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. 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. 7.19.1 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 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 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. 7.18.1 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. 7.18.1. 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. 7.18.1 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.▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇

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 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. 7.1. 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 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. 7.110.1. 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. 7.19.1 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. 7.19.1. 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. 7.16.1 The Client shall at all times maintain with the Broker, in such amount and such form as the Broker may from time to time require, Margin in excess of the Client's indebtedness or obligations to the Broker whether by way of trading or otherwise howsoever for the compliance of the margin requirements set by the Broker and the amount of which may be greater than that required by any relevant Exchange, Clearing House Margin or other dealer. As The Broker may also change margin requirements in its absolute discretion without prior notice. 6.2 Client agrees to provide ▇▇▇▇▇▇ in form of cash. Margin in form of asset other than cash will only be accepted by the Broker in its absolute discretion and the Broker has absolute discretion to assign a condition notional value to such assets for determining the amount of entering into a margined transactionrequired Margin which may not correspond to its market value. 6.3 All amounts (including Margin) payable by the Client in connection with this Agreement shall be due on demand and in the currency of the Broker's choice subject only to any restrictions which may be imposed, you are by the appropriate Exchange and/ or relevant Clearing House, if any, upon which the Futures/Options Contract concerned was executed on the Client's behalf. Demands for Margin must be met not later than the close of business on the next following business day or such shorter period as the Broker may in its absolute discretion determine and specify to the Client. Failure to meet any demand for Margin within the period specified by the Broker or at the time of making such call or demand for Margin will constitute an Event of Default and the Broker may exercise any of its rights under Clause 9.2 and may close out any Open Contracts in respect of which demand for Margin has not been met. The Client agrees that in such closing out of Open Contracts on behalf of the Client, the Brokers owes no obligation of whatsoever nature to the Client to minimize or eliminate loss suffered by the Client. The Broker may be required to have cleared funds in your account before attempting report 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, HKFE and/or the SFC particulars of all open positions may be automatically closed out without noticein respect of which two successive Margin calls are not met within the period specified by the Broker. 7.4. When 6.4 Notwithstanding Clauses 6.1 and 6.3, in 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, event that it is in your best interest the sole opinion of the Broker that it is impracticable for the Broker to immediately notify us of any changes in your contact details. We make demand on the Client for additional Margin pursuant to Clause 6.3, the Broker shall be deemed to have made such demand of additional Margin in such form and amount as the Broker may determine and such demand shall become immediately due and payable by the Client. The aforesaid impracticality may be due to the following (without limitation) rapid changes or development involving prospective changes: (A) in the local, national or international monetary, financial, economic or political conditions or foreign exchange controls which has resulted or is in the opinion of the Broker likely to result in a margin call warning if we notify you electronically via material or adverse fluctuation in the platform.stock market, currency market, commodities or futures market in Hong Kong and/or overseas; or 7.5. We shall not (B) which is or may be liable for any failure to contact you with respect to of a margin call warning. Should we make a margin call warning, material adverse nature affecting the terms and conditions of the Client, performance of a Futures/Options Contract in the Account or operations of the Account. 6.5 The Client agrees that no previous margin call warning requirements shall establish any precedent and change in margin requirements (increase or decrease) shall apply to existing positions as well as to the new positions in the Futures/Options Contracts which are affected by such change. 6.6 In respect of HKFE Trades, the Client further acknowledges and agrees that : (A) margin is calculated at the end of each business day or other shorter interval as directed by HKFE or determined by the Broker in its discretion from time to time and more frequently during active markets; (B) the Broker will be detailed within not transact any Futures/Options Contracts for the warningClient until and unless the Broker has received from that Client sufficient cash to cover that Client's expected trading liabilities, and we reserve Initial Margin and/or Variation Adjustments; (C) the right Broker in its absolute discretion may require more Initial Margin and/or Maintenance Margin and/or Variation Adjustments than the Initial Margin or Maintenance Margin or Variation Adjustments specified by the HKFE and/or the HKCC; (D) the Broker is entitled to change the terms and conditions based Initial Margin and/or Maintenance Margin and/or Variation Adjustments in its sole discretion at any time without assigning any reason therefor; (E) for the avoidance of doubt, failure by the Client to meet Maintenance Margin on market conditions. Our Margin Calls made by the Broker or any other accounts payable hereunder shall give the Broker the right (without prejudice to other rights) to close out your any open positions in respect of which any Margin Calls are not met without notice to the Client and to dispose of any or all assets held for or on behalf of the Client and to apply the proceeds and/or any cash deposits to pay the Broker all outstanding balances owing to the Broker; (F) the Broker is obliged to report to the HKFE and the SFC particulars of all open position in respect of which two successive Margin Calls and/or demands for Variation Adjustments are not met within that period specified by the Broker; and (G) if at the close of business on any business day, the aggregate amount of the Client's Maintenance Margin at that time exceeds the aggregate of the Client's Equity Balance at that time, the Broker may require the Client to deposit with the Broker, not later than the close of business on the next following business day or any shorter period as provided the Broker may specify, an amount in 7.3 above shall cash not be limited or restricted by any margin call warning if, when or where madeless than the amount of the excess between the Initial Margin and the Equity Balance. 7.6. You are specifically made aware that margin requirements are subject to change without notice including without limitation (H) For 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.purpose of Clause 6.6,

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 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. 7.1. 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 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.