FxPro to amends on Legal Documentation regarding “Orders or Refusal to Execute Orders”

June 23, 2016

You are recommended to read through the updated legal documentations, and notify FxPro in case you like to reject the amendments with in 10 business days.

FxPro to amends on Legal Documentation regarding “Orders or Refusal to Execute Orders”

Please note that FxPro has made amendments on the “Terms and Conditions” document and the broker has clarified the corrective actions that FxPro may take should any transaction be considered as ‘Invalid Transaction’.

For instance, FxPro may reverse or amend, or act as deemed appropriate, in the event of an ‘Invalid Transaction’.

For more information, please refer to the below updated “Terms and Conditions”.

fxpro amending orders or refusal to execute orders

The below is quoted from FxPro UK Legal Documentations “Terms and Conditions of Business

7.1 The client accepts that FxPro shall have the right, at any time, to take any corrective action and/or any other action as FxPro may deem in the circumstances as necessary, for Invalid Transactions and/ or any other orders that have been executed following the execution of an Invalid Transaction and prior to the corrective action taken by FxPro; such corrective actions include but are not limited to:

  • reversing or amending any Invalid Transactions;
  • credit/ debit the client’s account(s) for an amount that corresponds to the realised loss/ profit of the Invalid Transaction(s); or
  • credit/ debit the client’s account(s) for an amount that corresponds to any invalid loss/ profit resulting from any Invalid Transaction(s)

NOTE: that the mere fact that FxPro proceeded with confirming the order and/ or otherwise does not prevent the Firm from taking any of the action described herein. In addition to the above, the client accepts that FxPro shall have the right, at any time, to refuse, at its discretion, the provision of any investment or ancillary service, including but not limited to the execution of instructions for the purposes of trading financial instruments, without providing notice to the client

7.2 Notwithstanding any other provisions contained herein, FxPro may take any of the actions stipulated herein in circumstances including but not limited to situations when:

FxPro has reasonable grounds to believe that the execution of a client’s order may:

  1. affect the orderly function of the market;
  2. constitutes an abusive exploitation of privileged confidential information;
  3. contributes to the laundering of illegal funds;
  4. affects in any manner the reliability or orderly operation of the trading platform(s);
  5. the client’s order relates to the purchase of a financial instrument but there is insufficient free margin in the relevant trading account to cover such purchase and any applicable charges; and
  6. any Invalid Transaction has or might have occurred.

7.3 FxPro reserves the right to refuse the execution of a pending order and/or modify the opening/closing price of an order if a technical or other error occurs.

7.4 The client accepts that the Firm may refuse to execute an instruction for trading financial instruments, if conditions described, above, are triggered.

7.5 The client accepts that if FxPro were to refuse and/or amend and/or correct the execution of a client’s order, under the ‘Amending Orders or Refusal to Execute Orders’ section, the obligations of the client under the Client Agreement shall remain unaffected.

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Hercules