Terms & Conditions

Holiway Investments Limited

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 the Client and Holiway Investments Ltd. Please read it carefully and let us know as soon as possible if there is anything which the Client does not understand. By signing this agreement, it is assured that the Client understands and agrees with the terms of this agreement set our herein.

1. INTERPRETATION OF TERMS

In this Agreement:

“Account” means the account the Client holds with the Company and designated with a particular account number.

“Applicable Regulations” means:

  1. CySEC Rules, Legislation, Directives, Circulars issued by CySEC and govern the operations of Cyprus Investments Firms or any other rules of a relevant regulatory authority; and
  2. 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 the Company or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them.

“Balance” means the sum held on behalf of the Client on its Client account within any period of time. Specifically, is the sum of total amount of executed transactions and deposits/withdraws to/from the account.

“Base Currency” means Euros.

“Binary Options” mean financial instruments where a prediction is made on the direction of the price movement of an asset at a certain period of the day. The payoff is pre-arranged to be fixed amount if the option expires in the money or nothing at all if the option expires out of the money.

“Business Day” means a day which is not a Saturday or a Sunday and upon which banks are open for business in Cyprus.

“CIF Authorisation” means the license the Company has obtained from CySEC, as this may be amended from time to time and which sets out the investment and ancillary services the Company is authorized to provide.

“Client Money Rules” means the rules specified in paragraph 18(2)(j) of the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters and the Directives and Circulars issued pursuant to this paragraph, as amended from time to time by CySEC.

“Close position” means deal of purchase (sale) covered by the opposite sale (purchase) of the contract.

“Company’s websites” means the following websites as these may be amended from time to time:

“Credit Support Provider” means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement.

“CySEC” is an abbreviation for “Cyprus Securities and Exchange Commission”. CYSEC’s office is situated at 27 Diagorou Street, 1097, Nicosia, Cyprus.

“CySEC Rules” means the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters, the Prevention and Suppression of Money Laundering Activities Law, the Directives, Circulars and all other regulations issued pursuant to these Laws and all guidance notes, administrative notices, newsletters and rules published by the Cyprus Securities and Exchange Commission.

“Electronic Services” means a service provided by us, for example an Internet trading service offering Clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.

“Event of Default” means any of the events of default as listed in Section 20 of the Agreement.

“Execution” means the completion of Clients’ orders on the company’s trading platform, where the company acts as a principal to Clients’ transactions.

“Financial Instruments” refers to any of the financial instruments offered by the Company and which are defined as such under applicable Law or Regulation. According to the Company’s license these refer to the following:

  1. Transferable securities
  2. Money-market instruments
  3. Units in collective investment undertakings
  4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash
  5. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event)
  6. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market or/and an MTF
  7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point (f) above and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls
  8. Derivative instruments for the transfer of credit risk
  9. Financial contracts for differences
  10. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contract relating to assets, rights, obligations, indices and measures not otherwise mentioned in the financial instruments listed in this section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognized clearing houses or are subject to regular margin calls.

“KYC” means Know Your Client.

“Margin” means the amount of funds required to open positions and for each open position held opened in Client’s trading account in accordance with the chosen leverage.

“MTF” means multilateral Trading Facility.

“Open Position” means a long or short position whose value is changing in accordance with change of the market price of the financial instrument.

“Order” means the request/ instruction given by the Client to the Company to Open or close a Position in the Client’s account.

“OTC” means ‘over the counter’ and refers to transactions conducted otherwise than on an exchange.

“Holiway Trading Desk” means the trading desk operated by us at our premises the Headquarters of Holiway Investments Limited in 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia.

“ Holiway Online Trading System” means the internet-based trading system available at our website that allows the Client to provide us with instructions.

“Secured Obligations” means the net obligation owed by the Client to us after the application of set-off under clause 12 (Margining Arrangements) in the paragraph entitled (Set-off on default).

“Services” means the investments and ancillary services which will be provided by the Company to the Clients and are governed by this Agreement

“System” means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable the Client to use an Electronic Service.

“Transaction” means any transaction subject to this Agreement and includes a CFD, spot or forward contract of any kind, future, option (including binary options) or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorized under our Cypriot Investment Firm (“CIF”) license from time to time which we both agree shall be a Transaction.

2. INTRODUCTION

2.1 About us

Holiway Investments Limited (hereafter the “Company”or “ Holiway), is a Cyprus Investment Firm that provides investment and ancillary services as these are defined throughout this Agreement, through its electronic system over the Internet ( hereafter the “Trading Platform”).

The Company is authorized and regulated by the CySEC. Our registered office is 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia . 

Holiway owns and operates websites, trading platforms and brand names as indicated in its websites. Holiway operates through these websites which allow online trading.

The Client has accepted all the information presented in the Company’s website which is available to the public. It is noted that the Company may operate other websites apart from the main website mentioned above and which may contain information concerning the Company, its services and the legal framework to which the Company is bounded, in different languages other than the English one.

In accordance with this Agreement please follow the Company’s website and view the following policies:

  • Order Execution Policy
  • Client Categorization Policy
  • Conflicts of Interest Policy

The Company advises the Client to read and understand the Company’s aforementioned policies. If the Client does not object in writing the Company’s Order Execution Policy and continue to use our services, the Company will deem that the Client has consented to the Order Execution Policy.

2.2 Scope of this Agreement

This Agreement sets out the basis on which the Company will provide services to the Client. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.

2.3 Commencement

This Agreement supersedes any previous agreement between the Client and the Company on the same subject matter and takes effect when the Client indicates your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.

3. GENERAL

3.1 Language

This Agreement is supplied to the Client in English and the Company will continue to communicate with the Client in English for the duration of this Agreement. However, where possible, the Company will communicate with the Client in other languages in addition to English.

3.2 Communication with us

The Client may communicate with us in writing by email or other electronic means, or orally (including by telephone). Our contact details are set out Section 2.1 of this Agreement. The language of communication shall be English, and the Client will receive documents and other information from us in English. However, where appropriate and for your convenience, the Company will endeavor to communicate with the Client in other languages. Our website contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail.

3.3 Capacity

The Client enters this Agreement as a principal and not as agent (or trustee) on behalf of someone else.

3.4 Legal Age

Holiway’s services and products traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). The Client represents and warrants that if the Client are an individual, the Client are at least 18 years old and of legal age in your jurisdiction to form a binding contract, and that all registration information the Client submit is accurate and truthful. The Company reserves the right to ask for proof of age from the Client and your account may be suspended until satisfactory proof of age is provided. The Company may, in its sole discretion, refuse to offer its products and services to any person or entity and change its eligibility criteria at any time.

3.5 General interpretation

A reference in this Agreement to a “clause” or “Schedule” shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to “document” shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the CYSEC’s Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement.

3.6 Schedules

The clauses contained in the attached Schedule (as amended from time to time) shall apply. The Company may from time to time send to the Client further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. The Client acknowledges having read, understood and agreed to the Schedules to this Agreement.

3.7 Headings

Headings are for ease of reference only and do not form part of this Agreement.

3.8 Trading Advice

We will not give advice you on the merits of any Trade and will deal with you on an execution-only basis. None of our staff is authorised by us or permitted under CySEC rules to give you investment advice. Accordingly, you should not regard any proposed trade, suggested trading strategies or other written or oral communication from us as investment advice or as expressing our opinion on the suitability of a particular trade to your needs or financial objectives. You must trust your own judgment for any investment decision you make in relation to your Account.

4. CLIENT CATEGORISATION

The Company will deal with the Client according to the rules of professional conduct based on which the Client will be treated as Retail Client, Professional Client or Eligible Counterparty in accordance with the information provided to the Company during the Account opening procedure. The Client shall inform the Company in case the Client’s personal information change. In the event that the Client wishes to be re- categorized the Client must inform the Company in writing, clearly stating such a wish. The final decision of the change in categorization however lies in the absolute discretion of the Company.

The Company shall treat the Client as a retail Client for the purposes of the CYSEC Rules and the Applicable Regulations. However, if the Client does request such different categorization and the Company agree to such categorization, the protection afforded by certain CYSEC Rules and the other Applicable Regulations may be reduced. This may include, but is not limited to:

  1. the requirement for us to act in accordance with your best interests;
  2. our obligation to provide appropriate information to the Client before providing the services;
  3. the restriction on the payment or receipt by us of any inducements;
  4. our obligation to achieve best execution in respect of your orders;
  5. the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders;
  6. our obligation to ensure that all information the Company provide to the Client is fair, clear and not misleading; and
  7. the requirement that the Client receive from us adequate reports on the services provided to the Client.

The Client is bound by the method and process of categorization as this is defined and thoroughly explained in the Client Categorization Policy which can be found on the Company’s website. Therefore, by accepting these Terms and Conditions, the Client accepts the application of the categorization method as this is defined in the Client Categorization Policy.

5. COSTS AND PAYMENTS

5.1 Additional Costs

The Client should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.

5.2 Payments

All payments to us under this Agreement shall be made in such currency as the Company may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by the Client without any deduction or withholding.

5.3 Remuneration and sharing of charges

The Company may share charges with partners, affiliates, business introducers and agents in connection with Transactions carried out on your behalf. Business introducers and agents are paid on the basis of the percentage of spread. Partners and affiliates get fixed fees. Details of such remuneration or sharing arrangements are available to the Client upon request. If the Client requires more information on the fees and commissions that the Company pay to business introducers and other affiliates, let us know and the Company will provide the Client with further information.

5.4 Payment Service Providers 

Payment service providers include Wirecard, Inatec, and SafeCharge.

  1. Wirecard is EU regulated. No. 260/2012 (SEPA Regulation)
  2. Inatec Payment AG is located in Switzerland and is one of the financial headquarters of Europe.
  3. SafeCharge International Group Limited is a global provider of payments service, risk management and IT solutions for online businesses. SafeCharge is regulated by CySEC.

5.5 Withdrawal Charges

Withdrawals will be charged with the actual banking charges and commission for outward transfers plus any other out of pocket expenses. For indicative pricing for outward transfers, now in force, click here.

6. TERMINATION OF THE AGREEMENT

The Client has a right to cancel this Agreement for a period of fourteen days (14) commencing on the date on which this Agreement is concluded or the date on which the Client receive this Agreement (whichever is later) (the “Cancellation Period”). Should the Client wishes to cancel this Agreement within the Cancellation Period, the Client should send notice in writing to the following address: Holiway Investments Limited, 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia , or electronically to the following email address: info@holiwayltd.com. Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by the Client during the Cancellation Period. If the Client fails to cancel this Agreement within the Cancellation Period the Client will be bound by its terms but the Client may terminate this Agreement in accordance with Section 23 of this Agreement.

6.1 Termination without default

Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination to the other. The Company may terminate this Agreement immediately if the Client fails to observe or perform any provision of this Agreement or in the event of your insolvency. In such a case, the Company will notify the Client accordingly.

Upon terminating this Agreement:

  • all amounts payable by the Client to the Company will become immediately due and payable including (but without limitation):
    1. all outstanding fees, charges and commissions; and
    2. any dealing expenses incurred by terminating this Agreement; and
    3. any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
  • Holiway shall apply best execution rules in cases where the Client has not provided Holiway with specific instructions regarding the closing of your positions.
  • Return any funds remaining in your trading account to your bank account, specifically the account from which the funds were debited. Your funds may be returned to another bank account to which the Client is the beneficiary as long as the Client provides us with the required documents to verify that the account belongs to the Client.

Existing Rights

Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.

7. NON ADVISED

7.1 Execution only

The Company deals on an execution only basis and does not advise on the merits of particular Transactions, or their taxation consequences.

7.2 Incidental information and investment research

The Company does not provide generic trading recommendations, market commentary or other information:

  • this is incidental to your dealing relationship with us. It is provided solely to enable the Client 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, the Client agree that the Client will not pass it on to any such person or category of persons;
  • the Company give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the tax consequences of any Transaction;
  • The Client accept that prior to dispatch, the Company may have acted upon it ourselves or made use of the information on which it is based. The Company does not make representations as to the time of receipt by the Client and cannot guarantee that the Client 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.

8. ACKNOWLEDGEMENT OF RISKS

8.1 It shall be noted that due to market conditions and fluctuations, the value of Financial Instruments may increase or decrease, or may even be reduced to zero. Regardless of the information the Company may give to Client, the Client comes to an understanding and accepts the possibility of these events to happen.

8.2 The Client is aware and accepts that there is a risk of suffering losses as an outcome of his/her trading transactions (selling/buying financial instruments) through the Company and the Company’s Trading Platform and accepts that he is willing to undertake this risk upon entering into this business relationship.

8.3 Without prejudice to our foregoing obligations, in asking us to enter into any Transaction, the Client represent that the Client have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction.

8.4 The Client represent that the Client have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any Transaction and that the Client have read and accepted the Risk Disclosure Statement and guidelines in relation to the financial instruments and the markets which are available in our websites. The Company does not provide the Client with warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with the Client.

9. CONFLICTS OF INTEREST POLICY

Pursuant to CySEC Rules the Company is obliged to make the necessary arrangements for handling the conflicts of interest between the Company and its Clients. The Company will try to make all reasonable efforts to avoid any conflicts of interest that are likely to arise.

The Client consents that he/she accepts the ‘Conflicts of Interest Policy‘. Please refer to our conflicts of interest policy for further information on how the Company manage conflicts which would affect the impartiality of investment research the Company provide to the Client. Upon request, the Company will provide the Client with any further details in that regard.

CLIENT ACCOUNTS AND INITIAL DEPOSITS

9.1 Documents

Before the Client can place an order with Holiway, the Client must read and accept this Agreement, including the risk disclosure statement, the trading policies and procedures as listed in clause 12 below, and all applicable addenda, the Client must deposit sufficient clear funds in your account and your Client registration form and all accompanying documents must be approved by Holiway. Upon the approval of your registration, the Client will be notified by e-mail. Holiway may, in its sole discretion, request that in addition to online acceptance of this Agreement, Client must complete and submit any signed documents so required by Holiway, including but not limited to this Agreement and risk disclosure statement.

In order to trade the Client is required to provide a current and valid government issued photo ID. We can accept a color copy of either a valid Passport or National ID.

9.2 Currency of Accounts

The Client will be able to open your trading Account(s) in USD/EUR/GBP- or any currency that may be offered by Holiway. Account(s) balances will be calculated and reported to the Client in the currency in which Account(s) are maintained.

9.3 Joint Accounts

In addition to the conditions listed paragraph entitled “Authority” with regards to joint Account holders, the following additional conditions apply.

Where your trading Account held with the Company, is jointly owned by two or more beneficiaries:

9.3.1 Each Joint Account holder will be jointly and severally liable for all obligations to Holiway arising in respect of your joint trading Account.

9.3.2 Each of the Joint Account holders is separately responsible for complying with the terms of this Agreement.

9.3.3 If there is a dispute between the Client which the Company know about, the Company may insist that both or all of the Client authorize written instructions to us.

9.3.4 If one of the Joint Account holders dies, the survivor(s) may continue to operate the trading Account and if there is more than one survivor, the provisions of this paragraph will continue to apply to the trading Account.

9.3.5 Where the Joint Account holder provides personal and financial information relating to the other joint Account holder(s) for the purpose of opening or administering your trading Account the Client confirm that the Client have their consent or are otherwise entitled to provide this information to us and for us to use it in accordance with this Agreement.

9.3.6 Any of the Joint Account Holders may request closure and the redirection of balances, unless there are circumstances that require us to obtain authorization from all of the holders of the Joint Account.

9.3.7 Each of Joint Account Holders will be given sole access to the funds initially deposited in your joint trading Account. Should the Joint Account Holders wish to withdraw these funds from your trading Account, they will be required to complete and sign a withdrawal form which shall be signed by all the holders of the account, upon receipt of the completed and signed withdrawal form the Client will be granted permission by Holiway to withdraw funds up to the amount the Client initially deposited, provided that the conditions for withdrawals stipulated in clause 12 are satisfied. Holiway will credit the amount withdrawn in the same bank account from where it was originally debited.

9.3.8 In the case of withdrawal of profits, if any of the Client wishes to withdraw profits from the joint trading Account, the Client will be required to complete and sign a withdrawal form, provided that the conditions for withdrawals stipulated in clause 12 are satisfied. Upon receipt of the completed and signed withdrawal form the Client will be granted permission by Holiway to withdraw any profits from the joint trading Account. Holiway will credit the amount of profits withdrawn in the same bank account from where it was originally debited.

In order for this Agreement to be valid and binding it is required that all joint Account holders sign the Agreement and in case the Client and/or any of the Account holders wish to terminate this Agreement and close the joint trading Account held with the Company, the written consent of all Account holders shall be obtained in accordance with the provisions of clause 17 of this Agreement. In addition all joint Account Holders are required to submit the KYC documentation as obliged by CySEC Rules as well as all financial information for the construction of the Client’s economic profile as well as for the assessment of the appropriateness test.

10. INACTIVE AND DORMANT ACCOUNT

10.1. Accounts which do not present any type of transaction for the period of six months are considered as Inactive Accounts.

10.2. Inactive Accounts which remain without any type of transaction for a period of six months are considered as Dormant Accounts.

10.3. Handling of Inactive Accounts:

  • Inactive accounts with zero balances are closed and the client is advised through an electronic message.
  • Accounts with balance not over $25,00 or the equivalent in other currency are charged $5,00 per month for administration fees and the account is closed after the last debit transaction and the client is advised accordingly.
  • For the Inactive Accounts with a balance of over $25,00 or the equivalent in other currency an advice is sent to the client that the account will be closed after 10 days and the balance will be transferred to the client’s account, if we do not have any response by the customer. In case the customer responds and wishes the account to remain live new identification documents must be provided.

10.4. Handling of Dormant Accounts

  • The Policy of the Company is not to maintain Dormant Accounts. However, in case, for any reason, an account remains inactive for a period of 12 months the account is considered as Dormant Account.
  • Any balance to the Dormant Account is refunded to the Depositor’s Account through which the transfer was made. If this is not possible and communication with the customer fails the account is closed and the balance is transferred to a separate account called “Unclaimed Balances”.
  • Unclaimed Balances are transferred to the P&L after two years.

  11. TRADING POLICIES AND PROCEDURES

11.1 Bonus Policy

In order to conform with new regulations issued by the supervising authority, our bonus scheme will be withdrawn as of today. The rights of clients who have already accepted bonuses will not be affected in any way. Terms and Conditions related to bonus schemes will continue to be binding for both parties (for ourselves and the client.)

Withdrawal Restrictions related to bonus:

11.1.1 A client’s bonus amount is not eligible for withdrawal until the minimum trading volume is met. The trading volume amounts can be 30, 40 or 50 times the value of the bonus. For example, a client who receives a $500 bonus on condition of reaching a trading volume 40 times the bonus, is required to generate a total volume of $20,000 (i.e. the product of the bonus multiplied by 40 - $500 x40 = $20,000) before they become eligible for withdrawing their bonus.

11.1.2 Any improper or abusive trading, not in accordance with the Company’s Terms and Conditions, will result in the bonus being revoked and may also result in your account being frozen.

11.1.3 The Company will not restrict the client from withdrawing his/her deposit, however the profits generated from bonus funds will be forfeited if the Client withdrawals before reaching the predetermined bonus trading volume.

11.1.4 All bonuses offered by the Company are optional and a Client is not required to accept these offers. When a Client initially deposits funds into their account and they choose not to accept a bonus they are not bound to the specific terms relating to bonuses. All bonuses are accepted upon a Client reading the terms and signing the bonus agreement. Within 5 working days of accepting a bonus a Client can opt out of a bonus by notifying a member of the Client Support Team. For this to transpire the Client cannot have placed more than 5 trades since accepting the bonus. In the circumstance that the Client wishes the bonus removed and has traded less than 5 trades, Holiway will remove the bonus from the Client’s account and the Client will not be held to the bonus specific terms, however they shall still be bound to all the other terms and conditions.

11.1.5 Excluded from the calculation of trading volume as stated in 11.1.1 are all One-Touch Options and Ladder Options.

11.2 Currency of Trades

Unless otherwise specified by the Company, all trades shall be made in the currency chosen during registration.

11.3 Terms of Acceptance for Orders

Holiway shall have no liability for failure to execute orders. Holiway shall have the right, but not the obligation, to reject any order in whole or in part prior to execution, or to cancel any order, where the Client’s account contains funds that are insufficient to support the entire order or where such order is illegal or otherwise improper.

Authority

The Company shall be entitled to act for the Client upon instructions given or purporting to be given by the Client or any person authorized on Client’s behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If Client’s account is a joint account, the Client agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. The Company shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by us in reliance on any such instructions or on the apparent authority of any such persons.

12. ORDERS EXECUTION POLICY

12.1 This Order Execution constitutes a legal requirement following the Company’s authorization and regulation by the Cyprus Securities and Exchange Commission (“CySEC”) under authorisation number CIF 248/14, as detailed below:

12.2 Purpose

The purpose of this policy is to establish effective arrangements for obtaining, when Holiway Investments Limited, hereafter the “Company”, is executing clients’ orders, the best possible result for its clients.

This document aims to set out those arrangements and to ensure compliance with legislative requirements and the departmental and general procedures, which are set within this Internal Procedures Manual.

This policy shall be read in conjunction with Dealing Room Manual of this Internal Procedures Manual.

12.3 Legal Framework

In accordance with the Investment Services and Activities and Regulated Markets Law of 2007, CIFs must take all reasonable steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution, size, nature or any other consideration relevant to the execution of the order. Nevertheless, whenever there is a specific instruction from the client, the CIFs shall execute the order following the specific instruction.

In addition, CIFs must establish and implement an order execution policy to allow the CIF to obtain, for its clients’ orders, the best possible result.

12.4 Policy

Dealing Room is the relevant department to which the order execution policy mainly applies. Senior Management reviews the policy on an annual basis or / and whenever a material change occurs that impacts the Company’s ability to continue offering best execution of its clients’ orders using the Company’s trading platform.

The Company proceeded to the establishment and maintenance of an Order Execution Policy, in order to ensure compliance with the obligation to execute orders on terms most favourable to the clients and to achieve the best possible results for its clients, taking into consideration its clients’ ability, needs and trading policies, where applicable and possible.

The policy outlines the process that the Company follows in executing trades, and assures taking all reasonable steps to consistently obtain the best possible result for clients through its order execution policy. It is noted however that when executing an order following a specific client instruction, the Company will execute the order in line with those instructions and will consider that it has discharged its best execution obligations.

12.5 Best Execution Criteria

The Company will take into account the best execution criteria for determining the relative importance of the execution factors:

  • The characteristics of the client
  • The characteristics of the client order
  • The characteristics of the financial instruments that are the subject of that order
  • The characteristics of the execution venues to which that order can be directed.

The best possible result will be determined in terms of the total consideration, representing the price of the contract and the cost related to execution. The other execution factors of speed, likelihood of execution size, nature or any other relevant consideration will, in most case, be secondary to price and cost considerations, unless they would deliver the best possible result for the client in terms of total consideration.

12.6 Specific Instructions

In circumstances where the client provides the Company with a specific instruction as to how to execute an order and the Company has accepted this instruction, then the Company will execute the order in accordance with that specific instruction.

Nevertheless, if the client provides a specific instruction to carry out an order, then by executing that order the Company will be complying with the Company’s duty to provide the client with best execution. This may result in being unable to follow the Company’s order execution policy for that particular order.

12.7 Execution Venues

Execution venues are the entities to which the orders are placed or to which the Company transmits orders for execution. The Company will enter into transactions with the client as principal (counterparty) and not as an agent; even though the Company may transmit the client’s order to the liquidity providers for execution, due to risk parameters (i.e. clients with high volume, big equity, etc.), the Company will still be the contractually counterparty to the client. Therefore, the Company will act as the sole Execution Venue for clients’ orders.

In particular, the Client deposits funds with the Company and places an order via a trading platform and the Company is responsible for safeguarding of clients’ funds. Upon receipt of the order, the Company opens an exactly identical order on its name with the market maker, per order received or accumulatively. In this respect, the Company executes the client order by acting as a riskless principal (i.e. enters into true back to back trades).

The Clients order is placed through our liquidity provider SpotOption Exchange Ltd., which is a CIF regulated by CySEC license number 170/12.

The provider is continuously updating its prices. Therefore, last updated prices are displayed on Company’s trading platform.

12.8 Execution Factors

The Company, when managing client’s orders takes into account various execution factors, provided that there are no specific instructions from the client to the Company about the way of execution of the orders. The execution factors include:

  • Price
  • Speed and likelihood of execution
  • Costs or commissions
  • Size and nature of the order
  • Market conditions and variations
  • Execution capability
  • Any other direct consideration relevant to the execution of the order

12.8.1 Pricing

The Company will provide its own tradable prices which are derived from independent price providers. The main way in which the Company will ensure that the client receives the best execution will be to ensure that the price provision to the client is made with reference and compared to a range of underlying price providers and data sources. The Company reviews its independent price providers at least once a year to ensure that correct and competitive pricing is offered.

12.8.2 Costs

When the client opens a position in some types of financial instruments a commission or a financing fee will apply.

12.8.3 Size of order

All orders are placed in monetary value. The client will be able to place his order as long as he has enough balance in his trading account. If the client wishes to execute a large size order, in some cases the price may become less favorable considering the feed obtained from its price provider.

12.8.4 Speed

Obviously, prices change over time. The frequency with which they do varies with different financial instruments and market conditions. Considering that the tradable prices which are distributed via the Company’s trading platform/terminal, technology used by the client to communicate with the Company plays a crucial role. For instance, the use of a wireless connection, or dial up connection, or any other communication link that can cause a poor internet connection can cause unstable connectivity to the Company’s trading platform/terminal. The result for the client is to place his orders at a delay and the order to be executed at better or worst prevailing market price offered by the Company via its platform/terminal.

12.8.5 Nature of the order

The particular characterizing of an order depends on the Binary option to be selected by the client. The value of the option is mainly depended on the volatility of the underlying instrument, the set time of option expiration and the risk management to be selected by the client.

  • “Market Order”: The Client may place the order with the Company and the said order will be instantly executed against a price that the Company has provided. If the Client wishes, he may attach to the Market Order a Stop Loss in order to limit the Client’s loss and/or Take Profit in order to limit the Client’s profit.
  • “Pending Order”: In this case the Client places a pending order to be executed at a later time at the price the Client specifies. The Company has a duty to monitor the pending order and when the price provided by the Company reaches the price specified by the Client, the order will be executed at that price. Buy Limit, Buy Stop, Sell Limit and Sell Stop are the available pending orders.

12.8.6 Likelihood of execution

Due to the levels of volatility affecting the underlying instrument’s price, the Company seeks to provide client orders with the fastest execution reasonably possible.

12.8.7 Likelihood of settlement

The Company shall proceed with the settlement of all transactions upon the execution and/or time of expiration of the specific transaction.

12.9 Market Impact

The Company’s quoted prices which are derived from its independent price providers may be affected by various factors which could also affect the abovementioned factors. The Company will take all reasonable factors to ensure the best possible result for its clients.

12.10 Conclusion

Appropriate information is provided to the client on the content of the execution policy. The prior consent of the clients is obtained regarding the documented order execution policy to be followed. In addition, a clear and prominent warning is disclosed to the Company’s clients (within the Client Agreement) that any specific instruction from a client may prevent the Company from taking the steps that is has designed and implemented in its execution policy for obtaining the best possible result for the execution of those orders in respect to the elements covered by those instructions.

Adequate information is provided to the clients through this policy in relation to the factors that are taken into consideration by the management when handling clients’ orders. Also, the policy is reviewed periodically by the Company and the clients are informed accordingly in relation to any material changes.

12.11 Right not to accept orders

The Company may, but shall not be obliged to , accept instructions to enter into a Transaction. If the Company declines to enter into a proposed Transaction, the Company shall not be obliged to give a reason but the Company shall promptly notify the Client accordingly.

12.12 Cancellation/withdrawal of instructions

Orders may be cancelled via the Holiway Online Trading System but the Company can only cancel Client’s instructions if the Client explicitly request so, provided that the Company have not acted up to the time of Client’s request upon those instructions. Executed instructions may only be withdrawn or amended by the Client with our consent. Holiway shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.

12.13 Control of orders prior to execution

The Company has the right (but no obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):

  • controls over maximum amounts placed to open a position using any of the Company’s financial products;
  • controls over maximum positions placed per trader and per asset;
  • controls over our total exposure to the Client;
  • 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 the Client); or
  • any other limits, parameters or controls which the Company may be required to implement in accordance with Applicable Regulations.

Should the Client surpass the limits and/or parameter the Company set, your trade shall be blocked and/or suspended.

12.14 Execution of orders

The Company shall make all reasonable endeavors to execute any order the Client places, taking into consideration the relevant market conditions and Holiway’s Risk Management Policy. By accepting Clients’ orders the Company does not warrant that it will be possible to execute them, or that execution will be possible according to your instructions. If the Company encounters any material difficulty carrying out an order on your behalf, the Company shall notify the Client, within 8 seconds of our Company receiving the order.

12.15 Confirmations

At the end of each trading day, confirmations for all Transactions that have been executed on Client’s behalf on that trading day will be available via Client’s online Account on Company’s website.

12.16 Cancellation of trades

The Company has the right to reject an order or to cancel a trade if evidence on the following issues are identified:

  1. fraud/illegal actions that led to the transaction,
  2. any instance when Holiway has cause to believe that a person’s trading activities may be illegal;
  3. any instance where Holiway may suffer any fiscal, regulatory, or pecuniary disadvantage by virtue of anyone’s activities;
  4. any instance where one or more transactions are judged by Holiway to have been performed in violation of this Agreement.
  5. orders placed based on manipulated prices as a result of system errors or system malfunctions,
  6. arbitrage trading on prices offered by our platforms as a result of systems errors; and
  7. coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.

The Company reserves the right to cancel any and/or all trading positions and withhold and/or forfeit any profits incurred by the Client on all the Client’s trades if the Company considers that that the Client has engaged in market Arbitrage.

12.17 Performance and settlement

The Company will promptly deliver any instructions, money, or documents deliverable by the Client under a Transaction in accordance with that Transaction as modified by any instructions given by the Company.

12.18 “NO TRADING” PERIODS

Each asset has its own trading time which is available in the asset index table at Asset Index. On the trader’s page, the trader will be able to see the time “left to expiry” and “time left for trading”.

In general “no trading times” can last between 2 minutes to 30 minutes before the expiry time. It is noted that these times vary from asset to asset and in accordance to market conditions as well as the expiry time of each asset. In addition, “no trading times” may change as a result of a change in one of the underlying asset base conditions.

At least 5 minutes before the “no trading time”, a notification with a countdown clock will appear on the trader’s screen, this countdown clock will counting down the time left to the “no trading time”.

12.19 Position limits

The Company may require the Client to limit the number of open positions which the Client may have with the Company at any time and the Company may in its sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained. The Client will be notified prior to any closure.

12.20 Roll Over

In certain market conditions the Client may be allowed to trade using the Roll Over feature. This feature can be selected on the company's platform. The Roll Over feature enables the Client to extend the expiration time of your trading position before it reaches the expiry date. This feature can be used subject to the following conditions:

  1. An additional 30% of the initial deposit must be added automatically to your initial investment.
  2. The Roll Over feature can only be used in cases where the progress of the followed price does not take the direction which the Client had anticipated.
  3. The Client can only use the Roll Over feature once for each trading position.
  4. The Roll Over feature shall only be available up to 15 minutes before the expiry time.

12.21 Buy Me Out

In certain market conditions Clients may be allowed to trade with the Buy Me Out feature. This feature can be selected on the company's platform. This feature will not be available on all assets and/or positions and shall only be available one (1) hour prior to the expiry of the Client’s position and its asset. If the Client chooses to use the Buy Me Out feature, the Client will have the choice to accept or decline a price offered by the platform.

The Buy Me Out feature shall not be available in the “No Trading Time” period shown in the platform. The “No Trading Time” period is shown shortly before the expiry time of the Client’s position and its asset and prohibits Clients from trading during this period.

12.22 “ONE TOUCH” General Terms

Scope

“One Touch” General Terms Section applies to Client’s use of Company’s “One Touch” Service.

“In-The-Money” and “Out-Of-The-Money” Outcomes

If the asset reaches the predetermined rate at precisely 17.00 GMT of the same day, the Client becomes eligible to receive the payout of up to 500% at the time of the expiration. If, however, the investment is out-of-the-money on any day, the trade will stay open and be checked each day to see if the price has reached the predetermined rate needed for an in-the-money outcome. The trade will remain open until the Friday, at which point the trade expires.

Purchases, Payouts and Refunds

The Client may purchase One Touch options whenever the market for the given asset is closed. It should be noted that in order for the Client to receive the payout, the sample price of the underlying asset needs to reach or surpass the pre-set target rate only once during the option lifetime. In the event that the price of the underlying asset does not reach the predetermined level, the Client will not receive any refund and will forfeit the entire amount of the investment. Therefore, the amount of profit or risk in this option is preset and known ahead of time.

The option may only be purchased in units, at the price specified on the site. The options will be sampled (checked to verify if they hit the target rates) once a day, at 17.00 GMT, Monday through Friday. Whenever sample rates are not published five times during the week, the number of samples will be reduced accordingly.

The predetermined payout will be transferred to the Client’s account on the option expiration date, even if the terms of the option have been met prior to the date of expiration.

Control of orders prior to execution

In case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market, the Company reserves the right, at its absolute discretion:

  • not to execute the order;
  • to change the quoted price of the option(s);
  • to change the rate of return the option(s) offer;
  • to place a limit on the investment amount of each option or on the number of units available for purchase;
  • to cease the sale of the options or to offer the Client a new quote.

In the event the Company offers the Client a new quote the Client has the right to either accept it or refuse it and thus cancel the execution of the Transaction. Without limitation, the Company does not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.

Cancellation of Trade

Once the options have been purchased, the trade may not be cancelled at any point prior to the expiration of the option.

13. DEPOSITS AND WITHDRAWALS

13.1 Disabling and Cancelling Deposits

The Company has the right not to accept funds deposited by the Client and/or to cancel the Client’s deposits in the following circumstances:

  1. if the Client fail to provide Holiway with any documents it requests from the Client either for Client identification purposes or for any other reason within 5 days of registration;
  2. if Holiway suspects or has concerns that the submitted documents may be false or fake;
  3. if Holiway suspects the Client are involved in illegal or fraudulent activity;
  4. if Holiway is informed that your credit or debit card (or any other payment method used) has been lost or stolen;
  5. where Holiway considers that there is a chargeback risk

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.

13.2 Withdrawals

Without prejudice and subject to the terms of this Agreement, all Applicable Regulations and all conditions attaching to any relevant payments made to the Client under a bonus or rebate scheme operated by the Company, monies may be withdrawn from Client’s account provided that such monies have otherwise become owing to the Company.

Once your withdrawal request is approved, your withdrawal request will be processed by the Company and sent to the same bank, credit card or other source for execution as soon as possible. (Note: Some banks and credit card companies may take time to process payments especially in currencies where a correspondent bank is involved in the transaction). The funds will be returned to the bank account/credit card/other source from which the funds were debited.

If the Client request a withdrawal of monies from the Client’s account and the Company cannot comply with it without closing some part of Client’s open positions, the Company will not comply with the request until the Client has proceed with closing sufficient positions in order to be able to withdraw his/hers monies. In order to process the withdrawal request please ensure that the funds remaining on the account following the withdrawal request complies with the Company’s bonus withdrawal policy . If the necessary bonus trading requirements have not been met at the time the Client make a withdrawal request the bonus will be debited from the Client’s trading account. Withdrawals will only be made on request by the Client, by bank transfer to an account in your name or by bankers draft payable to the Client personally or such other method as the Company, in its absolute discretion, may determine.

The minimum withdrawal amount depends on the currency in your account and the deposit method, it is based on:

Credit card: USD$30

Wire: USD$100

13.3 Documents for Withdrawals

Before the Client can withdraw, the client must provide the Company with clear color copies of the following:

Proof of Identity: A current and valid government issued photo ID. We can accept a color copy of either a valid Passport or National ID.

Proof of Residency: utility bill or bank statement with the clients full name and address dated within the last six months

Front and back of all credit cards used to deposit

The first 12 digits on the front and the three or four digit CVV code on the back should be concealed for security reasons

The signature on the back of the card must be showing

14. ELECTRONIC TRADING TERMS

14.1 Scope

These clauses apply to the Client’s use of any Electronic Services.

14.2 Access and Trading Hours

Once the Client has gone through the security procedures associated with an Electronic Service provided by the Company, the Client will get access to such service, unless agreed otherwise or stated on our website. All references to Holiway’s hours of trading are in Greenwich Mean Time (“GMT”) using 24-hour format. Our Electronic Services will normally be available continuously from 21:00 GMT Sunday until 21:00 GMT Friday (winter time), every week, excluding public holidays where the Binary Options market does not operate and cases where the market is closed due to illiquidity in the financial instruments. Please consult our website for more details on operating times for each financial instrument.

The Company reserves the right to suspend or modify the operating hours on its own discretion and on such event the websites will be updated without delay in order to inform the Client accordingly. In this respect the operating hours, as indicated on the websites operated by the Company and to which the Client ha s trading rights are the applicable. The Company may change our security procedures at any time and it will inform the Client of any new procedures that apply to his/her as soon as possible.

14.3 Electronic Order entry for Market Orders equals Order execution

To enter an online order, the Client must access the Binary 10trades trading platform, then click on “CALL/PUT” for the relevant asset chosen and select the expiry time/method . The order is filled shortly after the Client hit the APPLY button provided the Client account has sufficient funds. Orders may fail for several reasons including unanticipated technical difficulties.

14.4 Restrictions on services provided

There may be restrictions on the number of Transactions that the Client can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. Please refer to the Company’s website for details of the limits imposed upon Transactions carried out through our Electronic Services.

14.5 Access requirements

The Client will be responsible for providing the System to enable his/her to use an Electronic Service.

14.6 Virus detection

The Client will be responsible for the installation and proper use of any virus detection/scanning program the Company require from time to time.

14.7 Use of information, data and software

In the event that the Client receives any data, information or software via an Electronic Service other than that which the Clients are entitled to receive pursuant to this Agreement, the Client will immediately notify the Company and will not use, in any way whatsoever, such data, information or software.

14.8 Maintaining standards

When using an Electronic Service the Client must:

  1. ensure that the System is maintained in good order and is suitable for use with such Electronic Service;
  2. 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 the Client from time to time;
  3. carry out virus checks on a regular basis;
  4. inform us immediately of any unauthorized access to an Electronic Service or any unauthorized Transaction or instruction which the Client know of or suspect and, if within your control, cause such unauthorized use to cease; and
  5. not at any time leave the terminal from which the Client have accessed such Electronic Service or let anyone else use the terminal until the Client have logged off such Electronic Service.

14.9 System defects

In the event the Client becomes aware of a material defect, malfunction or virus in the System or in an Electronic Service, the Client will immediately notify the Company of such defect, malfunction or virus and cease all use of such Electronic Service until the Client has received permission from the Company to resume use.

14.10 Intellectual Property

All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in the Company or the Company’s licensors. The Client will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by the Company in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. The Client shall ensure that all the licensors trademarks and copyright and restricted rights notices are reproduced on these copies. The Client shall maintain an up-to-date written record of the number of copies of the Electronic Services made by the Client. If the Company so request, the Client shall as soon as reasonably practical, provide to Holiway a statement of the number and whereabouts of copies of the Electronic Services.

14.11 Liability and Indemnity

Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.

14.12 System errors

The Company shall have no liability to the Client for damage which the Client may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. The Client acknowledges that access to Electronic Services may be limited or unavailable due to such system errors, and that the Company reserves the right upon notice to suspend access to Electronic Services for this reason.

15. DELAYS

Neither the Company nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to the Client in connection with an Electronic Service.

The Company does not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to the Client if these delays, inaccuracies or errors are caused by third party service providers with which the Company may collaborate.

The Company shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. The Company does not accept any liability towards executed trades that have been based and have been the result of delays as described above.

16. VIRUSES FROM AN ELECTRONIC SERVICE

The Company shall have no liability to the Client (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by the Company to the Client in order to enable the Client to use the Electronic Service, provided that the Company has taken reasonable steps to prevent any such introduction.

17. VIRUSES FROM YOUR SYSTEM

The Client ensures that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify the Company on demand for any loss that the Company may suffer arising as a result of any such introduction.

18. UNAUTHORIZED USE

The Company shall not be liable for any loss, liability or cost whatsoever arising from any unauthorized use of the Electronic Service. The Client shall on demand indemnify, protect and hold the Company harmless from and against all losses, liabilities, judgments, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using the Client’s designated passwords, whether or not the Client authorized such use.

19. MARKETS

The Company shall not be liable for any act taken by or on the instruction of an exchange, clearing house or regulatory body.

20. SUSPENSION OR PERMANENT WITHDRAWAL WITH NOTICE

The Company may suspend or permanently withdraw an Electronic Service, by giving the Client 24 hours written notice.

The Company has the right, unilaterally and with immediate effect, to suspend or withdraw permanently the Client’s ability to use any Electronic Service, or any part thereof, without notice, where the Company considers it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect the Client when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of either any license granted to us which relates to the Electronic Service or this Agreement.

21. EFFECTS OF TERMINATION

In the event of a termination of the use of an Electronic Service for any reason, upon request by the Company, the Client shall, at Company’s option, return to the Company or destroy all hardware, software and documentation the Company have provided the Client in connection

22. CLIENT MONEY

22.1 Client Money

The Company treats money received from the Client or held by the Company on Client’s behalf in accordance with the requirements of the Client Money Rules.

22.2 Interest

The Client acknowledges and confirms that no interest will be received on the balance of your account.

22.3 Overseas banks, intermediate broker, settlement agent or OTC counterparty

The Company will endeavor to hold Client money on Client’s behalf within Cyprus and the European Union, however the Company may also hold your money outside the European Union. The legal and regulatory regime applying to any such bank or person will be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.

22.4 Unclaimed Client money

The Client agrees that the Company may cease to treat Client’s money as Client money if there has been no movement on your balance for six years. The Company shall write to the Client at his/her last known address informing of its intention of no longer treating Client’s balance as Client money and giving the Client a time period of 28 days to make a claim.

22.5 Liability and Indemnity

The Client agrees that the Company shall not be liable for any default of any counterparty, bank, custodian or other entity which holds money on Client’s behalf or with or through whom transactions are conducted.

The Company will not be liable for loss suffered by the Client in connection to your funds held by us, unless such loss directly arises from our gross negligence, willful default or fraud.

23. MARGINING ARRANGEMENTS

23.1 Set-off on default

If there is an Event of Default or this Agreement terminates, the Company shall set-off the balance of cash owed by the Company to the Client against his/hers obligations (as reasonably valued by the company). The net amount, if any, payable between the Company following such set-off, shall take into account the Liquidation Amount payable under Clause 15 (Netting).

23.2 Further assurance

The Client agrees to execute such further documents and to take such further steps as the Company may reasonably require to perfect its security interest over and obtain legal title to the Secured Obligations.

23.3 Negative pledge

The Client undertakes neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash transferred to the Company, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.

23.4 General lien

In addition and without prejudice to any rights to which the Company may be entitled under this Agreement or any Applicable Regulations, the Company shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.

24. REPRESENTATIONS, WARRANTIES AND COVENANTS

The Client represents and warrants to the Company on the date this Agreement comes into effect and as of the date of each Transaction that:

24.1 If the Client are a natural person, the Client are of legal age and the Client have full legal capacity to enter into this Agreement;

24.2 If the Client are not a natural person:

  1. The Client are duly organized, constituted and validly existing under the applicable laws of the jurisdiction in which the Client are constituted;
  2. Execution and delivery of this Agreement, all Transactions and the performance of all obligations contemplated under this Agreement have been duly authorized by the Client; and
  3. 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 the Client and have been disclosed to us providing all the necessary information and/or documentation,
  4. Contact Details: Our registered office is 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia . 

24.3 The Client has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable the Client lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;

24.4 The persons entering into this Agreement and each Transaction on Client’s behalf have been duly authorized to do so and are disclosed to us giving details of the relationship with the Client by providing all necessary information and/or documentation ;

24.5 This Agreement, each Transaction and the obligations created under them both are binding upon the Client and enforceable against the Client in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any regulation, order, charge or agreement by which the Client are bound;

24.6 No Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination of the above) an Event of Default (a “Potential Event of Default”) has occurred and is continuing with respect to the Client or any Credit Support Provider;

24.7 The Client acts as principal and sole beneficial owner (but not as trustee) in entering into this Agreement and each Transaction and in case the Client wishes to open, either in the present time or in the future, more than one accounts with Holiway either as individual Client (natural person) or as the beneficial owner of a corporate Client (legal person) it is required to immediately disclose to the Company that he/she is the beneficial owner of the account(s) during the account opening procedure and to provide the Company with the necessary information and/or documentation regarding the relationship between the natural and/or legal person(s);

24.8 Any information which the Client provides or have provided to the Company in respect of his/her financial position, domicile or other matters is accurate and not misleading in any material respect;

24.9 The Client is willing and financially able to sustain a total loss of funds resulting from Transactions and trading in such Transactions is a suitable investment for the Client; and

24.10 Except as otherwise agreed by the Company, the Client is the sole beneficial owner of all funds the Client transfer under this Agreement, free and clear of any security interest whatsoever other than a lien routinely imposed on all securities in a clearing system in which such securities may be held.

24.11 Covenants:

The Client covenant to the Company:

24.12 the Client will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licenses and authorizations referred to in this clause;

24.13 the Client will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to yourself or any Credit Support Provider;

24.14 the Client will use all reasonable steps to comply with all Applicable Regulations in relation to this Agreement and any Transaction, so far as they are applicable to the Client or the Company;

24.15 the Client will not send orders or otherwise take any action that could create a false impression of the demand or value for a financial instrument. Nor will the Client sends orders which the Company has reason to believe are in breach of Applicable Regulations or by taking advantage of the account(s) the Client may maintain with Holiway could be considered as system abusive orders, including but not limited to one’s intention to benefit from delays in the prices, to trade at off-market prices and/or outside trading hours and to abuse the system for trading at manipulated prices; and

24.16 upon demand, the Client will provide us with such information as the Company may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Regulations.

25. EVENTS OF DEFAULT

The following shall constitute Events of Default:

25.1 The Client fails to make any payment when due under this Agreement or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by the Company to the Client;

25.2 The Client commences a voluntary case or other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a “Custodian”) of the Client or any substantial part of your assets, or if the Client take any corporate action to authorize any of the foregoing, and in the case of a reorganization, arrangement or composition, the Company do not consent to the proposals;

25.3 an involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent) or seeking the appointment of a Custodian of the Client or any substantial part of your assets and such involuntary case or other procedure either:

a. has not been dismissed within five days of its institution or presentation; or

b. has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;

25.4 The Client dies, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client: or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against, or an encumbrance takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);

25.5 The Client or any Credit Support Provider (or any Custodian acting on behalf of either of the Client or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party (“Credit Support Provider”), or of the Client, in favour of the Company supporting any of Client’s obligations under this Agreement (each a “Credit Support Document”);

25.6 any representation or warranty made or given or deemed made or given by the Client under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;

25.7 any Credit Support Provider fails, or the Client yourself fail to comply with or perform any agreement or obligation to be complied with or performed by the Client or it in accordance with the applicable Credit Support Document;

25.8 any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless the Company have agreed in writing that this shall not be an Event of Default;

25.9 any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;

25.10 Any event referred to in Clauses 2 to Clause 4 of this Section 22 (Events of Default) occurs in respect of any Credit Support Provider;

25.11 The Company considers it necessary or desirable for our own protection, or any action is taken or event occurs which the Company consider might have a material adverse effect upon, your ability to perform any of your obligations under this Agreement;

25.12 The Client fail or omits to disclose to the Company his/her capacity as the beneficial owner of more than one accounts the Client may maintain with the Company and/or the Client’s capacity to act as a money manager on behalf of any other Client of the Company;

25.13 The Client takes advantage of delays occurred in the prices and places orders at outdated prices, trades at off-market prices and/or outside trading hours, manipulates the system to trade at prices not quoted to the Client by the Company and performs any other action that constitutes improper trading; or

25.14 Any event of default (however described) occurs in relation to the Client under any other agreement between us.

26. NETTING

26.1 Rights on Default

On the occurrence of an Event of Default, the Company may exercise its rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 2 or Clause 3 specified in Section 22 of the definition of Events of Default (each a “Bankruptcy Default”), the automatic termination provision of this clause shall apply.

26.2 Liquidation Date

Subject to the following sub-clause, at any time following the occurrence of an Event of Default, the Company may, by notice to the Client, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause.

26.3 Automatic termination

The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.

26.4 Calculation of Liquidation Amount

Upon the occurrence of a Liquidation Date:

  1. neither of the Company 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);
  2. The Company 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 Holiway 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
  3. The Company 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”).

26.5 Payer

If the Liquidation Amount determined pursuant to this clause is a positive amount, the Client shall pay it to the Company and if it a negative amount, the Company shall pay it to the Client. The Company shall notify the Client of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.

26.6 Other transactions

Where termination and liquidation occurs in accordance with this clause, the Company shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.

26.7 Payment

The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any other currency, any costs of such conversion to be borne by the Client, and (if applicable) deducted from any payment to the Client). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as the Company may select) plus one 1% per annum for each day for which such amount remains unpaid.

26.8 Base Currency

For the purposes of any calculation the Company may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as the Company shall reasonably select.

26.9 Payments

Unless a Liquidation Date has occurred or has been effectively set, the Company shall not be obliged to make any payment or delivery scheduled to be made by us under a Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to the Client has occurred and is continuing.

26.10 Additional rights

The Company’s rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which the Company may has (whether by agreement, operation of law or otherwise).

26.11 Application of netting to Transactions

This clause applies to each Transaction entered into or outstanding between us on or after the date this Agreement takes effect.

26.12 Single agreement

This Agreement, the particular terms applicable to each Transaction entered into under this Agreement, and all amendments to any of them shall together constitute a single agreement between us. The Company both acknowledge that all Transactions entered into on or after the date this Agreement takes effect is entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.

27.RIGHTS ON DEFAULT

On an Event of Default or at any time after the Company have determined, in our absolute discretion, that the Client have not performed (or the Company reasonably believe that the Client will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the clause 23 (Netting) we shall be entitled, without prior notice to the Client:

  1. instead of returning to the Client investments equivalent to those credited to the Client’s account, to pay the Client the fair market value of such investments at the time the Company exercise such right; and/or
  2. to sell such of Client’s 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 the Company may in our absolute discretion select or and upon such terms as the Company may in our absolute discretion think fit (without being responsible for any loss or diminution in price) in order to realize funds sufficient to cover any amount due by the Client hereunder; and/or
  3. 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, the Company 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
  4. to cancel and/or consider void any Transactions and profits or losses either realized or unrealized and/or to close out the account(s) the Client maintain with us pursuant to this Agreement, immediately and without prior notice.

28. EXCLUSIONS, LIMITATIONS AND INDEMNITY

28.1 General Exclusion

Neither the Company nor Company’s directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by the Client under this Agreement (including any Transaction or where the Company have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, willful default or fraud. In no circumstance, shall we have liability for losses suffered by the Client or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.

28.2 Tax implications

Without limitation, the Company does not accept liability for any adverse tax implications of any Transaction whatsoever.

28.3 Holiway Levels

The levels presented on Company’s site are the ones Holiway is willing to sell options at, they are not the real time market levels.

28.4 Changes in the market

The manner of calculating the Transactions’ expiration rates of indexes, stocks, currencies and commodities which are offered by Holiway are updated from time to time,

The assets offered by Holiway and the way the Transactions’ expiration rates of indexes, stocks, currencies and commodities which are offered by Holiway are calculated may change from time to time at Holiway’s sole discretion. Client undertakes to continuously ensure Client is updated on the assets and the manner of aforesaid calculation.

The Company reserves the right, at our full discretion, not to execute the order, or to change the quoted price of the Transaction, or to offer the Client a new quote, in case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market. In the event the Company offers the Client a new quote the Client have the right to either accept it or refuse it and thus cancel the execution of the Transaction.

Without limitation, the Company does not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.

28.5 Limitation of Liability

The Company shall not be liable to the Client for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organization, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability the Company may have to the Client under Applicable Regulations, which may not be excluded or restricted thereunder.

28.6 Responsibility for orders

The Client will be responsible for all orders entered on your behalf via an Electronic Service and the Client will be fully liable to the Company for the settlement of any Transaction arising from it.

28.7 Entire Agreement

The Client acknowledges that the Client have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. The Company will not be liable to the Client (in equity, contract or tort) for a representation that is not set out in this Agreement and that is not fraudulent.

28.8 Indemnity

The Client shall pay to us such sums as the Company may – require, on a full indemnity basis, for any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which the Company may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by the Client or any violation by the Client of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.

29. MISCELLANEOUS

29.1 Amendments

The Company has the right to amend the terms of this Agreement. If the Company makes any material change to this Agreement, the Company will give at least ten business days written notice to the Client. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.

29.2 Notices

Unless otherwise agreed, all notices, instructions and other communications to be given by the Company under this Agreement shall be given to the address or fax number provided by the Client to us. Likewise, all notices, instructions and other communications to be given by the Client under this Agreement shall be given to us in writing at the address below:

Our Details

Name: Holiway Investments Limited

Address: 4 Pindou Street, 4th Floor, Office 408, Engomi 2409, Nicosia

Telephone No: +357 22 341917, +357 22 341922

Email Address: info@holiwayltd.com

The Client will notify the Client of any change of his/her address for the receipt of notices, instructions and other communications immediately.

29.3 Electronic Communications

Subject to Applicable Regulations, any communication between us using electronic signatures and any communications via our website and/or Electronic Services shall be binding as if they were in writing. Orders or instructions given to the Client via e-mail or other electronic means will constitute evidence of the orders or instructions given.

29.4 Company’s records

Company’s records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. The Client will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing nor are they documents produced by a computer. The Client will not rely on us to comply with your record keeping obligations, although records may be made available to the Client on request at our absolute discretion.

29.5 Client’s records

The Client agrees to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted. The Client can access your statements online at any time via our trading platform. The Client may request to receive your statement monthly or quarterly via email, by providing such a request to the support department.

29.6 Investor Compensation Fund

The Company participates in the Investor Compensation Fund for Clients of Investment Firms regulated in the Republic of Cyprus. The Client will be entitled to compensation under the Investor Compensation Fund where the Company is unable to meet our duties and obligations arising from your claim.

Any compensation provided to the Client by the Investor Compensation Fund shall not exceed twenty thousand Euros (20,000), applies to your aggregate claims against us.

29.7 Time of essence

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

30. RECORDING OF CALLS

The Company informs the Client that it may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by the Client as evidence of the orders or instructions given.

31. COMPLAINTS PROCEDURE

The Company is obliged to put in place internal procedures for handling complaints fairly and promptly. The Client may submit a complaint to the Company, for example by letter, telephone or via email. The Company will send the Client a written acknowledgement of the complaint promptly following receipt, enclosing details of our complaints procedures, including when and how the Client may be able to refer your complaint to the Cyprus Securities Exchange Commission ( CYSEC) which is the relevant regulatory body. The Client is advised to contact the Company if he/she would like further details regarding our complaints procedures.

32. THIRD PARTY RIGHTS

This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. The Client shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. The Client agrees that the Company may without further notice to the Client and subject to Applicable Regulations, transfer by whatever means the Company consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and the Client agree that the Company may transfer to such person all information which the Company hold about the Client.

32.1 Rights and remedies

The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. The Company shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to the Client. No failure by the Company to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.

32.2 Partial invalidity

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.

33. REGULATION

This Agreement and all transactional relations between the Client and the Company are governed by the Laws of Cyprus and the competent court for the settlement of any dispute which may arise between them shall be the District Court of the district in which the Company’s headquarters are located.

33.1 Subject to Applicable Regulations

This Agreement and all Transactions are subject to Applicable Regulations so that:

  1. nothing in this Agreement shall exclude or restrict any obligation which we have to the Client under Applicable Regulations;
  2. the Company may take or omit to take any action the Company consider necessary to ensure compliance with any Applicable Regulations;
  3. all Applicable Regulations and whatever the Company do or fail to do in order to comply with them will be binding on the Client; and
  4. such actions that the Company 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.

33.2 Action by regulatory body

If a regulatory body takes any action which affects a Transaction, then the Company may take any action which the Company, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on the Client. If a regulatory body makes an enquiry in respect of any of your Transactions, the Client agree to co-operate with us and to promptly supply information requested in connection with the enquiry.

33.3 Jurisdiction

Each of the parties irrevocably:

agrees for our benefit that the courts of Cyprus shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement (“Proceedings”) and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and

Waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.

33.4 Service of process

If the Client is situated outside Cyprus, process by which any Proceedings in Cyprus are begun may be served on the Client by being delivered to the address in Cyprus nominated by the Client for this purpose. This does not affect our right to serve process in another manner permitted by law.

33.5 Client Identification and Suitability Procedures

First time depositors for amounts less than €2000 (or the equivalent in other currencies) who have completed an economic profile and trading experience questionnaire are granted a fifteen (15) day grace period where they may trade prior to the submission of the appropriate documentation and completion of the identification process. This period begins from the day of their first deposit reaching 10trade.

During this timeframe, users are requested to submit a colour copy of valid proof of identification, a copy of a recent utility bill no more than 6 months old, and a copy of the bank card which was used for making the Client’s deposit. The first 12 digits on the front of the card and the CVV digits may be covered for security purposes. If the Client made a deposit via wire transfer we require a copy of a recent bank statement which is no more than 6 months old.

In the event that within 15 days from the Client’s initial deposit they do not meet our verification and identification policies, the real balance of their account, excluding any awarded bonuses, as it lies on the 15th day will be refunded to the Client without notice, 10trade will cancel any open trades in the Client’s account that are due to expire after the 15 day period, and these trades’ funds will also be returned to them.

Any Client who deposits a sum of €2000 or more will be required to provide 10trade with all of the above-mentioned documentation before they will be permitted to place trades on the platform.

34. WAIVER OF IMMUNITY AND CONSENT TO ENFORCEMENT

The Client irrevocably waives to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from suit; jurisdiction of any courts; relief by way of injunction, order for specific performance or for recovery of property; attachment of assets (whether before or after judgment); and execution or enforcement of any judgment to which the Client or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that the Client will not claim any immunity in any Proceedings. The Client consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.

35. SOCIAL MEDIA

35.1 Facebook 

Using the 10trade Facebook app is optional. Client agrees that by using our software to connect the Client’s Holiway account to the Client’s personal Facebook account, the Client is granting Holiway access to the Client’s personal information such as the Client’s name, profile and other picture(s), gender, educational history, birth date, networks, user ID, list of friends and all other information the Client chooses to publish on Facebook.

Client agrees that when the Client’s Facebook features are enabled (these settings can be controlled from the ‘Your Account’ section of the www.10trade.com website), the Client allows Holiway to post directly on Client’s wall updates regarding the Client’s trades.