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120+ PAIRS FX, METALS & CFDs
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TERMS AND CONDITIONS
TERMS AND CONDITIONS
Terms And Conditions Of Business
The following Terms and Conditions shall replace any prior or existing agreement between the parties, or previously issued Terms and Conditions, and shall apply to any existing arrangements currently operating between the parties. By executing an Account Application and or undertaking any transaction with Hydra Markets (“HYDRA MARKETS”, “we” or “us”), you hereby agree to be bound by the following Terms and Conditions as amended from time to time.
The Client wishes HYDRA MARKETS to deal in exchange-traded and over-the-counter financial products on their behalf in accordance with the Client’s instructions from time to time, and in accordance with the terms and conditions contained herein.
2. Definitions and Interpretation
In these Terms and Conditions unless a different intention is expressed, the following terms (as subsequently modified by amended legislation or regulation) shall mean:
“Account” means the account of the Client dealing in the financial products issued by HYDRA MARKETS, which is established in accordance with these Terms & Conditions.
“Agent” means a legal entity undertaking a transaction or function on behalf of another legal entity but in its own name.
“Terms & Conditions" means the Account Application, these terms & conditions and any other documents annexed or incorporated by reference.
“Authorized Person” means a person authorized to bind the Client under these Terms & Conditions.
"Business Day" means Monday to Friday 09:00 to 17:00 GMT+1
“CFD” is a Contract For Difference which is an over-the- counter derivative product comprising an agreement under which one party is entitled to be paid an amount of money (profit), or has to pay an amount of money (loss), resulting from movements in the price or value of an underlying instrument or security (without actually owning that underlying instrument or security).
“Close of Business” means the time at which the market of the Exchange, on which the Underlying Security over which a CFD is quoted, normally closes on any Business Day.
“Closing Date” means in relation to a CFD the date on which the Client accepts the Closing Price of the Underlying Security, or on which a Closing Date is deemed to have occurred in accordance with these Terms & Conditions.
“Closing Notice” means in relation to a CFD the notice given by one party to the other to close any CFD in accordance with these Terms & Conditions.
“Closing Price” means in relation to a CFD the Underlying Security Price as determined by HYDRA MARKETS at the time HYDRA MARKETS receives the Closing Notice.
“Closing Value” means in relation to a CFD the Closing Price multiplied by the Contract Quantity.
“Collateral” means any property (including securities or other assets) deposited with HYDRA MARKETS by the Client.
“Contract” means any contract whether verbal or written, for the purchase or sale of a financial product, entered into by the Client.
“Contract Value” means in relation to a CFD the Underlying Security Price multiplied by the Contract Quantity.
“Contract Quantity” means in relation to a CFD the number of Underlying Securities or the amount of currency to which the CFD relates.
“Corporations Act” means the Corporations Act, or Company’s Act or equivalent legislation.
“Excess Variation Margin” means the amount of the Client’s Variation margin plus any amount payable by HYDRA MARKETS to the Client at that time and less any amount payable by the Client to HYDRA MARKETS at that time.
“Financial Product” includes contracts for difference, commodities and foreign exchange contracts, whether traded on an eligible exchange or over-the-counter, as those terms are defined in the applicable legislation or governed by market convention.
“Initial Margin” means an amount required to be deposited by the Client with HYDRA MARKETS to open a position. “Long Party” means the party identified as having notionally bought the Underlying Security.
“Margin” means Initial Margin or Variation Margin or both.
“Net Free Equity” means the amount of money you would have left in your account should all of your open positions be closed out at the current market price less any interest, fees or transaction charges (gross liquidation value) less your Margin requirement.
“Operating Rules” shall mean the rules, regulations, customs and practices from time to time of any exchange, clearing house or other organization or market involved in the execution or settlement of any financial product transaction or contract.
“Relevant Exchange” means, in relation to a CFD transaction, where applicable, the financial market on which the reference security which forms the subject of the CFD is quoted and is able to be traded. If the reference security is quoted on more than one financial market, HYDRA MARKETS will advise you of the Relevant Exchange for the purposes of the CFD, at the time the CFD is entered into.
“Short Party” means the party identified as having notionally sold the Underlying Security.
“Underlying Security” means the underlying security (including asset, exchange rate, index or commodity) to which the CFD relates.
“Underlying Security Price” means in relation to a CFD the current price of the Underlying Security as determined by HYDRA MARKETS.
“Variation Margin” means the amount deposited by the Client with HYDRA MARKETS including any increase or reduction arising from settlement of a closed position.
Note that all headings are for convenience only and shall not affect the construction and interpretation of these Terms & Conditions. Furthermore, the singular includes the plural and vice versa. Reference to a person or individual includes corporate bodies, unincorporated associations, partnerships and individuals.
If there is any conflict between the terms of these Terms & Conditions and the relevant operating rules, the operating rules shall prevail.
Please also note that any reference in these Terms & Conditions to any law, statute, regulation or enactment shall include references to any statutory modification or re- enactment thereof or to any regulation or order made under such law, statute or enactment (or under such modification or re-enactment).
3. Client Representations and Warranties
The Client represents and warrants to HYDRA MARKETS that:
these Terms & Conditions constitute a legal, valid and binding obligation of the Client;
the Client will not enter into a financial product transaction as or by way of a wager and that all orders to be placed and all trading to be conducted under these Terms & Conditions are lawful;
in executing and giving effect to these Terms & Conditions, the Client does not and will not infringe any provision of any other document or agreement to which the Client is a party, nor any law or judgment/order binding upon it;
where the Client is more than one person, that all decisions made, and instructions issued, pursuant to these Terms & Conditions, are made on a fully informed and agreed basis by all the parties to the account;
the Client is not an employee or the close relative of an employee of any exchange participant;
all information supplied to HYDRA MARKETS by the Client is, or at the time it is supplied will be, accurate in all material respects and the Client will not omit or withhold any information which would make such information inaccurate in any material respect;
the Client shall, where so required, provide to HYDRA MARKETS a valid and binding guarantee and indemnity in favour of HYDRA MARKETS as a precondition of entering into these Terms & Conditions;
the Client will provide to HYDRA MARKETS on request such information regarding its financial and business affairs and/or identity, as HYDRA MARKETS may reasonably require;
in executing these Terms & Conditions, the Client will appoint HYDRA MARKETS as its agent for the purpose of
dealing in financial products in accordance with the terms of these Terms & Conditions;
the Client and HYDRA MARKETS are bound by the applicable financial product laws, Corporations Act, applicable operating rules, customs, usages and practices (as modified from time to time) of the applicable exchange and clearing houses where any dealing takes place;
the Client will take all reasonable steps to obtain and communicate to HYDRA MARKETS all information, and shall deliver or cause to be delivered to HYDRA MARKETS all documents with respect to dealings in the financial products which are requested by any person having the right to request such documents and information. The Client authorizes HYDRA MARKETS to pass on/deliver all such information and documents to any such person;
the Client is not insolvent, and if the Client is a corporate client, no resolution has been passed and no petition has been presented or order made for the Client’s winding up or liquidation or the appointment of a receiver or a receiver and manager or an administrator of other insolvency official to the Client or any of its assets;
HYDRA MARKETS relies on representations and warranties made by the Client. These representations and warranties and those contained elsewhere in these Terms & Conditions, survive the entering into of these Terms & Conditions and are repeated in respect of each financial product transaction.
4. Capacity to Enter into These Terms & Conditions
The Client represents and warrants to HYDRA MARKETS that:
the Client is duly organized and validly existing (or, if an individual, is of legal age and is under no legal disability or incapacity) and has full power and authority to enter into, and has taken all necessary steps to enable it lawfully to enter into, these Terms & Conditions and the transactions contemplated by it, and perform its obligation;
the person executing these Terms & Conditions has full power and authority to execute them on behalf of the
Client, and bind the entity (whether individual, company, partnership or otherwise);
the Client is not insolvent, and if the Client is a corporate client, no resolution has been passed and no petition has been presented or order made for the Client’s winding up or liquidation or the appointment of a receiver or a receiver and manager or an administrator of other insolvency official to the Client or any of its assets;
where the Client is an investment manager or a Responsible Entity, the investment management agreement or constitution specifically empowers and authorizes dealings in the financial products, by the Client and on behalf of their underlying clients, and:
such dealings are within the authorized ambit of the / each underlying client’s investment strategy;
it will enter into transactions pursuant to the applicable investment management agreement as investment manager or Responsible Entity and not otherwise;
it will only deal in financial product transactions when the funds or other assets under its control are sufficient to meet the obligations which arise in connection with such dealing;
in the event of termination of the Client’s appointment as investment manager or Responsible Entity of the Client, it is authorized to arrange for closing out of all contracts entered into on behalf of the Client prior to the date of such termination as soon as possible; and repeats each of these representations and warranties in relation to both itself and its underlying clients.
5. Account Establishment
a. HYDRA MARKETS agrees to establish as account in the name of the Client who is the person named as the holder of the account.
b. Where the Client is more than one person, the account shall be established in their names as joint tenants unless they specifically advise otherwise (in which case it shall be established in their names as joint tenants). In any case, the parties to such joint account shall each be jointly (together) and severally (individually) liable.
c. No one except the Client has an interest in the Client’s account with HYDRA MARKETS opened for the purpose of these Terms & Conditions.
6. Segregated Accounts
The Client agrees and acknowledges that:
all money and property deposited by the Client with HYDRA MARKETS, or received by HYDRA MARKETS on behalf of the Client, shall be deposited to the Client’s account and form a credit balance and will initially be paid into a client segregated bank account established and maintained by HYDRA MARKETS and invested in accordance with applicable legal and regulatory requirements;
such segregation of the Client’s money and property does not protect the Client’s money and property from the risk of loss;
whilst the Client’s money and property is segregated from HYDRA MARKETS’ money and property, it may be co- mingled with the money and property of other HYDRA MARKETS clients, and utilized as free and clear collateral by HYDRA MARKETS from time to time in respect of open positions. Such monies and property shall accordingly be treated as the legal and beneficial property of HYDRA MARKETS, subject to an obligation by HYDRA MARKETS to transfer equivalent back to Client in accordance with their transaction rights under these Terms & Conditions;
HYDRA MARKETS shall be entitled to retain any interest earned on such segregated money or property held or invested by HYDRA MARKETS;
HYDRA MARKETS may use the funds in the client segregated account to manage HYDRA MARKETS ‘ dealings with its counterparties with respect to client positions. The Client acknowledges that this serves as sufficient written authorization for HYDRA MARKETS to withdraw without notice to, or further authorization from the Client, any money or property deposited into the segregated account to be used by HYDRA MARKETS for this purpose. The Client has no interest in or claim over HYDRA MARKETS’ contracts (if any) with any other person or in the accounts into which HYDRA MARKETS lodges or pays the funds which were withdrawn from the segregated accounts.
The Client acknowledges that the balance of the Client’s account may not be protected if there is a default in the dealings with counterparties or in the overall segregated account balance; and
Collateral transferred by the Client to HYDRA MARKETS or held by HYDRA MARKETS or its counterparties on behalf of the Client is pledged as a security for any liability that the Client may have towards HYDRA MARKETS.
The Client warrants that all such Collateral is beneficially owned by the Client and is and will remain free from any lien.
If Client fails to fulfil any obligation under these Terms & Conditions, HYDRA MARKETS is entitled to sell any Collateral immediately without notice and by the means and at the price that HYDRA MARKETS in its reasonable discretion determines. HYDRA MARKETS shall not be liable for any loss occasioned by such sale;
Financial product trades executed through HYDRA MARKETS are routed to HYDRA MARKETS’ service provider, who then facilitates execution and/or clearing on its behalf. Depending on the relevant jurisdiction or exchange, either HYDRA MARKETS or its service provider will be the registered owner of the instrument, within HYDRA MARKETS’ client omnibus account. The value and dividends are then provided to clients by HYDRA MARKETS in accordance with their recorded, and continually reconciled, holdings. However, if HYDRA MARKETS were to go into liquidation, and an administrator appointed, clients would be prima facie entitled to fair value for their recorded holdings, rather than holding such instruments in their name directly, thereby placing clients in the position of unsecured creditors with the administrators;
HYDRA MARKETS enters into arrangements with third party execution and clearing providers for the facilitation of
transactions and settlements, and avails monies received for margin calls and settlements to such providers for this purpose.
7. Multiple Accounts
a. The Client is able to open multiple accounts denominated in the same currency as or in currencies other than that of the main trading account. The operation of multiple accounts may mean that the Client incurs additional costs.
b. If the Client opens opposite positions in the same currency cross (for example) on the same account, such positions will cancel each other out. However if the Client operates several accounts (or sub-accounts) and opposite positions are opened on different accounts (or sub-accounts), such positions will not cancel each other out. The Client is specifically made aware that unless closed manually, all such positions may be rolled over on a continuous basis and thereby consequently all a swap charge.
c. Keeping opposite positions open on different accounts will result in both positions being continuously rolled over (and thereby continuously being charged the swap charge) until manually closed.
d. If the Client has opened more than one account, Margin or Collateral deposited on one account will not automatically serve as Margin coverage on the other account(s). A Client may therefore receive margin calls and stop-outs on one account despite having additional margin or collateral available on other accounts.
e. However, if the Client has deposited money or Collateral on one account, HYDRA MARKETS is entitled to transfer money or Collateral from one account to another, even if such transfer will necessitate the closing of margin trades on the account from which the transfer takes place.
f. of each individual account or sub-account. When operating several accounts, Client will therefore be charged interest on the full negative net free equity on any account despite having a positive net free equity on another account. When operating several accounts, Client should use caution when using more than one account, and understand that the rate of interest paid on positive balance differs from the rate of interest charged on negative balances.
8. Risk Disclosures
The Client represents and warrants to HYDRA MARKETS that:
they have received, read, understood and accepted the risk disclosures provided herein in relation to the financial products to be traded and contained herein;
they have received, read and understood our Financial Services Guide and Product Disclosure Statement;
the Client acknowledges, recognizes and understands that trading and investment in these financial products is speculative, may involve an extreme degree of risk and significant loss, and is appropriate only for persons who can assume risk of loss in excess of their margin deposit;
the Client has read these Terms & Conditions and understands that, HYDRA MARKETS has only provided general advice, and the Client has considered its objectives and financial situation and has obtained appropriate independent advice prior to entering into these Terms & Conditions, and has formed the opinion that dealing in the financial products is suitable for the Client’s needs and purposes;
the Client has taken such independent legal and financial advice as the Client considers necessary prior to executing these Terms & Conditions; and
the Client is willing and able, financially and otherwise, to assume the risk of trading in high risk investments.
The client also acknowledges that neither HYDRA MARKETS nor any associated entity guarantees the performance of any given financial product or account nor that any financial product or account will achieve a particular rate of return.
9. Client Acknowledgements
The Client acknowledges to HYDRA MARKETS that:
HYDRA MARKETS will deal or instruct third parties to deal on behalf of the Client, in the financial products;
HYDRA MARKETS may utilize the execution and settlement services of appropriately licensed third parties on behalf of the Client in order to provide the services detailed in these Terms & Conditions;
dealings in the financial products create an obligation to make a cash adjustment in accordance with the terms of the relevant transaction;
where a financial product has no maturity date or defined term, open contracts shall continue until such date as they are closed;
all dealings executed on behalf of the Client pursuant to these Terms & Conditions shall be at the absolute discretion of HYDRA MARKETS, who will be entitled to take any action it considers necessary in its absolute discretion to ensure compliance with the operating rules and all other applicable laws and regulatory decisions;
HYDRA MARKETS may act as principal in respect of the financial products traded by HYDRA MARKETS on behalf of the Client regardless of whether HYDRA MARKETS is acting on Client instructions or not;
the Client has been made specifically aware that in certain markets, HYDRA MARKETS may act as a market maker and quote the Client bid and ask prices. These bid and ask prices may not necessarily reflect those of HYDRA MARKETS’ liquidity providers. HYDRA MARKETS will only disclose that it is acting as a market maker in response to a written request from the Client to make such disclosure. The Client accepts that in such markets, HYDRA MARKETS may hold positions that are contrary to the position of Clients resulting in potential conflicts of interest;
subject to applicable legal/regulatory requirements, the Client consents where HYDRA MARKETS either knowingly or unknowingly takes the opposite side to the Client in relation to any of the financial product transactions;
subject to applicable legal/regulatory requirements, the Client agrees and acknowledges that HYDRA MARKETS’ directors, employees and associates may and can deal on their own account;
HYDRA MARKETS reserves the right, at its sole discretion and without explanation, to refuse to deal on behalf of the Client in relation to any exchange traded or over- the- counter financial products (other than closing out existing open positions held in HYDRA MARKETS’ account on behalf of the Client) or to limit the number of open positions held on behalf of the Client or both. HYDRA MARKETS will inform the Client of any refusal before or as soon as practicable after such refusal;
Client has no rights, whether by way of subrogation or otherwise, against any person other than HYDRA MARKETS, in respect of transactions market traded pursuant to the applicable rules of the exchange or market, except to the extent (if any) provided by any applicable law;
where errors have occurred in price quotes provided by, or the pricing of transactions quoted by HYDRA MARKETS to the Client, HYDRA MARKETS reserves the right to not be bound by such a quote or transaction where HYDRA MARKETS is able to substantiate to the Client that there was a material error at the time of the quote or transaction. Where this occurs in relation to the initial purchase of a financial product, HYDRA MARKETS will not issue (or if already issued will cancel) the contract and refund the Client’s money accordingly. Where this occurs in relation to a price quote for an existing position, HYDRA MARKETS will re- issue the price quote accordingly;
any benefit or right obtained by HYDRA MARKETS upon registration of an exchange traded or over-the-counter financial products with a clearing house is personal to HYDRA MARKETS and such benefit or right shall not pass to the Client;
in dealing in the financial products on behalf of the Client or for any other purpose under these Terms & Conditions, when HYDRA MARKETS needs to buy/sell foreign, shall be any widely recognized and published foreign exchange rate selected by HYDRA MARKETS in its sole discretion available on the date the Client’s money is exchanged and a conversion calculation fee may be payable;
there are risks associated with utilizing an Internet-based deal execution trading system which include, but are not limited to, the failure of hardware, software, and Internet connection. Since HYDRA MARKETS does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, HYDRA MARKETS will not be responsible for communication failures, distortions or delays when trading via the Internet;
reports to the Client on the execution of contract notes by HYDRA MARKETS, and the content of such contract notes,
open position statements and monthly statements, unless otherwise objected to within 48 hours after communication to the Client, shall be deemed proof of the accuracy of such contents and their execution in accordance with these Terms & Conditions;
a notice issued by an authorized officer or agent of HYDRA MARKETS stating the amount of money due and payable
by the Client shall be taken as final evidence thereof in the absence of manifest error;
all determinations and calculations made by HYDRA MARKETS under these Terms & Conditions will be binding on the
Client in the absence of manifest error;
HYDRA MARKETS is entitled, in its reasonable opinion, to determine that an emergency of an exceptional market condition exists. Such conditions include, but are not limited to, the suspension or closure of any market or the abandonment or failure of any event to which HYDRA MARKETS relates its quote or the occurrence of an excessive movement in the level of any margin trade and/or underlying market or HYDRA MARKETS’ reasonable anticipation of the occurrence of such a movement. In such cases HYDRA MARKETS may increase its margin requirements, close any or all of the Client’s open margin trades and/or suspend or modify the application of all or any of the terms, including but not limited to, altering the last time for trading a particular margin trade, to the extent that the condition makes it impossible or impracticable for HYDRA MARKETS to comply with the term in question;
anything HYDRA MARKETS is permitted to do in accordance with these Terms & Conditions may be done in its absolute discretion, and any opinion or view required to be formed by HYDRA MARKETS may be formed in its absolute discretion;
10. HYDRA MARKETS Representations & Services
a. HYDRA MARKETS seeks to act honestly, exercise due care and diligence, and act in the Client’s best interests at all times.
b. HYDRA MARKETS will give priority to Client’s interests and undertakes that it will not misuse Client’s information.
c. HYDRA MARKETS will use reasonable endeavours to execute or arrange the execution of the Client’s instructions.
d. HYDRA MARKETS will arrange execution and clearing for transactions in financial products defined herein, and other authorized services as agreed with the Client from time to time.
e. Unless otherwise expressly agreed, HYDRA MARKETS will provide services on an execution only basis in accordance with the Client’s instructions, and will not provide advice to the Client regarding the merits of a transaction. The Client is hereby prohibited from treating any remark made by a HYDRA MARKETS’ representative regarding the market, transaction or forecast as advice.
f. Any transaction or market information or research provided by HYDRA MARKETS to the Client is provided as general information only, and does not constitute and cannot be relied upon as a recommendation to trade. HYDRA MARKETS makes no representation, warranty or guarantee, and accepts no liability for, the accuracy or completeness of any such information, and the Client relies on such at its sole risk.
11. Online Trading Facility
1. The Client acknowledges that it has read, understood and agreed to the terms and conditions associated with dealing via our on-line trading facility as set out in these Terms & Conditions.
2. HYDRA MARKETS may amend any of the terms of these Terms & Conditions and by continuing to deal with HYDRA MARKETS or to access or use the on-line trading facility, the Client agrees to any amendments.
3. HYDRA MARKETS agrees to grant the Client access to one or more electronic terminals, including terminal access through the Client’s Internet browser, for the electronic transmission of orders to the Client’s account with HYDRA MARKETS.
4. HYDRA MARKETS shall permit the Client electronically to monitor the activity and positions in its account by providing an on-line trading facility. The on-line trading facility may be a proprietary service offered by HYDRA MARKETS or a third party system.
5. The Client agrees to use the on-line trading facility software solely for its internal business or investment purposes.
6. The Client agrees that it shall not distribute the platform to any third party.
7. The online trading facility provided by HYDRA MARKETS may be used to transmit, receive and confirm the execution of orders, subject to market conditions and applicable operating rules and regulations. Regardless of any on-line confirmation received upon placement of an instruction via the on-line trading facility, such transaction is not confirmed by HYDRA MARKETS until HYDRA MARKETS provides confirmation. The confirmation forwarded by HYDRA MARKETS or made available on the on-line trading facility constitutes HYDRA MARKETS’ confirmation of a contract.
8. HYDRA MARKETS consents to the Client’s access and use in reliance upon the Client having adopted procedures to prevent unauthorized access to and use of the on-line trading facility , in any event, the Client agrees to any financial liability for trades executed through the on-line trading facility.
9. The Client may send and receive email messages and otherwise use the on-line trading facility as permitted in accordance with these Terms & Conditions, our policies and any applicable laws.
10. HYDRA MARKETS reserves the right, in its sole discretion, to institute or change any policies at any time relating to the use of the on-line trading facility.
11. The online trading facility is provided on an “as–is” basis and HYDRA MARKETS makes no express or implied representations or warranties to the Client regarding its operation or usability.
12. HYDRA MARKETS makes no representations or warranties regarding any services provided by any third party.
13. The online trading facility may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. HYDRA MARKETS shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from the standard version with all available updates installed.
14. HYDRA MARKETS may offer real-time tradable prices to the Client. Due to delayed transmission between the Client and HYDRA MARKETS the price offered may have changed before an order from the Client is received by HYDRA MARKETS. If automatic order execution is offered to the Client, HYDRA MARKETS shall be entitled to change the price on which the Client’s order is executed to the market value at the time which the order from the Client was received.
15. HYDRA MARKETS does not warrant that access to or use of the online trading facility will be uninterrupted or error free, or that the service will meet any particular criteria with respect to its performance or quality. HYDRA MARKETS expressly disclaims all implied warranties, including without limitation warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security or accuracy.
16. Under no circumstances, including negligence, will HYDRA MARKETS, its employees and or service providers be liable for any direct, indirect, incidental, special or consequential damages including, without limitation, business interruption or loss of profits that may result from the use of or inability to use the on-line trading facility.
17. The Client agrees not to hold HYDRA MARKETS and any of its service providers (for whom it acts as agent in this regard) liable for any form of damage arising as a result of the unavailability of the on-line trading facility.
18. The Client agrees that the use of the on-line trading facility is at the Client’s risk and the Client assumes full responsibility for any losses resulting from the use of or materials obtained via the on-line trading facility.
19. HYDRA MARKETS, its directors, officers, employees, agents, contractors, affiliates, third party vendors, information providers, and other suppliers providing information or data services do not warrant that the on-line trading facility will be uninterrupted or error free nor do we or they make any warranty as to the timeliness, sequence, accuracy, completeness, reliability or content of any information, service or transaction provided through the use of the on-line trading facility or the results obtained from its use.
20. HYDRA MARKETS and its service providers will not accept any form of liability including any loss or damage to the Client or to any other person for:
i. any inaccuracies, errors or delays or omissions of any data, information or message or transmission or delivery of any such data, information or message;
iii. interruptions in data, information or message transmission, due to any negligent act or omission, including any “force majeure” event or any other cause, whether or not within HYDRA MARKETS’ control – this include amongst other things, floods, extraordinary weather conditions, earthquakes, acts of God, fire, war, riot, labour disputes, accidents, actions of any government, communications or power failure, equipment or software malfunction.
21. The use and storage of any information provided or made available to the Client through the use of the on-line trading facility is for the use of the Client and is the Client’s sole risk and responsibility.
22. The Client is responsible for providing and maintaining the communications equipment and telephone or alternative services required for accessing and using the on-line trading facility, and for all communications service fees and charges incurred by the Client in accessing the on-line trading facility.
23. HYDRA MARKETS may at any time at its sole discretion terminate or restrict any Client’s access to the on-line trading facility at any time. Should HYDRA MARKETS terminate these Terms & Conditions or access to the trading platform the Client will be liable for all fees charges and obligations incurred under these Terms & Conditions prior to termination.
24. The Client acknowledges that from time to time, and for any reason, the on-line trading facility may not be operational or otherwise available for the Client’s use due to servicing, hardware malfunction, software defect, service or transmission interruption or other cause.
25. The Client’s failure to observe any of the undertakings or representations may result in civil or criminal liability, as well as termination of the use of the on-line trading facility.
26. The Client acknowledges that the Client has alternative arrangements in place at all times, for the transmission and execution of orders, if for any reason, circumstances prevent the transmission and execution of all, or any portion of, the Client’s orders through the on-line trading facility. In the event the on-line trading facility not being operational, the Client agrees to contact HYDRA MARKETS to make alternative order entry arrangements. Such arrangements may be in the form of telephone, or as otherwise agreed.
27. The Client may not under any circumstance use the on-line trading facility to do any of the following:
i. publish, post, distribute or disseminate defamatory, infringing, obscene or other unlawful or offensive material or information;
ii. intercept or attempt to intercept any email correspondence;
iii. use the online trading facility in any manner that may adversely affect its availability or its resources to other users;
iv. send correspondence electronically or otherwise to other users for any purpose other than personal communication; or
v. act, or fail to act in a manner which may result in the violation of any laws or regulations.
12. Authorizations and Instructions
1. The Client hereby authorizes HYDRA MARKETS to trade in the financial products on their behalf pursuant to the prior approval and instruction of the Client, or otherwise in accordance with HYDRA MARKETS’ rights elsewhere under these Terms & Conditions.
2. The Client may communicate their instructions to HYDRA MARKETS via the on-line trading facility or by telephone. Faxed or email orders will not be accepted unless pursuant to a prior agreed arrangement between HYDRA MARKETS and Client.
3. In consideration of HYDRA MARKETS agreeing to accept telephone (or other written) instructions from the Client, Client acknowledges that HYDRA MARKETS is not obliged to accept and or implement such instructions, and will not be liable to the Client or any other party should such instructions be unauthorized, forged or fraudulently given.
4. The Client may authorize any other person (the Authorized Person) to give instructions on its behalf and HYDRA MARKETS is entitled to act upon instructions which are or appear to be from the Client or any Authorized Person thereof. It is the Client’s sole responsibility to notify HYDRA MARKETS in writing immediately if there is any change to the Authorized Person list provided.
5. The Client shall be responsible for all orders, and for the accuracy of information, sent via the internet using the Client’s name, password or any other personal identification means implemented to identify the Client.
6. HYDRA MARKETS may, in its sole discretion and without explanation, refuse to act upon any instruction.
7. If the Client is more than one person, HYDRA MARKETS may act upon instructions received from any one person who is, or appears to HYDRA MARKETS to be, such a person, whether or not such person is an Authorized Person.
8. The Client may authorize any other person (Authorized Person) to give instructions (via the agreed methods) on its behalf and HYDRA MARKETS is entitled to act upon instructions which are or appear to be from the Client or any Authorized Person. It is the Client’s responsibility to notify HYDRA MARKETS in writing immediately if there is any change to the Authorized Person list provided pursuant to these Terms & Conditions.
9. Persons may only be appointed as Authorized Persons where they are an employee or director of a corporate Client, they are a family member appointed to act in the temporary absence of an individual Client, or where they are or act for a Financial Services Licensee with respect to the relevant activities.
10. HYDRA MARKETS is under no obligation to accept any instruction that is not made by an Authorized Person or to enquire as to the identity of any person providing the instruction if it reasonably believes the person is an Authorized Person.
11. Should HYDRA MARKETS receive any instruction that it reasonably assumes was from an Authorized Person, HYDRA MARKETS will not be liable for any properly performed action or omission by HYDRA MARKETS in reliance on that instruction.
12. HYDRA MARKETS shall not be liable for any act or omission by HYDRA MARKETS in reliance on any instruction given or action taken by any person acting or purporting to act on behalf of the Client who is not listed as an Authorized Person.
13. The Client is obliged to keep all passwords secret and ensure that third parties do not obtain access to the Client’s trading facilities.
14. Mere transmission of an instruction by the Client shall not constitute a binding contract with HYDRA MARKETS until confirmed by HYDRA MARKETS.
15. The Client has appointed HYDRA MARKETS as its agent for the purposes set out in these Terms & Conditions and conferred upon HYDRA MARKETS authority to do, or omit to do, all things reasonably necessary to perform its functions and all things reasonably incidental to the performance of its functions.
16. The Client will execute or otherwise authorizes HYDRA MARKETS to execute all such agreements as required to enable the provision of the services contemplated in these Terms & Conditions. The Client appoints HYDRA MARKETS as the Client’s attorney to do all things necessary to enter into such agreements on the Client’s behalf.
17. The Client shall promptly provide any instructions to HYDRA MARKETS, which HYDRA MARKETS may require. If the Client does not provide such instructions promptly HYDRA MARKETS may, in its absolute discretion, take such steps at the Client’s cost, as HYDRA MARKETS considers necessary or desirable for its own protection or the protection of the Client. This provision also applies in situations when HYDRA MARKETS is unable to contact the Client.
18. If the Client does not provide HYDRA MARKETS with notice of its intention to exercise a financial product transaction which requires an instruction from the Client at the time stipulated by HYDRA MARKETS, HYDRA MARKETS may treat the transaction as abandoned by the Client. If a transaction can be prolonged on expiry, HYDRA MARKETS may in its absolute discretion, choose to prolong or to close such transaction.
19. In general, HYDRA MARKETS shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act within a time frame reasonable seen in the context of the nature of the instruction. However, if after instructions are received, HYDRA MARKETS believes that it is not reasonable practicable to act upon such instructions within a reasonable time, HYDRA MARKETS may defer acting upon those instructions until it is, in HYDRA MARKETS’ reasonable opinion, practicable to do so or notify the Client that HYDRA MARKETS is refusing to act upon such instructions.
ONLINE TRADING ACTIVITY
1. HYDRA MARKETS will not be deemed to have any order or communication electronically transmitted by the Client until HYDRA MARKETS has actual knowledge of any such order or communication. The mere transmission of an instruction by the Client shall not constitute a binding contract between HYDRA MARKETS and the Client. The terms of any order or communication electronically transmitted to the Client may be subject to change or correction. Regardless of the fact that the on-line trading facility might confirm that a contract is executed immediately when the Client transmits instructions via the on-line trading facility, the confirmation forwarded by HYDRA MARKETS or made available on the on-line trading facility constitutes HYDRA MARKETS’ confirmation of a contract. Any instruction sent electronically shall only be deemed to have been received and shall only then constitute a valid instruction and or binding contract between HYDRA MARKETS and the Client when such instruction has been recorded as executed by HYDRA MARKETS and confirmed by HYDRA MARKETS to the Client including through a deal confirmation and or account statement.
2. The Client acknowledges and warrants that it has received a password granting it access to the on-line trading facility; is the sole owner of the password provided; and accepts full responsibility for any transaction that may occur on an account opened, held or accessed through the use of the password provided to the Client by HYDRA MARKETS, even if such use may be unauthorized or wrongful. The Client agrees to accept full responsibility for the use of the on- line trading facility, for any orders transmitted through the on-line trading facility and for all communications and the accuracy of all information sent via the on-line trading facility using the Client’s name, password or any other personal identification means implemented to identify the Client.
3. The Client warrants and agrees that any person who is in possession of any password is authorized by the Client, and the Client acknowledges that they will be responsible for any actions on their account associated with the use of its password.
4. The Client agrees to notify HYDRA MARKETS immediately
5. should the Client become aware of any unauthorized use, loss or theft of the Client’s, username, password or account numbers; or inaccurate information with respect to the content of statements including, cash balances, open positions or transaction history.
13. Entering into a Financial Product Transaction
a. The Client may request on any given Business Day, via telephone or otherwise, HYDRA MARKETS to quote a price at which HYDRA MARKETS may be prepared to enter into a financial product transaction. The Client acknowledges that a price quotation pursuant to this request does not constitute an offer to enter into a new or close an existing financial product.
b. Upon receiving the quote from HYDRA MARKETS, the Client may via telephone or otherwise offer to enter into a financial product transaction with HYDRA MARKETS at the price quoted by HYDRA MARKETS.
c. HYDRA MARKETS is in no way obliged to accept the Client’s offer to enter into a financial product transaction and, without limitation, is not obliged to accept the Client’s offer to enter into a financial product transaction, if the Client has exceeded or would exceed a predetermined limit imposed on the Client under these Terms & Conditions; or until HYDRA MARKETS has received from the Client the Initial Margin where required, in the form of cleared funds. HYDRA MARKETS will promptly advise the Client should HYDRA MARKETS decide not to accept a Client’s offer to enter into a financial product transaction.
d. The Initial Margin where required to enter into a financial product transaction, if not already received from the Client, will be payable to HYDRA MARKETS upon acceptance by HYDRA MARKETS of the Client’s offer to enter into the financial product transaction.
e. Should HYDRA MARKETS accept the Client’s offer to enter into a financial product transaction, HYDRA MARKETS will issue to the Client an electronic confirmation shortly after the financial product transaction has been entered into. This confirmation will be in the form of a deal confirmation. Failure by HYDRA MARKETS to issue a deal confirmation will not prejudice or affect the relevant financial product transaction. HYDRA MARKETS will not bear any liability whatsoever resulting from the failure to issue a deal confirmation.
f. The Client agrees to examine the terms of each deal confirmation immediately upon receipt and the Client agrees that the contents of the deal confirmation, in the absence of manifest error, will be conclusive evidence of the executed deal, unless within 48 hours of issue of a deal confirmation the Client notifies HYDRA MARKETS of any disputed detail in the deal confirmation received by the Client. Upon receipt of written notice within the 48 hour period of the disputed detail, HYDRA MARKETS will investigate the dispute and with the co-operation of the Client, will Endeavour to resolve the dispute in good faith. Notwithstanding any such dispute, the Client will continue to satisfy any obligation to pay margin calls made by HYDRA MARKETS in respect of the transaction as if the deal confirmation was correct and its details were not the subject of dispute.
g. In its absolute discretion, HYDRA MARKETS reserves the right to limit the value of financial product transactions the Client may have outstanding under these Terms & Conditions. Should the Client wish to enter into any further financial product transactions, the Client must seek and obtain approval from HYDRA MARKETS, which it may grant or refuse in its absolute discretion
h. If the Client provides HYDRA MARKETS with standing instructions to enter into a financial product transaction when a particular price level is reached in the market of the underlying security, the Client acknowledges that the price at which the financial product transaction is entered into may not be the same as the price requested by the Client as HYDRA MARKETS may elect not to enter into the financial product transaction until it has satisfied itself that it can hedge its exposure in the underlying security.
14. Execution of Orders
HYDRA MARKETS undertakes and the Client acknowledges that in respect of dealings in the financial products, and in compliance with the applicable Corporations Act and exchange operating rules requirements, HYDRA MARKETS shall execute all dealings in the sequence in which they are received and recorded, unless it would be fair and equitable to allocate such contracts on a different basis. HYDRA MARKETS shall provide the Client with contract notes and monthly statements in accordance with applicable laws and regulation.
It is the responsibility of the Client on receipt to carefully check all transaction confirmations and statement documentation (whether received/accessed electronically or otherwise) and to bring any errors or omissions to the attention of HYDRA MARKETS in writing within the time specified by HYDRA MARKETS. In the absence of such written objection, the contract notes and monthly statements shall be deemed correct in all respects.
a. Orders may be placed as market orders to buy or sell an instrument as soon as possible at the price obtainable in the market, or limit and stop orders to trade when the price reaches a predefined level, as applicable to the various instruments offered. Limit orders to buy and stop orders to sell must be placed below the current market price, and limit orders to sell and stop orders to buy must be placed above the current market price. If the bid price for sell orders or ask price for buy orders is reached, the order will be filled as soon as possible at the price obtainable in the market. Limit and stop orders are thus not guaranteed executable at the specified level or amount, unless explicitly stated otherwise by HYDRA MARKETS.
b. HYDRA MARKETS may, in its absolute sole discretion, execute a stop loss order in relation to any contract where there are reasonable grounds to believe that subsequent price movements may be adverse to the Client. HYDRA MARKETS shall not be liable to the Client for any failure to exercise this discretion. A stop loss order is triggered when the Client has a ‘sold’ position and the contract is traded at or above the stop loss price; or when the Client has a bought position and the contract is traded at or below the stop loss price. Once a stop loss order is triggered or executed it becomes a market order and HYDRA MARKETS shall use its best endeavours to execute the market order. The acceptance of a stop loss order is not a guarantee or representation by HYDRA MARKETS that the stop loss order can be executed at the stop loss price.
c. HYDRA MARKETS may at its discretion aggregate the Client’s orders with its own orders or orders of associates and/or persons connected with HYDRA MARKETS including employees and other clients. In addition, HYDRA MARKETS may split the Client’s orders. Orders will generally be aggregated or split where HYDRA MARKETS reasonably believes it to be in the overall best interests of Clients, but the Client acknowledges that on some occasions the consequence of the aggregation or splitting may result in a less favourable price than the Client’s order having been executed separately.
15. Deposits and Margins – Margin FX and CFD’s
The Client agrees and acknowledges that:
HYDRA MARKETS may advise the Client of the need to provide an initial or variation deposit or Margin by way of the payment of money, or if HYDRA MARKETS so agrees, the lodgement of Collateral, in such amount as determined by HYDRA MARKETS in its sole discretion, feels is necessary to protect itself from the personal obligation incurred by dealing in the financial products on behalf of the Client. Prior to entering into a financial product transaction, HYDRA MARKETS may require the Client to deposit cleared funds. The amount required by HYDRA MARKETS and the time at which it is required will be at the absolute discretion of HYDRA MARKETS. HYDRA MARKETS is not obliged to permit any offset of any moneys or Collateral so required by HYDRA MARKETS;
HYDRA MARKETS reserves the right whenever it deems appropriate to raise or lower the Margin or deposit
requirements, which may apply to existing positions as well as to new positions. The Client will comply with and meet all such calls in accordance with these Terms & Conditions by depositing in cleared funds the sum requested or lodging the Collateral agreed within the time specified by HYDRA MARKETS. HYDRA MARKETS may determine the amount and time in its absolute discretion. Should HYDRA MARKETS require additional funds from the Client to pay Variation Margin (“Margin Call”) the Client must pay the amount called by HYDRA MARKETS immediately upon being given notice by HYDRA MARKETS. In all respects, time shall be of the essence for all payment obligations of the Client;
Should HYDRA MARKETS make a Margin Call, the Client acknowledges and agrees that HYDRA MARKETS may refuse any request by the Client to enter into any further financial product transaction positions until HYDRA MARKETS has confirmed the receipt of the Margin Call amount in the form of cleared funds;
Any exercise by HYDRA MARKETS of any power or right under this clause, including, without limitation, the calling of Margin, shall be binding on the Client;
Where the Client trades via the trading platform, Margin Calls will be notified via email/trading platform, and Client is required to log in to the system on a daily basis when they have open positions to ensure they receive notification of any such Margin Calls. It is the Client’s sole responsibility to monitor and manage their open positions and exposures, and ensure that Margin Calls are met as required;
Where the Client has not checked the trading platform for Margin call notifications, and so has not met them in
a timely manner, all margined positions will be closed out by HYDRA MARKETS, without further reference to the Client;
HYDRA MARKETS may, in its discretion, request the Client to make all Margin and deposit payments with respect to any exchange traded or over-the-counter financial product transactions directly to a broker affiliated with HYDRA MARKETS. HYDRA MARKETS agrees that any payments made by the Client to such affiliate of HYDRA MARKETS
pursuant to such a request will satisfy the Client’s obligation to make payments to HYDRA MARKETS;
Liability for a deposit or Margin arises at the time it is executed irrespective of the time at which any call is made, and such liability is not limited to the amount, if any, deposited with HYDRA MARKETS;
The Client is responsible to pay any deficit owing to HYDRA MARKETS after closure, and if the Client defaults or refuses such payment, HYDRA MARKETS may apply the proceeds of any assets held by HYDRA MARKETS against that deficit;
A Margin call will not be considered to have been met UNLESS AND UNTIL cleared funds have been received by HYDRA MARKETS in the nominated account (generally around 10AM on the following Business Day);
Should the Client fail to meet a Margin call, HYDRA MARKETS may without prejudice to any other rights or powers under these Terms & Conditions, and in its absolute discretion, close out, without notice, any or all of the Client’s exchange traded or over-the-counter financial product contracts or refuse any request by the Client to enter into any further contracts;
No credit shall be extended directly or indirectly to the Client by HYDRA MARKETS, unless otherwise agreed in writing;
Subject to the Client meeting all Margin Call obligations, HYDRA MARKETS may permit the Client to withdraw from its account any excess Net free equity;
Margin deposited by the Client will not fall due for repayment until the Client’s obligations under these Terms & Conditions and under, or in respect of, any other account between HYDRA MARKETS and the Client are satisfied in full. Until this time, Margin will not constitute a debt due from HYDRA MARKETS to the Client nor will the Client have any right to receive payment of these funds.
16. Contracts for Difference
PAYMENTS FOR DIFFERENCE
The Client agrees and acknowledges that:
following Business Close on each Business Day during the term of an open CFD, HYDRA MARKETS will determine at Business Close the Contract Value of the CFD;
if the Contract Value determined is higher than the Contract Value determined in respect of the Business Close on the previous Business Day, then the Short Party must pay to the Long Party the difference;
if the Contract Value determined is lower than the Contract Value determined in respect of the Business Close on the previous Business Day, then the Long Party must pay to the Short Party the difference;
the Contract Value at Business Close on the Business Day on which the CFD is entered into is determined using the Underlying Security Price;
the Contract Value determined will ordinarily be the closing price of the Underlying Security quoted by the Relevant Exchange.
Where HYDRA MARKETS determines that the contract value of a CFD at Business Close cannot be determined on that basis for any reason, the contract value will be the value determined by HYDRA MARKETS in its sole discretion; and without limitation, if at any time trading on a Relevant Exchange is suspended or halted in any Underlying Security, HYDRA MARKETS will, in determining the Contract Value, at its discretion have regard to the last traded price before the time of suspension or halt.
The Client agrees and acknowledges that:
if the Client is a Long Party, the Client’s account will be credited with an amount equal to any gross un-franked amount of any dividend or distribution payable to the holder of the Underlying Security (after any applicable withholding tax, other local taxes or other charges as determined by HYDRA MARKETS) multiplied by the Contract Quantity on the first Business Day immediately preceding the ex-dividend date; and
if the Client is a Short Party, the Client’s account will be debited with an amount equal to any gross un-franked
amount of any dividend or distribution payable to the holder of the Underlying Security (plus, an amount representing any applicable withholding tax, other local taxes or other charges as determined by HYDRA MARKETS) multiplied by the Contract Quantity on the first Business Day following the ex-dividend date.
CLOSING A CFD
The Client agrees and acknowledges that:
at any time the Client may give HYDRA MARKETS by telephone or otherwise notice of its intention to close any CFD (whether in whole or part) by specifying the Underlying Security and the proportion of the CFD that the Client wishes to close;
upon receipt of a Closing Notice, HYDRA MARKETS shall use reasonable endeavours to provide a quote for the Closing Price and notify the Client of that quote (by telephone or otherwise). It is the Client’s obligation to notify HYDRA MARKETS as soon as possible (by telephone or otherwise) as to whether the Client is willing to accept the Closing Price. Should the Client accept the Closing Price the CFD, or relevant portion of the CFD, will be closed on the Closing Date;
at the Close of Business on the Closing Date, should there be a difference between the Closing Value and the Contract Value of the CFD (or portion of it closed it will be accounted for in the following way:
should the Closing Value be greater than the Contract Value, the Short Party must pay to the Long Party the difference; and
should the Closing Value be less than the Contract Value, the Long Party must pay to the Short Party the difference;
if a company, whose security represents all or part of the subject matter of a CFD, becomes externally administered within the meaning of the Corporations Act the CFD is taken to have been closed at the time that such administration commences. The Closing Price shall be determined by HYDRA MARKETS who may have regard to any factors it considers appropriate including, for example, the last traded price of the Underlying Security;
without limiting HYDRA MARKETS’ discretion, if any of the Underlying Securities cease to be quoted on a Relevant Exchange, or are suspended from quotation, or subject to a trading halt for 5 or more consecutive Business Days, HYDRA MARKETS may, in its absolute discretion, elect to terminate the relevant CFD by providing written notice to the Client;
if at any time a take-over offer is made in respect of an Underlying Security, then at any time prior to the Closing Date of such offer, HYDRA MARKETS may close the CFD. References to “offer”, “take-over” and “closing date” in these Terms & Conditions have the meanings given to them in the Companies or Corporations Act or equivalent legislation of the country where the company is incorporated;
it may not be possible to close out a CFD if there is a suspension of trading or a trading halt in respect of the Underlying Security. In such a circumstance, HYDRA MARKETS may decide, in its absolute discretion, not to close a CFD;
HYDRA MARKETS may close a CFD if the aggregate amount of Margin represented by payments for difference payable by the Client in relation to a CFD exceeds 50% of the Initial Margin in respect of that CFD;
as at Business Close on the day that a CFD is closed out, HYDRA MARKETS will calculate the remaining payment rights and obligations of the Client and HYDRA MARKETS based on the difference between the Closing Value and the Contract Value at the time it was entered into and taking into account any Margin which has already been debited from or credited to the Client's account in respect of that CFD;
where HYDRA MARKETS determines that the Closing Value of a CFD cannot be calculated on the Closing Date for any
reason, the Closing Value will be the value determined by HYDRA MARKETS in its sole discretion;
without limiting the above, if at any time trading on a Relevant Exchange is suspended or halted in any Underlying Security, HYDRA MARKETS will, in determining the
Closing Value of a CFD, at its discretion have regard to the last traded price before the time of suspension or halt; and
all determinations and calculations made by HYDRA MARKETS pursuant to these Terms & Conditions will be binding on the Client in the absence of manifest error.
SETTLEMENTS OF POSITIONS
The Client agrees and acknowledges that:
payments to be made to the Client with respect to any CFD will be made in accordance with this clause;
when a payment for difference is made, or a CFD is closed out in accordance with these Terms & Conditions:
HYDRA MARKETS will credit to the Client’s account any amount payable by HYDRA MARKETS to the Client;
or the Client must (subject to sub-clause c)) pay to HYDRA MARKETS any amount payable by the Client to HYDRA MARKETS in such currency as HYDRA MARKETS may require in cleared funds within 24 hours of being advised of the amount so payable;
if there is then sufficient Excess Variation Margin any amount owing by the Client under this clause may be
settled in whole or in part by debiting the Client’s account;
HYDRA MARKETS reserves the right to offset any money owed to the Client under these Terms & Conditions or any other agreement against any money owed by the Client under these Terms & Conditions or any other agreement;
if the Client has requested payment of any money owed to the Client under this clause, HYDRA MARKETS will deduct that money from the Client’s account and pay it to the Client by wire transfer or in such other manner as may be agreed between HYDRA MARKETS and the Client. If the Client has not requested payment of any money so owed to the Client it will be retained in the Client’s account.
The Client agrees and acknowledges that:
if any Underlying Security becomes subject to possible adjustment as the result of any of the events set out in this clause, HYDRA MARKETS shall determine the appropriate adjustment, if any, to be made to the Contract Value of that Underlying Security and/or the related Contract Quantity to place the parties in substantially the same economic position they would have been in had the event not occurred. The adjustment will take effect as at the time determined by HYDRA MARKETS, and will be conclusive and binding on the Client in the absence of manifest error;
the events to which paragraph (a) of this clause refers are the declaration by the issuer of the Underlying Security
of the terms of any of the following:
a subdivision, consolidation or reclassification of shares, or a free distribution of shares to existing holders by way of bonus, capitalisation or similar issue;
a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe, or receive shares, in any case for payment (in money cash or money’s worth) at less than the prevailing market price per share as determined by HYDRA MARKETS;
any event in respect of the shares analogous to any of the foregoing events or otherwise having a dilutive or concentrative effect on the market value of the shares;
and any other event in respect of which HYDRA MARKETS (in its absolute discretion) decides an adjustment is appropriate;
if at any time a take-over offer is made in respect of an Underlying Security, then at any time prior to the closing date of such offer, HYDRA MARKETS may give the Client notice of HYDRA MARKETS’ intention to close the CFD. If that happens, the Client is taken to have given a Closing Notice, with the Closing Price being the price notified to the Client by HYDRA MARKETS;
without limiting the above, if at any time an event occurs and HYDRA MARKETS determines (in its absolute discretion) that it is not reasonably practicable to make an adjustment under this clause, HYDRA MARKETS may at any time after it becomes aware of the event give the Client notice of HYDRA MARKETS’ intention to close the CFD. If that happens, the Client is taken to have given a Closing Notice, with the Closing Price being the price notiﬁed to the Client by HYDRA MARKETS.
Interest payments owing in respect of borrowings by the Long Party under a CFD or in respect of borrowings by HYDRA MARKETS from the Short Party under a CFD shall accrue and be payable on a daily basis at HYDRA MARKETS’ prevailing rates of interest (determined at HYDRA MARKETS’ sole discretion from time to time), and shall be settled by HYDRA MARKETS on each day by debiting or crediting the Client’s account with the daily interest rate differential between the amount of interest payable by the Client and the amount of interest payable by HYDRA MARKETS to the Client. In the event that there is insufficient Excess Variation Margin in the Client’s account, the Client acknowledges that any amount due under this clause is a debt due and owing by the Client to HYDRA MARKETS.
In debiting or crediting interest to the Client’s account, HYDRA MARKETS may charge or pay the Client interest at a rate different to the interest rate which HYDRA MARKETS is charged or paid on equivalent borrowings of foreign currency (or otherwise) by a bank or counterparty and may retain the difference.
The rates of interest applicable under this clause may be as agreed between the Client and HYDRA MARKETS from time to time and, in the absence of such agreement, shall be a rate determined by HYDRA MARKETS in its absolute discretion.
17. Commissions Fees and Expenses
a. The Client agrees to pay:
i. all legal costs incurred by the Client associated with entering into these Terms & Conditions and all taxes and expenses incurred by the Client in connection with these Terms & Conditions;
ii. commission upon the execution of any requested financial product transaction at such rate as is agreed separately between HYDRA MARKETS and the Client, as well as an amount equal to any other fee charged or levied on HYDRA MARKETS, or other expense incurred by HYDRA MARKETS, arising from any action taken pursuant to these Terms & Conditions;
iii. all stamp duty, duties and taxes payable on or pursuant to these Terms & Conditions;
iv. all amounts payable as a result of making or taking delivery or making cash adjustment in accordance with the terms of an exchange traded or over-the- counter financial product transaction;
v. all amounts incurred by HYDRA MARKETS as a result of the Client’s default under the terms of these Terms & Conditions, including without limitation, all reasonable legal costs on a solicitor / client basis;
vi. Interest, in respect of any unpaid amount due under these Terms & Conditions, at a rate of three per cent per annum above LIBOR (at a minimum of 10% per annum). Such interest shall accrue and be calculated daily from the date payment was due until the date the Client pays in full and shall be compounded monthly;
vii. and interest is calculated on the basis of net free equity on each account, unless specifically agreed otherwise. Interest will be charged on the full negative net free equity on any account, regardless of whether the Client holds other accounts which have positive net free equity. Please note that this means that if you hold multiple accounts, you may incur interest charges although the aggregate net free equity position of all of your accounts may be positive.
b. The Client authorizes HYDRA MARKETS to appropriate, transfer, credit, apply or pay monies that may be received by HYDRA MARKETS or held by HYDRA MARKETS on the Client’s behalf in payment of any amounts which may be outstanding by the Client to HYDRA MARKETS or HYDRA MARKETS’ agent in a transaction effected on the Client’s behalf.
c. Where amounts are payable by one party to the other, netting principles shall apply to enable the party owing the larger amount to pay the excess only to the other party. Amounts may be converted into the same currency in accordance with these Terms & Conditions.
d. HYDRA MARKETS may in its absolute discretion reduce or waive the minimum deposit amount, the minimum account balance or interest rates on debit balances, fees (including royalties or fees for third party services) or transaction charges, for individual clients or for classes of clients, for any length of time, with or without conditions, without notice.
e. The Client acknowledges that should they effect a financial product transaction with HYDRA MARKETS, the Client must pay all transaction charges, fees, Margins, settlements, interest and any other amounts due under these Terms & Conditions on demand by HYDRA MARKETS in cleared funds or otherwise as required in accordance with the terms of these Terms & Conditions.
f. The Client confirms and acknowledges that HYDRA MARKETS is permitted to deduct, without further reference to the Client, charges relating to any services provided by HYDRA MARKETS including administration charges (including but not limited to fees associated with returned payments, payment processing, debt collection and telephone transcript copies), charges relating to the use of its on- line trading facility and royalties payable to any exchange from the Client’s account held with HYDRA MARKETS during the full term of these Terms & Conditions whilst the Client utilizes such services.
g. Any commissions payable by the Client with respect to dealings conducted on behalf of the Client by their financial adviser will be deducted from the Client’s account by HYDRA MARKETS for remittance to the Client’s financial adviser pursuant to details provided in writing by the Client to HYDRA MARKETS. Adviser commissions are payable immediately upon the entering into and the closing of a financial product transaction.
h. Should the Client be given access through the electronic platform or otherwise to prices or information provided by any exchange to which a royalty or other fee must be paid for the use of such prices or information, HYDRA MARKETS shall have the right to effect the payment of any such royalty or other fee by debiting the Client’s account on a monthly basis.
i. Payments by the Client to HYDRA MARKETS in accordance with these Terms & Conditions must be made without any offset, counter claim or condition and without any deduction or withholding for any tax or any other reason unless the deduction or withholding is required by applicable law. Should the Client be required to make any form of deduction in respect of tax from any payment to be made or if HYDRA MARKETS is required to pay any tax in respect of any payment made in relation to these Terms & Conditions at the Client’s request the Client agrees to keep HYDRA MARKETS indemnified against that tax and agrees to pay to HYDRA MARKETS any additional amounts required to ensure HYDRA MARKETS receives the full net amount that is equal to the amount HYDRA MARKETS would have received had a deduction, withholding or payment of tax not been made,
j. The Client agrees that HYDRA MARKETS may at any time share transaction fees and charges with any other persons without being required to disclose the sharing of such fees and charges to the Client, unless such disclosure is required by law.
The Client acknowledges and agrees that where one of the following events occurs, HYDRA MARKETS may take any such action provided in Clause 18(c) below:
a. the Client fails to meet a call for a deposit or Margin or make any other payment when due under these Terms & Conditions;
b. the Client is not contactable by HYDRA MARKETS (and has not made alternative arrangements) within the time specified by HYDRA MARKETS in order for HYDRA MARKETS to obtain instructions (where required);
c. the Client dies or becomes of unsound mind, or the partnership is dissolved or ceases to exist for any reason;
d. the Client suspends payment of its debts, makes any composition with its creditors, has a receiver appointed over some or all of its assets, takes or has any proceedings taken against it in bankruptcy or takes or allows any steps to be taken for its winding up (except for a solvent amalgamation or reconstruction approved in advance in writing by HYDRA MARKETS) or anything similar to any of these events happens to the Client anywhere in the world;
e. the Client fails in any respect, fully and promptly to comply with any obligations to HYDRA MARKETS under these Terms & Conditions or otherwise or if any of the representations or information supplied by the Client are or become inaccurate or misleading in any material respect;
f. any guarantee, indemnity or security for the Client’s obligations is withdrawn or becomes defective, insufficient or unenforceable in whole or in part;
g. any security created by any mortgage or charge binding the Client’s assets becomes defective, insufficient or unenforceable in whole or in part;
h. these Terms & Conditions have been terminated;
i. it becomes or may become unlawful for HYDRA MARKETS to maintain or give effect to all or any of the obligations under these Terms & Conditions or
j. otherwise to carry on its business or if HYDRA MARKETS or the Client is requested not to perform or to close out a transaction (or any part thereof) by any governmental or regulatory authority whether or not that request is legally binding; or
k. HYDRA MARKETS considers it necessary to do so for its own protection.
1. If the Client becomes aware of the occurrence of any event referred to in clause 18(a) above, it shall notify HYDRA MARKETS immediately.
2. If any event referred to in Clause 18(a) above takes place, HYDRA MARKETS shall at its absolute discretion be entitled, but not obliged, to, and at the expense of the Client:
l. terminate the Terms & Conditions immediately;
m. close out any or all of the Client’s contracts;
n. cover positions by entering into further contracts;
o. cancel any outstanding orders in order to close the
p. Client’s account;
q. convert any amount owed by the Client to HYDRA MARKETS into US Dollar currency at any time on or after payment is due (until payment is received in full);
r. satisfy any obligation the Client may have to HYDRA MARKETS out of any property, money or security belonging to the Client in HYDRA MARKETS’ custody or control, and enforce any such asset or security (at the Client’s expense) held by HYDRA MARKETS in such manner as it deems appropriate, but to a maximum amount equal to all sums due or to become due to HYDRA MARKETS from the Client;
s. charge the Client with all of the costs, expenses and losses incurred by HYDRA MARKETS as a result of entering into, or closing out transactions pursuant to these Terms & Conditions; and
t. to take any such action a reasonably prudent person would take in the circumstances to protect the personal obligation incurred when dealing on behalf of the Client.
a. The Client will indemnify and keep indemnified HYDRA MARKETS and its employees, contractors or agents from and against any cost, expense, claim, action, suit, loss, damage or other amounts whatsoever arising out of any default, whether by act or omission, of the Client under these Terms & Conditions or anything lawfully done by HYDRA MARKETS in accordance with these Terms & Conditions or by reason of HYDRA MARKETS complying with any direction, request or requirement of an exchange or its clearing house or other regulatory authority.
b. HYDRA MARKETS shall not be responsible or liable in any way for any delay or error in the transmission or execution of any dealing by it under these Terms & Conditions caused by the Client or any other third party, including but not limited to trading floor or exchange system operational failure or action, bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency or act of god.
c. No warranty is provided by HYDRA MARKETS in relation to information or advice sourced from third parties, and all information provided by HYDRA MARKETS to the Client is for the private use of the Client and is not to be communicated to any third party without the prior written consent of HYDRA MARKETS.
d. HYDRA MARKETS makes no representation or warranty as to the results of dealing in the financial products, and shall not be liable for any damage or loss suffered or incurred by the Client arising out of or in connection with any general advice, forecast, or opinion to the Client in relation to price movements or positions or to the likely profitability of any transaction.
e. These indemnities shall survive any termination of the Client relationship.
20. Limitation of Liability
a. The Client declares it has read, understood and accepted all of the terms and conditions outlined in these Terms & Conditions. The Client agrees that when entering into a financial product transaction with HYDRA MARKETS the Client is relying on its own judgment and, to the extent permitted by law, in the absence of negligence, fraud or dishonesty by HYDRA MARKETS or any of its employees, agents and representatives in relation to HYDRA MARKETS’ (Global Business License No. 405081129) is Authorized by the Georgian National Bank, HYDRA MARKETS shall bear no responsibility or liability of any kind whatsoever with respect to any general advice given or views expressed to the Client, whether or not the general advice or views expressed was as a result of a request by the Client, nor will HYDRA MARKETS be liable in any respect of any losses incurred by the Client resulting from dealing in any product or products offered by HYDRA MARKETS including CFDs.
b. HYDRA MARKETS will bear no liability whatsoever in respect of any private dealings, contracts, transactions or relationships between the Client and any of HYDRA MARKETS’ employees or agents.
c. HYDRA MARKETS shall bear no liability whatsoever in respect of any impact on the Client caused directly or indirectly by the issuance of any instructions by the Client to HYDRA MARKETS.
d. In the absence of negligence, fraud, dishonesty or misconduct by HYDRA MARKETS or any of its employees, agents and representatives and to the full extent of the law, HYDRA MARKETS bears no responsibility or liability for any Client’s losses or damages whatsoever incurred as a result of any delay in transmitting or a failure to transmit funds caused by reasons outside the control of HYDRA MARKETS or as a result of HYDRA MARKETS’ failure to execute orders in a timely manner or administer these Terms & Conditions in the manner contemplated by these Terms & Conditions for reasons beyond its control and, without limiting the indemnity in Clause 19, the Client indemnifies and agrees to keep HYDRA MARKETS and its employees, agents and representatives (for whom HYDRA MARKETS acts as agent) indemnified and against all sums of money, actions, proceedings, suits, claims, demands, damages, costs, expenses and other amounts whatsoever arising in respect of any such loss or damage. Reasons outside HYDRA MARKETS’ control may include but are not limited to, exchange control or other government restrictions, exchange or market rulings, suspension of trading, power failure, telecommunication failure, strikes or war.
e. HYDRA MARKETS will not be liable for any losses or damages arising from or in connection with any CFD as the result of any moratorium, suspension or delisting of any Underlying Security or any other occurrence in relation to a Relevant Exchange.
f. All such available exemptions and limitations of liability shall apply in respect of HYDRA MARKETS’ employees, officers, agents and representatives.
21. Dispute Resolution
If a dispute arises between HYDRA MARKETS and the Client relating to any transaction (a “Disputed Transaction"), HYDRA MARKETS may close out or take any other action it considers appropriate in relation to the Disputed Transaction without previously notifying and or without having received instruction from the Client. HYDRA MARKETS will try to notify the Client (verbally or in writing) what action it has taken, as soon afterwards as it practically can, but if it does not, the validity of its action shall not be affected.
a. These Terms & Conditions can be terminated at any time by either party giving 7 Business Days written notice to the other party.
b. Unless otherwise agreed in writing between the parties upon termination of these Terms & Conditions HYDRA MARKETS will close out all of the Client’s exchange traded or over-the-counter financial product transactions, at HYDRA MARKETS’ discretion.
c. Should any event occur which has the effect of making or declaring it unlawful or impracticable for HYDRA MARKETS to offer financial product transactions to the Client in accordance with the terms outlined in these Terms & Conditions, HYDRA MARKETS may immediately terminate these Terms & Conditions by providing the Client with written notice.
d. In the event of these Terms & Conditions being terminated, a Closing Notice must be provided by the Client in respect of all open positions. Such notice must be provided within 5 Business Days of the termination date. Should the Client fail to unwind any open CFD position within the notice period, HYDRA MARKETS reserves the right to close out CFD positions as if a Default Event had occurred in accordance with these Terms & Conditions.
e. Termination of the Terms & Conditions shall not release either party from any existing obligations or from any liabilities for any antecedent breach of any of the terms of these Terms & Conditions and will not relieve the Client of any obligations the Client may owe to HYDRA MARKETS in accordance with these Terms & Conditions prior to its termination.
f. Rights under these Terms & Conditions can only be waived in writing, such waiver not to affect the waiving party’s rights or entitlements in respect of subsequent breaches of the Terms & Conditions. Failure to compel performance shall not be construed as a waiver.
g. If these Terms & Conditions are terminated, the Client acknowledges and agrees that all open positions must be closed within 5 Business Days of the date of termination.
HYDRA MARKETS may amend these Terms & Conditions by giving the Client thirty days written notice of any amendments.
a. In the event that any of the provisions contained in these Terms & Conditions are found to be invalid or unenforceable, such provisions shall be deemed deleted, and the validity and enforceability of the remaining provisions shall continue unimpaired.
b. If a party fails to exercise or delays in exercising any right under these Terms & Conditions, by doing so it does not waive such right. The rights provided in these Terms & Conditions do not exclude other rights provided by law.
c. The Client may not assign or otherwise transfer its rights or obligations under these Terms & Conditions or any transaction, without the express written consent of HYDRA MARKETS.
d. The parties agree to the electronic recording by either party of telephone or internet conversations between the parties with or without an automatic tone warning device, and the use of such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties. Clients shall be permitted access to such tapes (where still held) after the date of the relevant telephone conversation, and shall be liable to HYDRA MARKETS for all reasonable costs in retrieving and providing such tape.
e. The Client acknowledges and agrees that HYDRA MARKETS is permitted to carry out an electronic database search and search credit reference agencies in order to verify the Client’s identity and credit standing. If such searches are carried out, HYDRA MARKETS may keep records of the contents and results of such searches in accordance with all current and applicable laws.
f. HYDRA MARKETS reserves the right to collect such information as is necessary from the Client to meet its obligations under applicable Anti Money Laundering laws and regulations. HYDRA MARKETS may pass on information collected from the Client and relating to transactions as required by applicable anti money laundering laws and regulations and is under no obligation to inform the Client it has done so. HYDRA MARKETS may undertake all such anti money laundering checks in relation to the Client (including restricted lists, blocked persons and countries lists) as deemed necessary or appropriate by HYDRA MARKETS, and reserves the right to take any action with regard thereto with no liability whatsoever therefore.
g. HYDRA MARKETS reserves the right to provide all such information regarding the Client in relation to its obligations to, or requests (whether legally binding or not) by a relevant regulatory body.
a. In order to provide the Client with these services, HYDRA MARKETS needs to collect personal information about the Client and obtain the Client’s agreement in relation to the handling of such personal information. If the Client does not provide the requested information or agree to the information handling practices detailed in these Terms & Conditions, HYDRA MARKETS may be unable to provide the services outlined in these Terms & Conditions to the Client.
b. The Client shall ensure that all information provided to HYDRA MARKETS is accurate and up-to-date at all times. Any changes must be advised to HYDRA MARKETS as soon as practicable.
c. HYDRA MARKETS have systems and processes in place to address privacy requirements, and can provide the Client with a Privacy Statement should the Client require further information about HYDRA MARKETS’ information handling practices.
d. The Client authorizes HYDRA MARKETS to collect, use, store or otherwise process any personal information which enables HYDRA MARKETS to provide and/or improve its services. This may, on occasion, require the disclosure of personal information to our related entities, agents and service providers, and to organizations located in countries which do not have comparable laws to protect the Client’s information.
All communications relating to these Terms & Conditions shall be in writing and delivered by hand or sent by post, facsimile, or, electronic mail to the party concerned at the relevant address. Any such communication shall take effect if delivered, upon delivery; if posted, two business days after it is posted to the party’s last known address;
if sent by facsimile, or electronic mail, at the time of transmission (and receipt of confirmation. Where the Client is more than one person, any notice or other communication provided by HYDRA MARKETS to one such person shall be deemed to have been provided to all such persons.
26. Governing Law
These Terms & Conditions are governed by and construed in accordance with the laws of The Democratic Republic of Georgia, and the parties submit to the non- exclusive jurisdiction of the courts and tribunals in that country.
Terms And Conditions Of Trading
To be read in conjunction with
TERMS AND CONDITIONS OF BUSINESS
1. General provisions.
Hydra Markets (hereinafter referred to as the "COMPANY") and an individual or entity that has signed the present Agreement and has filled in the registration form (hereinafter referred to as the CUSTOMER), together referred to as PARTIES, entered into the present Agreement (hereinafter referred to as the AGREEMENT).
The present Agreement specifies the conditions under which the Company shall provide the services to the Customer related to conducting operations on financial markets.
"Account history" – a full list of all completed transactions and non-trading operations conducted on a live account.
"Active account" is the Customer trading account, where quantity of the executed market lots (1 market lot is equivalent to 10 COMPANY lots) for the accounting period exceeds 0.2% of the average equity denominated in USD. For a USD 1,000 account the lot quantity is 2 market lots or 20 COMPANY lots. Upon occurrence of opposite trades only a half of the locked volume is counted for the quantity of executed lots.
"Adviser" – a trading account management algorithm in the form of a program based on MetaQuotes Language 4. This program sends requests and orders to a server using the Customer terminal.
"Arbitrage" – a trading strategy which uses "Arbitrage transactions".
"Arbitrage transaction" – an operation, when an asset is bought on one market, and at the same moment a matching asset is sold on a different market. This price difference is fixed on various exchange markets. It is easily observed, that the value of the portfolio remains almost unchanged regardless of the market movements (as the opposite trades offset each other). When the price difference changes to a positive side, the opposite arbitrage transaction of fixing profit is conducted. An arbitrage transaction is also a transaction that includes only the asset purchasing (selling) on one type of the market without further selling (purchasing) on a different market, with the condition of that a considerable price gap between the quotes of these two related markets appears at the moment of opening or closing the trade.
"Ask" – the highest price in the pair at which the Customer buys the currency.
"Balance" – aggregate financial result of all completed transactions and non-trading operations of a trading account.
"Base currency" – the first currency quoted in a currency pair, which the Customer can buy or sell at the price of the quote currency.
"Bid" - the smallest price in the currency pair exchange rate quote. The Customer sells at bid price.
"Bonus funds" – funds received by the Customer as part of bonus programs and contests, held by the Company.
"Equity" is the current account balance, calculated according to the formula: balance + floating profit - floating loss.
"Candlestick bar" is an element of the chart, which includes open and close prices, as well as maximum and minimum prices for a certain period of time (1 minute, 5 minutes, an hour, 24 hours, a week etc.).
"Customer" is a legal body or physical party that has accepted the present Agreement with the Dealer (the Company) in order to conduct trading operations under the terms of margin trading, and who has entered into a Customer terminal rental contract with COMPANY.
"Customer terminal" is a MetaTrader 4.xx software product, which lets the Customer get information on financial market trades in the real time mode (quantity defined by the Company), perform technical analysis of markets, conduct trades, set/change/cancel orders and receive messages from the Dealer and the Company. It can be freely accessed at the Company website.
"Customer log file" – a file created by the Customer terminal, which records all inquires and orders sent from Customer to the Dealer with a 1-second accuracy.
"Closed position" – the result of the second part of the completed closed transaction.
"Completed position" consists of two opposite trading operations of equal size (open and close position): buying followed by selling or selling followed by buying.
"Contract for difference" (CFD) – a trading operation item based on changes of the basis asset rate (i.e. the asset being the subject of the CFD), including stocks, futures, commodities, precious metals, stock index etc.
"Contract specification" – the main trading conditions (such as spread, lot size, minimal trade volume, changes in trade volume, initial margin, lock etc.) for each instrument. As of the date of wording the present Agreement, the information is available at Company website
"Currency pair" is a unit of trade operation grounded on the price change of one currency versus another currency.
1) a company, which the Customer entered into agreement with, regulating the legislative base of conducting trade operations under the conditions of marginal trading.
2) an employee of this company who deals with performing orders of the Customer, including orders’ execution, stop out and margin calls (in the text of the present Agreement written lower-case letters).
"Developer" – MetaQuotes Software Corp., the developer of the trading platform.
“Disputable issue” is:
1) a situation where the Customer assumes that the Dealer has violated one or more conditions of the present Agreement as a result of its activity or inactivity;
2) a situation when the Dealer assumes that the Customer has violated one or more conditions of the present Agreement as a result of his activity or inactivity.
"Enquiry" – the Customer instruction sent to the Dealer to obtain a currency quote. An enquiry does not imply the Customer’s obligation to open a trade.
"Fast market" is a condition of the market which is characterized by sudden currency rate changes during a short period of time and often followed by price gaps. Usually it occurs right before and/or after one or a series of events:
- publication of economic indicators of the G8 members (the eight leading industrial countries, i.e. the USA, Germany, Japan, France, the UK, Canada, Italy, Russia), has a high degree of influence on the financial markets;
- key interest rates’ announcements made by central banks and their committees;
- speeches or press conferences of central bank governors, finance ministers and of the G8 countries’ presidents;
- interventions of governments in currency markets;
- terrorist acts of a national (governmental) importance;
- natural disasters that caused announcement of the state emergency (or of the analogical restrictive measures) within the affected territories;
- outbreak of war or military actions;
- political force major events such as resignations, appointments or inaugurations (including election results) of executive branch of governments;
- other conditions that influence on the dynamics of the currency rate.
"Floating profit/loss" – unfixed profit/loss of all open trades at the current exchange rates at present moment.
"Force majeure circumstances" – occurrences which could not have been foreseen or prevented. Such as:
- natural disasters;
- acts of terror;
- government actions, actions of executive and legislative government authority;
- hacker attacks and other unlawful acts toward servers.
- statements issued by central banks without prior warning which have a dramatic effect.
"Free margin" – funds on a trading account that can be used for opening new trades. Calculated according to the formula: equity - margin.
"Graph" (chart) is a flow of quotes illustrated graphically. It shows the peak high of any bar/candlestick, which is the maximum Bid over a period; the low or minimum Bid; the close price or last Bid of any bar/candlestick; and the open price or first Bid of any bar/candlestick.
"Hedged margin" – a guarantee cash cover required by the Dealer for opening and maintaining trades. For every instrument, it is indicated separately in Specifications.
"Initial margin" – the required by the Dealer cash cover for opening a trade. For each instrument the value is indicated in Specifications.
"COMPANY website" is the official website of COMPANY broker available at the following website address:
"Instrument" – a currency pair or CFD (contract for difference).
"Leverage" – the ratio of a covered sum used in a trade to the volume of the trade: 1:200. Leverage 1:200 means that in order to open a trade it is necessary to have a trading account with the deposit sum, which is 200 times less than the sum of the trade to be opened.
"Lock" – long and short positions of the same volume that were opened for the same instrument on the same account.
"Lock margin" is a cover sum, required by the Dealer in order to open and maintain lock positions. For every instrument it is indicated in Specifications.
"Long" – buying an instrument hoping that the rate will increase. In connection with the currency pair, it is purchasing the base currency using the quote currency.
"Lot" – a unit to measure the quantity of shares, commodities, base currency, which is used in a trading platform.
"Lot size" – the quantity of assets, commodities, base currency per one lot, defined in Specifications.
"Margin level" – the ratio of equity to necessary margin (in per cent), calculated according to the formula: (equity/margin)*100%.
"Margin call" – a state of the trading account when the Dealer has a right but is not obliged to close all open trades of the Customer because of insufficient funds (free margin). Margin level, whereat "margin call" situation arises; is indicated in the present Agreement.
"Margin trading" – trading with the use of leverage; a Customer is able to open trades which value is much higher than the employed in a trade personal funds of the Customer.
"Market open" – start of trading sessions after weekend, holidays or after a time interval between trading sessions.
"Necessary margin" – a Dealer's finance requirement for maintaining open positions; each instrument is shown in Specifications.
“Non-trading operation” – the operation of topping up a trading account (or withdrawing money from the trading account) or the operation of allocating (returning) the credit.
“Normal market conditions” – the condition of the market when:
- there are no significant stops in delivery of quotes to a trading platform;
- there is no rushing price dynamics;
- there are no considerable price gaps.
"Normal market” – see "Normal market conditions".
"Obvious error" – the Dealer’s opening/closing the Customer’s positions or executing any orders at prices, which greatly differ from the price of the instrument in the quoting flow at the moment of execution. Or some other Dealer activity or inactivity related to wrong evaluation of market prices at a certain moment of time.
"Opening gap" is a situation when one of the following statements is true:
- Bid of the market open is higher than Ask at market close;
- Ask at market open is lower than Bid at market close.
"Order" – the Customer instructions sent to the Dealer to open/close a trade once price reaches the order level, or to place, delete or change the order level.
"Order level" – the price indicated in the order.
"Open position" is the result of the first part of a fully completed transaction. When opening a position, the Customer undertakes the following obligations:
- to conduct the second part of the transactions (buy/sell) of the same size;
- to maintain equity not lower than 30% of the necessary margin.
"Pending order" – the Customer requests the Dealer to open a trade once price has reached the order level.
"Pips" - the smallest unit of price for any foreign currency. Also called “points”.
"Price prior to non-market quoting" is a close price of a minute bar, prior to non-market minute bar quote.
"Price gap" – either of the following situations:
- the present Bid is higher than the prior Ask;
- the present Ask is lower than the prior Bid.
"Quote currency" is the second currency in the currency pair symbol that is used by the Customer for selling or buying the base currency.
"Quotes data base" – information about all quotes of currencies.
"Quoting" is the process of providing the streaming real-time currency quotes to the Customer in order to conduct a trade.
1) for currency pair: base currency unit price expressed in terms of quote currency;
2) for CFD: base asset unit price expressed in terms of money.
"Real deposit" is a difference between deposits and withdrawals at the Customer trading account for the reporting period.
"Server log file" is a file created by the server, which records all requests and orders received by the Dealer from the Customer, including the processing result, with 1 second accuracy.
"Server" is software product of MetaTrader Server 4.xx which processes the Customers’ orders and requests, provides information about financial market trades in real-time mode (quantity defined by the Company), taking into account mutual obligations between the Customer and the Dealer, and adherence to the conditions and restrictions.
"Short position" – selling the instrument with a view to the rate decline. With respect to currency pairs: when the base currency is sold using the quote currency.
"Spike" – the price quote that meets the following conditions:
- there is a considerable price gap;
- a short-term price returns to the initial level creating a price gap;
- no rushing price dynamics prior to this price quote;
- no macroeconomic events and/or corporate news noticeably influencing on the instrument price at the moment of this quote break out.
The Company has the right to remove information that concerns non-market quote (Spike) from the quotes data base of the server.
"Spread" – the difference between Bid and Ask (in pips).
"Streaming real-time quotes" – a chain of quotes for every instrument imported to and seen in a trading platform, the mechanism of providing quotes to the Customer by the Dealer, visible in the real-time mode, using which the Customer is able to send an order to the Dealer to conduct a trade at every moment.
"Stop out" – forced order to close a position generated by the server.
"Swap" – a payment taken for carrying an open position overnight. It can be either positive or negative. A chart, defining swap values for each instrument, can be found at COMPANY official website. At the moment of the present Agreement revision, the information was available at Company website
"Trailing stop" is the stop loss (SL) order management algorithm:
- if an open position profit does not exceed the trailing stop level, do not take any actions;
- as soon as the open position profit exceeds the trailing stop level, send an order to the server overriding the SL order by a distance that equals the trailing stop value of the current price;
- as soon as the interval between the SL order and the quote exceeds the trailing stop, the server will change the order level, so that the distance between the order and current price is equal to the trailing stop.
The trailing stop works when the Customer terminal is launched, connected to the Internet and successfully authorized by the server.
"Thin market" – a state of the market, when there are less quotes than normally imported in the trading platform for a considerable period of time. As a rule, this type of the market condition occurs during Christmas holidays, national holidays in G8 countries and between 23:00 p.m. - 3:00 a.m. (GMT+2) etc.
"Ticket" – a unique identification number assigned to position or pending order in a trading platform.
"Trailing stop value" – the value of the parameter “trailing stop”, set by the Customer.
"Trading platform time" – the time zone in which the events registered in the server log file occur. At the moment of the present Agreement publication it is GMT+2.
"Trading operation size" – the quantity of lots multiplied by the lot size.
“Market conditions that differ from normal ones” – thin market or fast market.
"Trading operation/trade" is purchasing/selling the instrument carried out by the Customer.
"Trading platform/terminal" – a set of software and technical facilities that supports receiving information on trading carried out on financial markets in real-time mode, conducts trading operations, takes into account mutual obligations between the Customer and the Dealer, and enforces observing conditions and restrictions. In simplified form for the purposes of the present Agreement consists of the “Server” and the “Customer terminal”.
"Trading account" – unique personalized log of all operations recorded on the trading platform, where completed closed transactions, opened positions, non-market operations and orders are reflected.
2. Company services.
2.1. Definition of the Company services.
2.1.1. The Company services are all interactive programs or services offered by the Company, which make it possible for the Customer to:
- get connected with the Company or with an authorized third-party service provider;
- receive information and quotes from the Company or from an authorized third-party service provider;
- conduct trades on financial markets through the Company trading terminal MetaTrader 4.0 (software program) which includes electronic data transfer that the Customer submits to the Company using a personal computer connected by modem or any other device to access the file transfer network assigned by the Company.
2.1.2. By signing the present Agreement the Customer acknowledges becoming familiar with the rules of communication and agrees that the Customer can give instructions only by telephone or the Customer trading terminal.
2.1.3. The services of the Company include information software set "MetaTrader 4.0", means of technical analysis and services of information provision by the third party, offered along with the services of the Company.
2.1.4. The Customer acknowledges that the Company reserves the right to change, add, rename or leave unaltered the Company services that are offered in terms of the present Agreement without any prior notice. The Customer also acknowledges that the Agreement is applicable to services, which can be changed, added or renamed in future in addition to the services which are provided to the Customer currently.
2.1.5. In relation to the Customer trades, the Company merely executes the Customer orders without providing trust management or recommendations. The Company executes the Customer inquires or orders regardless of a trade character, even if they are non-beneficial for the Customer.
2.1.6. But for the cases described in the present Agreement, the Company is not obliged to:
- monitor and notify the Customer about the trade status;
- close a Customer open position;
- make attempts to execute the Customer order using the quotes, which differ from the quotes displayed in the "MetaTrader 4.0" trading platform.
2.1.7. The Company services exclude providing recommendations and information to motivate the Customer to conduct operations. In some cases, the Company reserves the right to give information, recommendations and advice to the Customer; in this case the Company bears no responsibility regarding the result and effectiveness of such actions. The Company reserves the right to cancel or close any Customer position in terms of conditions that are regulated by the present Agreement. All trades conducted by the Customer as a result of erroneous information or a mistake, are to be upheld by both parties, the Customer and the Company.
3. Basic principles.
3.1 Processing Customer orders.
3.1.1. For conducting trades the "Instant Execution" quoting mechanism is used.
3.1.2. Customer inquiries and orders are processed according to the following scheme:
- the Customer makes an inquiry or an order, which correctness is checked, in the Customer terminal;
- the Customer terminal forwards the inquiry or order to the server;
- the server receives the Customer order and checks its correctness; then the trading terminal shows the message "request was accepted by server";
- once the Customer inquiry or order has been processed, the server sends the result back to the Customer trading terminal;
- provided that there is uninterrupted connection between the Customer terminal and the server, the Customer terminal receives the result of the inquiry or order execution result from the Dealer.
3.1.3. The Customer can attempt to cancel the earlier sent request (which is queued); nevertheless, the Company cannot guarantee the success of this attempt.
3.1.4. The time, required to execute an inquiry or an order, depends on the quality of connection between the Customer terminal and the Company server, as well as on the market conditions. Under the normal market conditions, it usually takes about 1 to 5 seconds to process an inquiry or an order. Amid the market conditions which differ from the normal ones, the processing time can be extended up to 10-15 seconds.
3.1.5. The Company server can decline the Customer order in cases as follows:
- at the market opening a "No price" message is received, in case the Customer makes an inquiry before the first quote is imported in the trading platform;
- the Customer does not have enough funds to open a new position;
- market conditions are other than normal.
3.2. Trading operations.
3.2.1. Currency is sold at Bid price. Currency is bought at Ask price.
3.3. Minimal size of a trade.
3.3.1. Minimal size of a trade is 0.01 Market lot
3.3.2. If the sum total of the Customer opened positions exceeds the following sums in base currency, the Company reserves the right to impose limitations on the maximal leverage.
- for the amounts over USD 5,000,000 (five million) to 1:100;
- for the amounts over USD 20,000,000 (twenty million) to 1:50.
The Company reserves the right to impose the above-mentioned restrictions on a selective basis.
3.4.1. In case of no force major circumstances, the Company uses fixed spread for fixed spread accounts, which is indicated on the Company official website. By variable spreads accounts spread is variable.
3.4.2. Carrying over a position to the next day.
When a position passes over to the next day, the swap is accrued for an open position starting since 23:59:30. For the night Wednesday – Thursday, a triple swap is accrued. Size of swap is indicated at Company website
3.5. Making amendments to trading conditions.
3.5.1. The Company has the right to change margin requirements, spreads, the orders’ executing mode and other trading conditions in correlation with national and international holidays, and without notification to the Customers beforehand. In this case, all changes will be applicable to the already opened trades and new positions.
3.6. Closing CFD positions.
3.6.1. If there are opened positions in a trading account on a day (or on the next day) of the economic statistics publication of the CFD issuing company, or any other event, which has a great impact on the share rate, the Company reserves the right to close a position using the last market quote at the trading session close. In this case, there follows a trade reopening at one of the market quotes during the first 5 minutes after the session opening.
3.7. Opening position.
3.7.1. To open a position, an order should be sent from the Customer terminal to the Company server. The following order parameters are obligatory:
- position size (in lots).
3.7.2. The list of instruments available for conducting trading operations using "Instant Execution" mode is published at the official website of the Company
3.8. The Company is obliged to notify the Customer 7 days prior to changing the list of the trading instruments.
3.8.1. To open a Buy/Sell position the Customer should send an order using the Customer terminal.
To open a Buy position in the order window of the Customer terminal the Customer should click "Buy", whereat the order is sent to the server.
To open a Sell position in the order window of the Customer terminal a Sell tab should be clicked, whereat the order is sent to the server.
3.9 Executing Customer orders to open a position.
3.9.1. If the size of free margin is enough to open a position, the position shall be opened. A new free margin level shall be adjusted automatically.
3.9.2. In case the size of the free margin is insufficient to open a position, the position shall not be opened and a message about insufficient funds shall appear in the order window.
3.9.3. If at the moment of the Customer order or inquiry execution by the server the quote changes, the server shall offer a new Bid/Ask price. In this case a new window "Re quote" shall appear with new prices. If the Customer agrees to conduct the operation at newly offered quotes, the “OK” tab should be clicked in “Re quote” window within 3 seconds.
3.9.4. The Customer order to open a position is considered to be executed, and the position to be opened, when the corresponding server log file has been updated with a new record. Each new position shall receive a sequential ticket number.
3.10. Closing position.
3.10.1. To close a position in the Customer terminal the Customer is obliged to indicate the following parameters:
- the ticket of the position to be closed,
- the size of the position.
3.10.2. To close a position, the Customer should click the icon "Close position” in the order of the trading terminal.
3.11. Execution of the Customer orders to close a position.
3.11.1. If at the moment of the Customer order/inquiry execution by the server, the quote has changed, the server shall offer a new Bid/Ask price. In this case there will appear a “Re quote" window with new prices. Provided that the Customer agrees to conduct the deal at newly offered prices, the “OK” icon should be clicked within 3 seconds.
3.11.2. The Customer order to close a position is considered as completed, and the position as closed, when a corresponding record in the log file of the server appears.
3.12. Description of orders, available in COMPANY trading terminal:
3.12.1. Types of orders:
"Buy Stop" suggests opening a buy position at a higher price than the actual price at the moment of the order placing;
"Sell Stop" suggests a sell position opening at a lower price than the actual price at the moment of the order placing;
"Buy Limit" suggests opening a buy position at a lower price than the actual price at the moment of the order placing;
"Sell Limit" suggests opening a sell position at a higher price than the actual price at the moment of the order placing.
3.12.2. To close the position the following orders can be used:
"Stop Loss" implies closing the earlier opened position at a price, which is less profitable for the Customer if compared to the price at the moment of order placement;
"Take Profit" implies closing an earlier opened position at a price, which is more profitable for the Customer as compared to the price at the moment of the order placement.
3.12.3. The Customer has the right to change and remove any pending order if it has not been activated.
3.13. Execution of orders.
3.13.1. An order will be queued for execution in the following cases:
- Sell Stop order is queued for execution the moment the Bid price in the streaming quotes becomes lower or equal to the order level;
- Buy Stop order is queued for execution the moment the Ask price in the streaming quotes hits or exceeds the order level;
- Sell Limit order is queued for execution the moment the Bid price in the streaming quotes hits or exceeds the order level;
- Buy Limit order is queued for execution the moment the Ask price in the streaming quotes becomes lower or equal to the order level;
- Take Profit order for open buy position is queued for execution when the Bid price in the streaming quotes exceeds or equals the order level;
- Stop Loss order for open buy position triggers, when the Bid price in the streaming quotes drops below or equals the order level;
- Take Profit order for open sell trade triggers, when the Ask price in the streaming quotes drops below or equals the order level;
- Stop Loss order for open sell trade triggers selling an open position, and the Ask price in the quoting flow exceeds or equals the order level.
3.13.2. In cases of price gaps the orders are executed according to the following rules:
- pending orders, where the open level and the Take Profit got into a price gap, are cancelled with a comment [cancelled/gap];
- Take Profit order the level of which is within a price gap, is executed at the price set by the order; Company has right to execute in price more favourable to Customer
- Stop Loss order, which is within the price gap, is executed at the first received price following the gap and marked by a comment [sl/gap];
- Buy Stop and Sell Stop pending orders are executed at the first price received following a price gap, with [started/gap] appearing as a comment;
- Buy Limit and Sell Limit pending orders are executed at the set price and marked by a comment [started/gap].
In some cases, when price gaps are small, orders can be executed in a customary mode, according to the set in the order prices.
3.13.3. When a pending order is received for execution and the size of free margin is not enough for the order opening, the pending order is deleted automatically.
3.14. Time of validity and order placement, parameters, rules of placing orders.
3.14.1. Orders can only be placed, removed or changed by the Customer when trading for the chosen instrument is allowed.
3.14.2. Placing a pending order, the following information should be provided by the Customer:
- the instrument;
- position size (volume);
- order type (Buy Stop, Sell Stop, Buy Limit, Sell Limit);
- price level at which the order should be set.
3.14.3. When a pending order attempts execution, the server automatically checks the trading account stance to see if free margin is available. New position is added to the list of open positions; the cumulative Customer position and free margin are calculated.
3.14.4. Under normal market conditions a server executes an order according to the price set without slippages.
3.14.5. An order is considered to be executed once it has been recorded in the server log file.
3.14.6. The Customer agrees to undergo a supplementary expert examination of the trading account, if it has been revealed that the trading methods of the Customer include opening and closing/opening lock positions with a less than 10-seconds interval between them. In accord to the results of the supplementary examination the Company reserves the right to correct the outcome of the Customer’s trading by the sum total of such orders.
3.15. Forced close of positions.
3.15.1. When the Customer account margin level is less than 30%, margin call triggers. The Company has the right, however, is not obliged to close the Customer position. It is at the Company’s discretion whether to close the position or not.
3.15.2. If the current trading account state (equity) is less than 10% of the margin necessary to maintain an open position, the Company reserves the right to force a Customer position close without prior notice.
3.15.3. The server controls the account current condition. In case conditions described in Clause 3.15.2 of the present Agreement are violated, the server shall generate a forced position closing order (stop out). Stop out is executed according to the market price in line with the general Customer orders’ queue. Forced close of a position is recorded in the server log file as a "stop out".
3.15.4. In case the conditions described in Clause 3.15.2 of the present Agreement are violated and the Customer has several open positions, the position with the highest floating loss will be closed first.
3.15.5. Amid normal market conditions the Company secures that after the last position close the balance of the trading account will be 0% - 10% of the margin needed to cover this last forced closed position. The Company reserves the right to restore the negative account balance of a Customer with the funds available in another account owned by the Customer, including joint accounts and corporate accounts that the Customer is a director of.
3.15.6. There can be a delay in automatic order closing in the process of forced position close. This delay can be the reason of closing a position at a more favourable price than the price at the moment of the induced order closing. The account status at the moment of the deal closing by “stop out” is reflected in the comment to the order, where per cent of free margin, account balance and margin level are indicated. Closing of the order at the price, which is more profitable for the Customer than the "stop out" level, cannot be considered as the reason for a claim on the part of the Customer. Closing of the position at the price, which is less favourable for a Customer than "stop out" level, can be considered as the reason of claim on the part of the Customer.
3.15.7. By accepting the present Agreement, the Parties have agreed that market working time - Monday 00:00 - Friday 23:59 - is shifted twice a year due to the USA switching to day-light saving time and vice versa, on the second Sunday of March and the first Sunday of November correspondingly.
3.15.8. The maximum number of deals opened simultaneously is not limited. Yet, the Company reserves the right to impose obligatory restrictions upon the number of orders opened.
4. Money deposit/withdrawal.
4.1. Withdrawing funds from a Customer trading account.
4.1.1. The Customer shall withdraw the money from the trading account to the payment systems, enabled for withdrawal in the Trader’s room on the Company’s official website.
4.1.2. For the trading accounts, which were deposited through electronic payment systems, the withdrawal of money by means of bank currency transfer using the bank details of the trading account owner is made, if agreed upon by the Company.
4.1.3. Using electronic payment systems, withdrawal is possible to be processed only to the same payment system with the same account details (currency, account number), which the deposit was made from. In case a trading account has been loaded from numerous payment systems, using several wallets and in different currencies, withdrawal shall be requested on the proportional basis.
4.1.4. If the Customer has changed the details within the payment system, it is necessary to notify the Company by sending a completed form with attachment of ID scan copy to the Finance Department of the Company. Otherwise, the Company reserves the right to decline the Customer request of withdrawal to new personal details.
4.1.5. Withdrawal is processed within the set time, which varies for every payment system; however, in some cases the time of the withdrawal can be increased up to 5 working days, except for the cases described in Clause 9.1.4 of the present Agreement.
4.1.7. If the currency exchange between payment systems has been revealed, the Company reserves the right to charge extra commissions for the exchange service.
4.2. Depositing funds to the Customer trading account can be made through any of the methods listed at the Company's website.
4.2.1. The Customer agrees that in cases of software malfunction, delays in depositing funds to the trading account are possible.
4.2.2. The Company is obliged to load a sum to the Customer trading account in case of detecting any error in software, that caused a delay in automatic funds depositing, upon condition that the Customer informs about the delay.
4.3. Company doesn't provide any interest rates over unused balance, but reserves right to provide them.
4.4. Fees charged for deposit/withdrawal.
4.4.1. At funding a trading account the Company compensates full or partial amount of fees charged by payment systems. Company is not a provider nor operator of any payment system and therefore can’t guarantee fees or any costs. Company is not allowed to charge higher costs of deposit/withdraw then are actual costs of payment system.
In case of detection of this service abusive practice the Company reserves the right to deduct the commission from the Customer trading account.
4.5. Non USD Deposits.
4.5.1. For any non USD currency deposits made over 10000 USD equivalent; Hydra Markets reserve the right to convert into USD at the exchange rate on the date of deposit. This exchange rate will be then fixed for future withdrawals up to the value of the deposit.
Example: a customer trades a GBP currency account and deposits £8000 British pounds. On the day of deposit the GBPUSD rate is 1.50000. They physically trade in pounds but the £8000 is converted into $12000 US dollars (8000 x 1.50000) and sent to market. Six months later he has maintained the £8000 balance and wants to withdraw it in full. Now however the GBPUSD rate is 1.55000 and the $12000 which is to market is now worth £7742 (12000 ÷ 1.55000). So £7742 is the total balance that can be withdrawn.
4.6. Gifts and Credits
4.6.1. Gifted deposits and credits: If insufficient volume has been traded in the promotional time period; Hydra Markets reserves the right to extend the period until sufficient volume has been met. The extended period and allowable withdrawals are as follows:-
No withdrawals from a gifted deposit can be made until 50 percent of the gifted deposit has been recovered by the way of commission charges (based on 0.6 pip per lot traded for FX pairs only. CFD commissions are charged differently and all commission charges are subject to change). Once this level has been met, up to 50 percent of the gifted deposit will be permitted to be withdrawn.
When 75 percent of the gifted deposit has been recovered by the way of commission charges, up to 75 percent of the gifted deposit will be permitted to be withdrawn.
When 100 percent of the gifted deposit has been recovered by the way of commission charges, up to 100 percent of the gifted deposit will be permitted to be withdrawn.
If no trading has been made or an account has been inactive, Hydra Markets also reserves the right to cancel the gift or credit.
5. Order of business claims and contentious cases settlement.
5.1. When contentious cases occur, the Customer is entitled to report a claim to the Company. Claims are accepted within two working days from the date the problem has occurred.
5.2. The claim shall be sent to the Dealer Department in the form of an email to firstname.lastname@example.org. The claim is not subject to revelation by the claimant until the inquiry is finished.
Claims submitted in other ways shall not be reviewed.
5.3. The Company shall process the Customer complaint within the term of not more than 10 working days:
If the Customer claim is considered fair, the Company will accept it and deposit funds in the Customer trading account within one working day.
The Company follows generally accepted market practices and internal policy, for those claims not mentioned in the present Agreement.
5.4. The Customer claim form shall comprise:
- full name;
- trading account number;
- date and time when the contentious case occurred;
- contentious case or order ticket;
- description of claim, leaving out emotional connotation.
5.5. The Company reserves the right to dismiss a claim in the following cases:
- the claim does not comply with the terms of the Clauses 5.1, 5.2, 5.4.;
- the claim comprises obscene/rude words or/and insults to the Company or its officials;
- the claim contains threats to the Company or its officials;
- the Customer threatens to stain the reputation of the Company using social networks and other community resources.
5.6. The Company reserves the right to correct the result of the Customer trades if the server errors were detected, which led to quotes delay, spikes and other negative consequences for the Company, and could not have been hedged by the Company contractors.
5.7. The Company guarantees that any deal of the Customer carried out at non-market quote (spike) shall be restored just after detection of the fact of erroneous performance.
5.8. If the positions are fully locked by any locking system including triple lock and the sum of swaps is not equal to zero, the Company reserves the right to correct the swap.
5.9. The present Agreement forbids use of strategies oriented on the profit extraction by means of intentionally creating the situations, when one of the Customer's or a group of Customers’ account turns to negative balance, including the situation when the accounts are opened under the names of different persons, invariably being the part of one trading strategy. In case of revealing implementation of such trading strategies, the Company reserves the right to apply the Clause 3.15.5. of the present Agreement.
5.10. If at the moment of market close the total volume of positions, opened at the Customer account implies the change of total profit by more than 0.5% of deposit, in case the price changes by 1 pip (more than 5 COMPANY lots for every USD 1,000 of deposit), the Company reserves the right to correct the financial result of such deals in case the market opens with a gap by the amount proportional to the size of the gap in pips.
5.11. The Dealing Department of the Company executes its affirmative decision on a claim regarding reopening a position according to the following scheme: in case there are considerable time or price gaps since the moment of erroneous closing a position to that of opening a position, the deal can be opened again at an average price which is set either for the period between a mistaken position close and making a decision on its reopening or within an hour from the moment of erroneous position close. Reopening a position is placing a new order of the same volume as the one closed mistakenly. This rule is fully applicable to the compensation of mistakenly closed positions.
5.12. When the price change, connected with the a difference between the instrument last price at market close and the instrument first price at market open, or connected with news release, leads to a profit higher than 10% of the initial deposit, the Company reserves the right to use correction of such trade financial result in the size proportionate to the difference of the above mentioned prices in pips, by means of deducting the funds with the comment "Clause 5.12. Correction". In certain cases it is at the Company’s discretion to set the minimal profit change below a 10% level (of the initial deposit).
5.13. The Company reserves the right to nullify results of a deal if the Company discovers that money used to execute the deal has been acquired in a violation of provisions of any Company agreement, including the present Agreement, accepted by the Customer.
5.14. If the total swap on all the trades made exceeds USD 5,000, the Company reserves the right to correct it to USD 5,000 in certain cases.
5.15. The compensatory amount to the Customer at eliminating the technical deficiency consequences cannot exceed USD 500,000.
6. Identification and verification of Customers.
6.1. The Company has the right to ask the Customer to prove the personal identity information, indicated in the trading account registration form. At any moment the Customer can receive a request to submit a scan copy of the passport/ ID or a certified copy of the passport/ ID, which is at the Company's discretion.
6.2. In case the Customer has not received the request for providing the scan copy of passport/ ID, the verification procedure of the trading account is not obligatory, though the Customer is free to send the copy of the passport or any other document which identifies the personality to the Client Relations Department.
6.3. If after the account opening the Customer personal registration information (such as full name, address or telephone) has been changed, the Customer is obliged to inform the Client Relations Department of the Company sending a request to change the registration information.
6.4. A Customer agrees that personal information indicated at registration of a trading account can be used by the Company within the bounds of the AML (anti money-laundering) policy.
6.5. The Customer is responsible for authenticity of the provided personal documents or their copies, and admits the right of the Company, if their originality is doubted, to apply to the law-enforcement authorities of the document issuing country for the authentication validation, in case the act of the document forgery was disclosed, the Customer will be brought to responsibility in accordance with the legislation of the document issuing country.
This notification is provided to reveal to the Customer the information regarding risks connected with conducting trading operations on the financial markets and to warn the Customer about possibility of financial losses related to these risks. In the present Agreement it is impossible to disclose all information about all potential risks due to sheer number of possible situations. The interpretation of the notions and terms used in this notification fully coincides with interpretation of those in the Agreement on processing and executing the Customer orders.
7.1. Leverage effect.
7.1.1. Conducting trades under the conditions of "Margin Trading" a slight change of the instrument price rate can have an imposing impact on the Customer trading account balance due to the leverage effect. In case the market moves against the Customer position, the latter can suffer losses in the amount of the initial deposit and other additional funds deposited by the Customer in order to keep the positions open. The Customer acknowledges being fully responsible for considering all risks, using finance and choosing the corresponding trading strategy.
7.1.2. It is highly recommended to maintain the Margin Level above 1000% and always set Stop Loss orders to limit possible losses.
7.2. High instrument volatility.
7.2.1. Numerous instruments have considerable intraday price change ranges, implying a high possibility of trades ending in high profits or losses.
7.3. Technical risks.
7.3.1. The Customer undertakes risks of financial losses caused by malfunctioning of informative, communication, electric and other systems involved.
7.3.2. Conducting trading operations in the Customer terminal, the Customer undertakes the risks of financial losses caused by the following reasons:
a) hardware and software equipment errors, or poor quality of connection on the Customer side;
b) improper functioning of the Customer equipment;
c) wrong settings of the Customer terminal;
d) use of outdated Customer terminal;
e) the Customer unfamiliarity with the instructions provided in the "Customer Terminal Use Guide" and in the section "FAQ: Frequently Asked Questions".
7.3.3. The Customer acknowledges that in case of conducting trading operations on telephone, during peak hours the possibility to reach the operator is weaker. The situation described can occur during fast market (for example, at key news releases).
7.4. Other than normal market conditions.
7.4.1. The Customer realizes that under other than normal market conditions the time of the Customer order processing can be prolonged.
7.5. Trading platform.
7.5.1. The Customer admits that there can be only one enquiry/order enqueued to be processed by the sever. The attempt to set any new order or enquiry shall be declined with the order window displaying the message "Trade flow is busy".
7.5.2. The Customer acknowledges that the only reliable source of information regarding the streaming quotes is the main server, servicing the real Customers. The quotes databases in the Customer platform cannot be regarded as a credible source of information regarding the streaming quotes, as in case of unstable connection between the Customer platform and the server a part of quotes can fail to enter the Customer platform.
7.5.3. The Customer admits that shutting down the window of placing/ modifying / cancelling an order, and shutting down the window of closing or opening positions does not cancel the enquiry or order, which has already been sent to the Dealer to be exercised.
7.5.4. The Customer undertakes risks of unplanned trading operations conducted in cases of resending an order before the moment of receiving the information about the result of the Dealer’s executing the prior order.
7.5.5. The Customer realizes that simultaneous modification of the pending order level and Stop-Loss and/or Take-Profit, which were added right after the order had been executed, will only be processed when a Stop-Loss and/or Take-Profit level order is modified for the opened position of the order.
7.6.1. The Customer undertakes the risk of financial losses caused by late receiving or a failure to receive the server or Dealer message.
7.6.2. The Customer realizes that non-coded information sent by email is not secured from unauthorized access.
7.6.3. The Customer agrees that the Dealer reserves the right to delete the messages, which were not received by the Customer by internal Customer platform mail within three calendar days since the moment of the message uploading.
7.6.4. The Customer bears full responsibility for confidentiality of the received from the Dealer information, and undertakes the risks of financial losses caused by unauthorized access of third parties to the Customer trading account.
7.7. The risks connected with activity of third parties involved in relationship between the Company and the Customer.
7.7.1. The Customer undertakes risks connected with disestablishment of payment systems. If the electronic payment system ceased to exist, the Company deducts funds from the Customer account in the amount deposited through this system.
7.7.2. The Customer undertakes risks related to indicating wrong details for bank wire transfer and accepts that this can be the reason of refund, additional charging commissions, and other risks related to refund and repeating a wire transfer.
7.7.3. The Customer undertakes risks related to unauthorized use of the Customer’s personal data of access to payment systems, and also connected with using the Customer’s bank cards by the individuals who dispose sufficient data for using such cards, that occurred in the result of the Customer carelessness.
8. Communication with Customer.
8.1. To contact the Customer the Company can use:
- trading platform internal mail;
- postal service;
- news from the section “Company News” on the Company’s official website.
The Company shall use the personal information of the Customer indicated at registration, in this regard the Customer is liable to inform the Company about all changes in the personal contact details.
8.2. A message (including documents, announcements, notifications, confirmations, reports etc.) is considered as received by the Customer:
- one hour after it has been sent by email;
- immediately in case it has been sent by internal mail in the trading platform;
- immediately in case sent by fax;
- immediately after the phone call has been finished;
- after 7 calendar days in case sent by postal service;
- right after release of news in the section “Company News” of the Company official website.
8.3. The Customer daily receives an email with a report on all operations conducted in the trading account for the past 24 hours.
9. Responsibility and liability.
9.1. General provisions.
9.1.1. The Customer ensures that:
- the information indicated in the account registration form is true and pertains to the account owner;
- it is of the Customer full responsibility to secure confidentiality using the username and passwords;
- the Customer is fully responsible for actions that result from using username and passwords;
- the Customer bears full responsibility for actions including operations on financial markets;
- agrees to the right of the Company to record conversations with the Customer with the purpose of their proof.
9.1.2. The Company ensures that the information indicated by the Customer in the account registration form is confidential. In case of such disclosure the violation shall be handled according to the present Agreement.
9.1.3. The Customer accepts that the Company or a third party involved in representing the services to the Customer is not liable for malfunctioning of the telephone connection, internet, scheduled maintenance or updates or any events that do not depend on the Company, or information services provider or a third party dealing with rendering services to the Customer.
9.1.4. The Customer agrees that the Company has a right to suspend activity on the Customer trading account in case the Company has any suspicion that the Customer trading account is used for money-laundering or the Customer has provided deliberately false information. Once the operations are suspended, the Company shall conduct the investigation that may include examination of the account registration data and the trading account depositing history, identification of the Customer, etc. The Customer agrees that the Company has the right to initiate investigation, if it has reasons to suspect that the Customer has traded on the account in violation of the present Agreement.
9.1.5. The Customer acknowledges, that in conformity with anti-money laundering policy, the Company has a right to request the details of the bank account open under the name of the Customer, imposing the limitations on funds' withdrawal from the account only through bank transfer with the specified bank details. In case of the Customer refusal to submit the bank details the Company is entitled to put on hold all operations with the trading account until provided with the required information.
10. Termination of agreement.
10.1. General provisions.
10.1.1. The Agreement enters into effect since the moment of being signed by the Customer.
10.1.2. The present Agreement is terminated if:
10.1.2.1. Any party expresses a will to terminate the present Agreement:
- in case the Customer withdraws all funds from the trading account, which leads to termination of relationship regulated by the Agreement;
- in case of the Customer violation of the conditions described in the present Agreement the Company has the right to terminate the Agreement in its sole discretion, with prior notification of the Customer about such termination and after returning all funds from the Customer trading account balance as of the moment of the Agreement termination.
10.1.2.2. If the Company stops the activity regulated by the present Agreement:
- the Company notifies one month prior to such termination;
- the Company returns all funds to the Customer that were on the balance of the Customer trading account as of the moment of close.
10.1.2.3. In case of the Customer death:
- the right to withdraw funds from the Customer trading account goes to the inheritor of the corresponding queue, or to the inheritor in accordance to the will/testament of the Customer;
- the right to use the trading account of the Customer and to conduct trading operations on the financial markets cannot be inherited.
10.1.3. The Customer admits that the Company reserves the right to suspend or to stop fully or partially the access of the Customer to the services of the Company at its sole discretion, with the following notification by means of communication. In this case the present Agreement is considered as terminated since the moment the services have been made unavailable for the Customer.
11.1. The language of the present Agreement is English.
11.2. For the Customer convenience, the Company can provide the Agreement version in a language different from English. The translated version of the Agreement is of a merely informative character.
11.3. In case of variant readings of a translated version and the present Agreement in English, the Agreement in English is considered as a prior reference standard.
Anti-Money Laundering / Know Your Customer
1. Policy Statement
Hydra Markets LLC and its staff are committed to the highest standards of anti-money laundering (AML), including anti-fraud, anti-corruption and taking measures to mitigate against financial crime.
Hydra Markets LLC abides by and adheres to all applicable laws and regulations regarding AML in all jurisdictions where it conducts its business. We have developed and implemented a comprehensive set of measures to identify, manage and control all AML risks.
We understand that the money laundering regulations and legislation place a responsibility upon Hydra Markets LLC employees to combat money laundering with regard to a wide area of financial transactions, including possessing, or in any way dealing with, or concealing, the proceeds of any crime.
This purpose of this policy is to ensure that Hydra Markets LLC complies with the obligations and requirements set out by Georgian and UK legislation, regulations and rules regarding AML. This includes ensuring that we have adequate systems and controls in place to mitigate against any risk posed to the firm and its clients. This policy is also in place to ensure that all employees know and understand their obligations with regards to our anti-money laundering measures and the consequences of non-compliance in this area.
Hydra Markets LLC will do everything possible to protect its staff and clients from being exposed to money laundering and will comply with the guidance and rules laid out in Money Laundering Regulations 2007, The Proceeds of Crime Act 2002 and the Terrorism Act 2000. Any actual or suspected acts of money laundering will be reported to the NCA and where applicable to regulatory requirements, an MLRO will be appointed to oversee all aspects of the anti-money laundering functions.
The policy relates to all staff (meaning permanent, fixed term, and temporary staff, any third party representatives or sub-contractors, agency workers, volunteers, interns and agents engaged with Hydra Markets LLC in Georgia or overseas) within the organisation and has been created to ensure that staff deal with the area that this policy relates to in accordance with legal, regulatory, contractual and business expectations and requirements.
Failure of any staff member to adhere to the guidance and objectives laid out in this policy, may lead to disciplinary action.
4. What Is Money Laundering
Money laundering is the term used to describe the process or act of disguising or hiding the original ownership of money that has been obtained through criminal acts such as terrorism, corruption or fraud. Such monies are then moved through legitimate businesses and sources to make it appear 'clean'.
Hydra Markets LLC operates under and complies with the below laws, Acts and regulations with regards to our Anti-Money Laundering policy and procedures: -
- The Proceeds of Crime Act 2002 (POCA)
- Serious Organised Crime and Police Act 2005 (SOCPA)
- The Terrorism Act 2000, as amended by the:
- The Anti-Terrorism, Crime & Security Act 2001
- Terrorism Act (Amendment) Regulations 2007
- The Terrorism Act 2006
- The Bribery Act 2010
- The Money Laundering Regulations 2007
- The FCA Handbook
- The Joint Money Laundering Steering Group (JMLSG)
Too prevent financial crime and money laundering within our organisation, Hydra Markets LLC aims to meet the below objectives: -
- The reporting and detection of suspected money laundering to the NCA via a SAR
- All staff are trained and must remain vigilant for the signs of money laundering
- No payment of cash will be accepted by the company if it exceeds £2000.
- Due diligence and client identification procedures will be followed by all staff and at all times
- This policy is to be read and used alongside the: -
- Anti-Bribery & Corruption Policy
- Whistleblowing Policy
- To maintain strict and robust controls and procedures to detect and report any suspicious activity
- Frequent risk assessment and audits of all AML and terrorist financing controls and systems
- To appoint a Money Laundering Reporting Officer with sufficient knowledge and seniority as to complete the tasks and objectives laid out in this document
- Maintain client identification procedures in all circumstances
- Implement procedures to enable the reporting of suspicions of money laundering
- Maintain record keeping procedures
- Utilise an employee screening program to ensure due diligence
5.1 Anti-Bribery & Anti-Corruption
Hydra Markets LLC operates a zero tolerance policy with regards to bribery and corruption, we have a structured Anti-Bribery & Corruption Policy in place with our intent and objective sin this area and also realise that impact that bribery and corruption have on the money laundering requirements,
As bribery and corruption are often associated with organised crime and/or money laundering, we are committed to applying high standards of honesty and integrity throughout our organisation and ensure that all staff operate in accordance with the intent.
Hydra Markets LLC adheres to and complies with the principles of the Know Your Customer policy which aims to prevent financial crime and money laundering through client identification and due diligence.
All customers/clients who are new to the organisation will undergo procedural due diligence checks prior to opening an account, as laid out below: -
Proof of who an individual or business is will be gained and recorded on a New Customer Application. 2 forms of ID are required with the person/business name on and 1 form of ID with the trading/home address. Acceptable forms of ID can include: -
- Individual - Drivers Licence, Passport, Bank Statement, Utility Bill
- Business – Director/Proprietor ID, Certificate of Incorporation, Company Registration Number & Registered Office, Utility Bill, Supplier Invoice, Bank Statement
Note- All submitted Utility Bills or Statements should be dated less than 3 months old
6.2. Due Diligence Checks
For businesses, credit and company background checks will be performed prior to account acceptance, details of which will be kept on file as evidence of due diligence and anti-money laundering checks.
Due diligence checks are obligatory in the Georgia and the UK when a single transaction exceeds EUR15,000 or where doubt exists about the identity or reliability of the customer.
6.3. Monitoring & Auditing Due Diligence
At Hydra Markets LLC the MLRO or Compliance Officer is responsible for ensuring that due diligence checks and anti-money laundering measures are being completed and are fit for purpose. Regular monthly audits are completed on due diligence forms, company checks and customer ID to ensure that staff are carrying out the due diligence and AML processes in accordance with this policy and legal requirements.
7. Measures to Prevent Money Laundering
There are certain measures and controls that can be implemented and carried out to help prevent against money laundering. Hydra Markets LLC carries out such measures in the course of its daily business activities and is committed to preventing any aspect of financial crime.
7.1 Client Identification Procedures – as set out in clause 5 of this policy, client ID and due diligence is performed on all new customers and where legal or regulatory standards require it.
7.2 Due Diligence Questionnaire – this questionnaire is part of the application form for new customers and asks detailed questions about the business/person for purposes or performing due diligence checks. Customers are also expected to provide accompanying documents where applicable such as Certificate of Incorporation, Data Protection Certificate and Regulatory Body Membership etc.
7.3 Traceable Transactions – all transactions carried out by are Hydra Markets LLC recorded in such a manner that their original origin can be traced should the need arise.
7.4 Records Management – all documents, accounts and transactions associated with clients/customers will be retained as per the legal or statutory retention periods, which currently stand at 'Close of Account +5 Years'.
7.5 Reporting – Where required, an MLRO will be appointed and is responsible for monitoring all anti-money laundering measures and raising SAR's when needed. In the absence of an MLRO, Tony Kellett will be appointed to this role and will hold the same responsibilities. The Tony Kellett will be responsible for reporting SAR's to NCA as soon as an incident or suspicion arises.
All documents relating to money laundering reporting, business transactions, client identification and customer due diligence are retained for a minimum of 5 years.
The appointed MLRO will ensure that the below minimums are met with regards to the information disclosed on any reports: -
- Full details of the people involved
- Full details of the nature of their/your involvement
- The types of money laundering activity involved
- The dates of such activities
- Whether the transactions have happened, are ongoing or are imminent
- Where they took place
- How they were undertaken
- The approx./exact amount of money/assets involved;
- What has given rise to the suspicion
Using all of the information available at the time, the MLRO to make an informed decision using sound judgment as to whether there are reasonable grounds for knowledge or suspicion of money laundering and to enable them to prepare their report for the National Crime Agency (NCA),
7.6 Ongoing Due Diligence – the Hydra Support Team are responsible for the ongoing due diligence checks for the life of the client/customer account, ensuring that all information is kept up-to-date and that no adverse information has arisen since the last monitoring check was performed.
Such checks are to be performed on all existing, active customers on a rolling annual basis.
Hydra Markets LLC has implemented a comprehensive Anti-Money Laundering and Financial Crime training program to ensure that all staff, in particular individuals responsible for transaction processing and/or initiating and/or establishing business relationships, undergo AML knowledge, competency and awareness training.
Our training program for AML consists of: -
- Training Workshops
- Assessment Tests
- Training Feedback for Improvement
- 1-2-1 Coaching & Mentoring
- AML Scripts and Reminders
- Screensavers and Staff Support Aids
Our training methods and sessions are tailored to the business to ensure that staff are aware of the different possible patterns and techniques of money laundering that could occur in their everyday duties and roles. business.
9.1 Hydra Markets LLC will appoint an MLRO where regulatory or legally required and will comply with all Georgian and UK legislation and regulations regarding the prevention and mitigation of money laundering.
9.2 Hydra Markets LLC will that all staff are provided with the time, resources and support to learn, understand and implement processes and actions to prevent money laundering and will be expected to be vigilant at all times with respect to any acts of suspected financial crime. Any suspicions are to be reported to the MLRO or Compliance Officer immediately.
9.3 The MLRO or Compliance Officer will ensure that any actual or suspected case of money laundering is detailed on a Suspicious Activity Report (SAR) and is reported to the National Crime Agency (NCA) with immediate effect and to complete the required 'Standard Report Form' which can be found here.
These Terms & Conditions are governed by and construed in accordance with the laws of The Democratic Republic of Georgia, and the parties submit to the non- exclusive jurisdiction of the courts and tribunals in that country.
The speculation of both leveraged foreign exchange (FX) and Contracts For Difference (CFDs) products is undertaken in order to potentially earn a profit from the price difference between the opening and closing of the transaction. Because leverage can work either in favour of or against the investor, FX and CFD transactions carry an extreme level of risk. For these reasons, FX and CFD trading may not be suitable for all investors as it is possible to lose a partial or full amount of the invested capital. You should only trade with capital that you are willing to lose. In addition, before making any trading decisions, it is highly suggested that you review the associated risks while taking into account your investment objects and level of experience. Past trading performance is not a reliable indicator of future performance. If you have any doubts, seek independent advice from a financial advisor.
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