Common use of Margin Clause in Contracts

Margin. 7.1. As a condition of entering into a margined transaction, you are required to have cleared funds in your account before attempting to open a position. If you do not have sufficient funds to meet your margin requirement you will not be able to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1. As You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future, or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time if your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us at the time (which may be within the same Business Day). Alternatively, an application for extending the trading facilities in response to a request for payment from Alchemy Prime Limited is authorised and regulated by the Financial Conduct Authority (FRN 612233) Alchemy Prime Limited is registered as a Limited Company in England and Wales with Company No. 08698974 · ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇.▇▇ · ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇ you can be made. This will have to be subject to negotiation and agreed with a director of entering into the firm listed on the FCA register and confirmed by email to you. Our minimum business practice for considering the extension will normally be that we will require sight of the proof of payment and also advisement of the time for banking processes to complete. 9.2. Margin in relation to a margined particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the security and custody arrangements described in clauses 13 and 14. 9.3. Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4. While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, on failure by you to pay margin when demanded will require us to close out any such transaction. Our system notifies clients at margin call at 150%, and automatic margin call at 100%. Stop-out is set at 50% of margin utilised. 9.5. All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.29.6. Furthermore, Any sums (commissions/fees) due to us from you also have a continuing obligation pursuant to ensure that this Agreement (plus any applicable VAT) are automatically deducted from your account balancewithout prior notice. We may have recourse against and sell, taking into account running P/L (profit/loss)realise, has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach dispose of any margin requirements, we may make a margin call warning in accordance of your Assets placed with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction unless you are classified as Retail Client subject to the Negative Balance Protection. As a condition of entering into a margined transactionrequired by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%). 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.17.1 You agree to provide to us and to maintain on your Account at all times such margin as is required under this clause 7 of these Terms of Business. As a condition This is repeated for every Contract entered into by you and shall relate separately to each Account, if you have more than one Account with us. 7.2 The minimum level of entering into a margined transaction, margin that you are required to have maintain on your Account at any particular time, by the deposit of cleared funds with us, is referred to as the Margin Requirement. 7.3 The Margin Requirement differs according to the financial instrument(s) that you wish to trade. The specific calculations for the Margin Requirement in respect of a Contract is set out in Appendix II (as applicable to the financial instrument). 7.4 When depositing funds in respect of your Margin Requirement, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that required to meet the Margin Requirement at that time) depending on your view of your open positions, the volatility of the particular financial instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant. 7.5 You undertake to provide us with and to maintain on your Account at all times sufficient cleared funds in order to meet the Margin Requirement. You should keep in mind that a failure to meet the Margin Requirement at any time is a Specified Event (please see definition of this term). As a result, failing to meet your account Margin Requirement may result in us closing out your open positions without notice to you under clause 17. We may, in our absolute discretion and subject to clause 7.6, allow you time to forward cleared funds so as to meet your Margin Requirement. Our permission will only be effective once it is confirmed by us in writing (including by email) and only to the extent specified in such notice. However, we may at any subsequent time following such notice be entitled to require you to make the Margin Payment to meet your Margin Requirement. 7.6 We shall provide to you via on-line access to your Account sufficient information to enable you to calculate the amount of any margin required by us under this Agreement. Please note that we may, in accordance with clause 21.4, vary the Margin Percentages or Notional Trading Requirements at any time by written notice to you. Unless provided for otherwise in this Agreement, you shall have three (3) Business Days from the date specified in the notice to deposit cleared funds on your Account to meet the Margin Requirement based on the new Margin Percentages or Notional Trading Requirements applicable to any of your open Contracts, provided always that, in the interim period, you continue to meet the Margin Requirement based on the old Margin Percentages or Notional Trading Requirements. For the avoidance of doubt, the new Margin Percentages or Notional Trading Requirements will apply immediately in respect of any new Contracts entered into after the relevant notice. We shall report the total amount of margin due from you in the Base Currency using the EML Exchange Rate. When dealing over the telephone, you will be provided with the relevant information upon request. 7.7 It is your responsibility to monitor at all times the amount of margin deposited in your Account against the amount of any margin currently required under this Agreement and any additional margin that may be necessary or desirable, having regard to: 7.7.1 your open Contracts; 7.7.2 the volatility of any relevant Underlying, Related Security, Related Index or Related Index Futures Contract; 7.7.3 the volatility of the relevant market; 7.7.4 the volatility of the markets generally; 7.7.5 any applicable exchange rate risk; 7.7.6 the time it will take for you to remit sufficient cleared funds to us; and 7.7.7 such other matter as you, in your absolute discretion, consider appropriate, and in the light of the information provided by us under clause 7.6 but subject to clause 7.8 of this Agreement, you waive any right you may have to receive a margin demand, call or notice from us in any circumstances. Margin Calls 7.8 Please note that where we are not able to provide you with on- line access to your Account due to circumstances within our control, we shall use reasonable endeavors to make a Margin Call. Again, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that requested in the Margin Call) depending on your view of your open positions, the volatility of the particular instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant. 7.9 You agree that, in extreme circumstances where your open Contracts are moving or have moved against you and/or where we have increased the Margin Percentages or Notional Trading Requirements in accordance with clause 7.6, we may or may not make a Margin Call before attempting exercising our rights under this Agreement to close out your Contracts. 7.10 Margin Calls, if made, will be effected under the notice provisions set out at clause 22 of these Terms of Business. 7.11 We may allow your Contracts to remain open, notwithstanding that you have failed to meet a Margin Call. Where this occurs, we will at any later time be entitled to close all or part of your open Contracts unless the Margin Call has been satisfied. Without prejudice to any other right we may have under this Agreement to close or limit your Contracts, we reserve our right to close out all or part of your open Contracts if you do not meet a positionMargin Call within three (3) business days of its receipt. Making Margin Payments 7.12 You may make any Margin Payments by the means set out in clause 9.10. You must contact us immediately if you are unable to or anticipate being unable to make any Margin Payment when due. Failure to pay any sum due to us, whether in respect of Margin Payments or otherwise, is a Specified Event and may result in us closing out your open positions without notice to you (see clause 17). 7.13 Given the serious consequences of a failure to meet the Margin Requirement at any time or to make a Margin Payment when due, you are strongly advised to monitor the Margin Requirement on your Account frequently and to ensure that we are able to get in contact with you at all times if necessary and be in a position to make Margin Payments from wherever you are. 7.14 You should also note: a) you must not rely upon our right to demand Margin Payments or make Margin Calls as a method of monitoring your open contracts, as such monitoring is your responsibility and we accept no liability for it; b) you must review your margin frequently as changes to the Margin Percentages or Notional Trading Requirements or price movements (notwithstanding that the relevant primary exchange is closed, for example, in the case of Contracts to which Limited Hours Trading does not apply), may increase your Margin Requirement; c) you should be aware that any reduction in the application of Limited Hours Trading under clause 2.8 above means that open positions will be marked to market after closing of trading on the primary exchange and your Margin Requirement will vary accordingly. If you do not have sufficient funds wish to meet your margin requirement you will not be able to place orders or open new positions. 7.2. Furthermoreaccept this additional risk, you also have a continuing obligation may close out any affected Contract at any time after notice has been given under clause 2.8; d) the level of Margin Payments demanded does not and is not intended to ensure that represent your account balanceentire liability to us and, taking into account running P/L (profit/loss), has sufficient funds subject to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) clauses 7.6 and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements7.11, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right exercise our rights to close out your open positions as provided in 7.3 above if you fail to meet the Margin Requirement at any time even where we have made a Margin Call; e) we may (subject to the applicable laws) make certain payment facilities and arrangements available to you following the occurrence of a Specified Event but shall not be limited obliged to do so. If any such extensions are given by us we will not be required to close any positions which gave rise to the Specified Event; and f) no demands, ▇▇▇▇▇▇ Calls or restricted notices made or given by us to you in any margin one or more instances shall invalidate the waiver given by you pursuant to clause 7 of this Agreement with respect to the necessity for us to make any such demand, call warning if, when or where madenotice. 7.67.15 For the avoidance of doubt, the margin calculations provisions in this Agreement in respect of Spots, Forwards and Options (see Schedules A, B and C respectively of Appendix II) are cumulative. You are specifically made aware that Your margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will Terms of Business shall be the funds deposited with us. If the markets gaps or slips through your stop orders total of all such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestcalculations. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.1. As a condition 11.1 You will maintain sufficient cleared funds to meet the minimum level of entering into a margined transaction, margin in cleared funds that you are required to have cleared maintain in your Account ("Margin Requirement"). You will provide to us from time to time on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different Margin Requirements may apply to different accounts and/or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your Margin Requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same day). 11.2 Margin in relation to a particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) to which we in our absolute discretion agree. It is your responsibility to monitor at all times the amount of margin that may be required or desirable. 11.3 Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 11.4 While failure to pay margin when required will entitle us to close out some or all of your positions and/or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instruction and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction. 11.5 All cash margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we may from time to time specify. If you do not are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have sufficient been received had no such deduction or withholding been required. 11.6 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Account in order to realize proceeds which may be applied in the discharge of such sums. 11.7 Subject to this Agreement, we will provide you with online access to your Account to assist you in calculating the amount of margin required. This information shall be provided to you in the Base Currency. 11.8 You acknowledge and accept that we may at our absolute discretion allow you time to forward cleared funds to meet your margin requirement you will not be able to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact detailsRequirements. We shall be deemed entitled (but not obliged) to have made make a margin call warning if we notify request to you electronically via the platform. 7.5. We shall not be liable for any failure deposit or payment that you make or are required to contact you with respect to a margin call warning. Should we make a margin call warning, on your Account under the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right this Agreement ("Margin Payments") ("Margin Call") before exercising our rights to close out your positions as provided Contracts. Notwithstanding the previous sentence we are obliged to close open Accounts if a Margin Call is not met with five (5) Business Days. Nothing in 7.3 above this clause shall not be limited prohibit or restricted by restrict us from closing or restricting any margin call warning if, when or where madetransactions if there are insufficient funds to meet Margin Requirements. 7.6. 11.9 You are specifically made aware that margin requirements are subject agree to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, contact us immediately if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account or will be unable to cover make any negative cash position held in any other related accountMargin Payments. We will at any time have Failure to make a Margin Payment when due is an Event of Default. Due to the right serious nature of failing to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which make Margin Payments when due you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestare strongly recommended to regularly monitor your Margin Requirement. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as 11.10 You waive any obligation on us to receive a margin demand, call or notice from us and accept that it is entirely your responsibility to monitor the Margin Requirement and make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from youall necessary Margin Payments by the due date. 7.10. We are entitled 11.11 You agree that any transactions we effect for you will be subject to retain funds the rules regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreementwe deal.

Margin. 7.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As a condition of entering into a margined transactionDifferent Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you are may be required by us to have cleared funds supplement such Margin at any time when your Account shows a debit balance or an increase in your account before attempting to open a positionMargin requirement. If you do not have sufficient funds to meet You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your margin requirement trading platform and you will not be able responsible at all times to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that monitor your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these termsMargin utilisation level. We are not obliged under any obligation to keep you informed of your account balance and Margin required (i.e. to make margin call warnings at all or within a specific time period. ‘Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact detailscall’). We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to contact you with respect monitor your Margin utilisation level and as a consequence of your failure to a margin call warningprovide sufficient Margin to maintain your positions. Should we make a margin call warningFurther information and details of Margin requirements, the terms ▇▇▇▇▇▇ calls and conditions Stop Out levels can be found on our website. 9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of the margin call warning Margin. 9.3 While failure to pay Margin when required will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as provided a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in 7.3 above shall not be limited or restricted by any margin call warning if, when or where madeRestricted Speculative Investments as soon as market conditions allow. 7.69.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 10 of 29 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums. 9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include: (a) the time it takes for our systems to process the payment; (b) circumstances outside our control such as the delay or failure of a bank used to process the payment; (c) if you have not correctly designated the payment; or (d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are specifically responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made aware that a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions. 9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios: (a) If your Margin utilisation drops below the Stop Out Level. (b) If you remain on margin call constantly for 24 hours. (c) If you are on margin call going into the weekend. (d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility. (e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 11 of 29 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. (f) Margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with uschange. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that case of Professional Clients and Eligible Counterparties you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will could be closed out at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestduring margin call. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction unless you are classified as Retail Client subject to the Negative Balance Protection. As a condition of entering into a margined transactionrequired by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%). 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable CA14072020 ▇▇/▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇ | +▇▇ (▇)▇▇ ▇▇▇▇ ▇▇▇▇ | ▇▇▇.▇▇▇▇▇▇.▇▇.▇▇ to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As a condition of entering into a margined transactionDifferent Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you are may be required by us to have cleared funds supplement such Margin at any time when your Account shows a debit balance or an increase in your account before attempting to open a positionMargin requirement. If you do not have sufficient funds to meet You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your margin requirement trading platform and you will not be able responsible at all times to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that monitor your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these termsMargin utilisation level. We are not obliged under any obligation to keep you informed of your account balance and Margin required (i.e. to make margin call warnings at all or within a specific time period. ‘Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact detailscall’). We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to contact you with respect monitor your Margin utilisation level and as a consequence of your failure to a margin call warningprovide sufficient Margin to maintain your positions. Should we make a margin call warningFurther information and details of Margin requirements, the terms ▇▇▇▇▇▇ calls and conditions Stop Out levels can be found on our website. 9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of the margin call warning Margin. 9.3 While failure to pay Margin when required will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as provided a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in 7.3 above shall not be limited or restricted by any margin call warning if, when or where madeRestricted Speculative Investments as soon as market conditions allow. 7.69.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 9 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums. 9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include: (a) the time it takes for our systems to process the payment; (b) circumstances outside our control such as the delay or failure of a bank used to process the payment; (c) if you have not correctly designated the payment; or (d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are specifically responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made aware that a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions. 9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios: (a) If your Margin utilisation drops below the Stop Out Level. (b) If you remain on margin call constantly for 24 hours. (c) If you are on margin call going into the weekend. (d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility. (e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 10 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: Park house, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. (f) Margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with uschange. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that case of Professional Clients and Eligible Counterparties you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will could be closed out at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestduring margin call. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the formof securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligationto close out anytransactions or take anyother action in respect ofpositions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders or open new positionspay such amount to us as will result in our receiving a net amount equalto the full amount which would have been received had no such deductionor withholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.1. As a condition 11.1 You will maintain sufficient cleared funds to meet the minimum level of entering into a margined transaction, margin in cleared funds that you are required to have cleared maintain in your Account ("Margin Requirement"). You will provide to us from time to time on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different Margin Requirements may apply to different accounts and/or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your Margin Requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same day). 11.2 Margin in relation to a particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) to which we in our absolute discretion agree. It is your responsibility to monitor at all times the amount of margin that may be required or desirable. 11.3 Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 11.4 While failure to pay margin when required will entitle us to close out some or all of your positions and/or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instruction and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction. 11.5 All cash margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we may from time to time specify. If you do not are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have sufficient been received had no such deduction or withholding been required. 11.6 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Account in order to realize proceeds which may be applied in the discharge of such sums. 11.7 Subject to this Agreement, we will provide you with online access to your Account to assist you in calculating the amount of margin required. This information shall be provided to you in the Base Currency. 11.8 You acknowledge and accept that we may at our absolute discretion allow you time to forward cleared funds to meet your margin requirement you will not be able to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details▇▇▇▇▇▇ Requirements. We shall be deemed entitled (but not obliged) to have made make a margin call warning if we notify request to you electronically via the platform. 7.5. We shall not be liable for any failure deposit or payment that you make or are required to contact you with respect to a margin call warning. Should we make a margin call warning, on your Account under the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right this Agreement ("Margin Payments") ("Margin Call") before exercising our rights to close out your positions as provided Contracts. Notwithstanding the previous sentence we are obliged to close open Accounts if a Margin Call is not met with five (5) Business Days. Nothing in 7.3 above this clause shall not be limited prohibit or restricted by restrict us from closing or restricting any margin call warning if, when or where madetransactions if there are insufficient funds to meet Margin Requirements. 7.6. 11.9 You are specifically made aware that margin requirements are subject agree to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, contact us immediately if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account or will be unable to cover make any negative cash position held in any other related accountMargin Payments. We will at any time have Failure to make a Margin Payment when due is an Event of Default. Due to the right serious nature of failing to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which make Margin Payments when due you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestare strongly recommended to regularly monitor your Margin Requirement. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as 11.10 You waive any obligation on us to receive a margin demand, call or notice from us and accept that it is entirely your responsibility to monitor the Margin Requirement and make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from youall necessary Margin Payments by the due date. 7.10. We are entitled 11.11 You agree that any transactions we effect for you will be subject to retain funds the rules regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreementwe deal.

Margin. 7.19.1. As You will provide to us from time to time on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and/or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same day). 9.2. Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) as we, in our absolute discretion, agree. Where we agree to accept margin in the form of securities this is subject to the security and custody arrangements described in clauses 13 and 14. 9.3. Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4. While failure to pay margin when required will entitle us to close out some or all of your positions and/or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instruction and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 9.5. All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we may from time to time specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.29.6. Furthermore, Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of deducted on prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realize or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin, Charged Assets and any account held with a Partner Companysafe custody Assets) in order to realize proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of Margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As a condition of entering into a margined transactionDifferent Margin requirements may apply to different accounts and / or investments traded. Subject to the FCA Rules on Negative Balance Protection, you are may be required by us to have cleared funds supplement such Margin at any time when your Account shows a debit balance or an increase in your account before attempting to open a positionMargin requirement. If you do not have sufficient funds to meet You will pay or transfer Margin within the minimum period specified by us (which may be within the same Business Day). Margin call will be via an indication on your margin requirement trading platform and you will not be able responsible at all times to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that monitor your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these termsMargin utilisation level. We are not obliged under any obligation to keep you informed of your account balance and Margin required (i.e. to make margin call warnings at all or within a specific time period. ‘Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact detailscall’). We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to contact you with respect monitor your Margin utilisation level and as a consequence of your failure to a margin call warningprovide sufficient Margin to maintain your positions. Should we make a margin call warningFurther information and details of Margin requirements, the terms ▇▇▇▇▇▇ calls and conditions Stop Out levels can be found on our website. 9.2 Margin in relation to your transactions must be provided by depositing cleared funds in your Account. We do not accept Securities or other Investments by way of the margin call warning Margin. 9.3 While failure to pay Margin when required will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay Margin when demanded will require us to close out any such transaction unless you are classified as provided a Retail Client. As required by the FCA, the Margin Close-Out Level for Retail Clients is set to Fifty Percent (50%). Where a Retail Client's net equity falls below the Margin Close-Out Level we are required to close out that client's open positions in 7.3 above shall not be limited or restricted by any margin call warning if, when or where madeRestricted Speculative Investments as soon as market conditions allow. 7.69.4 All cash Margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or withholding been required. VARIANSE | Client Agreement Page 9 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.5 Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and we may sell, realise or dispose of the Assets in order to realise proceeds which may be applied in the discharge of such sums. 9.6 Any payment made by you will only be given effect once our systems have credited it to the relevant Account and it is shown on our platform; we cannot guarantee how long this will take. The reasons for this can include: (a) the time it takes for our systems to process the payment; (b) circumstances outside our control such as the delay or failure of a bank used to process the payment; (c) if you have not correctly designated the payment; or (d) if manual processing of the payment is necessary. We will use reasonable endeavours to ensure that your successful payments are credited to your nominated Account, but only after the money has been received as cleared funds by us. However, if there is any inconsistency between your name(s) (as supplied to us by you) and the name on the bank account from which the payment originates, or if you do not correctly provide any other necessary details, the payment may be rejected and returned to the bank account or there may be a delay in crediting the payment to the Account. You are specifically responsible for any and all costs incurred in the process of making any payment to your Account (e.g. bank transfer charges or currency conversions to the Account Currency). You may also be liable for other charges that are not imposed by us, including bank fees for transfers of money or assets, and fees to internet and telephone service providers. In the event you have mistakenly made aware that a card payment to your account you may request a refund of the payment. Similarly, if your account has been closed you may request a refund of the remaining balance. We will aim to process refunds within 3-5 working days. For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We will not be liable for any losses, costs, expenses or damages incurred or suffered by you due to any delay in the processing or clearance of margin payments, you are responsible to ensure margin payments are made sufficiently in advance and as required to maintain your positions. 9.7 In the case of Professional Clients and Eligible Counterparties, automatic Stop Outs and forced closing of positions will occur typically in the following scenarios: (a) If your Margin utilisation drops below the Stop Out Level. (b) If you remain on margin call constantly for 24 hours. (c) If you are on margin call going into the weekend. (d) If you are on margin call during periods of increased volatility, or periods when there is an anticipation of increased volatility. (e) Going into the weekend, if your equity is below 100% of your margin requirement, your positions will be at an increased risk of being closed on a Friday evening. VARIANSE | Client Agreement Page 10 of 28 VARIANSE is a trading name of VDX Limited. VDX Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 802012. Address: ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇, Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇. Tel: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. (f) Margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with uschange. If they increase on one or more of your positions, then your current equity may not be enough to keep positions open. Finally, it is important to remember that in the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that case of Professional Clients and Eligible Counterparties you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will could be closed out at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestduring margin call. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.117.1 We may require you to pay us money as margin amounts in respect of your obligations to us. As a condition Details of entering into a margined transactionthe margin amounts (including the amount, you the currency and the time by which the payment must be made) are required to have cleared funds set out in your account before attempting to open a positionthe relevant confirmation. If you do not have sufficient funds to meet your You must make payment of the margin requirement you will not be able to place orders or open new positionsamount in accordance with those details. 7.217.2 We may ask you to increase the margin amount you must pay us under this clause 17 in respect of a financial markets transaction. Furthermore, You must pay us within 2 business days of when we ask. We may require you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds pay immediately if we reasonably believe our exposure is at risk of immediate significant increase. The increase is to meet your total margin requirementbe based on our assessment of any increase in our exposure since the financial markets transaction was entered into. 7.317.3 All amounts paid to us under this clause 17 are paid to us absolutely, free and clear of any liens, claims, encumbrances or other interests of any person, including you. Where there Your rights in connection with the amounts paid to us under this clause 17 are limited to those set out in this clause 17. The margin amounts are not separate accounts of any type with us. Nothing in this clause 17 is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without noticeintended to create an encumbrance in the amounts paid to us under this clause 17. 7.417.4 We agree to repay a margin amount to you when we, acting reasonably, are satisfied that no money is or could become owing by you to us in connection with any financial markets transaction for which the margin amount was required. When We need not repay you any margin amount before this. 17.5 You may not, and may not agree to, do any of the client is near breach or following in breach respect of your right to repayment of any margin requirementsamount: (a) sell or dispose of it; or (b) create or allow to exist a security interest in connection with it; or (c) deal in any other way with it or any interest in it. 17.6 We agree to pay you interest on the margin amount. We calculate the interest at a rate and in a manner that we consider appropriate and add it to the margin amount. 17.7 If we terminate financial markets transactions under clause 21.1 or clause 21.6, we may neither us nor you need make a further payments under this clause 17 (and no further interest will be calculated under clause 17.6) in respect of the margin call warning amounts for the financial markets transactions which are terminated. However, the margin amount will be included in the netting conducted in accordance with these termsclause 21 as being a negative mark–to–market value to be added to any other negative mark–to–market values and netted against any positive mark–to market values. We are 18 Cash Deposits or withdrawals may not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platformcash. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction unless you are classified as Retail Client subject to the Negative Balance Protection. As a condition of entering into a margined transactionrequired by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%). 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) to realise proceeds which may be applied in which you have an interestthe discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.1. As a condition of entering into a margined transaction, you are required to have cleared funds in your account before attempting to open a position. If you do not have sufficient funds to meet your margin requirement you will not be able to place orders or open new positions. 7.2. Furthermore, you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, general if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. eg pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.18.1 You shall provide to us and maintain with us such amount of money in respect of and as security for your actual, future and contingent or potential liabilities to us (Liabilities) in such amounts and in such forms as we, at our absolute discretion, may require. As a condition of entering into a margined transaction, you are required to have cleared funds in your account before attempting to open a position(Margin). If you do not have sufficient funds to meet your margin requirement you will not be able to place orders or open new positionsWe may change our Margin requirements at any time. 7.2. Furthermore, you also have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin 8.2 Any requirement for all open transactions, all open positions Margin must be satisfied in such currency and within such time as may be automatically closed out without notice. 7.4specified by us (in our absolute discretion) or, if none is specified, immediately. When One Margin demand does not preclude another. Margin shall be provided in the client is near breach form of cash or in breach of any margin requirements, such other forms as we may make agree or accept. It is your responsibility to monitor your trading Account and you should not rely on our right to call you for margin as a margin call warning in accordance with these termsmeans of monitoring your Account. We Margin Calls are made as a matter of courtesy and we are not obliged to make margin call warnings Margin Calls to clients. 8.3 You are responsible for maintaining appropriate arrangements with us at all or within a specific time periodtimes for the receipt and communication of information regarding Margin. If you fail to provide Margin call warnings may be made at any time and to us in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open positionrequired time, we may automatically close out some or all of your open Positions and we will be entitled to exercise our rights in accordance with clause 21 below. We will endeavor to follow an orderly stop out procedure, as detailed in the position at Product Schedule. 8.4 Unless otherwise agreed by us, you charge to us all Margin provided by you to us under the Agreement as a continuing security for your Liabilities under or pursuant to the Agreement (including under every transaction from time to time governed by the Agreement). 8.5 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our discretion or at your instruction where possiblesecurity interest over, be registered as owner of, or according obtain legal title to the Margin, secure further the Liabilities, to enable us to exercise our rights. 8.6 You may not withdraw or substitute any property which is subject to our rights under these termssecurity interest without our prior consent. 7.7. It is your sole responsibility to monitor your account. 7.8. In general8.7 If this Agreement terminates, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability not be obliged to repay any cash margin to the extent that you owe, or may owe, Liabilities to us. If we believe that you are operating in tandem with another account then In determining the amounts of cash Margin, your Liabilities, and our obligations to you, we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts apply such methodology (including a joint account judgements as to the future movement of markets and an account held values) as we consider appropriate, consistent with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interestApplicable Law. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction unless you are classified as Retail Client subject to the Negative Balance Protection. As a condition of entering into a margined transactionrequired by the FISD and ESMA, the MCO level for the Retail Client is Fifty Percent (50%). 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.110.1. As You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future, or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time if your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within 10.2. Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the security and custody arrangements described in clauses 14 and 15. 10.3. Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 10.4. While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, on failure by you to pay margin when demanded will require us to close out any such transaction. Our system notifies clients at margin call at 150%, and automatic margin call at 100%. Stop-out is set at 50% of margin utilised. 10.5. All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.210.6. Furthermore, Any sums (commissions/fees) due to us from you also have a continuing obligation pursuant to ensure that this Agreement (plus any applicable VAT) are automatically deducted from your account balancewithout prior notice. We may have recourse against and sell, taking into account running P/L (profit/loss)realise, has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach dispose of any margin requirements, we may make a margin call warning in accordance of your Assets placed with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.18.1. As You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 8.2. Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 8.3. Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 8.4. While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 8.5. All cash margin and other payments due by you to us pursuant to this Agreement shall be made in freely transferable funds in such currency and to such bank account(s) as we specify. If you are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have cleared funds been received had no such deduction or withholding been required. 8.6. Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and sell realise or dispose of the Assets (including any margin collateral and safe custody assets) in order to realise proceeds which may be applied in the discharge of such sums. 8.7. Margin notifications for MT4/MT5 GUI users will have Auto liquidation applied to their account at a predefined % ratio of margin. Margin call notifications will not be sent automatically but can be pre-set by the client on their MT4/MT5 GUI. Monitoring of a trading account’s margin liability ultimately falls to the account holder. 8.8. Margin Notifications for API Users will have margin call and auto liquidation applied to their accounts at a Predefined % ratio of margin. Margin call and Auto liquidation emails will be automatically sent to the client unless they wish for these notifications to be halted. Monitoring of a trading account’s margin liability ultimately falls to the account holder. Doo Clearing Limited is registered in England and Wales with registration number 10684079 and is authorised and regulated by the Financial Conduct Authority with license number 833414 ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ | ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇ 9.1. In relation to your account before attempting open positions you will promptly take all actions on or prior to open a positionmaturity, which are necessary either: a. To close out or otherwise liquidate such contracts by giving proper instructions in good time to enable us to carry out those instructions in accordance with their terms and the requirements of the relevant contract and of any relevant market, exchange, clearing house or intermediate broker; or b. To enable us to effect due exercise, settlement and / or delivery of such contracts as they fall due in accordance with the requirements of the contract and of any relevant market exchange clearing house or intermediate broker including but not limited to making any appropriate payment or delivering any underlying asset to us in good time for us to complete due settlement and delivery. 9.2. You will take all action necessary to enable us to effect performance of transactions as they fall due in accordance with the requirements of the relevant market, exchange, clearing house or intermediate broker. 9.3. If you do not have sufficient funds give us notice of your intention to exercise an option together with any monies or property or documents required therewith by the time stipulated by us we may treat the option as abandoned by you and notify you accordingly. We will endeavour to give you reasonable advance notice of the time for exercise of such option and / or any arrangements for automatic exercise. 9.4. If any payment, instruction, documents or delivery is not received or is incomplete or incorrect when received we may without notice close out or liquidate the transaction or buy in on the market or make or receive payment or delivery in order to meet our or your margin requirement you will not be able to place orders performance obligations or open new positionstake such other action as we in our absolute discretion may consider appropriate. 7.29.5. FurthermoreProfits arising from the granting, closing out, liquidation, settlement or exercise of contracts or from similar transactions will be credited to your Account. Losses arising from the granting, closing out, liquidation, settlement or exercise of contracts or from similar transactions will be debited from your Account. Any debit balance on your Account or arising as a result of the liquidation of your Account will be payable by you also have a continuing obligation forthwith whether or not demanded by us. If accounts within your Account are expressed in different currencies, they shall be translated to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirementsterling at the prevailing rate of exchange. 7.39.6. Where there Any crediting to your Account of cash investments or other Assets is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactionssubject to reversal if, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all or within a specific time period. Margin call warnings may be made at any time local laws and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warningpractice, the terms delivery of investments or cash giving rise to the credit is reversed. Doo Clearing Limited is registered in England and conditions of Wales with registration number 10684079 and is authorised and regulated by the margin call warning will be detailed within the warningFinancial Conduct Authority with license number 833414 ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ | ▇▇▇▇▇▇▇ ▇▇▇▇▇, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time if your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.19.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 9.2 Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14. 9.3 Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 9.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 9.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not have sufficient funds are by law required to meet your margin requirement make any deduction or withholding in respect of taxes or otherwise, then you will not be able liable to place orders pay such amount to us as will result in our receiving a net amount equal No. 8443644 and is authorised and regulated by the Financial Conduct Authority. Registered No. 600837 ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ / 0044 (0)207 967 1729 to the full amount which would have been received had no such deduction or open new positionswithholding been required. 7.2. Furthermore, 9.6 Any sums due to us from you also have a continuing obligation pursuant to ensure that your account balance, taking into account running P/L this Agreement (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/Lplus any applicable VAT) and your margin requirement for all open transactions, all open positions may be automatically closed out deducted without notice. 7.4. When the client is near breach or in breach of prior notice to you from any margin requirements, Assets and we may make a margin call warning in accordance with these terms. We are not obliged to make margin call warnings at all have recourse against and sell realise or within a specific time period. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions dispose of the margin call warning will be detailed within the warning, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account Assets (including any joint account margin collateral and any account held with a Partner Companysafe custody assets) in order to realise proceeds which you have an interestmay be applied in the discharge of such sums. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.

Margin. 7.18.1 You will provide to us on demand such sums by way of margin as we may in our discretion require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. As Different margin requirements may apply to different accounts and / or investments traded. You may be required by us to supplement such margin at any time when your Account shows a condition debit balance or an increase in your margin requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Day). 8.2 Margin in relation to a particular type of entering into transaction will be provided in cash or in the form of such investments or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form of securities this is subject to the Security and custody arrangements described in clauses 12 and 13. 8.3 Unless the terms applying to a margined particular type of transaction otherwise specify, margin will be valued by us on such basis as we shall in our absolute discretion determine and may reflect, without limitation, our view as to the extent that the relevant assets are fully available to us or such discount to the current market value of any margin as reflects our perception of the market risk of that margin. 8.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or call an Event of Default we are under no obligation to close out any transactions or take any other action in respect of positions opened or acquired on your instructions and in particular, no failure by you to pay margin when demanded will require us to close out any such transaction, . 8.5 All cash margin and other payments due by you are required to have cleared us pursuant to this Agreement shall be made in freely transferable funds in your account before attempting such currency and to open a positionsuch bank account(s) as we specify. If you do not are by law required to make any deduction or withholding in respect of taxes or otherwise, then you will be liable to pay such amount to us as will result in our receiving a net amount equal to the full amount which would have sufficient funds been received had no such deduction or withholding been required. 8.6 Any sums due to meet your us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without prior notice to you from any Assets and we may have recourse against and sell realise or dispose of the Assets (including any margin requirement you collateral and safe custody assets) in order to realise proceeds which may be applied in the discharge of such sums. 8.7 Margin notifications for MT4/MT5 GUI users will have Auto liquidation applied to their account at a predefined % ratio of margin. Margin call notifications will not be able sent automatically but can be pre-set by the client on their MT4/MT5 GUI. Monitoring of a trading account’s margin liability ultimately falls to place orders or open new positionsthe account holder. 7.2. Furthermore, you also 8.8 Margin Notifications for API Users will have a continuing obligation to ensure that your account balance, taking into account running P/L (profit/loss), has sufficient funds to meet your total margin requirement. 7.3. Where there is a shortfall between your account balance (taking into account running P/L) and your margin requirement for all open transactions, all open positions may be automatically closed out without notice. 7.4. When the client is near breach or in breach of any margin requirements, we may make a margin call warning in accordance with these terms. We are not obliged and auto liquidation applied to make margin call warnings their accounts at all or within a specific time periodPredefined % ratio of margin. Margin call warnings may be made at any time and in any way permitted by these terms. For this reason, it is in your best interest to immediately notify us of any changes in your contact details. We shall be deemed to have made a margin call warning if we notify you electronically via the platform. 7.5. We shall not be liable for any failure to contact you with respect to a margin call warning. Should we make a margin call warning, the terms and conditions of the margin call warning Auto liquidation emails will be detailed within automatically sent to the warningclient unless they wish for these notifications to be halted. Monitoring of a trading account’s margin liability ultimately falls to the account holder. Doo Clearing Limited is registered in England and Wales with registration number 10684079 and is authorised and regulated by the Financial Conduct Authority with license number 833414 ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ | ▇▇▇▇▇▇▇ ▇▇▇▇▇, and we reserve the right to change the terms and conditions based on market conditions. Our right to close out your positions as provided in 7.3 above shall not be limited or restricted by any margin call warning if▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, when or where made. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation the margin rates governing your open positions. When you have an open position▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, we may close the position at our discretion or at your instruction where possible, or according to our rights under these terms. 7.7. It is your sole responsibility to monitor your account. 7.8. In general, if you are designated as a Retail Client your maximum liability to us will be the funds deposited with us. If the markets gaps or slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest. 7.9. Notwithstanding clause 7.8 if you trade in such large sizes as make clause 7.8 untenable for we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you. 7.10. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (e.g. pending bank transfers), realised losses and any other amount due under this Agreement.▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇