Retail Customer Agreement

This customer agreement, as amended from time to time, together with any Schedule(s) and any accompanying documents, sets out the terms and conditions of the contract between you and us. In the event of zero amendments it will be reviewed on at least an annual basis.

We will deal with you on the terms of this Agreement, the Risk Warning Notice, our Order Execution Policy, your completed Application Form, any relevant software licence and any additional terms and conditions issued by us and/or other terms issued in respect of transactions contemplated by these terms and conditions, which together are referred to as this "Agreement".

If you are unable to understand any part of either this Agreement, the Risk Warning or Order Execution Policy you should contact us with your questions before agreeing to them. By processing the Application Form and submitting it to us, you represent and undertake to us that you have read and understood this Agreement and agree to be legally bound by it.

Spread Betting and trading in Contracts For Differences (CFDs) carries a high level of risk to your capital. You may incur profits or losses of many times the amount of your stake or the money you originally deposit with us. You must only trade with money that you can afford to lose. Debts incurred through spread betting and CFDs are legally binding and enforceable. Make sure you fully understand the risks involved and take professional advice if necessary. Spread Betting and CFDs trading may not be suitable for all individuals. We strongly recommend that you read the Risk Warning notice that forms part of this Agreement and is also available on our website.

1.1 INTERTRADER LIMITED ("InterTrader" "We", "Us"), is authorised and regulated by the Gibraltar Financial Services Commission (the “FSC”). InterTrader is also licensed by the Government of Gibraltar and regulated by the Gibraltar Gambling Commissioner (Gaming Licence Number 051)and our registered office is at Suite 6, Atlantic Suites, Europort Avenue, Gibraltar.

The FSC’s address is Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar. The Gaming Licensing Authority can be contacted at the Licensing Authority, No. 6 Convent Place, Gibraltar.

1.2 This Agreement together with the Risk Warning Notice, your completed Application Form, our Order Execution Policy, any relevant software licence (as amended from time to time) and any other documents that we have supplied or in the future do supply to you governs your relationship with us and all transactions entered into between you (the "customer" or "you") and InterTrader, and apply to any trade placed via any Downloadable Trading Platform (hereafter referred to as "DTP") that InterTrader offers.

If your account is a joint account, you agree that we are authorised 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.

1.3 We have categorised you as a retail client and you will benefit from the regulatory protections afforded to retail clients under the Applicable Laws and the FSC Rules.

1.4 As a retail client you are afforded the highest level of regulatory protection. Should you wish a different classification, please contact us.

1.5 In certain, limited circumstances, it may be appropriate to categorise you as a professional client. In such an eventuality, we will provide you with full details of any limitations to the level of regulatory protection that such a different categorisation would entail.

1.6 Customers should also be aware that the Market Information Sheets contain important information in relation to the underlying products associated with trades and further information in relation to these is contained at clause 11.

1.7 By accepting this Agreement you authorise us to telephone or otherwise contact you within our operational hours in order to discuss any aspect of your account with us or any aspect of InterTrader or its associated companies’ business.

1.8 By accepting this Agreement, you consent to receiving information regarding your account, our products and services via email, post, website address links and the website in general.

1.9 Nothing in this Agreement shall exclude or restrict any duty or liability owed by us to you under the Applicable Legislation and if there is a conflict between this Agreement and the Applicable Legislation, the latter shall prevail.

1.10 By submitting your completed Application Form, and each time you enter into a trade you signify and agree that all the following personal warranties and representations are repeated:

- all information that you have provided us with (in your Application Form and subsequently) and whether in writing or not, is true and accurate in all material respects;

- you will notify us of any change in your circumstances as previously notified to us, whether orally or in writing, which may affect the way in which we manage your account or provide services to you;

- there is no legal rule or impediment to your entering into this Agreement or to trading with us, or to your discharging your obligations arising under this Agreement or any trade that you place under this Agreement;

- you agree to be bound by this Agreement;

- you have read and fully understood this Agreement, including the Market Information Sheets and the Risk Warning Notice;

- you as an individual, are over 18 years of age;

- you are making each and every trade on your own behalf as principal and not as agent for any other party;

- you are duly authorised to place any trade; and

- you shall at all times comply with all Applicable Laws.

1.11 If any losses are incurred by you or by InterTrader due to your breach of any warranty as set out herein you shall be liable for the total sum involved. Any breach of any warranty or representation set out herein shall constitute an Event of Default.

1.12 Upon agreement with you, we may waive or relax any of this Agreement from time to time. In particular but without limitation, where this Agreement specifies certain trade size or margin requirements, we may, but only upon agreement with you, allow you to breach such limits. Any liability accrued due to such permission is your sole responsibility. Any agreement to waive or failure to enforce any part of this Agreement shall not constitute a waiver by InterTrader to enforce such rules at a subsequent time.

1.13 This Agreement is supplied to you in English and we will communicate with you in English for the duration of this Agreement. We may provide you with documents and information and communicate with you in languages other than English, where possible. If there is a conflict or inconsistency between the English version of this Agreement and those provided in any other language, the English version shall prevail.

1.14 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 us a notice in writing to business address. Cancelling this Agreement within the Cancellation Period will not cancel any trade placed by you within the Cancellation Period. If you fail to cancel within the Cancellation Period, you will be bound by its terms but you may terminate this Agreement in accordance with clause 15 hereof.

2.1 You must open an account with us before we will accept any of your trades or funds. You must complete and submit to us an application either electronically online, or on the printable form available on our website, or the one available with this Agreement. All mandatory sections must be filled out and any information supplied must be true and correct to the best of your knowledge. Any incorrect or unclear information supplied will result in either an outright rejection of the application or at the very least a delay in the opening of your customer account.

2.2 When signing a paper version of the application, or electronically submitting the application to us, you are authorising us to make such searches as we see fit to certify that the information that you have supplied is complete and accurate. Such searches will include, but may not be restricted to, information from the electoral register and any credit agencies approached by InterTrader.

2.3 We may make periodic checks of your details to verify that the details supplied by you have not changed. However, you must immediately inform InterTrader in writing as to any material change in your financial circumstances or any change to the information given on your application (including change of employment, address, contact details and email).

In our absolute discretion, we may accept such notification over the telephone or by email. Any losses that may be incurred by misdirection of contract note & statement details due to incorrect or out of date email addresses supplied by you are entirely your responsibility.

2.4 We may refuse to open an account for you for any reason at our sole discretion. We are not obliged to provide you with the reason(s) for our refusal.

2.5 We reserve the right to close or suspend your account at any time. Should we exercise this right all open positions shall be closed immediately at the best available market price in-line with our Execution Policy and no new trades will be accepted. Any position you may have in markets not quoted (i.e. those that have closed for the day) shall be closed at the first price reasonably available to us on the next business day or, in the case of a market suspended for any reason, closed under the terms contained herein.

2.6 It is your sole responsibility to inform InterTrader as to whether information concerning your account transactions should be reported to your employer, including its compliance officer, and as to whether confirmations and statements of your account should be sent to that compliance officer or to any other person authorised by your employer to receive such information.

3.1 Subject to you fulfilling your obligations under this Agreement, we may enter into contracts with you in respect of the following types of trades:

- spread bets;

- spot or forward CFDs on single securities, stock or other indices, currencies (foreign exchange), base and precious metals and commodities; and

- such other investments as we may from time to time agree to offer in writing or online.

3.2 We will deal with you on an execution-only basis at all times.

3.3 We shall not provide you with any advice on the merits or suitability of you entering into this Agreement or any trade and, will never provide you with any investment advice although we may at our discretion provide you with generic or factual information from time to time on the nature, the terminology and of the procedures involved with such trades or concerning factual financial data information. You should rely on your own judgement when deciding whether or not to enter into any trade contemplated by this Agreement.

3.4 When we execute an order on your behalf, we will act in accordance with our Order Execution Policy. A summary of our current Order Execution Policy is available online.

3.5 We will enter into all trades as principal and not as an agent for any other person. Unless otherwise agreed with us, you will also enter into all trades as principal and not as an agent for any other person.

3.6 We provide Market Information Sheets, which are available online and which outline the markets that we offer and various matters relating to this Agreement. You should read the Market Information sheets thoroughly before placing any trades. If there is any matter that you do not fully understand then you should seek clarification from us before entering into the trade.

3.7 You may only execute a trade with us during our quoting hours for the market in question and within the permissible size(s) (unless otherwise agreed by us). Please refer to the Market Information Sheets for further details. The minimum and maximum limits are set by us by reference to the normal market size (NMS) for which prices are available on any relevant exchange or market and which offer live price information. The current minimum and maximum limits are available from us on request and are detailed on the Market Information Sheets. We are entitled to vary these minimum and maximum limits and it is your responsibility to ensure that you know what the current limits are before placing any trades. We also have the right to waive any trade size limits with or without notice to you.

3.8 Our activities with you under this Agreement are likely to include margined transactions. Please refer to clauses 8 and 9 below for further details of margined transactions.

3.9 Notwithstanding any other provision of this Agreement, in providing our services, we shall be entitled to take any action as we consider necessary in our absolute discretion to ensure compliance with Applicable Laws and the FSC Rules. You agree to strictly comply with the Applicable Laws. If we reasonably consider that you have not so complied, we may close your account and terminate this Agreement.

3.10 You should be aware that the services we offer, including spread betting and trading in CFDs, are regulated by the FSC Rules and the Applicable Laws that relate to the trading of futures, spread betting, CFDs and other such products linked to underlying instrument and futures. Customers are especially reminded that this applies to all forms of market abuse such as insider dealing and to directors trading in shares of their own companies.

3.11 We will not be liable for any losses incurred as a result of any interruption of power supply or electronic communication or information system or any event which prevents us from supplying information in one or more of the markets in which we would ordinarily quote.

4.1 We are not obliged to accept any request to trade.

4.2 Trades with us can only be made via a DTP. The DTPs have minimum computer software requirements (and further information is available on request). The platforms will be regularly updated and it is strongly suggested that customers should download and install the updates when prompted in order to achieve the most efficient platform functionality.

4.3 InterTrader quotes a two-way price in a size acceptable to us involving a spread between the buy and the sell price. As the customer, you may buy at the higher price or sell at the lower price.

4.4 All calls to InterTrader telephone lines are recorded, and you hereby agree to the recording of such conversations. All DTPs retain chronological histories of all trades conducted over that medium and an electronic audit trail of all customer activity (although this is not guaranteed). All such records and recordings of telephone conversations are the exclusive property of InterTrader and may be used as evidence in any dispute.

4.5 Your username, password and account number are extremely sensitive pieces of information. Any trade made on your account using either your username, account number or your password will be deemed as a valid trade. You must not disclose your username, account number or password to any person. You must immediately inform us if you are aware or suspect that a third party has had access to your username, account number or password or that any person other than you is dealing on your account.

4.6 Before access is permitted to a DTP you will be obliged to enter your username or account number and password. Trades on a DTP will be confirmed via an on screen confirmation. The contract is binding on both parties except for instances of a pricing error or Force Majeure. We will treat trades placed via a DTP as active once a request to trade has been accepted. Trades placed via a DTP will normally be confirmed at the time they are made by electronic means.

4.7 An email or on screen confirmation of a trade that does not accurately reflect the relevant underlying market price at the time when the trade was made via a DTP, does not entitle the customer or InterTrader to enforce whatever has been inaccurately recorded in the confirmation and is likely to constitute a pricing error or omission.

4.8 We reserve the right to, without your consent, either void from the outset or amend the terms of any trade containing or based on a pricing error. If, at our discretion, we choose to amend the terms of any such erroneous trade mentioned in clause 4.7, the amended level will be such level as we reasonably believe would have been fair at the time the trade was entered into. In deciding whether an error is a pricing error we may take into account any relevant information including, without limitation, the state of the underlying market at the time of the error or any mistake in, or lack of clarity of, any information source or pronouncement upon which we base our quoted prices . Any financial commitment that you have entered into or refrained from entering into in reliance on a trade with us will not be taken into account in deciding whether or not there has been a pricing error.

4.9 In the absence of wilful default or fraud by us we will not be liable to you for any loss, cost, claim, demand or expense following a pricing error (including where the pricing error is made by any information source, commentator or official upon whom we reasonably rely).

4.10 If a pricing error has occurred and we choose to exercise any of our rights under clause 4.8, and if you have received any monies from us in connection with the pricing error, you agree that those monies are due and payable to us and you agree to return an equal sum to us without delay.

4.11 We reserve the right to, without your consent, either void from the outset or amend the terms of any trade we deem to have been placed or requested using methods not approved by us through either the potential manipulation or unauthorised alteration of any InterTrader supplied DTP or any other trading application, or the use of any unauthorised computer system or program. Any unauthorised alteration or manipulation of any InterTrader supplied DTP or other trading application or use of any unauthorised computer system or program to place or request a trade will be seen as a deliberate and wilful attempt to potentially manipulate trading data or abuse InterTrader’s systems, and will result in the closure of your account.

4.12 If, at our discretion, we choose to amend the terms of any such trade mentioned in clause 4.11, the amended level will be such level as we reasonably believe would have been fair at the time the trade was entered into. The price will reflect exactly any adjustment we received on the house execution. Any financial commitment that you have entered into or refrained from entering into in reliance on a trade with us will not be taken into account in deciding whether or not there has been a manipulation or unauthorised alteration of any InterTrader supplied DTP or trading application, or use of an unauthorised computer system or program.

4.13 If the situation outlined in Clause 4.11 does arise and we choose to exercise any of our rights under Clause 4.11, and if you have received any monies from us in connection with any associated trades, you agree that those monies are due and payable to us and you agree to return an equal sum to us without delay.

4.14 In the case of trades placed via a DTP, InterTrader is under no obligation to recognise the domain from which a customer is trading, and it is your sole responsibility to ascertain the legality of placing trades from your local jurisdiction.

4.15 Where we have allowed unauthorised access to any customer’s account through negligence by Us or by our own staff, or through abuse by third parties via a DTP (i.e. hacking) that is directly attributable to InterTrader’s negligence or to a failure to adequately secure our systems from such abuse, we shall indemnify the customer for any losses incurred.

4.16 We will only accept trades, whether opening or closing, via a DTP. InterTrader has no obligation to transact orders or trades received via any other medium for example but not limited to email or letter or verbal conversations over non-recorded telephone lines (e.g. Customer Services’ personal mobile phones) or instructions given in a personal conversation.

4.17 A trade can only be executed against a current valid quote. A price may change at any time after it has been quoted and before you have traded. Quotes that have been given as 'indication only' are not valid and trades cannot be placed unless otherwise agreed by us. Quotes that have been qualified or quotes that you have been told are no longer valid before you place your trade are also not tradable.

4.18 In the case of trades placed via a DTP you may only offer to place a trade on the prices currently quoted on a DTP. Such prices are indicative and on receipt we may, in our absolute discretion, reject or accept your requested trade. Due to the nature of online trading systems and the potential unreliability of market price feeds we may in our absolute discretion remove or delete trades (and any associated trades) which have been made over a DTP which in our opinion do not reflect the actual market prices at the time of the placement of the relevant trade. We will not be responsible for losses or potential losses sustained by you in trading on a rejected or cancelled trade. We will not be responsible or liable for losses made with other companies on trades undertaken in connection with a rejected or cancelled trade.

5.1 Customers should note that they are trading on the outcome of the price of a financial derivative, and will not be entitled to delivery of, or be required to deliver, the underlying product.

5.2 This trading does not occur on an exchange. Rather the trading occurs off-exchange or over the counter (“OTC”). As a result, InterTrader enters directly into a contract with you in respect of the financial instrument on which you wish to trade.

5.3 In respect of dividends, an adjustment to your account shall be made with reference to any dividend or distribution attributable to any relevant security on which a trade is based and shall be made and calculated as follows:

        5.3.1 where your position would result in a credit to your account we shall adjust the account balance
        in your favour by the gross dividend amount multiplied by the transaction size (please be aware that a
        haircut may be applied to payment to factor in tax or trade process charges – the standard payment on
        UK instruments gross dividend is 80%, this payment haircut may vary); or

        5.3.2 where your position would result in a debit to your account we shall adjust the account balance in
        our favour by the net dividend multiplied by the trade size.

5.4 The above provisions shall apply in respect of any constituent security of a securities basket or securities index and are also subject to any such adjustment being scaled back in proportion to the respective weighting of the affected security within the securities basket or securities index as we reasonably consider appropriate.

5.5 In certain market conditions it may not be possible to close a single transaction with sizable market consideration in full at one price. Such a trade may instead be closed at a price reflecting the price at which InterTrader is able to transact any relevant underlying hedge but only during the trading hours of the underlying market (whether or not the relevant trade was opened during or outside the underlying market trading hours).

5.6 If the underlying market in relation to an existing open position held by you becomes illiquid in any fashion, either leaving InterTrader unable to purchase sufficient amount of the underlying contracts to cover your trade or position, or is unable to borrow the same in the open market, InterTrader reserves the right to close all or part of any such trade or position at the price obtained by InterTrader to unwind the position.

6.1 Positions may be closed at any time within InterTrader’s quoting hours (except where the relevant market is suspended or not available for whatever reason) unless InterTrader notifies you otherwise. InterTrader may accept closure of positions at other times dependent upon the market but is not obliged to do so.

6.2 Unless specifically instructed by you, the client, in regard to futures, then all positions will be rolled prior to expiry into the next Near Month contract. As such they will not settle on expiry. If the rolling of the contract puts you in a margin call position we expect you to cover the call with immediate effect. In certain circumstances and in accordance with this Agreement, we shall be entitled or may be required to close your position prior to the expiry date notwithstanding that your account is not in deficit.

6.3 If the expiry date of a trade is not a recognised business day of the relevant underlying market, then the business day immediately preceding that stated will be considered as the expiry date unless an alternative is specifically stated in the Market Information Sheets or InterTrader notifies you otherwise.

6.4 Open positions will automatically roll on their expiry date and at their expiry time (as are detailed in the Market Information Sheets) and any subsequent closing of any such position by you (whether or not accepted in error by us) will close the new Near month contract. It is your responsibility to avoid this situation by closing any desired positions before they roll.

7.1 These are generally the basic order types available:
        -     New Orders;

        -     Stop Loss or Limit Orders, and

        -     Trailing Stops

7.2 New Orders are orders that are not connected to an existing open position, although they may close existing positions (and open a new position in the other direction). We will accept the following types of new Orders:

        - "Good Till Cancelled" means that the Order will remain in effect until cancelled by you or until the
           market expires and InterTrader ceases to quote the relevant market;

        - "Good For Day" means that the Order will remain in effect until the end of the InterTrader quoting
           hours for the relevant market for that day;

        - "Good Until" means that the Order will remain in effect until the time and date requested by you
           when placing the Order or until InterTrader ceases to quote the relevant market (whichever is the
           sooner).

7.3 All "Good Till Cancelled"/ "Good for Day" and "Good until" Orders are based on an "our quote" basis.

7.4 A "Good Till Cancelled" Order will only be valid during InterTrader's quoting hours for the market concerned. If there is any form of gap between the close of the market as quoted by InterTrader on one trading session and its subsequent reopening either on the next session or, in the case of a "Force Majeure", whenever InterTrader reopens said market, the customer's stop will be executed at the InterTrader quote plus or minus spread for spread bets based upon the price that InterTrader attains in the underlying market .

7.5 Any Orders placed as "Stop Losses" on open positions shall

        - be deemed "Good until Cancelled" or until the contract expires or until such time as you close the
         relevant position;

        - be deemed to be in respect of InterTrader’s quote/"our quote"; and

        - be valid solely, in respect of the market in which InterTrader accepted the Order and not for any
         other.

7.6 In respect of markets quoted by InterTrader outside the normal trading hours of the relevant underlying market, all Orders are based on InterTrader's quote/"our quote" and may be filled at the InterTrader quote based on a price which is in InterTrader's opinion fair and reasonable in light of prevailing world markets at that time.

7.7 We will accept Orders placed in any market during the hours in which we do not offer a quote in said market. However no Stops or Orders of any kind in any market will be executed outside our quoting hours for that market except by agreement with us. Upon the opening of any market quoted by InterTrader any currently actionable Stop, Limit or new Order will be filled at the first quote for in the relevant market that InterTrader is able to obtain in the underlying.

7.8 It is your responsibility to cancel any Order that you no longer require. Any un-cancelled Order placed by you may be filled by InterTrader and may therefore cause losses for which you will be liable. In the case of Stop Loss Orders, if the related trade is closed by you the Stop Loss Order will be deemed automatically cancelled. If the underlying Stop Loss on any open position was actionable or in the process of being actioned before you closed the open position, we may at our sole discretion adjust the closing price of your trade to reflect the Stop Loss price or instate an opening position on your account as a result of the two instructions. It is the clients responsibility to monitor and prevent this situation.

7.9 An Order will be executed when the InterTrader quote reaches the price specified in your Order or as near as possible should the market move through your specified level. All quotes are based upon an underlying market that is sourced from either a recognised global exchange (LSE, NYSE, LIFFE etc.) or from a wholesale counterparty (a quoting bank or market maker). Our quote may be higher or lower than the underlying market due to interest rate costs, dividends, scrip issues, stock splits, competitors’ quotes or the weight of customer business. The understanding of the definition of “our quote” is very important for the correct operation of your account. If you do not understand any part of its description we strongly recommend that you contact us for an explanation.

7.10 InterTrader is not obliged to inform you if an Order is filled, other than via contract note. It is solely your responsibility to ensure that you know at all times as to whether any Order has been filled or is still active and if you are in any doubt whatsoever as to the situation it is your sole responsibility to contact us immediately, in the first instance by telephone, in order to obtain clarification as to the validity of any trade.

7.11 Once a Stop, Limit or new Order level is reached we may at our sole discretion allow a customer to amend this Order before it has been actioned by us. Although, receipt of any confirmation of an Order amendment is not binding on us, we may at our sole discretion decide to execute the original Order if the activation of that Order occurred before the amendment was made. We shall not be liable for any positions generated by customers’ assumption of non-activation of a fairly executed Order.

7.12 Unless otherwise stipulated, no orders are guaranteed and are subject to "Gapping" and "Slippage" (please refer to 7.14 below).

7.13 If a new Order is subject to "Gapping" and/or "Slippage" (see 7.14) on activation and the Order is actioned at a price that would also have activated any associated Limit or Stop Orders, then the position will immediately be closed with a potential loss to the customer of the prevailing InterTrader quoted spread for that market.

7.14 In this Agreement Gapping refers to an occurrence whereby the market moves from one quoted price to the next quoted price and that this second quote is significantly different to the first. Where such an event happens and where the second quote is through an Order level (Stop Loss, Limit or new Order), when the first quote was not, this may result in Slippage to the Order price. There are a variety of reasons why this might happen. Some of the more usual are listed below, but this list is by no means exhaustive.

        1. Because the particular underlying market on which the Order is placed has opened and started
         trading at a price significantly different from the previous session’ s closing price;

        2. During trading hours the underlying market may have become unusually volatile or illiquid for a period
         of time causing sudden dramatic price movements. In such instances the underlying market may even
         stop quoting a price and may only recommence trading at a price below (or above) an Order level or
        may have traded at a price for an insufficient size, as represented by the size of your Order, for
        InterTrader to have been reasonably able to place a trade in the underlying market;

        3. The underlying market may have gapped from one traded price to another, significantly different,
        traded price due to a piece of economic, political, environmental or corporate news.

Where this happens, an Order due for execution may not be filled at the requested Order price level and the Order may therefore be executed in accordance with our Order Execution Policy. Accordingly you must understand the potential impact of gapping and slippage on any Order that you place.

7.15 Where a series of Orders may be filled to close existing open positions and/or open new positions then these Orders will be filled by InterTrader in any sequence determined by InterTrader. If this results in subsequent Orders having insufficient trading resources for activation, then these Orders may be cancelled. InterTrader will not look at an Order filling sequences that may result in one Order being filled and another failing, InterTrader will fill Orders as they are struck and at their sole discretion.

7.16 Trailing Stops automatically track profitable positions, and close them should the market change direction and move against you. They are a tool to ‘lock in’ profits, and mean you do not have to personally monitor and move your stops constantly. You set the conditions for the Stop to move automatically, should the market move in your favour. Trailing Stops can be used on long or short trades, assisting you in securing gains should they occur as the market moves. Trailing Stops are available on most products. They can be added when placing a trade, or attached to open positions at a later stage. You specify the stop distance (how far away from the opening level the stop is to be placed), and then the stop will potentially move in predetermined increments as the price moves in a favourable direction. Trailing stops are not guaranteed (see 7.17), and may be subject to gapping and/or slippage (see 7.14) in liquid or fast-moving markets. There is no charge for setting a Trailing Stop. Trailing stops are NOT active if the MT4 terminal is closed.

8.1 InterTrader only allows its customers to trade on Deposit Accounts (where money must be deposited before trading can commence).

8.2 You agree to provide to us and to maintain on your account at all times such margin as is necessary to cover the margin requirement. Your agreement is repeated for every trade entered into by you and shall relate separately to each account, if you have more than one account with us.

8.3 The minimum level of cleared funds that you are required to maintain on your account at any particular time as margin against any open positions is referred to as the margin requirement. We may at our sole discretion alter the margin requirements on your account.

8.4 We will normally monitor the amount of margin available for any trade but we reserve the right to demand further margin than may have been originally requested.

8.5 An Order placed as a Stop Loss for a position may not necessarily reduce the margin requirement.

8.6 Notwithstanding any other provision of this Agreement, InterTrader is entitled, in its absolute discretion, to permit any trade for a size which is above the recognised maximum single size for a particular market.

8.7 The minimum IMR for any market may be changed from time to time by us without notice to you (for example, during volatile market conditions or due to the illiquid nature of any underlying market). These new margin requirements will be applied to all your existing positions as well as any new trades. Most contracts' Minimum IMR are set out in the Market Information Sheets which are correct at the time of publication. Margin requirements which are not set out in the Market Information Sheets or which have changed since the date of publication of the Market Information Sheets will be quoted on request or posted on the website. It is your responsibility to ensure that you are using the most recent margin requirements applicable.
8.8 Occasionally new or temporary markets are created. These markets attract their own margin requirement that may not be published but will be available on demand.

8.9 You undertake to provide us with and to maintain on your account at all times sufficient cleared funds in order to meet the margin requirement, and such undertaking shall be deemed to be repeated each time you open enter into a trade. A failure to meet your margin obligations at any time is a default event and may result in us closing out your open positions without prior notice to you.

8.10 Neither the funds on your account nor the margin applied to your position(s) represent your total financial liability to InterTrader.

9.1 If at any time your account balance with InterTrader is not sufficient to cover in full your margin requirement on any open positions, InterTrader shall be entitled to make a margin call. Margin is due for payment immediately upon a margin call being made. InterTraderDirect operate an autoclose function over client accounts for your protection. As such if your account were to suffer margin erosion down to twenty percent all positions will be automatically closed on a non-managed basis.

9.2 You must pay margin immediately in the form of cleared funds in pounds sterling, US dollars or euros or such other currency as may be acceptable to us by not later than 4.00pm Gibraltar time on the business day on which the margin call is made or deemed to have been made. A margin call made after 4.00pm Gibraltar time is deemed to have been made on the next business day for purposes of this clause.

9.3 It is your responsibility to monitor your open positions and all other relevant factors used to calculate margin payable. We are not obliged to make margin calls to you at all or within any specific time period. We shall not be liable to you for any failure by us to contact you or attempt to contact you.

9.4 Margin calls may be made in person, by telephone, telephone answering machine message, voice mail, letter, fax, email or any other means of electronic communication. If the contact details provided by you change in any way you must immediately contact us to provide new or alternative contact details to ensure you can be notified of margin calls. A margin call is deemed to have been made at the first time we endeavoured to contact you using the details supplied by you for that purpose. Any message left on any electronic medium either mobile and telephone answering machine using the designated numbers supplied by you will be deemed as evidence of a margin call having been made. Any fax requesting a margin payment will be deemed received by you upon our receipt of a successful transmission confirmation. Any email sent to you will be deemed received 10 seconds following its transmission.

9.5 If you fail to pay a margin call, we may, but are not obliged to, close any or all of your open positions on the basis of our current quote(s) or, at our sole discretion, if the relevant market is closed at the next available price attainable when the market re-opens will be used to close the position.

9.6 Notwithstanding that a margin call has not been met, we may at our sole discretion allow your open positions to run and allow you to open new positions. This will not affect our rights at any subsequent time to take any action under this Agreement.

9.7 Notwithstanding any movements in the market that may reduce the margin call on your account you are still liable to pay the full margin as originally requested assuming you still have the same or similar positions open. We may take action and close all or part of your positions if you fail to pay a margin call. Any positions closed for such a reason shall be at our total discretion. We shall not be responsible for the subsequent market activity of any markets on positions closed or left open.

9.8 We may view late margin payments as indicative of customer risk and at our sole discretion may alter the margin requirements or close the account.

9.9 Additionally and without prejudice to this clause or any other provision of this Agreement, we reserve the right, but we are not obliged, to close any or all, of your open positions (including those held on a joint account with others) on the basis of our current (or next available) quote(s), to close your account and not accept any further trades from you, in each of the following circumstances without notice to you:

        - if any method of payment used by you to make payment to us is not met on first presentation or is
          subsequently dishonoured;

        - if any statement in whatever form that is made by you in relation to this Agreement is or becomes
          inaccurate in any material respect, in our sole opinion;

        - if InterTrader, in its absolute discretion, considers that you are unlikely or unable to meet any margin
         call when it falls due;

        - if you are involved in an insolvency event;

        - if any regulator of InterTrader’s business or its rules requires that InterTrader do so;

        - if you have some dispute or complaint over any instruction or any trade made by you (in such case we
         may close only the trade , that is part of the actual or alleged dispute);

        - if we suspect or have any reason to suspect that you may be involved in criminal or fraudulent activity;

        - if there occurs any other event or any other circumstance that exists, where we reasonably believe
          that it is necessary or desirable to take any of the above actions in order to protect ourselves or any or
          all of our other customers; or

        - if, at our sole discretion, we deem it appropriate for any reason to do so.

9.10 If your account has been closed by us, you will no longer be entitled to enter into any trades.

9.11 You must not rely upon our right to demand payments of margin as a method of monitoring your open position(s), as such monitoring is your responsibility and we accept no liability for it and we shall not be required to issue a margin call and that any demands, calls or notices made or given by us in any particular instance shall not require us to make or give such demand, call or notice in another instance.

9.12 InterTrader Direct, in an effort to offer further protection to clients using our platform, will not permit clients to go into weekend or holiday periods with a margin exposure greater than 80% of total account balance. As such, at their total discretion InterTrader Direct may scale clients out of positions to bring them within the required threshold at CET 17.30 the day preceding these periods. The scaling of positions will be done on a first in first out basis and is in no way deemed the management of your account or positions. Monitoring of margin remains the responsibility of you the client.

10.1 In addition to margin payments (as required and detailed at clauses 8 and 9 above) you agree to pay to us such sums of money as may from time to time be due to us as a result of a trade or position (including any charges and/or commissions detailed from time to time in the Market Information Sheets) and such sums as may be required in or towards clearance of any debit balance on any account.

10.2 Charges and commissions applicable to your trades and positions are set out in the Market Information Sheets.

10.3 You will pay all applicable Value Added Tax (VAT) and other taxes and all other fees reasonably incurred by us in connection with any trade. Any changes to tax laws which result in future imposition of stamp duty, capital gains tax or other tax, which may from time to time be levied on trades shall be for your account. You may be liable for other charges and taxes that are not imposed by us. You are solely responsible for the timely payment of such charges and taxes. You should seek independent advice if you are in any doubt as to what further charges or taxes may apply to you as a result of you entering into this Agreement.

10.4 In the event that charges are imposed by the credit or debit card company (or any other provider) used to deposit funds on to your account, these may be charged by us to you. We will not be responsible for any non-payment of these charges and will not be liable for any proceedings or further charges resulting from non-payment of such charges.

10.5 You agree that we may share commission and charges with our associated companies, Trading Partners or other third parties or receive or pay remuneration from or to the same in respect of trades entered into by you with us. Details of any such remuneration or sharing arrangements (for example where you have been introduced to us through a third party) will not be set out in the relevant confirmation. Please note that such commissions and charges will only be paid where we are satisfied that such payments do not impair our obligation to act in the best interests of our customer. If you require more information on the fees and commissions that we pay our associated companies, Trading Partners or other third parties, let us know and we will provide you with further information.

11.1 The Market Information Sheets provide important information in relation to each market offered by InterTrader and customers are strongly advised to ensure that they understand the contents of them. The information provided in the Market Information Sheets includes:

        - Contract expiry details for each market;

        - InterTrader buy/sell spread and/or commission rate for each market;

        - IMR requirements for each market;

        - Trade size specifications;

        - InterTrader quoting hours (for normal trading conditions the various trading times are set out in the
         Market Information Sheets);

        - The applicable interest rate for overnight financing; and

        - Other matters pertinent to various markets.

11.2 InterTrader has to the best of its ability ensured that the Market Information Sheets are correct but we reserve the right to amend any part of the Market Information Sheets at any time. We will not be liable to you for any loss caused by your reliance on any inaccurate information.

11.3 Current spreads and/or commission rates on contracts will be quoted to you on request. InterTrader has the right to vary overnight financing interest rates, spreads or commission rates on any contract or vary the size specifications without notice especially in, but not limited to, volatile market conditions and/or illiquidity of the underlying market.

12.1 CFD contracts are available in a variety of markets. Each market has its own conditions which may vary at the discretion of InterTrader. Such contracts automatically roll into the next trading session. An overnight financing debit/credit will be made to a customer’s account each night.

12.2 Trades without specific expiry dates will remain open so long as the customer has funds available to support the margin required for each market. Should you be unable to support any trades due to overnight financing (and the constraints of the margin requirement) InterTrader reserves the right (but is not obliged) to close any trade sufficient to bring the customer into a positive trading resources position. In this event it shall be entirely at InterTrader’s discretion as to which positions are closed and which are retained if any. InterTrader shall not be responsible for the subsequent market activity on positions closed or left open.

12.3 A CFD trade normally has no expiry date or an expiry that is many years in the future, but may be closed by InterTrader in situations of Force Majeure or in situations where the overnight financing has resulted in deficit trading resources on the account. When positions are closed by InterTrader the price will be at the full spread quoted by InterTrader at that time or at a price that in the opinion of InterTrader fairly reflects the price at that time.

12.4 Where overnight financing is applied to open positions, the debit/credit to the account is made for each time that they are kept open overnight, including non-business days. Overnight financing is explained further in the Market Information Sheets.

12.5 For daily, monthly and quarterly markets you may at any time before the last dealing time of an open position ask for a quote to roll the position over into the next contract period. You must have sufficient margin in your account to permit the opening of the new trade after the closure of the existing position being rolled.

12.6 Any roll-over price quoted will reflect prevailing market premiums/ discounts. Permission to roll-over any open position is at the absolute discretion of InterTrader. Upon enactment of the roll-over the original position will be closed and will become due for settlement (any loss on the closed position becomes realised and payment becomes due) and a new trade in the next relevant contract period will be created.

13.1 If your account balance is in debit, the full amount of that balance is due immediately. Payment must be made in the currency in which the debit balance is denominated (or by agreement with InterTrader, and at an exchange rate designated by InterTrader, the amount may be transferred to a currency of your choice).

13.2 You authorise us, or our agents acting on our behalf, to carry out such credit and identity checks as we may deem necessary or desirable, including but not limited to when your account balance is in deficit. You acknowledge and agree that this may result in your personal information being sent to our agents, who may be within or outside the EEA. You agree that we will be permitted, if so required, to furnish relevant information concerning you or your account to any person that we accept as seeking a reference or credit reference in good faith.

13.3 We will require immediate payment of any debit account balance by either electronic funds transfer, debit/credit card, direct debit or any other method of immediate funds transfer acceptable to us or by bankers draft drawn on a Gibraltar or UK clearing bank and delivered to us by 4.30pm on the same business day that the debit account balance became due. We are entitled to refuse payment by cheque, without notice and without giving any reason.

13.4 Any customer resident outside Gibraltar or the UK may make payment by bankers draft drawn on a Gibraltar or UK clearing bank respectively, and delivered to InterTrader by 4.30pm on the same business day subsequent to that in which the debit account balance became due.

13.5 InterTrader reserves the right to and shall be entitled to charge interest on all sums payable to us under this Agreement which are not paid within 5 days of their due date until payment is made in full, we shall charge you 2% per calendar month or part thereof cumulative on the sum owed to us. We will require you to reimburse us for any and all costs we may suffer or incur if you fail to make payment when due for any reason whatsoever.

13.6 InterTrader has the right to debit from your account or any other account in which you hold an interest any costs, interest or expenses incurred in recovering said debt. All debts to us are recoverable in law. InterTrader will actively pursue any sum (whatever the size) that is due.

13.7 Unrealised profits will under no conditions be paid or be available for electronic withdrawal or offset your obligation to pay your realised losses.

13.8 We shall be entitled to keep hold of funds which are required to cover adverse cash positions, margin requirement, any un-cleared funds (i.e. credit card payments), realised losses and any other amount due under this Agreement.

13.9 InterTrader may at any time set off any liabilities owed by it to you against any amount owed by you to it. InterTrader reserves the right, without notice to you and at its absolute discretion, to consolidate any or all of your accounts of whatever type or description or any accounts in which you have a part or management function or oversight interest.

13.10 Without prejudice to any part of this Agreement, InterTrader shall be entitled to require the settlement of all open positions at any time and with immediate effect. Such settlement shall be made at the prevailing InterTrader quote (our quote) for each trade at the time of settlement or at the first such time that such a settlement may be practicably made. The settlement amount in respect of each open position shall be calculated by InterTrader at its sole discretion as the difference between the opening value of each trade and its value on the settlement price.

13.11 For the avoidance of doubt, we shall be entitled at any time to deduct, without notice or recourse to you, any monies deposited in or credited to your account in error by us or on our behalf.

14.1 There will be occasions in the course of our relationship when InterTrader’s interests may conflict with the best interests of its customers. InterTrader recognises that there is the risk that, under certain circumstances, directors (including non-executive directors), employees, associates, consultants or any other person directly or indirectly related to it may hold interests, financial or otherwise, and benefits that may be in conflict with the best interests of the customers and as a consequence may damage the interests of the customers. This is known as a conflict of interest.

14.2 We have implemented a range of policies designed to ensure that you are treated fairly in all dealings with us and to prevent and to minimise the risk of conflicts of interest. Such policies will seek to identify and manage all material conflicts of interests and are important to you as they are designed to protect your interests. These are detailed in our Conflicts of Interest Policy which is available upon request.

14.3 You should notify our Compliance Officer immediately if you believe that our Conflicts of Interest Policy has not been followed or that there is a conflict which may have not been addressed.

14.4 If you wish to have further information on our Conflicts of Interests Policy, or on any specific conflict of interest that you think might affect you, please contact us.

15.1 You may terminate this Agreement and close your account immediately by giving written notice to us.

15.2 You can contact us at any time via email to instruct us to close your account. We will only close your account if you have no monies owing to us, and any open position shall be closed in accordance with Clause 9.5 above. Any losses incurred on your account prior to the closure of the account shall be deemed to be immediately payable by you.

15.3 You specifically and unconditionally agree that InterTrader has the right to close or suspend your account with immediate effect in any of the following events:

        - you fail to observe, perform or otherwise breach any term of this Agreement;

        - you have made any material misrepresentation to InterTrader;

        - if you are involved in an Insolvency Event;

        - you fail to provide information requested in relation to any verification undertaken by InterTrader;

        - you act in a rude or abusive manner to employees of InterTrader;

        - if an Event of Default occurs; or

        - InterTrader at its sole discretion decides to close your account, at all times acting reasonably.

15.4 If either party terminates this Agreement and/ or closes the account all open positions shall be immediately closed at a price plus or minus spread/commission available in the market or, in the case where any market is closed for any reason, at the next available price obtainable by InterTrader on the reopening of said market and no new trades shall be accepted by InterTrader.

15.5 No penalty will be payable by either party on termination of this Agreement and termination will not affect any accrued rights. On termination by either party, we may consolidate all or any of your accounts and may deduct all amounts due to us before transferring to you any credit balances on your account.

15.6 At any time after the termination of this Agreement, we may without prior notice, close out any or all of your positions.

16.1 InterTrader will treat money received from you or held by us on your behalf in accordance with the FSC Client Money Rules.

16.2 InterTrader will hold all Client Money in a designated client bank account located in Gibraltar.

16.3 It is not our policy to pay interest to you, nor account to you for profits earned, on any of your money held by InterTrader.

16.4 In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money, we shall make and retain records of all balances released and undertake to make good any future valid claims against released balances.

16.5 You may not assign any part of your profits or losses to a third party. A third party may not place any funds in your account or withdraw funds from your account. All withdrawals from your account must be payable directly to you (by means of a cheque or BACS payment) or into an account in your name via direct debit and other methods.

16.6 Due to fraud prevention measures and in accordance with money laundering regulations, InterTrader will only refund monies back to where they came from. Where monies have been deposited by card the funds will be returned to that card where possible and where not possible InterTrader may require sight of original bank statements showing original fund transfer to InterTrader before refunding to the said bank account.

16.7 Where monies have been deposited by bank transfer, InterTrader may require sight of the original bank statement showing the deposit of the transfer before any refund is made.

16.8 Where bank accounts have been closed, InterTrader will require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before InterTrader will refund to a new bank account, we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.

16.9 In reference to this clause, if InterTrader’s records show a discrepancy between card details and InterTrader’s account details as supplied by you, InterTrader may require sight of original bank statements, or any other relevant evidence, to confirm your new status before processing a refund.

17.1 Force Majeure events are exceptional, unusual, or emergency market conditions which may prevent InterTrader from performing any or all of its obligations. They include, without limitation:

        - markets that, in InterTrader’s reasonable assessment, are in an emergency or exceptional state;

        - the suspension or closure of any market upon which we base our quotes, or the imposition of limits or
          special or unusual terms on the trading in any such market;

        - the occurrence of any speculative movements which in our reasonable assessment distort the level of
         prices in any market quoted by us;

        - compliance with any law or government order, rule, regulation or direction;

        - an event which prevents InterTrader from making orderly markets in any contract normally quoted by
          InterTrader;

        - any abnormal loss of liquidity in any of the markets quoted or the reasonable anticipation of such
         occurring or the event of excessive volatility, as reasonably assessed by InterTrader, in any market
         normally quoted by InterTrader or of the anticipation by InterTrader that such situations may occur; or

        - any act, event or occurrence including any strike, riot or civil commotion, terrorism, interruption of
          power supply, or electronic communication or information system technical or communication problems
          or other act of god caused through loss of power which prevents InterTrader from providing a normal
          service.

17.2 If we conclude in our reasonable assessment that a Force Majeure situation exists then we may at our absolute and sole discretion:

        - suspend trading and/or amend InterTrader quoting hours for all or any markets;

        - increase deposit/ margin requirements ;

        - close any or all open Positions;

        - refuse to take any further trades even if such trades would be closing trades;

        - immediately require payment of margin and/or any other amounts you may owe InterTrader;

        - cancel or fill any Orders in each case at such levels as we consider in good faith and in our sole
         discretion to be fair and reasonable in the circumstances;

        - reduce the maximum trade size allowable;

        - vary any spreads quoted by InterTrader;

        -suspend or amend any part of this Agreement to the extent that it is impossible or unreasonable for
        InterTrader to conform to them; or

        - take such actions as InterTrader deems proper in the circumstances to defend our customers and
        ourselves as a whole.

17.3 In the absence of fraud or bad faith, InterTrader shall not be liable to you for any losses you may suffer by reason of any action it may take in accordance with this clause.

18.1 Upon entering into any trade or Order or amendment of an Order or any cancellation of an Order InterTrader Confirmations will be displayed on screen in relation to a DTP trade.

18.2 Any material action affecting your account will trigger an email and/or an on-screen confirmation. The absence of an email confirmation or on-screen confirmation of an action on your account will not affect the validity of any trade or Order which has been placed.

18.3 It is solely your responsibility to keep yourself fully up to date in respect of all your trades and positions. As soon as you receive any confirmation you must check it to make certain that it is correct. The sooner that InterTrader is made aware of any error or problem, the sooner we will be able to look into and where appropriate correct it. You must also regularly check your online statement. You are solely responsible for familiarising yourself with the fundamental aspects of trading and the markets in which we operate.

18.4 Your account statement will be available online at any time unless InterTrader has suspended your account or a DTP is unavailable for any reason.

18.5 If you receive a confirmation for a trade or filled Order that you allege has not been transacted by or for you, InterTrader must be notified immediately. If you do not receive a confirmation for a trade you have placed (or believe you have placed) you must notify InterTrader immediately.

18.6 If you think that any confirmation or statement contains an error you must notify InterTrader immediately.

18.7 Any query or dispute in respect of any trade or conversation, together with details of the time and date of the trade or conversation must be communicated to InterTrader within 24 hours of the event. If the dispute or complaint is not satisfactorily resolved it should be referred, again with all details, to Customer Support at InterTrader and, if not then resolved to your satisfaction, it should be further referred to the Compliance Officer of InterTrader either by email to eva.lorenzo@bwinparty.com or by post to our office address in Gibraltar. If you are still not satisfied after following our complaints handling procedure, you may subsequently be entitled to complain directly to the Department of Consumer Affairs of the Government of Gibraltar. You can write to the Department of Consumer Affairs, at 10 Governor’s Lane, Gibraltar or alternatively you can phone them on (+350) 200 50788. A copy of our internal complaints handling procedure is available on request. Please be aware they will not act as ombudsman.

18.8 In the event of any query or dispute InterTrader may at its discretion immediately close, at the prevailing InterTrader quote or the first price available in the market, any position that is in dispute. No matter what the subsequent result of the dispute, InterTrader will not reopen or reinstate any such closed trade.

18.9 Your business with us may be covered by the Gibraltar Investor Compensation Scheme (the "Scheme"). Client money will be deposited into a client money bank account opened at an approved bank. In the event that InterTrader were to become insolvent all client money held in the third party bank account would be protected. In the event that the third party bank was to become insolvent you may be entitled to compensation from the Gibraltar Deposit Guarantee Scheme if the third party bank were unable to meet their obligations. This depends on the type of business you undertake, your status, and the circumstances of the claim. The Scheme is only available to retail clients.

Further details about the Scheme are available upon request or at the Scheme’s official website at www.gics.gi

InterTrader reserves the right to amend this Agreement at any time, and you will be notified of any such changes via InterTrader’s email messaging medium. All changes shall be effective in accordance with the notification, and shall apply to all open positions and unfilled Orders as at and after the effective date of the changes.

20.1 All notices will be sent to customers of InterTrader via the email messaging medium and unless InterTrader receives a 'failure to deliver' message all such messages will be deemed to have been received by you. Any alteration of your email address must be communicated immediately to InterTrader. Any losses incurred by you through non-receipt of notifications or Confirmations (in the case of trades or Orders placed) are payable by you. InterTrader accepts no responsibility for non-receipt by you of any such notifications or Confirmations.

20.2 Any request by InterTrader that you make contact with us, for whatever reason, should be regarded as vital and should be acted upon immediately.

20.3 Where InterTrader is not notified nor receives notification from the customer that any notice or other communication has not been received by the customer, it shall be deemed to have been duly served on the customer:

        - if hand delivered at the customer's last known home or work address or when actually given in person
         to the customer;

        - if given orally over the telephone or in a face to face exchange with the customer, when it has
        actually been given;

        - if given by leaving a telephone answering machine message, text message or voice mail message, two
          hours after the message being left on the relevant medium;

        - if sent by first class post two business days after posting of same;

        - if sent by fax, on completion of its transmission, provided that a transmission "successful" notification
          has been received by InterTrader; or

        - 10 seconds after being sent by email.

20.4 Any notice or other communication given or made under or in connection with the matters contemplated by this Agreement shall, except where oral communication is expressly provided for, be in writing and shall be sent to the address below:

[ InterTrader Limited
Suite 6, Atlantic Suites
Europort Avenue
Gibraltar ]

21.1 This Agreement does not limit or exclude any liability arising out of fraud or for death or injury arising by reason of InterTrader’s negligence.

21.2 Subject to all other provisions of this Agreement, InterTrader is liable to you to pay you your realised available profits. The foregoing is InterTrader's entire liability to you.

21.3 You shall indemnify us and keep us indemnified on demand in respect of all liabilities, costs, claims, damages and expenses of any nature whatsoever (present, future, contingent or otherwise and including legal fees) which we suffer or incur as a direct or indirect result of a breach by you of your obligations under this Agreement or us exercising our rights in relation to the default event provisions under this Agreement, unless and to the extent such liabilities, costs, claims, damages and expenses are suffered or incurred as a result of our gross negligence or wilful default. You shall indemnify us and keep us indemnified against all losses which we may suffer as a result of any error in any instruction given to us.

21.4 Subject to Clause 21.5, InterTrader shall not be liable:

        - for any loss, expense, cost or liability (together “loss” ) suffered or incurred by you unless and to the
         extent that such loss is suffered or incurred as a result of our negligence or wilful default;

        - for any indirect or consequential loss or damage (whether for loss of profit, loss of business or
         otherwise), costs, expenses or other claims for consequential compensation whatsoever (howsoever
         caused) which arise out of or in relation to this Agreement; or

        - for any loss suffered or incurred by you as a result of any error in any Order, instruction or information
         given by you.

21.5 Nothing in this Agreement shall exclude or restrict any duty or liability owed by us to you under the Applicable Laws or the FSC Rules, which shall, in the event of conflict, prevail over this Agreement.

21.6 In the event that this Agreement shall be found to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other part of this Agreement (or the remaining portion of the affected part as the case may be), which shall remain in full force and effect.

21.7 You shall not assign, transfer, charge or sub-contract any of the rights or liabilities hereunder.

21.8 InterTrader shall be entitled to assign, transfer, charge, sub-contract or deal in any manner with all or any of its rights and/or liabilities hereunder including by way of transfer of the same to an associated company or Trading Partner.

21.9 InterTrader Limited in accordance with its regulatory obligations as stipulated by the FSC, holds all client monies in a segregated Tier One Institution. Furthermore InterTrader Limited has established a Parental Guarantee granted by Bwinparty Holdings that indemnifies all client monies above the statutory requirements advocated by the GICS. This guarantee is only actionable in the event of a disorderly unwinding of the InterTrader Direct business. No claims against it may be made in the event of losses incurred due to external influences such as, but not limited to, the collapse of the Tier One holding bank.

It is your sole responsibility to ensure that your trading activities comply with your local income tax regulations and any other applicable fiscal laws.

23.1 This Agreement and all business transacted between InterTrader and you shall be governed by and construed in accordance with the laws of Gibraltar.

23.2 The parties to this Agreement, hereby irrevocably agree that the courts of Gibraltar shall have jurisdiction to settle any dispute which may arise out of or in connection with this Agreement and that accordingly, any proceedings may be brought in such courts.

24.1 You acknowledge that by opening an account with us and placing trades you will be providing us with personal information within the meaning of the Data Protection Act 2004. You consent to us processing all such information for the purposes of performing the contract and administering the relationship between us. You consent to our disclosing such information:

        - where we are required to disclose information pursuant to a court order;

        - where we are otherwise required or permitted by law to do so;

        - to associated companies;

        - to the FSC and other regulatory authorities upon their reasonable request;

        - to our Trading Partners;

        - to any person to whom we may transfer or assign this Agreement;

        - to such third parties as we deem reasonably necessary in order to prevent crime; to such third parties
         as we see fit to assist us in enforcing our legal or contractual rights against you including but not limited
         to debt collection agencies and legal advisors.

We shall be entitled to disclose information concerning you or your account without prior reference to you, to any competent authority with jurisdiction over our business or to any other person InterTrader reasonably believes to be seeking a reference or credit reference in good faith. Specifically InterTrader is entitled to disclose such information to other spread betting companies (or similar) who may be inquiring as to any bad debt or liability.

You acknowledge that any of the persons listed in this clause may be within or outside the Gibraltar.

24.2 You authorise us or our associated companies or any Trading Partner to telephone or otherwise contact you at any reasonable time in order to discuss any aspect of our business or of our associated companies’ business or of our Trading Partners’ business. If you do not wish us or our associated companies or our Trading Partners to so contact you for any direct marketing activities, you must inform us in writing.

25.1 With respect to any market and exchange data or other information that we or any third party service provides to you in connection with your use of your account, you agree that:

        - neither we nor our Trading Partners nor any such provider are responsible or liable if any such data or
          information is inaccurate or incomplete in any respect;

        - neither we nor our Trading Partners nor any such provider are responsible or liable for any actions that
          you take or do not take based on such data or information;

        - you will use such data or information solely for the purposes set out in this Agreement;

        - such data or information is proprietary to us and you will not retransmit, redistribute, publish, disclose
          or display in whole or in part such data or information to third parties;

        - you will use such data or information solely in compliance with exchange agreements;

25.2 In respect of market and exchange data licence fees, InterTrader will absorb these costs, however you agree that, where applicable for access to live market and exchange data (derived or non-derived), we may pass some or all of these costs onto you if they are associated with the use of your account as we inform you from time to time.

In this Agreement (and in addition to expressions defined elsewhere on our website) the following words and expressions shall have the following meanings:

"Cash Balance" is the " fiscal balance" on your account (your Cash Balance does not include profits or losses on any open Positions).

“Account Valuation” is the Cash Balance plus or minus your open P & L

"Applicable Laws" means the Financial Services (Markets in Financial Instruments) Act 2006, the Financial Services (Markets in Financial Instruments) Regulations 2007, the Gambling Act 2005 all as amended from time to time and all other applicable laws, rules and regulations in force from time to time, including (without limitation) those under the laws where you reside or of such jurisdiction where you are a citizen of or you receive any services under this Agreement ..

"Application Form" means the application form supplied by InterTrader in relation to this Agreement.

"Bet" (including "betting", "dealing", "trading") or other similar words refer to a customer entering into a trade. "Bid" or "bid price" is the price at which the customer can sell.

"Bid" or "bid price" is the price at which the customer can sell.

"Buy" (including "Take", "Up Bet", "Go Long", “Long", "Long Position") is defined as making a buy trade or buying the market quoted by InterTrader.

"Customer" (including "you", "client" and "your") means a person or company who has opened an account with InterTrader and has agreed to be bound by this Agreement.

"Client Money Rules/Monies" refers to the funds in your account which are held by InterTrader in accordance with the Financial Services (Accounting and Financial) Regulations 1991 and the Financial Services (Markets in Financial Instruments) Regulations 2007 as amended from time to time.

"Contract For Difference", "CFD" or other similar words refer to a customer placing a CFD trade.

"Deposit Account" is an account where you need to deposit funds before you can commence trading.

"DTP" is any Downloadable Trading Platform provided by InterTrader for trading our markets.

"Order Execution Policy" means InterTrader's Order Execution Policy which may be amended from time to time, and is available on our website.

"Event of Default" shall be deemed to have occurred where:

        - any statement either oral or written made by you to InterTrader is or becomes untrue or misleading;

        - you fail to carry out any of your obligations to InterTrader under this Agreement (including failure to
         satisfy a margin call) or you fail to do anything that you have stated that you will do whether orally over
         the telephone or by any form of written or electronic message;

        - in the event of your death or becoming a patient within the meaning of any applicable mental health
          legislation;

        - you become involved in an Insolvency Event;

        - you are in default of payment of money owed to InterTrader or any of its associated companies or
          Trading Partners;

        - 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;

        - InterTrader at its sole discretion believes that any of the circumstances set out in this definition are
          likely to happen.

"Expiry Date" is when a particular trade expires.

“Free Margin” see "Trading Resources"

"FSC" is Gibraltar’s Financial Services Commission.

"FSC Rules" means the rules, regulations, guidance notes, administrative notices and newsletters published by the FSC from time to time.

"Gapping", “Gapped” or “Gap” refers to an occurrence whereby the market moves from one quoted price to the next quoted price and this second quote is significantly different to the first. This price gap can occur at any time during market hours, often with the release of price sensitive information, or at the market open. Where such an event happens and where the second quote is through an Order level (Stop Loss, Limit or New Order), when the first quote was not, this may result in slippage to the Order price.

"If Done Order" means an Order that is only triggered on the activation of another attached Order. For example, if a New Order is activated, you may wish to pre-set a Stop Loss and/or a Limit Order. These additional Orders are deemed "If Done Orders".

"IMR" (including "M in IMR") means initial margin requirement which represents the minimum trading resources (free margin) required to place an opening trade in the minimum trade size permitted by InterTrader. (i.e. if you have a sterling spread betting account and the minimum IMR in a market was 50 then to place a unit trade size of £3 you would require at least £150 (£3x50) of available resources to do so).

"Insolvency Event" means and shall occur:

- if 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 insolvency, bankruptcy, 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, InterTrader does not consent to the proposals;

- if 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 insolvency, bankruptcy, 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:

    (i) has not been dismissed within five days of its institution or presentation; or

    (ii) 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;

- if you, as a customer of InterTrader under this Agreement, are unable to pay your debts as they fall due or any act of insolvency or similar or analogous event or action taken in respect of you.

"Limit Order" Is an instruction to open or close a position/bet at a specified level set by you (but subject to our agreement) Once a limit order is triggered by the movement in the underlying market we will seek to execute your order at that specific level or better.

"LSE" the London Stock Exchange.

"Margin" a term that describes the cash required or being used on your account to either open trades or run your positions. See clause 7.

"Margin Call" a request for margin payment as referred to in clause 8.

"Margin Requirement" is the amount of cash required to maintain your existing open positions.

"Market" refers to indices, share, currencies, commodities, bonds and interest rates or any other product that may be quoted by InterTrader from time to time.

"Market Information Sheets" refers to the document available online that detail InterTrader's current quoting hours, maximum CGSL, minimum IMR, overnight financing interest rates, other market specifications and other information applicable to the trades and positions as determined by us for you.

"New Order" is an instruction to open a new trade at a possible future price based on the InterTrader quote.

"Offer" or "offer price" is the price at which the customer can buy.

"Overnight Financing" is the credit or debit applied to your account when you hold a position in certain contracts overnight and over non-business days.

"Pricing Error" is defined as a misquote by InterTrader where the price quoted materially and clearly deviates from the prevailing market price (or the forward calculated market price) at the time that it was quoted.

"Position(s)"means open trades.

"Quote", "Our Quote", "InterTrader Quote" is the price quoted by InterTrader via a DTP. All quotes are based upon an underlying market that is sourced from either a recognised global exchange or from a wholesale counterparty.

"Quoting Hours", "InterTrader Quoting Hours" are the times detailed in the Market Information Sheets when InterTrader quotes its markets. InterTrader will not quote any markets outside of its opening hours which shall be set out in its website from time to time.

"Sell", (including "Down Bet", "Go Short", "Short", "Short Position") is defined as making a sell trade or selling the market quoted by InterTrader.

"Size(s)" refers to the size of the buy or sell trade. The standard, minimum and maximum trade sizes and stake sizes that InterTrader allows can differ from market to market and product to product and are further detailed in the Market Information sheets.

“Slippage”, “Slipped” or “Slip” “Stop Order” occurs when an Order is executed at a different level to the specified Order level. This may occur in the event of a price gap (please refer to gapping) or when there is insufficient liquidity in the underlying market for InterTrader to reasonably cover your Order, in accordance with our Order Execution Policy.

"Stop", "Stop Loss", "Stop Order" is an order to close an open position at a pre-determined level.

“Trading Partners” are anyone with whom InterTrader has a contractual relationship, for example a joint venture relationship, a service provider relationship, partnership relationship, agency relationship, white label relationship or introducing broker relationship.

"Trading Resources" (or “Free Margin” or “available Margin”) is the amount of money available on your account that may be apportioned to new trades or to moving current Stop levels.

"Trailing Stops’ automatically track profitable positions, and close your trade should the market change direction and move against you. You specify the stop distance (how far away from the opening level the Trailing Stop is to be placed) and the Trailing Stop will potentially move in predetermined increments as the price moves in a favourable direction. These orders will only be active when the MT4 terminal is open

"Transactions" means any buy or sell trade, made between you and InterTrader (including to close a position), and includes any other transactions made between InterTrader and you as may be agreed from time to time and on a case by case basis.

"Underlying Market" is the market in which the physical underlying assets (from which our markets are derived) are traded.