INTRODUCTION
1.1 The ‘Agreement to open an account’ is entered by and between ATH Market Ltd and the Client.
1.2 ATH Market Ltd is registered in St. Lucia to conduct business in accordance with the laws of St. Lucia. Of the present agreement, ATH Market Ltd shall be referred to as “AMLTD”.
1.3 The Agreements as amended from time to time, set out the terms upon which AMLTD will deal with the Client in respect of Instruments. The dealings and relations between AMLTD and the Client whether or not the terms of the Agreements are accepted by the Client and will be conducted in the English language unless otherwise agreed with the Client.
1.4 The Agreements shall govern all trading activity of the Client with AMLTD and should be read carefully by the Client. Amongst other things, they set out those matters which AMLTD may be required to disclose to the Client under the Applicable Regulations.
1.5 The defined terms used in this Agreement are set out in Appendix A (“Interpretation of Terms”).
COMMENCEMENT
2.1 The Agreements will commence on the date on which the Client receives notice from AMLTD in accordance with clause 3.1 and will continue unless or until terminated by either party in accordance with clause 18.
2.2 This Agreement is an initial service agreement which relates to a series of successive or separate operations including, without limitation, Transactions in Instruments.
2.3 AMLTD is not to be required to (and may be unable to under Applicable Regulations) accept the Client as a client until all documentation it requires has been received by AMLTD, properly and fully completed by the Client.
2.4 The Client has no right to cancel the Agreement on the basis that it is a distance contract.
ACCOUNT ACTIVATION
3.1 The Client’s Trading Account will be activated by AMLTD giving notice to the Client as soon as AMLTD has received a completed signed and dated copy of “Application to Open a Personal/Corporate Margin Trading Account” Form and identity checks have been completed to AMLTD’s satisfaction.
3.2 AMLTD has the right to request minimum initial deposit to allow the Client to start using his Trading Account.
3.3 The company reserves the right to adjust the account type depending on the balance. If the balance is above a certain amount, the account may be changed.
CLASSIFICATION
4.1 AMLTD will treat the Client as a Retail Client, Professional Client, or Eligible Counterparty, depending on how the Client completes the “Application to Open a Personal/Corporate Margin Trading Account” Form. The Client is bound by the method of categorization as this method is explained thoroughly under the title “Client Categorization,” attached in the schedule, and by accepting these terms and conditions the Client accepts the application of such method.
4.2 When assessing the Client’s classification and thereafter dealing with the Client, AMLTD will rely upon the truth, accuracy, and completeness of the information provided by the Client in the “Application to Open a Personal/Corporate Margin Trading Account” Form. The Client expressly consents to AMLTD using and relying on all such information in making its assessment and its dealings with the Client.
4.3 If there is a change in the personal circumstances of the Client, the Client must immediately notify AMLTD of the change in writing.
4.4 AMLTD may review the Client’s classification from time to time (subject to complying with regulatory requirements) to re-classify the Client if necessary.
4.5 The Client will be categorized and treated by AMLTD as a Retail Client unless otherwise expressly specified by AMLTD.
CAPACITY
5.1 In relation to any Transaction the Client acts as Principal and not as Agent on behalf of any third party. This means that unless otherwise agreed, AMLTD will treat the Client as a client for all purposes and the Client shall be directly and fully responsible for performing the obligations under each Transaction made by or on behalf of the Client.
5.2 If the Client acts in relation to or on behalf of someone else, whether or not the Client identifies that person, AMLTD shall not accept that person as an indirect client and shall accept no obligation to that person, unless otherwise specifically agreed.
5.3 Any person or Agent notified to AMLTD as being authorized by the Client may give Instructions and Requests to AMLTD concerning any Transaction, or proposed Transaction, or any other matter.
5.4 The Client authorizes AMLTD to rely and act on any Request, Instruction, or other communication received from the Client which purports to have been given by the Client or on behalf of the Client without further inquiry on the part of AMLTD as to the authenticity, genuineness, authority, or identity of the person giving or purporting to give such Request, Instruction, or other communication. The Client will be responsible for and will be bound by all obligations entered into or assumed by AMLTD on behalf of the Client in consequence of or in connection with such Requests, Instructions, or other communications.
5.5 Unless AMLTD receives a written notification from the Client for the termination of the authorization of the person described in clause 5.3., AMLTD will continue accepting Requests, Instructions, or other communication given by such person on the Client’s behalf and the Client will recognize such as valid and committing to him.
5.6 The written notification of clause 5.5. for the termination of the authorization to a third party has to be received by AMLTD with at least five (5) Business Days notice prior to the termination date.
5.7 In the event of the death or mental incapacity of the Client (who is the only person that forms the Client), AMLTD will have no responsibility or liability whatsoever in respect of the actions or omissions or fraud of the authorized third party (appointed under clause 5.3. above) in relation to the Client’s Trading Account and/or Client Money and AMLTD will stop accepting Requests, Instruction, or other communications given from the account of the Client upon AMLTD receiving notice of the death or mental incapacity of the Client.
5.8 In relation to any Transaction, AMLTD acts as Principal for any duly regulated counterparty, according to applicable legislation.
5.9 In relation to any Transaction and the Services provided by AMLTD to the Client, it is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident.
CLIENT MONEY
6.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by AMLTD and held in accordance with Applicable Regulations.
6.2 AMLTD may hold Client Money and the money of other clients in the same bank account (omnibus account), according to Applicable Regulations.
6.3 AMLTD shall not be obliged to pay interest to the Client on any funds which AMLTD holds. The Client waives all rights to interest.
6.4 AMLTD will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for AMLTD, into a Segregated Account (subject to and according to Applicable Regulations).
6.5 Unless the Client has notified AMLTD in writing to the contrary, AMLTD may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside the Marshall Islands or pass money held on the Client’s behalf to an intermediate broker, settlement agent, or OTC counterparty located outside the Marshall Islands. The legal and regulatory regime applying to any such person will be different from that of the Marshall Islands and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in the Marshall Islands. AMLTD will not be liable for the solvency, acts, or omissions of any third party referred to in this clause.
6.6 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least two years (notwithstanding any payments or receipts of charges, interest or similar items) and AMLTD is unable to trace the Client despite having taken reasonable steps to do so, AMLTD may release any Client’s money balances from the Segregated Account.
6.7 The Client agrees that AMLTD shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
