8.1 List of Authorised Users
8.1.1 The Client shall provide Fortrade with a list of people authorised to access the Services and/or enter into Trades on the Client’s behalf (each an “Authorised User”). The Client shall immediately notify Fortrade when any new person becomes an Authorised User or when any existing Authorised User is no longer entitled to be an Authorised User. Upon receiving Notice, the change in Authorised User is effective within one Day. The notice shall not affect any Trades already executed or Orders already placed.
8.1.2 The Client hereby indemnifies and agrees to hold Fortrade harmless in respect of any loss incurred by an Authorised User entering into any Trade or other transaction contemplated under this Agreement. Any appointment of an Authorised User made pursuant to clause 8.1.1 shall remain in full force and effect as an appointment in writing required by the Agreement unless and until Notice of cancellation of appointment and/or replacement has been delivered to Fortrade.
8.1.3 Until the Client has provided a Notice to Fortrade to the contrary, Fortrade may continue to assume that all existing Authorised Users have authority to execute legally binding transactions with Fortrade. All instructions given and accepted by an Authorised User will be deemed to be instructions authorised by the Client and shall be binding upon the Client.
8.2 Acceptance of Trade Terms
8.2.1 The Client may place Orders with Fortrade via the Online Platform or by such other means as Fortrade may from time to time specify in writing.
8.2.2 The Client’s placement of an Order with Fortrade constitutes agreement by the Client to the Trade Terms.
8.2.3 Fortrade may, at its sole and absolute direction, accept or decline an Order.
8.2.4 Fortrade shall, to the extent permitted by law, notify the Client of any decision to decline an Order but is under no obligation to provide a reason for the Order being declined.
8.2.5 If Fortrade accepts the Order, it may execute the Trade in accordance with the Trade Terms, together with the terms of the Agreement.
8.3 Credit Limits
8.3.1 The Client acknowledges and agrees that:
220.127.116.11 Fortrade may grant certain clients a “Credit Limit”. A Credit Limit is a pre-agreed amount of the relevant currency set by Fortrade at its sole and absolute discretion that can be used to offset against the value of any Open Positions or unsettled Trades;
18.104.22.168 if the negative mark to market value of an Open Position is approaching or has exceeded the Client’s Credit Limit, Fortrade reserves the right to Margin Call the Client in an amount entirely at its discretion;
22.214.171.124 Fortrade may set the Credit Limit at its sole and absolute discretion; and
126.96.36.199 any Credit Limit set by Fortrade may be reduced, varied or withdrawn immediately and at any time.
8.3.2 The Client acknowledges that if Fortrade acts on an instruction which would result in a Credit Limit being exceeded:
188.8.131.52 Fortrade is not obliged to advise the Client that the Credit Limit will be exceeded;
184.108.40.206 the Client will continue to be liable to Fortrade for all amounts including those that exceed the Credit Limit; and
220.127.116.11 Fortrade is not obliged to act upon any subsequent instruction where a Credit Limit might be exceeded.
8.4 Authorisation Limits Fortrade may, at its own discretion, impose an authorisation limit on the Client and/or one or more Authorised Users at any time.
8.5 Margin Deposit Before accepting an Order, Fortrade may in its absolute discretion require a deposit of between 0 and 100% of the Order’s value in respect of any anticipated or existing Open Positions which the Client has or will have with Fortrade to be paid by the Client to Fortrade (the “Margin Deposit”).
8.6 Forced Liquidation
8.6.1 The Client is required to maintain sufficient level of Margin Deposit in its Client Account at all times. Fortrade reserves its full rights to close out all Open Positions:
18.104.22.168 if at any time the Margin Deposit held by Fortrade is approaching or is no longer sufficient to cover the negative mark to market value of any or all Open Positions that the Client has opened with Fortrade; or
22.214.171.124 if at any time the pre-agreed Credit Limit assigned to the Client by Fortrade is no longer sufficient to cover the negative mark to market value of any or all Open Positions that the Client has open with Fortrade.
8.6.2 Fortrade shall have the right, at its sole discretion, to determine the mark to market value from time to time.
8.6.3 The Client shall monitor its balance in the Client Account from time to time and maintain Margin Deposit.
8.6.4 In addition to other remedies available to Fortrade, if the Client fails to pay an amount when due under this Agreement, Fortrade has the right to terminate (by either buying or selling) any or all of the Client’s Open Positions.
8.7 Set-Off Against Monies Owed
8.7.1 In addition to other remedies available to Fortrade, if the Client fails to pay any amount when due under this Agreement, Fortrade may set off against such amount any amount payable by Fortrade to the Client.
8.7.2 Fortrade is entitled to set off against any amounts due to it by the Client any amounts received by Fortrade from or on behalf of the Client including but not limited to monies received as Margin Deposits or Margin Calls. Fortrade may determine the application of any amounts which are to be setoff at its absolute discretion.
8.7.3 The Client may not set off against any amounts due to it by Fortrade, any amounts Fortrade owes to the Client.
8.8 Delay Although Fortrade will use all reasonable efforts to process the Client’s Trade on a timely basis, Fortrade shall not, in the absence of its gross negligence, wilful misconduct or fraud, be liable for delays, damages, failures or errors in the completion of the Trade.
8.9 Rates and Prices Rate and price indications from Fortrade are available via the Online Platform (the “Indication”). The Indication is not binding, and the Client agrees to accept the prices offered by Fortrade when the Trade is executed.
8.10 Quoting Error Should a quoting error occur due to a typographical error or obvious mistake in a quote or indication (the “Quoting Error”), Fortrade is not liable for any damages, claims, losses, liabilities or costs arising from the Quoting Error. Fortrade reserves the right to make the necessary adjustments to correct the Quoting Error. Any dispute arising from a Quoting Error will be resolved on the basis of fair market value, as determined by Fortrade acting reasonably.
8.11 Base currency and currency conversion
8.11.1 The Client may select a base currency of either US Dollars or Euros.
8.11.2 The Client acknowledges that certain Trades may, at Fortrade’s sole discretion, be denominated in other currencies and that this may result in Open Positions and other relevant amounts under the Agreement being notionally converted to the Client’s base currency.
8.11.3 When Fortrade enters into transactions on behalf of the Client which are denominated in currency other than the base currency, Fortrade may carry out any necessary foreign exchange transactions (together with any hedging transactions on a transaction by transaction basis) on the settlement date for the transaction rather than the trade date at a prevailing rate of exchange as chosen by Fortrade.
8.11.4 Unless otherwise agreed, Fortrade will automatically convert any cash, profits, losses, adjustments, fees, charges and other relevant amounts under the Agreement that are denominated in another currency into the Client’s base currency before applying such amounts to the Client Account.
8.11.5 Fortrade may in its absolute, sole discretion determine the date, time and rate at which any such currency conversion occurs.
8.11.6 The Client will be liable for any commission, charges or other costs incurred by Fortrade in connection with any such currency conversion and acknowledges that Fortrade may receive remuneration from third parties engaged by Fortrade to provide currency conversion services.
8.12 Aggregation Subject to applicable FCA Rules, Fortrade may aggregate the Client’s transactions with those of other clients or employees without obtaining the Client’s prior consent. Fortrade will endeavour only to aggregate transactions if the aggregation is likely to work to the Client’s advantage, although the Client acknowledges that aggregation may work to the Client’s disadvantage in respect of certain individual transactions.