AETRAM TRADES MERCHANTS LLC

Terms & Conditions

AETRAM TRADES MERCHANTS LLC

Risk Warning

Trading leveraged derivative products such as Foreign Exchange (Forex) and Contracts for Difference (CFDs) carries a high level of risk to your capital. All these derivative products, many of which are leveraged. may not be appropriate for all investors. The effect of leverage is that both gains and losses are magnified.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% to 80% of retail investor accounts lose money when trading CFDs with AETRAM TRADES MERCHANTS LLC. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Before deciding to invest in any financial product, you should carefully consider your investment objectives, trading knowledge and experience and affordability. You should only trade in Forex and CFDs if you have sufficient knowledge and experience of the risks involved in trading such products and if you are dealing with money that you can afford to lose. You should seek independent professional financial advice if you do not understand the risks involved.

1. Introduction

This document (referred to as "Terms of Business") is part of a wider agreement between you (also referred to as "our client", "the client", "your" and "yourself") and AETRAM TRADES MERCHANTS LLC(also referred to as "AETRAM TRADES MERCHANTS LLC", "we', "us", "our" or "the Company" and sets out the terms and conditions (referred to as "Terms") governing your trading account (referred to as "Account") and all trading carried out in your Account with us.

Our agreement with you consists of several documents and also certain key product information that can be accessed through our Website or our Platform and specifically comprises:

These Terms (including the Schedules);

Any application that you submit to open an Account; are together referred to herein as the "Agreement". We will notify you of any changes to the Agreement (as more fully explained in clause 1.4). You must ensure that you keep yourself informed of these changes.

There are additional documents and information available to you on our Website and through our Platform that provide more details on us and your activities carried on with us. By entering into this Agreement with AETRAM TRADES MERCHANTS LLC, you are also agreeing to the terms of our Policies below.

Best Execution Policy, which explains certain aspects of how our Platform has quoted Prices and deals with Orders, Forex, CFD and Range Spreads Trades:

Any instructions, guides, worked examples webinars or videos published or provided by us on our Website and/or Platform on how to enter into and close Forex and CFD Trades.

From time to time we may offer new Services or Products to you (where such Services or Products are permitted to be provided to you pursuant to applicable Regulations) and any such additional Services or Products will, in the absence of a separate agreement between you and us, be subject to this Agreement as may be amended from time to time.

If there is any conflict between this Agreement and the Financial Services and Markets Act 2000 (the "Act") or Applicable Regulations, the Act and Applicable Regulations will prevail. Nothing in this Agreement will exclude or restrict any duty or liability owed by us to you under the Act or Applicable Regulations under which we are not permitted to exclude or restrict.

We assume no greater responsibility or fiduciary duty than that imposed by the Applicable Regulations or the express Terms of this Terms of business.

For your own benefit and protection, you should take sufficient time to read the Agreement, as well as the additional documents and information available on our Website and through our Platform, before you apply to open an Account and/or place any Forex and CFD Trades on our available Platforms. This Terms of business contains important information about your and our rights and obligations in relation to the services we agree to provide you. You should contact us as promptly as possible to ask for further information or if there is anything you do not understand.

It is our intention that:

the Agreement contains all the terms and conditions that govern our relationship and your activities carried on with us through our Platform;

the Agreement supersedes any prior oral or written representations, arrangements, understandings and/or agreements between you and us which relate to your activities carried on through our Platform: and

any acts, omissions or representations (oral or otherwise) made by you or us (including any of our staff and/or client management team who you have dealings with) shall not amend or take priority over the Agreement.

2. General Information

Our Services

Subject to the Terms of this terms of business and acceptance of your application to open an Account with us, we will maintain one or more Accounts in your name and will provide execution-only (non-advised) brokerage services for Forex Transactions and CFD Transactions and provide brokerage services for Transactions in such other products as we may. in our sole discretion, determine from time to time in the future. Unless expressly stated otherwise in writing, all contracts and Transactions entered into between us shall be governed by the Terms of this Terms of business, as amended from time to time.

Commencement

This Terms of business supersedes any previous agreement between us on the same subject matter and takes effect when you signify your acceptance of this Terms of business by executing the Client Account Application. By executing the Client Account application you confirm that you have read, understood and agree to be bound by this Terms of business with us.

Amendments

We may amend any part of this Agreement by giving written notice to you. Any amendments we make must be in accordance with Applicable Regulations. We will only make amendments for a valid reason. Any amendments to the Agreement that we give you notice of, will take effect on the date specified in our notice to you, which will be at least ten (10) Business Days after we send our notice to you.

If you are not happy with the amendment, you will be free to close your Account and/or terminate the Agreement in accordance with clause 15 before the amendment takes effect. During that period, subject to the terms of the Agreement, you will be able to close your open Trades and cancel your Pending Orders if you wish. Unless we state otherwise, changes we notify to you will affect all ongoing business between us and you, including Pending Orders of Forex and CFD Trades.

Any amendment requested by you must be agreed in a formal amendment agreement by us. Unless expressly agreed otherwise by us, an amendment will not affect any outstanding Order or Transaction or any legal rights or obligations which may already have arisen.

Our Services

3. Interpetation General

Interpretations

A reference in this Terms of business to a "Clause" or "Schedule" will be construed as a reference to, respectively, a Clause of or Schedule to this Terms of business, unless the context requires otherwise. References in this Terms of business to any statute or statutory instrument or Applicable Regulations include any modification. amendment. extension or re-enactment. A reference in this Terms of business to any "Document" will be construed to include any electronic document. References to persons include body corporates, unincorporated associations and partnerships/ persons, firms, companies, corporations, governments, states or agencies of a state or any associations or partnerships of two or more such persons (whether or not having separate legal personality). The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the FCA's Rules have the same meanings in this Terms of business unless expressly defined in this Terms of business. Any times or deadlines referred to in this Terms of business, whether by reference to specific hours or otherwise, are based on local times in London, UK.

This Terms of business and the Schedules

The Schedules form part of this Terms of business. We may from time to time send to you further schedules with respect to a specific Market or class of Financial Instruments or Commodity which will also form part of this Terms of business.

Headings

Headings are for ease of reference only and do not form part of this Terms of business.

Time of Essence

Time will be of the essence in respect of all your obligations under or in connection with this Terms of business and any Transaction.

4. Regulatory Matters

Client Categorization

For the purposes of the services provided by AETRAM TRADES MERCHANTS LLC under this Terms of business, subject to clauses 4.2.2 & 4.2.3, for the purposes of Applicable Regulations we will treat you as a Retail Client, unless we have informed you otherwise in writing.

If we have categorized you as a Professional Client (whether or not at your request) you will not be entitled to certain protections afforded to Retail Clients by Applicable Regulations, including certain protections under the FCA's client money rules. You had the right to request a different client categorization (e.g. as a Retail Client or Eligible Counterparty). If you request a different client categorization, you should notify us in writing and we will contact you to explain the process and any additional requirements applicable to the change.

Clients whose accounts are being traded on using a Multi Account Manager (referred to as 'MAM"), in certain circumstances may be required to be classified as Professional Clients, subject to meeting certain criteria in accordance with Applicable Regulations. We will contact you to explain the process and any additional requirements applicable to your client classification as a professional client.

Non-Advised Trade Execution

Your Orders are executed exclusively via a bilateral transaction with us. We are the counterparty to all Transactions and we will act as principal and not as agent on your behalf. All Transactions will be entered into on a non-advised basis. You will open each Transaction with us acting as principal and not as agent for any undisclosed person. This means that unless we have otherwise agreed in writing, we will treat you as our client for all purposes and you will be directly and personally responsible for performing your obligations under each Transaction entered into by you, whether you are dealing with us directly or through an agent. If you act in connection with or on behalf of someone else, whether or not you identify that person to us, we will not accept that person as an indirect customer of ours and we will accept no obligation to them unless otherwise specifically agreed in writing. Transactions are performed by us on the receipt of instructions from you and on a non-advised basis. We are under no obligation to satisfy ourselves as to the suitability of any Transaction, to monitor or advise upon its performance or, subject to Applicable Regulations, to make Margin Calls or to close any Transaction that you have opened.

We do not provide investment, financial legal, tax, regulatory or similar advice. We will not make personal recommendations to you or provide you advice on the merits or suitabi of purchasing, selling or otherwise dealing in particular investments or executing particular Transactions, their legal, tax, accounting or other consequences or the composition of any account or any other rights or obligations attaching to such investments or Transactions. Your execution of the Client Account Application acknowledges that it is your decision as to whether to deal in particular investments or execute particular transactions and that AETRAM TRADES MERCHANTS LLC takes no responsibility for the suitability of any Transaction placed by you in accordance with your personal circumstances.

Any information supplied by or on our behalf should not (and will not be deemed to) be taken to constitute advice to you on the suitability, risks and merits or demerits of any specific Transaction. You should bear in mind that merely explaining the terms of a Transaction or Financial Instrument or its performance characteristics does not itself amount to advice on the merits of the investment.

Any information or other features provided to you on our Website, through our Platform, via e-mail or via telephone, at any training events or otherwise, is generic and must not be treated as advice that is suitable for you or as advice that is based on a consideration of your personal circumstances. Such information and features are provided merely to assist you in exercising your own judgment when trading on our Platform and we are not responsible for any investment decisions that you make.

You acknowledge and agree that you are capable of assessing the merits of and understand and accept the nature and risks of Trades entered into under this Agreement, and that you do not and will not rely on advice from us in relation to the merits of any Trade.

Your execution and submission of the Client Account Application will be treated as your acknowledgment that you are aware that we deal with you on as principal operating on a non- advised basis and that you have not asked for nor received advice.

If you believe that you have been provided with investment advice, you acknowledge that it is given without authority and you should not rely upon it.

Where we do provide general trading recommendations, Market commentary or other information:

This is incidental to your dealing relationship with us. It is provided solely to enable you to make your own investment decisions and does not amount to a personal recommendation or to advice:

We give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the legal, tax or accountancy consequences of any Transaction; and

Where information is in the form of a document containing a restriction on the person or category of persons for whom that document intended or to whom it is distributed, you agree that you will not pass it on contrary to that restriction.

Governing Law and Jurisdiction

A Transaction which is subject to the Rules of a Market shall be governed by the law applicable to it under those Rules. Subject to immediately preceding sentence, this Agreement and all Transactions will be governed by and construed in accordance with the laws of England and Wales.

Without prejudice to any rights you may have to refer a complaint to the Financial Ombudsman Service ("FOS") where each of the parties irrevocably:

agrees that the courts of England will have exclusive jurisdiction to hear all and any disputes or claims (of any and every kind, whether based on the Agreement, statute, regulation, case law or otherwise) arising out of, relating to, or connected with the Agreement, including as to its interpretation, validity, application or breach; and

agrees that the courts of England will have exclusive jurisdiction to settle any Proceedings and submits to the jurisdiction of such courts (provided that this will not prevent us from bringing any proceedings against you in the courts of any other jurisdiction); and

waives any objection which it may have at any time to the laying of venue in respect of any Proceeding brought in any such court and agrees not to claim that such Proceeding has been brought in an inconvenient forum or that such court does not have jurisdiction over it.

Subject to Applicable Regulations

This Terms of business and all Transactions are subject to Applicable Regulations so that:

If there is any conflict between this Terms of business and any Applicable Regulations, the latter will prevail; and

We may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations and whatever we do or fail to do in order to comply with them will be binding on you.

You acknowledge that you are solely responsible for, and that neither AETRAM TRADES MERCHANTS LLC nor any of its Affiliates has any responsibility for, your compliance with any laws, Applicable Regulations or rules applicable to your use of the services provided by us under this Terms of business including, but not limited to, any laws, Applicable Regulations or rules, in your or any other jurisdiction, relating to tax, foreign exchange and capital control, and for reporting or filing requirements that may apply as a result of your country of citizenship, domicile, residence or tax-paying status.

Risk Disclosures

In Schedule 2, you are provided with a General Risk Disclosure Notice in compliance with FCA Rules. The General Risk Disclosure Notice sets out the particular investment risk of investing in complex financial instruments. Your execution of the Client Account Application will be treated as your informed acknowledgment that you have carefully read and are prepared to accept the risks outlined in the General Risk Disclosure Notice of this Terms of business and the Risk Warning Notice available on our website.

If there is anything you do not understand it is recommended that you seek professional independent financial and/or legal advice, in particular, regarding the appropriateness of trading in complex financial instruments in accordance with your knowledge and experience, personal and financial circumstances.

You should note, in particular, that trading on Margin involves significant risks and that:

you can lose the total sum invested for trading;

if the Market moves against your position or Margin rates are increased there may be insufficient money in your Account to satisfy Margin requirements and we may automatically liquidate any or all of your positions at a loss; and

AETRAM TRADES MERCHANTS LLC does not guarantee the performance of any given trading Account, Platform nor that will any trading account achieve a particular rate of return.

Conflicts of Interests

We are required to have arrangements in place to manage conflicts of interest between us and our clients and between different clients. We operate in accordance with a conflicts of interest policy we have put in place for this purpose (which may be revised or updated from time to time) pursuant to Applicable Regulations in which we have identified those situations in which there may be a conflict of interest, and in each case, the steps we have taken to manage that conflict.

We shall not be obliged to disclose to you or take into consideration any fact, matter or finding which might involve a breach of duty or confidence to any other person, or which comes to the notice of any of our directors, officers, employees or agents but does not come to the actual notice of the individual or individuals dealing with you.

The relationship between you and us is as described in this Terms of business. Neither that relationship, nor the services we provide nor any other matter, will give rise to any fiduciary or equitable duties on our part or on the part of any of our Affiliates. As a result, we or any of our

Affiliates involved in doing business with or for you may act as both Market marker and broker, principal and agent and we or any of our Affiliates may do business with other clients and other investors whether for our own or such Affiliate's own account.

You accept that we and our Affiliates may either:

Have interests which conflict with your interests; or

Owe duties which conflict with duties which would otherwise be owed to you; and

In either case, you consent to our acting in manner which we consider appropriate in such cases subject to Applicable Regulations.

Market Abuse

By entering into any Transaction you are not acting in any way which is intended to or may be considered to be "Insider Dealing" or "Market Abuse" as terms defined in the Act, nor are you acting with the intention of contravening any other provision of the Act; the FCA Rules, or any other Applicable Regulation.

For the purposes of this clause, you agree that we may proceed on the basis that, when you open or close a Trade with us in a Market, you may be treated as dealing in securities within the meaning of Part V of the Criminal Justice Act 1993 and/or the Financial Services and Markets Act 2000 and/or any other law, FCA Rule or Applicable regulation against Market Abuse; and

You acknowledge that it would be improper for you to deal in the Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions.

5. Charges and Payments

Charges

You will pay our charges as agreed with you from time to time or we may deduct such charges from any funds held by us on your behalf.

We may charge a mark-up or mark-down (the difference between the price at which we take a principal position and the Transaction execution price with you).

We may alternatively agree to charge a commission or a combination of commission and mark-up or mark-down.

Where your Account was introduced to us by an introducing broker a portion of the charges or Commissions paid by you may be given to the introducing broker.

Currency Indemnity

If we receive or recover any amount in respect of an obligation of yours in a Currency other than that in which such amount was payable, whether pursuant to a judgment of any court or otherwise, you shall indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss suffered by us as a result of receiving such amount in a Currency other than the Currency in which it was due.

Conversion of Foreign Currency Amounts

If you direct AETRAM TRADES MERCHANTS LLC to fund Margin from funds denominated in a foreign currency held on your Account, AETRAM TRADES MERCHANTS LLC will be authorized to convert those funds for Margin at a rate of exchange determined by AETRAM TRADES MERCHANTS LLC. who will not be liable to you for any loss suffered by you as a result of any such conversion.

Payments and Deliveries Net

Unless we give you written notice to the contrary, all payments and deliveries between us shall be made on a net basis and we shall not be obliged to deliver any asset or make any payment to you or both (as the case may be) unless and until we have received from you the appropriate documents and any cleared funds.

Remuneration and Sharing Charges

We may receive remuneration from, or share a percentage of our charges, with any Affiliates or third parties who have introduced you to us or in connection with Transactions carried out on your behalf. Details of such remuneration or sharing arrangements will be made available to you on written request.

6. Right of Set-Off

We may at any time set off, without prior notice to you or any other requirement, any obligation (whether or not such obligation is matured or contingent, whether or not arising under this Terms of business or under or in connection with any other agreement, transaction or instrument, and regardless of the currency, place of payment or booking office of the obligation) you or any of your Affiliates may from time to time owe to us or any of our Affiliates, as reasonably determined by us, against any obligation (whether or not such obligation is matured or contingent, whether or not arising under this Terms of business or under or in connection with any other agreement, transaction or instrument, and regardless of the currency, place of payment or booking office of the obligation) we or any of our Affiliates may then owe to you or any of your Affiliates, as reasonably determined by us.

For the purpose of any cross-currency set-off, we may convert either obligation at the applicable Market exchange rate selected by us on the relevant date.

If the amount of any obligation is unascertained, we may in good faith estimate that amount and set off in respect of the estimate, subject to us accounting to you when the amount of the obligation is ascertained.

Our rights under this clause 6 will be in addition to any other right of set-off or similar right we may have, whether as a matter of contract, under common law, or otherwise.

7. Taxes

Charges

Unless specified by us separately in a format prescribed solely by us, you are responsible for all taxes (UK or foreign) that may arise as a result of or in connection with a Transaction, whether under current or changed law or practice. We shall have no responsibility for any of your tax liabilities, or for providing information or advice in respect of such liabilities and shall not be responsible for notifying you of a change in tax law or practice.

You shall indemnify us and hold us harmless for and against all costs, claims, demands and expenses arising as a result of or in connection with any failure by you to reimburse the Indemnified Party in accordance with this clause.

8. Material Interests and Information Barriers

Material Interests

Your attention is drawn to the fact that when we deal with you or for you, we or an Affiliate or some other person connected with us, may have another interest, relationship or arrangement that is material. Without limiting the nature of such interests, examples include where we or an Affiliate could be:

Dealing or quoting prices to the Markets, in the investment, a related investment or an asset underlying the investment, as principal for our (or its) own account or that of someone else. This could include selling to you or buying from you and also dealing with or using the services of an intermediate broker or other agent who may be an Affiliate;

Matching (e.g. by way of a cross) your Transaction with that of another Client by acting on his behalf as well as yours; and

Advising and providing other services to Affiliates or other Clients who may have interests in investments underlying assets which conflict with your own.

You accept that we and our Affiliates may have interests which conflict with your interests and may owe duties which conflict with duties which would otherwise be owed to you, and consent to our acting in any manner which we consider appropriate in such cases subject to Applicable Regulations.

No Liability to Disclose or Account

We will comply with Applicable Regulations binding on us, but we shall be under no further duty to disclose any interest to you, including any benefit, profit, commission or other remuneration made or received by reason of any Transaction or any related transaction or position.

Information Barriers

Where necessary we maintain arrangements which restrict access by our employees to information relating to areas of our business (and that of Affiliates) with which, and the affairs of clients with whom, they are not directly concerned. Accordingly, we shall not be required to have regard to or disclose to you.

9. Account Opening

You and Your Account

An Account must be opened prior to entering into any Transaction with AETRAM TRADES MERCHANTS LLC. No Orders can be placed until an Account has been opened and cleared funds received.

Without prejudice to the foregoing, if AETRAM TRADES MERCHANTS LLC permits you to place an Order notwithstanding that an Account has not been opened, or cleared funds received, this shall not limit your liability to AETRAM TRADES MERCHANTS LLC pursuant to this Terms of business in respect of the Order placed. AETRAM TRADES MERCHANTS LLC may, at its absolute discretion, refuse to accept you as a client for whatever reason but will notify you of any such refusal, without giving any reasons. as soon as reasonably practicable.

You must record information regarding your investment knowledge and experience in the Client Account Application. On the basis of this information and in accordance with the Applicable Regulations, we will use the information we have about you to assess whether or not you have sufficient knowledge and experience to understand the risks involved in trading Forex, CFDs or other leveraged derivative products on our trading Platforms and subsequently whether a trading Account is appropriate for you.

We may rely on the information that you provide us in your Client Account Application as being correct at all times, unless you notify us otherwise. It is your responsibility to promptly inform us in writing if at any time during your relationship with AETRAM TRADES MERCHANTS LLC you become aware of any information or circumstances which might reasonably indicate that our initial assessment should be changed.

If you are classified as a Professional Client we will make certain assumptions about the appropriateness of the services to be provided. and we will be entitled to assume that you have the requisite knowledge and experience to enter into Transactions. If you do not consider this to be the case, you must make us aware of this prior to entering into any Transactions and provide us with all relevant information as to the level of your knowledge and experience.

To assess your creditworthiness, manage credit risk and to prevent fraud (or other criminal activity) you acknowledge and agree that we may:

make periodic searches and enquiries about you and any Related Party at credit reference agencies, and your employers and any other relevant parties (as applicable);

disclose information to organizations involved in fraud prevention; and

obtain information from and disclose information to other broker-dealers or investment managers which deal in or manage investments for you concerning any payment or security default or concerning any investment which is related to or connected with Transactions which you seek to open with us.

Any limits for your Account (including any credit limits) may be set and varied from time to time with regard to your credit status and, where applicable, the amount of funds deposited by you with us which may, in its sole discretion apply a limit to:

the size of any Transaction or series of Transactions that you may enter into; and

the amount of any loss or liability to which you may be exposed.

Account limits do not limit or represent your liability for losses to AETRAM TRADES MERCHANTS LLC, and the funds you may have from time to time on deposit with us as Margin or otherwise do not represent any limit upon your financial liability to us.

When your Account is opened you will have access to the Trading Systems or Platforms enabled by a password which shall be for your personal use only and which you shall keep secret and not disclose to any third party nor allow any third party to use or otherwise gain access to the Trading Systems in your name or on your Account.

If we accept your application and open an Account for you, we will confirm this in writing and provide you with details on how to access your Account through our Platform. Please do not attempt to send us any money before we have confirmed that the Account has been opened, as your payment may be rejected.

You accept full responsibility for any transaction that may occur on an account opened, held or accessed through the use of the password provided by AETRAM TRADES MERCHANTS LLC, even if such use may be unauthorized or wrongful. You agree to accept full responsibility for the use of the on-line trading facility, for any orders transmitted through the on-line trading facility and for all communications and the accuracy of all information sent via the on-line trading facility using your name, password or any other personal identification means implemented to identify you.

You warrant and agree that any person who is in possession of any password has been authorized by you, and you acknowledge that you will be responsible for any actions on the account associated with the use of its password. You agree to notify AETRAM TRADES MERCHANTS LLC immediately should you become aware of any unauthorized use, loss or theft of you. username, password or account numbers; or inaccurate information with respect to the content of statements including, cash balances, open positions or transaction history.

Access to the Trading Platforms is furnished pursuant to a non-exclusive, non-transferable, revocable license and their use is subject to the terms of this Agreement.

10. Communications

Language of Communication

All AETRAM TRADES MERCHANTS LLC standard documents will be available in English. If a document is translated into another language this will be for convenience purposes only and the English version will prevail.

Where we are able and it is commercially reasonable to do so, we will endeavor to provide you with documentation and communications in your choice of language; however, we reserve the right to communicate with you in English so long as this Agreement is in effect.

Communications in Writing

Where the Agreement or Applicable Regulation requires us to communicate with you in writing', we will generally make such communications to you via e-mail, although on certain occasions we may use post if doing so is more appropriate or required under the circumstances or by Applicable Regulations and if we have your postal contact details.

Where the Agreement requires you to communicate to us in writing, you can either send us a secure message through our Website's Chat facility (which directs your messages to AETRAM TRADES MERCHANTS LLC Support Team), or send us an e-mail from the e-mail address associated with your Account to [email protected] or send us a letter by post, but be aware that messages will reach us quicker if they are sent electronically through Chat or email.

You consent to us providing you with information through our Platform, by e-mail and/or by placing information on our website. You also authorize us to communicate with you by letter, telephone, text message ("SMS") or e-mail, to discuss matters in relation to your Account, at any time whatsoever and agree that we may record all such communications.

11. Account Payments the Cash

Balance of Your Account

Your Account will be debited from time to time by the amount of each payment made by us to you at your request pursuant to this Terms of business, by the deduction of our charges and by

potential Realized Losses payable arising as a result of or in connection with a Transaction.

Unless otherwise agreed, you acknowledge and agree that no interest will accrue on any cash balance in your Account and that AETRAM TRADES MERCHANTS LLC will not be liable to pay you any such interest.

We will only accept deposits from you by BACS, telegraphic transfer, SWIFT and credit or debit card. No cash or cheques will be accepted. Payments may be denominated in UK Pounds Sterling, US Dollars, Euros, or any other Currency agreed in advance with us.

Base currency

You shall designate a base currency for your Account US Dollars currency agreed in advance with us referred to as the "Account Base Currency".

Any sums deposited in your Account, if in a Currency other than the Account Base Currency, may be converted to that Account Base Currency at the prevailing conversion rate as designated by us unless alternative instructions from you are accepted by us.

If any interest costs, commission and other charges to be debited to your Account are in a currency other than the Account Base Currency they may be converted to that Account Base Currency at the prevailing conversion rate as designated by us.

All payments from your Account will be made on your request in the Account Base Currency unless another Currency is agreed in advance between you and us and will be made by BACS transfer, Telegraphic Transfer, SWIFT or, where payments were made by debit or credit card, and it is permitted, transfer of funds to the relevant credit or debit card account. We shall not be obliged to make any payment to you unless your cash balance remaining after making the payment would be sufficient to cover your Margin and any unrealized losses in relation to your open Transactions on your Accounts.

Payment and Withdrawal Conditions

You agree to make payments due to us under this Terms of business in accordance with the following Terms:

all electronic or telegraphic transfer or other bank fees in respect of payments by you will be your sole responsibility;

any payment made to us will only be treated as received when we receive cleared funds;

if any payment is not received by us on the due date for payment then. without limitation of any other rights which we may have, we will be entitled to charge interest on the overdue amount (both before and after judgment) at a rate of 1% per month from the date payment was due until the actual date of receipt by us; and

they are made on your behalf by an authorized and regulated firm referred to as "Authorized Person" and:

the Authorized Person is appointed by you in relation to the Account and is not acting pursuant to a limited power of attorney;

we have an agreement in place with that Authorized Person; and

11.3.1.4.3. we have verified the account the payment is made from (where applicable) and undertaken all checks that we in our sole discretion determine are necessary or appropriate in the circumstances to comply with Applicable Regulations.

11.3.1.4.4 you indemnify us for and hold us harmless against any costs or expenses (including all legal fees and expenses) which we may incur, either before or after the commencement of any legal action, to recover payments due.

We may in our sole and reasonable discretion refuse or delay giving effect to your request for a withdrawal of money from your Account (in whole or in part). including as a result of any request to close that Account, if any of the following apply (or, where applicable, we reasonably consider that they apply):

on any calendar day, you have already made an exceptionally high number of requests (as determined by AETRAM TRADES MERCHANTS LLC) to withdraw money from that Account;

the money is required:

to cover any Commission. Realized Losses or net unrealized loss in respect of your Forex and CFD Margin Trades on your Account;

to ensure that your Cash is greater than zero on your Account;

the money may be required to meet a payment obligation on that Account that is due or reasonably likely to fall due within the next five (5) Business Days;

we need the money to make a Deduction or exercise our right of Set-Off or to cover any other fees or costs payable in respect of that Account in accordance with the Agreement or Applicable Regulations (including, but not limited to, any fees for market data or for tax purposes);

we are required to do so under Applicable Regulations or we reasonably suspect that there has been a breach of Applicable Regulations;

there is an unresolved dispute or a potential dispute between us and you in connection with the Agreement. including where you have breached the Agreement or we know or reasonably suspect that you may breach the Agreement; or

we know or reasonably suspect that the instruction has been provided by an Authorized Person acting pursuant to a limited power of attorney. and we will (except in some cases where (e) above applies) notify you as soon as reasonably practicable if we decide to refuse or delay giving effect to your request for a withdrawal and such action shall be as a result of any Exceptional Circumstance.

If your Account has a negative Cash value following Account Close-Out or termination of this Agreement, that negative Cash value represents a debt owed to us which at our sole discretion can be due and payable immediately. This will not apply if you are classified as a Retail Client, as you cannot lose more than the total sum invested for trading.

Under certain circumstances, there may be a delay in processing your payments or withdrawals. Such delay may be due to the time it takes for our systems to process the payments or withdrawals, circumstances outside our control or an issue in relation to your payments or withdrawals that we may be attempting to resolve to comply with Applicable Regulations.

Please note that as part of the measures we take to prevent money laundering and fraud, withdrawals of money from your Account will only be processed by us where the destination for the money being withdrawn is the same as the origin of your payments made ("return to source"). unless (and subject to our prior approval) you have notified us in writing that your payment details have changed. We will only deviate from this policy in exceptional circumstances.

In certain exceptional circumstances, you may nominate an individual (your spouse, partner or child aged over 18) and accompanying bank account to fund your Account. This nominated individual will be subject to our usual Anti Money Laundering and anti-fraud checks. Funds from a nominated individual will be processed entirely at the discretion of AETRAM TRADES MERCHANTS LLC and we reserve the right to refuse any third-party funding request at our absolute discretion.

To make a withdrawal, you must submit a request either in writing. by telephone or by email. Where possible all funds will be returned to the same account, or source, from which they were originally deposited. Charges may apply; please contact [email protected] for up-to-date information on the applicable charges.

12. Orders and Confirmations

Communication of Orders

We offer a range of different Orders to open and close Transaction. We do not act on your behalf but as a counterparty and we will take all reasonable steps to obtain, when executing, the best possible results for you. Order execution may vary depending on the platform. For more information on order execution please see our Best Execution Policy available on our website. If you do not understand the features of an Order, you should not proceed. If you require any further information about the features of an Order or have any questions please contact us immediately.

AETRAM TRADES MERCHANTS LLC provides prices derived by reference to the price of the Underlying Market and quoted to us by our Liquidity Providers. Orders for execution of Transactions between you and us are to be given to us electronically through the Trading System.

We do not accept orders by telephone other than in the circumstances set out in clause 17.2.12. If the case of an emergency, you can close out an order by talking directly to a broker of AETRAM TRADES MERCHANTS LLC only during normal office hours. No message may be left, and no Orders may be closed using answer phone or voicemail facilities or by facsimile.

Telephone calls may be recorded for the purposes of fraud prevention and quality control and by agreeing to these Terms you agree to such recordings.

Acceptance of your Order will be evidenced by AETRAM TRADES MERCHANTS LLC confirmation of that Order. The validity of any Order shall not. however. be affected by any failure or delay in such Order being confirmed. Acceptance of any Order does not constitute any acknowledgment agreement or representation that your Initial Margin or Margin requirement in respect of the Order or your existing Order is satisfied.

Market Liquidity Provider and Market Action

If a Market or Liquidity Provider (or an intermediate broker or agent, acting at the direction of, or as a result of, action taken by a Market) takes any action which we determine affects or may affect a Transaction, then we may take any action which we, in our sole discretion consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action taken by us will be binding on you.

We reserve the right, in our sole discretion, to change your underlying Liquidity provider to another provider in order to protect against abuse of our systems. Such a change may result in variable spreads being applied to Markets you trade. If the Liquidity Provider is changed, we shall have no requirement to notify you or give you prior warning of the change, conversely we shall not be obligated to change any liquidity provider and may take any other action permitted by the Agreement.

Price

AETRAM TRADES MERCHANTS LLC makes no warranty, express or implied, that the bid and offer prices quoted on AETRAM TRADES MERCHANTS LLC Trading Systems represent the prevailing Market prices. Our quoted prices may reflect, at our discretion, Market volatility or additional costs and charges which may result in an increase in the Spread as well as per Transaction or per-lot Commission.

Prices quoted for Forex and CFDs on our Platforms, are derived by reference to the price of the Underlying Market, which are quoted by our Liquidity Providers. AETRAM TRADES MERCHANTS LLC may add spread and fees to these prices so that the price offered may differ from the exchange or Market Makers quotes on the underlying instrument. However, AETRAM TRADES MERCHANTS LLC will seek out the best possible consideration on the Underlying Asset.

Limitations

AETRAM TRADES MERCHANTS LLC may, at its discretion refuse to accept any Order from you but will notify you of any such refusal, without giving any reasons, promptly following receipt of your instructions.

AETRAM TRADES MERCHANTS LLC may cancel any instructions previously given by you provided that AETRAM TRADES MERCHANTS LLC have not acted on your instructions.

Without prejudice to the generality of the foregoing AETRAM TRADES MERCHANTS LLC reserves the right to limit the number of Open Positions that Clients may enter or maintain in Client's Account. AETRAM TRADES MERCHANTS LLC reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position.

Regulated Market

You acknowledge and agree that by executing the Client Account Application that you have given us your prior express consent to execute all Orders on an Over The Counter (OTC) basis outside a regulated Market (as such terms are defined by FCA Rules).

Confirmation of Orders and Account Statements

We may send you confirmations and account statements electronically or provide you with online access to confirmations and account statements stored on your AETRAM TRADES MERCHANTS LLC website Account. You must notify us in writing if you wish to receive confirmations in hard copy rather than electronically. Each confirmation will, in the absence of a Manifest Error, be conclusive and binding on you, unless we receive any objection from you in writing within two Business Days of the date of the relevant confirmation or we notify you of an error in the confirmation within the same period.

Intermediate Brokers and Other Agents

We provide you with price quotes and you may place Orders on the basis of those price quotes. Under the Markets in Financial Instruments Directive (MiFID) in the European Union and the Act, AETRAM TRADES MERCHANTS LLC is required to take all reasonable steps to obtain the best possible result (or "best execution") on behalf of our clients.

Best Execution Policy

We operate a Best Execution Policy which forms part of the Agreement. Therefore by entering into an Agreement with AETRAM TRADES MERCHANTS LLC, you are also agreeing to the terms of our Best Execution Policy.

13. Client Money, Safeguarding and Administration of Assets

As we have categorized you as Retail Client in accordance with Applicable Regulations, we are obliged to treat the money you transfer to us, money paid to us on your behalf or is credited by us to your account, as "Client Money", in accordance with FCA's Client Money Rules.

Among other things, the rules require AETRAM TRADES MERCHANTS LLC to hold and segregate Client Money from its own money using an approved bank. Client money is held in "Segregated Accounts" at appropriate banks as safeguard for the protection of Client Money.

AETRAM TRADES MERCHANTS LLC may debit or credit the Client's Account with all sums payable by or to the Client.

Interest will not be payable on credit balances in the Client's Account.

All Clients will have online access to their own Account at all times, detailing their Account balance and the Transactions performed.

AETRAM TRADES MERCHANTS LLC have the FCA permission to safeguard and administer assets, the activity consisting of both:

the safeguarding of assets belonging to another, and

the administration of those assets

The FCA rule requires a firm to arrange adequate protection for Clients' assets when it is responsible for them. The rules are designed primarily to restrict the commingling of Client and firm's assets and minimize the risk of the Client's investments being used by the firm without the Client's agreement or contrary to the Client's wishes, or being treated as the firm's assets in the event of its insolvency.

AETRAM TRADES MERCHANTS LLC have put in place appropriate procedures to protect clients' assets and investments for which it is responsible.

Unless the Client has notified the Company in writing to the contrary, AETRAM TRADES MERCHANTS LLC may hold Client Money on the Client's behalf in a Segregated Account located outside the United Kingdom or pass money held on the Client's behalf to an intermediate broker, settlement agent or Over the Counter (OTC) counterparty located outside the United Kingdom. The legal and regulatory regime applying to any such person will be different from that of the United Kingdom 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 United Kingdom.

If we have categorized you as a Professional Client or an Eligible Counterparty then, as permitted by Applicable Regulation, we may acquire full ownership of all amounts received from you, or credited by us to your Account. This money may be used to cover your potential liabilities to us under the Agreement. Such money may not constitute client money for the purposes of Applicable Regulation and so may not be segregated from money held in our own account(s) and may be used by us in the course of our business. You will rank as a general creditor of us in respect of this money in the event of our insolvency. AETRAM TRADES MERCHANTS LLC reserves right to apply discretion to Professional Clients and treat your money as Client Money under the FCA's CASS rules, therefore segregating your money from the firm's money to ensure your money is protected. AETRAM TRADES MERCHANTS LLC will inform professional clients if their money is to be treated as Client Money, placed in segregated client accounts and therefore protected under the FCA's Client Money regulations or alternatively, not treated as client money, held in the firm's own bank account and therefore not afforded the protection under the Client Money regulations which are afforded to Retail clients. If you disagree with any decision made by AETRAM TRADES MERCHANTS LLC. wish to be categorized differently, or as a professional client wish to be afforded the same level of Client Money protection as Retail clients, please contact AETRAM TRADES MERCHANTS LLC Support to discuss your available options.

We will take reasonable care in the selection of any bank or third party holding Client Money under clauses 12.1 and 12.2. We shall not be liable for the solvency, acts or omissions of any bank or other third party holding Client money under clauses 12.1 and 12.2 except as a result of our negligence, fraud or willful default.

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 six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the company may release any Client's money balances from the Segregated account. Having released the money from the segregated account, should a valid claim subsequently be made against the money AETRAM TRADES MERCHANTS LLC will make good any valid claim.

You acknowledge and agree that you waive any entitlement (under the Client Money Rules or otherwise) to receive interest on any money that we hold for you.

At the close of business on each Business Day we carry out reconciliations between money required to be held in the Client Money bank account(s) and Client Money that is held in the Client Money bank account(s) in accordance with Applicable Regulations. Any required transfer to or from the Client Money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.

14. Representations, Warranties and Covenants

Representations and Warranties

You represent and warrant to us on and as of the date this Terms of business comes into effect and on and as of each date on which any Transaction is outstanding, as follows:

if you are an individual that you are of sound mind, legal age and legal competence; and

regardless of any subsequent determination to the contrary, you are suitable to trade Complex Product which are high risk products; such as CFDs, Spread Bet and Rolling Spot Forex Contracts by having the requisite level of knowledge and experience to understand the risks involved with trading such products. as also explained in the General Risk Warning Notice and the product specifications in Schedules 2 and 3.

Additionally, we may at our sole discretion, require you to have either:

A certain number of completed Transactions (as determined by AETRAM TRADES MERCHANTS LLC) of the type to be executed with AETRAM TRADES MERCHANTS LLC under this Agreement for a reasonable period of time (as determined by AETRAM TRADES MERCHANTS LLC); or

To agree to trade on Demo Trading Platforms available to you on the AETRAM TRADES MERCHANTS LLC website.

AETRAM TRADES MERCHANTS LLC may, in its sole discretion, decline to permit any real Trades to be effected in your Account until you have, in AETRAM TRADES MERCHANTS LLC sole judgment, satisfactorily traded on the Demo Trading Platform.

You are willing and financially able to sustain a total loss or more than your invested funds as a result of engaging in trading Complex Products such as Rolling Spot Forex and CFOs;

You have all necessary authority, powers, consents, licenses and authorizations and have taken all necessary action to enable you lawfully to enter into this Agreement and future Transactions and to grant the Security interests and powers referred to in this Terms of business;

Where applicable, the person or the persons entering into this Terms of business and each Transaction made by you or on your behalf by an Authorized Person (except under a limited power of attorney) on our trading Platforms have been duly authorized to do so;

This Terms of business, each Transaction and the Terms and obligations created under or in connection with them, including but not limited to any Transactions subsequent to the use of your Access details, are binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any Applicable Regulation, order, charge or agreement by which you are bound or which you or any of your assets are subject;

Unless you have informed us otherwise in writing you will at all times act as principal and sole beneficial owner (but not as trustee) in entering into this Terms of business and performing each Transaction;

All details supplied on your Client Account Application as well as any other information which you provide or have provided and you shall keep current to us in respect of your financial position or other matters is accurate; complete and not misleading;

Except as otherwise agreed by us, you are the sole beneficial owner of all Margin you transfer under this Terms of business, free and clear of any security interest whatsoever other than a lien routinely imposed on all Securities in a clearing system in which such Securities may be held; and

If you are not resident in the UK, you are solely responsible for ascertaining whether any Transaction entered into under this Terms of business is lawful under Applicable Regulations of the jurisdiction of your residence.

Covenants

You covenant and agree with us, as follows:

you will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all necessary authority, powers, consents, licenses and authorizations to:

enable you to lawfully perform this Terms of business and each Transaction; and

without limiting the generality. interests and powers referred to in this Terms of business referred to in this clause;

You will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to you or, where applicable, any Credit Support Provider;

You will promptly notify us if:

you become aware of any detail supplied on your Client Account Application or any other information provided to us in respect of your financial position or other matters being inaccurate, incomplete or misleading when supplied or provided; or

any such detail or information subsequently becomes inaccurate, incomplete or misleading;

You will at all times use all reasonable steps to comply with all Applicable Regulations in relation to this Terms of business and any Transaction.

15. Termination

You may terminate the Agreement at any time by giving at least 3 Business Days prior written notice to us.

We may terminate the Agreement at any time by giving at least 10 Business Days prior written notice to you, except that we may terminate the Agreement immediately if you fail to observe or perform any provision of the Agreement. upon the occurrence of any Event of Default, or at any time at which you have no open Transactions in your Account.

Termination will be without prejudice to accrued rights and remedies and the existence and enforceability of any open Transaction, which will remain open until closed in accordance with the Agreement.

At any time after termination of the Agreement, we may, without notice, close out any of your open Transactions.

Upon termination of the Agreement, any and all amounts payable by you to us will become immediately due and payable, including:

all outstanding Commissions, fees and other charges;

any losses incurred by us as a result of or in connection with such termination; and

any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.

Any and all provisions that by their terms or nature are intended to apply after termination of this Terms of business will survive such termination, and each Transaction that is open at the time of termination will continue to be governed by this Terms of business and any additional understandings or agreements between us in relation to such Transaction, in each case until any and all obligations in respect of such Transactions have been fully performed.

16. Manifest Errors

A "Manifest Error" means a manifest or obvious misquote by us, or any Market or Liquidity Provider or official price source on which we have relied in connection with any Transaction, having regard to the current Market conditions at the time an Order is placed as determined by us.

When determining whether a situation amounts to a Manifest Error, we may take into account any information in our possession, including information concerning all relevant Market conditions and any error in, or lack of clarity of, any information source or announcement.

We will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly towards you but the fact that you may have entered into, or refrained from entering into, a corresponding financial commitment, contract or Transaction in reliance on an Order placed with us (or that you have suffered or may suffer any loss) will not be taken into account by us in determining whether there has been a Manifest Error.

In respect of any Manifest Error, we may (but will not be obliged to):

amend the details of each affected Transaction to reflect what we in our sole and absolute discretion consider to be the correct or fair terms of such Transaction absent such Manifest Error; or

declare any or all affected Transactions void, in which case all such Transactions will be deemed not to have been entered into.

We will not be liable to you for any loss (including any incidental, indirect or consequential loss) you or any other person may suffer or incur as a result of or in connection with any Manifest Error (including any Manifest Error by us) or our decision to maintain, amend or declare void any affected Transaction, except to the extent that such Manifest Error resulted from our own willful default or fraud, as determined by a competent court in a final, non-appealable judgment.

17. Exclusions, Limitations and Indemnity

General

Nothing in this Terms of business will exclude or restrict any duty or liability owed by us to you under Applicable Regulations.

General exclusion

Notwithstanding anything in the Agreement (other than clause 17.1) to the contrary, neither we nor any of our Affiliates nor any of our or their directors, officers, employees or agents (collectively, "Protected Persons"), will be liable for any Loss (including any incidental, indirect or consequential Loss), whether arising out of negligence, breach of contract, misrepresentation or otherwise,

incurred or suffered by you or any other person under or in connection with this Terms of business, any Transaction or any of our dealings with you (including any Order in respect of a Transaction not accepted by us), and irrespective of whether or not you or any other person have been informed of the possibility of such Loss, in each case except to the extent that such Loss arises directly from our own willful default or fraud, as determined by a competent court in a final,

no appealable judgment. Without limiting the generality of the foregoing, under no circumstances will any liability we may have to you extend to any loss of profits, loss of goodwill, loss of business

opportunity or reputational damage. The foregoing will not, however, limit our liability for death or personal injury resulting from our negligence.

If at any time you are unable, for whatever reason, to communicate with us, we do not receive any communication sent by you, or you do not receive any communication sent by us under this Agreement, we will not:

be responsible for any loss, damage or cost caused to you by any act, error delay or omission resulting there from where such loss, damage or cost is a result of your inability to open a Transaction; and

except where your inability to communicate with us results from our fraud. willful default or negligence, be responsible for any loss, damage or cost caused to you by any act, error, omission or delay resulting there from including without limitation, where such loss, damage or cost is a result of your inability to close a Transaction.

Access to the Trading Platforms is provided "as is. AETRAM TRADES MERCHANTS LLC makes no warranties (express or implied). representations. or guarantees as to merchantability, fitness for any particular purpose or otherwise with respect to the Trading Platforms, their content, any documentation or any hardware or software provided by AETRAM TRADES MERCHANTS LLC.

Technical difficulties could be encountered in connection with the Trading Systems. These difficulties could involve, among others, failures, delays, malfunction, software erosion or hardware damage, which difficulties could be the result of hardware. software or communication link inadequacies or other causes. Such difficulties could lead to possible economic and/or data loss. In no event will AETRAM TRADES MERCHANTS LLC or its affiliates or any of their employees be liable for any possible loss (including loss of profit or revenue whether direct or indirect), cost or damage including, without limitation, consequential, unforeseeable, special or indirect damages or expense which might occur as a result of or arising out of using, accessing, installing, maintaining, modifying, deactivating or attempting to access the Trading Platforms or otherwise. AETRAM TRADES MERCHANTS LLC further reserves the right, in its sole discretion to unwind an executed Transaction or adjust the price of executed Transactions (including Transactions that have been confirmed or settled) to a fair Market price if the Transaction was mis priced because of technical difficulties with the Trading Systems.

You agree to use our Services in good faith and not to take unfair advantage of our Services or are otherwise act in an unfair manner (for example, by using any electronic device, software, algorithm, server or any dealing strategy that aims to manipulate or take unfair advantage of our Services, exploiting a fault, loophole or error in our software, system, AETRAM TRADES MERCHANTS LLC trading Platforms, by collusion, using trading strategy designed to return profits by taking advantage of internet latencies, delayed prices or through high volumes of transactions targeting tick fluctuations rather than movements reflecting the correct underlying prices, or by any other means).

Internet, connectivity delays, and price feed errors sometimes create a situation where the price displayed on the Trading Platforms do not accurately reflect the Market rates. The concept of "arbitrage" and "scalping", or taking advantage of these internet delays, cannot exist in an over-the- counter Market where the client is buying or selling directly from the Market. AETRAM TRADES MERCHANTS LLC do not permit the practice of "arbitrage' on the Trading Platforms and considers this improper use or abuse of our trading Platforms. Transactions that rely on price latency arbitrage opportunities may be revoked. AETRAM TRADES MERCHANTS LLC reserves the right to make the necessary corrections or adjustments on the Account involved. AETRAM TRADES MERCHANTS LLC may take any action we deem reasonable to recoup losses incurred as a result of the use of electronic algorithmic trading systems or any other means utilized to exploit technical deficiencies or palpable errors. Accounts that rely on arbitrage strategies may at AETRAM TRADES MERCHANTS LLC sole discretion be subject to AETRAM TRADES MERCHANTS LLC intervention and AETRAM TRADES MERCHANTS LLC approval of any Orders. Any dispute arising from such quoting or execution errors will be resolved by AETRAM TRADES MERCHANTS LLC in their sole and absolute discretion.

Any behavior under clause 18.2.5 and 18.2.6 is considered a breach of this Agreement, and we may act reasonably and in good faith and in our sole discretion:

immediately terminate all of your Trading Accounts and your access to our servers;

void any Trade (i.e., treat the Trade as if the Trade had never taken place) which was part of any improper activity;

close any Trade on the basis of our then current prices which was part of any improper activity; amend any Trade, so that it is as it would have been if the Order was executed in the absence of the improper behavior.

We can exercise the above rights even if you have entered into (or refrained from entering into) arrangements with third parties relating to the relevant Trade and even if you may suffer a trading loss as a result.

AETRAM TRADES MERCHANTS LLC shall have no obligation to contact you to provide you advice upon appropriate action in light of changes in Market conditions or otherwise.

You agree to indemnify and hold AETRAM TRADES MERCHANTS LLC, its Affiliates and any of their directors, officers, employees and agents harmless from and against any and all liabilities, losses, damages, costs and expenses. including legal fees incurred as a result of your breach of this Agreement or in connection with the provision of the services under this Terms of business to you provided that any such liabilities. losses, damages, costs and expenses have not arisen as a result of our negligence, fraud or willful default.

Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general Market commentary, and do not constitute investment advice. AETRAM TRADES MERCHANTS LLC is not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. AETRAM TRADES MERCHANTS LLC has taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice.

You agree not to attempt to abuse our trading Platforms by taking advantage of extremely low liquidity conditions. You accept that we can at our sole discretion deem such trading as abuse or manipulation of our trading Platform and that we at our sole discretion can return your investments without profit or cancel your right to trade on our trading Platform.

You agree to use only secure software programs developed by third parties including but not limited to the generality of those mentioned above, browser software that supports data security protocols compatible with protocols used by us. Moreover, you agree to follow our access procedures (Login) that support such protocols.

We will not be held responsible in the event of an unauthorized access from third parties to information including, but not limited to, electronic addresses and/or personal data, through the exchange of these data between you and us and/or any other party using the Internet or other network or electronic mean available.

We are not responsible for any power cuts or failures that prevent the use of our Trading Platforms and cannot be responsible for not fulfilling any obligations under this Agreement because of network connection or electricity failures. In the case of such electricity/ communication/ Internet failures, if you wish to place an Order, then the alternative means of communications/placing orders may be by phone. We reserve the right to decline any verbal instruction in cases where its telephone recording system is not operational or in cases where we are not satisfied of your identity or in cases where the transaction is complicated or in cases where the quality of the line is poor. We further reserve the right to ask you to give instructions regarding your transactions by other means that it deems appropriate.

We shall have no liability for any potential damage you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, viruses, system errors, delays in execution, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers you acknowledge that access to electronic systems / trading Platforms may be limited or unavailable due to such system errors, and that we reserve our right upon notifying you to suspend access to electronic systems / trading Platforms for this reason.

You further agree that in the case that any Transaction carried out at Prices that do not reflect its Market Prices, or that is acquired or sold at an abnormally advantageous Price (the "Mispricing") due to an undetected programming error, Market or business logic error, bug, defect, error or glitch in our trading Platforms or website software or any other reason resulting in mispricing (for the purpose of this section the "error"), we reserve the right to cancel such Transactions upon notifying you of the nature of the computer error that led to the Mispricing.

AETRAM TRADES MERCHANTS LLC bears no responsibility for any loss that arises as a result of delayed or unreceived communication sent to clients.

Trading Losses

For the avoidance of doubt, in no circumstances will we or any other Protected Person be liable or responsible to you for any losses you may incur or suffer as a result of entering into Transactions.

Tax implications

Without prejudice to any other disclaimer or limitation of liability contained in this Terms of business, neither we nor any other Protected Person will have any liability or responsibility for any adverse tax implications of any Transaction.

Changes in the Market

Without prejudice to any other disclaimer or limitation of liability contained in this Terms of business, neither we nor any other Protected Person will have any liability or responsibility by reason of any delay in accepting any Order placed by you or executing any Transaction or any change in Market conditions.

Force Majeure

If AETRAM TRADES MERCHANTS LLC shall, in its reasonable opinion, determine that a "Force Majeure Event" occurred; under such circumstances AETRAM TRADES MERCHANTS LLC shall take all reasonable steps in order to inform the client.

A Force Majeure Event is an event, occurrence or circumstance which will include, but is not limited to, the following:

Any natural, technological, political, governmental, social, economic event or circumstance that occurred after a transaction in a Financial Instrument occurred and such event or circumstance has not been anticipated at the date of entering into the transaction;

Any act of God, strike, riot or civil commotion, act or terrorism, war, industrial action, acts and regulations of any governmental or supra national bodies or authorities) that, in our opinion, prevents us from maintaining an orderly Market in one or more of the Financial Instruments in respect of which we ordinarily deal in Transactions;

the suspension or closure of any Market or the abandonment or failure of any event on which we base, or to which we in any way relate, our quote, or the imposition of limits or special or unusual terms on the trading in any such Market or on any such event;

the occurrence of an excessive movement in the level of any Transaction and/or the Market of an Reference Assets or our anticipation (acting reasonably) of the occurrence of such a movement;

any breakdown or failure of transmission, communication or computer facilities, interruption of power supply, or electronic or communications equipment failure; and

failure of any relevant supplier, intermediate broker, agent or principal of ours, custodian, sub- custodian, dealer exchange, clearing house or regulatory or self-regulatory organization, for any reason, to perform its obligations.

If we determine that a Force Majeure exists, we may, at our absolute discretion, without notice and at any time, take one or more of the following steps:

increase your Margin requirements; and/or

close-out all or any of your open positions at such price as we reasonably believe to be appropriate; and/or

suspend or modify the application of all or any of the Sections of this Agreement to the extent that the Force Majeure Event makes it impossible or impracticable for us to comply with the Section or Sections in question; and/or

alter the Last Dealing Time for a particular position; and/or

Increase spreads; and/or

decrease spreads; and/or

request amendments to any closed positions; and/or

suspend the provision of investment and/or ancillary services to the client.

Unless required by Applicable Regulations. AETRAM TRADES MERCHANTS LLC is entitled to refuse the provision of any investment or ancillary service to the client, at any time, without being obliged to inform the client of the reasons to do so in order to protect the legitimate interests of AETRAM TRADES MERCHANTS LLC.

Indemnity

Without prejudice to our rights under clauses 17.1 and 17 .2 .1, you will pay to us such sums as we may from time to time require in any of your Accounts with us and, on a full indemnity basis, any Losses, taxes , imposts and levies which we or any other Protected Person may incur or suffer in connection w ith or related to any of your Accounts or any Transaction or any matching Transaction on a Market or with an intermediate broker or as a result of any misrepresentation by you or any violation by you of any of your obligations under this Terms of business (including in connection with any Transaction) or the enforcement of any of our rights or remedies under or in connection with this Terms of business or any Transaction.

Accounts managed by an Authorized Person

To the extent that a third party Authorized Person you have authorized to place any Order or enters into any Transaction on your behalf, you and the Authorized Person will indemnify . protect and hold us and all other Protected Persons harmless from and against any and all Losses resulting from or arising out of any claims made by you against AETRAM TRADES MERCHANTS LLC or any other Protected Person .

18. Miscellaneous

Notices generally

Unless otherwise agreed or provided in this Terms of business, all notices, instructions and other communications sent or given by us to you under or in connection with this Terms of business or any Transaction may be verbal or in writing and may be sent or given to your last known home address, place of work, telephone number (including by leaving messages on a telephone answering machine or voice mail system), fax number, e-mail address or other contact details .

All notices, instructions, Complaints, Disputes and other communication s sent or given by you to AETRAM TRADES MERCHANTS LLC under or in connection with this Terms of business or any Transaction must be sent or given in writing to our address specified on the cover page of this Terms of business (or any other address subsequently notified to you for such purpose), addressed to the attention of us Compliance Department. Such notices, instructions, Complaints, Disputes and other communications may be sent by email to [email protected]

Any notice, instruction or other communication sent or given by us will be deemed to have been duly sent or given upon the earlier of (i) actual receipt by you or (ii) the time specified below, as applicable:

if delivered in person, when left at your last known home or work address;

if sent or given by leaving a message on a telephone answering machine message or voice mail system. one hour after the message was so left;

if sent or given by first class post or overnight courier, in the ordinary course of the post or such overnight courier and in any event on the next day (or the third day in the case of international air mail) after posting (excluding Sundays and public holidays);

if sent or given by e-mail, one hour after sending , provided no " not sent" or " not received" message is received from the relevant e-mail provider;

any notice, instruction or other communication sent or given by you will be deemed to have been duly sent or given upon actual receipt by us.

Intellectual Property and Confidentiality

You hereby agree to the following:

All copyright, trademark, trade secret and other intellectual property rights in the Trading Platforms shall remain at all times the sole and exclusive property of AETRAM TRADES MERCHANTS LLC and/ or its third party service providers and you shall have no right or interest in the Trading Platforms except for the right to access and use the Trading Platforms as specified herein .

You acknowledge that all our Trading Platforms are confidential and have been developed through the expenditure of substantial skill, time, effort and money.

You will protect the confidentiality of AETRAM TRADES MERCHANTS LLC and/or its third party service providers by allowing access to the Trading Platforms only by its employees and agents on a need to access basis.

You will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading Platforms.

You will not copy, modify. de-compile, reverse engineer, and make derivative works of the Trading Platforms or in the manner in which it operates .

Joint Accounts and/or Trust Accounts

If more than one natural person executes this Agreement, all such natural persons agree to be jointly and severally liable for the obligations assumed in this Agreement . If this Agreement is executed by a trust, unincorporated association, partnership, custodian or other fiduciary, such Client agrees to indemnify, defend, save and hold free and harmless AETRAM TRADES MERCHANTS LLC for any liabilities, claims, losses, damages costs and expenses, including attorney's fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorney's fees .

If your Account is set up as a Joint Account, AETRAM TRADES MERCHANTS LLC is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the Account and the disposition of any and all assets in the Account . The parties to such joint account shall each be jointly (together) and severally (individually) liable.

AETRAM TRADES MERCHANTS LLC reserves the right, in accordance with Anti Money Laundering regulations and other Applicable Regulations, to carry out checks on the identity of all individuals who are part of a joint bank account, where the bank account is to be used for funding your trading Account and for the purpose of withdrawals from your trading account.

Electronic Communications

Subject to Applicable Regulations, any communications between you and us using electronic signatures will be binding to the same extent as if they were in writing . By signing the Client Account application you give your consent to the receipt of communications by electronic means, notwithstanding that certain communications would otherwise be required to be made using a durable medium under Applicable Regulations .

Without limiting the generality of the foregoing, Orders placed on or other instructions given by electronic means will constitute evidence of such Orders or instructions. If you no longer wish to communicate in this way , you must revoke your consent in writing in accordance with clause 10 . If you do not wish to communicate via electronic means at all, you must inform us of your wishes prior to you signing the Client Account Application .

Change of address

You agree to immediately notify us in writing of any change of your address or other contact details, such notification to be given in accordance with clause 19 .

Third Party Rights

A person who is not a party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any Terms of this Agreement .

Assignment

This Agreement is for the benefit of and binding upon you and us and our respective successors and permitted assigns . and thereby you agree to the following:

You may not and will not assign, charge or otherwise transfer, or purport to assign, charge or otherwise transfer, this Agreement, any rights or obligations hereunder or any interest herein (including any indirect, beneficial, synthetic

or economic interest), in each case without AETRAM TRADES MERCHANTS LLC's prior written consent (which may be withheld or delayed in the sole and absolute discretion of AETRAM TRADES MERCHANTS LLC) . and any attempted or

purported assignment, charge or transfer in violation of this sentence will be void .

No assignment , charge or transfer by you will relieve you of any of your obligations or liabilities hereunder.

We may transfer this Agreement or any rights or obligations hereunder to any of our Affiliates or to any third party which acquires the business of AETRAM TRADES MERCHANTS LLC, without your consent .

Rights and Remedies

The rights and remedies provided or referenced in this Agreement are cumulative and not exclusive of any other rights or remedies we may have, whether as a matter of contract, under common law, or otherwise .

We will be under no obligation to exercise any right or remedy at all or in a manner or at a time or in a manner that takes into account your interests or is otherwise beneficial to you .

No failure or delay by us in exercising any of our rights or remedies under or in connection with this Agreement or any Transaction will operate as a waiver of those or any other rights or remedies.

No single or partial exercise of a right or remedy will prevent further exercise of that right or remedy or the exercise of another right or remedy.

Partial Invalidity

If, at any time, any provision of this Agreement is or becomes illegal. invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

Entire Terms of business

This Terms of business together with the schedules attached constitutes the entire agreement between the parties with respect to the subject matter of this Terms of business and supersedes all prior or contemporaneous oral or written communications , proposals, agreements and representations with respect to such subject matter.

Recording of Calls

We may record telephone conversations between you and us without the use of a warning tone , including for the purpose of ensuring that the material terms of each Transaction and any other material information are promptly and accurately recorded . Such records will be our sole property and accepted by you as evidence of Orders placed or other instructions given .

Our Records

Telephone calls may also be recorded for the purposes of fraud prevention , monitoring, training and quality control in accordance with Applicable regulations and by agreeing to these Terms of this Terms of business you agree to such call recordings .

You agree that we may record all telephone conversations and/ or any communications by other means between you and us, and use such recordings , or transcripts of such recordings, as well as any e-mails, recorded chat messages or other communications you send to us for the purposes of investigating any complaint you may make, or for any other legal or regulatory purposes including as evidence in any dispute or anticipated dispute between you and us. We shall retain records of all telephone conversations for the duration required by Applicable Regulations

Our records will be evidence of your dealings with us in connection with our services and your Account , which will be held for a period of ti me as indicated by Applicable Regulations .

You will not object to the admission of our records as evidence in any Proceeding because such records are not originals , are not in writing or are documents produced by a computer .

You will not rely on us to comply with any of your recordkeeping obligations , notwithstanding the fact that records may be made available to you on request in our sole and absolute discretion .

Your Records

You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of Orders submitted and the time at which such Orders are submitted .

You agree to keep all information that you hold relating to your Account, including any e-mails and letters and any promotions that we send to you , confidential at all times .

Co-operation for Proceedings

You agree to co-operate with us to the full extent possible in the defense or prosecution of any Proceeding .

19. Data Protection and Disclosure of Information

AETRAM TRADES MERCHANTS LLC agrees to treat information provided in connection with an application on this website as confidential. We will provide you with investment and ancillary services on the basis of information provided by you and you represent and warrant that all information given is true and accurate .

By opening an Account with us and by placing Orders and entering into Transactions , you acknowledge that you will be providing personal information (possibly including sensitive data) within the meaning of the Data Protection Act 1998 or the General Data Protection Regulation ("GDPR") or any other applicable laws and regulations to us, and you consent to the processing of that information by us for the purposes of performing our obligations under this Agreement and administering the relationship between you and us, including the disclosure of the information to Affiliates both within and outside the European Union and/ or European Economic Area .

Data may be transferred to , and stored and processed in countries which do not offer "adequate protection" for the purposes of Directives of the European Union for any purpose related to the operation of your Account . Such purposes include the processing of instructions and generation of confirmations , the operation of control systems; the operation of management information systems; the carrying out of such credit and identity checks as we may deem necessary or desirable ; and allowing staff of any of our Affiliates who share responsibility for managing your relationship from other offices to view information about you . You agree that where it is necessary for the provision of these or other Services to you, we may transfer your information to persons who provide services to us, including where those persons may be outside the EEA. You consent to our processing and disclosing such information in accordance with this Agreement and our Privacy Policy as published on our website(s) , as may be updated from time to time .

We have security procedures covering the storage and disclosure of your personal information to prevent unauthorized access and to comply with our legal obligations .

You are entitled to ask us for details of the personal information that we hold about you, the purposes for which they are being or are to be processed, and the recipients or classes of recipients to whom such information is or may be disclosed . If you would like to obtain any such information, please contact us. We may charge a fee (details of which are available upon request) for providing this information to you . If you make a written request to us, we will also correct, delete and/ or block personal information from further processing if that information proves to be inaccurate . Please note that pursuant to the Data Protection Act 1998 or the General Data Protection Regulation (670/ 2016) (when it enters into force) or any other applicable laws and regulations certain information may be exempt from disclos ure or we may be unable to disclose information you request .

Your personal information may be maintained on computer records and will not be disclosed to other parties except where we shall be entitled to disclose information concerning you or your Account (including without limitation information concerning late payment) and where we are expressly permitted or required to:

Disclose information as required by Applicable Regulation, by the FCA or other regulatory authority; and/ or

Disclose information to the institution holding client assets, their successors in business, and other institutions with which agreements are entered in order to provide you our services; and/ or

Disclose to your employer (including the employer's Compliance Officer or auditor's) if it is Authorized or exempt under the Act (or any successor legislation or equivalent legislation or regulations in a foreign jurisdiction); and/ or

Disclose to any other person we accept as seeking a reference or credit reference in good faith .

20. Useful Contacts

Client Support Department

Email: [email protected]

Telephone: +230 5869 0066

Compliance Department

Email: [email protected]

Schedule 1 - Definitions

In this agreement the certain capitalized words and phrases used have the following meanings:

Access Codes

Means the username and password, or any other credentials provided by us to you for accessing your Account and trading through our electronic systems , the security of which is your sole responsibility and the use of which and any damage caused by any act or omission is your sole responsibility .

Account

Means any account of yours opened with us for the purposes of executing Transactions with us in foreign exchange, Commodities , CFDs or other Financial Instruments .

Account Base Currency

Has the meaning set out in clause 11.2.

Act

Means the UK Financial Services and Markets Act (FSMA) 2000 .

Affiliate

Affiliate of any person means any other person directly or indirectly controlling or controlled by, or under direct or indirect common control with , such person. For purposes of this definition , "control" when used with respect to any person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing .

Applicable Regulations

Means the legislations and regulations set out in the Act, Markets in Financial Instruments Directive (MiFID) , FCA (Handbook) Rules or any other rules of a relevant regulatory authority or any other Rules of a relevant Market and all other applicable laws, rules and regulations as in force from time to time

Asset Class

An asset class is a group of securities that exhibits similar characteristics , behaves similarly in the marketplace and is subject to the same laws and regulations. The traditional main asset classes are equities, or stocks; fixed income, or bonds; however , derivatives such as commodities , indices and currencies are also considered as Asset Classes .

Auhorised Person

Any one or more-person(s) appointed by you and has the required authority , in accordance with clauses 17 .8 and (d), to act and/ or give instructions on your behalf in respect of the Agreement and the relevant Account(s) .

Business Day

Means a day (other than a Saturday or Sunday) on which banks generally are open for business in London.

Contracts for Difference or CFO

Means a contract for differences within the meaning of Article 85( 1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. A CFD is a type of Transaction the purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of an Instrument .

Closing Date

Means the date on which the close-out of an open Transaction is effective.

Commission

Means the commission, charges or other remuneration in connection with a Transaction as disclosed and as notified to you from time to time.

Commodity CFO Contract

Means a CFD where the underlying Reference Asset is a Commodity .

Commodity

Means a commodity offered for trading by AETRAM TRADES MERCHANTS LLC.

Contract Quantity

Means the number or volume of Reference Asset units to which a Transaction (or Trade) relates.

Credit Support Document

Means any guarantee, hypothecation agreement, Margin or security agreement or document, or any other document creating or evidencing an obligation on the part of another person. in our favour in respect of any of your obligations under or in connection with this Terms of business or any Transaction.

Currency

Will be construed so as to include any unit of account.

Current Contract Value

Means the Reference Asset Price per unit multiplied by the Contract Quantity from time to time.

Client Account Application

Means the application and other forms supplied by AETRAM TRADES MERCHANTS LLC to open your Account.

Derivative

A derivative is a security with a price that is dependent upon or derived from one or more underlying assets. The derivative itself is a contract between two or more parties based upon the asset or assets . Its value is determined by fluctuations in the underlying asset. Underlying assets include stocks bonds, commodities, currencies and market indexes. In the case of AETRAM TRADES MERCHANTS LLC trading platforms, all derivatives are traded Over the Counter (OTC) i.e. off an exchange .

Elective Professional Client

Has the meaning set out in the FCA Handbook Rules effective from 1 November 2007 .

Eligible Counterparty

Has the meaning set out in the FCA Handbook of the Rules effective from 1 November 2007.

Event of Default

Event of Default means (a) an Act of Insolvency occurs in relation to you: (b) you are an individual and you die or become of unsound mind; (c) you act in breach of any of your obligations under this Agreement; (d) any representation or warranty made by you under this Agreement and/or any information provided to us in connection with this Agreement is or becomes untrue or misleading; (e) any amount due to us is not paid in accordance with this Agreement; and (f) at any time and for any periods deemed reasonable by us where you are not contactable or you do not respond to any notice or correspondence from us.

Exceptional Market Event

The suspension, closure, liquidation, imposition of limits, special, or unusual terms, excessive movement, volatility or loss of liquidity in any relevant Market or Reference Asset, or where AETRAM TRADES MERCHANTS LLC reasonably anticipates any of the above circumstances are about to occur .

Expiry Date

The last possible date and time at which any CFD Trade or Pending Order will automatically expire .

Expiry Transaction

Means a Transaction which had a set contract period at the end of which the Expiry Transaction expires automatically .

Financial Instrument

Also referred to as financial security . It is an investment of the type set out within Articles 76 to 80 or 83 to 85 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 which includes but not limited to a options, futures, rolling spot forex and any other derivative contracts relating to securities, currencies, interest rates or yields . or other derivative instruments or financial indices.

FCA Rules

Means the Rules of the FCA as in force from time to time as set out in the FCA Handbook.

Hedging Disruption

Means circumstances where AETRAM TRADES MERCHANTS LLC is unable, after using commercially reasonable (but no greater) efforts, to (i) acquire, establish, re-establish, substitute . maintain, unwind, or dispose of any transaction or asset it deems necessary to hedge any risk related to or in connection with the relevant Transaction or (ii) realize, recover or remit the proceeds of any such transaction or asset .

Insolvency Law

Means, with respect to any person, any bankruptcy, insolvency . regulatory, supervisory or similar law (including any corporate or other law with potential application in the event of insolvency) applicable to such person.

Insolvency Officer

Means any trustee, receiver, liquidator, conservator . administrator, insolvency officer or other similar official appointed pursuant to an Insolvency Law .

Last Dealing Time

Means the last day and (as the context requires) time before which a Transaction may be dealt in, as notified to you, or otherwise the last day and (as the context requires) time on which a Reference Asset may be dealt in on the relevant Market.

Liquidity Provider

Means a bank or other financial institution that provides executable bid and offer prices in respect of the relevant Reference Assets on a continuous or regular basis.

Loss

Means any loss, cost, claim, damages (whether compensatory , exemplary or punitive) or expenses, including fees and expenses of legal counsel.

Margin

Means Initial Margin, Variation or Maintenance Margin (for clarity only, this means the required funds available in an Account for the purposes of opening and maintaining an Open Position);

Margin Call

Means a demand or request for funds or additional funds to bring your Account balance to the minimum required level to keep your position(s) open.

Market

Means any Market or multilateral trading facility subject to government or state regulation with established trading rules and trading hours including a Regulated Market and a Multilateral Trading Facility (MTF) as defined in Article 4 of the Markets in Financial Instruments Directive 2004/39/EC .

MiFID

The Markets in Financial Instruments Directive is the EU legislation that regulates firms who provide services to clients linked to 'financial instruments' (shares, bonds, units in collective investment schemes and derivatives) , and the venues where those instruments are traded.

Market Abuse

Has the meaning set out in the Act.

Multilateral Trading Facility (MTF)

Has the meaning set out in the FCA Handbook Rules. MiFID defined MTF as multilateral system, operated by an investment firm or a market operator , which brings together multiple third-party buying and selling interests in financial instruments - in the system and in accordance with nondiscretionary rules - in a way that results in a contract.

Opening Contract Value

Means in respect of any Transaction , the Contract Quantity multiplied by the Opening Price.

Open Position or Trade

Means any long or short position or Trade that has not been closed or expired.

Opening Price

Means in respect of any Transaction, the price of the Reference Asset specified in an Order acceptance of which gives rise to that Transaction .

Order

Means a request to open or close a Transaction at a price quoted by AETRAM TRADES MERCHANTS LLC as appropriate .

Potential Return

This is an estimated return calculated by the Range Spreads Platform and there is no guarantee the potential return will be achieved . You can lose all the money you have invested . Only invest money you can afford to lose .

Price Range

The difference between the low and high prices for a security or index over a specific time period. Range defines the price spread for a defined period, such as a day or year, and indicates the security's price Volatility . The more volatile the security or index, the wider the range .

Proceedings

Means any suit, action or proceeding under or in connection with this Terms of business or any Transaction, or arising out of any act or omission required or permitted under or in connection with this Terms of business or any Transaction , in each case whether brought or commenced by either party or a third party.

Professional Client

Means a client categorized as a per se professional client or an elective professional client in accordance with FCA Handbook Rules COBS 3 .5 .1 R.

Protected Person

Has the meaning set out in clause 17 .2 .1.

Range Spreads

Meaning a Contract for Difference (CFD) within the meaning of Article 85(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 which can be entered into by purchasing underlying assets of asset classes on the Range Spreads Platform.

Realized Loss

Realized profit is profit or negative amount of funds that comes from a completed trade (i.e. a trade that has been closed or expired) . Realized profit is usually already deposited into the Clients trading Account, and can be withdrawn from their trading Account to their bank account.

Realized Profit

Realized profit is profit or positive amount of funds that comes from a completed trade (i.e. a trade that has been closed or expired) . Realized profit is usually already deposited into the Client's trading Account, and can be withdrawn from their trading Account to their bank account.

Reference Asset

Means property of any description or an index or other factor designated in a CFD to which reference is made to fluctuations in the value or price for the purpose of determining profits or losses under the CFD .

Regulated Market

A multilateral system operated and/ or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments . For further details please the FCA Handbook Rules.

Related Party

Has the meaning set out in the FCA Rules.

Retail Client

Means a client categorized as neither a Professional Client nor an Eligible Counterparty Client in accordance with FCA Handbook rules COBS 3.4.1 R.

Risk Notice

Means the General Risk Disclosure Notice provided at Schedule 2 . It is the notice we are obliged to give, in accordance with Applicable Regulations, to Retail Clients and Professional Clients in relation to the risks associated with the Products and Services provided under this Agreement .

Rolling Spot Forex Contract

Means either of the following: a) a future, other than a future traded or expressed to be as traded on Market, where the property to be sold under the contract is foreign exchange or sterling; or b) a CFD where the profit is to be secured or loss avoided by reference to fluctuations in foreign exchange and in either case where the contract is entered into for the purposes of speculation .

Rules

Means articles, rules, regulations , procedures and customs , as in force from time to time .

Scheme

Has the meaning set out in clause 4.6.

Security

Means investments of the type set out within Articles 76 to 80 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Sentiment

Sentiments are types of Indices calculated based on the Prices of other Asset Classes namely Currencies ,Indices and Commodities' Price movements .

Slippage

Slippage means that the specific price requested by a client is not available when an order is presented for execution so the order is executed as close as practical to the client's requested price which may lead to Positive Slippage or Negative Slippage .

Spread

Means the difference between the lower and higher figures of a quoted two-way price for a Financial Instrument .

Spread Betting

"Spread Betting" shall mean a bet on the difference between the opening and closing price of a contract, the financial value of which is derived by reference to fluctuations in the price of the underlying asset (which may include but is not limited to Currency Pair, shares, futures, metals, or indices) .

Stop Limit Order

A stop-limit order is an order placed on the Platform that combines the features of a Stop Order with those of a Limit order. A Stop-limit order will be executed at a specified price, or better, aer a given Stop price has been reached. Once the Stop price is reached, the Stop limit order becomes a limit order to buy or sell at the limit price or better.

Stop Loss Order

Stop Loss Order means an instruction to deal in a particular Market if our price in that Market becomes less favorable to you. These orders are commonly used to provide some risk management, but are not guaranteed.

Trading Platforms or Trading Systems

Means the AETRAM TRADES MERCHANTS LLC Online Trading System, Range Spreads a nd Range Leverage, or the Meta Trader online Trading System or Platform or any other electronic trading system through which a client may electronically send to AETRAM TRADES MERCHANTS LLC information including prices, bids, offers and executions, as such system may exist from time to time, including without limitation, any hardware, soware and/ or communications link furnished by AETRAM TRADES MERCHANTS LLC from time to time.

Transaction

Means a transaction in a CFD, Spread Bet, Range Spreads, Range Leverage , or Rolling Spot Forex Contract or any other contractual arrangement entered into between you and us including any transaction liable to Margin, unless otherwise stated.

Value Date

The day that a currency, Commodity or other product would be physically delivered (or payable) if AETRAM TRADES MERCHANTS LLC did not automatically roll over client positions at the end of each Business Day.

Volatility

Volatility refers to the amount of uncertainty or risk about the size of changes in a security's value. A higher volatility means that a security's value can potentially be spread out over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction . A lower volatility means that a security's value does not fluctuate dramatically, but changes in value at a steady pace over a period of time. Forex, CFDs, Spread Bets and Currency Options are all ex posed to volatility risk and are complex, high risk investments .

Underlying Asset

An Underlying Asset is a term used in derivatives trading . A derivative is a financial instrument with a price that is based on (that is, derived from) a different Asset. The Underlying Asset is the financial instrument (such as stock, futures, a commodity, a currency or an index) on which a derivative 's price is based.

Schedule 2 - Complex Products (Forex and CFO products) General Risk Disclosure Notice

1. Scope of Notice

The General Risk Disclosure Notice ("the Notice") is provided to you in accordance with Applicable Regulations on the basis that you are proposing to trade on AETRAM TRADES MERCHANTS LLC's trading Platforms in CFDs and Forex, which are leveraged products, incur a high level of risk and can result in losing the entire amount of your invested capital.

It should be noted that the Notice does not contain all the risks and aspects involved in trading Forex and CFDs; therefore, you need to ensure that your decision is made on an informed basis taking into consideration the following points below.

2. General Risk Warning Notice

General

Forex and CFDs are leveraged derivative products, which are "complex" products . Complex products are Financial Instruments with structures that make the risks and likelihood of return more difficult to understand . Platforms giving access to complex products are also likely to be considered complex . A complex Financial Instrument requires a greater level of experience and knowledge of the underlying risks involved . This includes derivative instruments such as Forex and CFDs .

You should have sufficient knowledge and experience in trading such leveraged derivative products . You should not trade in leveraged derivatives unless you understand the risky nature of the contract you are entering into and the extent of your exposure to risk.

You should also be satisfied that the contract is suitable for you in the light of your personal circumstances and financial position. You should not invest money you cannot afford to lose.

Before deciding to participate in the Forex or CFD Market, you should carefully consider your investment objectives, level of experience and risk appetite . You should seek independent professional financial advice if you are in any doubt .

When trading in Forex and CFDs there is considerable exposure to risk in any off exchange foreign exchange transaction, including, but not limited to, leverage risk. credit risk, market volatility, weekend, holiday and overnight risk, exchange rate risk and abnormal market conditions that may substantially affect the price, or liquidity of a currency or currency pair.

Leverage Risk

Unlike traditional trading, trading forex and CFDs means that you are able to trade the Markets by paying only a small percentage of the total trade value when opening a position referred to as "Margin" .

Due to the leveraged nature of Forex and CFD products, any small Market movement can lead to a proportionally much larger movement in value of the your position, which can work against you as well as for you and you could lose all or more than your initial Margin.

As the possibility exists that you could sustain a loss of your total initial margined funds and that the Margin on all open positions must be maintained at the required level in order to keep any position opens, you may be required to deposit additional funds to maintain your open position. This will not apply if you are classified as a Retail Client, as you cannot lose more than the total sum invested for trading .

If a position moves against you and reduces your balance so that you are below the required Margin level on a particular trade, you will be subject to a "Margin Call" and will have to pay additional money into your account to keep the position open . If you fail to meet any Margin requirements, your position may be liquidated and you will be responsible for any resulting losses . Please note that AETRAM TRADES MERCHANTS LLC is under no obligation to provide a Margin Call and it is your responsibility to monitor your trading positions to ensure that you meet the margin requirement(s) at all times .

To manage exposure, you can employ risk-management strategies such as 'stoploss' or 'limit' orders, however you must know that such strategies are not guaranteed .It is your responsibility to monitor your account and ensure that the required Margin is available on your account at all times .

Geo Market's may provide leverage ratios dependent on the level of experience of clients. It should be noted that Leverage restrictions may apply to certain Products, Platforms and/or jurisdictions, as indicated on the official website of AETRAM TRADES MERCHANTS LLC .

It should be noted that AETRAM TRADES MERCHANTS LLC may monitor the leverage applied to client positions, at all times; AETRAM TRADES MERCHANTS LLC reserves the right to decrease the leverage depending on a client's trade volume .

There may be specific maximum leverage limits and/ or Margin requirements on certain FinancialInstruments that are available for trading on our Platforms. For more information please visit our website: www.geomarkets.mu

Margin Requirement

You need to ensure that you have sufficient Margin on your trading account, at all times, in order to maintain an open position .In addition , you need to continuously monitor any open positions in order to avoid positions being closed due to the unavailability of funds; it should be noted that AETRAM TRADES MERCHANTS LLC is not responsible for notifying clients for any such instances .

If the circumstance arises that the equity on your account falls below 80% (eighty) of the margin required, a warning notification will appear in your AETRAM TRADES MERCHANTS LLC Meta Trader 4 Platform. At this point, you should consider either closing positions or sending in additional funds to cover your positions. If you do fail to meet the Margin requirements and your account equity falls below 50% (fiy) of your required Margin, AETRAM TRADES MERCHANTS LLC will close your positions without seeking your prior consent . We will close out one or more of your open positions at the market price . However, please note this may not be possible in adverse market conditions .

In our sole discretion , we may increase or decrease the amount of Initial Margin Requirement or other Margin we require from you on your open Trades . We will make reasonable efforts to notify you of any such increase in Initial Margin or other Margin rates. Examples of such circumstances include, but are not limited to:

a change in the conditions of the Underlying Market such as volatility or iiliquidity in the financial markets more generally; or

a change in your circumstances which we believe is relevant to yo ur financial means.

In calculation any Margin required from you we may, at our discretion , have regard to your Trades (positions) held with us which may result in a reduction in the amount of Margin required of you .

Credit Risk

When trading CFOs, the client is effectively entering into an off-exchange or over the-counter ("OTC") transaction , this means that any position opened with AETRAM TRADES MERCHANTS LLC cannot be closed with any other entity.

OTC transactions may involve greater risk compared to transactions occurring on regulated markets, for example traditional exchanges; this is due to the fact that in OTC transactions there is no central counterparty and either party to the transaction bears certain credit risk (or risk of default) .

Abnormal Market Conditions

Under abnormal Market conditions . Forex and CFD prices may fluctuate rapidly to reflect unforeseeable events that cannot be controlled either by AETRAM TRADES MERCHANTS LLC or the client. As a result, AETRAM TRADES MERCHANTS LLC may be unable to execute the client's instructions at the declared price and a 'stop loss' instruction cannot guarantee to limit the losses at the set 'Stop Loss' , this can lead to 'Slippage' . This may occur for example during the following scenarios:

During or when the Market opens ; and/or
During news times; and/ or
During times of Market volatility, for example political uncertainty, where prices may move significantly up or down and away from declared price; and/ or
If there is insufficient liquidity in the Market for the execution of the specific volume at the declared price.

CFD prices are influences by, amongst other things, implementation of governmental , agricultural. commercial or trade programs and policies, national, international socioeconomic and political events .

Trading Platform Conditions

The client accepts that the only reliable source of price related information is the price quotes represented on the real/ live server: this service may be disrupted and as a result price related information may not reach the client .

There are risks associated with utilizing an internet-based trading system including , but not limited to, the failure of hardware, software, andInternet connection . Since AETRAM TRADES MERCHANTS LLC does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, AETRAM TRADES MERCHANTS LLC will not be responsible for communication failures, distortions or delays when trading via the Internet.

AETRAM TRADES MERCHANTS LLC is not responsible for communication failures or delays when trading via the Internet. AETRAM TRADES MERCHANTS LLC employs back-up systems and contingency plans to minimize the possibility of system failure. and trading via telephone is available only in the event of system failure .

Product Descriptions and Associated Risks

At any one time not all of the products below will be available for trading purposes . AETRAM TRADES MERCHANTS LLC reserves the right to remove the offering of any of the following products from the trading Platforms without prior notice.

Rolling Spot Forex

Rolling spot Forex is both a future where the underlying instrument being traded is foreign exchange or sterling or it is a contract for difference where the profit is secured or a loss is avoided through fluctuations in foreign exchange rates and in either case the contract is entered into for speculative purposes . A rolling spot forex contract can be ' rolled' indefinitely and no currency may be actually delivered until the position is closed. This exposes both parties to fluctuations in the underlying currencies .

Spread Bet

Spread betting is a type of trading that involves taking a bet on the price movement of a security . You would generally be quoted two prices, the bid and offer price (also called the spread), and you bet whether the price of the underlying stock will be lower than the bid or higher than the offer. You will never own the underlying stock in spread betting, as you are simply speculating on the price movement of the stock.

Currency or Forex Options

Currency or Forex options are derivative financial instrument that gives the right but not the obligation to buy or sell a specific currency , at a specified exchange rate on or before a specific date. You must also realize that when buying options you could lose the entire option investment should the option be worthless at ex piry.

Contracts for Difference (CFO)

A CFD is an agreement to exchange the difference between the opening and closing value of a contract. Rather than buying or selling the underlying instrument on which your contract is based, you simply place a trade on our trading Platform. The price of your CFD will then reflect the price of the underlying asset (without actually owning the underlying product) giving you a profit (or a loss) as the price moves, so that the amount of any profit or loss made on a CFD will reflect the difference between the price at which the CFD was opened and the price at which it is closed.

CFDs are a way of trading on the upward or downward price movements of traditional financial markets without buying or selling the underlying asset directly . The potential losses associated with the price movements can be the total value of the initial margin (and any additional margin funds) you have deposited with us, and you may be obliged to close your positions at the worst possible time.

All these products are types of leveraged derivatives that are used for speculative or hedging investment purposes. Transactions in these products may also have a contingent liability and you should ensure that you are aware of the implications of this .

In addition to industry General Risk Disclosure Notice contained in this Agreement , you should be aware that margined currency trading is one of the riskiest forms of investment available in the financial Markets and is only suitable for sophisticated individuals and institutions. Given the possibility of losing an entire investment , speculation in the foreign exchange Market should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution's financial wellbeing .

If you have pursued only conservative forms of investment in the past, you may wish to study currency trading further before continuing an investment of this nature.

If you wish to continue with your investment , you acknowledge that the funds you intend to invest is money you can afford to lose and the potential loss of all your investment will not jeopardize your style of living nor will it detract from your future retirement program .

Additionally , you fully understand the nature and risks of trading spot Forex ,currency options , CFDs or spread betting investments, and your obligations to others will not be neglected should you suffer financial losses.

Foreign Markets

Foreign Markets involve different risks from UK Markets. In some cases, risks will be greater. The potential for profit or loss from transactions on foreign Markets or in foreign currency will be affected by fluctuations in foreign exchange rates. Such enhanced risks include the risks of political or economic policy changes , which may substantially and permanently alter the conditions terms , Marketability or price of a foreign currency.

Risk Mitigating Orders or Strategies

The placing of certain orders (e.g. " Stop Loss" or " Stop Limits" orders) that are intended to limit losses to certain amounts , are not guaranteed. Such strategies may not always be achieved because Market conditions or technological limitations may make it impossible to execute such orders.

Prices

The prices quoted may not necessarily reflect the broader Market. We will select closing prices to be used in determining Margin requirements and in periodically marking to Market the positions in Client accounts. Although we ex pect that these prices will be reasonably related to those available on what is known as the interbank Market, prices we use may vary from those available to banks and other participants in the interbank Market. Consequently , we may exercise considerable discretion in setting Margin requirements and collecting Margin funds.

Weekend Risk

Various situations , developments or events may arise over a weekend when currency, Commodity and other Markets generally close for trading , that may cause the Markets to open at a significantly different price from where they closed on Friday afternoon. Our Clients will not be able to use the electronic communication systems to place or change orders over the weekend and at other times when the Markets are generally closed. There is a substantial risk that stop-loss orders , which are not guaranteed, applied to manage the risk to open positions held over the weekend will be executed at levels significantly worse than their specified price and you may be liable for making good any losses, even if they are unforeseen.

Electronic Trading

The use of electronic trading systems , Platforms and communication networks to facilitate trades . Clients who trade are exposed to risks associated with the system or Platform including the failure of hardware and software system or network down timed access or connection failures.

Contingent Liability Transactions

Such Transactions are margined and require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately . You may sustain a total loss of the Margin you deposit with your dealer to establish or maintain a position. If the Market moves against you, you may be called upon to pay substantial additional Margin at short notice to maintain the position . If you fail to do so within the time required, and the margin amount in your account falls below 50% of the total initial margin required for all the CFDs in your account, AETRAM TRADES MERCHANTS LLC will close out one or more of your open positions and we may take this action without seeking your prior consent . Contingent liability transactions, which are not traded on or under the rules of a recognized or designated investment exchange, may expose you to substantially greater risks.

Collateral

If you deposit collateral as security . you should ascertain how your collateral will be dealt with . Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken . Even if your dealings should ultimately prove profitable, you may not get back the same assets, which you deposited and may have to accept payment in cash .

Commissions

Before you begin to trade , you should obtain details of all commissions and other charges for which you will be liable from the AETRAM TRADES MERCHANTS LLC website or enquire at [email protected] If any charges are not expressed in money terms (but, for example , as a dealing spread) . you should obtain a clear written explanation . including appropriate examples, to establish what such charges are likely to mean in specific money terms .

Insolvency

Any insolvency or default may lead to positions being liquidated or closed out without your consent .In certain circumstances, you may not get back the actual assets , which you lodged as collateral and you may have to accept any available payment in cash .

You should only engage in CFD or Rolling Spot Forex trading if you are prepared to accept a high degree of risk and in particular the risks outlined in the above . You must be prepared to sustain the total loss of all amounts you may have deposited with your firm as well as any losses, charges (such as interest) and any other amounts (such as costs) we incur in recovering payment from you .

General

If you are in any doubt whatsoever about any aspect of the risks involved in the financial instruments noted in this General Risk Disclosure Notice, then we strongly recommend that you seek independent professional help or advice before continuing as your trading strategy may not be suitable or appropriate for you .

Margin trading is not necessarily designed to replace existing or traditional methods of investing and is therefore not suited to everyone so you must ensure that you fully understand the risks before taking up your trading strategy .

Schedule 3 - Use of our website(s) and Trading Platforms

1. We grant you a non-exclusive, non-transferable and limited personal non-sub licensable license to access view and use our website(s) and trading Platforms (the "License") .
2. The License is conditioned on your continued compliance with the Terms of this Agreement. Upon any use of the trading Platforms. you acknowledge acceptance of these license Terms and the Terms of this Agreement and are entitled to apply for Access details to gain online access to our trading Platforms or Website , thereby being able to place orders for transactions on any Financial Instrument available from us.
3. You understand that we can, at our absolute discretion, terminate your access to our Trading Systems and website(s) in order to protect both our and our clients' interests and to ensure the Trading Systems' effectiveness and efficiency .
4. You agree to use the information received from our information systems for the sole purpose of executing transactions inside and within the website .
5. You further agree not to use any electronic communication feature of a service on the website for any purpose that is unlawful, tortuous , abusive , and intrusive on another's privacy, harassing , libelous, defamatory , embarrassing , obscene , threatening or hateful.
6. You acknowledge that all content, trademarks , services marks, trade names, logos and icons and in general all Intellectual Property Rights on our website(s) and Trading Platforms are our property or our licensors property , and are protected by copyright laws, international treaties and provisions .
7. You agree not to delete any copyright notices or other indications of protected intellectual property rights from materials that you print or download from the website you will not obtain any intellectual property rights in, or any right or license to use such materials or the website , other than as set out in this Agreement .
8. You also agree not to copy, record, edit, alter or remove any of the materials on our website(s) and Trading Platforms . This shall include, without limitation , not removing, editing or otherwise interfering with (or attempting to remove, edit or otherwise interfere with) any name, marks, logos or branding on our website(s) and Platforms.
9. Images and videos displayed on our website(s) and Platforms are either our property or used with permission , and you agree not to upload, post, reproduce or distribute any information, soware or other material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights and our prior written consent . Unless expressly stated otherwise, any surrendered materials and / or messages , including ideas, knowho w, techniques , Marketing plans, information, questions . answers ,suggestions, e-mails and comments, are neither confidential nor will you hold the intellectual property in it.
10. Your agreement to the Terms of this Agreement shall be regarded as authorizing us to use your customer trading data and trading performance data (excluding your personal identification data) , for analytical purposes and for our risk management purposes . Such use does not require additional approvals or review by you and will form part of our intellectual property.
11. In the event that you receive any data , information or software via an Electronic Trading Service or Platform other than that which you are entitled to receive pursuant to this Agreement , you will immediately notify us and will not use, in any way whatsoever, such data, information or soware .
12. You will take all reasonable steps to ensure that no computer viruses, worms , soware bombs or similar items are introduced into the System or Software you use to access our trading Platform.