Specialist FX
Equine FX Terms And Conditions
This is a master agreement and sets out the terms on which any
future contracts between you, the undersigned, (the "Client" or
"you") and Equine FX Ltd (the "Company" or
"us"/"we"), relating to the transmission of money and currency
exchange take place (the "Contracts").
This agreement will only enter into force on submitting an online
Registration Form to us or verbally agreeing that we are opening
an account for you or on receipt of a duly signed copy of this
Agreement together with such documentation as we request to
comply with our obligations to HM Revenue & Customs under the
Money Laundering Regulations 2007 or any other legislation.
This agreement will only enter into force on submitting an online Registration Form to us or verbally agreeing that we are opening an account for you or on receipt of a duly signed copy of this Agreement together with such documentation as we request to comply with our obligations to HM Revenue & Customs under the Money Laundering Regulations 2007 or any other legislation.
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1) FORMATION OF EACH CONTRACT
When you contact us, quoting your name and client reference
number (and such other security checks as we may specify), we
will ask you for details of the currency to be transferred
("Purchase Currency"), the account to which it is to be
transferred, any identification reference to be sent with the
payment instruction, the date on which you would like the money
to arrive and the currency in which you would like to pay and how
much either you wish to pay ("Sale Currency") or how much
Purchase Currency you wish to have arrive and contact details
for you. These are “Your Instructions”
We may in our absolute discretion decide to carry out Your
Instructions. We will contact you using your contact details (and
it is for you to ensure that your contact details are up-to-date and
provide adequate security).
We will specify the amount of the Sale Currency required
(including all costs), the amount of the Purchase Currency which
will be purchased for you, the exchange rate we are offering, any
additional transmission costs (which we may add to transactions
for less than £10,000, to cover fees e.g. electronic transmission
fees), any terms for a deposit, and a date by which the purchase
currency must have arrived in cleared funds in the bank account
which we specify ("Our Contract Terms").
If you indicate your acceptance of Our Contract Terms, at that
point, you become bound to perform the Contract according to
Our Contract Terms and this Agreement (because we must enter
a currency transaction to enable us to perform the Contract). We
are entitled to act on the instructions of anyone who apparently
has your authority to form a Contract, and you agree to indemnify
us for all losses arising from doing so.
All telephone conversations may be recorded by the Company
and may be used to resolve any disputes.
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2) DOCUMENTATION OF THE CONTRACT
In most circumstances, once we have entered into a transaction,
we will provide you with a contract note (either by e-mail, fax or
post) specifying Our Contract Terms which will incorporate all the
details of the transaction (for example, without limitation, the
Purchase Currency, the Sale Currency, the amount of each
currency, the foreign exchange rate, the date for settlement, the
deposit required if it is a forward contract).
On receipt of the contract note, you must either sign and fax the
contract note back to The Company or e-mail your agreement as
soon as is reasonably practicable. If you do not have access to a
fax machine or e-mail, you must verbally confirm your agreement
with the contract note as soon as is reasonably practicable.
Failure to comply will entitle but not require The Company to treat
the transaction as void. Failure to confirm the transaction will not
entitle you to treat the contract as void and we will presume that
you agree with the terms of the contract. If you have not received
the contract note, you must notify us within 24 hours of fixing the
rate. Otherwise our record of Your Instructions and Our Contract
Terms shall be definitive.
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3) CANCELLATION OF A CONTRACT
If after a Contract has been formed, you inform us that you wish
to cancel that Contract, or this agreement allows us to treat you
as having cancelled the agreement (a "cancellation event"), we
may terminate it at our complete discretion, but we may insist on
you and us performing the contract.
We may treat your death, illness, threat of legal action against
you, an insolvency event (including presentation of petitions,
arrangements with creditors, appointment of administrators or
receivers or the levying of distress) occurring against you as
being a cancellation.
If you cancel or fail to perform the Contract, we will need to enter
a second currency transaction, matching the one we entered to
perform your contract, to close out our position in the market. It is
likely that the exchange rates on the two matching contracts will
not be the same. In that event, we will charge you for any loss
realised on these contracts.
We also reserve the right to charge an administration fee of £50
representing administration costs involved in cancellation. You
may forfeit part or all of any deposit in the event of cancellation.
Where we have suffered losses and would charge an
administration fee, we will set this and our other charges and
losses against the deposit or any other funds received from you.
We may in addition charge you a cancellation fee of 0.05% of the
total amount of the Sale Currency for each working day between
the cancellation event and payment of our administration fee and
our costs in closing out our position.
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4) FORWARD CONTRACTS
A Forward Contract is a transaction booked where the exchange
of funds will happen more than 4 days after the deal date. We
may in our absolute discretion require a deposit of between 2%-
15% of the Sale Currency in respect of all “forward contracts”. We
will inform you of this as part of Our Contract Terms. Payment of
the specified deposit may be made by BACS or electronic
transfer to an account nominated by the Company. . You must
not deposit cash into Equine FX Ltd accounts under any
circumstances.
We reserve the right to increase this deposit at any stage up to
the settlement date to allow for changes in the foreign exchange
rate or volatility which we believe increase our risk under the
transaction. The company may make a margin call to re-establish
the deposit or margin.
The margin call will be for such sum as the
Company considers will be necessary to maintain the percentage
of deposit level in terms of the purchase currency. In the event of
such a margin call being made, the client shall pay the required
amount of Sale Currency into an account nominated by the
Company within 24 hours of the margin call being made. Failure
to pay in full and on time may be treated as a cancellation of the
Contract.
Equine FX Ltd
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5) ALTERATION OF CONTRACT
If you decide that you want to change any of the amounts or the
date of arrival of the money under the Contract, and you contact
us we may in our discretion provide you with terms for the
alteration which are reasonable given the market conditions.
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6) ARRIVAL OF FUNDS
In the event of a ‘spot’ trade (one where settlement occurs 2 days
after the contract was formed), the client will pay the Sale
Currency in full into the bank account nominated by the Company
on or before the date specified, but no later than 12pm on the
second working day after the formation of the contract.
In the event of a ‘same day’ trade, the Client will pay the Sale
Currency into the account nominated by the Company by no later
than 12pm on the day the contract is formed.
In the event of a ‘forward’ trade, the Client will immediately pay
into the account nominated by the Company a margin of between
2%-15% of the full amount of the Sale Currency – as specified by
the Company. The outstanding balance of the Sale Currency will
be paid into the nominated account not later than 5pm one
working day before the settlement date of the forward contract.
In the event of a late payment, the Company will charge the client
0.05% of Sale Currency for every working day that the payment
has not been received in the Company’s nominated account
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7) DEFAULT
In the event that the Client fails to make a payment to the
Company, we are entitled to treat any transaction as having been
cancelled by the client and will be entitled to the remedies set out
in this agreement. The Company reserves the right to charge the
client 0.05% of the Sale Currency on the contract for each
working day until the company cancels the contract
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8) DEDUCTION OF INTERMEDIARY/RECEIVING BANK FEES
In some circumstances a number of intermediaries (such as
correspondent banks) may be involved in an international
payment and may deduct a charge. The receiving bank may also
take a charge. These charges cannot always be calculated in
advance, and you agree to be liable for these expenses.
Take
account of this fact when giving Your Instructions as we cannot
be liable for losses that result from these fees being levied. If it is
important that the full amount arrives we may be able to precover
these charges. Please ensure you clearly discuss this with
your designated broker when booking a transaction.
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9) AUTHORITY AND LEGAL RESTRICTIONS
You warrant to us that you have full authority to enter into this
Agreement and any Contract and that you will not be
contravening any laws wherever by entering into or by performing
a Contract, and you agree to indemnify us for any losses we
might suffer for breach of this warranty.
If you are a corporate entity, we require confirmation of authority
of your agent entering this Agreement and any Contract.
You warrant that you are not an agent acting for a third party
(other than a duly authorised corporate officer, accountant,
solicitor, financial adviser acting on behalf of the corporate or
client).
We may require written confirmation from your client of
your authority to transact on their behalf. Accountants, solicitors
and firms authorised by the Financial Services Authority, will have
complied with the Money Laundering Regulations 2003 and the
Money Laundering handbook (where applicable) in respect of
each of your clients, and you agree to provide us with certified
copies of identification evidence taken in respect of each client for
whose benefit you enter a Contract.
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10) FACTORS BEYOND OUR CONTROL
If we are unable to perform our obligations under this agreement
or a Contract because of factors beyond our control, or an event
of force majeure (including change of law), we will notify you as
soon as is reasonably practicable and will use reasonable
endeavours to secure the return of any money paid by you in
respect of which we have been unable to discharge our
obligations under this agreement.
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11) MARKET/FIRM ORDERS
We may accept Your Instructions which include an instruction to
buy and sell currency at a particular price (an “order”). We will
use our reasonable endeavours to execute such an order in full at
that price, but if market conditions prevent us from executing the
order in full or at all, then we cannot accept any liability for that.
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12) TERMINATION
This agreement may be terminated immediately by either you or
us by notice to the other in writing but the terms of this agreement
shall continue to apply to any Contract already in existence.
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13) LIMITATION OF LIABILITY
Equine FX Ltd will use all reasonable endeavours to make onward
Payments but we will not be liable under any circumstances for
any direct, indirect or consequential loss incurred as a result of a
delay in funds reaching your nominated account.
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14) EXECUTION ONLY
We are not providing any advice (whether to proceed, or not to
proceed or in respect of timing) in respect of any transaction you
instruct us to execute for you. We may provide market
information at your request, but this is not advice. You should not
infer anything beyond the raw data we provide, as foreign
exchange conditions are very complex. As a result, we cannot
accept responsibility for your decision to enter a foreign currency
transaction.
This Agreement shall be governed by and construed in
accordance with English Law. The parties agree to irrevocably
submit to the exclusive jurisdiction of the English Courts.
Submitting an online form or verbally agreeing to open an
account implies your full agreement.
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