Common use of Margin Clause in Contracts

Margin. 9.1 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 required 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 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. 9.6 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.

Margin. 9.1 9.1. 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 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 if 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 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 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 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 security and custody arrangements described in clauses 13 and 14. 9.3 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 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, 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 on 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 Protectiontransaction. As required by the FCA Our system notifies clients at margin call at 150%, and ESMA, the MCO level for the Retail Client automatic margin call at 100%. Stop-out is Fifty Percent (set at 50%)% of margin utilised. 9.5 9.5. 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 been received had no such deduction or withholding been required. 9.6 9.6. Any sums (commissions/fees) due to us from you pursuant to this Agreement (plus any applicable VAT) may be are automatically deducted from your account without prior notice to you from any Assets and we notice. We may have recourse against and sell realise sell, realise, or dispose of the any of your Assets placed with us (including any margin collateral and safe custody assets) in order to realise proceeds which may be applied in the discharge of such sums.

Margin. 9.1 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, 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 been received had no such deduction or withholding been required. 9.6 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.

Margin. 9.1 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, 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 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 withholding been required. 9.6 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.

Margin. 9.1 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 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 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, Default we are under no obligation to obligationto close out any transactions anytransactions or take any other anyother action in respect of positions 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 unless you are classified as Retail Client subject to the Negative Balance Protection. As required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 equalto the full amount which would have been received had no such deduction or deductionor withholding been required. 9.6 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.

Margin. 9.1 You will provide to us on demand such sums by way of margin 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 Margin requirements may apply to different accounts and / or investments traded. You Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such margin Margin at any time when your Account shows a debit balance or an increase in your margin Margin requirement. You will pay or transfer margin 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 trading platform and you will be responsible at all times to monitor your Margin utilisation level. We are not under any obligation to keep you informed of your account balance and Margin required (i.e. to make a ‘Margin call’). We will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, ▇▇▇▇▇▇ calls and Stop Out levels can be found on our website. 9.2 Margin in relation to a particular type of transaction will your transactions must be provided by depositing cleared funds in cash or in the form of such investments your Account. We do not accept Securities or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form Investments by way of securities this is subject to the Security and custody arrangements described in clauses 13 and 14Margin. 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 Margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, 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 Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client subject to the Negative Balance ProtectionClient. As required by the FCA and ESMAFCA, the MCO level Margin Close-Out Level for the Retail Client 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 Restricted Speculative Investments as soon as market conditions allow. 9.5 9.4 All cash margin 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: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.6 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 sell we may 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. 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 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 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. 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 case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.

Margin. 9.1 7.1 You will agree to provide to us and to maintain on demand your Account at all times such sums margin as is required under this clause 7 of these Terms of Business. This is repeated for every Contract entered into by way you and shall relate separately to each Account, if you have more than one Account with us. 7.2 The minimum level of margin that you are required to maintain on your Account at any particular time, by the deposit of cleared funds with us, is referred to as the Margin Requirement. 7.3 The Margin Requirement differs according to the financial instrument(s) that you wish to trade. The specific calculations for the Margin Requirement in respect of a Contract is set out in Appendix II (as applicable to the financial instrument). 7.4 When depositing funds in respect of your Margin Requirement, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that required to meet the Margin Requirement at that time) depending on your view of your open positions, the volatility of the particular financial instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant. 7.5 You undertake to provide us with and to maintain on your Account at all times sufficient cleared funds in order to meet the Margin Requirement. You should keep in mind that a failure to meet the Margin Requirement at any time is a Specified Event (please see definition of this term). As a result, failing to meet your Margin Requirement may result in us closing out your open positions without notice to you under clause 17. We may, in our absolute discretion and subject to clause 7.6, allow you time to forward cleared funds so as to meet your Margin Requirement. Our permission will only be effective once it is confirmed by us in writing (including by email) and only to the extent specified in such notice. However, we may in our discretion at any subsequent time following such notice be entitled to require for you to make the purpose Margin Payment to meet your Margin Requirement. 7.6 We shall provide to you via on-line access to your Account sufficient information to enable you to calculate the amount of protecting ourselves against loss or risk of loss on present, future or contemplated transactions any margin required by us under this Agreement. Different Please note that we may, in accordance with clause 21.4, vary the Margin Percentages or Notional Trading Requirements at any time by written notice to you. Unless provided for otherwise in this Agreement, you shall have three (3) Business Days from the date specified in the notice to deposit cleared funds on your Account to meet the Margin Requirement based on the new Margin Percentages or Notional Trading Requirements applicable to any of your open Contracts, provided always that, in the interim period, you continue to meet the Margin Requirement based on the old Margin Percentages or Notional Trading Requirements. For the avoidance of doubt, the new Margin Percentages or Notional Trading Requirements will apply immediately in respect of any new Contracts entered into after the relevant notice. We shall report the total amount of margin requirements due from you in the Base Currency using the EML Exchange Rate. When dealing over the telephone, you will be provided with the relevant information upon request. 7.7 It is your responsibility to monitor at all times the amount of margin deposited in your Account against the amount of any margin currently required under this Agreement and any additional margin that may apply be necessary or desirable, having regard to: 7.7.1 your open Contracts; 7.7.2 the volatility of any relevant Underlying, Related Security, Related Index or Related Index Futures Contract; 7.7.3 the volatility of the relevant market; 7.7.4 the volatility of the markets generally; 7.7.5 any applicable exchange rate risk; 7.7.6 the time it will take for you to different accounts remit sufficient cleared funds to us; and 7.7.7 such other matter as you, in your absolute discretion, consider appropriate, and / in the light of the information provided by us under clause 7.6 but subject to clause 7.8 of this Agreement, you waive any right you may have to receive a margin demand, call or investments tradednotice from us in any circumstances. Margin Calls 7.8 Please note that where we are not able to provide you with on- line access to your Account due to circumstances within our control, we shall use reasonable endeavors to make a Margin Call. Again, you may wish to leave some "headroom" (i.e. you may wish to deposit an amount which exceeds that requested in the Margin Call) depending on your view of your open positions, the volatility of the particular instrument(s) concerned and the underlying market(s), the time it will take for you to deposit further cleared funds on your Account and any other matter which you may consider relevant. 7.9 You agree that, in extreme circumstances where your open Contracts are moving or have moved against you and/or where we have increased the Margin Percentages or Notional Trading Requirements in accordance with clause 7.6, we may or may not make a Margin Call before exercising our rights under this Agreement to close out your Contracts. 7.10 Margin Calls, if made, will be effected under the notice provisions set out at clause 22 of these Terms of Business. 7.11 We may allow your Contracts to remain open, notwithstanding that you have failed to meet a Margin Call. Where this occurs, we will at any later time be entitled to close all or part of your open Contracts unless the Margin Call has been satisfied. Without prejudice to any other right we may have under this Agreement to close or limit your Contracts, we reserve our right to close out all or part of your open Contracts if you do not meet a Margin Call within three (3) business days of its receipt. Making Margin Payments 7.12 You may make any Margin Payments by the means set out in clause 9.10. You must contact us immediately if you are unable to or anticipate being unable to make any Margin Payment when due. Failure to pay any sum due to us, whether in respect of Margin Payments or otherwise, is a Specified Event and may result in us closing out your open positions without notice to you (see clause 17). 7.13 Given the serious consequences of a failure to meet the Margin Requirement at any time or to make a Margin Payment when due, you are strongly advised to monitor the Margin Requirement on your Account frequently and to ensure that we are able to get in contact with you at all times if necessary and be in a position to make Margin Payments from wherever you are. 7.14 You should also note: a) you must not rely upon our right to demand Margin Payments or make Margin Calls as a method of monitoring your open contracts, as such monitoring is your responsibility and we accept no liability for it; b) you must review your margin frequently as changes to the Margin Percentages or Notional Trading Requirements or price movements (notwithstanding that the relevant primary exchange is closed, for example, in the case of Contracts to which Limited Hours Trading does not apply), may increase your Margin Requirement; c) you should be aware that any reduction in the application of Limited Hours Trading under clause 2.8 above means that open positions will be marked to market after closing of trading on the primary exchange and your Margin Requirement will vary accordingly. If you do not wish to accept this additional risk, you may close out any affected Contract at any time after notice has been given under clause 2.8; d) the level of Margin Payments demanded does not and is not intended to represent your entire liability to us and, subject to clauses 7.6 and 7.11, we may exercise our rights to close out your open positions if you fail to meet the Margin Requirement at any time even where we have made a Margin Call; e) we may (subject to the applicable laws) make certain payment facilities and arrangements available to you following the occurrence of a Specified Event but shall not be obliged to do so. If any such extensions are given by us we will not be required to close any positions which gave rise to the Specified Event; and f) no demands, ▇▇▇▇▇▇ Calls or notices made or given by us to supplement you in any one or more instances shall invalidate the waiver given by you pursuant to clause 7 of this Agreement with respect to the necessity for us to make any such margin at any time when your Account shows a debit balance demand, call 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)notice. 9.2 Margin 7.15 For the avoidance of doubt, the margin calculations provisions 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 Agreement in respect of positions opened or acquired on your instructions Spots, Forwards and in particularOptions (see Schedules A, no failure by you to pay B and C respectively of Appendix II) are cumulative. Your 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 required 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 to us pursuant to this Agreement requirements under these Terms of Business shall be made in freely transferable funds in the total of all 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 requiredcalculations. 9.6 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.

Margin. 9.1 10.1. 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 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 if 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).within 9.2 10.2. 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 security and custody arrangements described in clauses 13 14 and 1415. 9.3 10.3. 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 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, 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 on 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 Protectiontransaction. As required by the FCA Our system notifies clients at margin call at 150%, and ESMA, the MCO level for the Retail Client automatic margin call at 100%. Stop-out is Fifty Percent (set at 50%)% of margin utilised. 9.5 10.5. 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 been received had no such deduction or withholding been required. 9.6 10.6. Any sums (commissions/fees) due to us from you pursuant to this Agreement (plus any applicable VAT) may be are automatically deducted from your account without prior notice to you from any Assets and we notice. We may have recourse against and sell realise sell, realise, or dispose of the any of your Assets placed with us (including any margin collateral and safe custody assets) in order to realise proceeds which may be applied in the discharge of such sums.

Margin. 9.1 You will provide 6.1 The Client shall at all times maintain with the Broker, in such amount and such form as the Broker may from time to us on demand such sums time require, Margin in excess of the Client's indebtedness or obligations to the Broker whether by way of margin as we may in our discretion require trading or otherwise howsoever for the purpose compliance of protecting ourselves against loss or risk of loss on present, future or contemplated transactions under this Agreement. Different the margin requirements may apply to different accounts set by the Broker 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 (amount of which may be within the same Business Day)greater than that required by any relevant Exchange, Clearing House Margin or other dealer. The Broker may also change margin requirements in its absolute discretion without prior notice. 9.2 6.2 Client agrees to provide ▇▇▇▇▇▇ in form of cash. Margin in relation 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 particular type notional value to such assets for determining the amount of transaction will required 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 provided in cash or due on demand and in the form currency of such investments the Broker's choice subject only to any restrictions which may be imposed, by the appropriate Exchange and/ or other assets (relevant Clearing House, if any) we , 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 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 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 reflectexercise 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 report to HKFE and/or the SFC particulars of all open positions in respect of which two successive Margin calls are not met within the period specified by the Broker. 6.4 Notwithstanding Clauses 6.1 and 6.3, in the event that it is in the sole opinion of the Broker that it is impracticable for the Broker to 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, our view 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 material or adverse fluctuation in the stock market, currency market, commodities or futures market in Hong Kong and/or overseas; or (B) which is or may be of a material adverse nature affecting the 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 requirements shall establish any precedent and change in margin requirements (increase or decrease) shall apply to existing positions as well as to the extent that new positions in the relevant assets Futures/Options Contracts which are fully available to us or affected by such discount to the current market value of any margin as reflects our perception of the market risk of that marginchange. 9.4 While 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 not transact any Futures/Options Contracts for the Client until and unless the Broker has received from that Client sufficient cash to cover that Client's expected trading liabilities, Initial Margin and/or Variation Adjustments; (C) the 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 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 pay margin when required will entitle us meet Maintenance Margin on Margin Calls made by the Broker or any other accounts payable hereunder shall give the Broker the right (without prejudice to close out some or all of your positions and / or call an Event of Default, we are under no obligation other rights) to close out any transactions or take any other action open positions in respect of positions opened which any Margin Calls are not met without notice to the Client and to dispose of any or acquired all assets held for or on your instructions behalf of the Client and in particular, no failure by you to apply the proceeds and/or any cash deposits to pay margin when demanded will require us to close out any such transaction unless you are classified as Retail Client subject the Broker all outstanding balances owing to the Negative Balance Protection. As required by Broker; (F) the FCA Broker is obliged to report to the HKFE and ESMA, the MCO level for the Retail Client is Fifty Percent (50%). 9.5 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 SFC particulars of all open position in respect of taxes 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 otherwiseany shorter period as the Broker may specify, then you will be liable to pay such an amount to us as will result in our receiving a net cash not less than the amount equal to of the full amount which would have been received had no such deduction or withholding been requiredexcess between the Initial Margin and the Equity Balance. 9.6 Any sums due to us from you pursuant to this Agreement (plus any applicable VATH) may be deducted without prior notice to you from any Assets and we may have recourse against and sell realise or dispose For the purpose 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.Clause 6.6,

Margin. 9.1 8.1 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 8.2 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 12 and 1413. 9.3 8.3 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 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, 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 been received had no such deduction or withholding been required. 9.6 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 ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ | ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇

Margin. 9.1 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 required 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 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 CA14072020 ▇▇/▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇ | +▇▇ (▇)▇▇ ▇▇▇▇ ▇▇▇▇ | ▇▇▇.▇▇▇▇▇▇.▇▇.▇▇ 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. 9.6 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.

Margin. 9.1 11.1 You will maintain sufficient cleared funds to meet the minimum level of margin in cleared funds that you are required to 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 Margin Requirements may apply to different accounts and / or 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 requirementMargin Requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Dayday). 9.2 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 may in our absolute discretion agree. Where we agree It is your responsibility to accept monitor at all times the amount of margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14that may be required or desirable. 9.3 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. 9.4 11.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or and/or call an Event of Default, 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 instruction 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 such currency and to such bank account(s) as we may from time to time 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. 9.6 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 Assets and we may have recourse against and sell realise or dispose of the Assets (including any margin collateral and safe custody assets) Account in order to realise 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 Margin Requirements. We shall be entitled (but not obliged) to make a request to you for any deposit or payment that you make or are required to make on your Account under the terms of this Agreement ("Margin Payments") ("Margin Call") before exercising our rights to close out 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 this clause shall prohibit or restrict us from closing or restricting any transactions if there are insufficient funds to meet Margin Requirements. 11.9 You agree to contact us immediately if you believe that you are or will be unable to make any Margin Payments. Failure to make a Margin Payment when due is an Event of Default. Due to the serious nature of failing to make Margin Payments when due you are strongly recommended to regularly monitor your Margin Requirement. 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 all necessary Margin Payments by the due date. 11.11 You agree that any transactions we effect for you will be subject to the rules regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.

Margin. 9.1 You will provide to us on demand such sums by way of margin 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 Margin requirements may apply to different accounts and / or investments traded. You Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such margin Margin at any time when your Account shows a debit balance or an increase in your margin Margin requirement. You will pay or transfer margin 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 trading platform and you will be responsible at all times to monitor your Margin utilisation level. We are not under any obligation to keep you informed of your account balance and Margin required (i.e. to make a ‘Margin call’). We will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, ▇▇▇▇▇▇ calls and Stop Out levels can be found on our website. 9.2 Margin in relation to a particular type of transaction will your transactions must be provided by depositing cleared funds in cash or in the form of such investments your Account. We do not accept Securities or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form Investments by way of securities this is subject to the Security and custody arrangements described in clauses 13 and 14Margin. 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 Margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, 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 Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client subject to the Negative Balance ProtectionClient. As required by the FCA and ESMAFCA, the MCO level Margin Close-Out Level for the Retail Client 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 Restricted Speculative Investments as soon as market conditions allow. 9.5 9.4 All cash margin 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: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.6 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 sell we may 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. 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 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 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. 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 case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.

Margin. 9.1 11.1 You will maintain sufficient cleared funds to meet the minimum level of margin in cleared funds that you are required to 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 Margin Requirements may apply to different accounts and / or 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 requirementMargin Requirement. You will pay or transfer margin within the minimum period specified by us (which may be within the same Business Dayday). 9.2 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 may in our absolute discretion agree. Where we agree It is your responsibility to accept monitor at all times the amount of margin in the form of securities this is subject to the Security and custody arrangements described in clauses 13 and 14that may be required or desirable. 9.3 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. 9.4 11.4 While failure to pay margin when required will entitle us to close out some or all of your positions and / or and/or call an Event of Default, 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 instruction 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 such currency and to such bank account(s) as we may from time to time 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. 9.6 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 Assets and we may have recourse against and sell realise or dispose of the Assets (including any margin collateral and safe custody assets) Account in order to realise 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 ▇▇▇▇▇▇ Requirements. We shall be entitled (but not obliged) to make a request to you for any deposit or payment that you make or are required to make on your Account under the terms of this Agreement ("Margin Payments") ("Margin Call") before exercising our rights to close out 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 this clause shall prohibit or restrict us from closing or restricting any transactions if there are insufficient funds to meet Margin Requirements. 11.9 You agree to contact us immediately if you believe that you are or will be unable to make any Margin Payments. Failure to make a Margin Payment when due is an Event of Default. Due to the serious nature of failing to make Margin Payments when due you are strongly recommended to regularly monitor your Margin Requirement. 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 all necessary Margin Payments by the due date. 11.11 You agree that any transactions we effect for you will be subject to the rules regulations, customs and practices of each relevant market, exchange, or clearing house on, through or with which we deal.

Margin. 9.1 8.1. 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 8.2. 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 8.3. 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 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, 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 been received had no such deduction or withholding been required. 9.6 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 open positions you will promptly take all actions on or prior to maturity, 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 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 performance obligations or take such other action as we in our absolute discretion may consider appropriate. 9.5. Profits 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 forthwith whether or not demanded by us. If accounts within your Account are expressed in different currencies, they shall be translated to sterling at the prevailing rate of exchange. 9.6. Any crediting to your Account of cash investments or other Assets is subject to reversal if, in accordance with local laws and practice, the delivery of investments or cash giving rise to the credit is reversed. 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 ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ | ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇ | +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇

Margin. 9.1 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 if 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, 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 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 been received had no such deduction or withholding been required. 9.6 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.

Margin. 9.1 8.1 You will shall provide to us on demand and maintain with us such sums by way amount of margin money in respect of and as we may in our discretion require security for the purpose of protecting ourselves against loss or risk of loss on presentyour actual, future and contingent or contemplated transactions under this Agreementpotential liabilities to us (Liabilities) in such amounts and in such forms as we, at our absolute discretion, may require. Different margin (Margin). We may change our Margin requirements may apply to different accounts at any time. 8.2 Any requirement for Margin must be satisfied in such currency and / or investments traded. You within such time as 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 in our absolute discretion) or, if none is specified, immediately. One Margin in relation to a particular type of transaction will demand does not preclude another. Margin shall be provided in cash or in the form of cash or such investments or other assets (if any) forms as we may in agree or accept. It is your responsibility to monitor your trading Account and you should not rely on our absolute discretion agreeright to call you for margin as a means of monitoring your Account. Where Margin Calls are made as a matter of courtesy and we agree are not obliged to accept margin make Margin Calls to clients. 8.3 You are responsible for maintaining appropriate arrangements with us at all times for the receipt and communication of information regarding Margin. If you fail to provide Margin to us 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 specifyrequired time, 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 automatically close out some or all of your positions open Positions and / or call we will be entitled to exercise our rights in accordance with clause 21 below. We will endeavor to follow an Event of Defaultorderly stop out procedure, we are under no obligation to close out any transactions or take any other action as detailed 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)Product Schedule. 9.5 All cash margin and other payments due 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 security interest over, be registered as owner of, or 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 security interest without our prior consent. 8.7 If this Agreement shall terminates, we will not be made in freely transferable funds in obliged to repay any cash margin to the extent that you owe, or may owe, Liabilities to us. In determining the amounts of cash Margin, your Liabilities, and our obligations to you, we may apply such currency methodology (including judgements as to the future movement of markets and to such bank account(svalues) as we specify. If you are by law required to make any deduction or withholding in respect of taxes or otherwiseconsider appropriate, 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 requiredconsistent with Applicable Law. 9.6 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.

Margin. 9.1 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 required by the FCA 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 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. 9.6 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.

Margin. 9.1 You will provide to us on demand such sums by way of margin 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 Margin requirements may apply to different accounts and / or investments traded. You Subject to the FCA Rules on Negative Balance Protection, you may be required by us to supplement such margin Margin at any time when your Account shows a debit balance or an increase in your margin Margin requirement. You will pay or transfer margin 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 trading platform and you will be responsible at all times to monitor your Margin utilisation level. We are not under any obligation to keep you informed of your account balance and Margin required (i.e. to make a ‘Margin call’). We will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to monitor your Margin utilisation level and as a consequence of your failure to provide sufficient Margin to maintain your positions. Further information and details of Margin requirements, ▇▇▇▇▇▇ calls and Stop Out levels can be found on our website. 9.2 Margin in relation to a particular type of transaction will your transactions must be provided by depositing cleared funds in cash or in the form of such investments your Account. We do not accept Securities or other assets (if any) we may in our absolute discretion agree. Where we agree to accept margin in the form Investments by way of securities this is subject to the Security and custody arrangements described in clauses 13 and 14Margin. 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 Margin when required will entitle us to close out some or all of your positions and / or call an Event of Default, 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 Margin when demanded will require us to close out any such transaction unless you are classified as a Retail Client subject to the Negative Balance ProtectionClient. As required by the FCA and ESMAFCA, the MCO level Margin Close-Out Level for the Retail Client 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 Restricted Speculative Investments as soon as market conditions allow. 9.5 9.4 All cash margin 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: +▇▇ (▇) ▇▇▇ ▇▇▇ ▇▇▇▇. 9.6 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 sell we may 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. 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 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 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. 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 case of Professional Clients and Eligible Counterparties you could be closed out at any time during margin call.

Margin. 9.1 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 required 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 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. 9.6 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.

Margin. 9.1 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 will provide 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 on demand will be the funds deposited with us. If the markets gaps or slips through your stop orders such sums by way of margin as 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 discretion require for the purpose of protecting ourselves against loss or risk of loss on presentsole discretion, future or contemplated transactions 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 (eg pending bank transfers), realised losses and any other amount due 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 required 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 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. 9.6 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.

Margin. 9.1 9.1. 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 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 Dayday). 9.2 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 as we, in our absolute discretion discretion, agree. Where we agree to accept margin in the form of securities this is subject to the Security security and custody arrangements described in clauses 13 and 14. 9.3 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 9.4. While failure to pay margin when required will entitle us to close out some or all of your positions and / or and/or call an Event of Default, 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 instruction 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 required by the FCA and ESMA, the MCO level for the Retail Client is Fifty Percent (50%)transaction. 9.5 9.5. 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 may from time to time 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. 9.6 9.6. Any sums due to us from you pursuant to this Agreement (plus any applicable VAT) may be deducted without on prior notice to you from any Assets and we may have recourse against and sell realise realize or dispose of the Assets (including any margin collateral margin, Charged Assets and safe custody assetsAssets) in order to realise realize proceeds which may be applied in the discharge of such sums.