This Agreement Is a Legal Contract, Please Read It Carefully.
This is a legal contract between The High Street Networking Ltd (HSN Ltd.) and the party executing this document.
In connection with opening an account to purchase and/or sell cash or spot currency (hereinafter referred to as "Currency.") through the interbank foreign exchange (hereinafter referred to as "Currency Forex") with HSN Ltd. Customer acknowledges that Customer has been advised and understands the following factors concerning trading in leveraged Currency Forex, in addition to those contained in the following Risk disclosure Statement, which have been provided to Customer.
1. Currency Forex is not traded on a regulated exchange. Currency Forex is traded on the interbank system. The interbank system consists of banks/clearing houses that exchange Currency positions with other banks/clearing houses. Every attempt has been made to deal with reputable credit worthy banks/clearing houses. Also, there may be certain cases in which trading liquidity decreases causing trading in a certain Currency to cease, thereby preventing the liquidation of an adverse position which may result in a substantial financial loss.
2. Trading in Currency Forex is suitable only for those institutions or participants financially able to withstand losses which may substantially exceed the value of margins or deposits.
3. Customer acknowledges that the purchase or sale of a Currency always anticipates the accepting or making of delivery.
4. The market recommendations of HSN Ltd. are based solely on the judgment of HSN Ltd.'s personnel. These market recommendations may or may not be consistent with the market position or intentions of HSN Ltd. The market recommendations of HSN Ltd. are based upon information believed to be reliable, but HSN Ltd. cannot and does not guarantee the accuracy or completeness thereof or represent that following such recommendations will eliminate the risk inherent in trading currency Forex. Any market recommendations of, or information provided by, HSN Ltd. do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any Currency Forex contract.
5. Customer understands that HSN Ltd. does not permit its Account Executives to either exercise discretion or manage a Currency Forex account, or hold a power of attorney over a currency Forex account, unless approved by an executive officer of HSN Ltd. and only after proper documentation has been submitted and approved by HSN Ltd. If Customer's account is not being traded with Customer's authorization, Customer must notify HSN Ltd.'s Compliance Officer immediately.
6. HSN Ltd.'s margin policies and/or the policies of those banks/clearing houses through which contracts are executed may require that additional funds be provided to properly margin customer's account and that Customer is obligated to immediately meet such margin requirements. Failure to meet margin calls may result in the liquidation of any open positions with a resultant loss.
7. Customer understands that Customer must carefully review the reports relating to Customer's trading sent to Customer by HSN Ltd. Pursuant to the Customer Agreement, all reports of execution will be deemed final within twenty-four (24) hours and all statements of account will be deemed final within three (3) days , unless the Customer objects to these reports within these periods of time to an executive officer of HSN Ltd., at its principal place of business.
8. The Customer has read and understands the Customer's obligations and rights under the following Customer Agreement and agrees and acknowledges that the following Customer Agreement will control the Customer's relationship with HSN Ltd.
The Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer's account. Customer has considered the foregoing factors and in view of Customer's present and anticipated financial resources, Customer is willing and able to assume the substantial financial risks of Currency Forex trading.
In consideration of HSN Ltd. agreeing to carry one or more accounts of the undersigned ("Customer') and providing services to Customer in connection with the purchase and sale of cash, leveraged currencies contracts, (collectively referred to as "Currency Forex"), which may be purchased or sold by or through HSN Ltd. for Customer's accounts(s), Customer agrees as follows:
1. AUTHORIZATION TO TRADE. HSN Ltd. is authorized to purchase and sell Currency Forex for customer's account(s) with a counter party bank or sophisticated institutions or participants in accordance with customer's oral or electronically written instructions.
2. MARGINS AND DEPOSIT REQUIREMENTS. Customer shall provide to and maintain with HSN Ltd. margin in such amounts and in such forms as HSN Ltd. in its sole discretion, may from time to time require. Such margin requirements may be greater or lesser than margins required by a counterparty bank. HSN Ltd. may change margin requirements at any time. Customer agrees to deposit by immediate wire transfer such additional margin when and as required by HSN Ltd. and will promptly meet all margin calls in such mode of transmission as HSN Ltd. shall in its sole discretion designate provided. No previous margin requirement by HSN Ltd. shall preclude HSN Ltd. from increasing that requirement without prior notice. HSN LTD. retains the right to limit the number of open positions which Customer may acquire or maintain at HSN Ltd. HSN Ltd. will attempt to execute all orders which it may, in its sole discretion, choose to accept for the purchase or sale of contracts in accordance with the oral or electronically written instructions of Customer. However, HSN Ltd. shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of HSN Ltd. including, without limitation, loss or damage resulting, directly or indirectly, form any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
3. SETTLEMENT DATE AND ROLLOVERS. With respect to purchases or sales of Currencies through a Currency Forex account Customer agrees to instruct HSN Ltd. as to rollover of a Currency position. Except as provided herein, during the term of the Currency position, Customer shall give HSN Ltd. instructions for rolling the currency position no later than two hours prior to the settlement of trading in the Currency contract on the day Customer intends to rollover a currency position. In the absence of timely instructions from Customer, HSN Ltd. is authorized, at HSN Ltd.'s absolute discretion, to deliver rollover all of the Currency positions in the Currency Forex account(s) for Customer's Account(s) and at Customer's risk. Customer's account(s) shall be charged separate commissions, at Broker's rates in effect from time to time, upon the rollover of a Currency position.
4. CHARGES. Customer shall pay such brokerage commission, rollover and special service charges as HSN Ltd. may form time to time charge and all other charges arising out of HSN Ltd.'s providing services hereunder. HSN Ltd. may change its commission, charges, and/or fees without notice. All such charges shall be paid by customer as they are incurred, or as HSN Ltd. in its sole and absolute discretion, may determine, and Customer hereby authorizes HSN Ltd. to withdraw the amount of any such charges from Customer's accounts(s). Customer agrees to pay a wire transfer fees, in the event Customer instructs HSN Ltd. to transfer money of Customer's account to another institution.
5. HSN LTD.'S RESPONSIBILITIES. HSN Ltd. will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond HSN Ltd.'s control or anticipation. HSN Ltd. shall only be liable for its actions or inactions which amount to fraud or negligence.
6. CURRENCY FLUCTUATION RISK. If Customer directs HSN Ltd. to enter into any currency Forex contract: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer's account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as HSN Ltd. may in its sole discretion require; and (c) HSN Ltd. is authorized to convert funds in Customer's account for margin into and from such foreign currency at a rate of exchange determined by HSN Ltd. in its sole discretion on the basis of then prevailing money market rates.
7. RISK ACKNOWLEDGMENT. Customer acknowledges that investment in leveraged and non leveraged Currency Forex contracts are speculative, involves a high degree of risk and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. Customer understands that because of the low margin normally required in Currency Forex trading, price changes in Currency Forex contracts may result in significant losses, which losses may substantially exceed Customer's investment and margin deposit. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of Currency Forex trading, and in consideration of HSN Ltd.'s carrying his/her account(s) Customer agrees not to hold HSN Ltd. responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in Currency Forex trading. Customer acknowledges that Customer has received no such guarantees from HSN Ltd. or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her HSN Ltd. account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
8. TRADING RECOMMENDATIONS. (a) Customer acknowledges that (i) any market recommendations and information communicated to Customer by HSN Ltd. do not constitute an offer to sell or the solicitation of an offer to buy any Currency Forex contract (ii) such recommendation and information, although based upon information obtained form sources believed by HSN Ltd. to be reliable, may be based solely on a broker's opinion and that such information may be incomplete and may be unverified: and (iii) HSN Ltd. makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Customer. Customer acknowledges that HSN Ltd. and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Customer, and that the market position of HSN Ltd. or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by HSN Ltd. Customer acknowledges that HSN Ltd. makes no representations concerning the tax implications or treatment of contracts; and , (b) Customer further acknowledges that should Customer grant trading authority or control over customer's account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, HSN Ltd. shall in no way be responsible for reviewing Customer's choice of such Trading Agent nor making any recommendations with respect thereto. Customer understands that HSN Ltd. makes no warranties nor representations concerning the Trading Agent, that HSN Ltd. shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that HSN Ltd. does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. IF Customer gives Trading Agent authority to exercise any of its rights over its accounts, Customer understands that Customer does so at Customer's own risk.
9. CUSTOMER REPRESENTATIONS AND WARRANTIES. Customer represents and warrants that : (a) Customer is of sound mind, legal age and legal competence; and, (b) No person other than customer has or will have an interest in Customer's account(s); and , (c) Customer hereby warrants that regardless of any subsequent determination to the contrary Customer is suitable to trade Currency Forex and is a sophisticated participant, (d) Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company and in the event that customer becomes so employed, Customer will promptly notify HSN Ltd. at its home office in writing of such employment; and, (e) All the information provided in the information portion of this on line registration form is true, correct and complete as of the date hereof and customer will notify HSN Ltd. promptly of any changes in such information.
10. NO GUARANTEES. Customer acknowledges that Customer has no separate agreement with Customer's broker or any HSN Ltd. employee or agent regarding the trading in Customer's currency Forex account, including any agreement to guarantee profits in Customer's account. Customer understands that Customer is under an obligation to notify HSN Ltd.'s Compliance Officer immediately in writing as to any agreement of this type. Further, Customer understands that any representations made by anyone concerning Customer's account which differ from any statements Customer receives from HSN Ltd. must be brought to the attention of HSN Ltd.'s Compliance Officer immediately in writing. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing HSN Ltd.'s limited trading authorization, and any disputed transactions must be brought to the attention of the HSN Ltd.'s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold HSN Ltd. harmless form all damages or liability resulting form Customer's failure to immediately notify HSN Lts's Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to HSN Ltd. at its address appearing on confirmations and account statements.
11. GOVERNING LAW AND JURISDICTION. This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the British Virgin Islands.
12. BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with HSN Ltd. irrespective of any change or changes at any time in the personnel of HSN Ltd. or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of HSN LTD. and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and /or the estate, executor, trustees, administrators, legal representative, successors and assigns of Customer. Customer hereby ratifies all transactions with HSN LTD. effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
13. TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Customer at any time when Customer has no open currency Forex positions or and no liabilities held by or owed to HSN Ltd. upon the actual receipt by HSN Ltd. at its home office of written notice of termination, or at any time whatsoever by HSN Ltd. upon the transmittal of written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Customer of any obligations arising out of any deficit balance.
14. INDEMNIFICATION. Customer agrees to indemnify and hold HSN Ltd., its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by HSN Ltd. arising out of Customer's failure to fully and timely perform Customer's agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to pay promptly to HSN Ltd. all damages, costs and expenses, including attorneys fees, incurred by HSN Ltd. in the enforcement of any of the provisions of this Agreement and any other agreements between HSN Ltd. and Customer.
15. TERMS AND HEADINGS. The term "HSN LTD." shall be deemed to include HSN Ltd, its divisions, its successors and assigns; the term of "home office" is deemed to be Ellen L. Skelton Building, P.O. Box 3274, Road Town, Tortola, British Virgin Islands; the term "Customer" shall mean the party (or parties) executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer's account regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
16. RECORDINGS. Customer agrees and acknowledges that all conversations regarding customer's account(s) between customer and HSN Ltd. personnel may be electronically recorded with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving customer or HSN Ltd. Customer understands the HSN Ltd. destroys such recordings at regular intervals in accordance with HSN Ltd.'s established business procedures and customer hereby consents to such destruction.
THIS IS A CONTRACTUAL AGREEMENT
DO NOT SIGN UNTIL YOU HAVE READ THE FOREGOING CAREFULLY
The undersigned acknowledges having received, read and understood the foregoing Customer Account Letter and Customer Agreement.