Holiway Investments Limited
Note: The English version of this agreement is the governing version and shall prevail whenever there is any discrepancy between the English version and the other versions.
This Client agreement, together with any Schedule(s), and accompanying documents, as amended from time to time, (this “Agreement”) sets out the terms of the contract between the Client and Holiway Investments Ltd. Please read it carefully and let us know as soon as possible if there is anything which the Client does not understand. By signing this agreement, it is assured that the Client understands and agrees with the terms of this agreement set our herein.
In this Agreement:
“Account” means the account the Client holds with the Company and designated with a particular account number.
“Applicable Regulations” means:
“Associate” means an undertaking in the same group as us, a representative whom the Company or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them.
“Balance” means the sum held on behalf of the Client on its Client account within any period of time. Specifically, is the sum of total amount of executed transactions and deposits/withdraws to/from the account.
“Base Currency” means Euros.
“Binary Options” mean financial instruments where a prediction is made on the direction of the price movement of an asset at a certain period of the day. The payoff is pre-arranged to be fixed amount if the option expires in the money or nothing at all if the option expires out of the money.
“Business Day” means a day which is not a Saturday or a Sunday and upon which banks are open for business in Cyprus.
“CIF Authorisation” means the license the Company has obtained from CySEC, as this may be amended from time to time and which sets out the investment and ancillary services the Company is authorized to provide.
“Client Money Rules” means the rules specified in paragraph 18(2)(j) of the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters and the Directives and Circulars issued pursuant to this paragraph, as amended from time to time by CySEC.
“Close position” means deal of purchase (sale) covered by the opposite sale (purchase) of the contract.
“Company’s websites” means the following websites as these may be amended from time to time:
“Credit Support Provider” means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement.
“CySEC” is an abbreviation for “Cyprus Securities and Exchange Commission”. CYSEC’s office is situated at 27 Diagorou Street, 1097, Nicosia, Cyprus.
“CySEC Rules” means the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters, the Prevention and Suppression of Money Laundering Activities Law, the Directives, Circulars and all other regulations issued pursuant to these Laws and all guidance notes, administrative notices, newsletters and rules published by the Cyprus Securities and Exchange Commission.
“Electronic Services” means a service provided by us, for example an Internet trading service offering Clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
“Event of Default” means any of the events of default as listed in Section 20 of the Agreement.
“Execution” means the completion of Clients’ orders on the company’s trading platform, where the company acts as a principal to Clients’ transactions.
“Financial Instruments” refers to any of the financial instruments offered by the Company and which are defined as such under applicable Law or Regulation. According to the Company’s license these refer to the following:
“KYC” means Know Your Client.
“Margin” means the amount of funds required to open positions and for each open position held opened in Client’s trading account in accordance with the chosen leverage.
“MTF” means multilateral Trading Facility.
“Open Position” means a long or short position whose value is changing in accordance with change of the market price of the financial instrument.
“Order” means the request/ instruction given by the Client to the Company to Open or close a Position in the Client’s account.
“OTC” means ‘over the counter’ and refers to transactions conducted otherwise than on an exchange.
“Holiway Trading Desk” means the trading desk operated by us at our premises the Headquarters of Holiway Investments Limited in 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia.
“ Holiway Online Trading System” means the internet-based trading system available at our website that allows the Client to provide us with instructions.
“Secured Obligations” means the net obligation owed by the Client to us after the application of set-off under clause 12 (Margining Arrangements) in the paragraph entitled (Set-off on default).
“Services” means the investments and ancillary services which will be provided by the Company to the Clients and are governed by this Agreement
“System” means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable the Client to use an Electronic Service.
“Transaction” means any transaction subject to this Agreement and includes a CFD, spot or forward contract of any kind, future, option (including binary options) or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorized under our Cypriot Investment Firm (“CIF”) license from time to time which we both agree shall be a Transaction.
2.1 About us
Holiway Investments Limited (hereafter the “Company”or “ Holiway), is a Cyprus Investment Firm that provides investment and ancillary services as these are defined throughout this Agreement, through its electronic system over the Internet ( hereafter the “Trading Platform”).
The Company is authorized and regulated by the CySEC. Our registered office is 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia .
Holiway owns and operates websites, trading platforms and brand names as indicated in its websites. Holiway operates through these websites which allow online trading.
The Client has accepted all the information presented in the Company’s website which is available to the public. It is noted that the Company may operate other websites apart from the main website mentioned above and which may contain information concerning the Company, its services and the legal framework to which the Company is bounded, in different languages other than the English one.
In accordance with this Agreement please follow the Company’s website and view the following policies:
The Company advises the Client to read and understand the Company’s aforementioned policies. If the Client does not object in writing the Company’s Order Execution Policy and continue to use our services, the Company will deem that the Client has consented to the Order Execution Policy.
2.2 Scope of this Agreement
This Agreement sets out the basis on which the Company will provide services to the Client. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.
This Agreement supersedes any previous agreement between the Client and the Company on the same subject matter and takes effect when the Client indicates your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.
This Agreement is supplied to the Client in English and the Company will continue to communicate with the Client in English for the duration of this Agreement. However, where possible, the Company will communicate with the Client in other languages in addition to English.
3.2 Communication with us
The Client may communicate with us in writing by email or other electronic means, or orally (including by telephone). Our contact details are set out Section 2.1 of this Agreement. The language of communication shall be English, and the Client will receive documents and other information from us in English. However, where appropriate and for your convenience, the Company will endeavor to communicate with the Client in other languages. Our website contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail.
The Client enters this Agreement as a principal and not as agent (or trustee) on behalf of someone else.
3.4 Legal Age
Holiway’s services and products traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). The Client represents and warrants that if the Client are an individual, the Client are at least 18 years old and of legal age in your jurisdiction to form a binding contract, and that all registration information the Client submit is accurate and truthful. The Company reserves the right to ask for proof of age from the Client and your account may be suspended until satisfactory proof of age is provided. The Company may, in its sole discretion, refuse to offer its products and services to any person or entity and change its eligibility criteria at any time.
3.5 General interpretation
A reference in this Agreement to a “clause” or “Schedule” shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to “document” shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the CYSEC’s Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement.
The clauses contained in the attached Schedule (as amended from time to time) shall apply. The Company may from time to time send to the Client further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. The Client acknowledges having read, understood and agreed to the Schedules to this Agreement.
Headings are for ease of reference only and do not form part of this Agreement.
3.8 Trading Advice
We will not give advice you on the merits of any Trade and will deal with you on an execution-only basis. None of our staff is authorised by us or permitted under CySEC rules to give you investment advice. Accordingly, you should not regard any proposed trade, suggested trading strategies or other written or oral communication from us as investment advice or as expressing our opinion on the suitability of a particular trade to your needs or financial objectives. You must trust your own judgment for any investment decision you make in relation to your Account.
The Company will deal with the Client according to the rules of professional conduct based on which the Client will be treated as Retail Client, Professional Client or Eligible Counterparty in accordance with the information provided to the Company during the Account opening procedure. The Client shall inform the Company in case the Client’s personal information change. In the event that the Client wishes to be re- categorized the Client must inform the Company in writing, clearly stating such a wish. The final decision of the change in categorization however lies in the absolute discretion of the Company.
The Company shall treat the Client as a retail Client for the purposes of the CYSEC Rules and the Applicable Regulations. However, if the Client does request such different categorization and the Company agree to such categorization, the protection afforded by certain CYSEC Rules and the other Applicable Regulations may be reduced. This may include, but is not limited to:
The Client is bound by the method and process of categorization as this is defined and thoroughly explained in the Client Categorization Policy which can be found on the Company’s website. Therefore, by accepting these Terms and Conditions, the Client accepts the application of the categorization method as this is defined in the Client Categorization Policy.
5.1 Additional Costs
The Client should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
All payments to us under this Agreement shall be made in such currency as the Company may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by the Client without any deduction or withholding.
5.3 Remuneration and sharing of charges
The Company may share charges with partners, affiliates, business introducers and agents in connection with Transactions carried out on your behalf. Business introducers and agents are paid on the basis of the percentage of spread. Partners and affiliates get fixed fees. Details of such remuneration or sharing arrangements are available to the Client upon request. If the Client requires more information on the fees and commissions that the Company pay to business introducers and other affiliates, let us know and the Company will provide the Client with further information.
5.4 Payment Service Providers
Payment service providers include Wirecard, Inatec, and SafeCharge.
5.5 Withdrawal ChargesWithdrawals will be charged with the actual banking charges and commission for outward transfers plus any other out of pocket expenses. For indicative pricing for outward transfers, now in force, click here.
The Client has a right to cancel this Agreement for a period of fourteen days (14) commencing on the date on which this Agreement is concluded or the date on which the Client receive this Agreement (whichever is later) (the “Cancellation Period”). Should the Client wishes to cancel this Agreement within the Cancellation Period, the Client should send notice in writing to the following address: Holiway Investments Limited, 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia , or electronically to the following email address: firstname.lastname@example.org. Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by the Client during the Cancellation Period. If the Client fails to cancel this Agreement within the Cancellation Period the Client will be bound by its terms but the Client may terminate this Agreement in accordance with Section 23 of this Agreement.
6.1 Termination without default
Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination to the other. The Company may terminate this Agreement immediately if the Client fails to observe or perform any provision of this Agreement or in the event of your insolvency. In such a case, the Company will notify the Client accordingly.
Upon terminating this Agreement:
Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
7.1 Execution only
The Company deals on an execution only basis and does not advise on the merits of particular Transactions, or their taxation consequences.
7.2 Incidental information and investment research
The Company does not provide generic trading recommendations, market commentary or other information:
8.1 It shall be noted that due to market conditions and fluctuations, the value of Financial Instruments may increase or decrease, or may even be reduced to zero. Regardless of the information the Company may give to Client, the Client comes to an understanding and accepts the possibility of these events to happen.
8.2 The Client is aware and accepts that there is a risk of suffering losses as an outcome of his/her trading transactions (selling/buying financial instruments) through the Company and the Company’s Trading Platform and accepts that he is willing to undertake this risk upon entering into this business relationship.
8.3 Without prejudice to our foregoing obligations, in asking us to enter into any Transaction, the Client represent that the Client have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction.
8.4 The Client represent that the Client have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any Transaction and that the Client have read and accepted the Risk Disclosure Statement and guidelines in relation to the financial instruments and the markets which are available in our websites. The Company does not provide the Client with warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with the Client.
Pursuant to CySEC Rules the Company is obliged to make the necessary arrangements for handling the conflicts of interest between the Company and its Clients. The Company will try to make all reasonable efforts to avoid any conflicts of interest that are likely to arise.
The Client consents that he/she accepts the ‘Conflicts of Interest Policy‘. Please refer to our conflicts of interest policy for further information on how the Company manage conflicts which would affect the impartiality of investment research the Company provide to the Client. Upon request, the Company will provide the Client with any further details in that regard.
CLIENT ACCOUNTS AND INITIAL DEPOSITS
Before the Client can place an order with Holiway, the Client must read and accept this Agreement, including the risk disclosure statement, the trading policies and procedures as listed in clause 12 below, and all applicable addenda, the Client must deposit sufficient clear funds in your account and your Client registration form and all accompanying documents must be approved by Holiway. Upon the approval of your registration, the Client will be notified by e-mail. Holiway may, in its sole discretion, request that in addition to online acceptance of this Agreement, Client must complete and submit any signed documents so required by Holiway, including but not limited to this Agreement and risk disclosure statement.
In order to trade the Client is required to provide a current and valid government issued photo ID. We can accept a color copy of either a valid Passport or National ID.
9.2 Currency of Accounts
The Client will be able to open your trading Account(s) in USD/EUR/GBP- or any currency that may be offered by Holiway. Account(s) balances will be calculated and reported to the Client in the currency in which Account(s) are maintained.
9.3 Joint Accounts
In addition to the conditions listed paragraph entitled “Authority” with regards to joint Account holders, the following additional conditions apply.
Where your trading Account held with the Company, is jointly owned by two or more beneficiaries:
9.3.1 Each Joint Account holder will be jointly and severally liable for all obligations to Holiway arising in respect of your joint trading Account.
9.3.2 Each of the Joint Account holders is separately responsible for complying with the terms of this Agreement.
9.3.3 If there is a dispute between the Client which the Company know about, the Company may insist that both or all of the Client authorize written instructions to us.
9.3.4 If one of the Joint Account holders dies, the survivor(s) may continue to operate the trading Account and if there is more than one survivor, the provisions of this paragraph will continue to apply to the trading Account.
9.3.5 Where the Joint Account holder provides personal and financial information relating to the other joint Account holder(s) for the purpose of opening or administering your trading Account the Client confirm that the Client have their consent or are otherwise entitled to provide this information to us and for us to use it in accordance with this Agreement.
9.3.6 Any of the Joint Account Holders may request closure and the redirection of balances, unless there are circumstances that require us to obtain authorization from all of the holders of the Joint Account.
9.3.7 Each of Joint Account Holders will be given sole access to the funds initially deposited in your joint trading Account. Should the Joint Account Holders wish to withdraw these funds from your trading Account, they will be required to complete and sign a withdrawal form which shall be signed by all the holders of the account, upon receipt of the completed and signed withdrawal form the Client will be granted permission by Holiway to withdraw funds up to the amount the Client initially deposited, provided that the conditions for withdrawals stipulated in clause 12 are satisfied. Holiway will credit the amount withdrawn in the same bank account from where it was originally debited.
9.3.8 In the case of withdrawal of profits, if any of the Client wishes to withdraw profits from the joint trading Account, the Client will be required to complete and sign a withdrawal form, provided that the conditions for withdrawals stipulated in clause 12 are satisfied. Upon receipt of the completed and signed withdrawal form the Client will be granted permission by Holiway to withdraw any profits from the joint trading Account. Holiway will credit the amount of profits withdrawn in the same bank account from where it was originally debited.
In order for this Agreement to be valid and binding it is required that all joint Account holders sign the Agreement and in case the Client and/or any of the Account holders wish to terminate this Agreement and close the joint trading Account held with the Company, the written consent of all Account holders shall be obtained in accordance with the provisions of clause 17 of this Agreement. In addition all joint Account Holders are required to submit the KYC documentation as obliged by CySEC Rules as well as all financial information for the construction of the Client’s economic profile as well as for the assessment of the appropriateness test.
10.1. Accounts which do not present any type of transaction for the period of six months are considered as Inactive Accounts.
10.2. Inactive Accounts which remain without any type of transaction for a period of six months are considered as Dormant Accounts.
10.3. Handling of Inactive Accounts:
10.4. Handling of Dormant Accounts
11.1 Bonus Policy
In order to conform with new regulations issued by the supervising authority, our bonus scheme will be withdrawn as of today. The rights of clients who have already accepted bonuses will not be affected in any way. Terms and Conditions related to bonus schemes will continue to be binding for both parties (for ourselves and the client.)
Withdrawal Restrictions related to bonus:
11.1.1 A client’s bonus amount is not eligible for withdrawal until the minimum trading volume is met. The trading volume amounts can be 30, 40 or 50 times the value of the bonus. For example, a client who receives a $500 bonus on condition of reaching a trading volume 40 times the bonus, is required to generate a total volume of $20,000 (i.e. the product of the bonus multiplied by 40 - $500 x40 = $20,000) before they become eligible for withdrawing their bonus.
11.1.2 Any improper or abusive trading, not in accordance with the Company’s Terms and Conditions, will result in the bonus being revoked and may also result in your account being frozen.
11.1.3 The Company will not restrict the client from withdrawing his/her deposit, however the profits generated from bonus funds will be forfeited if the Client withdrawals before reaching the predetermined bonus trading volume.
11.1.4 All bonuses offered by the Company are optional and a Client is not required to accept these offers. When a Client initially deposits funds into their account and they choose not to accept a bonus they are not bound to the specific terms relating to bonuses. All bonuses are accepted upon a Client reading the terms and signing the bonus agreement. Within 5 working days of accepting a bonus a Client can opt out of a bonus by notifying a member of the Client Support Team. For this to transpire the Client cannot have placed more than 5 trades since accepting the bonus. In the circumstance that the Client wishes the bonus removed and has traded less than 5 trades, Holiway will remove the bonus from the Client’s account and the Client will not be held to the bonus specific terms, however they shall still be bound to all the other terms and conditions.
11.1.5 Excluded from the calculation of trading volume as stated in 11.1.1 are all One-Touch Options and Ladder Options.
11.2 Currency of Trades
Unless otherwise specified by the Company, all trades shall be made in the currency chosen during registration.
11.3 Terms of Acceptance for Orders
Holiway shall have no liability for failure to execute orders. Holiway shall have the right, but not the obligation, to reject any order in whole or in part prior to execution, or to cancel any order, where the Client’s account contains funds that are insufficient to support the entire order or where such order is illegal or otherwise improper.
The Company shall be entitled to act for the Client upon instructions given or purporting to be given by the Client or any person authorized on Client’s behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If Client’s account is a joint account, the Client agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. The Company shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by us in reliance on any such instructions or on the apparent authority of any such persons.
12.1 This Order Execution constitutes a legal requirement following the Company’s authorization and regulation by the Cyprus Securities and Exchange Commission (“CySEC”) under authorisation number CIF 248/14, as detailed below:
The purpose of this policy is to establish effective arrangements for obtaining, when Holiway Investments Limited, hereafter the “Company”, is executing clients’ orders, the best possible result for its clients.
This document aims to set out those arrangements and to ensure compliance with legislative requirements and the departmental and general procedures, which are set within this Internal Procedures Manual.
This policy shall be read in conjunction with Dealing Room Manual of this Internal Procedures Manual.
12.3 Legal Framework
In accordance with the Investment Services and Activities and Regulated Markets Law of 2007, CIFs must take all reasonable steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution, size, nature or any other consideration relevant to the execution of the order. Nevertheless, whenever there is a specific instruction from the client, the CIFs shall execute the order following the specific instruction.
In addition, CIFs must establish and implement an order execution policy to allow the CIF to obtain, for its clients’ orders, the best possible result.
Dealing Room is the relevant department to which the order execution policy mainly applies. Senior Management reviews the policy on an annual basis or / and whenever a material change occurs that impacts the Company’s ability to continue offering best execution of its clients’ orders using the Company’s trading platform.
The Company proceeded to the establishment and maintenance of an Order Execution Policy, in order to ensure compliance with the obligation to execute orders on terms most favourable to the clients and to achieve the best possible results for its clients, taking into consideration its clients’ ability, needs and trading policies, where applicable and possible.
The policy outlines the process that the Company follows in executing trades, and assures taking all reasonable steps to consistently obtain the best possible result for clients through its order execution policy. It is noted however that when executing an order following a specific client instruction, the Company will execute the order in line with those instructions and will consider that it has discharged its best execution obligations.
12.5 Best Execution Criteria
The Company will take into account the best execution criteria for determining the relative importance of the execution factors:
The best possible result will be determined in terms of the total consideration, representing the price of the contract and the cost related to execution. The other execution factors of speed, likelihood of execution size, nature or any other relevant consideration will, in most case, be secondary to price and cost considerations, unless they would deliver the best possible result for the client in terms of total consideration.
12.6 Specific Instructions
In circumstances where the client provides the Company with a specific instruction as to how to execute an order and the Company has accepted this instruction, then the Company will execute the order in accordance with that specific instruction.
Nevertheless, if the client provides a specific instruction to carry out an order, then by executing that order the Company will be complying with the Company’s duty to provide the client with best execution. This may result in being unable to follow the Company’s order execution policy for that particular order.
12.7 Execution Venues
Execution venues are the entities to which the orders are placed or to which the Company transmits orders for execution. The Company will enter into transactions with the client as principal (counterparty) and not as an agent; even though the Company may transmit the client’s order to the liquidity providers for execution, due to risk parameters (i.e. clients with high volume, big equity, etc.), the Company will still be the contractually counterparty to the client. Therefore, the Company will act as the sole Execution Venue for clients’ orders.
In particular, the Client deposits funds with the Company and places an order via a trading platform and the Company is responsible for safeguarding of clients’ funds. Upon receipt of the order, the Company opens an exactly identical order on its name with the market maker, per order received or accumulatively. In this respect, the Company executes the client order by acting as a riskless principal (i.e. enters into true back to back trades).
The Clients order is placed through our liquidity provider SpotOption Exchange Ltd., which is a CIF regulated by CySEC license number 170/12.
The provider is continuously updating its prices. Therefore, last updated prices are displayed on Company’s trading platform.
12.8 Execution Factors
The Company, when managing client’s orders takes into account various execution factors, provided that there are no specific instructions from the client to the Company about the way of execution of the orders. The execution factors include:
The Company will provide its own tradable prices which are derived from independent price providers. The main way in which the Company will ensure that the client receives the best execution will be to ensure that the price provision to the client is made with reference and compared to a range of underlying price providers and data sources. The Company reviews its independent price providers at least once a year to ensure that correct and competitive pricing is offered.
When the client opens a position in some types of financial instruments a commission or a financing fee will apply.
12.8.3 Size of order
All orders are placed in monetary value. The client will be able to place his order as long as he has enough balance in his trading account. If the client wishes to execute a large size order, in some cases the price may become less favorable considering the feed obtained from its price provider.
Obviously, prices change over time. The frequency with which they do varies with different financial instruments and market conditions. Considering that the tradable prices which are distributed via the Company’s trading platform/terminal, technology used by the client to communicate with the Company plays a crucial role. For instance, the use of a wireless connection, or dial up connection, or any other communication link that can cause a poor internet connection can cause unstable connectivity to the Company’s trading platform/terminal. The result for the client is to place his orders at a delay and the order to be executed at better or worst prevailing market price offered by the Company via its platform/terminal.
12.8.5 Nature of the order
The particular characterizing of an order depends on the Binary option to be selected by the client. The value of the option is mainly depended on the volatility of the underlying instrument, the set time of option expiration and the risk management to be selected by the client.
12.8.6 Likelihood of execution
Due to the levels of volatility affecting the underlying instrument’s price, the Company seeks to provide client orders with the fastest execution reasonably possible.
12.8.7 Likelihood of settlement
The Company shall proceed with the settlement of all transactions upon the execution and/or time of expiration of the specific transaction.
12.9 Market Impact
The Company’s quoted prices which are derived from its independent price providers may be affected by various factors which could also affect the abovementioned factors. The Company will take all reasonable factors to ensure the best possible result for its clients.
Appropriate information is provided to the client on the content of the execution policy. The prior consent of the clients is obtained regarding the documented order execution policy to be followed. In addition, a clear and prominent warning is disclosed to the Company’s clients (within the Client Agreement) that any specific instruction from a client may prevent the Company from taking the steps that is has designed and implemented in its execution policy for obtaining the best possible result for the execution of those orders in respect to the elements covered by those instructions.
Adequate information is provided to the clients through this policy in relation to the factors that are taken into consideration by the management when handling clients’ orders. Also, the policy is reviewed periodically by the Company and the clients are informed accordingly in relation to any material changes.
12.11 Right not to accept orders
The Company may, but shall not be obliged to , accept instructions to enter into a Transaction. If the Company declines to enter into a proposed Transaction, the Company shall not be obliged to give a reason but the Company shall promptly notify the Client accordingly.
12.12 Cancellation/withdrawal of instructions
Orders may be cancelled via the Holiway Online Trading System but the Company can only cancel Client’s instructions if the Client explicitly request so, provided that the Company have not acted up to the time of Client’s request upon those instructions. Executed instructions may only be withdrawn or amended by the Client with our consent. Holiway shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.
12.13 Control of orders prior to execution
The Company has the right (but no obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):
Should the Client surpass the limits and/or parameter the Company set, your trade shall be blocked and/or suspended.
12.14 Execution of orders
The Company shall make all reasonable endeavors to execute any order the Client places, taking into consideration the relevant market conditions and Holiway’s Risk Management Policy. By accepting Clients’ orders the Company does not warrant that it will be possible to execute them, or that execution will be possible according to your instructions. If the Company encounters any material difficulty carrying out an order on your behalf, the Company shall notify the Client, within 8 seconds of our Company receiving the order.
At the end of each trading day, confirmations for all Transactions that have been executed on Client’s behalf on that trading day will be available via Client’s online Account on Company’s website.
12.16 Cancellation of trades
The Company has the right to reject an order or to cancel a trade if evidence on the following issues are identified:
The Company reserves the right to cancel any and/or all trading positions and withhold and/or forfeit any profits incurred by the Client on all the Client’s trades if the Company considers that that the Client has engaged in market Arbitrage.
12.17 Performance and settlement
The Company will promptly deliver any instructions, money, or documents deliverable by the Client under a Transaction in accordance with that Transaction as modified by any instructions given by the Company.
12.18 “NO TRADING” PERIODS
Each asset has its own trading time which is available in the asset index table at Asset Index. On the trader’s page, the trader will be able to see the time “left to expiry” and “time left for trading”.
In general “no trading times” can last between 2 minutes to 30 minutes before the expiry time. It is noted that these times vary from asset to asset and in accordance to market conditions as well as the expiry time of each asset. In addition, “no trading times” may change as a result of a change in one of the underlying asset base conditions.
At least 5 minutes before the “no trading time”, a notification with a countdown clock will appear on the trader’s screen, this countdown clock will counting down the time left to the “no trading time”.
12.19 Position limits
The Company may require the Client to limit the number of open positions which the Client may have with the Company at any time and the Company may in its sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained. The Client will be notified prior to any closure.
12.20 Roll Over
In certain market conditions the Client may be allowed to trade using the Roll Over feature. This feature can be selected on the company's platform. The Roll Over feature enables the Client to extend the expiration time of your trading position before it reaches the expiry date. This feature can be used subject to the following conditions:
12.21 Buy Me Out
In certain market conditions Clients may be allowed to trade with the Buy Me Out feature. This feature can be selected on the company's platform. This feature will not be available on all assets and/or positions and shall only be available one (1) hour prior to the expiry of the Client’s position and its asset. If the Client chooses to use the Buy Me Out feature, the Client will have the choice to accept or decline a price offered by the platform.
The Buy Me Out feature shall not be available in the “No Trading Time” period shown in the platform. The “No Trading Time” period is shown shortly before the expiry time of the Client’s position and its asset and prohibits Clients from trading during this period.
12.22 “ONE TOUCH” General Terms
“One Touch” General Terms Section applies to Client’s use of Company’s “One Touch” Service.
“In-The-Money” and “Out-Of-The-Money” Outcomes
If the asset reaches the predetermined rate at precisely 17.00 GMT of the same day, the Client becomes eligible to receive the payout of up to 500% at the time of the expiration. If, however, the investment is out-of-the-money on any day, the trade will stay open and be checked each day to see if the price has reached the predetermined rate needed for an in-the-money outcome. The trade will remain open until the Friday, at which point the trade expires.
Purchases, Payouts and Refunds
The Client may purchase One Touch options whenever the market for the given asset is closed. It should be noted that in order for the Client to receive the payout, the sample price of the underlying asset needs to reach or surpass the pre-set target rate only once during the option lifetime. In the event that the price of the underlying asset does not reach the predetermined level, the Client will not receive any refund and will forfeit the entire amount of the investment. Therefore, the amount of profit or risk in this option is preset and known ahead of time.
The option may only be purchased in units, at the price specified on the site. The options will be sampled (checked to verify if they hit the target rates) once a day, at 17.00 GMT, Monday through Friday. Whenever sample rates are not published five times during the week, the number of samples will be reduced accordingly.
The predetermined payout will be transferred to the Client’s account on the option expiration date, even if the terms of the option have been met prior to the date of expiration.
Control of orders prior to execution
In case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market, the Company reserves the right, at its absolute discretion:
In the event the Company offers the Client a new quote the Client has the right to either accept it or refuse it and thus cancel the execution of the Transaction. Without limitation, the Company does not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
Cancellation of Trade
Once the options have been purchased, the trade may not be cancelled at any point prior to the expiration of the option.
13.1 Disabling and Cancelling Deposits
The Company has the right not to accept funds deposited by the Client and/or to cancel the Client’s deposits in the following circumstances:
In case of cancelled deposits, and if there is not a confiscation of your funds by a supervisory authority on the grounds of money laundering suspicion or for any other legal infringement, your funds will be returned to the bank account that have been initially received.
Without prejudice and subject to the terms of this Agreement, all Applicable Regulations and all conditions attaching to any relevant payments made to the Client under a bonus or rebate scheme operated by the Company, monies may be withdrawn from Client’s account provided that such monies have otherwise become owing to the Company.
Once your withdrawal request is approved, your withdrawal request will be processed by the Company and sent to the same bank, credit card or other source for execution as soon as possible. (Note: Some banks and credit card companies may take time to process payments especially in currencies where a correspondent bank is involved in the transaction). The funds will be returned to the bank account/credit card/other source from which the funds were debited.
If the Client request a withdrawal of monies from the Client’s account and the Company cannot comply with it without closing some part of Client’s open positions, the Company will not comply with the request until the Client has proceed with closing sufficient positions in order to be able to withdraw his/hers monies. In order to process the withdrawal request please ensure that the funds remaining on the account following the withdrawal request complies with the Company’s bonus withdrawal policy . If the necessary bonus trading requirements have not been met at the time the Client make a withdrawal request the bonus will be debited from the Client’s trading account. Withdrawals will only be made on request by the Client, by bank transfer to an account in your name or by bankers draft payable to the Client personally or such other method as the Company, in its absolute discretion, may determine.
The minimum withdrawal amount depends on the currency in your account and the deposit method, it is based on:
Credit card: USD$30
13.3 Documents for Withdrawals
Before the Client can withdraw, the client must provide the Company with clear color copies of the following:
Proof of Identity: A current and valid government issued photo ID. We can accept a color copy of either a valid Passport or National ID.
Proof of Residency: utility bill or bank statement with the clients full name and address dated within the last six months
Front and back of all credit cards used to deposit
The first 12 digits on the front and the three or four digit CVV code on the back should be concealed for security reasons
The signature on the back of the card must be showing
These clauses apply to the Client’s use of any Electronic Services.
14.2 Access and Trading Hours
Once the Client has gone through the security procedures associated with an Electronic Service provided by the Company, the Client will get access to such service, unless agreed otherwise or stated on our website. All references to Holiway’s hours of trading are in Greenwich Mean Time (“GMT”) using 24-hour format. Our Electronic Services will normally be available continuously from 21:00 GMT Sunday until 21:00 GMT Friday (winter time), every week, excluding public holidays where the Binary Options market does not operate and cases where the market is closed due to illiquidity in the financial instruments. Please consult our website for more details on operating times for each financial instrument.
The Company reserves the right to suspend or modify the operating hours on its own discretion and on such event the websites will be updated without delay in order to inform the Client accordingly. In this respect the operating hours, as indicated on the websites operated by the Company and to which the Client ha s trading rights are the applicable. The Company may change our security procedures at any time and it will inform the Client of any new procedures that apply to his/her as soon as possible.
14.3 Electronic Order entry for Market Orders equals Order execution
To enter an online order, the Client must access the Binary 10trades trading platform, then click on “CALL/PUT” for the relevant asset chosen and select the expiry time/method . The order is filled shortly after the Client hit the APPLY button provided the Client account has sufficient funds. Orders may fail for several reasons including unanticipated technical difficulties.
14.4 Restrictions on services provided
There may be restrictions on the number of Transactions that the Client can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. Please refer to the Company’s website for details of the limits imposed upon Transactions carried out through our Electronic Services.
14.5 Access requirements
The Client will be responsible for providing the System to enable his/her to use an Electronic Service.
14.6 Virus detection
The Client will be responsible for the installation and proper use of any virus detection/scanning program the Company require from time to time.
14.7 Use of information, data and software
In the event that the Client receives any data, information or software via an Electronic Service other than that which the Clients are entitled to receive pursuant to this Agreement, the Client will immediately notify the Company and will not use, in any way whatsoever, such data, information or software.
14.8 Maintaining standards
When using an Electronic Service the Client must:
14.9 System defects
In the event the Client becomes aware of a material defect, malfunction or virus in the System or in an Electronic Service, the Client will immediately notify the Company of such defect, malfunction or virus and cease all use of such Electronic Service until the Client has received permission from the Company to resume use.
14.10 Intellectual Property
All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in the Company or the Company’s licensors. The Client will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by the Company in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. The Client shall ensure that all the licensors trademarks and copyright and restricted rights notices are reproduced on these copies. The Client shall maintain an up-to-date written record of the number of copies of the Electronic Services made by the Client. If the Company so request, the Client shall as soon as reasonably practical, provide to Holiway a statement of the number and whereabouts of copies of the Electronic Services.
14.11 Liability and Indemnity
Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
14.12 System errors
The Company shall have no liability to the Client for damage which the Client may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. The Client acknowledges that access to Electronic Services may be limited or unavailable due to such system errors, and that the Company reserves the right upon notice to suspend access to Electronic Services for this reason.
Neither the Company nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to the Client in connection with an Electronic Service.
The Company does not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to the Client if these delays, inaccuracies or errors are caused by third party service providers with which the Company may collaborate.
The Company shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. The Company does not accept any liability towards executed trades that have been based and have been the result of delays as described above.
The Company shall have no liability to the Client (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by the Company to the Client in order to enable the Client to use the Electronic Service, provided that the Company has taken reasonable steps to prevent any such introduction.
The Client ensures that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify the Company on demand for any loss that the Company may suffer arising as a result of any such introduction.
The Company shall not be liable for any loss, liability or cost whatsoever arising from any unauthorized use of the Electronic Service. The Client shall on demand indemnify, protect and hold the Company harmless from and against all losses, liabilities, judgments, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using the Client’s designated passwords, whether or not the Client authorized such use.
The Company shall not be liable for any act taken by or on the instruction of an exchange, clearing house or regulatory body.
The Company may suspend or permanently withdraw an Electronic Service, by giving the Client 24 hours written notice.
The Company has the right, unilaterally and with immediate effect, to suspend or withdraw permanently the Client’s ability to use any Electronic Service, or any part thereof, without notice, where the Company considers it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect the Client when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of either any license granted to us which relates to the Electronic Service or this Agreement.
In the event of a termination of the use of an Electronic Service for any reason, upon request by the Company, the Client shall, at Company’s option, return to the Company or destroy all hardware, software and documentation the Company have provided the Client in connection
22.1 Client Money
The Company treats money received from the Client or held by the Company on Client’s behalf in accordance with the requirements of the Client Money Rules.
The Client acknowledges and confirms that no interest will be received on the balance of your account.
22.3 Overseas banks, intermediate broker, settlement agent or OTC counterparty
The Company will endeavor to hold Client money on Client’s behalf within Cyprus and the European Union, however the Company may also hold your money outside the European Union. The legal and regulatory regime applying to any such bank or person will be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
22.4 Unclaimed Client money
The Client agrees that the Company may cease to treat Client’s money as Client money if there has been no movement on your balance for six years. The Company shall write to the Client at his/her last known address informing of its intention of no longer treating Client’s balance as Client money and giving the Client a time period of 28 days to make a claim.
22.5 Liability and Indemnity
The Client agrees that the Company shall not be liable for any default of any counterparty, bank, custodian or other entity which holds money on Client’s behalf or with or through whom transactions are conducted.
The Company will not be liable for loss suffered by the Client in connection to your funds held by us, unless such loss directly arises from our gross negligence, willful default or fraud.
23.1 Set-off on default
If there is an Event of Default or this Agreement terminates, the Company shall set-off the balance of cash owed by the Company to the Client against his/hers obligations (as reasonably valued by the company). The net amount, if any, payable between the Company following such set-off, shall take into account the Liquidation Amount payable under Clause 15 (Netting).
23.2 Further assurance
The Client agrees to execute such further documents and to take such further steps as the Company may reasonably require to perfect its security interest over and obtain legal title to the Secured Obligations.
23.3 Negative pledge
The Client undertakes neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash transferred to the Company, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
23.4 General lien
In addition and without prejudice to any rights to which the Company may be entitled under this Agreement or any Applicable Regulations, the Company shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.
The Client represents and warrants to the Company on the date this Agreement comes into effect and as of the date of each Transaction that:
24.1 If the Client are a natural person, the Client are of legal age and the Client have full legal capacity to enter into this Agreement;
24.2 If the Client are not a natural person:
24.3 The Client has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable the Client lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;
24.4 The persons entering into this Agreement and each Transaction on Client’s behalf have been duly authorized to do so and are disclosed to us giving details of the relationship with the Client by providing all necessary information and/or documentation ;
24.5 This Agreement, each Transaction and the obligations created under them both are binding upon the Client and enforceable against the Client 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 the Client are bound;
24.6 No Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination of the above) an Event of Default (a “Potential Event of Default”) has occurred and is continuing with respect to the Client or any Credit Support Provider;
24.7 The Client acts as principal and sole beneficial owner (but not as trustee) in entering into this Agreement and each Transaction and in case the Client wishes to open, either in the present time or in the future, more than one accounts with Holiway either as individual Client (natural person) or as the beneficial owner of a corporate Client (legal person) it is required to immediately disclose to the Company that he/she is the beneficial owner of the account(s) during the account opening procedure and to provide the Company with the necessary information and/or documentation regarding the relationship between the natural and/or legal person(s);
24.8 Any information which the Client provides or have provided to the Company in respect of his/her financial position, domicile or other matters is accurate and not misleading in any material respect;
24.9 The Client is willing and financially able to sustain a total loss of funds resulting from Transactions and trading in such Transactions is a suitable investment for the Client; and
24.10 Except as otherwise agreed by the Company, the Client is the sole beneficial owner of all funds the Client transfer under this Agreement, free and clear of any security interest whatsoever other than a lien routinely imposed on all securities in a clearing system in which such securities may be held.
The Client covenant to the Company:
24.12 the Client will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licenses and authorizations referred to in this clause;
24.13 the Client will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to yourself or any Credit Support Provider;
24.14 the Client will use all reasonable steps to comply with all Applicable Regulations in relation to this Agreement and any Transaction, so far as they are applicable to the Client or the Company;
24.15 the Client will not send orders or otherwise take any action that could create a false impression of the demand or value for a financial instrument. Nor will the Client sends orders which the Company has reason to believe are in breach of Applicable Regulations or by taking advantage of the account(s) the Client may maintain with Holiway could be considered as system abusive orders, including but not limited to one’s intention to benefit from delays in the prices, to trade at off-market prices and/or outside trading hours and to abuse the system for trading at manipulated prices; and
24.16 upon demand, the Client will provide us with such information as the Company may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Regulations.
The following shall constitute Events of Default:
25.1 The Client fails to make any payment when due under this Agreement or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by the Company to the Client;
25.2 The Client commences a voluntary case or other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a “Custodian”) of the Client or any substantial part of your assets, or if the Client take any corporate action to authorize any of the foregoing, and in the case of a reorganization, arrangement or composition, the Company do not consent to the proposals;
25.3 an involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent) or seeking the appointment of a Custodian of the Client or any substantial part of your assets and such involuntary case or other procedure either:
a. has not been dismissed within five days of its institution or presentation; or
b. has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;
25.4 The Client dies, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client: or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against, or an encumbrance takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);
25.5 The Client or any Credit Support Provider (or any Custodian acting on behalf of either of the Client or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party (“Credit Support Provider”), or of the Client, in favour of the Company supporting any of Client’s obligations under this Agreement (each a “Credit Support Document”);
25.6 any representation or warranty made or given or deemed made or given by the Client under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
25.7 any Credit Support Provider fails, or the Client yourself fail to comply with or perform any agreement or obligation to be complied with or performed by the Client or it in accordance with the applicable Credit Support Document;
25.8 any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless the Company have agreed in writing that this shall not be an Event of Default;
25.9 any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
25.10 Any event referred to in Clauses 2 to Clause 4 of this Section 22 (Events of Default) occurs in respect of any Credit Support Provider;
25.11 The Company considers it necessary or desirable for our own protection, or any action is taken or event occurs which the Company consider might have a material adverse effect upon, your ability to perform any of your obligations under this Agreement;
25.12 The Client fail or omits to disclose to the Company his/her capacity as the beneficial owner of more than one accounts the Client may maintain with the Company and/or the Client’s capacity to act as a money manager on behalf of any other Client of the Company;
25.13 The Client takes advantage of delays occurred in the prices and places orders at outdated prices, trades at off-market prices and/or outside trading hours, manipulates the system to trade at prices not quoted to the Client by the Company and performs any other action that constitutes improper trading; or
25.14 Any event of default (however described) occurs in relation to the Client under any other agreement between us.
26.1 Rights on Default
On the occurrence of an Event of Default, the Company may exercise its rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 2 or Clause 3 specified in Section 22 of the definition of Events of Default (each a “Bankruptcy Default”), the automatic termination provision of this clause shall apply.
26.2 Liquidation Date
Subject to the following sub-clause, at any time following the occurrence of an Event of Default, the Company may, by notice to the Client, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause.
26.3 Automatic termination
The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
26.4 Calculation of Liquidation Amount
Upon the occurrence of a Liquidation Date:
If the Liquidation Amount determined pursuant to this clause is a positive amount, the Client shall pay it to the Company and if it a negative amount, the Company shall pay it to the Client. The Company shall notify the Client of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.
26.6 Other transactions
Where termination and liquidation occurs in accordance with this clause, the Company shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any other currency, any costs of such conversion to be borne by the Client, and (if applicable) deducted from any payment to the Client). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as the Company may select) plus one 1% per annum for each day for which such amount remains unpaid.
26.8 Base Currency
For the purposes of any calculation the Company may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as the Company shall reasonably select.
Unless a Liquidation Date has occurred or has been effectively set, the Company shall not be obliged to make any payment or delivery scheduled to be made by us under a Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to the Client has occurred and is continuing.
26.10 Additional rights
The Company’s rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which the Company may has (whether by agreement, operation of law or otherwise).
26.11 Application of netting to Transactions
This clause applies to each Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
26.12 Single agreement
This Agreement, the particular terms applicable to each Transaction entered into under this Agreement, and all amendments to any of them shall together constitute a single agreement between us. The Company both acknowledge that all Transactions entered into on or after the date this Agreement takes effect is entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
On an Event of Default or at any time after the Company have determined, in our absolute discretion, that the Client have not performed (or the Company reasonably believe that the Client will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the clause 23 (Netting) we shall be entitled, without prior notice to the Client:
28.1 General Exclusion
Neither the Company nor Company’s directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by the Client under this Agreement (including any Transaction or where the Company have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, willful default or fraud. In no circumstance, shall we have liability for losses suffered by the Client or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
28.2 Tax implications
Without limitation, the Company does not accept liability for any adverse tax implications of any Transaction whatsoever.
28.3 Holiway Levels
The levels presented on Company’s site are the ones Holiway is willing to sell options at, they are not the real time market levels.
28.4 Changes in the market
The manner of calculating the Transactions’ expiration rates of indexes, stocks, currencies and commodities which are offered by Holiway are updated from time to time,
The assets offered by Holiway and the way the Transactions’ expiration rates of indexes, stocks, currencies and commodities which are offered by Holiway are calculated may change from time to time at Holiway’s sole discretion. Client undertakes to continuously ensure Client is updated on the assets and the manner of aforesaid calculation.
The Company reserves the right, at our full discretion, not to execute the order, or to change the quoted price of the Transaction, or to offer the Client a new quote, in case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market. In the event the Company offers the Client a new quote the Client have the right to either accept it or refuse it and thus cancel the execution of the Transaction.
Without limitation, the Company does not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
28.5 Limitation of Liability
The Company shall not be liable to the Client for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organization, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability the Company may have to the Client under Applicable Regulations, which may not be excluded or restricted thereunder.
28.6 Responsibility for orders
The Client will be responsible for all orders entered on your behalf via an Electronic Service and the Client will be fully liable to the Company for the settlement of any Transaction arising from it.
28.7 Entire Agreement
The Client acknowledges that the Client have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. The Company will not be liable to the Client (in equity, contract or tort) for a representation that is not set out in this Agreement and that is not fraudulent.
The Client shall pay to us such sums as the Company may – require, on a full indemnity basis, for any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which the Company may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by the Client or any violation by the Client of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.
The Company has the right to amend the terms of this Agreement. If the Company makes any material change to this Agreement, the Company will give at least ten business days written notice to the Client. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
Unless otherwise agreed, all notices, instructions and other communications to be given by the Company under this Agreement shall be given to the address or fax number provided by the Client to us. Likewise, all notices, instructions and other communications to be given by the Client under this Agreement shall be given to us in writing at the address below:
Name: Holiway Investments Limited
Address: 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia
Telephone No: +357 22 341917, +357 22 341922
Email Address: email@example.com
The Client will notify the Client of any change of his/her address for the receipt of notices, instructions and other communications immediately.
29.3 Electronic Communications
Subject to Applicable Regulations, any communication between us using electronic signatures and any communications via our website and/or Electronic Services shall be binding as if they were in writing. Orders or instructions given to the Client via e-mail or other electronic means will constitute evidence of the orders or instructions given.
29.4 Company’s records
Company’s records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. The Client will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing nor are they documents produced by a computer. The Client will not rely on us to comply with your record keeping obligations, although records may be made available to the Client on request at our absolute discretion.
29.5 Client’s records
The Client agrees 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. The Client can access your statements online at any time via our trading platform. The Client may request to receive your statement monthly or quarterly via email, by providing such a request to the support department.
29.6 Investor Compensation Fund
The Company participates in the Investor Compensation Fund for Clients of Investment Firms regulated in the Republic of Cyprus. The Client will be entitled to compensation under the Investor Compensation Fund where the Company is unable to meet our duties and obligations arising from your claim.
Any compensation provided to the Client by the Investor Compensation Fund shall not exceed twenty thousand Euros (20,000), applies to your aggregate claims against us.
29.7 Time of essence
Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
The Company informs the Client that it 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 the Client as evidence of the orders or instructions given.
The Company is obliged to put in place internal procedures for handling complaints fairly and promptly. The Client may submit a complaint to the Company, for example by letter, telephone or via email. The Company will send the Client a written acknowledgement of the complaint promptly following receipt, enclosing details of our complaints procedures, including when and how the Client may be able to refer your complaint to the Cyprus Securities Exchange Commission ( CYSEC) which is the relevant regulatory body. The Client is advised to contact the Company if he/she would like further details regarding our complaints procedures.
This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. The Client shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. The Client agrees that the Company may without further notice to the Client and subject to Applicable Regulations, transfer by whatever means the Company consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and the Client agree that the Company may transfer to such person all information which the Company hold about the Client.
32.1 Rights and remedies
The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. The Company shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to the Client. No failure by the Company to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
32.2 Partial invalidity
If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
This Agreement and all transactional relations between the Client and the Company are governed by the Laws of Cyprus and the competent court for the settlement of any dispute which may arise between them shall be the District Court of the district in which the Company’s headquarters are located.
33.1 Subject to Applicable Regulations
This Agreement and all Transactions are subject to Applicable Regulations so that:
33.2 Action by regulatory body
If a regulatory body takes any action which affects a Transaction, then the Company may take any action which the Company, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on the Client. If a regulatory body makes an enquiry in respect of any of your Transactions, the Client agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
Each of the parties irrevocably:
agrees for our benefit that the courts of Cyprus shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement (“Proceedings”) and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
Waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.
33.4 Service of process
If the Client is situated outside Cyprus, process by which any Proceedings in Cyprus are begun may be served on the Client by being delivered to the address in Cyprus nominated by the Client for this purpose. This does not affect our right to serve process in another manner permitted by law.
33.5 Client Identification and Suitability Procedures
First time depositors for amounts less than €2000 (or the equivalent in other currencies) who have completed an economic profile and trading experience questionnaire are granted a fifteen (15) day grace period where they may trade prior to the submission of the appropriate documentation and completion of the identification process. This period begins from the day of their first deposit reaching 10trade.
During this timeframe, users are requested to submit a colour copy of valid proof of identification, a copy of a recent utility bill no more than 6 months old, and a copy of the bank card which was used for making the Client’s deposit. The first 12 digits on the front of the card and the CVV digits may be covered for security purposes. If the Client made a deposit via wire transfer we require a copy of a recent bank statement which is no more than 6 months old.
In the event that within 15 days from the Client’s initial deposit they do not meet our verification and identification policies, the real balance of their account, excluding any awarded bonuses, as it lies on the 15th day will be refunded to the Client without notice, 10trade will cancel any open trades in the Client’s account that are due to expire after the 15 day period, and these trades’ funds will also be returned to them.
Any Client who deposits a sum of €2000 or more will be required to provide 10trade with all of the above-mentioned documentation before they will be permitted to place trades on the platform.
The Client irrevocably waives to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from suit; jurisdiction of any courts; relief by way of injunction, order for specific performance or for recovery of property; attachment of assets (whether before or after judgment); and execution or enforcement of any judgment to which the Client or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that the Client will not claim any immunity in any Proceedings. The Client consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
Using the 10trade Facebook app is optional. Client agrees that by using our software to connect the Client’s Holiway account to the Client’s personal Facebook account, the Client is granting Holiway access to the Client’s personal information such as the Client’s name, profile and other picture(s), gender, educational history, birth date, networks, user ID, list of friends and all other information the Client chooses to publish on Facebook.
Client agrees that when the Client’s Facebook features are enabled (these settings can be controlled from the ‘Your Account’ section of the www.10trade.com website), the Client allows Holiway to post directly on Client’s wall updates regarding the Client’s trades.