Following the changes made earlier to our Customer Agreement for ECN accounts, we are making the same changes to the Customer Agreement for Market-Maker accounts. These changes mostly reflect the improvements in our security and Anti-Money Laundering procedures and may not affect the daily aspects of trading. However, clear understanding of these amendments can be helpful if an unconventional or a disputable situation arises. So we strongly recommend that you take the time to review the changes and read the Customer Agreement once again.
The changes come into effect on Monday, July 8, 2013. Here is a short summary of the amended clauses:
In Clause 1, The Subject of the Agreement has been defined as “FX contract”.
“Subject to the terms expressly stipulated below, FXOpen shall provide services in respect of foreign exchange and precious metals contracts (hereinbelow referred to as “FX contracts”) to retail and wholesale clients.
FX contract shall mean a leveraged transaction made via FXOpen electronic trading platforms for the purchase or sale of a financial instrument, aimed on generating profit arising out of speculating activity or for hedging purposes, provided that such transaction does not give rise to an obligation relating to, or resulting in physical delivery of financial instrument and does not assume currencies conversion operations subject to physical delivery. For the removal of doubts upon settlement of the FX contract, the difference in value between the opening and closing positions will either be credited or debited to the Customer’s account according to the profit or loss for the transaction.”
The following phrase has been added to clause 6 (in connection with the changes made to Clause 1):
“or are in breach with the subject of this Agreement as expressly stipulated in the clause 1 above.”
Clause 14, titled “FXOpen’s Rights”, has been added:
"The Customer acknowledges that FXOpen has the following rights:
1) To reject any order or instruction the Customer may place.
2) To cancel or adjust the transaction of the Customer.
3) To provide the Customer’s account with any trade requested or deemed necessary by FXOpen.
4) For the purposes of mitigating and managing the potential ML/TF risks faced by FXOpen and without derogating from the generality of FXOpen rights as expressly stipulated above, FXOpen reserves the right in its sole discretion to block a Customer’s account and prohibit any activity including but not limited to withdrawals for the term of internal investigation but not less than 180 days providing that FXOpen has reasonable suspicious that the Customer’s activity (i) does not comply with services provided by FXOpen and the subject of this Agreement, and/or (ii) is fraudulent, and/or (iii) is in breach with the law, present Agreement and FXOpen Anti-money laundering and Counter-Terrorism Policies.
In order for FXOpen to show prices with the speed associated with speculative trading, FXOpen may have to rely on available price that may later prove to be incorrect. In such a case, FXOpen may cancel or adjust the trade with the Customer, but shall do so within reasonable time and shall provide the Customer with a full explanation for actions taken. ”
A waiver of confidentiality has been added to clause 17:
"The Customer hereby confirms and acknowledges his/her express consent to eliminate the confidential nature of all communications regarding without limitation any disputes, legal proceeding, public statements between the parties hereto or its results including courts or other dispute resolution schemes decision on the matter. The Customer further agrees that FXOpen may disclose on its sole discretion the contents of such communication where and when FXOpen deems it necessary."
The full document is available at www.fxopen.com/Documents.aspx and in your personal My FXOpen area in section Profile > Documents.
FXOpen NZ Limited
FXOpen Live Chat (24/5)
Changes to FXOpen Customer Agreement for Market-Maker Accounts