Trading Operation Regulations
1. Term and Definitions
Balance shall mean the amountof money on the Client'strading account not including open positions; the state of a tradingaccount including all closed positionsand all non-trading operations.
Dividends (adjustment for dividends) shall mean a non-trading operation performed by theCompany in order to accrue/withdraw dividends with a long/short openedposition on CFD onStocks as of the day of shareholder register recording.
Available Market Price shall mean aquote, atwhich theCompany executes the Client's order. Reliability of a quote is defined solelyby the Company based on the marketdata received from liquidity providers and counterparties.
Closing of Positionshall mean a tradingoperation of selling(buying) for the purpose of repayment of obligations under an earlier opened position and fixation of the financial result.
Quote shall mean indicative information onthe current rate ofthe instrument shown inthe form of Ask and Bid prices.
Leverage Level shall mean themaximum possible ratio between margin requirements for the opening / maintaining of anopen position and thevolume ofthe trading operation /position, which is defined by the settings of the Client'strading account.
Log-file shall mean a part of the Company’s servermeant to recordthe data transferred by the Client and the Company to each other in the course of trading and non-trading operations.
Lot shall mean standardized trading volume of trading operations with an instrument. Nominal volume of one lot shall be indicatedin the specification on the website and/or in the tradingplatform.
Margin Requirements (Margin)shall mean the amountof funds blockedon the Client's trading account in order to maintain all their open positions. Margin Requirements for each instrument are specified on the Company’swebsite and are indicated on the Company’s server.
Initial Margin Requirements shall mean theamount offree funds on atrading account that is required foropening a position.
Unrealized (Floating, Current)Financial Resultshall mean the financial result onopen positions with the current cost of instruments,considering accumulated swaps.
Non-Market Quote shall mean a quote recognized by the Companyas wrong. The Companyis entitled to delete information on a non-market quote from the quote base. All trading operations performed at a non-market quote shall be annulled and the executedpending orders shall be cancelled.
Non-TradingOperations shallmean operations that are not related directly to the performance of trading operations:
- depositing / withdrawal of funds from the Client's account;
- adjustment fordividends;
- compensations andbalance adjustments related todispute settlement;
- payments from the Companyrelated to promotional actions including bonus programs;
- debiting /accrual within services rendered by theCompany that are used by the Client.
Trading Operation Volume shall mean thevolume ofa trading operation expressed in lots.
BankingDay shall mean a time interval from 00:00:00 to23:59:59, server time UTC+2, time of ending of a bankingday on Friday, 22:59:59 exceptweekends and holidays.
Opening of Positionshall mean the result of approvalby the Company’s server of a trading order for the opening of position. After the position is opened, the following obligations shall commencefor the Client:
- perform opposite trading operations on closing the position with anequal total volume with thesame financial instrument;
- maintain margin level atleast atthe level set upby theCompany.
Pending Order shall mean an order for the performance of a tradingoperation upon meeting certain pricing terms in the quotes flow; it is implied, however, that such order shall beexecuted at an indefinitemoment in future according to the order execution procedure. Types ofpending orders:
- Buy Stop –implies opening of a long positionat a greater price than the Ask price at the moment of order placement.
- Sell Stop –implies opening of a short positionat a lower price than the Bid price at the moment of order placement.
- Buy Limit– implies opening of along position at alower price than theAsk price at the moment of order placement.
- Sell Limit– implies opening of ashort position at agreater Bidprice than the Bidprice at the moment of order placement.
- Stop Loss –implies closing of an earlier openedposition at a price less favorable for theClient than the price at the moment of order placement.
- Take Profit– implies closing of anearlier opened position ata price more favorable for the Client than the price at the moment of order placement.
Quotes Flow shall mean asequence ofmarket data in theform ofindicative quotes received from liquidity providers andmarket data providers with further retranslation to theClient's trading platform.
Realized Financial Result shall mean the amount of funds in the currencyof the trading account subject to accrual to/withdrawal from the balance of the Client's trading account as a resultof closing of the position.
Market Order shall mean anorder toperform atrading operation at theprices available at the moment of orderdelivery.
Company’s Website shall mean as relatedto these Regulations, a source of information on trading conditions, under which the Client's trading orders are processed. The highest priorityof performance standards and trading conditions is defined by the specification of the Company'strading server.
Free Balance shall mean thefunds onthe Client's trading account that maybe used by the Client as security for new tradingoperations.
Trading Operation shall mean aconversion operation with anon-deliverable financial instrument performed between the Client and Company, i.e., anoperation implying the buying or sellingof an instrument without the transfer of its ownership. Performance of a tradingoperation may lead to the opening of position, closingof position, partialclosing of position and closing by two and more opposite positionswith the mutual settlement of obligationsunder each of them.
Company’s Server shall mean ahardware andsoftware complex containing relevant trading conditions that ensure processing of the Client'sorders and requests,online provision of information on the adjustment of financial instrument prices to the Client (in the volume defined by the Company),accounting of mutual obligations betweenthe Client and theCompany, as well as the performance of other Agreementterms.
Equity shall mean a weightedestimation of the cost of funds on a tradingaccount representing the amountof funds on a tradingaccount including unrealized profit (losses).
Stop Out shall mean the processof compulsive closingof one or several positions on the Client's tradingaccount due to insufficient marginsecurity to maintainopen positions.
Spread shall mean thedifference between the Askand Bidrates.
Swapshall mean the funds withdrawn from / accrued to thecurrent unrealized financial result for the rollover (prolongation) of an open position to the next day.
Ticket shall mean a unique identification number assigned toany operation in thetrading platform in orderto unify and define operations on the tradingaccount.
Trading Time shall mean aperiod oftime when trading with a financial instrument isallowed and the tradingserver processes the Client's tradingrequests and orders.
Expert Advisorshall mean any automated trading system which is designedto automate trading operations in the TradingPlatform.
Trading Order (Trading Operation) – an order submitted by theClient tomake atransaction (trading transaction) with a particular financial instrument.
Trading Account shall mean anaccount forinternal record opened bythe Client with the Company, where the Company'sand the Client's obligations arisingfrom trading and
non-trading operations performed under the Company's regulating documents are recorded.
Trading Platform shall mean a specialized software and hardwarecomplex, by which theClient may agree with the Company via the Interneton material terms of the tradingoperations performed as part of the Agreement fulfillment and may protocol the agreed terms and the content of the approvedand cancelled orders.The Trading Platformensures identification of the parties (partyauthentication) that exchangemessages, as well asconfidentiality and integrityof such messages using built-incryptographic protection facilities.
Telephone Password shall mean a code word set by the Client throughthe Personal Page that is required for the unambiguous identification of the Client when performing trading operations via a telephone line.
Margin Level shall mean anindicator equal to theratio ofthe equity amount onthe trading account to margin requirements that characterizes sufficiency of funds on the trading account for maintaining openpositions.
Stop Out Level shall mean amargin level when thestop outprocedure isinitiated.
Hedging (Locking) shall mean apossibility tohave positions under oneinstrument that are opened in opposite directions.
Hedged Margin shall mean margin security required by theCompany forthe opening and maintenance of lockedpositions. Hedged Marginfor each instrument is indicated on theCompany's trading server and is specified in the contractspecification on the Company’swebsite.
Ask Price shall mean thegreater price in thequote atwhich theClient maysend amarket request for a buy tradingoperation. Ask Priceis the price of activation of all the pendingorders implying performance of a buy trading operation.
Bid Price shall mean thelesser price in thequote atwhich theClient maysend amarket request fora sell trading operation. Bid Price is theprice ofactivation ofall thepending orders implying performance of a sell trading operation.
Market Execution shall mean thetechnology oforders execution, which implies the execution of the Client's order atthe available price atthe moment of execution on thetrading server of the Company.
2. General provisions
2.1. These Regulations define the generalprocedure and termsof the Client’s orders and requests processing, under which PNM Investments Company (hereinafter referredto as ‘the Company’) provides the service for performing margin trading operations with non-deliverableover-the-counter instruments on trading and investment accounts.
2.2. Contracts fordifference (CFD) are margin leveraged products, which carry a high level of risk. Performing operations with CFD may not be suitablefor all Clients.The Clients should not perform trading and/or investment operations unless they understand the principles and nature of the operations, as well as the amount of their potential losses.The Clients should ensure, that performing tradingoperations with CFD instruments is suitable for themconsidering your circumstances, financial opportunities and resources, as well as investmentpurposes. If the Clients have any doubt,they should seek independent advice.The Clients perform all trading and/orinvestment operations at their own risk.
2.3. These Regulations define:
- rules andterms ofperformance oftrading operations;
- market order processing andexecution procedure;
- pending order processing and execution procedure;
- procedure andterms ofprocessing ofthe placement, modification anddeletion of pending orders;
- the Company's actions in respectof the Client's open positions in case of insufficientfunds on the Client's tradingaccount for theirsecurity (maintenance).
2.4. The terms of performing trading and/or investment operations are defined in these Regulations, Client Agreement, Risk Acknowledgement and Disclosure Statement and the other applieddocuments, including manual on trading platforms, as well as in the appropriatesection on the Company’s websites. All documents are regulated by the laws of the Republicof Mauritius. In case of any inconsistency between the documents the laws of the Republicof Mauritius shall prevail.
2.5. Trading conditions for a Client,such as instruments, which are available for trading,trading time, available request and order types, the size of commissions, including the terms ofthe rollover of an open position to the next day, are set up on the Company’s servers matching a trading accountand may be determined by the servicesused by the Client, individualagreements with the Client, restrictions on the part of the liquidity providers and the Company’s counterparties. Information regarding tradingconditions, defined on anappropriate account type, shall take precedence in case of conflict with other information published on the Company’swebsites. The Company takes all necessary measures to keep up-to-dateinformation on the Company’s websites and timely notification of the Client about allchanges in trading conditions.
3. General principles
Quotes / Prices
3.1. For alltrading instruments the Company shall issue quotes online following theprices
/ liquidity itgets from counterparties andliquidity suppliers. Any ofthe Client's references to the quotesof other tradingand information systemsshall be unauthorized.
3.2. The Companymay choose not to issue quotes in case of the followingterms:
- absence ofprices /liquidity from counterparty orliquidity supplier;
- absence oftechnical possibility;
- an obvious breakdown and/or quotation errors on thepart ofthe Company’s server or counterparties.
3.3. Spread is not fixed and dependson market conditions and flow data on prices /liquidity received from counterparties and liquidity suppliers.
3.4. All quotesthe Company communicates to the tradingplatform, Company’s websites and presents to partners areindicative.
3.5. In case a non-market quote enters the quotes flow, and in case of an unscheduled gap in the quotesflow caused by any hardwareor software failure,the Company may synchronizethe quotes base with the other sources.Such sources may be the following:
- quotes base of theserver that feeds theother types of trading accounts;
- quotes base of thecounterparty orliquidity provider.
3.6. Information on spreads published on the Company’s websites is purelyinformative and is based on statistic and historical data.
Trading Operations
3.7. While agreeing upon theimportant terms of aTrading operation, the Client and Company interact in the following way:
- the Clientsends an order for a trading operation that is a proposal for the Companyto perform a tradingoperation on the terms specifiedin a relevant order, takinginto account the specificsindicated herein; or the Clientsends requests to change the terms specified in the order.
- the Companyexecutes the Client'sorder, which is the Company's consent to performa trading operation on the termsspecified in the order, considering the specifics stated herein; also the Companyprocesses the Client'srequests, sends reports,extracts, confirmations.
The entire process of approval of thetrading operation terms shall be protocoled via the Company's tradingplatform and server.
3.8. Important terms of atrading operation are thefollowing:
- instrument;
- type oftrading operation;
- volume ofa trading operation;
- price.
3.9. In case of termination of services for trading operations with a certain instrument, the Company may unilaterally close the open positions on the Client'strading account at thelatest price available on the Company's serverand delete all the pendingorders on its own.
3.10. The Company retains itsright tounilaterally change the terms of performing Trading Operations, restrict or expand the list of instruments.
Types and Processing of Orders andRequests
3.11. To perform trading operations, the Client may usethe following types oforders:
- Market order;
- Pending order.
3.12. The Client's issue ofan order for atrading operation means their intention toperform a trading operation on the termsspecified herein, considering the specifics stipulated by these Regulations.
3.13. An order for a trading operationmay be issued by the Client within the businesshours of the Company,considering the specificsstipulated by these Regulations, in the following ways:
- via atrading platform considering thespecifics provided hereby;
- by phoneconsidering the specificsprovided hereby;
- through servicesprovided to the Client by the Companyallowing to unambiguously identify the order as the Client'sorder.
3.14. All the Client's ordersand requests shallbe checked for correctness and compliancewith the trading terms before they are passed to processing / execution, includinga preliminary check for sufficiency of funds for a tradingoperation on the Client's trading account.
3.15. Each requestand order of the Clientshall be processed on a first-served basis. Depending on the time required for the Client's order or request processing, the procedure of completion of the Client'srequest or orderprocessing shall not be guaranteed. It means a
situation may occur,when completion of a Client'srequest processing is recorded in theserver log-file at a later time, than the time of completion of a request that followed.
3.16. The Client agrees that the processing/execution of themarket andpending orders shall takereasonable time.
3.17. Any Client’s request ororder shall be deemed processed only when arelevant record is made in the log-file on the Company’s server.
3.18. A tradingoperation is performed on the basisof the Client's relevant ordersafter processing / execution of such ordersby the Company, considering the specifics stipulated by these Regulations.
3.19. A tradingoperation is performedonly upon the Company's approvalof all of its importantterms defined hereby.
Leverage Level / Margin Requirements /Margin
3.20. During accountregistration the maximumpossible leverage is set up. It corresponds to account type. The Client uses it to perform tradingoperations.
3.21. The Companymay change the maximum leverageat its own discretion upon priornotice.
3.22. The minimummargin requirements to perform tradingoperations and to maintainopen positions on an instrument are defined by specification of the instrument corresponding to the accounttype and are indicated in an appropriate trading platform.
3.23. The minimummargin requirements to perform tradingoperations and to maintainopen positions on certain groupsof instruments do not dependon the maximum leverage set on the Client's account.
3.24. Margin requirements needed to maintainopen positions are reserved on the Client's account at the moment theposition is opened.
3.25. The Companyis entitled to change the size of margin requirements upon notifying the Client in advance.
3.26. The Companymay apply new margin requirements to positions, which have already been opened, as well as to newpositions.
3.27. The Client shall monitor the required margin level on their trading account on their own.
3.28. The Companymay fulfill the Client's obligations towards the Companyon any open position or all open positions without giving a prior notice to the Client, if the level of ratio of equity to margin requirements needed to maintainopen positions goes below the Stop Out level. Stop Out leveldepends on tradingaccount type.
3.29. The Company shall notbe liable for Stop Out executed on theaccount that resulted from an untimelyreceipt of fundson the Client's account.
Rollover
3.30. If there are open positions atthe endof atrading dayin theperiod from 23:55 to00:00 (trading platform time), theCompany shall unilaterally perform a rollover (swap) procedure. Positions are rolled over to the next day by way of withdrawal / accrual of an amount calculated according to swap calculation rulesof the trading platform and the Company’s server settings for a relevant accounttype from / to the current unrealized financial result on an open position.
Fees
3.31. The Client shall paya feefor performing trading operations according tothe size and / or rulesof their calculation set up on the Company’s server for a relevant accounttype.
Dividends
3.32. If there are open positions with CFDs on Stocks at the end of the trading day prior to thedate of registerrecording (ex-dividend date),the Company shall make adjustment for dividends on the date of register recording as soon as the first trading quote is receivedin the trading platform. Adjustment for dividends is made according to the termspublished on the Website in the relevant section.
The reasons for rejecting the Client's trading requests
3.33. The Company is entitled to reject the Client's request toopen orclose aposition, or refuse to execute a pending order if:
- Free Margin, which isavailable onthe account, is insufficient to secure this position;
- an order is received at anon-market quote;
- the pricesof financial instruments change occasionally (illiquid market), including when the requestis received during market opening before the first market quote is presentedin Trading Platform;
- an abrupt or unstablechange of prices of financialinstruments (fast market)takes place;
- a technical (software orhardware) failure of theTrading Platform, including rejection of a trading order on thepart ofa liquidity provider, took place;
- the number of positions or their total volume on theClient's trading account exceeds the limitset on the Company's tradingserver;
- the other situation contradicting these Regulations or theother regulating documents of the Company took place.
The reasons for restricting the provision of services to a Client
3.34. The Company reserves theright toprohibit automated trading, i.e., use oftrading robots (Expert Advisors), tolimit theservices rendered by thetrading platform provider, andto block trading operations on any tradingaccount without priornotice in case a Client’strading account engages in the activities that result in an excessive load on the Company's trading servers and/or deterioration in the qualityof services renderedto the other Clients. Such activities include but are not limitedto:
- sending a significant number (on averagemore than 500 per hour) of requestsfor a trading operation, or requests for adding or modification of pending orders;
- sending requests for atrading operation without having sufficient funds;
- sendingfrequent authorization requests to the trading platform.
The Company may resume the provision of services on the relevanttrading account after theClient eliminates the causes of excessive activityon such trading account.
Order Validity Period
3.35. For the instruments traded24 hours, all pending ordershave the statusof GTC – "GoodTill Cancelled" and are received for an indefinite period of time. The Client may limit the order validityperiod on his/her own by setting the date and time in "Expiry" field.
3.36. For the instruments tradedin sessions, the Company may cancel pendingorders, which were not activated beforethe end of the tradingsession.
3.37. The Companymay cancel the Client's pendingorders if the current balanceof the account does not allow executingthe order of a specified volume at the current price level.
3.38. If a pending order is queuedfor execution but the Companyhas executed a requestfor the order deletion, then the Companymay delete such pending order.
Data Archiving
3.39. If aninactive trading account ismoved toarchive:
- The Clientagrees that the Company may move inactivetrading accounts to archive.The Client's inactive trading accountis transferred from the tradingplatform base to thearchived base, and the Client'saccess and any operations on the accountshall be blocked, with the entire history and balance saved;
- To retrieve a trading account from the archive, the Client shall make a request in the Personal Page;
- A tradingaccount may be retrieved by the Companywithin seven businessdays from the date of receivingthe request for retrieval of a trading account from the archive.
3.40. The Company retains itsright toarchive thetrading andnon-trading operations displayed in the platformfor a period exceeding six months.
4. Procedure and Terms of Market Order Execution
4.1. A tradingoperation is deemed performed upon the Company'sapproval of all of its important terms set in the Client'sorder.
4.2. An order for atrading operation may beissued bythe Client only within the trading time on the relevantinstrument.
4.3. Necessary conditions for issuing an order for a TradingOperation by way of market orders are the following:
- instrument;
- type oftrading operation;
- volume ofa trading operation.
4.4. The procedure of approval of thetrading operation price during execution ofa market order by the Companyimplies using the Market Execution technology.
Processing and Execution of the Orders for Openinga Position
4.5. When anorder foropening aposition isreceived from the Client for processing, the trading account is checked for free marginrequired for the position to be opened:
a) a newposition isadded nominally to thelist ofpositions;
b) margin requirements needed tomaintain theentire position are calculated, taking into account the nominally added position;
c) the amount of free funds iscalculated, including the nominally added position;
d) if:
o the amount of the calculated free funds exceedsor equals 0, the positionis opened.
o the amount ofthe calculated free funds is less than 0,the Company may reject the order foropening the position.
4.6. The Client'sorder for openinga position shallbe deemed processed and the position is opened as soon as a relevant recordis made in the serverlog-file.
4.7. A unique ticket isassigned toeach open position inthe trading platform.
Processing and Execution of the Ordersfor Closing a Position
4.8. When sendingan order for closing a position, the Client may specify the volume for the position being closed lesser than its initial volume. In this case, a position will be partiallyclosed in the specified volume and a new open position will be createdfor the partially
non-fulfilled obligations on theopen position, with thevolume being equal tothe remaining volume. A new ticketwill be assignedto the new position.
4.9. If there are two or more locked positionsin the list of open positions on a trading account, the Client may issue an order for closing counterpositions. In case of partial fulfillment of obligations on one of the positions, a new open position will be created for thepartially non-fulfilled obligations on the open position, with the volume being equal to the remaining volume.A new ticket will be assigned to the new position.
4.10. The Client'sorder for closinga position shall be deemed processed and the positionis closed as soon as a relevant recordis made in the Company’s server log-file.
5. Procedure ofSetting, Modification and Terms of Execution of Pending Orders
5.1. Trading operations of opening and closing a position may be performedby way of pending orders. A ticket is assigned to each pendingorder for openinga position.
5.2. The important terms ofa pending order toperform atrading operation are the following:
- instrument;
- order type;
- volume ofa trading operation;
- price ofactivation ofa pending order.
5.3. A pendingorder is passed to processonly upon its activation, i.e., upon achievingthe market conditions specified by the Client in the order. A trading operation by way of a pending
order shall be deemed completed only upon theCompany's approval of allthe important terms of atrading operation.
5.4. All pendingorders shall be executed on a first-served basis at the prices available at the moment of order execution. It means that the price of execution of a pending order maydiffer from the activationprice stated in the order both for Client's better and for worse.
5.5. A requestfor setting, modification and deletion of a pendingorder may be issued by the Client only within the trading time on a relevant instrument.
5.6. A request for setting, modification anddeletion ofa pending order maybe rejected by the Company if at the moment of the request:
- obligations ona relevant open position have already been fulfilled (the position is closed) or are in the process of fulfillment;
- a relevant pending order is being processed;
- a relevant pending order is deleted.
5.7. Processing and execution of pending ordersis performed only within the trading time on a relevant instrument.
Processing and Execution of Pending Ordersfor Opening a Position
5.8. Upon achieving the market conditions specified by the Client in the order,the order is sentto process and the tradingaccount is checkedfor free marginrequired for the position to be opened:
a) a newposition isadded nominally to thelist ofpositions;
b) margin requirements needed tomaintain theentire position are calculated, taking into account the nominally added position;
c) the amount of free funds iscalculated, including the nominally added position;
d) if:
o the amount of the calculated free funds exceedsor equals 0, the positionis opened.
o the amount ofthe calculated free funds is less than 0,the Company may reject the orderfor opening a position and delete the pending order.
5.9. The Client'spending order for opening a position shallbe deemed processed and the position is opened as soon as a relevantrecord is made in the server log-file.
5.10. A ticketof the pending order shallbe assigned to the open position that was opened by way of a pending order.
“if done” execution specifics
5.11. In case of a situation when market conditions simultaneously meet the terms of thepending order that opens the position and the terms of the pending order that closes suchposition, the pending orders shall be executedin their turn:
a) execution ofthe opening pending order;
b) verification ofthe terms of activation of theclosing pending order takes place:
o if market conditions meet theterms ofthe closing pending order, the order is sent to process;
o if market conditions do notmeet theterms ofthe closing order, thepending order is retained and is not sent to processing.
6. Procedure of defining mutual obligations between the Client and the Company
6.1. The Companykeeps daily recordsof the Client's and the Company's mutual financialobligations on the Client's open positions and funds on the Client'strading account. The Company's and the Client'smutual financial obligations shall be the funds on the Client's trading account, as well as the current financialresult (unrealized profit and loss) on the Client's open positions. In case of emergency, includingtechnical failures and other force majeure circumstances resulting in the impossibility to precisely define the amount of the current financial result (unrealized profit and loss) of the Client on the open positions, the Company's and the Client'smutual financial obligations shall be defined (calculated) on thebasis of the amount of funds on the Client'strading account and the currentfinancial result (unrealized profit and loss) of the Client at 23:59:59, Company’s server time of the precedingtrading day.
6.2. The Client'sfinancial results (profitand loss) on performed tradingoperations shall be reflected on the tradingaccount at the moment of closing a position on each instrument.
6.3. The Companymay fulfill its obligations on any open position or all open positionswithout giving a prior notice to the Client if the level of ratio of equity to margin requirementsneeded to maintainopen positions goes below the Stop Out level.
6.4. Margin levelshall be controlled by the server,which, in case condition 6.3 is met, generates an order for forced closingof position withoutprior notice. Such order shallbe executed at the price available at the momentof order execution on a first-served basis, so the price of executionmay differ from the quote, at which the Stop Out order was generated.Forced closing of position is followed by a relevantrecord in the server log-file.
6.5. If afterthe forced closingof positions, the amount of funds on the Client'saccount becomes negative, the Company may accrue a compensation to such accountin the amount required to bringthe balance of the tradingaccount to zero.The Company may bring the balance of the tradingaccount to zero using the funds on the Client'sother trading accounts.
6.6. If the Company changesthe list of instruments offeredby the Company for trading operations, the Company may forcibly closepositions on the instruments at the latest available prices.
7. Dispute Settlement
7.1. Procedure ofsettling adispute when, in theClient's opinion, the Company's actions/omissionleads to violation of the Regulations, goes as follows:
7.1.1. The Trader'sor Investor's claimsshall be receivedwithin 3 (three)business days upon occurrenceof the grounds for such claims.
7.1.2. To make a claim on each dispute, the Trader shall fill in a standardform in a relevant section in the PersonalPage. A unique number (TID) is automatically assigned to the claim,with a relevant confirmation messagebeing sent to theTrader. All claims made in any other way (on the forum, by e-mail, by phone, by fax, etc.) shall not be considered.
7.2. A claim shall not contain:
- emotional evaluation of thedispute;
- abusive comments;
- non-printable words;
- threats.
7.3. The Company retains theright torefuse toconsider aclaim ifthe terms specified in
pp.7.1, 7.2 are not met.
7.4. According tothe Regulations, the Company may independently initiate consideration andsettlement of any dispute.
7.5. The ways of dispute settlement bythe Company are thefollowing:
7.5.1. Compensation adjustment accrued toor withdrawn from theClient's trading account;
7.5.2. Restoration ofwrongly closed positions;
7.5.3. Deletion of wrongly openedpositions or issuedorders;
7.5.4. The precisemethod of disputesettlement shall be defined solely at the Company'sdiscretion.
7.6. The Company shall settle a dispute immediately after taking adecision butno later than 3 (three)business days from taking a decision on the dispute.
7.7. In case a disputeis not covered by the Regulations, the final decisionshall be taken bythe Company based on the common market environment and its own idea of a fair settlementof a dispute.
7.8. If an action was not performedby the Client for any reason, the Company shall notreimburse the Client for the profit lost as a result of such non-performance or the losses incurred by such non-performance.
7.9. The Company shall notreimburse theClient fornon-material damage (including moral damage, etc.).
7.10. The Companyshall consider the Client's claim and take a decisionon the dispute as soon as possible. A response to a claim may take up to 10 (ten) business days from the dateof receipt of a claim. In some cases, the Company retainsthe right to extend the term of theclaim consideration.
7.11. If the Company independently initiates dispute consideration and settlementaccording to the Regulations, the maximum possibletime for taking a decisionon the dispute and its settlement shall be 3 (three) days. In some cases, the Company retainsits right to extendthe time for taking a decision on the disputeand its settlement.
7.12. If the Company executeda Stop Out by mistake,the Company may restore the closedposition in compliance with theseRegulations. The Clientacknowledges that in any case,no Client's claims as to the impossibility of managing such position inthe course of the Company's consideration of such disputeand its settlement shall be accepted. In the course ofdispute settlement, the Company may execute the Stop Loss or Take Profit ordersin the
chronological order, in which they would be triggered, if Stop Out wasnot executed by mistake.
7.13. The Clientacknowledges that the Company may choose not to notifythe Client of thefact that the dispute has been settledand the order has been executed, and the Client undertakes all the risksrelated thereto.
8. Miscellaneous
8.1. The Client acknowledges that the Company may atany time amend and/or update the provisions of these Regulations upon a 7 calendar day notice of the plannedamendments. Such amendments and/orupdates shall come into effectand become bindingon the Client from the date specified in such notice.
8.2. If one or some provisions of these Regulations become invalid, any other provisions of the Regulations shall remain valid.
8.3. These Regulations are an integralpart of the Agreement betweenPNM Investments and a Client.
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