These Terms of Business are split into sections. Which sections apply to you depends on your relationship with us and the Services we provide to you. You should read, understand and familiarize yourself with all Sections of these Terms of Business that are applicable to you.
|Section||Who it applies to|
|A. General Terms||All clients|
|B. Category 1 Services||Any client who receives Category 1 Services|
|C. Category 5 Services||Any client who receives Category 5 Services|
|F. Definitions||All clients|
For the avoidance of doubt, references to the Platform, Account, [Commissions], Transaction and any related terms in Section A will not apply to you if you only receive Category 5 Services.
Unless otherwise stated, words and expressions that begin with a capital letter in the Client Agreement have the meaning set out below:
Abusive Trading Strategies has the meaning assigned to it in [Section B Clause 29].
Account refers to any account you maintain with us for the purposes of trading under these Terms, in which your money or other collateral are maintained, and in which realized profits and/or losses are credited and/or debited.
Account Currency refers to the currency in which an Account is denominated and in which all Deductions and credits will be made.
Account Statement means a periodic statement of trading activities, fees, charges, Commissions and other applicable charges credited or debited to your Account at a specific point in time.
Account Value means the sum of your cash and any net Unrealised Profit or Loss (as applicable), where the net Unrealised Profit or Loss is displayed on our Platform and updated in real time.
Adjustment Event In respect of a Product, where the underlying asset is an index, any change to the index including but not limited to the announcement of a successor index.
Affiliate means, in relation to a person, an entity controlled, directly or indirectly, by the person, an entity that controls, directly or indirectly, the person or an entity directly or indirectly under common control with the person. For the purpose of this definition “control” of an entity or person means ownership of more than 50% of the entity or person, or the ability to control the decisions made by the entity or person.
Applicable Law means any laws, statutes, orders, rules, decisions, provisions, directives, regulations, requirements, conditions, standards, sanctions, guidelines and industry codes having legal effect in any jurisdiction, provided that such laws, statutes, orders, rules, decisions, provisions, directives, regulations, requirements, conditions, standards, sanctions, guidelines or industry codes are existing and in force from time to time and (where relevant in the context) are directly or indirectly applicable to us, you, the Client Agreement, our Website, and/or our Platform.
Application Form has the meaning assigned to it in Section A Clause 1.1
Authorised Person means any one or more persons appointed by you to act and/or give instructions on your behalf in respect of the Client Agreement pursuant to a Power of Attorney
Available Equity means the amount equal to your current Account Value after accounting for any Margin Requirements.
Business Day means any day (other than a Saturday or Sunday) on which banks are open for business in United Arab Emirates.
Category 1 Services means the execution only trading services we provide pursuant to the Client Agreement.
Category 5 Services means the [promotion, introduction, financial consultancy] services that we provide pursuant to the Client Agreement.
Century Financial Group means Century Financial, any undertaking that is a direct or indirect shareholder or controller in Century Financial and any subsidiary undertaking of the same.
CFD means a contract for difference, including any cash settled contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in: (i) the value or price of property of any description; or (ii) an index or other factor designated for that purpose in the contract.
Close-Out Level means in relation to any Account, the applicable level at which we may close the whole or a portion of your Transactions as necessary.
Commission means an amount charged when opening and closing a Transaction or Position, as specified in the Product Library and which we may amend from time to time.
Conflicts of Interest Policy means our procedures for identifying and managing conflicts of interest as set out on our Website and Platform from time to time.
Complaints Policy means our complaints policy which sets out our process and procedure for handling complaints as made available on our Website.
Corporate Action means any action or event, whether temporary or otherwise, in relation to an underlying asset of a Product, or in relation to the issuer of an underlying asset, which would have an effect on the value, legal characteristics or ability to trade the underlying asset or a financial derivative based on or referencing such underlying asset.
Counterparty has the meaning given to it in the SCA Rulebook.
Currency Conversion Rate means the relevant currency exchange rate at the relevant time, at which we will convert values in a Product Currency into the Account Currency.
Event of Default has meaning assigned to it in [Section B Clause 18].
Fee Schedule means: (i) the document titled “Fee Schedule” containing information on our fees, Commissions and charges that is applicable to all Accounts; and (ii) information relating to fees and charges set out in our Product Library, in each case as updated from time to time.
Force Majeure Event means any event which is beyond the reasonable control of a party and which renders the performance of all or part of the obligations of such party to be virtually impossible or economically impracticable, including without limitation: acts of civil or military authorities, strikes or other labour disputes, insurrections, turmoil, wars and the like, floods, fires, droughts and other acts of God, any excessive movement, volatility, or a loss of liquidity in any relevant market or financial Instrument or when we have reasonable grounds to anticipate that any of the aforementioned events are about to take place, acts and regulations of any governmental or supra national bodies or authorities (which in our reasonable opinion prevents an orderly market in relation to Orders or Transactions), as well as any event relating to power, reception or routing via internet, configuration of equipment or reliability of connections, breakdown or failure of any transmission or communication system or equipment or computer facility or trading software, including any settlement or clearing system.
Holding Cost means the Amount charged or paid for holding a Position open at the end of each trading day, calculated in accordance with the information provided on our Platform.
Insolvency Event means: (i) the appointment of a receiver, administrator, manager, administrative receiver or similar officer in relation to you; (ii) if any encumbrancer takes possession of or sells, all or any part of your assets or business; (iii) you are deemed unable to pay your debts as they become due; (iv) an application is made for an interim order, or a proposal is made for you to enter into a voluntary arrangement, or you enter into a deed of arrangement, or a bankruptcy petition is presented to the Court in respect of you; (v) if you are a body corporate, a resolution is passed or an order is made for your winding up, dissolution or administration; or (vi) if you become bankrupt or insolvent or any event that is analogous to those set out in items (i), (ii), (iii), (iv) or (v) of this definition applies to you. If you are a partnership or have a Joint Account, the occurrence of any of the events listed in items (i) to (vi) above in relation to any one partner or Joint Account Holder shall constitute an Insolvency Event.
Intellectual Property Rights means any and all: (i) intellectual property rights, including copyright and related rights, patents, utility models, trademarks, service marks, trade names, domain names, moral rights, trade secrets, rights to inventions, logos, rights in get-up, goodwill and the right to sue for passing off and unfair competition, rights in computer software (including to the source code and object code), inventions, semi-conductor topography rights, database rights, rights in databases, rights in designs, design rights, know-how and confidential information whether in software or otherwise and whether registered or unregistered; (ii) applications for registration, and the right to apply for registration, renewal or extension of any of these rights, the rights to claim priority from any such rights; and (iii) any and all other intellectual property and proprietary rights and equivalent forms of protection or of similar effect existing, now or in the future, anywhere in the world.
Joint Account means an Account held in the name of two or more persons.
Joint Account Holder means any one or all persons (as applicable) in whose name a Joint Account is held.
Loss or Losses means any and all losses, damages, costs, fees (including, but not limited to, lawyers’ fees), charges, expenses, disbursements, taxes, duties or levies, obligations, penalties, claims, demands, actions, proceedings, judgments, suits of whatsoever nature and regardless of how they arise.
Market means a regulated market accepted by us, such as an exchange, clearing house, central clearing counterparty, multilateral trading facility or an organised trading facility.
Manifest Error has the meaning assigned to it in Section B Clause [ ].
Manual Product means a Product in respect of which we will only accept Orders or allow you to enter into Transactions through our client management team.
Margin means the amount of money you are required to deposit a or hold in your Account in order to place an Order for a Transaction or maintain an Open Position;
Margin Call Warning means a demand for such sums by way of Margin (whether by telephone, by email or in any other form) as we may, in our sole and absolute discretion, require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under these Terms
Margin Rate means with respect to any Product, the percentage rate applicable to each tier of a Transaction, as specified in the Product Library from time to time.
Margin Requirement means the amount of Margin that you are required to deposit and/or hold with us as consideration for entering into a Transaction and/or maintaining an Open Position.
Open Position means a Transaction which has not been liquidated or closed in whole or in part under these Terms.
Order means an offer submitted by you or on your behalf through our Platform, including through our client management team, to enter into a Transaction or to close a Transaction. Unless specified or the context suggests otherwise, all references to Orders include Orders for Manual Products and Pending Orders.
Order Execution Policy means our order execution policy summary which details how we execute Orders which is made available on our Website.
Ordinary Investor has the meaning given to it in the SCA Rulebook.
Pending Order means an Order with a specific Price identified, which has not yet been executed.
Platform means our electronic trading platform, which can be downloaded and/or accessed using specific electronic methods as advised to you by (such as our Website) or by downloading our application for an electronic device (such as a computer, tablet, mobile phone).
Power of Attorney means the power of attorney pursuant to which you appoint an Authorised Person to act and/or give instructions on your behalf in connection with your Account.
Position means an exposure to an underlying instrument in relation to a Product that you have traded. A position may be opened or closed out, whether by you or by us, by either buying or selling a Product on the Platform, in accordance with the Client Agreement.
Price means the buy price or sell price of a Product, which is generated by our Platform and/or provided by our client management team (and may be indicated as “Price”, or other similar variations) from time to time.
Principal means a person which is a party to a Transaction.
Product means an instrument permitted by SCA from time to time in accordance with our SCA license, which may include [spot bullion and currencies and CFDs where the underlying instruments are commodities, indices, currencies, equities and base metals, precious metals, crypto or other assets as we may offer from time to time]; in relation to which you enter into Transactions. Details of all Products on which we may accept Orders are listed in the Product Library.
Product Currency means the currency that a particular Product, which is usually denominated in the currency of the Underlying Market/exchange or as otherwise stipulated in our Platform or the Product Library, is denominated.
Product Library or Specifications mean the section of our Platform that contains the list of Products and key information in relation to each Product.
Professional Investor has the meaning given to it in the SCA Rulebook.
Reduce Only means a setting on your Account which only permits buy or sell orders which reduce a current Open Position.
Referral Agent has the meaning set out in Clause Section B Clause 23.
Risk Warning Notice means the notice that we are required to provide to you under Applicable Law in respect of any Transaction on any Product, which is made available on our Website.
SCA Rulebook means The Chairman of the Authority’s Board of Directors’ Decision No. (13/Chairman) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanism, as updated, amended and/or replaced from time to time.
Secure Website means, as applicable, a password protected section of our Website or the Platform, through which you can access your Account.
Third Party Fees has the meaning set out in Section B [Clause 34].
Transaction means a contract or a transaction in a Product, including a CFD, between you and us which has been accepted and executed by us through our Platform in accordance with the Client Agreement.
Underlying Market means the Market for a specific financial instrument on which our Products are priced.
Unrealised Profit or Loss refers to the amount calculated in accordance with information available on the Platform. Platform will display the unrealized profit or loss based on the current relevant buy or sell price.
Website means the website of Century Financial Consultancy LLC as available on www.century.ae