The new versions of the Customer Agreement and Terms of Business will come into effect from 03 June 2007.
Changes to clause 2.11 of Terms of Business
Old version:
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2.11. All the positions which remain open from 23:59:45 to 23:59:59 (Server time) will be subject to rollover. All the positions which are opened or closed from 23:59:45 to 23:59:59 (Server time) may be subject to rollover. The positions will be rolled over by closing and immediate reopening. The difference between the closing and the new opening price is specified on the Website and at the date of this document is displayed on http://www.alpari.co.uk/en/swap-points.html.
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New version:
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2.11. All the positions which remain open from 23:59:45 to 23:59:59 (Server time) will be subject to rollover. All the positions which are opened or closed from 23:59:45 to 23:59:59 (Server time) may be subject to rollover. The positions will be rolled over by debiting or crediting the Customer Trading Account with the amount calculated in accordance with the Rollover/Interest Policy Webpage.
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Changes to clause 2.13 of Terms of Business
Old version:
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2.13. Spreads may be widened: a) for all the Customers under Abnormal Market Conditions and Force Majeure Event; b) for any particular Customer if the Customer has recently made an unreasonable number of Requests in comparison with the number of Transactions; c) for all the Customers giving 14 (fourteen) calendar days prior Written Notice.
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New version:
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2.13. Spreads may be widened: a) for all the Customers under Abnormal Market Conditions and Force Majeure Event; b) for any particular Customer if the Customer has recently made an unreasonable number of Requests in comparison with the number of Transactions; c) for all the Customers giving 14 (fourteen) calendar days prior Written Notice. d) for any particular Customer’s Request which exceeds the Normal Market Size for this Instrument.
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Changes to clause 2.15 of Terms of Business
Old version:
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2.15. The size of the Leverage depends on the Trading Account Balance. The information in this respect is displayed on the Our Services Webpage.
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New version:
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2.15. The size of the Leverage depends on the Trading Account Balance and/or the Customer’s Open Positions as described on the Our Services Webpage.
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Changes to clause 2.16 of Terms of Business
Old version:
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2.16. The Company has the right to change the Leverage for the Trading Account in accordance with margin requirements displayed on the Our Services Webpage with immediate effect without giving prior notice. The Company shall review the size of the Leverage for the Trading Account on a daily basis.
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New version:
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2.16. The Company has the right to change the Leverage for the Trading Account in accordance with margin requirements displayed on the Our Services Webpage with immediate effect without giving prior notice.
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Changes to clause 32 of Customer Agreement
Old version:
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**“Applicable Rate”** shall mean Federal Funds rate.
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New version:
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**“Applicable Rate”** shall mean: a) Federal Funds rate, if the Currency of the Trading Account is US dollars; b) Bank of England Official Bank Rate, if the Currency of the Trading Account is Great Britain pounds; c) Key European Central Bank (repo) Interest Rate, if the Currency of the Trading Account is euros; or d) Swiss National Bank Key Interest Rate, if the Currency of the Trading Account is Swiss francs.
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Old version:
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**“Currency of the Trading Account”** shall mean US dollars.
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New version:
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**“Currency of the Trading Account”** shall mean the currency that the Customer chooses when opening the Trading Account.
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Old version:
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**“Normal Market Size”** shall mean the maximum number of stocks, shares, contracts or other units that the Company reasonably believes the Underlying Market to be good in at the relevant time.
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New version:
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**“Normal Market Size”** shall mean: a) for the Currency Pair: the maximum number of units of Base Currency that are executed by the Company in the Instant Execution mode. This information for each Instrument is displayed in the Contract Specifications. b) for the Contract for Differences: the maximum number of stocks, shares, contracts or other units that the Company reasonably believes the Underlying Market to be good in at the relevant time.
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Customer Agreement (June 2007), 217 Kb | |
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Terms of Business (June 2007), 203 Kb |
