Terms & Conditions

Terms & Conditions

Introduction

This document is important and contains the terms on which we provide our online foreign exchange, bullion, CFD and derivative trading (the “Services”) to you.

Due to CFTC regulatory restrictions and in accordance with the Dodd-Frank Act FXDM(W/A) LIMITED CANNOT OPEN ACCOUNTS FOR RETAIL CUSTOMERS WITH RESIDENCE IN THE UNITED STATES*.

It is essential that you read and understand these terms and we will ensure that you have a proper opportunity to do so by not allowing you to trade until you have confirmed to us that you have read these terms. If you have any questions please let us know.

1. The Agreement Between Us

     1.1. The agreement between us (this “Agreement”) comprises:

these terms and conditions; and

the terms and matters set out in the Account Opening Application Form and any sub mandates;

       This Agreement represents all the terms agreed between us regarding the Services unless we        have agreed in writing to supplement or vary this Agreement.

       Unless otherwise agreed with you in writing, we are treating you as a retail client .You agree that        you are responsible for keeping us informed about any change to your circumstances as this could        affect our categorisation of you.

     1.2. Effective Date

       This Agreement shall come into force on the earlier of the date you complete and sign the Account        Opening Application Form and the date you begin to use the Services (being a day we are open for        business or the next business day if we are not, a “BusinessDay”). Our obligations under this        Agreement in relation to our Services shall become effective on the Business Day we receive a        transfer of funds into your account.

     1.3. Cancellation rights

       You have a right to cancel this Agreement within 14 days of the Business Day we receive the        completed Account Opening Application Form from you. If you would like to cancel this Agreement        please let your contact at FXDM(W/A)LTD Markets know or write to us at 14th Floor Bookshop        House,50-52 Broad Street Marina Lagos or email us on operations@fxdmtrader.com

       If you do not exercise this right to cancel within the requisite time period, you will still be entitled        to exercise your right under Term 32.1.1 of Section 2 of the Agreement to terminate the        Agreement.

       You must note that the right to cancel and the right to terminate under the Agreement only relate        to cancelling or terminating the Agreement. Cancellation or termination will not affect the        completion of transactions initiated prior to us receiving your notice of cancellation or termination.        Cancellation or termination will not affect your or ouraccrued rights, indemnities, existing        commitments or any other contractual provision intended to survive termination of this        Agreement.

       No penalty will apply on cancellation, however, you will pay our fees on a pro-rata basis to the        date of cancellation and any additional expenses necessarily incurred by us (or a third party) in        cancelling this Agreement and any losses necessarily realised in settling or concluding outstanding        transactions and transferring your funds back to you.

       You should note that we will provide the Services to you until we receive notice of cancellation        pursuant to your cancellation right and if you do cancel the amount you receive back may be less        than your initial investment due to fluctuating market values,payment of any fees due to us, costs        we incur and any costs incurred by us due to circumstances outside our control.

2. Terms and Conditions that apply to the Services

     2.1. Non-advised dealing services

       Unless we have agreed to provide you with investment advice and given you a personal        recommendation in relation to a particular transaction, we offer “nonadvised dealing services”        which means us buying from you or selling investments to you or buying or selling investments on        your behalf when you do not wish us to advise you on

       Any instructions you give us in relation to non-advised dealing services must be given by you        through our online foreign exchange, bullion, CFD and derivatives transaction systems (the “Online        Platform”) unless we agree otherwise.

       We will provide you with prices at which the relevant currency, bullion, CFD or derivative can be        purchased or sold either verbally or via the Online Platform.

       You are required to settle each transaction on the date agreed with us for the settlement or if        there is no such date, then the second business day after the execution of an order by us or on        such other date as we may determine (the“Value Date”).

     2.2. Confirmations

       When we deal for you on a non-advised basis we will provide you with a notice in electronic form        confirming the execution of your order and providing you with details of the transaction (such as        the price and any rate of exchange used for a currency conversion). You should check the        confirmation carefully and let us know immediately of any errors. Unless you let us know within        24 hours that there is an error in the confirmation we send you it will be deemed to be binding on        you (in the absence of manifest error).

     2.3. Best execution

       When we execute an order on your behalf we are to take all reasonable steps to obtain the best        possible result for you taking into account a number of relevant factors. In order to comply with        our obligations in relation to best execution we have in place an order execution policy which is        available on our website. Our order execution policy is reviewed periodically and also whenever a        material change occurs that affects our ability to continue to provide best execution. By entering        into this Agreement you confirm that you agree to this policy.

       Please note that specific instructions from you in relation to the execution of orders may prevent        us from following our order execution policy in respect of the elements of execution covered by        the specific instruction.

       When we enter into transactions on your behalf denominated in a foreign currency other than the        base currency of your account (as such base currency is provided for in the Account Opening        Application Form) we may carry out any necessary foreign exchange transactions (together with        any hedging transactions on a transaction by transaction basis) on the settlement date for the        transaction rather than the trade date at our then prevailing rates of exchange.

       Payments into your account may where necessary be converted into the base currency of your        account.

     2.4. Capacity

       Unless we agree otherwise at the time of dealing, we will be the counterparty to all your        transactions and act as a principal and not as agent on your behalf. Unless we agree otherwise,        we will treat you alone as our client for all purposes and you shall be directly and fully        responsible for performing the obligations under each transaction we enter in with you or on your        behalf. We do not have nor do we seek to have any relationship with any third party on whose        behalf it may be claimed you are acting.

     2.5. Aggregation

       We may aggregate transactions in respect of your Account with those of other clients and of our        employees and associates (including any holding company or subsidiary company from time to        time, of ours and/or any subsidiary company of any such holding company, an “Associated        Company”) and their employees without asking you first. We will only aggregate your order if we        believe it is likely that the aggregation of your order will work overall to your advantage.        However, you should note that the effect of aggregation may work to your disadvantage in        relation to a particular order.

     2.6. Use of our Online Platform

       You will be able to enter orders at the exchange rates and prices displayed on the Online        Platform.

       The ownership of materials and text contained on our website, accessed from it,or otherwise        distributed to you by us, is confidential and protected by copyright. You agree that this material        and text is for your own personal use and that you will not disclose it to anyone else. All        electronic communications between parties in the course of business may be monitored by us in        accordance with relevant law.

       We will notify you of your Online Platform account password by phone, letter or email. Your        personal information will be requested as a means to verify your identity before the password is        released over the telephone. Your password is strictly confidential and you agree to take full        responsibility for all transactions,loss, costs and expenses, should any transaction be accepted        and concluded by us after the password has been provided to you.

       You agree that by using the Online Platform you have given your prior express consent to receive        and transmit instructions for execution outside a regulated market or multilateral trading facility.

       You will provide us with a list of people authorised to access the Online Platform on your behalf        (each an “Authorised User”). You shall notify us immediately when any new person becomes an        Authorised User or when any existing Authorised User is no longer entitled to be an Authorised        User. Upon receipt of such notice, the change in Authorised User is effective immediately (or on        such date as specified in the notice). However such notice shall not affect any instructions already        executed prior to receipt of such notice. All instructions given and accepted by an Authorised User        will be deemed to be instructions authorised by you and shall be binding on you.

       You must ensure that each Authorised User quits and closes the internet browserafter using the        Online Platform.

       You will advise us immediately if you have any reason to believe that your login and password        have not been kept secure and confidential or may otherwise have become known to others.

       We may at any time without notice to you suspend, withdraw or deny access to the Online        Platform for any reason including but not limited to security, quality of service, failure by you to        pay an amount when due or breach by you of any provision of this Agreement.

     2.7. Transmission of orders

       Unless otherwise agreed by us, all orders to trade must be given to us through the Online        Platform. Such order shall not take effect unless actually received by us

       We will endeavour to advise you promptly if such circumstances arise, however we are under no        obligation to provide you with our reasons for not acting on your orders. We will not be liable to        you in any way if we refuse to follow your orders.

     2.8. Orders binding

       When you click the submit button to enter an order through our Online Platform(or give us an        order by any other means we may agree) we will be under no obligation to accept it or, if        accepted, under no obligation to execute it. Unexecuted orders may be cancelled at our discretion.        Once an order has been entered into our Online Platform it may not be altered or cancelled.

     2.9. Margin Deposit

       Before executing any order, we may in our absolute discretion require a deposit of such amount        as we may specify in respect of any actual, anticipated or contingent liability you may have to us        in respect of anticipated or existing open positions which you have or will have with us (the        “Margin Deposit”).

     2.10. Cleared funds

       You must at all times have sufficient cleared funds with us before we will execute any order. We        will indicate to you the sum required as the Margin Deposit for each order.

     2.11. Profits, Losses and Interest Charges on Open Positions

     2.10.For any open position held by you, we shall from time to time credit your account with profits      2.10.and interest earned, or debit your account for losses and interest incurred from the date      2.10.agreed with us until the Value Date (as defined in Term 2 above) or until the position is closed      2.10.or liquidated, in the following manner:
for buying of one currency against the sale of another currency and the currency bought has a higher interest rate than the currency sold, interest arising therefrom shall be credited to              your account;

for selling of one currency against the purchase of another currency and the currency sold has a higher interest rate than the currency bought, interest arising therefrom shall be              debited to your account;

for bullion contracts, interest arising from buying or selling bullion shall be credited or debited to your account;

in the case of a negative interest rate, interest arising therefrom shall be debited to your account;

in the case of CFDs, we will charge an interest rate in respect of each [long(or bought)] open position and: - in the case of long (or bought) positions we will settle the difference between              the price or level at which we entered into the transaction with you and the price or level of              the subject matter (or underlying) on the Value Date, if it is higher we will pay the difference              to you but if it is lower you will pay the difference to us; - in the case of short (or sold)              positions we will settle the difference between the price or level at which we entered into the              transaction with you and the price or level of the subject matter (or underlying) on the Value              Date, if it is lower we will pay the difference to you but if it is higher you will pay the              difference to us.

       In all cases, interest shall be at the rate we determine from time to time and published on our        website.

     2.12. Advances and Interest Rate

       If you are not able or not willing to settle any transaction on the Value Date or on such date as we        shall require settlement, we may (but without obligation to do so) make an advance to you of        such amount as is necessary for direct settlement of any transaction in whole or in part and you        undertake to repay the US dollar equivalent (at the exchange rate or rates as we shall stipulate)        upon demand with interest therein at the rate of 3% per annum above the prime lending rate in        the United States for the time being in force, calculated on a daily basis from the date of such        advance up to and including the date of repayment in full.Interest at the above rate shall be chargeable on the following items: Any part of the Margin Deposit or additional Margin Deposit not paid or deposited in the form of cash; and

Any amount due to us which remains outstanding.

       This Term 14 shall not be construed as binding us to make any advance to you nor shall it        prejudice any of the rights and remedies we have against you or any other persons under this        Agreement or otherwise conferred by law.

     2.13. Forced Liquidation

       You are required to maintain a sufficient level of Margin Deposit. We reserve our right to close out all open positions: if at any time the Margin Deposit held by us is approaching or is no longer sufficient to cover the negative mark to market value of any or all open positions that you              have with us; or

if at any time the pre-agreed credit limit assigned to you is no longer sufficient to cover the negative mark to market value of any or all open positions that you have open with us.

       We shall have the right, in our absolute discretion, to determine the mark tomarket value from        time to time. In addition to other remedies available to us, if you fail to pay an amount when due        under this Agreement, we have the right toclose (by either buying or selling) any or all of your        open positions.

     2.14. Quoting error

       We will use all reasonable endeavours to provide up-to-date quotes for all currencies, bullion and        other instruments traded on or through our Online Platform however we give no assurance that        the prices quoted are accurate.

       In accordance with Term 29.1 in this Section 2, should a quoting error occur due to a        typographical error or other obvious mistake in a quote or indication (the“Quoting Error”), we are        not liable for any damages, claims, losses, liabilities or costs arising from the Quoting Error. We        reserve the right to make the necessary adjustments to correct the Quoting Error and close any        position opened on the basis of a Quoting Error. Any dispute arising from a Quoting Error will be        resolved on the basis of the fair market value, as determined by us acting reasonably, of the        relevant currency at the time such Quoting Error occurred.

     2.15. Credit Limits

       We may, but have no obligation to, grant you a credit limit in an agreed currency that can be        offset against a negative mark to market value on an open position,or an amount applicable to        unsettled trading losses to some or all trades (either individually or in aggregate or both).

       If the negative mark to market of an open position is approaching or has exceeded your credit        limit, we reserve the right to require you to pay an amount in addition to the Margin Deposit in        our absolute discretion. Any credit limit we set may be reduced or withdrawn at any time by        giving you notice in writing.

If we act on an instruction which would result in a credit limit being exceeded: we are not obliged to advise you of this;

you will be liable to us for all amounts due to us including those above any credit limit;

we are not obliged to act upon any subsequent instruction where a credit limit may be exceeded.

     2.16. Authorisation Limits

       You may notify us of an authorisation limit applicable to some or all trades either in general or for        particular Authorised Users. You may withdraw any such authorisation limit at any time by giving        us notice in writing. We may, in our absolute discretion, impose an authorisation limit on you        and/or any Authorised Users or vary any such limit at any time by giving you notice in writing in        accordance with Term 27 of this Section 2.

     2.17. Material interests and conflicts

       As part of an international organisation which provides a number of services to a range of clients,        there may be times when there is a conflict between our interests, or the interest of an        Associated Company and the duty we owe toyou or any other client, or a conflict between the        differing interests of two or more clients to whom in each case we owe a duty. Under the Law        rules we are required to have in place arrangements with a view to taking all reasonable steps to        prevent such conflicts of interest constituting or giving rise to a material risk of damage to the        interests of our clients. We have established a comprehensive conflicts of interest policy to        identify and manage such actual or potential conflicts of interest. Where we do not consider that        the arrangements under our conflicts of interest policy are sufficient to manage a particular        conflict,we will inform you of the nature and/or source of the conflict. Our full conflicts of interest        policy is available on request.

     2.18. Client money

       All amounts held in your account will be received and held by us as client money and segregated        (“Segregated Funds”) by us.Unless you have notified us in writing to the contrary, we may hold        Segregated Funds in a segregated account located outside the NZ or pass money held on your        behalf to an intermediate broker, settlement agent or counterparty located outside the NZ. The        legal and regulatory regime applying to any such person may be different from that of the NZ and        in the event of the insolvency or any equivalent failure of that person, your money may be        treated differently from the treatment which would apply if the money was held in a segregated        account inthe NZ.

       You agree that in the event that there has been no movement on your account for a period of at        least six years (notwithstanding any payments or receipts of charges, interest or similar items)        and/or we are unable to trace you despite having taken reasonable steps to do so, we may        release your money from the segregated account and use it as our own.

     2.19. Confidentiality

       We will use reasonable endeavours to ensure that all confidential information relating to you and        your account is kept confidential. However, you authorise us to disclose information (confidential        or not):

to our employees (or employees of our agents, nominees or custodians or other persons appointed by us in connection with your account) on a need-to know basis;

to the NZ Authorities and any other regulatory authority, to the extent that they are entitled to the information sought;

otherwise as may be required by law, best investment business practice, industry regulations or codes of practice;

in the circumstances described in Term 22 below.

     2.20. Data Protection

       When you provide your personal data on the Account Opening Application Form or otherwise you        confirm that it is current, accurate and complete.

       You agree that we may check your personal information with other information that you provide        or that is held by us about you to verify your identity and other information relating to you and we        may also carry out credit assessments on you. In doing so, your personal information may        necessarily be disclosed to third parties.then where practical and appropriate, before doing so we        will put contractual arrangements in place to ensure the adequate protection of your information        and we shall endeavour to ensure that any such contractual arrangements comply with the        standards required by the UK Information Commissioner.

       We have security procedures covering the storage and disclosure of your personal information to        prevent unauthorised access and to comply with our legal obligations.

       You may be entitled to ask us for details of the personal information that we hold about you, the        purposes for which it is being or will be processed and the recipients or classes of recipients to        whom it is being or will be disclosed. If you would like to request copies of this information,        please contact us. We may charge a fee for providing this information to you (details of which are        available upon request). If you make a written request to us, we will also correct, delete and/or        block personal information from further processing if that information proves to be inaccurate.

     2.21. Cookies

       Cookies are small pieces of information sent by a web browser so it can later be read back from        that browser. Cookies may be used on some pages of our Online Platform and website to provide        users with a more customised browsing experience. Cookies are not used to determine the        personal identity of anyone merely visiting our website.

       You can choose whether and how a cookie will be accepted by changing your preferences and        options in your browser. However you may not be able to access some parts of the website and        Online Platform if you choose to disable the cookie acceptance. We therefore recommend you        enable cookie acceptance to benefit from all the services on our website and the Online Platform.

     2.22. Intellectual Property

       You agree that we are the sole owner (except to the extent owned by any third party licensors        and except to the extent licensed by any of our Associated Companies) of all right, title and        interest in the Online Platform and any information or data generated by the Online Platform.

       At no time shall you enter into commitments for us or in our name or use our intellectual property        for any purpose whatsoever. You will not use our name orintellectual property without our prior        written approval nor will you represent yourself as being affiliated with, or authorised to act for        us.

     2.23. Complaints and Disputes

       If you have a complaint in respect of our Services you can in the first instance write to our        Compliance Officer. Details of our internal complaints policy are available on request. If you are        dissatisfied with the result of our complaints procedure you may be able to complain directly to        the Financial Ombudsman Service. The Financial Ombudsman’s Service can be contacted by        telephone on 0800 023 4567 or you can find further details on their website
       http://www.financial-ombudsman.org.uk/consumer/complaints.htm

     2.24. Communicating With Each Other

       Communication to us by post
       Unless we advise you to the contrary, our address for written communication is 14th Floor        Bookshop House 50-52 Broad Street Marina Lagos Nigeria.

       Communication to us during a face to face meeting or by fax or telephone
       We will (subject to Term 10 of this Section 2) act upon instructions received during a face to face        meeting, by telephone or fax but we cannot accept any responsibility for any inconsistency        between face to face, telephoned or faxed instructions and any subsequent written confirmation.

       Email communications
       You agree that we may communicate with you by email and (subject toTerm 10 of this Section 2)        act on instructions received via email from you. You acknowledge and accept the risks inherent in        email, particularly of its unauthorised interception and of its not reaching the intended recipient.        Please notify us in writing if you do not consent to the use of email as a means of communication        in relation to this Agreement and its subject matter.

       Communication to us by your nominated third party
       If you authorise us to accept the instructions of a nominated third party we willdo so until we        receive notice to the contrary from you. The same rules apply toface to face, written, telephoned,        faxed or emailed instructions received from a third party as they do to instructions received from        you and you must ensure that your nominated third party complies with these rules.

       Communications by us to you
       We will write to, fax, telephone or email you and/or, as appropriate, a third party authorised by        you, at the address(es) and the other contact details as set out in the Account Opening Application        Form or any other address(es) and other contact details you notify to us in writing. To help us        manage and administer your account properly our representatives or employees may occasionally        call you on the telephone or visit you without clearing this with you first.

       Apparent instructions
       As long as we act reasonably, you authorise us to rely on instructions bywhatever means        transmitted which appear or purport to be sent by you or a third party authorised by you.

       Receipt of instructions and notices
       If an instruction or notice from you is received by us outside business hours(meaning 9.00 am to        5.00 pm Monday to Friday on a day that is not a public holiday in NEW ZEALAND), the instruction        or notice is deemed to have been received by us on the next business day following receipt. Any        notice posted on our website will be deemed to have been given 3 daysafter the notice was        posted.

     2.25. Your undertakings

       Authority
       You undertake that you have full power and authority to enter into, and to instruct us, on the        terms of this Agreement.

       Information
       You undertake:

that all the information you have supplied to us in the Account Opening Application Form during meetings with us or otherwise is complete and accurate;

to notify us promptly of any change to the information supplied by you in the Account Opening Application Form or otherwise;

to supply us with all information, documentation or copy documentation that we require in order to allow us to carry out our account opening procedures and carry out ongoing              monitoring of you;

to provide us with any additional information which may be reasonably required by us in order that we can fulfil our legal, regulatory and contractual obligations in connection with or              relating to this Agreement.

       Your investments
       You undertake that:

(unless otherwise agreed with us) the investments and cash within your account are within your beneficial ownership and are and will remain, for the term of this Agreement, free from              all liens, charges and any other encumbrances;

while this Agreement continues you will not, except through us, deal, or authorise anyone else to deal in the investments in your account;

while this Agreement continues you will not, either directly or indirectly, cause us to incur any liability to any third party which is not anticipated by the express terms of this              Agreement.

       Documents
       You undertake to sign and/ or produce, by the time we ask you to, any documents we need to        enable us to carry out our duties under this Agreement.

       Indemnity
       You (and where you are an individual or individuals your personal representatives) indemnify us        on our written demand against all proceedings,actions, costs and expenses, claims, demands        and/or other liabilities incurred by us, our agents, or any nominee or custodian, as a consequence        of:

the acceptance of instructions from you or any Authorised User over the telephone or by fax or by email or via the Online Platform;

any breach by you or any Authorised User of any of the terms of this Agreement.

       This indemnity shall not apply to the extent of any liability caused by a breach of this Agreement        by us or the negligence, fraud or wilful default of us, our agents, a nominee or custodian.

     2.26. The extent of our responsibility for our actions and the actions of others

       Our responsibility
       We will carry out our duties with reasonable skill, care and diligence and in accordance with the        instructions and authority you have given us. As long as we do this, we cannot and do not accept        any liability for loss (or the loss of an opportunity to gain) which arises from the provision of our        Services for and on your behalf. We shall not be liable under any circumstances for any        direct,indirect or consequential loss incurred as a result of a delay in funds reaching you.

       We accept responsibility for our own nominee(s)
       We accept responsibility for the acts or omissions in respect of this Agreement of any nominee        company controlled by us or controlled by one of our Associated Companies.

       Custodians / agents (other than our own nominee(s))
       We will exercise reasonable care in our choice of nominees, custodians or agents and we will        monitor their continuing suitability. As long as we do this(and as long as the losses do not arise        directly from our negligence, fraud or wilful default) we cannot and do not accept responsibility        for loss arising from the default of a nominee (other than our own nominee), a custodian or agent        whether the loss arises from the loss of funds, investments, title documents or otherwise.

       Events outside our reasonable control
       We cannot and do not accept responsibility for losses you suffer as a result of our (or our agents,        nominees, custodians or others appointed by us) failing to comply with these terms (or terms or        matters contained in the Account Opening Application Form) as a result of circumstances outside        our or their reasonable control. These circumstances would include, but not be limited to,        interruption of power supply, electronic equipment or supplier failure. Neither objectives nor        restrictions will be deemed to be breached as a result of changes in the value of investments        caused by movements in the market.

        Market Disturbances
       We may give a notice (a “Disturbance Notice”) to you at any time if we form the view that market        or trading conditions in the relevant market for the currency, bullion or other instrument        concerned are seriously disturbed. This includes circumstances where, in our opinion, deposits in        the currency, bullion or the instrument concerned are not available to us in the ordinary course of        business in the relevant market or because of national or international financial, political or        economic circumstances or exchange controls, it is impractical.
       When a Disturbance Notice is given, our obligations will be suspended while we negotiate        alternative arrangements with you. If we reach agreement before the Value Date, those        alternative arrangements will apply. If we do not reach agreement within that period, we will each        be released from our obligations under the relevant transaction.

       Agency status
       In any circumstances in which we act as your agent you will be bound by our actions. These        circumstances may include but not be limited to our dealing with a third party on your behalf or        arranging for a third party to receive or hold your money. Nevertheless, none of the Services        shall give rise to any fiduciary orequitable duties which would prevent or hinder us or any        Associated Company in transactions with or for you, including programme trades, acting as both        market maker and broker, or acting as agent in dealing with other associates or clients and        obtaining a profit from any such activity.

     2.27. Delegation and use of Associated Companies/agents

       We may delegate any of our responsibilities under this Agreement to a third party.

     2.28. Charges

       You agree to pay us the charges for our Services as notified to you through the Online Platform.        Our website and other notifications to you set out:

the basis of calculation of our charges;

how frequently they are to be paid;

(where relevant) whether any other payment is to be received by us (or to our knowledge by an Associated Company) in connection with transactions we carry out with or for you in              addition to, or in lieu of, our charges.

        Expenses
       You agree to reimburse us for all the costs and expenses we incur in the carrying out of our        Services. The costs will include, but not be limited to:

any costs and expenses referred to in the Account Opening Application Form and/or otherwise notified to you;

transaction costs;

commissions, transfer fees, registration fees, taxes and similar liabilities and costs.

       We shall retain a lien and security interest over any assets within your account to the extent that        any charges, costs, losses or claims for which you are liable to us remain unpaid. We will notify        you of any disposal of any assets of yours we may be holding pursuant to rights under a lien or        security interest. Such disposal will occur if you fail to make payments to us when due. The lien        or security interest will apply in respect of each asset or type of asset or class of asset comprised        within your account from time to time to the extent of your indebtedness to us. In the event of        default or late payment of any sum due to us we reserve the right to charge interest at a rate not        exceeding the effective cost to us of borrowing in the relevant money markets an amount equal to        the sums due or such other rate as we may have notified to you.

       Changes in charges
       Our charges may be changed from time to time. We will let you have 30 calendar days’ written        notice of any changes to our charges before we implement them.

       Payment of charges and expenses
       You authorise us to deduct the charges and expenses due in relation to the provision of our        Services under this Agreement and all related charges and expenses from your account at the        times and frequency which have been notified to you. If there are insufficient cash balances on        the account you authorise us to liquidate positions or sell any assets we may be holding to the        extent necessary to cover the accrued charges and expenses. If we cannot collect charges and        expenses in this way we will invoice you and the invoice will be payable on receipt.

     2.29. Ending the Agreement

       Notice of ending
       You may end this Agreement by giving us written notice at any time - this Agreement will end        when we receive your notice (or on a later date specified by you in such notice).

       We may end this Agreement by giving you written notice at any time – this Agreement will end        when you receive our notice (or on a later date specified by us in such notice).

       We may also end this Agreement with immediate effect by written notice if either you breach any        of the terms of the Agreement or we need to do so for regulatory or operational reasons.

       Transactions in progress
       When this Agreement ends, transactions already initiated to which we or our agents are        committed will be completed.

       Consequences of ending
       When this Agreement ends we shall liquidate or close out all open positions and may charge you        for:

periodic charges which have accrued through to the date of termination which shall become immediately due and payable;

any additional expenses we or our agents necessarily incur on termination of this Agreement;

any losses necessarily realised by us in settling or concluding outstanding obligations.

       Within two days of termination of this Agreement, you will return or destroy all passwords and        log-in information received from us in accordance with our written instructions. Termination of        this Agreement is without prejudice to the accrued rights and liabilities of the parties except in the        case of termination under Term 32.1.3 which shall relieve us of any obligations set out in this        Agreement or arising out of transactions contemplated by this Agreement, including any        obligations arising out of any transaction already entered into with us.
       Terms 28.5, 29.1 and 33.10 in this Section 2 shall survive termination of this Agreement.

       Investments
       When this Agreement ends we will account to you promptly for any assets we may be holding for        you. However, we shall retain a lien and security interest over any assets within your account to        the extent that any charges, costs, losses or claims for which you are liable to us remain unpaid.

     2.30. General

       Amendments
       You must notify us in writing of any proposed amendments to this Agreement which will take        effect only when accepted by us in writing.We may amend this Agreement at any time.        Amendments proposed by us will take effect on the date notified to you by us, which shall be a        date not less than 10 business days after the date of issue of our notice unless circumstances        (such as legal or regulatory requirements) dictate a shorter period.

       Time of essence
       Time shall be of the essence in respect of all your obligations under this Agreement (including any        transaction).

       Assignment / transfer
       This Agreement is personal to you and you may not assign or transfer any of your rights or        responsibilities under it without our prior written consent. We may assign or transfer our rights        and responsibilities under this Agreement to an Associated Company upon giving you written        notice. We may assign or transfer our rights and responsibilities under this Agreement to a third        party but will give you 30 calendar days’ prior written notice if we intend to do so.

       Rights and remedies
       The rights and remedies provided in this Agreement are cumulative and not exclusive of any        rights or remedies provided by law.Neither the failure nor delay on our part in exercising any        right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or        partial exercise of any right or remedy preclude us from any other or further waiver of any right        or remedy.

       Severance
       If any court or competent authority finds that any provision of this Agreement (or part of any        provision) is invalid, illegal or unenforceable, that provision or part provision shall, to the extent        required, be deemed to be deleted, and the validity and enforceability of the other provisions of        this Agreement shall not be affected.

       If any invalid, unenforceable or illegal provision of this Agreement would be valid,enforceable and        legal if some part of it were deleted, the provision shall apply with the minimum modification        necessary to make it legal, valid and enforceable.of its terms

       Language
        This Agreement is supplied in English and all communications from us to you for the duration of        this Agreement shall be in English.

       Telephone calls
       Telephone calls between us may be recorded to maintain the quality of our service to you. All        recordings shall be and remain solely our property and will be accepted by you as conclusive        evidence of instructions or conversations so recorded. You agree that we may deliver copies of        transcripts of such recordings to any court, regulatory or government authority.

       Cooperation in proceedings
       If any action or proceeding is brought by or against us in relation to this Agreement or arising out        of any act or omission by us required or permitted under this Agreement, you agree to co-operate        with us to the fullest extent possible in the defence or prosecution of such action or proceeding

       Governing law
       This Agreement is governed by and shall be construed in accordance with the laws of New zealand        and shall be subject to the non-exclusive jurisdiction of the English courts.

       Treating Clients Fairly
        At FXDM(W/A)LTD Markets Limited we are committed to treating our clients fairly(“TCF”). We        have reviewed these terms and conditions in the context of TCF and believe that they are in        accordance with our TCF commitment. Wehave also reviewed our internal systems and controls        and will continue to monitor the service we provide in the light of client feedback to ensure TCFfor        our clients.

3. Provisions Relevant to Particular Types of Client

     3.1. Individuals applying jointly

       Acceptance of Instructions
       We will accept instructions from any one account holder unless you notify us otherwise.

       Death during the term of the Agreement
        On the death of any one of you this Agreement will not terminate and we will treat the        survivor(s) as the only person(s) entitled to or interested in the account. Should all of you die        during the term of this Agreement we shall continue to hold the account according to the        investment mandate specified until such time as we are instructed otherwise by the properly        appointed executor(s) of the last of you to die.

       Joint and Several Liability
       Each of you accepts joint and several liability for the obligations accepted by you under this        Agreement.

     3.2. Partnerships

       If you are a non-incorporated partnership, the following additional terms apply:

       Changes in composition of non-incorporated partnerships
        This Agreement shall continue in full force and effect notwithstanding any change in the        composition of a non-incorporated partnership whether by the death, retirement or addition of        partners to the partnership or otherwise.

       Joint and Several Liability
       If you are a partner in a non-incorporated partnership each of you accepts joint and several        liability for the obligations accepted by you under this Agreement.

     3.3. Trusts

       If you are a trust the following additional terms apply:

       Changes in trustees during the term of the Agreement
       At our option this Agreement shall continue in full force and effect notwithstanding any change in        the composition of the trustees whether by death, retirement or addition of trustees or otherwise.

        Joint and several liability
       Each trustee accepts joint and several liability for the obligations accepted by you under this        Agreement. Save in respect of liability arising directly or indirectly from negligence, fraud or        wilful default, the liabilities of the trustees under the terms of this Agreement shall be limited to        the assets of the trust from time to time.

     3.4. Unincorporated associations

       If you are members of an unincorporated association, the following additional terms apply:

       Changes in membership during the term of this Agreement
        At our option this Agreement shall continue in full force and effect notwithstanding any change in        the composition of the membership whether by death, retirement or addition of members or        otherwise.

       Joint and several liability
       Each of you accepts joint and several liability for the obligations accepted by you under this        Agreement.

4. Risk Warnings

       You should consider the following risks before trading through our Services.

       Trading in foreign exchange, bullion, CFDs and derivatives, particularly margin trading, involves        the potential for profit as well as the risk of loss which may vastly exceed the amount of money        you commit to any trade or transaction.

       You may be required to deposit substantial additional margin, at short notice, to hold your        positions. If you fail to provide funds to hold your positions they may be closed without further        reference to you. We cannot guarantee a maximum loss that you may suffer.

       Movement in the price of foreign exchange, bullion rates, CFDs and derivatives are influenced by        a variety of factors of global origin many of which are unpredictable. Price movements of        derivative contracts are influenced by interest rates, changing supply and demand relationships,        trade, fiscal, monetary and exchange control programmes and policies of governments, and        national and international political and economic events and policies. In addition, governments        intervene from time to time, directly and by regulation, in certain markets, particularly markets        in currencies and interest rate related contracts and derivatives. Such intervention is often        intended to influence prices and may, together with other factors, cause all of such markets to        move rapidly in the same direction because of, among other things, interest rate fluctuations.

       Violent movements in the price of foreign exchange, bullion rates, CFDs and derivatives may        result in action by the market as a result of which you may be unable to settle adverse trades.

       Certain investment strategies or hedging techniques, including those involving’‘spread’ positions or        ‘straddles’, may be as risky as taking simple ‘long’ or ‘short’ positions.

       Although derivatives can be used for the management of investment risk, some of these products        are unsuitable for many investors. Different instruments involve different levels of exposure to        risk and in deciding whether to trade in such instruments you should be aware of the issues set        out in this risk warning.
       However, this risk warning cannot disclose all of the risks and other significant aspects of such        derivatives. You should not deal in derivatives unless you understand their nature and the full        extent of your exposure to risk and losses.

       You should therefore carefully consider whether such trading is suitable in light of your own        financial position and investment objectives.

       If there is anything you do not understand it is recommended that you seekappropriate advice        from a suitably qualified person (such as a lawyer, accountant or financial adviser).

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