Customer understands how a margin is calculated.
  
• 22.2. The Customer shall pay Initial Margin and/or Hedged Margin at the moment of opening a position. The amount of Initial Margin and Hedged Margin for each Instrument is defined in the Contract Specifications.
  
• 22.3. If no Force Major Event has occurred, the Company is entitled to change margin requirements, giving to the Customer five Business Days Written Notice prior to these amendments.
  
• 22.4. The Company is entitled to change margin requirements without prior Written Notice in the case of Force Major Event.
  
• 22.5. The Company is entitled to apply new margin requirements amended to the new positions and to the positions which are already open.
  
• 22.6. The Company is entitled to close the Customer’s Open Positions without the consent of the Customer or any prior Written Notice if the Equity is less than 50% of the Necessary Margin.
  
• 22.7. It is the Customer’s responsibility to notify the Company as soon as the Customer believes that the Customer will be unable to meet a margin payment when due.
  
• 22.8. The Company is not obliged to make margin calls for the Customer. The Company is not liable to the Customer for any failure by the Company to contact, or attempt to contact the Customer.
  
• 22.9. For the purposes of determining whether the Customer has breached clauses above, any sums referred to therein which are not denominated in the Currency of the Trading Account shall be treated as if they were denominated in the Currency of the Trading Account by converting them into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.

23. Adjustments

• 23.1. If any Security becomes subject to possible adjustment as a result of any of the events set out in clause below ("Corporate Event"), the Company will determine the appropriate adjustment, if any, to be made to the size, value and/or number of the related Transaction (and or to the level and size of any Order) to:
  (a) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that Transaction immediately prior to that Corporate Event; and/or
  (b) replicate the effect of the Corporate Event upon someone with an interest in the relevant underlying Security, to be effective from the date determined by the Company.
  
• 23.2. The events to which clauses refer are the declaration by the issuer of a Security of the terms of any of the following:
  (a) a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalization or similar issue;
  (b) a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or Securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Company;
  (c) any other event in respect of the shares similar to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares; or
  (d) any event similar to any of the foregoing events or otherwise having a diluting or concentrating effect on the market value of any Security not based on shares.
  
• 23.3. Determination of any adjustment or amendment of the size, value and/or number of the Transaction (and/or of the level and size of any Order) shall be at the absolute discretion of the Company and shall be conclusive and binding upon the Customer. The Company shall inform the Customer of any adjustment or amendment under the Operative Agreements as soon as reasonably practicable.
  
• 23.4. If at any time a take-over offer is made in respect of a company, then at any time prior to the closing date of such offer the Company may give Written Notice to the Customer of its intention to close a Transaction in respect of that Security. This notice will include the closing date and the closing price.
  
• 23.5. Where applicable (e.g. where a Security is based on shares in respect of which the issuer pays dividends) a dividend adjustment will be calculated in respect of Open Positions held on the exdividend day for the relevant underlying Security. The dividend adjustment will be credited to the
  Customer’s Trading Account if the Customer has an open Long Position, and debited if the Customer has an open Short Position.

24. Payments

• 24.1. The Customer may deposit funds into the Trading Account at any time. Deposits will only be accepted by bank transfer from the account of the Customer or e-gold account. Under no circumstances will third party or anonymous payments be accepted.
  
• 24.2. The Customer may withdraw funds from the Trading Account at any time in accordance with the clauses of this agreement
  
• 24.3. If the Customer gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount within two Business Days once the instruction has been accepted, if the following requirements are met:
  (a) the withdrawal instruction includes all necessary information;
  (b) the instruction is to make a bank transfer to the account of the Customer (under no circumstances will payments to third party or anonymous accounts be accepted); and
  (c) at the moment of payment, the Customer’s Free Margin exceeds the amount specified in the withdrawal instruction including all payment charges.
  
• 24.4. The Company shall debit the Customer’s Trading Account for all payment charges.
  
• 24.5. If the Customer has the obligation to pay any amount to the Company which exceeds the Trading Account Equity the Customer shall pay the amount of excess forthwith upon the obligation arising.
  
• 24.6. All payments subject to the terms of clauses are made by bank transfer or by e-gold.
  
• 24.7. If the Customer makes a payment by bank transfer or by e-gold, the Company shall credit the Customer’s Trading Account with the amount of such payment within one Business Day once the amount is cleared in the bank account of the Company.
  
• 24.8. The Customer acknowledges and agrees that (without prejudice to any of the Company’s other rights under the Operative Agreements to close out the Customer’s Open Positions and exercise other default remedies against the Customer), where a sum is due and payable to the Company in accordance with the Operative Agreements and sufficient cleared funds are not yet credited to the Customer’s Trading Account, the Company shall be entitled to treat the Customer as having failed to make a payment to the Company and to exercise its rights under the Operative Agreements.
  
• 24.9. The Customer shall make any margin payments or other payments due in US dollars, Euros, Great Britain Pounds, Swiss Francs or Japanese Yen. The payment amount will be converted into the Currency of the Trading Account at the rate determined by the bank of the Company.

25. Limitations of liability and indemnity

• 25.1 The Company shall conclude transactions in good faith and with due diligence but shall not be held liable for any omission, deliberate omission or fraud by any person, firm or company from whom the Company receives instructions for the execution of the Client’s Orders and/or from which transactions are carried out on behalf of the Client, unless to the extend where this would be the result of negligence, deliberate omission or fraud on the part of the Company.
• 25.2 The Company shall not be held liable for any loss of opportunity as a result of which the value of the Client’s Financial Instruments could increase or for any reduction in the value of the Client’s Financial Instruments, regardless of how such decrease may arise, unless to the extent that such loss or reduction is directly due to deliberate omission or fraud by the Company or its employees.
• 25.3 If the Company incurs any claims, damage, liability, costs or expenses, which may arise in relation to the execution or as a result of the execution of the Agreement and/or in relation to the provision of the Services and/or in relation to the disposal of the Client’s Financial Instruments in view of the satisfaction of any claims made by the Company or due to the non fulfillment of any of the Client’s statements and/or Orders and/or instructions contained in the Agreement it is understood that the Company bears no responsibility whatsoever and it is the Client’s responsibility to indemnify the Company for such.
• 25.4 The Company shall not be held liable for any loss which is the result of deceit in relation to the facts or mistaken judgment or any act done or which the Company has omitted to do, whenever it arose, unless to the extend that such deceit or act or omission is due directly to deliberate omission or fraud by the Company or its employees.
• 25.5 The Company shall be held liable, to the extent that this is permissible under the Agreement, for the deposit of cash in its possession or which it will receive at any time on behalf of the Client in the Bank Account, but it shall not be held liable in relation to any omission, negligence, deliberate omission or fraud by the bank where the Bank Account is maintained.
• 25.6 The Company shall not be held liable for the loss of financial instruments and funds of the Client, including the cases where the Client’s assets are kept by a third party such as a bank, or for an act, which was carried out based on inaccurate information at its disposal prior to being informed by the Client, of any change in the said information.

The Company being a member of the Investor Compensation Fund provides the Client with the extra security of receiving compensation from the Fund, for any claims arising from the malfunction on behalf of the Company to fulfil its obligations despite whether that obligation arises from legislation, the Agreement or from wrongdoing. By accepting the terms and conditions the Client has read and understood and accepted the information under the title “INVESTOR COMPENSATION FUND” as this information is loaded on the Company’s main website public and available for all Clients.

26. DURATION OF THE AGREEMENT AND AMENDMENT THEREOF

• 26.1 This Agreement shall take effect upon the first funding of the Client’s account, provided that the Company has sent the Client written confirmation for his acceptance. It shall be valid for an indefinite time period until its termination by virtue of the provisions clauses in this agreement 
• 26.2 The Agreement may be amended on the following cases:

    i. Unilaterally by the Company if such amendment is necessary following an amendment of the law of authorities issues decisions which affect the Agreement. In any such case, the Company shall notify the Client of the said amendment either in writing or through its webpage and the Client’s consent shall not be required for any such amendment.
    ii. In cases where the amendment of the Agreement is not required as in paragraph above, the Company shall notify the Client of the relevant amendment either in writing or through its webpage. If objections arise, the Client may terminate the Agreement within 15 days from the notification by sending a registered letter and on the condition that all pending transactions on behalf of the Client shall be completed. Upon expiry of the above deadline without the Client having raised any objection, it shall be considered that the Client consents and/or accepts the content of the amendment.

27. TERMINATION

• 27.1 The Client has the right to terminate the Agreement by giving the Company at least seven (7) days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all pending transactions on behalf of the Client shall be completed.
• 27.2 The first day of the notice shall be deemed to be the date such notice has been received by the Company.
• 27.3 The Company may terminate the Agreement by giving the Client at least seven (7) days written notice, specifying the date of termination in such.
• 27.4 The Company may terminate the Agreement immediately without giving 7 days notice in the following case:

    i. Death of the Client;
    ii. If any application is made or any order is issued or a meeting is convened or a resolution is approved or any measures of bankruptcy or winding up of the Client are taken;
    iii. Such termination is required by any competent regulatory authority or body;
    iv. The Client violates any provision of the Agreement and in the Company’s opinion, the Agreement cannot be implemented this includes and not limited to the following activities that violate the account trading agreement such as performing scalping and pip hunting activities in account other than no dealing desk and performing money laundry activities by having many identities trading in same account without previous written notice to sigmaforex and also by performing harmful trading strategies depending on hunting pips from the market which leave no choice for covering clients orders     

• 27.5 The termination of the Agreement shall not in any case affect, the rights which have arisen, existing commitments or any contractual provision which was intended to remain in force after the termination and in the case of termination, the Client shall pay:

    i. Any pending fee of the Company and any other amount payable to the Company;
    ii. Any Charge and additional expenses incurred or to be incurred by the Company as a result of the termination of the Agreement;
    iii. Any damages which arose during the arrangement or settlement of pending obligations.

• 27.6 Upon termination of the Agreement, the Company shall immediately hand over to the Client (at the offices of the Company or any Sister Company) the Client’s assets in its possession, provided that the Company shall be entitled to keep such Client’s assets as necessary to close positions which have already been opened and/or pay any pending obligations of the Client, including, without limitation, the payment of any amount which the Client owes to the Company under the Agreement.

28. ACKNOWLEDGEMENTS OF RISKS

• 28.1 The Client unreservedly acknowledges and accepts that, regardless of any information which may be offered by the Company, the value of any investment in Financial Instruments may fluctuate downwards or upwards and it is even probable that the investment may become of no value.
• 28.2 The Client unreservedly acknowledges and accepts that he runs a great risk of incurring losses and damages as a result of the purchase and/or sale of any Financial Instrument and accepts and declares that he is willing to undertake this risk.
• 28.3 The Client declares that he has read, comprehends and unreservedly accepts the following:

    i. Information of the previous performance of a Financial Instrument does not guarantee its current and/or future performance. The use of historical data does not constitute a binding or safe forecast as to the corresponding future performance of the Financial Instruments to which the said information refers.

    ii. Some Financial Instruments may not become immediately liquid as a result e.g. of reduced demand and the Client may not be in a position to sell them or easily obtain information on the value of these Financial Instruments or the extent of the associated risks.

    iii. When a Financial Instrument is traded in a currency other than the currency of the Client’s country of residence, any changes in the exchange rates may have a negative effect on its value, price and performance.

    iv. A Financial Instrument on foreign markets may entail risks different to the usual risks of the markets in the Client’s country of residence. In some cases, these risks may be greater. The prospect of profit or loss from transactions on foreign markets is also affected by exchange rate fluctuations.

    v. A CFD is a non delivery spot transaction giving an opportunity to make profit on changes in currency rates, commodity, stock market indices or share prices called the underlying instrument.

    vi. The value of the CFDs is directly affected by the price of the security or any other underlying asset which is the object of the acquisition.

    vii. The Client must not purchase CFDs unless he is willing to undertake the risks of loosing entirely all the money which he has invested and also any additional commissions and other expenses incurred.

• 28.4 The Client acknowledges and accepts that there may be other risks which are not contained in the closes of this agreement and has read and accepted all information under this agreement as this information is loaded on the Company’s webpage public and available to all Clients.

29. Communications

• 29.1. The rules of communication between the Customer and the Company are set out in the Terms of Business.
  
• 29.2. The Customer shall give Instructions and Requests only via the Client Terminal or by telephone, in accordance with the Terms of Business.

30. Written Notice

• 30.1. Any Written Notice given under this Agreement may be made as follows:
  (a) Trading Platform internal mail;
  (b) email;
  (c) facsimile transmission;
  (d) post; or
  (e) information published on the Company News Webpage.
  
• 30.2. All contact details provided by the Customer, e.g. address, email address or fax number as last notified will be used as applicable. The Customer agrees to accept any notices or messages from the Company at any time.
  
• 30.3. Any such Written Notice will be deemed to have been served:
  (a) if sent by email, within one hour after emailing it;
  (b) if sent by Trading Platform internal mail, immediately after sending it;
  (c) if sent by fax, at the completion of transmission during business hours at its destination or, if not within business hours, at the opening of the next period of business hours, but subject to:
  - proof by the sender that the sender holds a printed transmission report confirming
  dispatch of the transmitted notice; and
  - the sender not receiving any telephone calls from the recipient within one hour from
  the above time, that the fax has not been received in a legible form.
  (d) if sent by post, seven calendar days after posting it;
  (e) if posted on the Company News Webpage, within one hour after it has been posted.
  
• 30.4. For the purpose of this agreement clauses, “business hours” mean between 9:00 a.m. GMT and 5:30 p.m. GMT on a Business Day.

31. RELATIONSHIP BETWEEN THE COMPANY AND THE CLIENT

• 31.1 The Company reserves the right to use, employ or appoint third qualified and duly trained persons for the purpose of mediating in the execution of orders and the conclusion of transactions for the Client.
• 31.2 The Company declares that it takes all necessary measures, where possible, in order to anticipate or solve any conflicts of interest between, on the one hand itself and its associated persons and clients and on the other hand, between its clients. However, the Company draws the Client’s attention to the following possibilities of a conflict of interest.

    i. The Company and/or any associated company and/or any company which is a member of the group of companies to which the Company belongs to, might:

        (a)Enter itself into an agreement with the Client in order to execute his Order;
        (b)Be an issuer of the Financial Instruments in which the Client wishes to conclude a transaction;
        (c)Act on its behalf and/or for another client as purchase and/or seller and may have an interest in the Financial Instruments of the issuer in which the Client wishes to conclude a transaction;
        (d)Act as market maker, consultant and investment manager and/or have any trading or other relationship with any issuer;
        (e)Pay a fee to third persons who recommended the Client to it or who mediated in any way so that his Orders are forwarded to it for execution.

    ii. The Company may execute different orders (even contrary to one another) on behalf of different clients.

• 31.3 Client has read and accepts the CONFLICTS OF INTEREST POLICY the Company has adopted as this policy is mentioned in detail in the Company’s main website public and available to all Clients.

 32. Personal data and recording of telephone calls

• 32.1. The Company may use, store or otherwise process personal information provided by the Customer in connection with the provision of the Services.
  
• 32.2. If the Customer is an individual, the Company is obliged to supply the Customer, on request, with a copy of personal data which it holds about the Customer (if any), provided that the Customer pays a fee.
  
• 32.3. By entering into this Agreement, the Customer will be consenting to the transmittal of the Customer’s personal data (and/or have obtained consent from individuals working on the Customer’s behalf) outside the European Economic Area.
  
• 32.4. The Customer agrees that the Company may pass information about the Customer which the Customer has provided to other companies in the Company’s group and to external companies to help the Company to process and/or analyze it as part of the provision of Services to the Customer.
  If the Customer does not wish the Customer’s personal data to be used for such purposes, the
  Customer shall give the Company Written Notice.
  
• 32.5. Such personal data may also be used for marketing purposes, or to conduct market research for the Company or other companies in its group that may use the personal data to bring to the attention of the Customer products and services that may be of interest to the Customer and also to assist in the efficient provision of the Services. If the Customer does not wish the Customer’s personal data to be held for such purposes, the Customer shall give the Company Written Notice.
  
• 32.6. Telephone conversations between the Customer and the Company may be recorded. All Instructions or Requests received by telephone will be binding as if received in writing. Any recordings shall be and remain the sole property of the Company and will be accepted by the Customer as conclusive evidence of the Instructions/Requests or conversations so recorded. The
  Customer agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.

33. Confidentiality

• 33.1. The Customer expressly invites the Company, for the purpose of administering the terms of the Operative Agreements or otherwise marketing financial services and products, from time to time, to make direct contact with the Customer by telephone, fax, or otherwise.
  
• 33.2. The Customer consents to such communications and acknowledges that such communication would not be considered by the Customer as being a breach of any of the Customer’s rights under any relevant data protection and/or privacy regulations.

34. Time of essence

• 34.1. The information which the Company holds about the Customer is confidential and will not be used for any purpose other than in connection with the provision of the Services. Information of a confidential nature will be treated as such provided that such information is not already in the public domain. Information of a confidential nature will only be disclosed to any person other than an Affiliate of the Company, in the following circumstances: (a) where required by law or if requested by any regulatory authority or exchange having control or jurisdiction over the Company (or any respective associate);
  (b) to investigate or prevent fraud or other illegal activity;
  (c) to any third party in connection with the provision of Services to the Customer by the Company;
  (d) for purposes ancillary to the provision of the Services or the administration of the Customer’s Trading Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
  (e) if it is in the public interest to disclose such information; or
  (f) at the Customer’s request or with the Customer’s consent.

35. Default

• 35.1. Time shall be of the essence in the Operative Agreements.

36. Representations and warranties

• 36.1. Each of the following constitutes an “Event of Default”:
  (a) the failure of the Customer to provide any Initial Margin and/or Hedged Margin, or other amount due under the Operative Agreements;
  (b) the failure of the Customer to perform any obligation due to the Company;
  (c) the initiation by a third party of proceedings for the Customer’s bankruptcy (if the Customer is an individual) or for the Customer’s winding-up or for the appointment of an administrator or receiver in respect of the Customer or any of the Customer’s assets (if the Customer is a company) or (in both cases) if the Customer makes an arrangement or composition with the Customer’s creditors or any procedure which is similar or analogous to any of the above
  is commenced in respect of the Customer;
  (d) the Customer is unable to pay the Customer’s debts when they fall due;
  (e) the Customer (if the Customer is an individual) dies or becomes of unsound mind; or
  (f) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action.
  
• 36.2. If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following steps:
  (a) close out all or any of the Customer’s Open Positions at current Quotes;
  (b) debit the Customer’s Trading Account(s) for the amounts which are due to the Company;
  (c) close any or all of the Customer’s Trading Accounts held with the Company;
  (d) refuse to open new Trading Accounts for the Customer.

37. Force Major events

• 37.1. The Customer represents and warrants to the Company, and agrees that each such representation and warranty is deemed repeated each time the Customer gives an Instruction or Request by reference to the circumstances prevailing at such time, that:
  (a) the information provided by the Customer to the Company in the “Application to Open a Personal/Corporate Margin Trading Account” Form and the Operative Agreements and at any time thereafter is true, accurate and complete in all material respects;
  (b) the Customer has read and fully understood the terms of the Operative Agreements including the Risk Acknowledgement and Disclosure;
  (c) the Customer is duly authorized to enter into the Operative Agreements, to give Instructions and Requests and to perform its obligations there under;
  (d) the Customer acts as principal;
  (e) the Customer is an individual who has completed an “Application to Open a Personal Margin Trading Account” Form or, if the Customer is a company, the person who has completed “Application to Open a Corporate Margin Trading Account” Form on the Customer’s behalf is duly authorized to do so; and
  (f) all actions performed under the Operative Agreements will not violate the Act, any law, ordinance, charter, by-law or rule applicable to the Customer or to the jurisdiction in which the Customer is resident, or any agreement by which the Customer is bound or by which any of the Customer’s assets are affected.
  
• 37.2. In addition to all other rights and remedies available to it, the Company has the right to render any position avoidable or to close out any or all positions at the current Quotes at any time, at its absolute discretion, if the Customer breaches clause agreement clauses.

38. Miscellaneous

• 38.1. The Company may, in its reasonable opinion, determine that a Force Major Event exists, in which case the Company will, in due course, take reasonable steps to inform the Customer. A Force Major Event includes without limitation:
  (a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in the Company’s reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments;
  (b) the suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event.
  
• 38.2. If the Company determines in its reasonable opinion that a Force Major Event exists (without prejudice to any other rights under the Operative Agreements) the Company may without prior
  Written Notice and at any time take any of the following steps:
  (a) increase margin requirements;
  (b) close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate;
  (c) suspend or modify the application of any or all terms of the Operative Agreements to the extent that the Force Major Event makes it impossible or impractical for the Company to comply with them; or
  (d) take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Customer and other customers.

39. Governing law and jurisdiction

• 39.1. The Company has the right to suspend the Customer’s Trading Account at any time for any good reason with or without Written Notice to the Customer.
  
• 39.2. In the event that a situation arises that is not covered under the Operative Agreements, the Company will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice.
  
• 39.3. No single or partial exercise of, or failure or delay in exercising any right, power or remedy (under these terms or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of, that or any other right, power or remedy arising under the Operative Agreements or at law.
  
• 39.4. Any liability of the Customer to the Company under the Operative Agreements may in whole or in part be released, compounded, compromised or postponed by the Company in its absolute discretion without affecting any rights in respect of that or any liability not so waived, released, compounded, compromised or postponed. A waiver by the Company of a breach of any of the terms of the Operative Agreements or of a default under these terms does not constitute a waiver of any other breach or default and shall not affect the other terms. A waiver by the Company of a breach of any of the terms of the Operative Agreements or a default under these terms will not prevent the Company from subsequently requiring compliance with the waived obligation.
  
• 39.5. The rights and remedies provided to the Company under the Operative Agreements are cumulative and are not exclusive of any rights or remedies provided by law.
  
• 39.6. The Company may assign the benefit and burden of the Operative Agreements to a third party in whole or in part, provided that such assignee agrees to abide by the terms of the Operative Agreements. Such assignment shall come into effect ten Business Days following the day the Customer is deemed to have received notice of the assignment in accordance with the Terms of Business.
  
• 39.7. If any term of the Operative Agreements (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable and not form part of this Agreement or the Terms of Business, but the enforceability of the remainder of Operative Agreements shall not be affected.
  
• 39.8. The Customer may not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer the Customer’s rights or obligations under the Operative Agreements without prior written consent of the Company and any purported assignment, charge or transfer in violation of this term shall be void.

40. NOTICES

• 40.1. This Agreement shall be governed by, and construed in accordance with the laws of England.
  
• 40.2. With respect to any proceedings, the Customer irrevocably:
  (a) agrees that the courts of England shall have exclusive jurisdiction to determine any proceedings,
  (b) submits to the jurisdiction of English courts,
  (c) waives any objection which the Customer may have at any time to the bringing of any proceedings in any such court, and
  (d) agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Customer.
  
• 40.3. Where the Operative Agreements are issued in a language other than English, the English language version shall take precedence in the event of any conflict.

41. GENERAL PROVISIONS

• 41.1 Unless the contrary is specifically provided, any notice, instructions, authorizations, requests or other communications to be given to the Company by the Client under the Agreement shall be in writing and shall be sent to the Company’s mailing address which appears on the first page of the Agreement or to any other address which the Company may from time to time specify to the Client for this purpose and shall take effect only when actually received by the Company, provided they do not violate and are not contrary to any term of this Agreement.
• 41.2 The Company reserves the right to specify any other way of communication with the Client.
• 41.3 The Agreement is personal to the Client who does not have the right to assign or transfer any of his rights and/or obligations hereunder.
• 41.4 The Company may, at any time, assign and/or transfer to any legal or natural person any of its rights and/or obligations as they arise or are provided for in the Agreement.

42. CLIENT DECLARATION

• 42.1 The Client acknowledges that no representations were made to him by or on behalf of the Company which have in any way incited or persuaded him to enter into the Agreement.
• 42.2 If the Client is more than one person, the Client’s obligations under the Agreement shall be joined and several and any reference in the Agreement to the Client shall be construed, where appropriate, as reference to one or more of these persons. Any warning or other notice given to one of the persons which form the Client shall be deemed to have been given to all the persons who form the Client. Any Order given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
• 42.3 In case any provision of the Agreement is or becomes, at any time, illegal void or non enforceable in any respect, in accordance with a law and/or regulation of any jurisdiction, the legality, validity or enforceability of the remaining provisions of the Agreement or the legality, validity or enforceability of this provision in accordance with the law and/or regulation of any other jurisdiction, shall not be affected.
• 42.4 The Client shall take all reasonably necessary measures (including, without prejudice to the generality of the above, the execution of all necessary documents) so that the Company may duly fulfill its obligations under the Agreement.
• 42.5 The Client undertakes to pay all stamp expenses relating to the Agreement and any documentation which may be required for the execution of the transactions under the Agreement.
• 42.6 The Agreement has been drawn in two counterparts and each Party has received one original copy.
• 42.7 The location of detailed information regarding the execution and conditions for the investment transactions in CFDs markets conducted by the Company, following Terms and Conditions, and also the other information regarding activity of the Company are accessible and addressed to any natural persons and legal entities at the Company’s main website over the Internet — www.sigmaforex.com