TERMS & CONDITIONS
Nuntius Brokerage & Investment Services S.A.
RETAIL CLIENT AGREEMENT
Note: The English version of this agreement is the governing version and shall prevail whenever there is any discrepancy between the English version and the other versions.
This client agreement, together with any Schedule(s), and accompanying documents, as amended from time to time, (this “Agreement”) sets out the terms of the contract between you and us. Please read it carefully and let us know as soon as possible if there is anything which you do not understand.
- Costs, Payments and Charges
- Right to Cancel
- Non Advised
- Customer Accounts and Initial Deposits
- Trading Policies and Procedures
- Electronic Trading Terms
- “No Trading” Periods
- “One Touch” General Terms
- Margining Arrangements
- Client Money
- Representations, Warranties and Covenants
- Events of Default
- Rights on Default
- Termination without Default
- Exclusions, Limitations and Indemnity
- Governing Law and Jurisdiction
In this Agreement:
“Account”-means the account you hold with us and designated with a particular account number.
“Applicable Regulations” means:
- HCMC Rules or any other rules of a relevant regulatory authority; and
- all other applicable laws, rules and regulations as in force from time to time.
“Associate” means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them
Base Currency” means US Dollars.
“Binary Options” mean financial instruments where a prediction is made on the direction of the price movement of an asset at a certain period of the day. The payoff is prearranged to be fixed amount if the option expires in the money or if the option expires out of the money.
“Business Day” means a day which is not a Saturday or a Sunday and upon which banks are open for business in Greece.
Client Money Rules” means the rules specified in the relevant legislation, laws and Decisions and Circulars issued by the HCMC.
Client” and/or “Customer”” means you, the counterparty of the Company agreeing to these terms and entering into this Agreement with the Company.
“Company” for the purposes of this Agreement means Nuntius Brokerage & Investment Services S.A. (also referred to as “Nuntius”).
“Credit Support Provider” means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement.
“HCMC” is an abbreviation for “Hellenic Capital Market Commission”.
“HCMC Rules” means the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters, the Prevention and Suppression of Money Laundering Activities Law, the Directives, Circulars and all other regulations issued pursuant to these Laws and all guidance notes, administrative notices, newsletters and rules published by the Hellenic Capital Market Commission.
“Electronic Services” means a service provided by us, for example an Internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
“Event of Default” means any of the events of default as listed in Clause 16.1 to Clause 16.9 of Clause 16 (Events of Default).
“Execution” means the completion of clients’ orders on Nuntius’s trading platform, where Nuntius acts as a principal to clients’ transactions which are fully hedged and /or Straight Through processed to its liquidity providers.
“FATCA” is an abbreviation for “Foreign Account Tax Compliance Act”.
“FFI” is an abbreviation for “Foreign Financial Institution”.
“OTC” means ‘over the counter’ and refers to transactions conducted otherwise than on an exchange.
“Trading Desk” means the selection of people physically operating the trading system..
“Nuntius Online Trading System” means the internet-based trading system available at our website that allows you to provide us with instructions.
“Secured Obligations” means the net obligation owed by you to us after the application of set-off in the paragraph entitled (Set-off on default).
“System” means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service
“Transaction” means any transaction subject to this Agreement and includes a CFD, or forward contract of any kind, future, option (i.e. binary option) or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorised under our HCMC license from time to time which we both agree shall be a Transaction.
“US Reportable Persons” In accordance to FATCA, a US Reportable persons is:
- a US citizen (including dual citizen)
- a domestic partnership
- a domestic corporation
- any estate other than a foreign estate
- any trust if:
- a court within the United States is able to exercise primary supervision over the administration of the trust 2. one or more United States persons have the authority to control all substantial decisions of the trust
- any other person that is not a foreign person
Scope of this Agreement
This Agreement sets out the basis on which we will provide services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.
This Agreement supersedes any previous agreement between you and us on the same subject matter and takes effect when you indicate your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.
Information about us
We, Nuntius Brokerage & Investment Services S.A. (“Nuntius”), are authorised and regulated by the Hellenic Capital Market Commission (“HCMC”). Our registered office is 6 Dragatsaniou Street, 7th Floor, 10559 Athens, Greece. Our contact details are set out in Clause 20 (Miscellaneous) under the heading “Notices”.
HCMC’s office is situated at 1 Kolokotroni & Stadiou, 105 62, Athens, Greece.
Nuntius operates through its liquidity provider (Spotoption Exchange LTD), that is a market maker for Binary Options. Nuntius operates websites, trading platforms and brand names as indicated in its website (http://nuntiusbrokers.com). Nuntius operates through these websites which allow online trading.
This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. However, where possible, we will communicate with you in other languages in addition to English.
Communication with us
You may communicate with us in writing (including fax), by email or other electronic means, or orally (including by telephone). Our contact details are set out in Clause 20 (Miscellaneous) under the heading “Notices”. The language of communication shall be English, and you will receive documents and other information from us in English. However, where appropriate and for your convenience, we will endeavour to communicate with you in other languages. Our website contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail.
We act as principal through our liquidity providers and not as agent on your behalf and you enter this Agreement as principal and not as agent (or trustee) on behalf of someone else. We shall treat you as a retail client for the purposes of the HCMC Rules and the Applicable Regulations. You have the right to request a different client categorisation. However, if you do request such different categorisation and we agree to such categorisation, the protection afforded by certain HCMC Rules and the other Applicable Regulations may be reduced. This may include, but is not limited to:
- the requirement for us to act in accordance with your best interests;
- our obligation to provide appropriate information to you before providing the services;
- the restriction on the payment or receipt by us of any inducements;
- our obligation to achieve best execution in respect of your orders;
- the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders;
- our obligation to ensure that all information we provide to you is fair, clear and not misleading; and
- the requirement that you receive from us adequate reports on the services provided to you.
Nuntius’s services and products traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). You represent and warrant that if you are an individual, you are at least 18 years old and of legal age in your jurisdiction to form a binding contract, and that all registration information you submit is accurate and truthful. The Company reserves the right to ask for proof of age from you and your account may be suspended until satisfactory proof of age is provided. Nuntius may, in its sole discretion, refuse to offer its products and services to any person or entity and change its eligibility criteria at any time.
Banned/Not Permitted Jurisdictions
The Company reserves the right and is entitled to at any time, and upon its sole discretion, to restrict offering its services to certain jurisdictions and consider them as banned countries in terms of engagement with the potential clients. Currently the Company does not accept new clients and/or the opening of new accounts from the following jurisdictions: Canada, Japan, Hong Kong, Israel, Australia, Belgium and USA.
The aforementioned list of countries is non-exhaustive and the updated list of banned countries, which can be found with the Company’s customer support, is subject to alteration at any time the Company deems proper upon its sole discretion without any prior notice
The Customer hereby, confirms that by agreeing to this Agreement he is not residing in one of the countries mentioned on the aforementioned list and covenants to inform the Company should his situation alter in any way. The Company reserves the right to request any additional information deemed necessary in order to verify compliance with this clause.
A reference in this Agreement to a “clause” or “Schedule” shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to “document” shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the HCMC’s Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement.
The clauses contained in the attached Schedule (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. You acknowledge having read, understood and agreed to the Schedules to this Agreement.
Headings are for ease of reference only and do not form part of this Agreement.
Subject to Applicable Regulations
This Agreement and all Transactions are subject to Applicable Regulations so that:
- nothing in this Agreement shall exclude or restrict any obligation which we have to you under Applicable Regulations;
- we may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations;
- all Applicable Regulations and whatever we do or fail to do in order to comply with them will be binding on you; and
- such actions that we take or fail to take for the purpose of compliance with any Applicable Regulations shall not render us or any of our directors, officers, employees or agents liable.
Action by regulatory body
If a regulatory body takes any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on you. If a regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
- COSTS, PAYMENTS AND CHARGES
You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
All payments to us under this Agreement shall be made in such currency as we may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding.
Remuneration and sharing of charges
Nuntius may share charges with partners, affiliates, intermediary service providers and agents (collectively referred to as “Partners”) in connection with Transactions carried out in your Account. Partners are receiving remuneration on the basis of a percentage of the spread, a fixed fee and/or based on any other method agreed with them, which may affect the costs associated with your Account. More information on the fees and commissions Nuntius pays to its partners can be provided upon request.
- RIGHT TO CANCEL
You have a right to cancel this Agreement for a period of fourteen (14) days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the “ Cancellation Period”). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing to the following address: Nuntius Brokerage & Investment Services S.A., 6 Dragatsaniou Street, 7th Floor, 10559, Athens, Greece, or electronically to the following email address: email@example.com. Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by you during the Cancellation Period. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms but you may terminate this Agreement in accordance with Clause 19 (Termination Without Default).
- NON ADVISED
We deal on an execution only basis and do not advise on the merits of particular Transactions, or their taxation consequences.
Own judgement and suitability
Without prejudice to our foregoing obligations, in asking us to enter into any Transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any Transaction and that you have read and accepted the Risk Disclosure Statement and guidelines in relation to the financial instruments and the markets which are available in our websites. We give you no warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with you.
Incidental information and investment research
- this is incidental to your dealing relationship with us. It is provided solely to enable you to make your own investment decisions and does not amount to advice;
- where information is in the form of a document containing a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on to any such person or category of persons;
- we give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the tax consequences of any Transaction;
- you accept that prior to dispatch, we may have acted upon it ourselves or made use of the information on which it is based. We do not make representations as to the time of receipt by you and cannot guarantee that you will receive such information at the same time as other clients. Any published research reports or recommendations may appear in one or more screen information service.
Conflicts of interest policy
Please refer to our conflicts of interest policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you. Upon request, we will provide you with any further details in that regard.
- CUSTOMER ACCOUNTS AND INITIAL DEPOSITS
In compliance with our regulation, to view our regulated payment service providers through which a deposit can be made, please click here.
Currency of Accounts
You will be able to open your trading Account(s) in USD/EUR/GBP or any currency that may be offered by Nuntius. Account(s) balances will be calculated and reported to you in the currency in which Account(s) are maintained.
In addition to the conditions listed in Clause 9 in the paragraph entitled “Authority” with regards to joint Account holders, the following additional conditions apply.
Where your trading Account held with Nuntius, is jointly owned by two or more beneficiaries:
1.Each joint Account holder will be jointly and severally liable for all obligations to Nuntius arising in respect of your joint trading Account.
2.Each of you is separately responsible for complying with the terms of this Agreement.
3.If there is a dispute between you which we know about, we may insist that both or all of you authorise written instructions to us.
4.If one of you dies, the survivor(s) may continue to operate the trading Account and if there is more than one survivor, the provisions of this paragraph will continue to apply to the trading Account.
5.Where you provide personal and financial information relating to other joint Account holders for the purpose of opening or administering your trading Account you confirm that you have their consent or are otherwise entitled to provide this information to us and for us to use it in accordance with this Agreement.
6.Any of you may request closure and the redirection of balances, unless there are circumstances that require us to obtain authorisation from all of you.
7.Each of you will be given sole access to the funds initially deposited by you in your joint trading Account. Should you wish to withdraw these funds from your trading Account, you will be required to complete and sign a withdrawal form, upon receipt of the completed and signed withdrawal form you will be granted permission by Nuntius to withdraw funds up to the amount you initially deposited, provided that the conditions for withdrawals stipulated in Clause 9 are satisfied. Nuntius will credit the amount withdrawn in the same bank account from where it was originally debited.
8.In the case of withdrawal of profits, if any of you wishes to withdraw profits from the joint trading Account, you will be required to complete and sign a withdrawal form, provided that the conditions for withdrawals stipulated in Clause 9 are satisfied. Upon receipt of the completed and signed withdrawal form you will be granted permission by Nuntius to withdraw any profits from the joint trading Account. Nuntius will credit the amount of profits withdrawn in the same bank account from where it was originally debited.
9.In order for this Agreement to be valid and binding it is required that all joint Account holders sign the Agreement and in case you and/or any of the Account holders wish to terminate this Agreement and close the joint trading Account held with Nuntius, the written consent of all Account holders shall be obtained in accordance with the provisions of Clause 19 of this Agreement.
- TRADING POLICIES AND PROCEDURES
Nuntius offers a number of attractive reward features to new and existing clients, following its request and acceptance by the Customer, including cash bonuses and one time trading credits. These bonuses are limited time offers and the terms and conditions associated with any bonus reward are subject to change. You will be given the opportunity to accept or decline any bonus reward you are offered.
1.1 Your cash bonus is added to your account balance and you may use it to place trades on the platform.
1.2 Please note that irrespective of section 1.1 the funds of your initial deposit(s) are used prior to the bonus and/or any other award. For example, if you have made a deposit of $200 and received a bonus of $50, upon placing trades the funds of your deposit will be used first. Therefore, if you lose $200, unless you have met the below trading requirements for being able to withdraw your bonus, there will be no funds eligible for withdrawal. For more information please contact Customer Support.
- Withdrawal Restrictions:
2.1 The bonus amount cannot be withdrawn until the minimum trading volume requirement, equivalent to 30 times the value of your bonus amount, has been met. For example, if you received a bonus of $500 you must generate total volume of $15,000 before being eligible to withdraw your bonus.
2.2 In addition, if you accept a bonus, you will not be able to withdraw any profits that we generated after the date you received the bonus, until you have met a minimum trading volume equivalent to 10 times the bonus value. For example, if you received a bonus of $500 you must achieve a total valid volume of $5.000 before being eligible to withdraw any profits made on the account.
2.3 Trades placed which are greater than 50% of your then current account balance will not count towards the required (10 times) minimum trading turnover. For example, if you received a bonus, your account balance is $900 and you placed a $500 trade, the $500 will not count as valid volume.
2.4 If the Customer withdraws any funds before satisfying the required trading volume as per 2.1, the total reward (bonus) will be deducted from the Customer’s account.
2.5 Time terms
- i) Timeframe – Customers have 3 months, from the date of receiving the Bonus (“Timeframe”), to meet the abovementioned Volume Conditions.
- ii) Expiration – upon Timeframe expiration the Account shall be adjusted to the deposits made by the Client to the Account.
- Any improper or abusive trading, not in accordance with keyoption.com Terms and Conditions, will result in the bonus being revoked or not awarded and may also result in your account being frozen. Please note that there may be restrictions on bonus eligibility depending on jurisdiction, traffic source etc. For more information, please contact Customer Support or your account manager.
Client is not required to accept any bonus offered by Nuntius, all bonuses are optional. During the client’s initial deposit, the client may choose not to accept a bonus. In these circumstances, the client will not be bound to the terms relating to bonuses. Should the client mistakenly accept a bonus, the client must notify a member of our Customer Support Team within 5 working days of mistakenly accepting the bonus. In such circumstances, Nuntius will remove the bonus from the client’s account and the client shall not be held to the bonus terms, however, all other terms and conditions shall continue to apply. The client must not have placed more than 5 trades since mistakenly accepting the bonus in order for the bonus to be removed from the client’s account.
- Please note that once a trading account is classified as Inactive Account, all Bonuses credited will be automatically removed without prior notice. Please refer to section “Inactive and Dormant Account” for further information on Inactive Accounts.
- In the binary options platform, transfers between accounts of different holders (customers) are not allowed.
Currency of Trades
Unless otherwise specified by Nuntius, all trades shall be made in United States Dollars (USD).
Terms of Acceptance for Orders
Nuntius through its liquidity provider shall have no liability for failure to execute orders. Nuntius through its liquidity provider shall have the right, but not the obligation, to reject any order in whole or in part prior to execution, or to cancel any order, where your Account contains funds that are insufficient to support the entire order or where such order is illegal or otherwise improper.
We are required to have an execution policy and to provide our clients with appropriate information in relation to our execution policy. Where you place orders with us, the execution factors that we consider and their relative importance is as set out below:
- Price. The relative importance we attach is “high”.
- Speed. The relative importance we attach is “high”.
- Likelihood of execution and settlement. The relative importance we attach is “high”.
- Size. The relative importance we attach is “high”.
We, through our liquidity provider, are the principal to every order you place with us and therefore we are the only execution venue.
Client agrees that by using our software to connect the client’s Nuntius account to the client’s personal Facebook account, the client is granting Nuntius access to the client’s personal information such as the client’s name, profile and other picture(s), gender, educational history, birth date, networks, user ID, list of friends and all other information the client chooses to publish on Facebook.
Client agrees that when the client’s Facebook features are enabled (these settings can be controlled from the ‘Your Account’ section of the www.keyoption.com website), the client allows Nuntius to post directly on Client’s wall updates regarding the client’s trades.
Buy Me Out
In certain market conditions Customers may be allowed to trade with the Buy Me Out feature. This feature will not be available on all assets and/or positions and shall only be available one (1) hour prior to the expiry of the Customer’s position and its asset.
The Buy Me Out feature shall not be available in the “No Trading Time” period shown in the platform . The “No Trading Time” period is shown shortly before the expiry time of the Customer’s position and its asset and prohibits Customers from trading during this period.
Our liquidity provider, Spotoption Exchange Limited, a company authorized and regulated by CySEC under license number 170/12, with main office situated at Kanika Business Center 319, 28th Oktomvriou str., 8th floor, Limassol, Cyprus.
We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorised on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If your Account is a joint account, you agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. We shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by us in reliance on any such instructions or on the apparent authority of any such persons.
Cancellation/withdrawal of instructions
Orders may be cancelled via the Nuntius Online Trading System but we can only cancel your instructions if you explicitly request so, provided that we have not acted up to the time of your request upon those instructions. Executed instructions may only be withdrawn or amended by you with our consent. Nuntius shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.
Right not to accept orders
We may, but shall not be obliged to, accept instructions to enter into a Transaction. If we decline to enter into a proposed Transaction, we shall not be obliged to give a reason but we shall promptly notify you accordingly.
Control of orders prior to execution
We have the right (but not the obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):
- controls over maximum amounts placed to open a position using any of Keyoption’s products;
- controls over maximum positions placed per trader and per asset;
- controls over our total exposure to you;
- controls over prices at which orders may be submitted (to include (without limitation) controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the order book);
- controls over the Electronic Services (to include (without limitation) any verification procedures to ensure that any particular order or orders has come from you); or
- any other limits, parameters or controls which we may be required to implement in accordance with Applicable Regulations.
Should you surpass the limits and/or parameter we set, your trade shall be blocked and/or suspended.
Execution of orders
We shall make all reasonable endeavours to execute any order you place, taking into consideration the relevant market conditions and our liquidity providers’ Risk Management Policy. By accepting your orders we do not warrant that it will be possible to execute them, or that execution will be possible according to your instructions. If we encounter any material difficulty carrying out an order on your behalf, we shall notify you, within 8 seconds of our Company receiving the order.
At the end of each trading day, confirmations for all Transactions that we have executed on your behalf on that trading day will be available via your online Account on our website.
Improper or Abusive Trading
Nuntius’s objective, through its liquidity providers is to provide the most efficient trading liquidity, available in the form of streaming, tradable prices for most of the financial instruments we offer on the trading platform. As a result of the highly automated nature of the delivery of these streaming, tradable prices, you acknowledge and accept that price misquotations are likely to occur from time to time. Should you execute trading strategies with the objective of exploiting such misquotation(s) or act in bad faith (commonly known as ‘sniping’), Nuntius shall consider this as unacceptable behavior. Should Nuntius determine, at its sole discretion and in good faith, that you or any representative of yours trading on your behalf is taking advantage, benefiting, attempting to take advantage or to benefit of such misquotation(s) or that you are committing any other improper or abusive trading act such as for example:
- a) fraud/illegal actions that led to the transaction; b) orders placed based on manipulated prices as a result of system errors or system malfunctions; c) arbitrage trading on prices offered by our platforms as a result of systems errors; and/or d) coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.
Then Nuntius, through its liquidity providers will have the right to:
- a) adjust the price spreads available to you; and/or b) restrict your access to streaming, instantly tradable quotes, including providing manual quotation only; and/or c) obtain from your account any historic trading profits that you have gained through such abuse of liquidity as determined by us at any time during our trading relationship; and/or d) reject an order or to cancel a trade; and/or e) immediately terminate our trading relationship
No employee and/or former employee who currently works or used to work on a full time or part time basis for Nuntius or any of its related entities shall, during the term of the employee and/or former employee’s service to Nuntius or any of its related entities and after termination of service become a client of any brand of Nuntius (either directly or indirectly, alone or with partners, associates, affiliates or any other third party) without Nuntius’s prior written approval. Should Nuntius consider that the employee and/or former employee is trading with any brand of Nuntius without the Nuntius’s prior written approval personally and/or via a third party we shall consider all the trading to be abusive and/or improper trading. In such circumstances the employee and/or former employee’s trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated. No business associate or former business associate of Nuntius or any of its related entities shall, during the period of the agreement between the associate/former business associate and Nuntius and after termination of such agreement, become a client of any brand of Nuntius (either directly or indirectly, alone or with partners, associates, affiliates or any other third party) without Nuntius’s prior written approval. Should Nuntius consider that the associate/former business associate is trading with any brand of Nuntius without Nuntius’s prior written approval personally and/or via a third party we shall consider all the trading to be abusive and/or improper trading. In such circumstances the relevant associate/former business associate’s trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated.
Disabling and Cancelling Deposits
We have the right not to accept funds deposited by you and/or to cancel your deposits in the following circumstances:
- if you fail to provide Nuntius with any documents it requests from you either for client identification purposes or for any other reason;
- if Nuntius suspects or has concerns that the submitted documents may be false or fake;
- if Nuntius suspects you are involved in illegal or fraudulent activity;
- if Nuntius is informed that your credit or debit card (or any other payment method used) has been lost or stolen;
- where Nuntius considers that there is a chargeback risk; and
- when you deposit $3,000 or more or if you make over 10 separate deposits to your trading Accounts and Nuntius is unable to verify your credit or debit card details or is unable to verify any other payment method used.
In case of cancelled deposits, and if there is not a confiscation of your funds by a supervisory authority on the grounds of money laundering suspicion or for any other legal infringement, your funds will be returned to the bank account that have been initially received.
Performance and settlement
You will promptly deliver any instructions, money, or documents deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us.
We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained.
In certain market conditions you may be allowed to trade using the Roll Over feature. The Roll Over feature enables you to extend the expiration time of your trading position before it reaches the expiry date. This feature can be used subject to the following conditions:
- An additional 30% of the initial deposit must be added automatically to your initial investment.
- The Roll Over feature can only be used in cases where the progress of the followed price does not take the direction which you had anticipated.
- You can only use the Roll Over feature once for each trading position.
- The Roll Over feature may be available between 5 minutes to 2 hours before the expiry time depending on the initial expiration timeframe. For example, when the initial expiration timeframe is 15 minutes, you shall only be able to use the Roll Over feature up to 5 minutes before expiry time. For more information on the different timeframes, please contact Customer Support.
- The Roll Over feature is an optional feature offered by Nuntius, through its liquidity providers. Nuntius, through its liquidity providers may restrict access to it, upon its sole discretion, on certain market conditions such as cases of extreme volatility without any prior notice.
Without prejudice and subject to the terms of this Agreement, all Applicable Regulations and all conditions attaching to any relevant payments made to you under a bonus or rebate scheme operated by us, funds may be withdrawn by you from your Account provided that such funds are not being utilised for margin purposes or have otherwise become owing to us. Once your withdrawal request is approved, your withdrawal request will be processed by us and sent for execution to the same bank, credit card or other source from which the funds were debited or as we, in our absolute discretion determine, as soon as possible. Withdrawals will only be made at a source in your name. Note that some banks and credit card companies may take time to process payments especially in currencies where a correspondent bank is involved in the transaction.
Please note that a client’s failure to complete the Company’s due diligence procedure to the Company’s satisfaction may affect the client’s ability to withdraw his funds If you request a withdrawal of monies from your Account and we cannot comply with it without closing some part of your open positions, we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal. In order to process your withdrawal request please ensure that the funds remaining on your account following your withdrawal complies with the Company’s bonus withdrawal policy detailed in section 9 above. If you have not met the necessary bonus trading requirements at the time you make a withdrawal request the bonus will be debited from your trading account. Withdrawals will only be made on request by you, by bank transfer to an account in your name or by bankers draft payable to you personally or such other method as we, in our absolute discretion, may determine.
Inactive and Dormant Account
The Customer acknowledges and confirms that any trading account(s), held with Spotoption by a Spotoption Customer where the Customer has not:
- placed a trade;
- opened or closed positions; and/or
- made a deposit into the Customers trading account;
for a period of 90 days and more, shall be classified by Spotoption as an Inactive Account (“Inactive Account”).
Where the Customer has and continues to:
- place a trade;
- open or close positions; and/or
- make a deposit into the Customers trading account;
the account shall be classified by Spotoption as an Active Account (“Active Account“)
The Client further acknowledges and confirms that such Inactive Accounts will be subject to a monthly charge of EUR25 (or equivalent in other currencies), relating to the maintenance/administration of such Inactive Accounts. The Customer further agrees that any Inactive Accounts, holding zero balance/equity, shall be turned to Dormant (“Dormant Account“). For re-activation of Dormant Accounts, the Customer must contact Spotoption’s Customer Support Department firstname.lastname@example.org and inform them of the Customer’s wish to reactivate the Dormant Account. The Customer’s Dormant Account will then be reactivated (subject to, if required, up-to-date Know Your Customer documentation provided to Spotoption by Customer) and become an Active Account. However, where the Customer has subsequently not done the following with the Active Account:
- place a trade;
- open or close positions; and/or
- made a deposit into the Customers trading account;
for a period of 90 days and more, then this account it will once again become a Dormant Account.
Please also refer to the Bonus Policy, paragraph 4, for further implications on Inactive Accounts
- ELECTRONIC TRADING TERMS
These clauses apply to your use of any Electronic Services.
Access and Trading Hours
Once you have gone through the security procedures associated with an Electronic Service provided by us, you will get access to such service, unless agreed otherwise or stated on our website. All references to Nuntius’s hours of trading are in Greenwich Mean Time (“GMT”) using 24-hour format. Our Electronic Services will normally be available continuously from 21:00 GMT Sunday until 21:00 GMT Friday (winter time), every week, excluding public holidays where the Forex market does not operate and cases where the market is closed due to illiquidity in the financial instruments. Please consult our website for more details on operating times for each financial instrument. We reserve the right to suspend or modify the operating hours on our own discretion and on such event our website will be updated without delay in order to inform you accordingly. In this respect the operating hours, as indicated on the websites operated by our company and to which you have trading rights are the applicable. We may change our security procedures at any time and we will inform you of any new procedures that apply to you as soon as possible.
Electronic Order entry for Market Orders equals Order execution
To enter an online order, you must access the Binary KeyOption’s trading platform, then click on “CALL/PUT” for the relevant asset you choose, choosing the expiry time/method. The order is filled shortly after you hit the APPLY button provided you have sufficient funds in your Account. Orders may fail for several reasons including– unanticipated technical difficulties.
Restrictions on services provided
There may be restrictions on the number of Transactions that you can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. Please refer to our website for details of the limits imposed upon Transactions carried out through our Electronic Services.
The Customer acknowledges and accepts that the Company applies a risk mitigation and management approach and therefore, certain settings may apply and certain features may not be available upon the Customer’s account.
You will be responsible for providing the System to enable you to use an Electronic Service.
You will be responsible for the installation and proper use of any virus detection/scanning program we require from time to time.
Use of information, data and software
In the event that you receive any data, information or software via an Electronic Service other than that which you are entitled to receive pursuant to this Agreement, you will immediately notify us and will not use, in any way whatsoever, such data, information or software.
When using an Electronic Service you must:
- ensure that the System is maintained in good order and is suitable for use with such Electronic Service;
- run such tests and provide such information to us as we shall reasonably consider necessary to establish that the System satisfies the requirements notified by us to you from time to time;
- carry out virus checks on a regular basis;
- inform us immediately of any unauthorised access to an Electronic Service or any unauthorised Transaction or instruction which you know of or suspect and, if within your control, cause such unauthorised use to cease; and
- not at any time leave the terminal from which you have accessed such Electronic Service or let anyone else use the terminal until you have logged off such Electronic Service.
In the event you become aware of a material defect, malfunction or virus in the System or in an Electronic Service, you will immediately notify us of such defect, malfunction or virus and cease all use of such Electronic Service until you have received permission from us to resume use.
All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in us or our licensors. You will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by us in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. You shall ensure that all the licensors trademarks and copyright and restricted rights notices are reproduced on these copies. You shall maintain an up-to-date written record of the number of copies of the Electronic Services made by you. If we so request, you shall as soon as reasonably practical, provide to us a statement of the number and whereabouts of copies of the Electronic Services.
Liability and Indemnity
Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
- System errors
We shall have no liability to you for damage which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to Electronic Services may be limited or unavailable due to such system errors, and that we reserve the right upon notice to suspend access to Electronic Services for this reason.
Neither we nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you in connection with an Electronic Service. We do not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to you if these delays, inaccuracies or errors are caused by third party service providers with which we may collaborate. We shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. We do not accept any liability towards executed trades that have been based and have been the result of delays as described above.
- Viruses from an Electronic Service
We shall have no liability to you (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by us to you in order to enable you to use the Electronic Service, provided that we have taken reasonable steps to prevent any such introduction.
- Viruses from your System
You will ensure that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify us on demand for any loss that we suffer arising as a result of any such introduction.
- Unauthorised use
We shall not be liable for any loss, liability or cost whatsoever arising from any unauthorised use of the Electronic Service. You shall on demand indemnify, protect and hold us harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using your designated passwords, whether or not you authorised such use.
We shall not be liable for any act taken by or on the instruction of an exchange, clearing house or regulatory body.
- Suspension or permanent withdrawal with notice
We may suspend or permanently withdraw an Electronic Service, by giving you 24 hours written notice.
- Immediate suspension or permanent withdrawal
We have the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where we consider it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of:
- any licence granted to us which relates to the Electronic Service; or
- this Agreement.
- Effects of termination
In the event of a termination of the use of an Electronic Service for any reason, upon request by us, you shall, at our option, return to us or destroy all hardware, software and documentation we have provided you in connection with such Electronic Service and any copies thereof.
- “NO TRADING” PERIODS
Each asset has its own trading time, these can be found in the asset index table at www.keyoption.com/resource-center/asset-index. On the trader’s page, the trader will be able to see the time “left to expiry” and “time left for trading”.
In general “no trading times” can last between 2 minutes to 30 minutes before the expiry time, these times vary from asset to asset, they also vary according to market conditions and the expiry time of each asset and may change as a result of a change in one of the underlying asset base conditions.
At least 5 minutes before the “no trading time”, a notification with a countdown clock will appear on the trader’s screen, this countdown clock will counting down the time left to the “no trading time”.
- “ONE TOUCH” GENERAL TERMS
These clauses apply to your use of our “One Touch” Service.
“In-The-Money” and “Out-Of-The-Money” Outcomes
The expiry time of all trades placed is 22.00 GMT of the same day (“Standard Expiry Time”). If the asset reaches the predetermined rate at or prior to the Standard Expiry Time, the trade will be execute with the investment In-The-Money. Upon execution of the trade, the client shall become eligible to receive the pre-decided payout of the option traded. If, however, the asset does not reach the predetermined rate at or prior to 22.00 GMT of the same day, the investment is Out-Of-The Money and the trade expires.
Purchases, Payouts and Refunds
The client may purchase One Touch options between 22.00 GMT Sunday to 22.00 GMT Friday. It should be noted that in order for the client to receive the payout, the sample price of the underlying asset needs to reach the preset target rate at or prior to the expiry time of 22.00 GMT of the same day. In the event that the price of the underlying asset does not reach the predetermined level, the client will not receive any refund and will forfeit the entire amount of the investment. Therefore, the amount of profit or risk in this option is preset and known ahead of time.
The option may only be purchased at the price selections specified on the site. If at any point the asset reaches the predetermined target rate at or prior to the expiry time, the system will execute the position and the pre-decided payout will be transferred to the client’s account.
Control of orders prior to execution
In case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market, we reserve the right, at our absolute discretion:
- not to execute the order;
- to change the quoted price of the option(s);
- to place a limit on the investment amount of each option for purchase;
- to cease the sale of the options or to offer you a new quote;
- to change the rate of return the option(s) offer prior to the purchasing of the option(s), (we are unable to change the payout rate of a trade already opened we are only able to change payout rates to prior to a position being opened).
In the event we offer you a new quote you have the right to either accept it or refuse it and thus cancel the execution of the Transaction.
Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
Cancellation of Trade
Once the options have been purchased, the trade may not be cancelled at any point prior to the expiration of the option.
- MARGINING ARRANGEMENTS
Where we effect or arrange a Transaction, you should note that, depending upon the nature of the Transaction, you may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of your position. You may be required to make further variable payments by way of margin against the purchase price of the investment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of your investment will affect the amount of margin payment you will be required to make. We will monitor your margin requirements on a daily basis and we will inform you as soon as it is reasonably practicable of the amount of any margin payment required under this clause.
You agree to pay us on demand such sums by way of margin as are required from time to time as we may in our discretion reasonably require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement. Failure to meet margin call Please note that in the event that you fail to meet a margin call, we may immediately close out the position.
Form of margin
Margin must be paid in cash in currency acceptable by us, as requested from time to time by Nuntius. Cash Margin paid to us is held as client money in accordance with the requirements of the Client Money Rules. Margin deposits shall be made by wire transfer, credit card, e-wallet or by such other means as Nuntius may direct. Set-off on defaultIf there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us). The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under Clause 17 (Netting).
You agree to execute such further documents and to take such further steps as we may reasonably require perfecting our security interest over and obtaining legal title to the Secured Obligations.
You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
In addition and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations
- CLIENT MONEY
We treat money received from you or held by us on your behalf in accordance with the requirements of the Client Money Rules.
You, the client, acknowledge and confirm that no interest will be received on the balance of your account.
Overseas banks, intermediate broker, settlement agent or OTC counterparty
We will endeavor to hold client money on your behalf segregated at Nuntius Client’s accounts within Greece and the European Union, however we may also hold your money outside the European Union. The legal and regulatory regime applying to any such bank or person will be different from the legal and regulatory regime in Greece and the European Union and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Greece and the European Union. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
Unclaimed client money
You agree that we may cease to treat your money as client money if there has been no movement on your balance for six years. We shall write to you at your last known address informing you of our intention of no longer treating your balance as client money and giving you 28 days to make a claim.
Liability and Indemnity
You agree that we shall not be liable for any default of any counterparty, bank, custodian or other entity which holds money on your behalf or with or through whom transactions are conducted.
Nuntius will not be liable for loss suffered by you in connection to your funds held by us, unless such loss directly arises from our gross negligence, wilful default or fraud.
Set-off on default
If there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us). The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under Clause 17 (Netting).
You agree to execute such further documents and to take such further steps as we may reasonably require perfecting our security interest over and obtaining legal title to the Secured Obligations.
You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
In addition and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.
- REPRESENTATIONS, WARRANTIES AND COVENANTS
You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:
- if you are a natural person, you are of legal age and you have full legal capacity to enter into this Agreement;
- if you are not a natural person:
- you are duly organized, constituted and validly existing under the applicable laws of the jurisdiction in which you are constituted;
- execution and delivery of this Agreement, all Transactions and the performance of all obligations contemplated under this Agreement have been duly authorized by you; and
- each natural person executing and delivering this Agreement on your behalf, entering Transactions and the performance of all obligations contemplated under this Agreement have been duly authorized by you and have been disclosed to us providing all the necessary information and/or documentation.
- you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;
- the persons entering into this Agreement and each Transaction on your behalf have been duly authorised to do so and are disclosed to us giving details of the relationship with you by providing all necessary information and/or documentation;
- this Agreement, each Transaction and the obligations created under them both are binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any regulation, order, charge or agreement by which you are bound;
- no Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination of the above) an Event of Default (a “Potential Event of Default”) has occurred and is continuing with respect to you or any Credit Support Provider;
- you act as principal and sole beneficial owner (but not as trustee) in entering into this Agreement and each Transaction and in case you wish to open, either in the present time or in the future, more than one accounts with Nuntius either as individual client (natural person) or as the beneficial owner of a corporate client (legal person) it is required to immediately disclose to us that you are the beneficial owner of the account(s) during the account opening procedure and to provide us with the necessary information and/or documentation regarding the relationship between the natural and/or legal person(s);
- any information which you provide or have provided to us in respect of your financial position, domicile or other matters is accurate and not misleading in any material respect;
- you are willing and financially able to sustain a total loss of funds resulting from Transactions and trading in such Transactions is a suitable investment for you; and
- except as otherwise agreed by us, you are the sole beneficial owner of all margin you transfer under this Agreement, free and clear of any security interest whatsoever other than a lien routinely imposed on all securities in a clearing system in which such securities may be held.
You covenant to us:
- you will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licences and authorisations referred to in this clause;
- you will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to yourself or any Credit Support Provider;
- you will use all reasonable steps to comply with all Applicable Regulations in relation to this Agreement and any Transaction, so far as they are applicable to you or us;
- you will not send orders or otherwise take any action that could create a false impression of the demand or value for a financial instrument. Nor will you send orders which we have reason to believe are in breach of Applicable Regulations or by taking advantage of the account(s) you may maintain with Nuntius could be considered as system abusive orders, including but not limited to one’s intention to benefit from delays in the prices, to trade at off-market prices and/or outside trading hours and to abuse the system for trading at manipulated prices; and
- upon demand, you will provide us with such information as we may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Regulations.
- you will not use Nuntius’s services, systems and/or facilities for abusive purposes aiming to defraud Nuntius and/or the authorities and you agree to comply with Nuntius’s instructions should such behavior be identified or suspected by Nuntius.
- EVENTS OF DEFAULT
The following shall constitute Events of Default:
- you fail to make any payment when due under this Agreement or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by us to you;
- you commence a voluntary case or other procedure seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a “ Custodian”) of you or any substantial part of your assets, or if you take any corporate action to authorise any of the foregoing, and in the case of a reorganisation, arrangement or composition, we do not consent to the proposals;
- an involuntary case or other procedure is commenced against you seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such involuntary case or other procedure either:
- has not been dismissed within five days of its institution or presentation; or
- has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;
- you die, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to you: or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against, or an encumbrancer takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);
- you or any Credit Support Provider (or any Custodian acting on behalf of either of you or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party (“ Credit Support Provider”), or of you, in favour of us supporting any of your obligations under this Agreement (each a “ Credit Support Document”);
- any representation or warranty made or given or deemed made or given by you under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
- any Credit Support Provider fails, or you yourself fail to comply with or perform any agreement or obligation to be complied with or performed by you or it in accordance with the applicable Credit Support Document;
- any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless we have agreed in writing that this shall not be an Event of Default;
- any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
- any event referred to in Clauses 16.2 to Clause 16.4 of this Clause 16 (Events of Default) occurs in respect of any Credit Support Provider;
- we consider it necessary or desirable for our own protection, or any action is taken or event occurs which we consider might have a material adverse effect upon, your ability to perform any of your obligations under this Agreement;
- you fail or omit to disclose to us your capacity as the beneficial owner of more than one accounts you may maintain with us and/or your capacity to act as a money manager on behalf of any other client of us;
- you take advantage of delays occurred in the prices and you place orders at outdated prices, you trade at off-market prices and/or outside trading hours, you manipulate the system to trade at prices not quoted to you by us and you perform any other action that constitutes improper trading; and/or
- any event of default (however described) occurs in relation to you under any other agreement between us.
Rights on Default
On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 16.2 or Clause 16.3 of the definition of Events of Default (each a “ Bankruptcy Default”), the automatic termination provision of this clause shall apply.
Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the “ Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause.
The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
Calculation of Liquidation Amount
Upon the occurrence of a Liquidation Date:
- neither of us shall be obliged to make any further payments or deliveries under any Transactions which would, but for this clause, have fallen due for performance on or after the Liquidation Date and such obligations shall be satisfied by settlement (whether by payment, set-off or otherwise) of the Liquidation Amount (as defined below);
- we shall (on, or as soon as reasonably practicable after, the Liquidation Date) determine (discounting if appropriate), in respect of each Transaction the total cost, loss or, as the case may be, gain, in each case expressed in the Base Currency specified by us in writing or, failing any such specification, the lawful currency of the United States (and, if appropriate, including any loss of bargain, cost of funding or, without duplication, cost, loss or, as the case may be, gain as a result of the termination, liquidation, obtaining, performing or re-establishing of any hedge or related trading position) as a result of the termination, pursuant to this Agreement, of each payment or delivery which would otherwise have been required to be made under such Transaction (assuming satisfaction of each applicable condition precedent and having due regard, if appropriate, to such market quotations published on, or official settlement prices set by the relevant exchange as may be available on, or immediately preceding, the date of calculation); and
- we shall treat each cost or loss to us, determined as above, as a positive amount and each gain by us, so determined, as a negative amount and aggregate all of such amounts to produce a single, net positive or negative amount, denominated in the Base Currency (the “ Liquidation Amount”).
If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.
Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) plus one (1%) per annum for each day for which such amount remains unpaid.
For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
Application of netting to Transactions
This clause applies to each Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
This Agreement, the particular terms applicable to each Transaction entered into under this Agreement, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
- RIGHTS ON DEFAULT
On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Clause 17 (Netting) we shall be entitled, without prior notice to you:
- instead of returning to you investments equivalent to those credited to your account, to pay to you the fair market value of such investments at the time we exercise such right;
- to sell such of your investments as are in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any loss or diminution in price) in order to realise funds sufficient to cover any amount due by you hereunder;
- to close out, replace or reverse any Transaction, buy, sell, borrow or lend or enter into any other Transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respect of any of your contracts, positions or commitments; and/or
- to cancel and/or consider void any Transactions and profits or losses either realised or unrealised and/or to close out the account(s) you maintain with us pursuant to this Agreement, immediately and without prior notice.
- TERMINATION WITHOUT DEFAULT
Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten (10) days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of your insolvency.
Upon terminating this Agreement:
- all amounts payable by you to us will become immediately due and payable including (but without limitation):
- all outstanding fees, charges and commissions;
- any dealing expenses incurred by terminating this Agreement; and
- any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
- Nuntius shall apply best execution rules in cases where you have not provided Nuntius with specific instructions regarding the closing of your positions.
- Nuntius shall return any funds remaining in your trading account to your bank account, specifically the account from which the funds were debited.
Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
- EXCLUSIONS, LIMITATIONS AND INDEMNITY
Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
The levels we present on our site are the ones Nuntius through its liquidity providers is willing to sell options at, they are not the real time market levels.
Changes in the market
Market orders are executed at the bid/ask prices offered by Nuntius, through its liquidity providers. Pending orders such as stop loss, limit (take profit, entry limit to buy or to sell), entry stop to buy or to sell are executed at the market price requested by you and offered by Nuntius through its liquidity providers. Please note, that in case of slippage in the market price, the order may be executed at a price materially different to the price indicated on the screen at the time of placing the order. In addition, any stop loss and/or take profit orders may not be possible to be placed until right after the execution of an order. We reserve the right, at our full discretion, not to execute the order, or to change the quoted price of the Transaction, or to offer you a new quote in case of technical failure of the trading platform or in case of fluctuations of the price of the financial instrument as offered in the market. In the event we offer you a new quote you have the right to either accept it or refuse and thus cancel the execution of the Transaction.
Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction.
Limitation of Liability
We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under Applicable Regulations, which may not be excluded or restricted thereunder.
Nuntius offers its clients the opportunity to use and/or benefit from third party services in any way they deem appropriate, accepting and carrying NO RESPONSIBILITY and NO LIABILITY as to the content provided by the third party nor as to the consequences of the use of the service. Clients use any of the third party service and/or the information provided by third party services for marketing and/or otherwise, upon their sole discretion and responsibility, undertaking all liability deriving from the use of the third party service. To that extend, clients are encouraged to seek advice and/or training prior to using the services or information provided making sure they fully understand the instruments, technical terms and descriptions provided. Please note that Nuntius is not in a position to provide such advice and/or training.
Responsibility for orders
You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort) for a representation that is not set out in this Agreement and that is not fraudulent.
You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.
We have the right to amend the terms of this Agreement. If we make any material change to this Agreement, we will give at least ten business days written notice to you. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
Notices and means of communication
Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other communications to be given by you under this Agreement shall be given to us in writing at the address below:
Name: Nuntius Brokerage & Investment Services S.A.
Address: 6 Dragatsaniou Street, 7th Floor, 10559 Athens, Greece
Telephone No: +30 201 3350559
Fax No: +30 210 3254846
Email Adress: email@example.com
You will notify us of any change of your address for the receipt of notices, instructions and other communications immediately.
Subject to Applicable Regulations, any communication between us using electronic signatures and any communications via our website and/or Electronic Services shall be binding as if they were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
Recording of calls
We may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by you as evidence of the orders or instructions given.
Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing nor are they documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted. You can access your statements online at any time via our trading platform. You may request to receive your statement monthly or quarterly via email, by providing such a request to the support department.
Common Guarantee Fund for Investment Services
Nuntius participates in the Common Guarantee Fund for Investment Services for clients of investment firms regulated in the Hellenic Republic. Customers will be entitled to compensation under the Common Guarantee Fund where we are unable to meet our duties and obligations arising from your claim. Any compensation provided to you by the Common Guarantee Fund shall not exceed thirty thousand Euros (30,000). This applies to your aggregate claims against us.
Nuntius directs your deposit to its liquidity providers. When the funds are with a third party (bank or liquidity provider or any other third party) Nuntius does not have any responsibility in case of default, bankruptcy or any loss of funds for end users’ funds.
We are obliged to put in place internal procedures for handling complaints fairly and promptly. The Company only accepts complaints received in writing either by submitting the relevant complaints’ form or by sending to the Company an email and/or letter. Please submit all supportive documentation that may assist the Company in its investigation along with the written complaint. We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the Hellenic Capital Market Commission (“HCMC”) which is the relevant regulatory body. Please contact us if you would like further details regarding our complaints procedures.
Third Party Rights
This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. You agree that we may without further notice to you and subject to Applicable Regulations, transfer by whatever means we consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and you agree that we may transfer to such person all information which we hold about you.
Time of essence
Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
Rights and remedies
The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
- GOVERNING LAW AND JURISDICTION
This Agreement shall be governed by and construed in accordance with Greek law.
Each of the parties irrevocably:
- agrees for our benefit that the courts of Greece shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement (“ Proceedings”) and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
- Waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.
Waiver of immunity and consent to enforcement
You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from suit; jurisdiction of any courts; relief by way of injunction, order for specific performance or for recovery of property; attachment of assets (whether before or after judgment); and execution or enforcement of any judgment to which you or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
Service of process
If you are situated outside Greece, process by which any Proceedings in Greece are begun may be served on you by being delivered to the address in Greece nominated by you for this purpose. This does not affect our right to serve process in another manner permitted by law.
Confirmation regarding interest policy
I acknowledge and confirm that no interest will be received on the balance of my account.
I / WE HAVE READ, UNDERSTOOD AND AGREE TO THE TERMS SET OUT ABOVE.