For setting up a self managed account for transactions based on the exchange rate of foreign currencies and other financial assets.
CUBE GLOBAL LIMITED , A COMPANY REGISTERED AND EXISTING UNDER THE LAWS OF United Kingdom("CUBE GLOBAL LIMITED ") STRICTLY UNDER THE FOLLOWING TERMS AND CONDITIONS, WHICH ARE NON - NEGOTIABLE AND MAY BE AMENDED AFTER PROPER NOTICE HAS BEEN GIVEN TO YOU (THE "CLIENT") AT THE ABSOLUTE DISCRETION OF CUBE GLOBAL LIMITED SUBJECT TO THE PROVISIONS OF THE TERMS BELOW.
BY ACCEPTING AND AGREEING TO THE TERMS AND CONDITIONS OF THIS AGREEMENT AND OPENING AN ACCOUNT, THE CLIENT ACCEPTS THE FOLLOWING TERMS AND CONDITIONS. SUBSEQUENT TO THAT AND (I) SUBJECT TO CUBE GLOBAL LIMITED ’S FINAL APPROVAL AND (II) UPON THE CLIENT'S FUNDING OF HIS ACCOUNT, THE CLIENT ENTERS INTO A LEGAL AND BINDING AGREEMENT WITH CUBE GLOBAL LIMITED.
Whereas, CUBE GLOBAL LIMITED allows the carrying out of transactions in foreign currency exchange rates and in contracts for differences ("CFDs") based on foreign exchange rate and other financial assets, including, without limitation, commodities and indexes, as may be offered from time to time by CUBE GLOBAL LIMITED at its sole discretion (“Transactions”), all subject to the terms and conditions set forth in this Agreement; and
Whereas The Client wishes to open an account with CUBE GLOBAL LIMITED for purposes of carrying out such Transactions ("Account");
Now therefore, the parties have agreed as follows:
1.1. This Agreement sets forth the terms and conditions governing Client’s Account and all Transactions placed through the Account.
1.2. The term “this Agreement” means this agreement and all annexes forming an integral part of this agreement, including without limitation Nomination of Agent Annex; the Risk Disclosure and Client’s Declaration Annex, Specific Trading Rules and Glossary of Terms and Annex as such annexes are amended by CUBE GLOBAL LIMITED from time to time and any other Annex determined by CUBE GLOBAL LIMITED as forming an integral part of this Agreement.
1.3. All terms used in this Agreement, and not defined herein, shall have the meaning assigned to them in the Glossary of Terms. Other terms not defined herein shall have the meaning assigned to them in customary practice.
2.1. The Client hereby instructs CUBE GLOBAL LIMITED to set up the Account in his name in CUBE GLOBAL LIMITED 's books with a view of carrying out Transactions. By opening the Account, Client irrevocably declares and undertakes that Client is acting for Client’s sole benefit and not for, or on behalf of, any other person or entity.
2.2. The sole person authorized to perform Transactions in the Account is the Client. Client may however appoint an agent (“Agent”) to operate the Account by filling and signing the Nomination of Agent Annex, and in such an event and so long Client does not revoke such appointment, the sole person authorized to perform Transactions in the Account shall be the Agent, provided however that only Client shall be entitled to withdraw funds from the Account pursuant to the terms and conditions of this Agreement. Client hereby acknowledges and agrees that he shall be solely responsible for the acts and/or omissions of the Agent, and CUBE GLOBAL LIMITED shall have no liability towards Client for any such actions or omissions, whether or not made in the scope of the Agent authorization by Client.
2.3. If more than one person executes this Agreement as Client, all such persons shall be jointly and severally liable for all obligations of Client pursuant to this Agreement. In such an event and unless an Agent is appointed, the sole person authorized to perform Transactions in the Account is the first of such persons mentioned, however withdrawal from the Account will require signatures of all persons identified as Client.
3.1. Subject to the terms and conditions set forth in this Agreement, Client may perform Transactions in the Account by telephone, through the TSP (where applicable) or through the Internet Trading Platform, at Client’s sole responsibility, risk and expense.
3.2. All Transactions shall be subject to and carried out in accordance with the Specific Trading Rules and CUBE GLOBAL LIMITED common practice as applicable at such time. All trading rules with respect to CFDs, including, without limitation, market hours, minimum quantities (where applicable) and expiry dates, shall be detailed in the relevant CFDs pages on CUBE GLOBAL LIMITED 's website at www.cubeglobalfx.com("CUBE GLOBAL LIMITED 's website")
3.3. The Client acknowledges and agrees that it will not be entitled to the physical delivery of any foreign exchange, commodity or shares when closing any Transaction.
3.4. CUBE GLOBAL LIMITED shall attempt to execute Transactions on “best effort” basis only and subject to the other terms and conditions set forth in this Agreement.
3.5. It is manifestly stated, and Client also agrees and authorizes that (i) CUBE GLOBAL LIMITED may, at CUBE GLOBAL LIMITED ’s sole discretion, act as a counter party (i.e., principal) to any or all of Client’s Transactions; and (ii) CUBE GLOBAL LIMITED shall not provide any advisory, consulting or intermediary services to Client; and (iii) CUBE GLOBAL LIMITED may at its sole discretion seek coverage in connection with the Client’s Transactions, in whole or in part and in any manner it deems fit, whether by way of setoff with other Clients’ Transactions or otherwise; and (iv) nothing herein contained shall be interpreted as creating any agency, fiduciary or brokership relationship between CUBE GLOBAL LIMITED and Client.
3.6. Without prejudice to any other provisions herein, the Client acknowledges that CUBE GLOBAL LIMITED shall have the right, at its discretion, at any time and for any reason and without giving any notice and/or explanation to: refuse, reverse, suspend, freeze, or close any Transaction, including without limitation in the event that Client uses the Internet Trading Platform in an abusive way by lag trading and/or usage of server latency, price manipulation, time manipulation or any other practices which are illegal and/or are utilized to give you an unfair advantage or which CUBE GLOBAL LIMITED considers at its own discretion as inappropriate and outside the scope of this Agreement.
4.1. As a condition to the performance of Transactions in the Account, Client must provide and maintain with CUBE GLOBAL LIMITED sufficient margin (“Guarantee”), as determined by CUBE GLOBAL LIMITED in its sole discretion from time to time.
4.2. Following the signing of this Agreement, Client will transfer to the Account a deposit in such minimal amount, by form of cash, bank transfer, credit card or payment undertaking, as determined by CUBE GLOBAL LIMITED and notified to Client. Such first deposit together with any profits and losses from existing open and closed Transactions, credits and debits from daily rollovers, and charges from commissions, if applicable, shall serve as Guarantee for the performance of Transactions in the Account, and are hereby pledged by Client as a first degree and sole pledge in favor of CUBE GLOBAL LIMITED . Without prejudice to any rights of CUBE GLOBAL LIMITED , including rights in any other security provided by Client, Client hereby irrevocably and unconditionally authorizes CUBE GLOBAL LIMITED (which may but is not obliged) (i) to set-off, at any time and from time to time, any Guarantee amounts in the Account against any and all funds owed by Client to CUBE GLOBAL LIMITED for commission, as principal, as reimbursement of expenses or otherwise; and (ii) to immediately close all open Transactions in the Account and to close the Account in the event that the margin in the Account shall fall below the minimum margin determined by CUBE GLOBAL LIMITED (or if no such determination was made, if the margin is reaching 0% over the value of all Open Transactions less any funds owed by Client to CUBE GLOBAL LIMITED ), both without need for any prior Notice to Client.
4.3. CUBE GLOBAL LIMITED may, at its sole discretion, and from time to time, including on an ad-hoc basis, change the minimum margin requirements, set different minimum margin requirements for different financial assets and notify Client of the need to make further deposits to keep the minimum margin requirement, by providing Client with a notice to that effect. Client may at its discretion, or shall if requested by CUBE GLOBAL LIMITED , increase the Guarantee amount in the account by making further deposits.
4.4. CUBE GLOBAL LIMITED reserves the right to limit the number of open positions the Client may enter or maintain in its Account. CUBE GLOBAL LIMITED also reserves the right, at its sole and absolute discretion, to refuse to accept any request to open a new Transaction or increasing an existing Transaction. Client acknowledges that the Transactions underlying futures contracts may be traded on specific Financial Market and therefore trading may be available only during the opening hours of the relevant Financial Market. CUBE GLOBAL LIMITED may limit and/or refuse to accept any Order outside the opening hours of the relevant Financial Market.
4.5. Client acknowledges and agrees that (i) the Account is a non-bearing interest account, and Client shall not be entitled to any interest on any funds deposited in the Account, and (ii) except for Client rights to withdraw funds from the Account subject to the terms and conditions set forth herein, Client shall have no other interest in the Account.
5.1. The Client acknowledges and agrees that CUBE GLOBAL LIMITED has the right to close any commodity CFD or index CFD Transaction, at its sole and absolute discretion, without providing prior Notice to the Client, if the underlying contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market, a reasonable time prior to such Expiry Date (such time referred to as "Closing Time" and the relevant expiring Transaction referred to as an "Expiring Transaction"). CUBE GLOBAL LIMITED shall indicate the Closing Time for each commodity and/or index in the relevant commodity and/or index information page at the CUBE GLOBAL LIMITED Website. CUBE GLOBAL LIMITED will not be obligated to roll over a position in Expiring Transaction.
5.2. The price of the Expiring Transaction will be the last traded price at or prior to the Closing Time, plus or minus (as the case may be) any spread that CUBE GLOBAL LIMITED may apply when such an Expiring Transaction is closed.
5.3. The Client acknowledges that it is the Client's responsibility to make itself aware of the Closing Time and of any spread or Commission that CUBE GLOBAL LIMITED may apply when closing an Expiring Transaction.
6.1. If at any time trading on a relevant Financial Market is suspended, CUBE GLOBAL LIMITED shall calculate the value of the underlying asset with reference to the last traded price before the time of suspension, as reasonably determined by CUBE GLOBAL LIMITED if no trading in that asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five Business Days, CUBE GLOBAL LIMITED may decide, at its sole and absolute discretion, a Closing Time and price of the underlying asset. During the term of a Transaction whose market is suspended, CUBE GLOBAL LIMITED shall have the right to terminate the Transaction at its discretion, and to amend or vary the margin requirements and margin rates.
6.2. If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-listed, re-traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced shall be the Expiry Date, and the Closing Time shall be a reasonable time prior to such Expiry Date. The closing price will be such price as notified by CUBE GLOBAL LIMITED to the Client.
7.1. The Client will make all necessary efforts to keep his Access Codes secret and known only to him. Also, the Client will be liable for all Orders given through and under his Access Codes and any such Orders received by the Company will be considered as received from the Client. In cases where a third person is assigned as an authorized representative to act on behalf of the Client, the Client will be responsible for all Orders given through and under the representative’s Access Codes.
7.2. Client shall not use any software for the purpose of automatic trading in his account. Furthermore the Client shall not use or allow the use of a device which obstruct and/or interfere with the regular and ordinary carrying out of Transactions, as determined by CUBE GLOBAL LIMITED at its sole discretion.
7.3. CUBE GLOBAL LIMITED shall not be responsible for any power cuts or failures that prevent the use of the system and/or the Internet Trading Platform and shall not be responsible for any network connection failure.
8.1. Client may request CUBE GLOBAL LIMITED to withdraw from the Account any Guarantee in excess of the minimum margin, by providing CUBE GLOBAL LIMITED with a written and duly signed and executed Withdrawal Form. Without prejudice to any right of CUBE GLOBAL LIMITED hereunder (including, without limitation, CUBE GLOBAL LIMITED ’s rights pursuant to Section 4.2 above), CUBE GLOBAL LIMITED shall transfer any such excess Guarantee amounts (if any, and as determined by CUBE GLOBAL LIMITED in its sole discretion), less any applicable Bank transfer fees, according to Client’s instructions in the Withdrawal Form within seven (7) Business Days from the date of receipt thereof. For avoidance of doubt any such transfer by CUBE GLOBAL LIMITED is subject to (i) any and all applicable laws such as money laundry laws, tax law requirements for deduction at source and foreign currency transfer regulations, and (ii) Client providing full identification as required by CUBE GLOBAL LIMITED .
8.2. In case Client wishes to withdraw all excess funds in the Account and close the Account it shall so notify CUBE GLOBAL LIMITED in the Withdrawal Form, and following the transfer (if any) made by CUBE GLOBAL LIMITED pursuant to such request, CUBE GLOBAL LIMITED shall close the Account.
9.1. Unless otherwise determined by CUBE GLOBAL LIMITED and notified to Client, CUBE GLOBAL LIMITED shall not charge any commissions on the bid/ask prices provided by it.
9.2. CUBE GLOBAL LIMITED may charge Commissions for the services provided by it to Client hereunder, at such rates and mode as determined by CUBE GLOBAL LIMITED at its sole discretion from time to time and notified to Client. In such an event, the Commissions will be charged to the Account.
10.1. CUBE GLOBAL LIMITED will send, at Client's request, the following reports related to the Account (unless and to the extent that the information included therein may be obtained by Client through its interface to the Internet Trading Platform):
4.1.1. Bulletin of Transactions: Report concerning all the Transactions carried out by the Client.
4.1.2. Open Transactions: Report concerning the Open Transactions.
4.1.3. Bulletin of deposits, withdrawals and outstanding Guarantee.
11.1. All Transactions shall be carried out on behalf of Client and at Client’s sole responsibility, risk and expense. CUBE GLOBAL LIMITED (and/or the TSP) shall not be held responsible for any loss, damage or debt to the Client arising directly or indirectly out of or in connection with this Agreement or any Transactions made pursuant thereto, except in the event of gross negligence or willful misconduct on the part of CUBE GLOBAL LIMITED (and/or the TSP).
11.2. Client declares that he has fully read and understood the Risk Disclosure and Client’s Declaration Annex before signing this Agreement. By performing each and every Transaction pursuant to this Agreement, Client shall be deemed as having reread and reaffirmed this Agreement including without limitation all annexes.
11.3. The Client agrees and acknowledges that he is solely responsible for any investment strategy, transaction or investment, composition of any account and taxation consequences and he shall not rely for these purposes on CUBE GLOBAL LIMITED . The Client further acknowledges and understands that CUBE GLOBAL LIMITED shall bear absolutely no responsibility in any manner or form whatsoever, regardless of the circumstances, for any such investment strategy, transaction, investment or information, composition of any account and/or taxation consequences.
11.4. Client agrees to indemnify and hold CUBE GLOBAL LIMITED , the TSP (where applicable), and their affiliates, shareholders, employees, directors, successors and assigns (“Indemnified Persons”), harmless from and against any and all liabilities, losses, damages, costs and expenses (including reasonable attorney’s fees) incurred by the Indemnified Persons and arising out of Client’s failure to fully and timely comply with its obligations set forth in this Agreement and/or CUBE GLOBAL LIMITED enforcement of such liabilities.
11.5. Client acknowledges and agrees that any oral information given to Client on the Account, if given, may be unverified and incomplete and that any reliance on such information is at Client’s sole risk and responsibility. CUBE GLOBAL LIMITED makes no warranty, express or implied, that any pricing or other information provided by it (and/or the TSP), through the Internet Trading Platform or by telephone or otherwise is correct or reflects current market conditions. Furthermore, CUBE GLOBAL LIMITED (and the TSP) do not make any warranties or guarantees with respect to their Internet trading Platform and its content, including but not limited to, warranties for merchantability or fitness for a particular purpose. If a quoting error (known to Client or of which Client should reasonably know) occur due to anCUBE GLOBAL LIMITED mistake, CUBE GLOBAL LIMITED will not be liable for the resulting errors in Account balances. CUBE GLOBAL LIMITED reserves the right to make necessary corrections or adjustments to the records of the Account involved in any such error. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value of the currency at the time the error was made.
11.6. Without prejudice to the provisions of Section 8.1 above, CUBE GLOBAL LIMITED (and/or the TSP) shall not be liable to Client for any loss, damage or cost of any nature incurred by Client directly or indirectly by any cause beyond CUBE GLOBAL LIMITED ’s (and/or the TSP) control, including without limitation, due to CUBE GLOBAL LIMITED (and/or the TSP) inability to perform any Transaction or the improper or partial performance of any Transaction due to technical reasons (such as, without limitation, damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software) or otherwise, except in case of gross negligence or willful misconduct on the part of CUBE GLOBAL LIMITED (and/or the TSP).
12.1. CUBE GLOBAL LIMITED may, in certain circumstances, accept instructions, by telephone or in person, provided that CUBE GLOBAL LIMITED is satisfied, at its full discretion, of the caller’s/Client’s identity and CUBE GLOBAL LIMITED is further also satisfied with the clarity of instructions. In case of an Order received by CUBE GLOBAL LIMITED in any means other than through the Internet Trading Platform, the Order will be transmitted by CUBE GLOBAL LIMITED to the Internet Trading Platform and processed as if it was received through the Internet Trading Platform.
12.2. CUBE GLOBAL LIMITED reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Client fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.
12.3. Client acknowledges and agrees that any and all conversations with Client, by CUBE GLOBAL LIMITED , the TSP (where applicable) and their principals, employees and agents may be recorded with or without a warning and to the use of such recording in relation to any dispute between Client and CUBE GLOBAL LIMITED or the TSP (where applicable).
12.4. Client understands that CUBE GLOBAL LIMITED may destroy such recordings according to its internal policies from time to time.
13.1. The laws of the United kingdom shall govern this Agreement and the competent Courts of the United kingdom shall have sole jurisdiction over any dispute arising from or in connection with this Agreement, except for claims for the collection of any amount owed by the Client to CUBE GLOBAL LIMITED which may be brought before any court with jurisdiction over the Client and/or its assets.
13.2. Client hereby waives any right to object to the sole jurisdiction of the United kingdom, including without limitation any claim that such courts are inconvenient forum to resolve such disputes.
14.1. This Agreement, including all Annexes, constitutes the entire agreement among the parties hereto and supersedes any and all prior agreements or understandings among the parties with respect to the subject matter hereof.
14.2. CUBE GLOBAL LIMITED may amend this Agreement by seven (7) days prior notice to Client (subject to any specific provision allowing a shorter Notice period or no Notice requirement at all).
14.3. CUBE GLOBAL LIMITED shall not be bound by any waiver unless made by a duly signed written instrument by CUBE GLOBAL LIMITED and no waiver or amendment of this Agreement may be implied from any course of dealings between the parties or from any failure of CUBE GLOBAL LIMITED to enforce its rights hereunder.
15.1. CUBE GLOBAL LIMITED may assign its rights and/or liabilities pursuant to this Agreement by a notice to Client. The Client may not assign its rights and/or obligations hereunder unless with CUBE GLOBAL LIMITED prior written consent, which may be given or denied at CUBE GLOBAL LIMITED ’s sole discretion.
16.1. CUBE GLOBAL LIMITED may, by notice to Client, (i) terminate the carrying out of new Transactions in the Account (“Trading Cessation”). In the event of trading Cessation Client shall be obliged to close all existing Transactions (at Client’s discretion).
16.2. CUBE GLOBAL LIMITED may terminate this Agreement at any time, with or without cause, upon giving the Client seven (7) days advance written notice to such effect. Upon termination of this Agreement, all open Transactions shall close and the Client shall not be able to open new Transactions in the Account.
16.3. CUBE GLOBAL LIMITED may terminate this Agreement immediately in the event that Client is in breach of any of its obligations under this Agreement.
16.4. The provisions of Sections 8, 11, 13, 16.4 and 18 hereof shall survive the termination of this Agreement.
If any provision of this Agreement or the application thereof to any person or circumstance will be invalid, illegal, or unenforceable to any extent, the remainder of this Agreement and the application thereof will not be affected and will be enforceable to the fullest extent permitted by law.
Reports and any Notice hereunder may be transmitted to Client at the address set forth in this Agreement, or such other address notified by Client in writing to CUBE GLOBAL LIMITED from time to time. All communications sent to Client shall be deemed delivered, at the time of delivery if sent by e-mail, facsimile, by hand delivery or notified through the Internet Trading Platform or within 3 Business Days if posted by mail. Communications by Client shall be deemed delivered only when actually received by CUBE GLOBAL LIMITED .
CUBE GLOBAL LIMITED may notify Client of the appointment of a Trading Services Provider as set forth in the Trading Services Provider Annex, and subject to the terms and conditions set forth therein. For avoidance of doubt, CUBE GLOBAL LIMITED (and not the TSP) remains the contracting party with Client. Client acknowledges and agrees that CUBE GLOBAL LIMITED is paying commissions to the TSP for its services pursuant to this Agreement.