Terms and Conditions
- GENERAL INFORMATION
Any person or organization accessing or attempting to access the online or Electronic trading services of Fast Light or any affiliate of Fast Light (referred to herein as “Fast LightLightLightLight ”) must first agree to the terms of this agreement. Such services shall include all statement reviews, new account origination, internet trading and Electronic order entry and reports, market trading general information, including quotes, charts, news, and systems information, all clearing and back-office functions and services, all provided by Fast Light to user (“software”), the Fast Light web site, as well as any other services that may be added from time to time(“collectively referred to herein as “the systems”). This agreement shall apply to any person or organization who accesses or attempts to access the systems, as well as any person or organization who benefits from such use, including but not limited to, users who benefit from the use of the systems by brokers acting on their behalf (“user”).
All limitations of liability and disclaimers contained herein shall apply to the systems regardless of whether or not the systems or any part thereof, was developed or is serviced or supported by Fast Light . Use of the systems or user’s signed acknowledgment indicates user’s unqualified acceptance of all of the terms of this agreement. If the user finds this agreement unacceptable, it shall not use the systems. Fast Light is willing to provide the systems to the user only if the user agrees to be bound by the following terms.
1.1 Agreement
These (the Fast Light Terms and Conditions) are entered into by and between Fast Light and you as the user or customer or client (hereinafter the “Client”). These Terms together with the Application Form are the basis of our relationship and are to be read in conjunction with all other polices and legal documents provided directly and/or published on the website. Any additional terms and conditions issued by Fast Light and expressly stated to be an integral part of these (as available on the Website and whether or not referred to herein) describe the terms and conditions applicable to the contractual relationship between Fast Light and the Client (the “Agreement”). Fast Light reserves the right to change any such terms without formally or expressively updating the Client. The Clients agree and acknowledge it is their responsibility to continually familiarise themselves with such terms at any given time.
1.2 Fast Light website address is :https://fastlightfx.com (the “Website”).
1.3 Risk Warning
Before entering into this Agreement, the Client should carefully read and consider the Risk
Disclosure, which is available on the Website. The Risk Disclosure sets forth the particular risks of investing in foreign exchange and contracts for differences (CFDs). Fast Light will consider the request to open an account by the Client and its acceptance of this request, as unequivocal evidence that the Client has read and is prepared to accept the risks set out in the Risk Disclosure which is helpful but does not describe all of the risks related to trading in contracts fordifferences. It is the Client’s responsibility to make sure it is fully aware of all these risks and to take appropriate advice, if necessary, before entering into this Agreement.
1.4 Conflict of Interest Policy
The Client should be aware that, when providing investment services to the Client under this Agreement, Fast Light will have interests (including interests deriving from duties we owe other clients or parties) in conflict with the Client’s interests, and some conflicts could not be effectively avoided or mitigated without altering the discretionary nature of the prices quoted by us. Indeed, by trading in contracts for differences, the Client will make gains or incur losses as a result of a difference in prices (or exchange rates, as applicable) at which trading positions are respectively opened or closed. For more comprehensive explanations regarding conflicts of interest please refer to the Conflicts of Interest Policy, available on the Website.
1.5 Services covered by the Agreement
This Agreement will only apply to the services described in Section 2. Other activities carried out by Fast Light – within the investment and ancillary services contemplated by Section 1.2 -fall outside the scope of this Agreement. Should Fast Light at any subsequent point offer the services of investment advice and portfolio management, then it shall only do so on the basis of and in accordance with the provisions of an express written agreement. In the absence of such express written agreement, no statement, act or omission of Fast Light or any person representing Fast Light shall be deemed to constitute investment advice.
1.6 Charges and Commissions
All charges and commissions of Fast Light applicable under this Agreement are set out in the Rates Schedule.
1.7 Amendments to the Agreement
This Agreement (including any Appendices) may be amended by Fast Light , in whole or in part, from time to time as set forth in Section 6.14. Any amendment will be made by us at our discretion either on notice or, in specified circumstances, without prior notice. Please refer to Section 6.14 for further details.
1.8 Banned Jurisdictions
Fast Light reserves the right and is entitled to at any time, and upon its sole discretion, to restrict offering its services to certain jurisdictions and consider them as banned countries in terms of engagement with the potential clients.
Currently, Fast Light does not accept new clients and/or the opening of new accounts from the following jurisdictions: ‘The United States’, ‘Japan’, Canada’.
Fast Light currently does not automatically allow for the onboarding of clients who are from or resident of ‘Algeria’, ‘Canada’, ‘Islamic Republic of Iran’, ‘Iraq’, ‘Sudan’, ‘Syrian Arab Republic’, ‘North Korea’, ‘United States of America’, ‘Zimbabwe’, ‘Cuba’, ‘South Sudan’, ‘Myanmar (Burma)’, ‘Cote D’Ivoire’, ‘Yemen.’The aforementioned list of countries is non-exhaustive and the updated list of banned countries is
subject to alteration at any time Fast Light deems proper upon its sole discretion. Changes will be effected in accordance with the provisions of these terms.
This document does not constitute an offer on the part of Fast Light or any member of the Group to provide any services to persons under the age at which they can enter into contracts which are binding on them or who are located in “Banned Jurisdictions” or in any jurisdiction in which the solicitation of clients and the provision of the services provided for hereunder, would be illegal.
Fast Light services and products traded are only available to individuals who are at least 18 years old or otherwise at an age at which contracts which they enter into are binding on them in the jurisdiction in which they are located. - SERVICES
2.1 Subject to the Client fulfilling its obligations under this Agreement, Fast Light may provide the following as well as any other available services to the Client (the “Services”):
(i) entering into spot contracts for differences with the Client on currencies, indices, precious metals, oil, commodities, and financial instruments and products as listed in Underlying List (respectively, “Contracts” or “trading positions” and the “Underlying”) acting as principal and not as a Client’s agent; and (ii) receiving and transmitting orders relating to Contracts to other investment firms or authorized intermediaries acting on behalf of the Client.
2.2 Unless otherwise expressly agreed to in writing,Fast Light shall provide the Services under Section 2.1:
(i) by fulfilling Client’s orders as a Straight Through Processing (‘STP’) Broker but not on behalf of the Client. Fast Light shall quote (either through the Platform or otherwise) the price (or exchange rate, as applicable) at which the Client is willing to enter into a particular Contract and the Client may decide whether or not to enter into such Contract at the price (or exchange rate, as applicable) quoted by Fast Light and on the terms contemplated by this Agreement as well as all other Legal Documents that shall govern such actions.
(ii) Fast Light shall not provide the Client with any tax or other advice in relation to the Orders placed under this Agreement or any other agreement for that matter, the Contracts or otherwise in connection with this Agreement. The Client may wish to seek independent advice before entering into this Agreement and placing any Orders or entering into any Contracts under this agreement. The Client hereby represents and undertakes that it has access to independent financial and legal advice or it is capable of making its own decisions in this respect and that no reliance is placed on any information provided by Fast Light or any representative of Fast Light or any act or omission thereof in making its investment decisions.(iii) The Client acknowledges and agrees that the Services offered pursuant to these terms shall be on an execution only basis. No statement, act or omission of Fast Light or any person
representing Fast Light shall be deemed to constitute investment advice, a personal recommendation or advice on the merits of a transaction. Any news, prices, opinions and any
other information which may be provided to the Client are simply provided to enable the Client to make its own investment decisions and do not constitute personal investment advice.
(iv) In particular, and without prejudice to the generality of the above, no statement made in relation to the performance of any financial instrument and no trading method or trading idea shared with the Client shall be deemed to constitute advice or a personal recommendation.
2.3 The Client shall enter into this Agreement as a principal and not as an agent for any other person unless otherwise agreed to in writing by Fast Light .
2.4 The Client acknowledges and agrees that Fast Light will carry out its trading business 24 hours a day, 5 days a week, from Sunday at 10 pm GMT through to Friday at 10 pm GMT or during such other trading hours as are disclosed on the Website, as applicable in relation to each Underlying or market. Subject to Section 2.6 and to the terms of this Agreement generally, Fast Light will only quote prices and accept Orders or instructions in respect of any Contract during those hours.
2.5 Where, in Fast Light reasonable opinion, a public holiday in any jurisdiction affects the relevant underlying market, Fast Light shall not be obliged to quote prices and will not accept Orders or instructions in respect of any Contract related to that market. Fast Light shall, from time to time, give reasonable notice of such public holidays and the affected Contracts on its website and/or within the Platform. In some cases, Contracts may only be traded during the time when the relevant exchange, where the Underlying is traded, is open. Where trading relates to any such Contract, Fast Light shall not be obliged to quote prices and will not accept Orders or instructions during any time when the relevant exchange is closed for business. Fast Light shall endeavor to inform the Client of the Contracts that are subject to such limited trading hours on its website and/or within the Platform.
2.6 Any change to the trading hours or other information contemplated by Sections 2.5 and 2.6
shall not be treated as an amendment to this Agreement and shall take effect as and when the
relevant determination of Fast Light or event occurs with no need for prior notice to the Client
(without prejudice to the obligations of Fast Light under Section 2.6).
2.7 The Client acknowledges and accepts that in cases where Fast Light is required to do so under the Applicable Provisions and/or applicable and accepted market practice, or where this is required by any counterparty or service provider of Fast Light through which the Fast Light makes available an Electronic Trading Platform or through which Fast Light provides Services to the Client, Fast Light may disclose to such parties information relating to the Client and/or the Services provided and/or Transactions carried out with or for or on behalf of the Client, and the Client shall provide Fast Light for this purpose any information which Fast Light deems to be reasonably necessary. Such disclosures shall be made by Fast Light for the purposes of fulfilling its contractual obligations, its obligations under the Applicable Provisions, for thepurpose of enabling such counterparty or service provider to comply with their obligations under the laws and regulations which apply to them and for the purposes of satisfying the requirements of any Exchange.
2.8 In cases where direct disclosure by the Client is required to be made to any Exchange, clearing house or regulatory or governmental authority, or to any service provider of Fast Light through which the Fast Light makes available an Electronic Trading Platform or through which Fast Light provides Services to the Client, then the Client shall be responsible for, and shall proceed in making, such disclosure.
2.9 Without prejudice to the generality of the above, in cases where any counterparty or service provider of Fast Light through which Fast Light makes available an Electronic Trading Platform or through which Fast Light provides Services to the Client makes an inquiry in respect of any Transaction of the Client, or where an Exchange or any regulatory body or other competent authority makes an inquiry in respect of any Transaction of the Client, the Client undertakes to co-operate with Fast Light in promptly supplying such information and take or refrain from taking such action as Fast Light deems reasonably necessary in connection with such inquiry. - ACCOUNT
3.1. The Client shall open an account with Fast Light (the “Account”) before placing any Orders or instructions or entering into any Contract with Fast Light under this Agreement. No Orders can be placed, and no Contract may be entered into until an Account is opened and cleared funds have been deposited in accordance with this Agreement as well as the Client has concluded all KYC requirements as per the relevant KYC procedures outlined during the onboarding procedure.
3.2 For opening an Account, the Client must complete and sign the Application Form, as well assign this Ag reement for acceptance (subject to Fast Light rights under Sections 3.3. and 3.4.) Following receipt of the Application Form and the additional documents indicated above, Fast Light may carry out all the searches and enquiries that Fast Light deems to be appropriate from time to time to assess the Client’s creditworthiness, including, without limitation, checks from banks, credit reference agencies, and other reputable sources. Fast Light may use creditscoring methods to assess the Client’s Application Form, to verify the Client identity and to consider any changes to the way in which the Client operates the Account. The information may be also used for debt tracing and the prevention of money laundering or terrorism financing as well as for the management of the Account. The Client authorizes Fast Light to use the information to perform the above checks in relation to the Application Form and this Agreement generally.
3.3 The Client shall at all times comply with all Applicable Provisions concerning money laundering, bribery, corruption, and financial crime, as well as any other legislative provisions
applicable to the Client in its own jurisdiction concerning money laundering, bribery, corruption, and financial crime. The Client is under an obligation to provide to Fast Light such
documentation as the Fast Light may reasonably require for the above purpose in accordancewith the Fast Light compliance policies and procedures at the outset of the client relationship as well as on regular intervals thereafter. The Client undertakes to inform the Fast Light of any change in any such information or documentation provided by the Client for these purposes.
3.4 The Client shall inform Fast Light in writing immediately of any material changes to the information provided to Fast Light by means of the Application Form, for example in relation to contact details or any adverse matter relating to the Client’ s financial status. Fast Light shall have no liability to the Client for any action or omission of Fast Light pursuant to the provisions of this clause 3 even if the Client has informed Fast Light of the loss or damage to be suffered by the Client.
3.5 Fast Light may or may not accept the Application Form. If the Application Form is accepted by Fast Light , the Client shall be notified of the Account number and invited to make an initial deposit in accordance with the instructions contained in the Application Form and any other operative indications available on the Website (the “Initial Deposit”). Without prejudice to the right of Fast Light to refuse to enter into any agreement for the provision of Services to any Client or prospective client,Fast Light may refuse to offer any Services unless all documentation required in order to comply with money laundering legislation and Fast Light ’s internal policies is obtained in a form and content satisfactory.
3.6 The Client may only start trading with Fast Light after the Initial Deposit is credited to the Client’s Money bank account of Fast Light as set out in Sections below , however Fast Light may at its discretion authorize the Client to trade immediately for up to 2 business days preceding the date of crediting of the Initial Deposit if satisfactory evidence of the wire order is available to it by loaning part or the full amount of the deposit made.
3.7 The Account shall be opened in the name of the Client (as shown on the client’s valid recent ID/Passport). The Client may also open one or more additional Accounts in its own name. If the Client opens two or more Accounts, Fast Light will treat such Accounts separately subject to the provisions of this Agreement, and any reference to the Account contained herein shall be deemed as a reference to a single Account and not to all Accounts taken together.
3.8 At the Client’s request, Fast Light may, in its absolute discretion, agree to treat two or more Accounts opened by the Client as a single Account, giving notice to the Client in writing. In such a case, any reference to the relevant Account contained in this Agreement shall be deemed as a reference to all Accounts so aggregated by Fast Light .
3.9 The Client may appoint another person to trade on the Account (the “Authorized Representatives”), giving Orders and/or instructions to Fast Light on behalf of the Client. The
Client will need to complete the Authorized Representatives relevant form available by contacting us. Any variation in the person who is authorized by the Client to trade on the
Account shall be notified in writing to Fast Light .
3.10 Any such amendment in relation to the Authorized Representatives shall only take effect once it is effectively communicated to the Fast Light in accordance with clause “Notices and Communication” below and provided that all due diligence documentation required by Fast Light in relation to these persons for the purpose of compliance with its “know your
customer” obligations is provided in form and content acceptable to the Fast Light .
3.11 No liability whatsoever shall arise on the part of Fast Light for accepting any trading instructions by any Authorized Representative authorized by the Client to give trading
instructions ,unless the termination of such authority is notified to Fast Light in accordance with the provisions of clause “Notices and Communication” below prior to the relevant instruction being given, and the Client undertakes to keep Fast Light fully indemnified in the case of any direct or indirect, actual or contingent loss resulting from failure of the Client to notify Fast Light of such termination of authority.
3.12 For the avoidance of doubt, the appointment of the Authorized Representatives shall not prevent the Client from operating the Account directly and Fast Light may not be required to reject or disregard Orders or instructions of the Client in reliance on agreements reached by the Client and the Authorized Representatives, if any, which shall not be binding onFast Light .
3.13 Fast Light shall be authorized to act upon the oral, written or electronic instructions transmitted by the Authorized Representatives or by a person who appears to be the Client or the Authorized Representative even if that person is neither the Client nor an Authorized Representative. In particular, Fast Light shall be entitled to carry out any instructions or Orders transmitted using Client’s username, password and Account number. The Client may request Fast Light to make payments to the Authorized Representative by debiting the Account to the extent cleared funds are available at the time of the request.
3.14 All gains, earnings, losses, costs and liabilities made or incurred by the Client under or in relation to any Contract or any Service provided by Fast Light or otherwise in connection with this Agreement (including commissions charged byFast Light hereunder and exchange gains or losses under Section 3.13) shall be credited or debited to the Account, as applicable.
3.15 The Client may, at any time, withdraw funds from the Account. The amount requested must be available funds, with these available funds subject to the current margin requirements of open positions. Fast Light may, at its discretion, elect to withhold payment (or deduct an amount from it, as applicable) if: (i) Open Contracts show notional losses;
(ii) The relevant funds may reasonably be required to meet future Margin requirements due to underlying market conditions;(iii ) The Client has any contingent liability to Fast Light in respect of any other Account; (iv) Fast Light is required by applicable law or regulations to deduct or withhold such payment; or (v) There is an unresolved dispute between Fast Light and the Client in connection with this Agreement or any related contract.
3.16 The relevant payments shall be made by Fast Light in accordance with Section 3.9. No payment shall be made by Fast Light to any third party (other than Authorized Representatives, as applicable) out of the Client’s Account.
3.17 The Client shall give notice of Client Deposits and submit withdrawal requests to Fast Light using a form available on its website to be sent toFast Light by facsimile or email. - MARGIN
4.1 The Client shall at all times ensure that the balance of the Account is equal to or greater than the sum of all Client Deposits required by Fast Light (each a “Margin”) in relation to open Contracts and any other exposure of the Client related to a Service provided by Fast Light The margin requirement needed in relation to each trading position is available under the trading specifications of each product. Fast Light may vary the Margins in its absolute discretion at any time and the new Margins shall be disclosed as indicated above and shall apply immediately to any new trading position opened by the Client. If Fast Light notifies the Client in writing of the new Margin requirements; these shall also apply immediately to all trading positions of the Client, which were already open at the time of such notice.
4.2 The Client acknowledges and agrees as follows: (i) The balance of the Account must at all times satisfy the Margin requirements established in accordance with Section 4.1; (ii) Section 4.3 shall apply in determining whether the above Margin requirements are satisfied; (iii) The Client must at all times monitor the Account balance against the Margin requirements; (iv) Fast Light may, but shall not be obliged to, inform the Client that the Account balance is insufficient to meet the Margin requirements in relation to existing trading positions and/or for the opening of any new trading position; (v) Failure to meet the Margin requirements constitutes an Event of Default and may have adverse consequences for the Client under this Agreement; and (vi)The Margin requirements are not intended to represent the Client’s entire liability in relation to open trading positions.
4.3 The Client’s open trading positions shall be marked to market on an on-going basis during trading hours. The Client acknowledges and agrees that the Account balance may become
insufficient due to: (i) the market moving against the Client on one or more open trading positions (as a result of which mark-to-market losses will be entered in the Account); (ii) Fast Light re-setting Margin requirements (subject to Section 4.1); and (iii) The Client is allowed to trade by Fast Light notwithstanding Margin requirements are not met. If the Account balance becomes insufficient to meet Margin requirements, then Fast Light :(a) shall not accept new trading orders (however Fast Light may permit the Client to trade, in its absolute discretion, without prejudice to any rights and remedies of Fast Light under this Agreement which will not be deemed to be waived by this decision); (b) May but shall not be required to claim the deposit of additional Margins by the Client; and (c) Shall have a right to close one or more open trading positions of the Client as necessary to reduce Margin requirements below the Account balance. - TRADING
5.1 Upon opening the Account, Fast Light shall provide the Client with a User ID and an Account number. The Client shall set its username and password (the “Access Codes”) to access the trading platform of Fast Light (the “Platform”). The Client can change its password at any such time as the Client deems it necessary. The Access Codes may only be used by the Client or the Authorized Representatives (if appointed) to the exclusion of any other person. The Client shall not disclose the User ID, the Account number and the Access Codes (collectively, the “Account Access Information”) to any person (but the Client may disclose the Access Codes to the Authorized Representatives, if appointed) and shall use best efforts to preserve (and ensure that the Authorized Representatives, if appointed, preserve) the full confidentiality of the Access Codes. The Client shall inform promptly Fast Light in writing if the Client knows or suspectsthat any unauthorized person has acquired (or has attempted to acquire) knowledge of the Account Access Information.
5.2 Fast Light may rely on any access to the Platform with the Access Codes as being made by the Client or the Authorized Representatives (if appointed). In order to protect your computer and person data, Fast Light recommends the use of anti-virus software with regular updates and scans being carried out. Fast Light is not responsible for access gained to the Platform through the Client’s password being ‘stolen’ through a virus or other such software.Fast Light strongly recommends against the use of password management software (whether browser based or thirdparty software). Any access to the Platform, gained through such software, will be the Client’s responsibility, regardless of whether the Client authorizes this. Furthermore, Fast Light strongly recommends locking devices when not in use at all times, and where possible, making use of a password only known by the Client as again Fast Light may rely on the use of the Platform as signaling trades carried out by the Client.
5.3 Unless a different agreement is made with Fast Light , the Client (and the Authorized Representatives, as applicable) shall send all orders relating to a Service provided by Fast Light under this Agreement (the “Orders”) using the Platform in accordance with any terms or instructions relating to the use of the Platform, which may be published on the Website. Where Fast Light agrees to act upon an Order transmitted by phone or in writing, it shall be regarded as doing so on the basis that: (i) the price or the exchange rate (the “Price”) at which the relevant Contract would be entered into is the Price quoted by Fast Light as displayed on the Platform or otherwise, and any such Order will be for a Contract to be entered into at such Price; and (ii) Fast Light will process the Order by entering the relevant Contract into the Platform trading system using the Access Codes provided by the Client (or the Authorized Representatives, as applicable), in each case unless a different intention is expressly and clearly stated by Fast Light in writing. - Fast Light RIGHT TO CLOSE OUT CONTRACTS
6.1 Fast Light may close out all or some of the Client’s trading positions in the following cases:
6.1.1 Fast Light is required to do so by any regulatory or other authority;
6.1.2 Fast Light knows or has reasons to suspect that the trading positions concerned have been opened by the Client in breach of any applicable Law and Regulations;
6.1.3 The Client fails to make Margin or other payments due to Fast Light under this Agreement or does not perform any other obligation owed to Fast Light under this Agreement or any transaction contemplated by this Agreement;6.1.4 The Account balance falls below the Margin requirements established by Fast Light in compliance with Sections 4.1 and 4.3;
6.1.5 A Force Majeure Event occurs;
6.1.6 A Hedging Event occurs with respect to one or more trading positions;
6.1.7 Fast Light exercises closing-out rights subsequent to the variation of this Agreement;
6.1.8 An Act of Insolvency occurs in respect of the Client;
6.1.9 the Client dies or becomes of unsound mind;
6.1.10 the Client (or any Authorized representative acting on its behalf) disaffirms, disclaims or repudiates any obligation under these terms or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of its, in favor of the Fast Light supporting any of the Client’s obligations under these terms 6.1.11 any representation or warranty made or given or deemed made or given by the Client 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;
6.1.12 any action is taken or event occurs which the Fast Light considers might have a material adverse effect upon, the Client’s ability to perform any of its obligations under these terms.
6.1.13 the client takes advantage of delays in respect of prices and he places orders at outdated prices, he trades at off-market prices and/or outside trading hours, he manipulates the system to trade at prices not quoted to it by Fast Light and he performs any other action that constitutes improper trading;
6.1.14 any litigation is commenced between Fast Light and the Client;
6.1.15 the Client persistently acts in an abusive manner when dealing with Fast Light
6.2 Any decision to close out all or some of the Client’s trading positions under Section 6.1 shall be made by Fast Light in its sole absolute discretion. 6.2 On the occurrence of an Event of Default, Fast Light may close any or all of the Client’s Accounts or suspend any or all of the Client’s Accounts and may exercise the Fast Light ’s rights under this clause, except that in the case of the occurrence of the events set out in above in which case termination becomes effective automatically without the need for notice by Fast Light .
6.3 At any time following the occurrence of an Event of Default (other than pursuant to 6.1.8 above), the Fast Light . may, by notice to the Client, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with the following provisions. In the case of (6.1.8) above, the Liquidation Date is deemed to be the date of the occurrence of the Act of Insolvency.
6.4 Upon the occurrence of a Liquidation Date:6.4.1 Neither of the Client 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, setoff or otherwise) of the Liquidation Amount (as defined below);
6.4.1.1 On, or as soon as reasonably practicable after the Liquidation Date, Fast Light shall 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, being United States Dollars (“Base Currency”),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 these terms, 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); - PAYMENTS AND SET-OFF
7.1 It is possible that other costs, including taxes, relating to transactions carried out on the Trading Platform may arise for which the Client is liable, and which are neither paid via us nor imposed by Fast Light . Without derogating from Client’s sole and entire responsibility to account for tax due, the Client agrees that Fast Light may deduct tax, as may be required by the applicable law, with respect to Client’s trading activity on the Trading Platform. The Client acknowledges and is aware that Fast Light have a right of set-off against any amounts in Client’s Trading Account with respect to such tax deductions, and the Client hereby authorizes us to withdraw amounts from the Trading Account with which to pay such taxes. The Client shall have no claim against Fast Light with regard to such deductions. The Client further agrees that such deductions do not derogate from Fast Light ’s rights to make Margin Calls under this Agreement.
7.2 The Client shall be required to pay to Fast Light , in the below but not limited only to these circumstances:
(i) The Margins set out in accordance with Sections 4.1 and 4.3 (subject to a minimum Initial Deposit as indicated in the Rates Schedule);
(ii)The amounts due under any Contracts: For any open position held by you, we will occasionally debit your account for losses, commissions, dividend adjustments, interest, as well as fees incurred and provided by this Agreement
(iii) The amount of any taxes paid by Fast Light on behalf of the Client (if any); (iv) Any indemnity due by the Client under this Agreement; (v) Such additional amounts as Fast Light may reasonably require from time to time to secure the Client’s obligations to Fast Light ; and (vi) Any debit balance on any Account (without duplication).
(vii) To become inactive, the account owner must fail to show activity for a period of one year. The activity also includes contacting a financial institution by phone or over the Internet or making a withdrawal or deposit. Periodic interests, swaps, and dividends that are proceeded automatically are not considered activity. The inactivity fee is 10 USD per month. The fee is imposed on each separate inactive trading account. The company has the right to expropriate the balance of a client who has been inactive for a period of at least three years.7.3 All charges and Commissions due by the Client under this Agreement are set out in the Rates Schedule and may vary from time to time as determined by Fast Light in its full discretion.
7.4 Fast Light shall have the right to withhold or deduct from any payment made to the Client under this Agreement or credited to the Account any amount required by applicable law to be withheld or deducted from any such payment or credit.
7.5 The Client shall be required to indemnify Fast Light from and against all costs, claims, actions, proceedings, damages, expenses and liabilities arising as a consequence of the Client failing to make a tax payment as and when due in relation to any Contract entered into under this Agreement or to reimburse Fast Light for any tax payment made by it on behalf of Client.
7.6 Fast Light shall have the right to set off any credit balance on the Account or other sums due by Fast Light to the Client against any debit balance or other sums due by the Client to it. This set off right may be exercised by Fast Light in its absolute discretion and without notice to the Client. - FORCE MAJEURE AND HEDGING EVENTS
11.1 Any events beyond the control of Fast Light will be deemed as “Force Majeure Events” including, without limitation, the following: (i) Any breakdown or failure of any transmission or communication system or equipment or computer facility or trading software, whether belonging to Fast Light , the Client, any market or any settlement or clearing system occurs;
(ii) Fast Light is unable to maintain an orderly market, in respect of one or more of the Underlying, as a result of the occurrence of any act, omission or event (including, but not limited to, any circumstances beyond the control of Fast Light such as strike, riot, war, terrorism, civil unrest or failure of power to supply, communications or other infrastructure); and
(iii) Any underlying market or Underlying is subject to or affected by, suspension, closure, liquidation, abandonment, the imposition of limits or special or unusual terms, or excessive movement, volatility or loss of liquidity.11.2 If any Force Majeure Event arises, Fast Light shall not be liable to the Client for any failure, hindrance or delay in performing its obligations under this Agreement for the duration of the Force Majeure Event or for taking or omitting to take any action set out in this Section 14.2 below. Fast Light may additionally, at its reasonable discretion and without prejudice to any other rights:
(i) Alter normal trading times;
(ii) Modify Margin requirements (which may result in the Client being required to provide additional Margins);
(iii) Depart or derogate from this Agreement or any Contract entered into insofar as it is impractical or impossible for Fast Light to comply with its obligations;
(iv) Close any or all open Contracts and/or cancel Orders or instructions as Fast Light reasonably deems to be appropriate in the circumstances; and (v) Take or omit to take all such other actions as Fast Light reasonably deems to be appropriate in the circumstances having regard to the position of Fast Light , the Client or other customers. Fast Light shall inform the Client as soon as reasonably practicable if it determines that a Force Majeure Event exists or has existed.
9. Confidentiality
Fast Light will not disclose to the Client any fact, matter or thing in the below but not limited to these circumstances:
(a) if any disclosure would or might be a breach of duty of confidence to any other person;
(b) which comes to the notice of an officer, employee or agent Fast Light or of any associate, but which does not come to the actual notice of the individuals or individual dealing with or for the Client.
Fast Light undertakes to keep all information it receives in connection with these terms private and confidential, even when the Client is no longer a client. Such information will not bedisclosed to any person except to the extent that:
(a) the Client gives its prior consent, which need not be in written form;
(b) Fast Light is required to disclose the information by and to any regulated market of which Fast Light or affiliate company is engaged in for and on the Client’s behalf or are members of,the police, or any other regulatory authority or Court having jurisdiction over Fast Light ;
(c) when the disclosure is done in compliance with any Applicable Provisions or in compliance
with a court order;
(d) when the disclosure is done as part of legal proceedings;
(e) when the disclosure is done in the public interest or is necessary for the purposes of a legitimate interest pursued by Fast Light ;
(f) when an Act of Insolvency commences against the Client.
Under the Applicable Provisions, Fast Light may be obliged to make information about certain transactions public or report transactions. The Client agrees and acknowledges that anyand all proprietary rights in such transaction information are owned Fast Light and the Client waives any duty of confidentiality attaching to the information which Fast Light discloses.
Fast Light and/or other persons acting on its behalf may record communications (including e-mail, instant messaging, facsimile, telephone and other electronic communications) with the Client or the Client’s agent(s) for quality control and security purposes, as a record of the Client’s orders, instructions and related matters and in order to comply (and monitor compliance) with the Applicable Provisions, these terms and any applicable policies and procedures. These records shall be prima facie evidence of any orders or communications monitored or recorded and the Client agrees that such records shall be admissible as such in any legal proceedings. Furthermore, the Client confirms that it will not use, file, or cite as a reason for objecting to the admission of Fast Light records as evidence in any legal proceedings either that records are not originals, are not in writing or are documents produced by a computer.
Fast Light will retain records in accordance with its operational procedures which may change from time to time in its absolute discretion. The Client shall not rely upon Fast Light to comply with the Client’s recordkeeping obligations and that the Client should keep adequate records in accordance with any applicable law and regulations to which the Client is subject.
10. Governing Law and Jurisdiction
These terms and all schedules herewith (including for the avoidance of doubt the provisions of the Investment Services Agreement and the Appendices forming part thereof) and all non-contractual obligations arising in any way whatsoever out of or in connection with are governed by and shall be governed, construed and take effect in accordance with the Laws of Cambodia.
To the extent that the Client may be entitled in any jurisdiction to claim for itself or its property or assets, immunity in respect of the Client’s obligations under these terms from service of process, jurisdiction, suit, judgment, execution, attachment (whether before judgment in aid of execution or otherwise) or legal process to the extent that in any such jurisdiction there may be attributed to the Client or the Client’s property or assets such immunity (whether or not claimed), the Client hereby waives such immunity to the fullest extent permitted by the laws of such jurisdiction.
The rights and remedies of Fast Light and the Client under these terms are cumulative and do not (save as expressly provided in these terms) exclude any rights or remedies provided by law. No failure to exercise or delay in exercising the same shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further or other exercises thereof.