Terms of Business Introduction
The Terms of Business governs the contractual relationship between ADVANCED GLOBAL MARKETS and the client (including but not limited to the consequences of events of default). The Terms of Business sets out the basis on which transactions will take place and the obligations of both ADVANCED GLOBAL MARKETS and the client when accessing and trading on the Trading Platforms. However, entering into the Terms of Business does not itself constitute a trade or in any way oblige you to enter into future transactions. This is always your decision. You must confirm via the Website that you accept the terms of business before you can enter into transactions with us.
AG-MARKETS.COM is a brand Advanced Global Markets Ltd.
AG-MARKETS.COM is a brand of Advanced Global Markets Ltd. Advanced Global Markets Ltd. is incorporated in New Zealand’s companies register under number 4674959 and Advanced Global Markets Inc. is due fully registered with IBC registration number 21668 in Saint Vincent and the Grenadines. Performance Trade Ltd. Is incorporated in the UK’s Companies House under registration number 9282556.
These terms of business, together with the schedules and accompany documents, as amended from time to time (“terms of business”) apply to retail and wholesale clients of ADVANCED GLOBAL MARKETS. These Terms of Business set out the terms of the contract between you and us. These Terms of Business are legally binding and shall take effect and be deemed accepted when we receive your executed signature page to these Terms of Business. We will deal with you on an execution only basis at all times. Please note that we shall not provide you with any advice on the merits of you entering into these Terms of Business or any Transaction. We shall not provide you with any tax advice on the same. You may wish to seek independent advice before entering into these Terms of Business and/or any Transaction. Clients are asked to confirm their acceptance of these terms and conditions by either signing the signature page of these Terms of Business online enclosed.
In our dealings with you, we will act as principal and not as agent on your behalf. Accordingly, we will be the counterparty to all of your trades. Unless we agree otherwise in writing, you will also deal with us as principal, and not as an agent or representative of another person. If you act on behalf of a principal, whether or not you identify that principal to us, we will not accept that principal as a client, unless we agree that such person can act on your behalf. We will then be entitled to rely on any instructions given to us by the agent in relation to your Account. But, from time to time, we may require confirmation that the agent has authority to act on your behalf.
Language of Communication
You may communicate with us in English. All ADVANCED GLOBAL MARKETS standard documents will be available in English. If a document is translated into another language this will be for information purposes only and the English version will prevail.
These Terms of Business supersede any previous agreement between us on the same subject matter and takes effect when you signify your acceptance of these Terms of webpage or by returning a signed hardcopy of the signature page of these Terms of Business. By completing and signing the signature page of these Terms of Business you confirm that you have read, understood and agree to be bound by these Terms of Business with us.
Duties and responsibilities
We assume no greater responsibility or fiduciary duty than that imposed by the Applicable Regulations or the express terms of these Terms of Business.
These Terms of Business and the Schedules
The clauses contained in these Terms of Business and its Schedules together constitute the Terms of Business. We may from time to time send to you further schedules with respect to a specific Market or classes of Investments which will also form part of the Terms of Business.
Charges and Payments
You will pay our charges as agreed with you from time to time or we may deduct such charges from any funds held by us on your behalf.
Account Inactivity Fee
At the sole discretion of Advanced Global Markets, Advanced Global Markets is empowered and authorized, by these terms, to charge a fee for account inactivity of USD / EURO 20 per month (depending on the account base currency) after not having any operational activity in the account for a continuous period of two months.
Advanced Global Markets is also fully empowered to close and remove inactive accounts without balance from our trading platform.
If we receive or recover any amount in respect of an obligation of yours in a Currency other than that in which such amount was payable, whether pursuant to a judgment of any court or otherwise, you shall indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss suffered by us as a result of receiving such amount in a Currency other than the Currency in which it was due.
If you direct ADVANCED GLOBAL MARKETS to enter into any Currency Transaction: any profit or loss arising as a result of a fluctuation in the exchange rate affecting such Currency will be entirely for your account and risk; ADVANCED GLOBAL MARKETS is authorized to convert funds in your Account for Margin into and from such foreign currency at a rate of exchange determined by ADVANCED GLOBAL MARKETS on the basis of the then prevailing money market rates. In such circumstances, ADVANCED GLOBAL MARKETS will not be liable to you for any loss suffered by you as a result of such action (although, ADVANCED GLOBAL MARKETS will use reasonable endeavors to only convert such funds as may prudently be required to cover the position in respect of the relevant transaction).
Payments and deliveries net
Unless we give you written notice to the contrary, all payments and deliveries between us shall be made on a net basis and we shall not be obliged to deliver or make payment to you or both (as the case may be) unless and until we have received from you the appropriate documents or cleared funds.
Remuneration and sharing charges
We may receive remuneration from, or share charges with, an Affiliate or other third party in connection with Transactions carried out on your behalf.
You are responsible for all taxes (domestic or foreign) that may arise in relation to a transaction, whether under current or changed law or practice. We shall have no responsibility for any of your tax liabilities, or for providing information or advice in respect of such liabilities and shall not be responsible for notifying you of a change in tax law or practice. In the event that we become liable to pay any tax on your behalf arising from or incidental to Transactions executed by you with us you shall reimburse us on demand in full for the amount of such tax paid by us.
We maintain arrangements which restrict access by our employees to information relating to areas of our business (and that of Affiliates) with which, and the affairs of clients with whom, they are not directly concerned. Accordingly, we shall not be required to have regard to or disclose to you or make use of any information which belongs to or is confidential to another client or to us or any Affiliate, and we may be unable to advise or deal with you in relation to particular investments without disclosing the reason for this.
Prohibited Trading Techniques – Market abuse
Circumvention & Reverse Engineering: You shall not unlawfully access or attempt to gain access, reverse engineer or otherwise circumvent any security measures that we have applied to our Online Trading Facility and/or computer system(s). If, at our sole discretion, we were to determine that you are in breach of this clause, we reserve the right to take all action as we see fit, including, without limitation, completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or terminating your Account. Under these circumstances, we reserve the right to seize any profits and/or revenues generated directly or indirectly by exercising any such prohibit trading activity and we shall be entitled to inform any Interested third parties of your breach of this clause; we have, and will continue to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Online Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to all concerned; that decision shall be final and/or binding on all participants; no correspondence will be entered into.
Artificial Intelligence Software: It is absolutely prohibited to use any software , which we determine, at our sole discretion, to have as its purpose to apply any kind of artificial intelligence analysis to our Online Trading Facility and/or computer system(s) with an ultimate goal to gain unfair advantage and exploit our trading facility; in the event that we determine, at our own discretion, that any such artificial intelligence software has been used, or is being used, we reserve the right to take all action as we see fit, including, without limitation, completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or terminating your Account. Under these circumstances, we reserve the right to seize any profits and/or revenues generated directly or indirectly by exercising any such prohibit trading activity and or charge you with extra fees. In addition, we shall be entitled to inform any Interested third parties of your breach of this clause; we have, and will continue to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Online Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to all concerned; that decision shall be final and/or binding on all participants; no correspondence will be entered into.
Moreover, it is absolutely prohibited to use any software in such a way which can cause serious negative impact on the performance of our servers and may prevent us from achieving the best possible result for our clients as regards the execution of their orders. In the event that we identify any such activity, we reserve the right to take all action as we see fit, including, without limitation, completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or immediately terminating your Account. Moreover, you acknowledge that once your Account has been terminated we may liquidate any outstanding contracts/positions you have with us. In view of the above, please note that you will be strictly prohibited from opening any new trading Account(s) and trade with our Company. Nonetheless, in cases where you may successfully open an Account and trade with our Company due to any technical and/or human error, we reserve every right to immediately close your Account upon identification, nullify any profit/loss generated and refund the original amount of deposit, excluding any deposit and withdrawal charges.
Unlawful trading techniques: Internet, connectivity delays, and price feed errors sometimes create a situation where the price(s) displayed on our Online Trading Facility do(es) not accurately reflect the market rates. The concept of using trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays (commonly known as “arbitrage”, “sniping” or “scalping” hereinafter, collectively, referred to as “Arbitrage”), cannot exist in an OTC market where the client is buying or selling directly from the principal; accordingly, we reserve the right, at our sole discretion, NOT to permit the abusive exploitation of Arbitrage on our Online Trading Facility and/or in connection with our Services; any Transactions or Contracts that rely on price latency arbitrage opportunities may be revoked, at our sole discretion and without prior notice being required; furthermore, in those instances, we reserve the right, at our sole discretion and without prior notice being required: (a) to make the necessary corrections or adjustments on the Account(s) involved (including, without limitation, adjusting the price spreads available to the client); (b) to restrict the Account(s) involved access to streaming, instantly tradable quotes (including, without limitation, providing manual quotations only and submitting any Orders to our prior approval); (c) to retrieve from the Account(s) involved any historic trading profits that we can document as having been gained through such abuse of liquidity at any time during the client relationship; (d) to terminate the client relationship and/or close all Accounts involved (including, without limitation all other Accounts held by the same Account holder with us) immediately by giving written notice; and/or (e) to inform any interested third parties.
Any indication or suspicion, in AG-Markets’s sole discretion, of any form of arbitrage (including but not limited to risk free profiting), abuse (including but not limited to participant’s trading activity patterns that indicate that the participant solely aims to benefit financially without being genuinely interested in trading in the markets and/or taking market risk), internal hedging in coordination with other parties, abuse of our ‘no negative balance’ policy, fraud, manipulation, cash-back arbitrage or any other forms of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits or losses garnered as invalid. In these circumstances, we reserve the right to close/suspend (either temporarily or permanently) all of the Client’s trading Accounts and cancel/or all Transactions. In view of the above, please note that you will be strictly prohibited from opening any new trading Account(s) and trade with our Company. Nonetheless, in cases where you may successfully open an Account and trade with our Company due to any technical and/or human error, we reserve every right to immediately close your Account upon identification, nullify any profit/loss generated and refund the original amount of deposit, excluding any deposit and withdrawal charges.
We have, and will continue to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Online Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to all concerned; that decision shall be final and/or binding on all participants; no correspondence will be entered into.
Changes in Market conditions: please note that we shall have no obligation to contact you to advise upon appropriate action in light of changes in Market Conditions (including, without limitation, Market Disruptions) or otherwise. You acknowledge that the Over-The-Counter Market in leveraged Financial Instruments is highly speculative and volatile and that, following execution of any transaction, you are solely responsible for making and maintaining contact with us and for monitoring open positions and ensuring that any further instructions are given on a timely basis. In the event of any failure to do so, we can give no assurance that it will be possible for us to contact you and we accept no liability for loss alleged to be suffered as a result of any failure by you to do so.
Indemnification: Without prejudice to any other provisions of this Agreement, you agree to indemnify us and hold us, our Affiliates and any of our Associates, harmless from and against any and all liabilities, losses, damages, costs and expenses, including, without limitation, legal fees and expenses incurred in connection with and/or directly or indirectly related with, any fraudulent and/or unlawful access and use by you of our Online Trading Facility and/or the prevention and/or remediation thereof, provided that any such liabilities, losses, damages, costs and expenses would not have not arisen, but for our gross negligence, fraud or wilful default.
Remuneration and sharing charges
By entering into any Transaction you represent and warrant that you will act in accordance with the Act and any Applicable Regulations.
An Account must be opened prior to entering into any Transaction with ADVANCED GLOBAL MARKETS. No Orders can be placed until an Account has been opened and cleared funds received. Without prejudice to the foregoing, if ADVANCED GLOBAL MARKETS permits you to place an Order notwithstanding that an Account has not been opened, or cleared funds received, this shall not limit your liability to ADVANCED GLOBAL MARKETS pursuant to these Terms of Business in respect of the Order placed. ADVANCED GLOBAL MARKETS may, at its absolute discretion, refuse to accept you as a client for whatever reason but will notify you of any such refusal, without giving any reasons, promptly following your application. To assess your credit worthiness, manage credit risk and to prevent fraud (or other criminal activity) you acknowledge and agree that we may: (a) make periodic searches and enquiries about you and any Related Party at credit reference agencies, and your employers, if applicable; (b) disclose information to organizations involved in fraud prevention; and (c) obtain information from and disclose information to other dealers or investment managers which deal in or manage investments for you concerning any payment or security default or concerning any investment which is related to or connected with Margined Transactions which you seek to open with us. Any limits for your Account (including any credit limits) will be set and varied from time to time with regard to your credit status and, where applicable, the amount of funds deposited by you with us which may, in its sole discretion apply a limit to: (a) the size of any Transaction or series of Transactions that you may enter into; and (b) the amount of any loss or liability to which you may be exposed. 13.4 Account limits do not limit or represent your liability for losses to ADVANCED GLOBAL MARKETS, and the funds you may have from time to time on deposit with us as Margin or otherwise do not represent any limit.
Your Cash Balance
Will be credited from time to time with the amount of each payment of Margin and any other payment received by us from you pursuant to these Terms of Business; and will be debited by: the amount of each payment made by us to you at the your request, and realized losses payable. You hereby indemnify and hold us harmless against any costs or expenses (including all legal costs) which we may incur, either before or after the commencement of any legal action, to recover the requisite payment as a result of your failure to make payment within the stipulated period. We may convert money standing to your credit on your Account or paid by you to us or due to be paid by us from one currency to another at prevailing market rates available to us (after accounting for commissions or charges).
We accept deposits from you by an approved credit card or wire transfer. No cash will be accepted. Payments may be denominated in United State Dollar (USD) or any other Currency agreed in advance with us. Withdrawals from your account can only be processed by wire transfer unless otherwise agreed to by us in writing.
You agree to make payments due to us under these Terms of Business in accordance with the following terms: (a) all electronic or telegraphic transfer or other bank fees in respect of payment by you shall be your sole responsibility; (b) if any payment is not received by us on the due date for payment then, without limitation of any other rights which we may have, we will be entitled to charge interest on the overdue amount (both before and after judgment) at the Interest Rate from the date payment was due until the actual date of payment; (c) if you make a payment by an approved credit card and then request that payment to be returned to the approved credit card, please note that we reserve the right to charge an administration fee (details of which are available in the Product Disclosure Statement); (d) you shall pay to us on demand in a full indemnity basis all costs, charges, and expenses incurred by us in relation to any overdue payment (including any referral fees); (e) any payment made to us will only be deemed to have been received when we receive cleared funds; and (f) it is your responsibility to ensure that payments made to us are correctly designated in all respects.
If the statement of your Account shows a credit balance, you may request us to send you a effect payment by alternative means in respect of such amount. However, we may at our discretion elect to withhold (or if applicable, deduct) any payment requested (in whole or in part) due to you if: (a) open Margined Transactions on the Account show notional losses; (b) we reasonably consider that funds may be required to meet any current or future margin requirement on open Margined Transactions due to underlying market conditions; (c) you have any contingent liability to us or to any of our affiliates in respect of any other account you have opened with them; and/or (d) we reasonably determine that there is an unresolved dispute between us in connection with these Terms of Business or any related contract.
Before accepting any Order, you must record your investment knowledge and experience in the Account Opening Forms. On the basis of this information and in accordance with the Applicable Rules we will assess whether opening an Account is appropriate for you. We will not be able to take your borrowings or leverage into account in assessing your investment risk appetite or capacity. You should be aware that leverage may dramatically increase the risk of investments, particularly where large positions can be taken in reliance on a small amount of initial Margin, as is common when dealing in Margined transactions. Where you are classified as a Wholesale Client we will make certain assumptions about the appropriateness of the service provided, and we are entitled to assume that you have the requisite knowledge and experience in the relevant investment field. If you do not consider this to be the case, you must make us aware of this prior to the provision of the service and provide us with any available information as to the level of your knowledge and experience. It is your responsibility to inform us in writing of any information which might reasonably indicate that this assessment should be changed.
Representations and Undertakings
You represent and warrant to us on the date these Terms of Business come into effect and as of the date of each Transaction that: (a) [For individuals] you are of sound mind, legal age and legal competence; (b) regardless of any subsequent determination to the contrary, you are suitable to trade Margined Transactions and that you are aware of the risks involved with such transactions; (c) you have all necessary authority, powers, consents, licenses and authorizations and have taken all necessary action to enable you lawfully to enter into and perform these Terms of Business and such Transaction and to grant the security interests and powers referred to in these Terms of Business; (d) any change to the details supplied on your Account Opening Forms must be immediately notified to us in writing; (e) the persons entering into these Terms of Business and each Transaction on your behalf have been duly authorized to do so; (f) these Terms of Business, 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; (h) unless you have informed us otherwise you act as principal and sole beneficial owner (but not as trustee) in entering into these Terms of Business and each Transaction; (i) any information which you provide or have provided to us in respect of your financial position or other matters is accurate and not misleading in any material respect; (j) you are willing and financially able to sustain a total loss of funds resulting from Transactions; (k) you have consistent and uninterrupted access to internet service and the email address provided on your Account Opening Forms; (l) except as otherwise agreed by us, you are the sole beneficial owner of all Margin you transfer under these Terms of Business, 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.
You may terminate these Terms of Business immediately by giving written notice to us. We may terminate these Terms of Business with you by giving you ten (10) Business Days notice, except that we may terminate these Terms of Business immediately if you fail to observe or perform any provision of these Terms of Business, or upon the occurrence of any Event of Default, or if you have no open Transactions in your Account at the time when the notice of termination is sent. At any time after the termination of these Terms of Business, we may, without notice, close out any of your open transactions at the end of day Closing Price. Termination shall be without prejudice to accrued rights and remedies and the existence and enforceability of any open Transaction, which shall continue until close in accordance with these Terms of Business, unless otherwise specified. Upon terminating these Terms of Business, all amounts payable by you to us will become immediately due and payable including (but without limitation): (a) all outstanding fees, charges and commissions; (b) any dealing expenses incurred by terminating these Terms of Business; and (c) any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
Internet, connectivity delays, and price feed errors sometimes create a situation where the price displayed on the ADVANCED GLOBAL MARKETS does not accurately reflect the market rates ADVANCED GLOBAL MARKETS DOES NOT PERMIT THE PRACTICE OF ARBITRAGE ON THE ADVANCED GLOBAL MARKETS ONLINE FACILITY. TRANSACTIONS THAT RELY ON PRICE LATENCY ARBITRAGE OPPORTUNITIES MAY BE REVOKED, WITHOUT PRIOR NOTICE. ADVANCED GLOBAL MARKETS RESERVES THE RIGHT TO MAKE THE NECESSARY CORRECTIONS OR ADJUSTMENTS ON THE ACCOUNT INVOLVED, WITHOUT PRIOR NOTICE. ANY DISPUTE ARISING FROM SUCH QUOTING OR EXECUTION ERRORS WILL BE RESOLVED BY ADVANCED GLOBAL MARKETS IN THEIR SOLE AND ABSOLUTE DISCRETION. ADVANCED GLOBAL MARKETS shall have no obligation to contact you to advise upon appropriate action in light of changes in market conditions or otherwise. You agree to indemnify and hold ADVANCED GLOBAL MARKETS, its Affiliates and any of their directors, officers, employees and agents harmless from and against any and all liabilities, losses, damages, costs and expenses, including legal fees incurred in connection with the provision of the services under these Terms of Business to you provided that any such liabilities, losses, damages, costs and expenses have not arisen for our gross negligence, fraud or willful default.
Exclusions, Limitations and Indemnity
Nothing in these Terms of Business shall exclude or restrict any duty or liability owed by us to you under the Act (as may be amended or replaced from time to time).
Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses (including direct, indirect, incidental, punitive, or consequential loss, loss of profits, lost data, loss of use of the ADVANCED GLOBAL MARKETS Online Facility, business interruption, costs of substitute, services or downtime costs), whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under these Terms of Business (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss arises directly from our respective gross negligence, willful default or fraud. To the extent permitted by law, we will not be liable for losses suffered by you or any third party for any special damage, or loss of profits or loss of goodwill or reputation or loss of business opportunity arising under or in connection with these Terms of Business, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in these Terms of Business will limit our liability for death or personal injury resulting from our negligence.
For the avoidance of doubt, in no circumstances shall we be liable to you, or responsible, for any losses or other costs or expenses of any kind arising out of or in connection with the placement of Orders by you, or the execution of Transactions with us.
Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
Changes in the market
Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
Since ADVANCED GLOBAL MARKETS does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, ADVANCED GLOBAL MARKETS cannot be responsible for communication failures, distortions or delays when using the ADVANCED GLOBAL MARKETS online trading platform(s).
We reserve the right to amend the terms and conditions of these Terms of Business from time to time by posting such changes on the ADVANCED GLOBAL MARKETS website and in accordance with the Act. You are responsible for regularly reviewing these Terms of Business for any modifications and agree to be bound by the same. You may not amend these Terms of Business unless such amendment is in writing and signed by an authorized officer of ADVANCED GLOBAL MARKETS. Unless otherwise agreed, an amendment will not affect any outstanding Order or Transaction. If you do not wish to accept any amendment made by us to these Terms of Business you may by notice to us close your open Margin Transactions and your Account in accordance with these Terms of Business.
Rights and remedies
The rights and remedies provided under these Terms of Business 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 these Terms of Business (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.
Without prejudice to any other rights to which we may be entitled we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) at any time owing between you and us.
If, at any time, any provision of these Terms of Business 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 these Terms of Business nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
These Terms of Business, and any references to other agreements herein, together with any schedules attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous oral or written communications, proposals, agreement and representations with respect to the subject matter.
We are entitled to waive or relax any of these Terms of Business from time to time without notice to you. No failure or delay in exercising or relaxation by us of these Terms of Business shall operate as a general waiver of the relevant term, condition, right or power and no partial or single exercise of any term, condition, right or power shall preclude any other or further exercise of some or any of our other rights and remedies against you. In particular, and without limitation, where these Terms of Business specify certain limits or parameters to your trading activities or Margin requirements, we shall be entitled from time to time and with or without notice to you to allow you to breach such limits or parameters.
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.
Subject to Applicable Regulations, any communications between us using electronic signatures shall be binding as if it were in writing. By execution of these Terms of Business you give your consent to the receipt of communications by electronic means which but for your consent must be made using a durable medium under Applicable Regulations. Orders or instructions given to you by electronic means will constitute evidence of the Orders or instructions given. You hereby consent that account information and trade confirmations will be made available to you on the ADVANCED GLOBAL MARKETS Online Facility in lieu of delivery via mail or email. You will be able to access this information using your Access Code. Updated information will be available no more than twenty-four hours after any activity takes place on your account, absent any Force Majeure Event or service interruption. If you no longer wish to communicate in this way, you must revoke this consent in writing. If you do not wish to communicate via electronic means at all, you must inform us of your wishes prior to you signing the signature page of these Terms of Business.
Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing or are documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
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.
Third party rights
The parties to these Terms of Business do not intend that any provision of these Terms of Business should be enforceable by any person who is not a party to these Terms of Business.
Co-operation for proceedings
If any action or proceeding is brought by or against us in relation to these Terms of Business or arising out of any act or omission by us required or permitted under these Terms of Business, you agree to co operate with us to the fullest extent possible in the defense or prosecution of such action or proceeding.
Withdrawal & Refund Policy
Submit a Request to Withdraw Funds or to Refund funds from your Trading Account
Upload one of the following documents and fill in all the necesary information in the withdrawal form in your online account:
– Valid ID and proof of address (less tan 6 months old)
– Last Bank Statement (mask your balance)
– Clear color copy of both sides of the credit card you have used to fund your trading account (the middle 8 digits from the front and the CVV number from the back can be masked).
Please send these to firstname.lastname@example.org. Your request will generally be processed within two business days of receipt. In order to avoid any delays please review your information carefully before submitting. We do not assume responsibility for errors nor inaccuracies made by the account holder.
By clicking the Request a Withdrawal button we will be informed that you would like to withdraw funds. The money will be refunded to your funding source.
Account holder is required to monitor account regularly, and ensure that available margin exists in the account prior to submitting this request, as such withdrawal may have an impact on existing open positions or trading strategy used.
Credit Card Withdrawals and Refunds:
Beneficiary Name must match the name on the trading account.
Requests to transfer funds to third party will not be processed.
Accounts funded via credit /debit card may be restricted to receiving withdrawals via credit / debit card.
Funds are released to your credit account once your credit card merchant has debited the funds from our account. This process may take up to 5 business days or more to reflect on your credit card account balance. If you do not have online access to your credit card, it should appear on the next billing statement(s) depending on your card’s billing cycle.
There is no fee to withdraw via credit card.
Payment services or clearing services are provided by Performance Trade, Kemp House, 152-160 City Road, Suite 3043R, London, EC1V 2NX.
Wire Transfer Withdrawals and Refunds:
If the receiving bank uses an intermediary bank to send/receive funds, you may incur additional fees charged by the intermediary bank. These charges are usually placed for transmitting the wire for your bank.
AG-Markets is not involved with nor has any control over these additional fees. Please check with your financial institution for more information.
The request will generally be processed within 2 business days of receipt. In order to avoid any delays please review your information carefully before submitting. AG Markets assumes no responsibility for errors or inaccuracies made by the account holder.
Account holder is required to monitor account regularly, and ensure that available margin exists in the account prior to submitting this request, as such withdrawal may have an impact on existing open positions or trading strategy used.
Beneficiary Name must match the name on the trading account.
Requests to transfer funds to third party will not be processed.
Anti Money Laundry Policy
AGM does not tolerate money laundering and supports the fight against money launderers.
AGM has policies in place to deter people from laundering money. These policies include:
– Ensuring clients have valid proof of identification (all customers have to forward a valid Passport / ID copy, a proof of address and a copy of the credit card(s) used for deposit);
– Maintaining records of identification information;
– Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists;
– Informing clients that the information they provide may be used to verify their identity;
– Closely following clients’ money transactions;
Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers. Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages:
– Firstly, cash or cash equivalents are placed into the financial system;
– Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts);
And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account);
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.
AGM direct funds withdrawals back to the original source of remittance, as a preventative measure. International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.
AG-Markets has filed its annual AML/CFT reports at the ministry of Internal Affairs of New Zealand
Level 10, 21 Queen Street, Auckland, 1010, New Zealand
Phone: +64 99 508 756
Full Terms of Business
AGM GENERAL TERMS AND CONDITIONS
This agreement is a contract between the Customer (as described in the Client Application Form (Part A of this Agreement), and Advanced Global Markets (“Company”). It specifies the conditions under which Advanced Global Markets will offer its services to customers. Read it carefully and seek clarification of any points that may be unclear. The terms set enters into force and the rights and obligations of the parties will apply from the date of signature of this agreement.
Advanced Global Markets offers principal, Spot foreign exchange contracts (“Contracts”) and agrees to provide services to the customer on the basis of:
a) Client Service Agreement (consisting of Client Application and general terms and conditions);
b) Disclosure Statement (DS), and
c) Any other additional terms and conditions issued by Advanced Global Markets in connection with the Services.
First Appointment and representations:
Customer wishes to appoint Advanced Global Markets to trade Spot foreign exchange contracts on its behalf. Thus, the Customer acknowledges that:
a) Client Services Agreement (consisting of Client Application and general terms and conditions) and the Disclosure Statement is an agreement in connection with this Agreement;
b) The customer has full power and authority to enter into this Agreement and any subsequent transactions and to perform the obligations under it. Customer warrants that they will provide complete and accurate information as requested, will disclose all relevant information and will act in good faith and comply with all applicable laws, rules and regulations during all dealings with Advanced Global Markets, where the customer is a company or incorporated unit, the Customer warrants that the company or incorporated entity formed legally and has power and authority to trade in securities and dealing on contracts and the person (s) implement this agreement has the power and authority to execute this Agreement;
Where the client is a trust or partnership, the Client warrants that the Trust Deed or Partnership document (as appropriate) permit trade in contracts and the person performing this contract has such power and authority to execute this Agreement;
c) The customer has been considering their own economic circumstances, needs and goals, and stated that the trading of contracts is appropriate for them. Customer warrants that they understand the risks, the terms and conditions of the transactions entered into with Advanced Global Markets (whether information from Advanced Global Markets) and are willing to assume those risks.
d) Advanced Global Markets is not, nor any of its directors, officers, agents or employees guarantees the repayment of capital or payment of income in connection with any investment, as Advanced Global Markets on client “s behalf.
e) The customer will deal with Advanced Global Markets on a principal to principal basis only and no other person has or will have any other interest in any contract that Advanced Global Markets keeps the client ‘s behalf. If a client wants to act as agent for a other party, the client will advise Advanced Global Markets and FX Finanz request to create a different account.
f) The customer has had the opportunity to obtain independent financial and taxation advice on the Client Services Agreement and disclosure document;
g) all money and / or assets deposited with the Advanced Global Markets as collateral or margin is owned by the Client, free of mortgage, charge, security interest or other encumbrance.
h) no part of any funds remitted by the Client have been the proceeds of illegal activities, or used for terrorist financing or money laundering. Customer agrees to provide such information in connection with their business and financial affairs, as may be reasonably requested by Advanced Global Markets for compliance with AML / CTF or other regulatory requirements.
Second Definitions and interpretation
2.1 The defined terms used in this Agreement are in capitals and are defined in this clause.
• Reference to the singular include the plural and vice versa
• Reference to the male implies female and vice versa
• In this agreement, indicating any reference to the Customer where the Customer comprises more than one person shall be bound jointly and severally by the agreement
• Headlines, examples and references in this Agreement are for reference only and shall not affect its interpretation
• Any reference to any law, regulation or order made involves reference to all amendments, withdrawal or other changes made to such law or order.
2.2 In this Agreement the following terms, unless otherwise indicated, have the following meanings:
Advanced Global Markets, we or us means Advanced Global Markets.
The agreement means all the terms, conditions, records, representations and warranties contained herein and in any supplementary agreement, including Advanced Global Markets ‘s Client Service Agreement and Disclosure Statement.
Allocation Policy provides that orders will be completed in the order they are received, except that customer orders will be filled before the house is being filled.
Authorized person means the Customer and any other person who has been authorized in writing by the customer to act on the clients account and who can tie the customer under this agreement. Base Currency means the currency in which the relevant account is denominated, and will be in U.S. dollars unless otherwise stated.
Business Day means a day on which the Exchange is open for trading, clearing, settlement and delivery (or Off Exchange contracts that one day the relevant underlying exchange rate or commodity under consideration). Compared to other services and communications, means any day (other than a Saturday, Sunday or public holiday) on which banks are open for business in Auckland, New Zealand.
Client means the person (s) who performed this document in the Client Service Agreement and have had an account with the Company.
Client Application Form means the form provided to customers, apply for an account with Advanced Global Markets.
Client Bank Account has the meaning given to it in the Futures Industry (Client Funds) Regulations, the 1990th
Customers’ funds has the meaning given to it in the Futures Industry (Client Funds) Regulations, the 1990th
Client Fund regulations mean Futures Industry (Client Funds) Regulations, the 1990th
Collateral means securities or other assets, including money or any guarantee or indemnity accepted by Advanced Global Markets from the client instead of cash in order to comply with the Client “s obligations to pay, or approved by Advanced Global Markets as collateral.
Contract means any transaction for Spot Foreign Exchange (FX margin) and Contracts for Difference (CFD margin) or other
contracts can be introduced by Advanced Global Markets from time to time, or any other agreement which Advanced Global Markets can conclude that it can meet its obligations under such contract.
Contract for Difference (or “CFD”): an agreement that allows you to make a profit or loss from fluctuations in the price of a CFD. The price of a CFD is based on the price of an underlying asset (“underlying asset”), eg a commodity on an exchange.
Counterparty means any person or entity that takes versus position of a contract, including a bank or financial intermediary, both in NZ or overseas.
Dealing has the meaning as defined by section 37 (5) of the Securities Markets Act 1988.
Disclosure Statement means the information required to be disclosed to clients by investment brokers and advisors in order to comply with the Securities Markets Act 1988.
Discretionary Account: an account where the customer has authorized another person (s) to trade that account on the Client “s behalf.
Effective Date means the date of signing this agreement as stated on page x of this Agreement.
End of Day means, 17:00 New York time.
Futures Contract has the meaning given that term in § 37 (1) of the Securities Markets Act 1988.
Futures & Options Exchange means a licensed or registered with the Exchange for trading in futures and / or Options.
Initial margin is the amount required in connection with a contract signed by the Customer.
Long position means a person have a majority of purchases over sales of the commodity, currency or other investment instrument.
Margin: either an initial margin or variation margin
Minimum Equity Balance: minimum money required on an account in order to maintain a position.
Minor means a person less than 18 years at time of application.
New Zealand Exchange Limited is mentioned in this document as NZX.
Off-‐Exchange means a market for trading contracts not executed through a Futures & Options Exchange.
On-‐Exchange means a market for trading in futures contracts that are executed through a recognized Futures & Options Exchange.
Order means an instruction to buy or sell contracts or securities, and provides instructions to change or cancel a previous instruction (s).
Regulatory authority means any authority, body or person responsible for or in connection with the regulation or supervision of trading in futures contracts or for enforcement of any other law or rules applicable to trading in futures contracts.
Regulations mean Futures Industry (Client Funds) Regulations 1990 and any subsequent changes.
Securities include securities, equities, warrants, exchange and unlisted funds, bonds, negotiable contracts and other negotiable instruments in NZ and abroad.
Securities Commission means the Securities Commission established pursuant to § 9 of the Act the Securities the 1978th
Short position means where a person has an excess of sales over purchases of a relevant commodity, currency or investment instrument.
Specified Client Investment has the same meaning as in the Futures Industry (Client Funds) Regulations 1990 Spot: the price is quoted for immediate (spot) settlement (payment and delivery).
Spot settlement is normally one or two business days from trade date.
Underlying asset Underlying asset for which the value of a contract is determined
Variation Margin: The difference between the value of a contract at the time it is created and its value at a later date.
Third Term and commencement
This Agreement shall enter into force and the rights and obligations of the parties under this agreement will apply on and from the Effective Date and continue unless terminated in accordance with these terms and conditions.
Customer acknowledges that these Terms and Conditions and your account will continue until you have performed all your obligations under this Agreement, all positions have been settled, and your account has been terminated in accordance with these terms and conditions.
4th Application of regulations
Both parties agree that the terms of their relationship and any subsequent negotiations are subject to and bound by:
• Securities Markets Act 1988 and any other laws, rules or Exchange Rules applicable;
• this agreement
5th Scope of services
5.1 Advanced Global Markets can process on a client ‘s behalf on all products listed in Advanced Global Markets’ s Product Schedule (as amended from time to time).
5.2 Advanced Global Markets is mainly in the business of providing online trading facilities enable customers to effectively deal with contracts and / or trading in securities on an execution only basis. Advanced Global Markets will perform transactions on the Client “s behalf solely on clients’ instructions, and this should not imply any advice or any endorsement or recommendation on the merits of such a transaction. Advanced Global Markets is not obliged to explain any risks that may arise as result of a specific transaction, the customer has had the opportunity to seek independent financial advice.
5.3 Advanced Global Markets does not provide advice, recommendation or direction of the benefits of a particular transaction. But from time to time, may Advanced Global Markets provide the following information:
• Historical and / or factual information
• General product advice (without considering a single customer”s situation)
• Publications, updates, research or information sheets based on information from external sources.
It should be clearly noted that Advanced Global Markets makes no representations, warranties or guarantees of suitability, completeness, truth or accuracy of this information, recommendations and advice, and assumes no liability for decisions based (in whole or in part) any such information. Advanced Global Markets recommends customers consider all information, opinions and guidance in light of the specific individual circumstances.
5.4 Neither Advanced Global Markets or its employees trading on a discretionary basis. If approached by an employee to act on a discretionary basis, Advanced Global Markets requests that the client refuses such an offer and advise Advanced Global Markets directly from this approach.
5.5 As Advanced Global Markets is trading in OTC products, these are off Exchange. Customer agrees that Advanced Global Markets can handle the customer, as principal where the relevant underlying market or security is not regulated by the rules if stock or investment exchange. However, Advanced Global Markets hedge such trades either through OTC contracts or traded contracts. In all cases, as Advanced Global Markets is not a member of any Exchange will these contracts be traded with Advanced Global Markets “s counterparties that may or may not act directly on the exchange.
6th Risk Warning
6.1 Some of the key risks include the following:
Leveraged products. The high degree of leverage that is available in this type of contract because of small margin requirements can work both for and against the customer. The use of leverage can lead to big losses and big gains. Customer may be required to pay an additional amount to cover fees on open and closed positions.
Derivative volatility, these markets are speculative and volatile. The prices of the underlying securities can fluctuate rapidly and may reflect unforeseen events or changed circumstances. These can be difficult if not impossible to predict.
Sometimes markets move so quickly that “gapping” or “creep” occurs. This is where the markets move so fast that sudden drops or increases occur. If this occurs in the underlying market, which also affects the price, and may mean that the client is not able to close a position or open a new position at the price that the customer placed the order.
The placement of contingent orders (such as a stop-‐loss orders) cannot always reduce a client “s loss to the amount they would like. Conditions can prevent the execution of such orders.
Other factors in the underlying market
As the price of the contract is based on an underlying multiple factors in the market may also affect an individual ‘s position. Some political, governmental or other events may cause the underlying securities to be suspended from trading. This may affect Advanced Global Markets “s ability to offer our products to customers, including closure of existing positions.
What the market lacks liquidity (due to insufficient trading activity, or where order demand a certain price or for a particular asset at a specific underlying market exceeds supply), this may affect Advanced Global Markets “s ability to provide the relevant contract in sufficient quantity to allow a client to close a position or open a new position.
If the price moves against you, you may be required at short notice to deposit additional margin funds Advanced Global Markets to satisfy our margin call requirements and maintain your position. This amount can be significant.
If a client does not provide the additional funds within the prescribed timeframe, their attitude liquidated at a loss and they will be liable for any deficit in their account. The positions are marked to market on a daily basis with payments that are settled daily to take account of market movements.
If a client “s account falls below the required minimum balance, as outlined in this agreement, Advanced Global Markets reserves the right to reduce or close out the Client’s positions. The minimum balance can be varied in Advanced Global Markets ‘s sole discretion.
Losses caused by scattered
If a client opens a position and close it before the market has moved positively, they can still suffer a loss in the extent of spread and any fees or commissions. Furthermore, the spread be larger at the time when the client closes the position than when they opened it.
Advanced Global Markets reserves the right not to accept a client “s request, or to close a position, without their consent in certain circumstances. Refer to § 12 of these terms and conditions.
Third Party Supply
Data supplied by third parties, may be delayed, inaccurate or unavailable. Advanced Global Markets is not responsible for delivery of these information services or the consequences if they fail, are delayed or are incorrect.
Customer accounts are maintained in the currency, the customer has nominated (base currency).
When a customer trades in a contract that is in a currency other than their base currency, all margins, profits, etc. losses under this contract are calculated using the currency in which the contract is fixed.
For this reason, “a client’s profits and losses can be affected by fluctuations in exchange rates. Conversions of the foreign currency balance, Client ‘s account is done automatically every day at the end of day using the Exchange Rate as quoted by Advanced Global Markets.
While Advanced Global Markets has made every reasonable effort to ensure continuity of services, operational risk, such as disruption of communications, computers, network or external events lead to delays in execution and settlement of a transaction.
Should any client fail to pay or provide security for amounts payable to the Advanced Global Markets or fails to perform an obligation as described in the customer agreement, these terms and conditions will Advanced Global Markets to take steps to protect our position (including such power to close out positions and to charge default interest). Under these terms and conditions, including Client indemnifies Advanced Global Markets and its agents, representatives and employees against certain losses and liabilities. Advanced Global Markets ‘s liability is expressly limited. Please read these terms and conditions and our Disclosure Statement carefully to ensure that these cases are clear prior to the signing of a documentation.
Since these products are contracts with Advanced Global Markets directly and not traded on a licensed market or regulated exchanges, they are not granted the same protection as is undertaken through an exchange or authorized market.
There is no guarantee or equivalent governing trading on the OTC market. Changes to NZ law, regulatory or tax requirements affecting Advanced Global Markets “s ability to deliver our services to customer and / or may have a negative effect on the Client” s game with Advanced Global Markets.
7th Account Management
7.1 Account Opening To open an account, the applicant will be asked to complete the relevant application form, please read the Disclosure Statement (including details on risks associated with trading these instruments) and provide identification as specified in the application. Advanced Global Markets is not required to open an account with a person or entity, even if all information has been provided.
When the Client ‘s account is opened, the customer will be issued with a password and login details. The Client “s responsibility to ensure their passwords securely. Should the security be breached, the customer must inform Advanced Global Markets immediately. After confirmation of identification, will Advanced Global Markets reissue a new password, and if desired by the customer, placing a hold on the Client ‘s account.
7.3 Minimum Deposit
When a client decides to act, they will be asked to deposit an initial sum of money. This will include the money that the customer wants to shop and an initial margin amount (covering the margin requirements).
A minimum deposit of $ 1000 is required to start trade and commerce is one (1) mass minimum for all CFD ‘s except for Spot Foreign Exchange, where the smallest lot size is one point (0.1) in a mass.
CFD trading is offered through Advanced Global Markets Inc., International Business Company # 21668 IBC 2013, Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont, Kingston, St. Vincent and the Grenadines all CFD trades will be processed through this separate subsidiary which has regulatory approval for CFD trading
7.4 Right to demand money / security
Advanced Global Markets may require payment of money or provide other security that Advanced Global Markets believes in its sole discretion, appropriate in connection with the obligations incurred by it in connection with contracts for a client “s account. Time is crucial and the customer must pay any amount called or provide security within 24 hours after the call for payment or if the resident or domiciled outside New Zealand, within 48 hours unless a different period is specified in this Agreement. However Advanced Global Markets reserves the right to close customer positions where there is not enough equity held in the account.
7.5 Trading Company and Client Rights
The company, its directors, partners or employees may deal in Contracts as principal at their own expense.
By placing an order with an executing dealer (who may or may not be the Company), the Executing Dealer incur duties as principal, even though the contract may have been recorded on the Client “s instructions.
If a client has more than one account open with Advanced Global Markets, each account will be treated as a completely separate account, unless Advanced Global Markets advised in writing by the Customer (and Advanced Global Markets, in its sole discretion agree) to treat the customer “s accounts as one account.
Where accounts are treated separately, it means that credit, (ie money deposited as margin) not unless Advanced Global Markets exercise its rights under § 14 of these general terms and conditions, discharge any of the Client “s obligations under with a different account.
Where accounts are treated as one account, all references to account for in this Agreement as applicable to the aggregate accounts.
7.7 Use of Customer’s daily statements
You agree to use your daily statements to confirm all orders that you place with us and monitor your margin obligations.
Advanced Global Markets still reserves the right in its sole discretion not to accept any order from you.
Advanced Global Markets will report on all open positions and open orders to you through our electronic trading platform, with a daily statement provides an overview of vacancies, free capital, margin requirements, cash and fees and charges provided to you on a daily basis at the end of each trading day. We invite you to become familiar with the statements we give you, and understand how to read important elements such as your margin requirements, open positions, and any free equity.
7.9 Client commitment to revise
It is your duty to review any agreement confirmation we send to you immediately to ensure its accuracy and report any discrepancies which you may have to us within 2 working days.
7.10 Currency Ledgers
Each account can operate multiple Currency Ledgers. This means that money can be paid into the account in multiple currencies and any net balances will be reported in the corresponding Currency Ledger. Advanced Global Markets will generally settle trades in the currency in which an appropriate ledger exists, except that where such currency balance in the Ledger is insufficient, may Finanz settle FX transactions in any currency Ledger. However, Advanced Global Markets report any amounts due to or from Advanced Global Markets in the Base Currency at market conditions as prescribed in our trading system at the time of the daily rollover.
At any time, the Customer may request the amount to be converted into client “s base currency at the relevant exchange rate as quoted by Advanced Global Markets and Advanced Global Markets reserves the right to convert the Base Currency only when any currency ledger balance falls below U.S. $ 200 or equivalent in another currency.
7.10 7.11 Contract notes Advanced Global Markets will send the client a contract note contains important information about the transaction as a result of the purchase or sale of any investment. All transactions will be payable in accordance with market demand (as shown in the relevant contract note or advice). The customer must ensure that Advanced Global Markets receives all cash and securities at maturity in connection with any transaction which is to settle on the Client “s behalf and that all cash or investment assets held by or transferred to, Advanced Global Markets will become and remain free of any lien, charge or encumbrance. All payments to Advanced Global Markets will be made without set-‐off, counterclaim or deduction.
The value date for all transactions will be the second business day after the date of the transaction. Workdays are Monday through Friday (except NZ public holidays and public holidays observed in New York).
Advanced Global Markets can agree on, in its sole discretion, to give credit for a transaction to be carried out overnight for a fee.
8th Client money
8.1 8.1 Separation of funds
All money received from the customer or a person authorized by the Client is kept in a separate segregated client accounts bank account.
Customer agrees and acknowledges that while the client money is segregated from the house money, all client funds are collected as a single customer balance cannot be protected if there is a default in the overall separate account balance.
8.2 Authorized deductions
Customer agrees that Advanced Global Markets is entitled to:
(A) Pull, deduct or apply the amount paid by the customer to Advanced Global Markets and / or partner to Advanced Global Markets from Client money held in any segregated account or invested Advanced Global Markets, including, without limitation, making a payment for or in connection with the margining, adjusting or settlement of negotiations for agreements entered into by the customer or payment of interest charges, commissions or interest Advanced Global Markets with all such sums of money belonging Advanced Global Markets, and / or
(B) Use funds in customer segregated accounts to manage Advanced Global Markets ‘s negotiations with counterparts in client positions. Counterparty These accounts will also have the same separation protection as mentioned above.
(C) examine any property other than money given to Advanced Global Markets by the customer in such a way that Advanced Global Markets in our sole discretion, deems appropriate in view and in connection with margining, adjusting or settling transactions in contracts with us or sell or charge any or all of such property as may be in our control after a default event.
(D) Save all the interest on client money held in segregated accounts in a bank approved deposit institution and / or exchange clearinghouse.
Advanced Global Markets will not pay interest on client money that is held for a client.
But if there is a debit balance on the client “s account so Advanced Global Markets is entitled to charge the customer interest at an interest rate set by Advanced Global Markets on the full amount of this balance and Customer will be obligated to pay such interest. All interest rates are available from Advanced Global Markets request.
8.4 Deposits customer can transfer money to Advanced Global Markets using one of the following methods:
• Bank Transfer
The Client’s responsibility to ensure that all funds are accurately referenced with Client account number to allow Advanced Global Markets to immediately use the funds to the correct account. We are not responsible for any delays caused by incorrect or incomplete references between the funds transferred. Advanced Global Markets will act only on cleared funds, so as to maintain the Client “s open positions Advanced Global Markets recommend a client retains sufficient margin to allow time for collection and transfer of funds.
Third Party Accounts: The Client “s responsibility to ensure that all funds deposited into their account from an account in the Client” s own name and not any third party unless Advanced Global Markets has been notified in writing prior to shipment of such money. We are not obliged to receive money from a third party and will not accept or bear any responsibility for liability for any loss, damage or other event as a result of our decision to return such funds, including any loss which you, because you Subsequently, in breach of your obligations under this Agreement.
8.5 Withdrawal of client money
The customer can withdraw money from an account by sending a signed request for payment form by fax, email or mail. This should detail Client Account details, the size of the withdrawal and the account that the money should be paid. Advanced Global Markets will not pay money to a third party account, the account must be in the name of the account holder.
The customer will only be able to withdraw money available for margin obligations have been fulfilled and any fees, commissions or other charges are deducted.
8.6 Third-‐party transactions
Advanced Global Markets is entitled to transfer its responsibilities to a third party or an affiliated entity, including (but not limited to) an Exchange and clearing house, intermediate broker, settlement agent or OTC counterparty located either inside or outside of NZ (” third party “). Advanced Global Markets shall have no responsibility for any loss which the customer may suffer as a result of the insolvency, acts or omissions of such third party.
8.7 Unclaimed Money
Under certain circumstances, Advanced Global Markets manages clients’ money for a client who has been awarded but not claimed by them. Advanced Global Markets will cease to treat any unclaimed balances clients’ money after a period of six years, provided that all reasonable steps are taken by Advanced Global Markets to contact the client regarding this balance. Advanced Global Markets undertakes to make good any valid claim against balances that are released from being treated as client money when the provision of client data to validate their claim.
9 Execution of orders
Orders can be received in writing at one of the following ways:
• electronically through our electronic trading platform or online chat
• telephone (note calls may be recorded)
• in writing (including by e-‐mail or fax permitted where) The Client “s obligation to ensure that their instructions have been received from Advanced Global Markets.
Orders must be received to allow sufficient time for Advanced Global Markets to implement them and Advanced Global Markets assumes no responsibility for any errors or omissions as a result of misunderstandings in oral or written instructions. The Client ‘s responsibility to ensure that all information about the customer “s Order are correct, including without limitation the name of the contract or security purchased or sold, quantity and total value of this Order.
If Advanced Global Markets does not receive notice of any potential for misalignment of two (2) business days, the daily trading statement of confirmation issued by Advanced Global Markets to the Customer via the online trading platform that is considered to have been accepted by the customer.
9.2 hours of operation
Advanced Global Markets generally operate between the hours 22.00 GMT Sunday time and closes at 21.00 Friday GMT time except that:
(A) Advanced Global Markets is not obliged to quote prices or accept orders or instructions in connection with a contract for a public holiday in any jurisdiction which Advanced Global Markets “s reasonable opinion, affects the relevant underlying markets, and
(B) Advanced Global Markets is not obligated to accept orders or quote prices over time, where the relevant exchange is closed for business;
(C) Advanced Global Markets reserves the right to change these hours as above, from time to time in its sole discretion.
All orders received outside trading hours will not be implemented before the start of the next trading day.
9.3 Order Types
A list of Order Types is published on Advanced Global Markets “s website and amended from time to time. 9.4 Order Execution
In accordance with Advanced Global Markets “s Distribution Policy, the orders are executed in the order they are received, except that customer orders will be filled before the house is being filled.
Should the customer places an order through our electronic trading platform, they will receive an immediate confirmation of status of order. It is important this is checked thoroughly. Phone orders will be repeated back to the client for confirmation, and conversations will be recorded. (Note § 15 re notification of errors or inconsistencies)
9.6 the right to refuse to deal
Advanced Global Markets reserves the right at any time, limit or refuse to enter into a contract for the customer, but guarantees that we will notify you of any refusal or limitation as soon as possible. That refusal or limitation affecting any other rights and powers under this Agreement.
The Company is not obligated to act in accordance with the Client “s guidance where this would cause a violation of any applicable laws, rules or regulations or cause a breach of this Agreement.
9.7 opposite positions
Under certain circumstances, Advanced Global Markets take the opposite position in the contract, either acting for another client or at our own expense.
9.8 Shut Out of Positions
At any time, with or without notice to the customer, and in addition to any other rights Advanced Global Markets may have under this Agreement may Advanced Global Markets choose to close or limit the size of a client “s open position (s) (net or gross) if any of the following occurs:
(A) Advanced Global Markets reasonably consider any abnormal market or business conditions or
(B) Advanced Global Markets are unable to quote prices in the market due to lack of market information (for whatever reason) or
(C) Advanced Global Markets believes that a client may be in violation of an applicable regulation or law, or be privy to “inside information” as defined in § 2 (1) of the Securities Markets Act 1988 or (D) A client has failed to provide any margin deposit or other amounts due under this Agreement in connection with any contract or such margin amounts or Collateral fall below our margin requirements, or
(E) the total size of all Client ‘s orders and / or all other orders on a contract exceeds Advanced Global Markets’ s Normal Trading Size, or
(F) if a contract is withdrawn from the Advanced Global Markets ‘s Product Schedule, or
(G) Advanced Global Markets will be asked to close or restrict a client “s position at the New Zealand Securities Commission or other regulatory body or
(H) Advanced Global Markets exercise our rights under § 26.1 of these General Terms and Conditions.
9.9 Rollover at the end of day all Client open spot positions are rolled over to next day.
9.10 Cancellation of orders An order (or part of an order) may be terminated at any time prior to its acceptance by Advanced Global Markets. If not received prior to acceptance, this order shall be considered valid and binding under these General Terms and Conditions and the Customer will be responsible for determining that all or part as appropriate.
9.11 no legal or financial interest in the underlying asset Customer acknowledges that invest in these types of products s do not transfer the legal or beneficial interest in any underlying asset and the customer has no right or obligation to acquire or deliver such underlying asset.
9.12 Advanced Global Markets ‘s right to deal The Company may treat the contracts as principal for its own account and business managers, partners or employees dealing with contracts for its own account. Advanced Global Markets may, under certain circumstances, take the opposite position in a contract, either acting for another client or at our own expense.
10th Client instruction
Advanced Global Markets can rely on and treat as binding written or oral instructions, which we have accepted in good faith, and which we believe to be from you or anyone entitled to act on your behalf. Completely at Advanced Global Markets “s discretion, we may accept verbal or written instructions, and may request that the oral instructions confirmed in writing. Customer agrees that all instruction and communications sent by the client or on his behalf is made at the clients risk and the Customer authorizes us to rely and act on, and treat as fully authorized and binding on the client, any instructions (whether writing) that Advanced Global Markets in good faith believe to have been given by or on behalf of the client with any intermediary who Advanced Global Markets in good faith believe to have been duly authorized by the customer. Advanced Global Markets has the right to act on the basis that all acts, orders or instructions transmitted online using your login, password and / or account number is authorized by you unless we have already been notified, in writing, you suspect breach of your login or password. We are not required to establish the identity of any person quotes a customer “s user name, account number and / or password, or if we reasonably believe that person to be an authorized person. It is your responsibility to follow all the safety information regarding the confidential account (including username, password and account information) and to advise us immediately in writing if you believe that such information has been breached. Advanced Global Markets is not responsible in any way for any act or omission by us in trust for a given instruction or action taken by a person acting or purporting to act on behalf of the customer who is not listed as an Authorised Person Advanced Global Markets reserves the right in our absolute discretion and without explanation to the customer refuses to act on any instruction, especially if Advanced Global Markets believes that it may not be practical or in our opinion, violates any law, rule, regulation or terms of this Agreement and will not be liable for such act or omission in accordance with our limitation of liability in § 11 of these General Terms and Conditions. This provision does not apply if the liability resulting from an act of fraud, negligence or dishonesty of Advanced Global Markets, its agents or employees.
10.2 Authorised Persons
The persons authorized to instruct Advanced Global Markets regarding your account, people listed on the account Application Form as “authorized persons” or persons whose names have been received in writing at Advanced Global Markets as Authorised Persons and who are been accepted by Advanced Global Markets as an authorized person (ie provided the required identification and met all compliance requirements). Instructions accepted by such authorized persons are deemed to be placed by the Customer and Advanced Global Markets can also provide information on the account of such authorized persons. The customer warrants that such unauthorized person can give instructions to place orders and have read the terms and conditions for operating an account with Advanced Global Markets. On occasion and at Advanced Global Markets ‘s sole discretion, may require Advanced Global Markets Client confirmation, where an instruction from an authorized person seeking to close an account or remit the money due to the Customer. By including Authorised Persons on the client “s account, personal client frees Advanced Global Markets against any costs or losses Advanced Global Markets may suffer as a result of the authorized person or a person who appears to Advanced Global Markets to be an Authorised Person who gives false or unauthorized orders, instructions or fails to comply with the terms of this agreement.
10.3 Cancellation of orders if the customer wishes to close a position, so all related orders must be canceled. Advanced Global Markets cannot revoke all orders once opened in the system so the customer will be responsible for all orders placed once put into action.
10.4 Communication problems If at any time Customer or any other reason cannot communicate with Advanced Global Markets we may not:
(A) be responsible for any loss, damage or expense suffered by customer by any act, error, delay or failure due to lack of communication, where such loss, damage or expense resulting from the Client “s inability to enter into a transaction and
(B) be responsible for any loss, damage or expense suffered by customer by any act, error or omission or delay due to inability, including without limitation where such loss, damage or expense resulting from the Client ” s inability to close a transaction, unless the Client “s failure to instruct Advanced Global Markets or communicate with us results from Advanced Global Markets ‘s fraud, willful default or neglect.
10.5 Power of Attorney A person authorized under a limited power of attorney as verified by Advanced Global Markets can be an Authorised Person when approved in writing by Advanced Global Markets.
10.6 Assignment This Agreement is between Customer and FX Finanz and the Customer is not entitled to assign or delegate any obligations or rights to any other party without Advanced Global Markets ‘s prior written consent. Advanced Global Markets reserves the right to transfer or to take an assignment from a party of any benefits associated with this agreement, contract, or the remainder of a client “s account. If any Client standards in payment of obligations to the Advanced Global Markets, we retain the right to delegate to any person all or any of our rights in respect of money due to us under this Agreement as well as any security or other remedies against to such a standard.
11th Indemnification / Liability
11.1 Unless caused by Advanced Global Markets ‘s fraud, willful default or gross negligence, neither we nor any associated company or any employee shall be liable to the customer:
(A) for any loss of profit, indirect, consequential or incidental damages, liability, claims, losses, awards, claims, proceedings or costs suffered or incurred by Customer in connection with the services we provide to the Customer as described in this Agreement, or
(B) for any misinterpretation of any information or general advice provided by or on behalf of, entered Advanced Global Markets in connection with a transaction or proposed to be awarded pursuant to this Agreement or
(C) if the company does not act on client instructions or are unable to provide any services under this agreement as a result of some factor that is beyond our reasonable control (for example, Act of God, failure of computer or related systems, failure of its systems, failure of commercial software or failure of a third party to deliver a service to which this agreement relates), or
(D) if we do not act on client instructions or are unable to provide any services under this agreement due to errors in computer systems, telecommunication systems, component failures, power failures or other unexpected errors, or
(E) for any loss or damage caused by a client trading on money deposited into their account in error by us. We will eliminate all such errors as soon as possible after notification of such errors. Unless caused by our fraud, willful default or gross negligence, the customer on request, indemnify us, our affiliates and employees against all costs, damages, losses or liabilities, but arise out of or in connection with any act not taken, or any transaction is concluded or not concluded by Advanced Global Markets under this Agreement.
12 Fees and charges
12.1 Client’s obligation to pay taxes
All fees will be communicated to the customer in writing prior to the relevant trade or commerce takes place. Such fees will be either as outlined in this Agreement or as otherwise notified in writing and will become effective on the date specified in the written notice.
Customer agrees to pay: (A) The Commission, as announced by Advanced Global Markets and any other transactional fees charged or collected by Advanced Global Markets or an Exchange. This commission will be specified separately on the statement we send you. Commission rates may change from time to time, and
(B) Any fees, commissions, financing and rollover fees as listed in the Client Service Agreement and / or disclosure statement, and
(C) Any expenses which are identified in the Client Service Agreement and / or disclosure document, including but not limited to, exchange fees, fund raising fees or network charges and
(D) All other expenses, Advanced Global Markets as a result of Customer’s default under this Agreement, including all legal costs and expenses, and
(E) Interest expense, where an amount owed Advanced Global Markets by the customer is late. In such circumstances, interest will be charged at a rate of 5% per annum above the overdraft rate and accrued daily from the date it falls due until the date the balance is paid in full.
The customer will be provided with information about the total price payable in connection with a transaction, including all related fees, commissions, fees and expenses and taxes payable by us, or if an exact price cannot be disclosed, the basis for calculation of the total price.
12.2 12.2 Client’s obligation to pay margin when we are dealing in contracts with Advanced Global Markets customer will be required to pay such sums as Advanced Global Markets may require under this Agreement and as specified in this Agreement or at otherwise advised to the customer in writing. Such amounts may include deposits, initial margin, variation margin and safety, security or any other amount required for the clearance of any debit balance on an account.
Obligation to pay an initial margin accrues at the time the contract is executed, regardless of when making a call.
Obligation to pay a variation margin accrues at the time the margin comes into existence, regardless of when making a call.
12.3 12.3 discounts to third parties Advanced Global Markets can discount to third parties all or a portion of the commissions to the customer, and undertakes to provide additional information upon request. We also have procedures for spread-‐based discounts to third party Introducing Brokers where Advanced Global Markets deems such arrangements will not affect the spread we would otherwise has offered, and we undertake to provide the customer with additional information upon request.
12.4 12.4 After due and payable all such commissions, fees, taxes and fees owed to Advanced Global Markets will be collected at the time of the transaction (as directed on the Customer’s account), and will be payable on 20 of each month following the transaction, except that when a client requests the withdrawal of all funds held by Advanced Global Markets, then such payments deducted immediately prior to payments to the Client “s bank account.
12.5 12.5 Payments (a), the customer should complete a transaction with us, Customer agrees that it will pay all transaction costs, taxes, fees, margins, settlements, interest and other amounts due under this Agreement on demand by Advanced Global Markets in cleared funds or otherwise as required in accordance with the terms of this Agreement.
(B) Advanced Global Markets is allowed to deduct, without further reference to the Customer, charges for all services provided by us including administration fees, fees for use of its electronic trading platform and royalties payable to any exchange from Client ” s account with Advanced Global Markets for the duration of this agreement, while the client uses such services.
(C) payment from the Customer in accordance with this Agreement shall be made without any offset, counterclaim or condition and without any deduction or withholding of any or any other reason, unless deduction or withholding is required under applicable law. Should you be required to make any deduction of tax from any payment to be made or if Advanced Global Markets is obliged to pay tax in connection with a payment in relation to this Agreement on Client ‘s request Customer agrees to hold Advanced Global Markets indemnified against tax and agree to pay for Advanced Global Markets any additional amount required to ensure Advanced Global Markets receive the full net amount corresponds to the amount Advanced Global Markets would have received had a deduction, withholding or payment of tax not been made.
(D) Advanced Global Markets will pay the Customer in connection with any credit balances in customer “s account, except that Advanced Global Markets may elect to withhold payment if:
• open positions showing fictitious losses or
• Advanced Global Markets believes that market conditions indicate that the funds can reasonably required to meet any margin requirement on open positions, or
• Customer has contingent liabilities in connection with any other Arithmetic, or
• there is an unresolved dispute between the parties in this Agreement, or
• Advanced Global Markets is obliged to withhold funds to comply with the law or legal liabilities We will advise you if any of the above situations occur.
12.6 Currency of payment All amounts due to Advanced Global Markets or payable by Advanced Global Markets under this Agreement shall be paid in the currency FX Finanz determine at the time of payment.
13th Deposits and margins
13.1 Initial Margin
Initial Margin is the amount charged the customer’s account as soon as a new position is opened or an order to open a new position. This acts as a safety buffer and protects us in case of client default. Typically Advanced Global Markets will require an initial margin calculated as a percentage of contract value.
Initial margin will vary depending on the traded Contact. The initial margin set at Advanced Global Markets “s estimate most of the liquidity of the underlying asset on which the product is based. When the client is trading, the daily statement of the required solvency margin for each trade, and the total margin requirement that is combined Margins of all contracts.
Advanced Global Markets advisor initial margin rates on the website and electronic trading platform. Initial margin is charged from a client account should the customer places an order that is not performed. This margin is still charged to the Client ‘s account while the order remains on the market in anticipation of the order is filled. If the order is not subsequently filled the initial margin is credited to the Client’ s account when the customer cancels the Order.
Order Must be filled in the size of the initial margin will remain charged, and will be returned as soon as the position is closed.
13.2 variation margin
Variation margin is the unrealized gain or loss on a customer “s open position. This is the difference between the value of the contract when it was bought or sold, and the current market price. If a client “s position is moving in their favor Advanced Global Markets may refund all or a portion of the variation margin to the Customer.
13.3 Gross up value
Gross up value (GLV) is the amount a client would have left on their account, all Client “s open positions being closed out at the current market price less any interest, fees or transaction fees. Free equity GLV of all positions in Client ‘s account smaller margin requirements. Free equity can be used to open a new position or can be withdrawn from the Client Account. Advanced Global Markets may require the client to maintain a minimum free equity balance in their account. Advanced Global Markets reserves the right to change the margin requirements applicable at all times.
13.4 Client obligation to monitor the Advanced Global Markets must report all margin requirements on a daily basis at the end of each trading day. The Client ‘s responsibility to ensure that upon request all relevant information, including Margin requirements prior to placing orders or close out positions. Advanced Global Markets will not be liable for any loss, the customer may incur in not requesting this information . At all times it is the customer ‘s responsibility to monitor all margin requirements under these terms and conditions and any additional margin as may be required. To help with this, we recommend that customers consider this in light of the following factors :
• Volatility of the market and the relevant underlying asset
• Any exchange rate risk
• All vacancies
• Bank clearance times for the transfer of funds and clearance
• One such case Customer perception can affect your margin requirements While Advanced Global Markets will make reasonable efforts to make a margin demand, we are not obligated to provide such a demand and the customer may have to close or reduce positions under this Agreement. A client “s solvency margin for each contract will fluctuate based on i) the price of the underlying contract and / or ii) exchange rate changes if the traded contract has a currency other than the Client” s Base Currency Account. If adverse market movements occur, the customer may be asked to pay extra money (called a margin call) to cover the fluctuating margin requirement for a particular contract. Anytime trade, the client will need enough equity in their account to maintain the total margin requirement.
13.5 Responsibility for margin calls Customer is responsible for payment of margin calls, deposits or other security as requested by Advanced Global Markets and the following is drawn to the Client “s attention:
• liability to pay an initial margin accrues at the time of trade or agreement is executed, regardless of when making a call. Obligation to pay a variation margin accrues at the time the margin comes into existence, regardless of when making a call.
• Client responsibility is the sum of all margin calculation rules.
• Must Advanced Global Markets makes a margin call Customer is required to deposit funds into their account within 24 hours or the account will be taken to be in default. In some cases, Advanced Global Markets require payment within shorter time frames (eg, during periods of increased volatility in markets), and payment must be made within these deadlines in order to meet margin requirements.
• We will make all reasonable attempts to contact customers by their preferred method of communication. Advanced Global Markets is not required to contact customers. Where the market is moving quickly or open positions moves, we reserve the right to close such positions under this Agreement, without any margin or demand any contact with the customer. Failure to meet the additional risk, any of the contracts being closed out at any time after notice of such reduction has been granted.
13.6 Delay in remittances
At times, Advanced Global Markets, at its discretion allow a client time to send funds to meet their margin requirements. This permission is granted on a case by case basis and only after prior written authorization from Advanced Global Markets. Cleared funds are credited to customer accounts on weekdays 8:00 to 18:00 Monday to Friday (NZ time). Where funds are received outside these hours, they will be credited on the next weekday 08:00 to 12:00.
14th Violation Events
14.1 The customer default events will be considered in breach of this Agreement if any of the following events occur, whether they are within a client “s control:
(A) failure to make any payment required under this Agreement (including monies owed under the margin call) or by any means whatsoever no payments have been paid or satisfied, as they fall due;
(B) failure to implement and comply with all obligations required under this Agreement or other agreements or on any account held with Advanced Global Markets;
(C) any representation or warranty made to Advanced Global Markets by the customer or client “s behalf, is or becomes false or misleading;
(D) any client ceases to pay debts owed due Advanced Global Markets in accordance with this Agreement or threatens to cease carrying on business;
(E) notice by the Customer of an intention to adopt a decision to liquidate a company, trust or partnership;
(F) any client seeking a moratorium or propose any arrangements with creditors
(G), bankruptcy or a receiver or receiver and manager or administrator is appointed for Customer or its assets;
(H) a resolution is adopted, or a petition or an order is made for the liquidation or winding up;
(I) Client advises that they are unable to pay debts as they fall due, or indicate that they are insolvent;
(J) a client or executing authority of dies or becomes of unsound mind;
(K) a bankruptcy notice issued against the client;
(D) any security created by a mortgage or charge binding your assets becomes enforceable and the mortgagee or chargee takes steps to enforce security, linked to mortgage or charge;
(M) without the consent of Advanced Global Markets, any guarantee or security to ensure the Client’s obligations under this Agreement is withdrawn or becomes inadequate or insufficient;
(N) of a client “s debt to Advanced Global Markets becomes immediately due and payable, or may be payable prior to its maturity as a result of the Client” s or any other person “standard, or
(O) The customer is not contacted by telephone within 24 hours to Advanced Global Markets for guidance, and in the absence of the Customer for alternative contact arrangements.
(P) Advanced Global Markets reasonably deem it necessary to protect itself or its affiliates.
14.2 Actions After a Default Event
A) At or after any default event occurs, Advanced Global Markets, without prejudice to any other rights it may have under this Agreement shall have the right and power in their own absolute and unfettered discretion and without the need to give prior or any notice to the Client to make one or more of the following:
(I) terminate this Agreement in accordance with the termination provisions in these general terms and conditions;
(Ii) close all or some vacancies which the customer may have, as if the client had given a final notice to Advanced Global Markets and had accepted the closing price is determined by Advanced Global Markets;
(Iii) to treat all open positions or to have been interrupted by the client;
(Iv) terminate any agreement or account whatsoever the Customer has or may have with Advanced Global Markets;
(V) if there are insufficient funds in a client account to satisfy amounts due to Advanced Global Markets, FX Finanz can cancel all outstanding orders to close such account or accounts;
(We) meet the obligations that the customer may have to Advanced Global Markets out of client property, including money or security in Advanced Global Markets “s custody or control, including, without limitation, by selling securities made by the client with Advanced Global Markets or offsetting liabilities such that the security is transferred as collateral is not required to be back and to enforce an asset or a security held by Advanced Global Markets in such a manner as it deems appropriate at Client expense;
(Vii) transfer from other Customer Accounts any such funds as may be necessary for that purpose to satisfy any obligation Customer may have to Advanced Global Markets;
(Viii) exercise any power or right, Advanced Global Markets may have under this Agreement or at law or equity, or take any other action which we may need to take.
(B) Advanced Global Markets may not waive any of the rights outlined in this section is caused by a delay in the exercise of such rights and should Advanced Global Markets not exercise any of its rights that it reserves the right to make so at any time ii future.
(C) If Advanced Global Markets exercise its rights under this section, the Customer authorizes Advanced Global Markets to close at their own expense and risk, if the customer had given notice of the date Advanced Global Markets exercises its right, in accordance with clause 26 and to cover any amount owed by the customer in NZ dollars, either at the time the Client “s breach of contract or on the date on which the customer pays the amount due to Advanced Global Markets full.
(D) In case of Advanced Global Markets treat a contract as having been terminated by the client and Advanced Global Markets exercise its rights under this section, FX will Finanz calculate the amount owed by the customer or Advanced Global Markets as if the client had been given a Final Notice and had accepted the closing price determined by us. Advanced Global Markets will have the right to debit from Client ‘s account an amount equal to the amount which would have been payable by the Customer had the contract been closed on the closing price. This amount represents the damages incurred by Advanced Global Markets.
(E) Any action Advanced Global Markets under this section shall not limit any other provision of this Agreement and shall not affect any rights Advanced Global Markets may have to any remedy or damages.
Advanced Global Markets to correct any error by the customer, except that:
Advanced Global Markets is not bound by any transaction that purports to have taken place (or not confirmed by Advanced Global Markets) for a price:
i) Advanced Global Markets is unable to demonstrate to the customer was obviously wrong at the time of the transaction, or
ii) was, or should reasonably have been known by the Customer to be incorrect at the time of the transaction.
The customer must check the contents of each document received from or made available by Advanced Global Markets. Such documents would, in the absence of manifest error, be decisive unless the customer communicate Advanced Global Markets in writing to the contrary within 2 working days after receipt of such document.
Notwithstanding anything to the contrary in this Agreement, Client agrees that if a confirmation of a contract’s daily statement, monthly statement or report delivered to the customer in accordance with clause 7 of this Agreement, the time for objecting to contents of a document under Section 16 of this Agreement is from the time the relevant document is made available through the electronic facility.
16th Electronic commerce
16.1 16.1 Access to electronic order routing system If Advanced Global Markets provides clients with access to an electronic order routing system, so the customer agrees and acknowledges that:
(A) Advanced Global Markets can create an electronic facility over the Internet, allowing customers to view, download and print out confirmations of contracts, daily statements, monthly statements and other reports Advanced Global Markets offers;
(B) The customer has the necessary skills, facilities and procedures for operating such a system
(C) Advanced Global Markets is authorized to use the electronic facility as a means of providing Client confirmations of contracts, daily statements, monthly statements and other reports from Advanced Global Markets;
(D) The customer will have access to and use of such electronic facility to:
(I) receive confirmations of contracts, daily statements, monthly statements and other reports Advanced Global Markets offers;
(Ii) attest all contracts and
(Iii) monitor the Client’s obligations under this Agreement;
(E) confirmation of the contract, a daily statement, monthly statement or report made available to the client that at the time the relevant documents are submitted by Advanced Global Markets on the electronic facility;
(F) The customer understands the risks and obligations with respect to the use of such a system, including the risks of trading through an electronic order routing system that is operated by means of computer and telecommunications systems. Such systems may not be safe, and cannot be operated under all circumstances without error and errors can result in delay in telecommunications services to the customer or interrupted or terminated services to the customer
(G) The customer is bound by the instructions he / she sends through the system and
(H) The customer will maintain the confidentiality of passwords used to access the system and ensure that all safety procedures are implemented and followed as determined by Advanced Global Markets, and
(I) your ability to act through the system will be subject to limitations imposed by the company. Access to the system may be limited or terminated at any time without notice, and
(J) Trading Software is an electronic facility for the purposes of this clause 16;
(K) The Company may require the customer to satisfy other conditions required of any directive issued to Advanced Global Markets by the Securities Commission, NZX, clearing house or Advanced Global Markets itself. Advanced Global Markets send confirmations of contracts, daily statements, monthly statements and other reports Advanced Global Markets provides, in addition to making them available via the electronic facility.
16.2 Market Information
Intellectual property is attached to the system and any system that provides Market Information, therefore, and such information is confidential and the Customer agrees that he / she will not publicly display, redistribute, or forward the Market Information in any manner without performing a proper agreement with the Advanced Global Markets;
Market information through the system may not be accurate or current and should be relied on client “s own risk.
Advanced Global Markets reserves the right to exercise some discretion with respect to Client trading and account management. In this context, Advanced Global Markets consider our commercial objectives, regulatory considerations and ethical obligations as a distributor. These estimates include, but are by no means limited to a right to:
• reject any application for the account without any reason
• Convening of funds or security where we believe it would make commercial sense to do so (see § 7.4)
• refuse to accept any trades placed by the client, which we judge to be clearly outside the current market price so that they can be considered non-‐market transactions, whether due to human error or manifest static / wrong / broken price feeds. Where we have opened or closed a deal before he was aware of the price difference, we may at our discretion either treat this transaction as invalid or accept that trade at market price
• Determine the commission rates and finance charges
• Reject Client “s instructions or cancel an order or instruction for no reason, in which:
i) trade and commerce has been suspended or stopped for any reason or any other event considered by Advanced Global Markets to constitute an emergency has occurred or is in Advanced Global Markets “s opinion, which may occur and the customer has not reconfirmed instructions or
ii) in Advanced Global Markets “s view, the Order is likely to break the rules, regulations or legislation or terms of this Agreement or
iii) in Advanced Global Markets “s view, the Order is likely to be inappropriate, unethical or likely to adversely affect Advanced Global Markets” s reputation and integrity in the market or create a disorderly market. Advanced Global Markets is not responsible for any economic disadvantages or resulting from the use of these estimates to cancel, limit or refuse any instruction from a client.
Advanced Global Markets does not provide financial or tax advice and strongly recommend that such advice is sought before entering into an agreement or engage in any trading CFD “S.
We can provide generic financial advice and market reports for all our customers. These do not take into account any individual “s circumstances, needs or financial objectives. We will not advise on whether the client should open, close or hold a contract.
Either party may terminate this Agreement by giving written notice to the other. Denunciation becomes effective upon receipt of notification by the other party in accordance with section 24 of this Agreement.
Termination does not affect existing rights and obligations of either party on termination. Upon termination of this agreement, we will close all contracts and close out, abandon or engage in any contracts not yet exercised, received by us for the customer, unless previously advised to transfer these contracts to another dealer. The balance in the Client ‘s account of termination will be refunded to the customer via bank transfer within five working days after this agreement ends. We reserve the right to terminate this Agreement immediately and without notice in case of misuse of the services provided by any misuse of our personnel, or for any reason may be deemed reasonable and appropriate by us in connection with our legal and regulatory obligations. Advanced Global Markets reserves the right to suspend that agreement pending review of our possible subsequent termination and without prior notice to the customer in such circumstances.
20th Joint account holders
If an account is held jointly, this Agreement binds them jointly and each of these persons are authorized to issue instructions in relation to the account unless Advanced Global Markets otherwise advised in writing.
Advanced Global Markets is not required to verify that each customer approves taken instructions and can take instruction and one of the persons named as joint account holders can act as client and can provide efficient and final discharge of Advanced Global Markets “s liabilities.
If a minor applies to become a client, then either the Minor “s parent or guardian must be a party to this Agreement. Any reference to Customer in this Agreement is a reference to the parent or guardian for the minor.
22 Consumer Guarantees Act
The customer agrees that the customer acquires or holds itself out to acquire Advanced Global Markets ‘s services under this agreement for a business, Consumer Guarantees Act 1993 will not apply.
Advanced Global Markets, its subsidiaries, affiliates and agents accepts responsibility, and are committed to ensuring the privacy of customer information.
23.1 Editing and deletion, access to personal information
Customer may request in writing to view their personal information and may request the correction or modification of information, if required. The Client ‘s responsibility to ensure that information Advanced Global Markets is correct.
23.2 Collection of information
Advanced Global Markets has certain obligations under New Zealand law to verify the identity of customers and may be necessary to make some inquiries and obtain certain information from you for this purpose. The customer confirms that all information provided will be accurate and consent to us to disclose such information as we deem necessary to comply with all reporting requirements. Upon application, the Advanced Global Markets collect personal and financial information. While there is no obligation to provide such information, this may mean that an application has been rejected. Once an application is accepted, Advanced Global Markets give the client a username and password used for statistical and security reasons. As long as this agreement, we continue to gather information, this includes records of all transactions and activities on the customer’s account, including information on contracts and margin calls are made. From time to time Advanced Global Markets collect additional personal information from customers in connection with optional surveys, news updates or promotions. Providing this information is optional. Feedback from the surveys will be used to improve our services.
23.3 Recording of conversations
Advanced Global Markets can record client telephone and online chat conversations. Records will be kept relating to contracts entered into by the Customer, the total activity of the account and is available to the customer via the Internet. All these records are available upon request and if there is a dispute or anticipated dispute that the customer has the right to listen to recordings of these conversations.
23.5 Use of Information
Advanced Global Markets recommends the following:
• Client “s personal information will only be used for the purposes for which they were collected and stored only as long as is necessary to fulfill the purposes for which information was collected (including any time that we are obliged by law to keep such information), except that:
• Advanced Global Markets can release information about a client to a third party:
(A) If required by law or requested by a regulatory authority or exchange having control or jurisdiction over us (or any respective affiliates), (b) to investigate or prevent fraud or other illegal activity, (c) in connection with the tender of services to you from us (d) if it is in the public interest to disclose such information, or (e) at your request or with your consent.
• Advanced Global Markets will not sell or rent the Client ‘s personally identifiable information to any third party.
• Advanced Global Markets will not use the Client “s personal information for purposes not related to the products or services on the Website for any purpose that the customer would not reasonably expect us to use the information.
23.6 Use of e-mail
By entering into this agreement that gives the customer Advanced Global Markets allowed to communicate via e-‐mail for relevant and related commercial emails. Advanced Global Markets can use e-‐mail address to periodically send promotional emails from Advanced Global Markets about products and services, offers or updates in connection with recent developments in our services that may be relevant. In accordance with the unsolicited electronic messages Act 2007, if a client does not wish to receive such emails please advise us and we will immediately cancel that person from such e‐mails. Advanced Global Markets will not allow any third party to use Client email addresses to send unsolicited emails.
23.7 Safety Procedures
Customer is responsible for preventing unauthorized access to the trading system at all times. If the customer becomes aware that its systems have gained access to unauthorized persons as the customer must advise Advanced Global Markets immediately. Advanced Global Markets will maintain data accuracy, and ensure appropriate use of all information. As such, we have implemented physical, electronic, and managerial processes to protect the information that Client provides. Additionally, all stored user data protected from unauthorized access using secure passwords, user logins and other security procedures.
23.8 Web Sites
The following tax information applies only to NZ taxpayer, as defined in the Income Tax Act, the 2004th This information is general in nature, and we recommend that customers consult their own advisors regarding their particular situation. Returning to NZ investors hit by NZ tax regulations under the Income Tax Act, the 2004th Any gains will likely be considered assessed income and therefore taxed. Conversely, the costs will only be deductible if: i) incurred in deriving assessable income and / or excluded income, or ii) incurred in connection with the performance of a company with the aim of deriving assessable income and / or excluded income. We strongly recommend that clients seek independent taxation advice on their trade.
Notice will be deemed given when made in writing and sent to the address below: Advanced Global Markets., Level 10, 21 Queen Street, Auckland, 1010 New Zealand
All communication will be deemed to have been received when:
i) at time of delivery, if delivered personally, or
ii) 7 days from the date of postage, or
iii) upon receipt if delivered by Courier
iv) one hour after completion of transmission, if delivered by Fax
v) one hour after completion of transmission if sent via email or SMS.
24.3 known address All messages sent from Advanced Global Markets will be sent to the customer “s last known postal or e-‐mail address. The Client” s responsibility to ensure Advanced Global Markets kept updated with these details, and all messages issued by Advanced Global Markets will be deemed to have been delivered if sent to the last known address.
25 Complaints All complaints should be directed initially to our Compliance Department
Advanced Global Markets., Level 10, 21 Queen Street, Auckland, 1010 New Zealand
Phone: +64 99 508 756 (New Zealand) E‐mail: email@example.com
We will try to resolve your complaint as quickly as possible with our customer service team. We welcome your feedback to help us continually improve our service to you.
Advanced Global Markets reserves the right to alter, amend, modify, replace or supplement some of the terms of this Agreement at any time. You will be deemed to have consented to an amendment can be made to this agreement if we do not receive notification otherwise from you, in writing, between the time that the changes were notified to you and they take effect.
Advanced Global Markets can also modify, revoke or add appointments or prices offered, or the criteria for any product offered within the Product Schedule.
26.2 26.2 Title and interest, it is agreed that all rights, title and interest in and to any payment between the parties in connection with agreements under this Agreement shall vest in the recipient country free from liens, charges, mortgages or other interests in the transferor’s or any third party. Nothing in this Agreement creates in favor of either party, any lien, charge, lien, pledge or other security interest in any money or property transferred from one to the other under any Contract.
26.3 26.3 binding
This Agreement shall include all Client “s accounts opened or reopened at any time with Advanced Global Markets, irrespective of any change (s) at any time Advanced Global Markets ‘s staff for any reason.
This agreement is binding on the customer “s receivers, personal representatives, successors in title and permitted assigns.
26.4 Statutory requirements We have the right to take such action as we deem necessary to ensure continued compliance with all applicable laws. If we reasonably consider all the customer has violated these laws, we reserve the right to terminate this Agreement immediately and without notice.
26.5 Entire Agreement This Agreement contains all the terms and conditions relating to delivery of our services and contractual matters to you, subject to any amendments that may be declared. It supersedes any general terms and conditions previously agreed between us. Each contract and any other transaction entered into between you and us under this Agreement shall constitute a single agreement between us.
26.6 Conflicts of Interest Advanced Global Markets, our partners or other persons associated with us may have an interest, relationship or arrangement that is substantial in relation to any affected contract or advice provided by us under this agreement. By entering into this agreement you agree that Advanced Global Markets may enter into such transactions without prior reference to any client (s).
(A) Advanced Global Markets can uncover our liability to you in connection with your position by making transactions in the underlying markets that may affect (positively or negatively) the prices that you can trade.
(B) Advanced Global Markets can provide counseling and other services to third parties whose interests may conflict or competition with a client “s interests;
(C) Advanced Global Markets, its partners and employees, or any of them may act on behalf of other clients who can take positions against the customer or may be in competition with the client to achieve the same or a similar position.
We will not knowingly go into a person over another, but will not be liable for any losses that may result from such competition.
From time to time Advanced Global Markets may affect transactions with or through its partners in order to provide the Services. Advanced Global Markets may share commissions and fees of its affiliates or other third parties, or receive remuneration from them in respect of contracts entered into by Advanced Global Markets with you. Details of any such remuneration or sharing will not be established in the relevant contract note, but will be disclosed in accordance with any requirements of applicable law. Neither party will perform any act or engage in any behavior that seeks to artificially alter or distort or otherwise manipulate the relevant underlying market in relation to any transaction contemplated by this Agreement.
Should any event occur which has the effect of making or declaring it illegal or impossible for Advanced Global Markets to offer contracts in accordance with the terms outlined in this agreement, Advanced Global Markets immediately terminate this Agreement by written notice to you in accordance with section twenty-‐fourth Termination of this agreement will also result in closure of all positions in accordance with § 19 Any such termination will not relieve the client of any obligation Customer may have to Advanced Global Markets in accordance with this Agreement prior to termination.
In accordance with this section, includes such events possible changes in legislation, treaty, order, official directive or decision or in their interpretation or application of a governmental authority or agency, establishment, implementation, operation or take effect, any law, regulation, treaty, law or official directive or decision.
26.8 Dispute Resolution
We will try to resolve any disputes in good faith and as soon as practicable but in any case, we will acknowledge receipt of your complaint within 5 working days. If unable to resolve a dispute, then the matter will be decided by an arbitrator appointed by the parties. If the parties cannot agree on a single arbitrator, then mater be decided by two arbitrators (one appointed by each party) in accordance with the Arbitration Act 1996.
This agreement is governed by the laws in force in New Zealand and all parties to this Agreement agree to submit to the non-‐exclusive jurisdiction of the courts in New Zealand. For avoidance of doubt, this clause is inserted for the benefit of Advanced Global Markets and does not prevent Advanced Global Markets sue in any other relevant jurisdiction.