Common use of FX SERVICES Clause in Contracts

FX SERVICES. 18. PLACING TRADES 18.1 How to Place and Confirm a Trade 18.1.1 You can place an Order by using one of the methods at Clause 14.5 online, by telephone or by email. 18.1.2 Once we have received your Order, we will confirm: (a) the amount of the Sale Currency and the Purchase Currency; (b) the foreign exchange rate which we intend to apply; (c) any Payment to be made in accordance with Clause 19; (d) any Margin payable by you in accordance with Clause 20; and (e) any additional terms which we intend to apply to the Trade. 18.1.3 Upon receipt of an Order, we will provide you with a Transaction Receipt and a Payment Instruction Confirmation, which we may provide in a single communication. 18.1.4 You must carefully review the Transaction Receipt and the Payment Instruction Confirmation and tell us before Payment if you think any of the details are incorrect. If you are placing an order by telephone or by email, you must tell us within one (1) hour of receipt of your Transaction Receipt and Payment Instruction Confirmation. We’ll provide you with a revised Transaction Receipt and/or Payment Instruction Confirmation as soon as possible. 18.1.5 Except in the case of Limit Orders (see Clause 21 below), we will execute the Trade upon receipt of Payment. 18.1.6 You may not cancel a Trade which you have placed with us. However, if we haven’t yet processed the Trade: (a) you can correct any incorrect Beneficiary Account details (though we may charge a fee for this); or (b) we may at our discretion permit you to cancel the Trade. 18.1.7 If we permit you to cancel an Order: (a) if we’ve already received the Payment Amount, we’ll return it to the account from where it came. However, if the Sale and Purchase Currencies are different, we’ll convert the Purchase Currency back to the Sale Currency using an agreed exchange rate at the time of cancellation, which means the amount we return to you may be more or less than the original Payment Amount; (b) we won’t refund any fees you’ve paid us; and (c) we may require you to pay an additional fee that we agree with you at the time of permitting cancellation.

FX SERVICES. 18Note. The FX Services described in this Part C do not constitute the issuance of electronic money nor payment services activity and are therefore not subject to regulation by the FCA under the PSRs/EMRs. 17. PLACING TRADES 18.1 17.1 How to Place and Confirm a Trade 18.1.1 17.1.1 You can place an Order by using one of the methods at Clause 14.5 13.8 online, by telephone or by email. 18.1.2 17.1.2 Once we have received your Order, we will confirm: (a) the amount of the Sale Currency and the Purchase Currency; (b) the foreign exchange rate which we intend to apply; (c) any Payment to be made in accordance with Clause 1918; (d) any Margin payable by you in accordance with Clause 2019; and (e) any additional terms which we intend to apply to the Trade. 18.1.3 17.1.3 Upon receipt of an Order, we will provide you with a Transaction Receipt and a Payment Instruction Confirmation, which we may provide in a single communication. 18.1.4 17.1.4 You must carefully review the Transaction Receipt and the Payment Instruction Instructio n Confirmation and tell us before Payment if you think any of the details are incorrect. If you are placing an order by telephone or by email, you must tell us within one (1) hour of receipt of your Transaction Receipt and Payment Instruction Confirmation. We’ll provide you with a revised Transaction Receipt and/or Payment Instruction Confirmation as soon as possible. 18.1.5 17.1.5 Except in the case of Limit Orders (see Clause 21 20 below), we will execute the Trade upon receipt of Payment. 18.1.6 17.1.6 You may not cancel a Trade which you have placed with us. However, if we haven’t yet processed the Trade: (a) you can correct any incorrect Beneficiary Account details (though we may charge a fee for this); or (b) we may at our discretion permit you to cancel the Trade. 18.1.7 17.1.7 If we permit you to cancel an Order: (a) if we’ve already received the Payment Amount, we’ll return it to the account from where it came. However, if the Sale and Purchase Currencies are different, we’ll convert the Purchase Currency back to the Sale Currency using an agreed exchange rate at the time of cancellation, which means the amount we return to you may be more or less than the original Payment Amount; (b) we won’t refund any fees you’ve paid us; and (c) we may require you to pay an additional fee that we agree with you at the time of permitting cancellation.