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Click here for the Terms of Service
1. Scope - general information
1.1. AAA Status
TRIPLE A EXPERTS INVESTMENT SERVICES S.A. ("AAA") is an Investment Services Company established in Greece, authorized by the Hellenic Capital Markets Commission, subjected to the supervision of the latter and entitled to provide, inter alia, investment services of reception and transmission of orders, management of investment portfolios and investment advice under Article 4 of Law 3606/2007.
1.2. Services
1.2.1. This agreement governs the transactional relations of the Client with AAA which have as their object the use of the Autotrading service by the Client for the purpose of conducting transactions on financial instruments. In particular, AAA shall provide to the Client the ability to use an automated trading system ("Autotrading") through a special platform provided to the Client on AAA's website or a third-party website that will function under AAA' s administration (hereinafter the "Platform" and the "Website" respectively). By using the Platform, the Client shall be able to reproduce in an automated way, - having the possibility to apply parameters and limitations of his/her choice-, investment strategies generated by electronic applications (hereinafter the "Systems") that have been developed by third parties, for conducting transactions on financial instruments, as specifically defined according to clause 1.3.
1.2.2. The Platform shall reproduce the investment activity of the Systems chosen by the Client, in the Account of the Client (as defined below) provided that the conditions set by the Client in the relevant settings of the Platform are met, without requiring the prior approval of each transaction by the Client. The reproduction of trading signals or strategies of the Systems has the meaning of the automated generation of trading signals that meet the standards set by the Client as well as the transmission of such signals electronically to the firm (FX broker or other) in which the Client maintains a trading account and which has been indicated by the Client to AAA (the "Executing Firm"). "Account" of the Client in the Platform and generally in AAA, for the purposes of the present, shall mean the personalized operation of the Platform concerning the Client, his/her relations with AAA and the transactions made through the Platform on behalf of Client, as well as the capture and recording of such operation in the files and servers of AAA. It is expressly stated that AAA does not undertake, by the present agreement, to conduct itself the related transactions as counterparty of the Client and therefore assumes no liability in the event of non-performance (total or partial) or delayed execution of orders generated by the Platform. It is also specified that in any case, under this Agreement, AAA shall not receive and keep money or other assets of the Client and, therefore, the meaning of the term "Account", as defined above, does not refer to the holding of such assets.
1.2.3. In addition to the automated generation of trading signals, the Client may generate through the Platform trading signals on his/her own initiative ("manual" orders), if he/she so wishes, as well as monitor his/her transactions and be informed of their results and of the positions held with the Executing Firms on the basis of the Client's activity carried out through the Platform.
1.2.4. The operation of the Platform by AAA is under the authorization granted to AAA by the Hellenic Capital Markets Commission to provide portfolio management services, taking into account the fact that automated transactions are carried out without the specific approval for each of them by the Client. It is expressly clarified that any reference to the term "portfolio management" or similar terms, whether in the present or in any other written means of communication, as regards the services and operation of the Platform, shall only have the above meaning and shall be exclusively related to the services specifically described herein. Under no circumstances ΑΑΑ shall be deemed to undertake any obligation towards the Client to make investment decisions on the Client's behalf, on AAA's initiative or discretion, for the achievement of any investment objective of the Client.
1.2.5. The choice of the Executive Firm with which the Client will execute trades shall be made exclusively by the Client and his/her business relationship therewith shall be governed by the agreement entered into by the Client with the Executing Firm. AAA shall make available to the Client, through the website hosting the Platform, a list of the Executive Firms with which the use the Platform is compatible, solely for the convenience of the Client, without proposing or suggesting any specific Firm to the Client.
1.3. Financial instruments
The financial instruments for which the services provided herein will be available shall be determined by AAA and a list thereof shall be available to the Client on the website hosting the Platform. Without limitation, it is indicated that the Autotrading service primarily concerns financial derivatives which include high leverage, such as in particular Rolling Spot FOREX and Contracts for Differences (CfDs), having as underlying assets exchange rates, commodities or other assets, without excluding the extension of the Autotrading services to other financial instruments in the future.
1.4. Client Classification
Under current legislation, AAA classifies clients to which it provides investment services in one of the following categories: a) retail, b) professional. Based on the information available, AAA has classified the Client as a retail client regarding all services and financial instruments covered by this agreement. This category provides for the highest level of protection in the application of rules of professional conduct governing the provision of investment services. In case the Client wishes to change his/her classification, considering that AAA could treat him/her as a professional client, the Client should send a written request to AAA in order for AAA to consider whether he/she meets the legal requirements and consider the case.
1.5. Further information as to AAA
1.5.1. General information on AAA and the services provided is available at the website of AAA (www.aaafx.com). The Client declares that before entering into this agreement he/she has received and reviewed the said information.
1.5.2. According to the provisions of Law 2533/1997, AAA participates in the Greek Investment Services Guarantee Fund, which covers claims against investment firms arising from the provision of investment services for a value up to 30.000 euros per customer, subject to the specific provisions of the law.
1.5.3. AAA takes the necessary measures to avoid conflict of interests' situations, which may arise in the exercise by AAA of investment activities and provision of investment and ancillary services. As conflict of interests means a situation in which, in the exercise AAA's activities, the interests of AAA and the interests of its clients, or its affiliates, are in conflict directly or indirectly. The Client may at any time request from AAA further information on the policies established to prevent and manage conflicts of interests.
2. Rules and arrangements for the provision of the service
2.1. Means of providing the service
2.1.1. The Client has access to the Platform through the website www.setbroker.com which is operated by AAA or any other website communicated for this purpose by AAA to the Client.
2.1.2. Given the nature of the Autotrading service, as provided through the use of electronic applications, the Client is required to make use of appropriate technical means (e.g. a computer, internet connection etc.), as well as to have the necessary knowledge for the appropriate handling of such means. By entering into this agreement and accepting the services of AAA, the Client declares and affirms to AAA that he/she has the necessary equipment and sufficient expertise for its proper use. In addition, the Client understands and accepts the risks involved in the use of computers and communication systems in the context of conducting transactions on financial instruments and the possible inability of timely transmission of the relevant communication due to interruptions, faults etc.
2.1.3. The use of the Autotrading service by the Client requires the combined use of the Client's user name and password. The user name and password are created by AAA and sent to the Client after the Client's registration in the Platform and remain private and strictly confidential. AAA may require for the activation of the Client's access in the Platform a confirmatory email process or any other confirmation process ensuring that the identification data have been sent to/from the Client. The combined use of the user name and password by the Client establishes that the use of the Autotrading service and any activity in the Account of the Client (indicatively, choice of Systems, Account settings, manual actions, information on performed transactions, etc.) is made by the Client. The Client assumes responsibility for the protection of the secrecy of the user-name and password, bearing exclusive liability for any damage suffered as a result of any leaks or use thereof by a third party in any way, with or without the authorization of the Client. The Client may change the password at any time by following the change instructions listed on the website hosting the Platform, without requiring any further disclosure of such change to AAA. For the purpose of preventing the use of the Service by a third party, the Client is recommended to change his/her password on a regular basis. Especially, in case of a leak of the user name or password, the Client shall immediately notify AAA and change the password.
2.2. Investment characteristics of the Client
The platform is addressed to investors who have decided beforehand to carry out transactions in one or more products/financial instruments from those available on the Platform, as specified in clause 1.3. and, thus, have profit making investment objectives. In addition, subject to the suitability test as specifically provided for in Section 3 herein, AAA does not propose/suggest to the users of the Platform any transactions in any financial instrument as suitable or appropriate for the Client compared to other forms of investment. Given the above, the Client expressly declares that he/she does not expect AAA or the Platform to propose transactions in order to serve specific investment objectives.
2.3. Registration in the Platform
Unless otherwise expressly agreed, the Client is registered in the Platform as a normal user and the present agreement governs his/her relations with AAA under this specific and sole capacity.
2.4. Choice of Systems
The Platform provides the client the opportunity to adopt investment actions (trading signals) generated by automated electronic signals. The Client may set the Platform so that it regenerates in the Account the actions of any System of his/her choice or more.
The Systems are created by third parties ("System Providers" or "Providers"), who use the signals generated by their Systems to carry out transactions for their own account, through Executing Firms of their choice. In the case in which transactions of a specific Provider are performed in a simulated trading environment ("demo account") and not though an Executing Firm, AAA shall draw the Client's attention to such fact with a relevant indication in a prominent position in the Platform.
The Platform gives access to a limited number of Systems which meet the criteria set by AAA; Systems are arranged in order based on performance criteria set by AAA under its internal regulations.
2.5. Application of settings to selected Systems
The replication in the Client's Account of trading signals deriving from a System is subject to the restrictions arising under clause 3.2.1. hereof. In addition, the Client may choose specific settings and limits for the signals generated by each selected System, as available from time to time on the Platform. AAA may designate specific kinds of settings as mandatory and disable the choice of a System if the Client does not complete the required settings. Indicatively (without limitation) AAA may appoint as mandatory settings the following:
- Quantity of contracts / nominal amount (lots) per order:
Under this setting, the Client shall specify the number of lots he/she wishes to allocate to each of his/her orders, which are activated by the signals of the selected System (total number of lots activated by each individual buy and sell signal of each selected System).
- Allocation of capital to each of the selected Systems
Under this setting, the Client shall allocate to each System he/she has selected (if more than one selected), the total tolerable loss limit applicable in the Autotrading Account, as specifically described in clause 3.2.5.
The mandatory settings and other (optional) settings as available shall be determined at the sole discretion of AAA and shall be incorporated in the relevant sections of the Platform, without requiring any prior notice to the Client. In case of changes that may cause interruption of transactions carried out by the Client via the Platform, AAA shall make every reasonable effort to notify the Client and call him/her to take the necessary measures before the changes occur.
2.6. "Manual" actions
The Platform enables the Client to send trading signals to the Executing Firm of his/her Choice at his/her own initiative (manually), meaning that the Client may open new positions or close positions opened by him/her or opened by the selected System's signals. In this case, this specific activity of the Client is not part of the Autotrading service and will not be covered by the provisions of this agreement concerning the application of risk limits (as further set out in clause 3.2.7.), but shall be treated as simple order input by the Client.
2.7. Selection Available Systems
The number of Systems available to the Client (the "Available Systems"), and in general to the users of the Platform, is defined by AAA based on criteria it applies and which have regard to (but not limited to) the performance, the duration of operation, the consistency of the Systems in achieving performance and their tendency towards taking limited risks. Systems that do not meet the requirements of the Platform (and for as long as such requirements are not met) remain visible in the Platform but cannot be selected by the Users.
The Client may choose a System other than the Available Systems only in cases where the Client is the Provider of the System. In this case, the Client shall submit to AAA a relevant request, which AAA will approve if the above situation applies. In this case, the transactions made by the Client from the specific System shall not be governed by the provisions of the present and all the orders generated from the Client's own System shall be considered as originating from the Client.
AAA may change the classification and sorting of the Available Systems even on a daily basis or at intervals within the same day based on the criteria it applies. Such changes may have the following direct consequences:
- If a System chosen by the Client ceases to be Available, such System shall cease opening positions in the Client's Account. Any open positions of the Client shall remain connected with the said System unless the Client chooses to close them on his/her own initiative. In the event of such change, AAA shall notify the Client by e-mail.
- The Systems which were not Available before the change and which, as a result of the change, become Available Systems are immediately accessible to the Client.
2.8. Content of the services and responsibility of AAA
2.8.1. AAA draws the attention of the client to the following:
- The persons, who have developed the applications referred to in this agreement (i.e. the System Providers), neither are related to AAA nor have any professional certifications.
- AAA provides access to Systems that meet specific reliability criteria based on their past behavior, applies rules permitting the selection of such Systems, ensures that the Systems' activity in the context of the Autotrading service is supervised by a competent certified member of AAA's personnel and evaluates the Systems based on their trading behavior. However, AAA does not build the strategies of the Systems and, in general, the content of the signals produced by such Systems.
- The Systems available to the Client through the Platform do not take into consideration Client's personal data in the context of their trading strategies, given that each System is normally adapted to the investing choices of the Provider who has developed such System.
- Monitoring and evaluation of the Systems by AAA takes place solely based on their past behavior and in no case refer to their future behavior or the achievement of future performance.
- The application of the Client's choices and settings is automated and –therefore- it takes place without human intervention (save in exceptional cases).
2.8.2. Although the Platform replicates exactly the signals of the Systems (after applying any limitations set by the Client in his/her settings), delays in the execution of the Client's transactions are probable. It is also probable that divergences between the prices that each System achieves with respect to the Provider's own transactions and the prices that the Client achieves when following the signals of such System, even if the transactions of the Client are carried out at the same time with the transactions of the Provider. Such delays and divergences are normally attributable to the structure and function of the market, and particularly to (indicatively):
a) The time period, even if very short, between the moment a signal is received from the System to and the moment of the transmission execution of the Client's order by the Executing Firm.
b) The overall operation of the Over-The-Counter market, given that there is no single reference price for the participants in such market.
c) The special events occurring in the market, such as a steep price fluctuation (for example in the case of news announcement), a great volume of transactions waiting to be executed by the Executing Firm in which the Client has a trading account or by the liquidity provider of the Executing Firm.
Therefore, AAA does not guarantee:
- An immediate and complete execution of the signals of Platform by the Executing Firms.
- The matching of the prices at which the Client carries out any specific transaction with those at which the Provider of the selected System carries out the same transaction.
2.8.3. AAA applies mandatory settings in the Account of the Client in accordance with his/her investment profile in order to allow him/her to follow the selected Systems by limiting the risks to suffer damages, as such settings and their purpose are defined herein. However, AAA neither undertakes to achieve nor guarantees that the Client will achieve a specific result by using the Platform.
2.8.4. By entering into this agreement, the Client declares to AAA that he/she accepts the risks inherent to the performance of transactions on the financial instruments supported by the Platform. He/She declares in particular that he/she is aware that the transactions on financial instruments involve risks causing the reduction of the value of investments and that AAA is bears no liability for these risks. The Client confirms that before entering into this agreement he/she has read AAA's documentation on the risks involved with transactions on the specific financial instruments, which is attached to this agreement. The Client also declares that he/she is aware and accepts the risks arising by the use of the Autotrading services, which are based on the investment strategies of third parties and are not determined by AAA.
2.8.5. AAA is not responsible for any damage incurred by the Client (or a third party having any relevant right through the Client) due to force majeure (including the exercise of the right of strike, the malfunction of computers including the breakdown of computer systems or electronic communications), fraudulent usage of the data stored in its records and servers by third parties, failure of its electronic systems due to malfunctions of the communications' network or malfunctioning of its software and hardware that is not attributable to the lack of maintenance or monitoring, as well as events related to the operation of third parties, such as interruption or suspension or limitation of the activities carried out by stock exchanges, Executing Firms, companies settling transactions, credit institutions or investment firms with whom AAA potentially deals or cooperates in the context of this agreement for whatever reason.
2.8.6. AAA is not responsible for the actions or omissions of the Executing Firm or any other third party company with respect to the transactions carried out on behalf of the Client for whatever reason.
2.8.7. In any case, AAA does not guarantee that the provision of the Autotrading services will have a positive result or a specific performance. Any reference to the performance of transactions being carried out by users of the Platform or Systems Providers is related to the past and the Client declares that he/she is aware of this event. The Client is also aware that the transactions concluded by each System Provider on the Provider's own account, by using the System developed by the Provider, may refer to amounts greatly different from the amounts allocated by the Client to each transaction. This may itself cause a sufficiently different result compared to the Provider's profits or losses even if the remaining characteristics of the positions opened by the Client are the same with the ones of the positions of a specific Provider.
3. Suitability test
3.1. In general
3.1.1. Before entering into this agreement, the Client has provided AAA with information related to his/her investment profile, in order for AAA to examine if the provision of the Autotrading service is suitable for the Client. The data under examination for this purpose refer to (a) the educational level and the experience of the Client, in order to assess whether the Client is able to realise the nature and the risks of such service as well as of the financial instruments related to such service, (b) the investment objectives of the Client in order to assess if they are in line with the characteristics of the service and the available financial instruments, (c) the Client's financial situation and his/her ability to undertake the investment risks, in order to be assessed whether the Client is able to bear the potential loss of the invested amounts as well the limit to which such losses should be limited.
3.1.2. The Client declares that the data provided by him/her are true and reflect his/her actual situation. The Client fully understands that the Autotrading service has primarily a speculative orientation and requires the undertaking of investment risks which cannot be fully avoided, although they can be limited with respect to their extent through the usage of the Platform's tools. In the event that the Client believes that the above description does not match with his/her actual investment profile, he/she must not proceed to the acceptance of these terms and quit the Autotrading Account opening process.
3.1.3. Moreover, the Client undertakes to inform AAA, on his/her own initiative, in case of change of the data communicated to AAA through the questionnaire, as well as to re-fill out the questionnaire at regular intervals as requested by AAA. The Client is not able to oppose against AAA any such changes if he/she has not previously informed AAA in writing of the specific changes.
3.2. Risk Categorisation
3.2.1. AAA categorizes the Client based on the suitability questionnaire filled out by him/her according to the risk AAA determines from time to time. As a consequence of such risk categorization, AAA applies to the Client's Account a "Risk Tolerance Index" which is defined as a percentage of the total amount of the Client's deposit with the Executing Firm (for example 25%, 50%, 75% or as otherwise AAA defines such index per risk category). The application of the Risk Tolerance Index is ensured by the activation of a special tool of the Platform, which monitors the Client's total losses and, if such losses approach the Index applied to the Client's Account, proceeds to the generation of signals closing all the open positions of the Client. The activation of this tool, in principle allows to limit the losses to the amount corresponding to the Risk Tolerance Index. However, in case of special circumstances not allowing the immediate execution of position closing orders, the Client may suffer further losses due to rapid fluctuations taking place between the time of production of the relevant trading signal from AAA and the time of actual execution of such signal. Such special circumstances may relate to the foreign exchange market generally or to one or more currency pairs or to the Executing Firm where the client's trading account is held or to a combination thereof. Therefore, the Customer understands and accepts the risk of having losses greater than his Risk Tolerance Index, for which AAA shall not be liable.
3.2.2. The Client accepts that, in the context of his/her risk categorization in accordance with the above, AAA shall take into account not only his/her answers related to his/her risk appetite but also any other information included in the suitability questionnaire. He/She also accepts that the application of the Risk Tolerance Index based on the categorisation of the Client is mandatory.
3.2.3. The Client is able to request to be classified in a lower risk category (without justifying his/her decision) or to a higher risk category (provided that he/she will provide additional data changing the result of his/her risk evaluation).
3.2.4. Unless the Client's Executing Firm is AAA, the amount of the Client's deposit with the Executing Firm, to which the Risk Tolerance Index is applied, shall be defined based on the information provided by the Client's to AAA. If the Client adds or withdraws amounts to or from his/her deposit with the Executing Firm, the Client shall immediately inform AAA by e-mail in order for the latter to readjust the amount covered by the Risk Tolerance Index.
3.2.5. In the case that the Client has selected more than one Systems, it is up to the Client to determine the allocation of the protection percentage among the different Systems (for example if the Client has an Index of 50%, he/she may select a loss tolerance up to 35% in the System A and up to 15% in the System B, in order for the total limit to be 50%).
3.2.6. In case of money losses due to damages up to the maximum tolerance percentage, the Account of the Client in the Platform will continue to replicate the signals of the selected Systems only if the Client explicitly requests so. In such case, the Client's risk profile shall be evaluated again based on the remaining amounts of the Client's deposit (to which the relevant limits will be applied).
3.2.7. In case of execution of specific transactions (opened positions) carried out on Client's own initiative through the Platform (manual trading), taking into consideration that such transactions are not included in the context of this agreement, the above Account's settings on the protection of the Client's deposits will not be applicable.
4. Communication principles – Client information
4.1. Means of Communication
4.1.1. The communication between the parties takes place, depending on the case, either in writing or orally. More particularly:
- The written communication takes place via documents exchange/shipping, via fax or via electronic mails being sent to the electronic addresses of the parties or via the Platform's dedicated application for messages and communication. The Client hereby states that he/she accepts e-mail communications as suitable for the reception of any kind of information with respect to the service provided under this agreement.
- Oral communication takes place in principle via telephone. AAA is entitled to tape record the telephone conversations between its executives and employees and the Client, in order to prove the content of such conversations, for purposes related to the protection of the transactions and the smooth operation of the capital markets (complying with the applicable legislation) as well as the protection of the mutual interest of AAA and the Client. Taking into consideration the applicable legislation, AAA is entitled to not respond to telephone calls, if such calls do not take place via telephone numbers connected to a recording device. The Client accepts that all telephone conversations with AAA may be recorded and stored, according to the aforementioned, regardless of any prior announcement to the Client, such as a message informing that a call is about to be recorded. The Client is aware that AAA may be obliged to communicate to the Hellenic Capital Markets Commission (hereinafter the HCMC) the recorded conversations as well as – to the extent required by the HCMC – to transcript such conversations and deliver them to the HCMC in writting or audio form. AAA is not responsible for any damage caused to the Client due to errors in the content of the transcriptions of the conversations, unless such errors are attributable to willful misconduct or gross negligence of AAA's executives, employees or agents.
4.1.2. When this agreement refers to a written notification from AAA to the Client, such notification shall be made via e-mail at the latest e-mail address duly notified by the Client to AAA, unless expressly and specifically agreed otherwise. The Client expressly agrees and accepts that, when he/she declares to AAA specific contact details (e.g. fax number, e-mail address etc.), the way of communication concerned by such details shall be considered as adequate and appropriate for the reception of any kind of information provided by AAA. AAA shall not be liable in case of change of contact details without prior written notification by the Client. Information and delivery of data to the Client's representative, or other person delegated by him/her, shall be equivalent to delivery of information to the Client in person and discharge AAA from any relevant obligation and liability.
4.1.3. AAA draws the Client's attention to the fact that electronic mail is the most frequent communication method used by AAA. The Clients assures AAA that he/she will have regular access to and check on a day-to-day basis the e-mails sent to the electronic address he/she has communicated to AAA. The Client may send inquiries to AAA as well as be informed by AAA via, among other, the aforementioned way of communication. The documents sent to AAA by the Client, including fax documents and messages in electronic form or sent via electronic means, which contain the Client's statements and communication with AAA, as well as the magnetic and electronic means on which the Client's instructions, statements and communication are recorded, shall constitute full evidence against the Client with respect to the content of its communication and arrangements with AAA; When the information to be provided is not addressed personally to the Client (e.g. general information addressed to all the clients of AAA), AAA may provide such information through its website www.aaafx.com) or the Platform's website.
4.2. Communication Language
The communication language is English. AAA also supports oral communication or Platform layout in other languages, as indicated on the Platform's website. The Client declares that he has sufficient knowledge of the English language in order to be able to understand the content of the information provided in English or any contractual documentation in English he may receive from AAA.
4.3. Confidentiality
AAA will keep the information provided by the Client confidential under this agreement and take the necessary internal measures in order to ensure the confidentiality of such information. Confidentiality does not extend to any data or information
a) That AAA has an obligation to disclose to the public or any competent authority,
b) That have to be invoked by AAA before a Court or any competent authority for AAA's defense with respect to a case pending against AAA relating to the relationships governed by this agreement,
c) That have to be communicated to companies cooperating with AAA in order for the obligations undertaken by AAA under this agreement to be fulfilled.
4.4. Content of information on the Autotrading service
4.4.1. AAA provides the Client with ongoing access to a personalized area of the Platform, in which he/she enters by using his/her individual codes, for the purpose of receiving at any time information on the transactions carried out at any period of time. In any case of order execution, opening-closing of position or other change in the Account, AAA shall send to the Client relevant notice (alert) via e-mail. Platform tools provide the Client with displays of the Account performance and its comparison with performance of any System.
AAA provides 24-hour telephone helpline for platform and data extraction issues.
4.4.2. AAA sends by e-mail a periodic statement every month, in accordance with the specific arrangements applied by AAA in compliance with the current regulatory framework governing its services. Such statement shall include information on the positions held by the Client on the last day of the preceding month, and in particular the overall valuation of positions and each of these separately, Account performance during the said period, information on the fees received by AAA and other relevant information. To the extent that such information relates to data obtained from the Executing Firm, AAA shall make every reasonable effort to provide accurate information to the Client. However, given the direct relationship between the Client and the Executing Firm, the Client must verify the information on the basis of the information he/she receives from the Executing Firm.
4.4.3. In the event that the total loss of the Client reaches 70% of the Client's Risk Tolerance Index (i.e. the maximum loss set for the Client according to his/her risk classification according to clause 3.2.1. above), AAA shall automatically send to the Client an e-mail notifying him/her such fact in order to take appropriate measures at his/her discretion (e.g. to remove a System from his/her Account, to reduce the number of lots by which he/she follows the selected Systems etc.).
4.5. Probative force of book files and computer records
Any copy or extract of the forms, data, books, records and files issued or kept by AAA, either in paper or electronic form – in accordance with applicable legislation - or any extract of the Autotrading Account held by AAA under this agreement, which is exported by AAA and displays the history of the Account's operation, shall constitute full proof for the content of the Account, provided that it contains data and information notified to the Client. Similarly, extraction of logs regarding every aspect of the operation of the Client's Account, including logs relating to Client's entry into the Platform and any type of use of the Platform by the Client, shall constitute full proof of the related facts.
4.6. Liability for transmission errors (including orders-instructions)
In cases of delay, interruptions or other errors that may occur during the transmission of electronic mail or Fax, as well as in cases of incorrect translation or interpretation of technical terms, AAA shall only be liable for willful misconduct or gross negligence of its executives, agents or employees. In any case of improper execution or transmission of declaration of intention/order, the Client waives his/her right of annulment of any transaction.
5. Fees
5.1. Fees charged to or paid by the Client
5.1.1. Basic fees
Unless explicitly indicated otherwise by AAA, the following fees will be applicable both in the case the Client holds a "Classic Account" and in the case the Client holds a "Profit Sharing Account".
(a) Execution through AAA trading account
When the Client executes orders through a trading account held with AAA, AAA shall charge the Client's trading account with the execution fees applicable in accordance with the trading account agreement.
(b) Execution through third party Executing Broker
When the Client executes orders through a third party Executing Broker (i.e. where AAA is not an Executing Firm), the Executing Firm, based on an explicit authorization by the Client, shall pay to AAA on behalf of the Client an amount determined based on the fees that the Executing Firm receives from the Client (e.g. spread between the bid/ask prices or cost to initiate a trade through the bid/ask spread or fees determined through any other applicable method).
5.1.2. Performance Fee (in the case of Profit Sharing Account)
In the case of a Profit Sharing Account, in addition to the Basic Fees, the Client shall pay to AAA a 20% Monthly Performance Fee per selected System. The Monthly Performance Fee shall be calculated on a monthly basis and shall be based upon the Client's profit made from each selected System that exceeds the Benchmark. For the purpose of this agreement, a "Benchmark" is defined as the net new high in profit of a SP System at the end of a given monthly period, during the life of the Account. Profit shall be determined by taking into consideration the Client's equity at the end of each month, on all trading activity from each selected System (which includes all open and closed positions) during the same month, comparing it to previous Benchmark(s).
The Performance Fee will be applicable separately on each System and not in the aggregate performance of the Account as a whole and will be paid based on an explicit authorization by the Client to AAA and/or the Executing Firm.
AAA will proceed to the collection of the Fee on a best effort basis, without further direction or confirmation from the Client, unless otherwise notified in writing. AAA shall not be held responsible or liable for any miscalculation or non-payment of said Fees for any reason whatsoever.
5.2. Introduction fees received from third parties
When the Client executes orders through a third party Executing Broker (i.e. where AAA is not an Executing Firm), AAA may receive from the Executing Firm fees remunerating the introduction of the Client by AAA to the Executing Firm, as such fee will be communicated from time to time to the Client. It is hereby clarified that AAA does not have any discretion upon the choice of any specific Executing Firm by the Client and, therefore, any such introduction fee cannot affect the Client's freedom to choose any available Executing Firm, in accordance with term 1.2.5. of this Agreement.
5.3. Payment of fees by AAA to third parties
5.3.1 Payments to platform technology providers
AAA shall pay to third parties (which may be related entities or not) fees associated with the services provided by AAA to the users of the Platform. Such fees are related to the use of the software and technological infrastructure of the Platform and network of System Providers of the said entity, without which the provision of the Autotrading service to the Client would not be possible.
(a) For Classic Accounts
The fee paid to the third party technology providers will be calculated on a transaction volume basis, as it may be communicated to the Client from time to time.
(b) For Profit Sharing accounts
AAA shall pay to the third party technology provider(s) an amount up to the Monthly Performance Fee and to the Basic Fees paid by the Client in accordance with paragraphs 5.1.1. 5.1.2.
In both cases hereunder, part of this fee may be paid by the third party entity to the System Providers based on the agreement entered into between them.
5.3.2. Fees to introducing persons
In the event that the Client has been introduced to AAA by a third party (hereinafter the "introducer"), AAA may pay fees to such person, the amount of which is determined based on the fees received by AAA with respect to the transactions of the Client. In particular, the fee paid to the introducer (if applicable) is part of the fees received by AAA and related to the Client. The introducers used by AAA are not employees of AAA and cannot provide investment services to clients. The introducers are in any case independent businesses or freelancers who undertake, each of them, under a special agreement with AAA, to indicate to AAA persons who wish to become clients (client recommendation agreement). The role of the recommended person is limited to introducing AAA to prospective investors-clients and the services it provides, so as each investor-client enters into an agreement with AAA for the provision of investment services. In the event the Client wishes to know whether he belongs to the category of clients in respect of which AAA grants payments to third parties, as well as to obtain further information as of the fees of the introducers (if applicable), the Client may communicate with AAA.
The payment of fees by AAA to introducers does not adversely affect the services provided to the Client, or the Client's interest in general, neither does it lead to additional charges by the Executing Firm. On the contrary, the cooperation of AAA with introducers facilitates clients and potential clients to have access to the services of AAA and ensures the best possible relationship and information at the pre-contractual stage.
6. Provision of authorisations
The Client hereby authorizes AAA to access the account held by the Client with the Executing Firm, via all appropriate technical means and - to the extent necessary - the relevant competent personnel and executives thereof, in order
a) to direct to the Executing Firm the orders that will result from the operation of the Platform;
b) to obtain full information about the trading account connected to the Platform and held with the Executing Firm, in order to be able to provide comprehensive information to the Client via the Platform and to monitor the exposure of the client at risk, for the purposes of effective implementation of the Risk Tolerance Index;
c) to obtain information on the client, especially in the context of the Client's identification for the purpose of prevention of money laundering,
d) to proceed to any other necessary consultation and collaboration with the Executing Firm in order for the purpose of this agreement to be fulfilled.
7. Client's Data
7.1. Client's identity
For proof of the Client's identity and of any representatives designated by him/her, AAA may rely upon any document that, by law, is regarded as proof of identity of a person or legal entity. AAA shall not be responsible for the validity, legal integrity or authenticity of such documents. If the Client suffers loss by error, misunderstanding, deception or fraud as to the person giving instructions to AAA to carry out a specific action, AAA shall only be liable for willful misconduct or gross negligence of its executives and agents. In any case the Client waives the right of annulment of any transaction.
7.2. Signature specimens
AAA is entitled to receive and keep specimen signatures of the Client and his/her representatives, if necessary for the fulfilment of the services provided.
7.3. Change of data
The Client shall notify AAA on his/her own initiative, without delay, of any change of name, contact information (especially e-mail address) and other data he/she has provided to AAA when entering into this agreement, as well as any change regarding the powers of representation granted to other persons (if applicable). The Client is not entitled to oppose against AAA any change of the above data, if such change has not been notified to AAA in writing.
7.4. Acts with a Client's representative
All acts of AAA towards a representative of the Client shall be deemed valid for the duration of the power of representation, unless there is prior notification to AAA in writing for the revocation or amendment of such power.
7.5. Personal Data
The Client provides AAA with his/her express consent for storing and processing his/her personal data, and in particular his/her individual, family, property or other data communicated to AAA, as well as data on transactions conducted through the Platform, for the fulfillment of AAA's obligations under this agreement. The Client has a right of access, in accordance with the procedures prescribed by law, to information related to him/her and stored by AAA, in the meaning of a right of information on the personal data stored and processed by AAA, the manner, purpose and time of processing, the categories of recipients and any changes to the above information, unless otherwise provided by the applicable legislation. The Client is aware and accepts that AAA may disclose personal data to public authorities (e.g. to the Hellenic Capital Markets Commission) and to Executing Firms or other legal entities in order to fulfill its obligations towards the Client, or if any such obligation arises in accordance with applicable legislation. In this case, AAA shall not be liable for any loss suffered by the Client as a result of the disclosure or errors in its content, unless such errors are caused by willful misconduct or gross negligence of executives, agents or employees of AAA. The record keeping and processing of personal data shall be performed during the present agreement and for any additional period required by law, regulations and administrative provisions.
8. Final provisions
8.1. Duration – Termination
This agreement is of indefinite duration. The agreement shall take effect after acceptance by the Client and upon the opening of the Account by AAA, following the necessary verifications, and shall expire upon termination by either of the Parties. Termination shall be in writing and its effects shall occur within 15 days following the date on which it was received by the other party. The termination shall not affect the validity of orders transmitted to the Executive Firm.
8.2. Governing law – Jurisdiction
8.2.1. All contractual relationships between AAA and the Client are governed by Greek law. Place of performance shall be deemed to be the place of the registered seat of AAA.
8.2.2. The courts of Athens will be competent for any dispute between AAA and the Client arising from the contractual relationship. AAA has the discretion to choose the courts of general jurisdiction of the Client for the exercise of its claims against the Client.
8.3. Other terms
8.3.1. The Client represents and certifies to AAA that
a) all amount of money used for transactions belong to the Client, are from a legal source and do not derive from acts or activities falling within the prohibitions of the laws on the prevention and suppression of money laundering;
b) generally the Client shall comply with the legal provisions and shall not engage in illegal or prohibited actions or practices;
c) all data available to AAA regarding the Client and the origin of his/her assets are true.
8.3.2. The terms of this agreement, including any additional agreements between AAA and the Client in the context of this agreement, shall only be amended by a written agreement between the parties (including by way of acceptance by electronic means), without prejudice to the provisions of the following paragraph.
8.3.3. AAA may unilaterally amend the terms of the present agreement, by a written notice of the amendments (including by e-mail). In the event of objections as to the amendments, the Client may terminate in writing this agreement within one month from receipt of the notice of the amendments, in which case the agreement shall be deemed not to have been amended. Upon expiration of the one-month period without action, it shall be deemed that the Client accepts the amendments. The Client shall not be able to raise objections in case of amendments on legislation, or issuance of regulatory decisions or interpretative circulars affecting the agreement, or amendment of the principles or practices as to market operation and participants thereof. It is understood that in this case the Client is entitled to terminate the agreement.
8.3.4. Specific written arrangements between AAA and the Client (e.g. in relation to a particular transaction or group of transactions) shall prevail over this agreement.
8.3.5. Depending on the applicable provisions of the Internal Regulation of AAA, a particular executive, or committee consisting of executives, shall be competent to examine any complaints of the Client, as well as of all clients, in relation to the provision of investment services provided by AAA. Information as to the competent persons for the examination of clients' complaints shall be made available upon request of the Client. The said persons shall reply to complaints and general objections, orally or in writing, within a reasonable time.
8.3.6. Any delay or omission of AAA to exercise any statutory or contractual right, in no way shall be deemed or construed as a waiver of the respective right.
8.3.7. In case one or more the terms of this agreement is or becomes unenforceable, it shall not affect the validity of the remaining terms and the remaining provisions shall remain in force.
8.3.8. Any rights and claims of the Client arising from his/her relations with AAA under the present, shall not be assigned or transferred in any way to third parties unless otherwise agreed in writing.
Risk Disclosure
I. Risks associated to the financial instruments available to the Platform
Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market.
Forex trading involve a real risk of loss. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss. Past performance is not indicative of future results.
II. Risks associated with the service of autotrading and the use of the Platform
1. References to past performance
Past performance posted by System Providers, is not necessarily indicative of future results. No representation is made that any account is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program.
2. Limitations of hypothetical performance results
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
The hypothetical performance results displayed on the Platform's website are hypothetical results in that they represent trades made in a demonstration ("demo") account. Transaction prices were determined by assuming that buyers received the ask price and sellers the bid price of quotes AAA receives from the Executing Firm at which a System Provider maintains a demo account. The hypothetical results do not include any additional mark-ups or commissions which may be charged by a customer's Forex broker and are based on a one lot trade size. Trades placed in demo accounts are based on a System Provider having access to an unlimited amount of funds. As a result, demo accounts are not subject to margin calls and have the ability to withstand large, sustained drawdowns which a customer account may not be able to afford. Trades placed in demo accounts are not subject to price slippage which may occur when a signal is actually traded in a customer account.
3. Differences in lot sizes and bid/ask price
The number of pips gained or lost by each System Provider may be based on the trading of mini, micro or standard lots. The performance of customers electing to trade a different lot size from those used by a System Provider will therefore vary. Further, customers may place trades independent of those provided by a Signal Provider or place customized orders to exit positions which differ from those of a Signal Provider. All performance results presented only include the results of completed trades and do not reflect the profit or loss on open positions. Due to differences in the bid/ask offered by various counterparties, all trades executed in the account of a System Provider may not be executed in a customer account if the bid/ask of the Forex broker at which the customer maintains the customer's account is different from that of the Signal Provider's broker or due to volatility in the market.
4. Partial replication of Systems' signals
Customers may elect not to follow all of the trading signals provided by the signal providers or not be able to trade the recommended number of contracts due to insufficient funds in an account. Therefore, the results portrayed are not indicative of an account which may have traded all a Signal Provider's signals or contracts. Further, by electing to follow a number of different Signal Providers at one time, customers may not be able to follow all of the signals generated due to the customer's account having insufficient funds. Accordingly, the performance of customer accounts may vary significantly from the results portrayed on this website.
5. Interpretation of results of other followers' accounts
Past performance is not indicative of future results. Note that the accounts represented may not follow all of the trading signals provided by the System Providers or trade the recommended number of contracts. Therefore, the results portrayed are not indicative of an account which may have traded all the recommended signals or contract of the Providers. The number of System Providers followed by these accounts may also vary. Accordingly, performance results may vary substantially from account to account, depending on the number of signals and contracts traded and signal providers followed.
This website does not make any representation whatsoever that the above mentioned trading systems might be or are suitable or that they would be profitable for you. Please realize the risk involved with trading foreign exchange investments and consult an investment professional before proceeding. The trading systems herein described have been developed for sophisticated traders who fully understand the nature and the scope of the risks that are associated with trading. Should you decide to trade any or all of these systems' signals, it is your decision.
III. Overview of derivative financial instruments
The document is not designed to present an exhaustive analysis of the risks associated with financial instruments. The purpose of this document is to provide clients with summarized information and with a general warning about the risks associated with derivative financial instruments so that the clients have a reasonable understanding of the general nature and risks of such financial instruments and, as a consequence, are able to make informed investment decision.
1. Overview
Derivatives are contracts that give one person the option or right to obtain from another person over the course of the investment period or on maturity of the derivative itself, an asset, the price of which is subject to fluctuation, or interest rate, for a price or obligations determined at the conclusion of the contract. The parties can negotiate on market or by mutual agreement (OTC).
These instruments are referred to as "derivatives" because they represent rights and financial commitments the value of which vary or is derived from underlying assets or liabilities.
There are various types of derivatives differentiated by the nature of the underlying instrument (shares, bonds, money-market instruments, interest rates or exchange rates, stock exchange indices or commodities etc.).
There are many combinations of products in which it is possible to invest and therefore derivatives are characterized by very diverse risk profiles. Some are characterized by limited risk and unlimited potential upside for one party while the other party takes an inverse position because it exposes itself to potentially unlimited losses and potentially limited gains.
In the same way, the mode of settlement of a product may have a significant impact on the types of risks associated with that product. Whilst derivatives that are settled by a cash payment are mainly subject to counter party risk and market risks, those that are physically settled with the delivery of the underlying instrument are subject to the same risks and directly to risks relating to the relevant underlying instrument and its delivery.
Besides the structure of the relevant product, much of the risk associated with derivatives contracts results from the fact that these contracts are leveraged. This means that it is necessary only to pay a part (by paying a premium or a deposit) of the total exposure to market risk opening and maintaining a position. The actual exposure to market risk with derivatives contracts can be an amount that is several times the premium or deposit paid.
For derivatives, market risk encompasses the exposure to changes in the value of market parameters such as interest rates, exchange rates, share prices, index movement or commodities prices, but also exposure to variations in the price of the underlying instrument or to other factors such as the implied volatility or the time value.
Given the wide range of risk profiles as regards derivatives, it is important to understand the specific risk/yield of any strategy in relation with the relevant product.
2. Option contracts
The buyer of an option acquires the right to buy (call) or to sell (put) to the seller a given quantity of an underlying instrument at a price determined beforehand (the strike price), or to receive an amount of monies equal to the difference between the strike price and the current price of the underlying instrument, on a definite date (a "European Option") or at any time until the maturity date (an "American Option"). The price paid for this right is called the premium. The seller of an option makes a commitment to the buyer to sell (call) or to buy (put) the underlying instrument or to receive an amount equal to the difference in the price of the underlying instrument, at the strike price, whatever is the current price of the underlying instrument.
Market risk will be limited for the buyer of an option to the amount of the premium (revalued as the case may be) and it will be considerably higher for a seller.
The buyer takes counter party risk on the counter party with which it has negotiated the option.
3. Futures contracts: forwards and futures
A party to a forward or futures contract makes a commitment to receive or to deliver when due, a definite quantity of an underlying instrument, at a price determined at the time the contract is agreed. A party can also receive a payment if the value of the underlying instrument increases, while the other party can receive a payment in case of decrease in the value of the underlying instrument between two dates.
Futures are standardized instruments traded on a stock exchange (regulated or organised markets). They are contracts standardized as regards the quantity of the underlying instrument and the due dates for delivery or payment. Futures on commodities or physical goods can be generally distinguished from purely financial futures where the underlying instrument is a financial instrument.
Forwards are traded by mutual agreement (OTC). Their terms are either standardized, or agreed between the buyer and the seller.
In a forward sale, underlying instruments must be delivered at the price and the time agreed on the conclusion of the contract, even if the price of the underlying instrument has risen above this agreed price in the meantime. The risk of loss thus lies in the difference between these two values. In theory as prices can have an unlimited upside, the exposure to potential loss is also potentially unlimited.
In a forward purchase, the delivery of underlying instruments must be at the price and time agreed when the contract is concluded, even if the price of the underlying instrument has fallen below the agreed price in the meantime. The risk of loss thus lies in the difference between these two values. At most it is possible to lose the amount corresponding to the agreed initial price.
A future rate agreement ("FRA") is a fixed income product particularly used to exchange a difference in interest rates in the same currency at a predetermined date. There is no exchange of any nominal amount, either at the beginning or at the end of the transaction. For example, a FRA allows an interest rate to be locked in. Used as a speculative product (in case the transaction does not provide for any financial instruments to be hedged), this product allows an investor to speculate on the increase (purchase of FRA) or the decrease (sale of FRA) of the reference-floating rate. The principal risk in relation to FRAs is linked to their sensitivity to interest rate movement.
4. Swap
At its most general, a swap is a contract by which the parties to it exchange interest flows or currencies.
Swaps can be distinguished according to their subject matter, the two main types or swap being the currency swap (or the exchange swap) and the interest rate swap.
The first one is a double transaction on currencies by which one party sells to another party at the spot price, an amount of currency and as a counterpart buys an amount in another currency, and agrees to buy it back at maturity at an agreed price which corresponds to the spot price increased or reduced by the difference in the interest rate between the two investments, given that the two swaps have equivalent terms for each of the relevant currencies. The main risk linked to this type of swap is thus interest rate risk on exchange rates, foreign exchange risk only on the implicit interests, liquidity risk and counter party risk.
The second type is a contract by which the parties "exchange" interest rates, that is, make a commitment to pay, on an agreed frequency, amounts corresponding to the application to a given nominal amount of different interest rates. The main risk linked to this type of swap is interest rate risk and counterpart risk.
IV. General risks associated with investments
Besides the specific risks related to particular types of financial instruments, there are certain risks that apply to any type of financial instrument. The types of risks described below can thus impact every type of investment.
1. Market risk
Market risk covers exposures in the change of the value of a market indicator such as interest rates, credit spreads, share prices, index prices commodities prices or variation in volatility.
Market risk does not cover exposures to (i) credit events linked to market transaction counter parties, or (ii) settlement/delivery risks, and legal or operational risks.
The different types of market risk is as follows:
• Interest rate risk
Interest rate risk is the risk linked to an unfavorable fluctuation of interest rates. Interest rate risk also includes the cost of carry. The cost of carry is positive or negative of the financing cost of the asset is respectively lower or higher than the received interest. Thus, the cost of carrying for a floating rate loan can increase with a rise in rates. Fluctuations in interest rates can expose the holder of financial instruments to the risk of capital loss. The importance of the risk differs according to the type of financial instrument.
• Spread risk
Spread risk measures the loss associated with an unfavorable change in the probability of implicit failure (estimated by the market) of a debtor, measured (if appropriate) by the rating of the issuer.
• Leverage risk
Leverage Risk is characterized by an exposure to a market risk based on a notional amount that is higher than the invested capital (examples: option premiums or future contracts).
• Correlation risk
Correlation is an indication that measures the degree according to which the variations in two variables are linked.
• Option risk
When the asset has a component, which is an option, the value of the asset may be affected by variations of some particular factors:
- volatility: a measure of the variability of the price of the underlying asset of the option.
- time value: the value of the option excluding its intrinsic value. This includes the cost of carry and the probability that the option can be exercised.
- intrinsic value; the amount by which an option is in the money, that is, its relative value with regard to the forward price inferred by the market at the time of the revaluation.
- the risk-free interest rate: the interest rate of a risk-free investment.
In case of exotic options, in some circumstances the risk can result from the functions of the underlying asset as much as from conditions in relation to its evolution (corridors, options with average, barrier options etc).
• Basic risk
The basic risk is the risk that the cost of a hedged product does not move in line with that of the asset to be protected (example: a future contract with regard to its underlying asset).
• Risk of early redemption
This risk is similar to the risk of reinvestment in the case of a bond or a swap that can be terminated prior to maturity. It is the risk that an investor cannot find the same investment conditions in the market if an existing investment is cancelled.
• Risk of relative performance
The risk that an asset does not match the performances of the benchmark index.
• Specific risk
The risk of fluctuation in the price of an asset, due to factors specific to that asset contrary to the general risk of market, which reflects general movement of rates, or the equity market.
2. Liquidity risk
Liquidity risk is the risk that an asset cannot be bought or sold quickly. The liquidity of a market depends on how it is organised (stock exchange or over-the-counter) but also of the relevant underlying instruments. Indeed, it can be easy to buy or to sell a common product, but more difficult in the case of a very specialized product. If a market is not liquid, it may not be possible to find a buyer or a seller at the required time. The liquidity of a financial instrument can change over time.
3. Volatility Risk
This is the risk linked to the movements of specific prices of a security. Volatility is high if the security is subject to wide movements over a relative time period (ie daily for some types of instrument and longer for others). The risk of volatility is calculated on the basis of the average difference between the lowest prices and the highest prices of a financial instrument over a given period.
4. Counter party risk
Counter party risk is the risk that a debtor does not pay his debt in time. It takes into three factors; the amount of the debt, the probability of insolvency and the proportion of the debt which should be recovered in case of insolvency. This is to measure the loss in connection with the failure of a debtor. For example, an investor must consider the quality of the issuer of securities, that is the issuer's capacity to repay or redeem (as appropriate). In respect of OTC derivatives, transactions that do not involve debt, counter party risk corresponds at any given time to the replacement value of the relevant derivative instrument if this value is positive.
5. Valuation risk
Valuation risk is lined to the unfavorable change in the estimated variables that are used to the valuation of an investment, that is volatility, interest rate and/or as the case may be the estimated dividend yield.
6. Operational risks
Operational risk is the risk of loss resulting from inadequate or failing internal processes, employees, or systems, or external events. This risk covers human error, the fraud and malicious behaviors, failures of information systems, problems linked to the staff management, commercial disputes, as well as external events such as accidents, fires, floods etc.
7. Political or Legal Risk
The risk that a government (or any other relevant authority) imposes new taxes, regulatory or legal obligations or limitations on securities, which an investor has already acquired. For example, a country's government can decide to prohibit the repatriation of assets in custody from this country.
8. Force majeure
Apart from the above mentioned risks, Force Majeure is a risk associated with industrial or natural disasters or decisions taken by the regulatory authorities or the market bodies that result, for example, in the suspension of the introduction of a financial instrument to the stock exchange. Force Majeure cases are not due to the liability of the issuer or the market or the Company. These events, however, if they are of a big scale, can influence the issuer's/counterparty's ability to meet its commitments or influence the operation of the market.


text:
Saturday, January 03, 2009
Just Tweet It: The Twitter Song
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- Thursday, February 18, 2010
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- Wednesday, September 01, 2010
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about the author
- David Kemper
- I am an information professional, researcher, and writer with over eight years experience in the information services field with experience in information and communication technology.
I have a B.A. in History and a Master's in Library and Information Studies and working on a Web and Multimedia Design certificate.
I believe that empowering people with information can enrich lives and transform the world.

subset: commoncrawl


text:
I was going to interview myself today, but my Facebook fans asked such good questions that I've given them full rein.
Ian Irvine: This may seem a bit of a lol, but I'm doing an interview with Ian Irvine for my blog and I need some really curly questions, because I've heard he's a slippery customer. Tricky questions would be much appreciated; I really want to put the scoundrel on the spot.
Ami: Have you developed multiple personalities or something???
Ian: Ha ha, yes I have, says Ian. No I haven't, says Ian. I don't understand the question, says Ian. Are we there yet? says Ian. Need we go on, Ami? chorus the Ians, sweetly.
Alison: Who would you ask to finish your novels if you ever (heaven forbid) died before they were completed (e.g. Brandon Sanderson for Robert Jordan).
Ian: I have no idea, Alison. I don't know of any fantasy novelists who write the way I do, or about the kinds of things I write about. But maybe someone else does. I might have to throw that one back to my Facebook page and see if anyone comes up. In the meantime, i'll try hard not to die.
John: Or would you actually want someone else finishing them off in that situation?
Ian: To be honest, John, I don't think I'd want anyone finishing off a series of mine. Perhaps I'm a control freak. But I think the story would end up very differently to the way I'd imagined it. But then, since I've been so inconsiderate as to die in the middle of a series, instead of waiting until the story is completely wrapped up, I guess I can't complain. I'd certainly want to see it finished rather than just left hanging ...
John: Who is your favourite (or favourites if you can't choose one) of the characters you've created?
Ian: It changes all the time. At the moment I'd say it's Tali, the slave girl from Vengeance who, when just a little girl, saw her mother murdered and some mysterious object taken from her. Now she's 18, she's full of a burning rage and an utter determination to see justice done to the killers. I've spent a long time inside her head and really like her. I also like Tobry, from that story, because he's scarred, reckless, thinks the whole universe is a joke, yet is utterly loyal to his friends. But at other times it can be any of my heroes or heroines, even the alien Ryll from the Three Worlds, or Useless Ike from Grim and Grimmer.
Renee: If there was one thing you had to change about your favourite character what would it be?
Ian: Depends on the character, Renee. If Tali, I think I'd make her a little bit less nice (not that she's completely nice; she has her flaws) and a lot more conflicted about every aspect of her life. Make everything she does, and every choice she makes, a struggle between incompatibles. She can have one or the other, but not both, and she HAS to choose.
Dusty: What character do you associate yourself with the most??
Ian: Dusty, I suspect that would be Llian from The View from the Mirror. There's a lot of me in most of my characters (especially the evil ones, glee, glee! says the bad Ian) because I'm the only person I know, or can know, from the inside. But I think in Llian, because he was one of my first characters, it's closer to the surface. Pity he's such an idiot at times.
Deborah: Why did Ian decide to write fantasy, other than any other genre? What does family think of his novels? Does he envisage that he will still be writing them when he is in 70s? Does Ian believe that the dark side of his personality is expressed in his evil characters?..... (will stop for now,......)
Ian: Why fantasy, Deborah? Because that's what I most enjoyed reading back in the far-off days when I began writing. And though I read far less fantasy these days, I still love it, and especially love writing it.
What does my family think? See my sister Kathy's reply, below. I come from a large family, and so does my wife, and most of the people in our families love books and reading. They're very supportive, and constantly talking about my books to others, and rearranging them in bookshops so they face out, etc.
- Kathy: Yes Deborah, family think he is awesome, totally talented, amazingly intuitive, and sensitive to the needs of his characters. Appreciate that he can poke fun at himself and has remained level headed throughout. Love his wicked sense of humour and his imagination. I also hope he will be writing for many years to come. :-)
- Ian: And I blush easily, and often.
When will I stop writing? I certainly hope to be still writing in my 70s, and even in my 80s should I live that long. Most of the people in my family live to ripe and reasonably healthy old age, so if I have that good fortune I'll keep writing.
The dark side of my personality? What are you talking about? What dark side? All 27 of my personalities are glowing with light – 'Hey, what about me?' says evil Ian. 'Glmph!' He's bound, gagged and thrust under the table out of sight. 'Now, where was i ...?'
Traci: Who would Ian turn gay for? (Weeeelll, you did ask for tricky questions & there was no specifications on the questions being 'work' related).
Ian: Apart from Bridget Jones, and Elizabeth Bennet from Pride and Prejudice. But wait, that wouldn't be turning gay, would it? I guess no one.
Sue: Ian, can you ask Ian for me... does he believe in in life forms beyond earth and how did life on earth begin? Thanks Ians.
Ians: Well, Sue, there are a few hundred billion galaxies in the visible universe, and each galaxy could have hundreds of billions of stars, and most of those stars could have planets. And of course, there could be billions of universes apart from our own. So the chances of there not being life out there somewhere seem implausibly remote to me. Yes, i do believe there's life out there. Intelligent life is another matter; i don't think it evolves very often and perhaps doesn't last long when it does, but even so, I reckon it exists somewhere.
How did life on Earth begin? Probably in the rich soup of the primordial oceans. It's possible that it could have evolved elsewhere and Earth been seeded with primitive life forms which then evolved here, but that doesn't seem nearly as likely to me. Space is a hostile place for life compared to a protected ocean.
Brian: Do you think the world will end in 2012, if so, are you a believer in he zombie apocalypse or just the plain old destruction of the planet?
Ian: No, I don't, Brian. I can't say I'm a great fan of zombies, though a zombie apocalypse does have a certain ikky charm. I don't think the planet is going to be destroyed any time soon, unless there's a nearby supernova. Earth is pretty resilient. Of course, that doesn't mean we can't make it unsuitable for a vast range of advanced life, including ourselves.
Marta: Why do some writers use a pseudonym to write different books. Is there a particular reason for that because sometimes it can get confusing if your favourite author writes under a pseudonym and you don't know about it. You miss out on reading those books unless you accidentally come across it.
Ian: Marta, if an author is well known for a certain kind of books (say, fantasy) but wants to write something completely different, say, crime or thrillers or romance, they often use a pseudonym to avoid confusing readers and booksellers (otherwise booksellers will often shelve their books in the wrong place). But also, if an author's first book or two have gone really badly, bookshops aren't going to order many of the next book, because they always order based on sales of the last book by that author. It may not be possible to get published at all unless the author changes their name, which wipes the slate.
Danny: Would you ever consider taking on a protege... What would your code names be?
Ian: Do you mean a co-writer, Danny? No, I don't think so. I just want to write my own books in my own way.
Cassandra: Would you change anything about any of your books? If so which ones?
Ian: That's a continent-sized question, Cassandra. If I really needed to update any of my books, I imagine I'd change many things, and I'd certain cut out a lot of verbal flab, as I did when I for the revised editions of the 3 Human Rites eco-thrillers. I cut about 10 K words out of the first, 14 K from the second and 20 K from the third book. But if I'm rewriting old books, I'm not writing new ones, so it's not the best use of my time.
Mitchell: Have you ever had a thought like this? About how strange things happen, when your going around the twist?
Ian: If I thought I was going round the twist, Mitchell, do you really think I'd post it on the internet? [Sidles off, twitching and laughing maniacally]
Thanks very much, Guys, great questions, as always.
- For more about me and my books: http://www.ian-irvine.com/
- To say Hi or talk to me about books and writing: http://www.facebook.com/ianirvine.author
- To follow me on Twitter: http://twitter.com/#!/ianirvineauthor
- My blog about the novels I write, and the writing life: http://ian-irvine.blogspot.com/


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Learn all about how we breathe with this info sheet about lungs. Your child will learn the different parts of the lung, and will review the complex chemical process that the lungs go through to enable us to take a breath.
To learn more about the body, see our series of Human Anatomy sheets.


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Advertisers paid more than $133,000 per second for Super Bowl spots, money that was well spent – at least for those of us watching at home. While the commercial lineup wasn't as strong as in recent years, a good chunk of the ads proved memorable – even if we already saw many online before Super Sunday. But whether we'll remember – or buy – any of the products pitched is a whole other ballgame.
U.S. & World
Part of the pre-game ad build-up involved attempts at social media-driven audience participation. Coke asked the public to pick the winner of its desert race spot, while Oreo wants voters to weigh in – nonviolently – on whether the cookie or the cream is better. And, oh yeah: Axe plans to send a contest winner into space.
Kid Stuff
The annoying E*TRADE baby aside, children played a role in a couple of the night's funnier ads, including a Doritos dress-up spot and Kia's look at where babies come from.
Oprah Winfrey's voice cracks with emotion in Jeep's salute to U.S. military personnel – a spot that puts the Super Bowl hoopla into sober perspective. "We're more than a family," Winfrey intones. "We are a nation."
Hester is founding director of the award-winning, multi-media NYCity News Service at the City University of New York Graduate School of Journalism. He is the former City Editor of the New York Daily News, where he started as a reporter in 1992. Follow him on Twitter.


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As the new network season arrives this week, a couple of old familiar Baltimore faces have caught my eye: Andre Braugher and Wendell Pierce.
Happily, they are in two of the more promising series in an otherwise mostly lackluster field: "Brooklyn Nine-Nine" (Fox) and "The Michael J. Fox Show" (NBC).
Neither is the headliner. "Brooklyn Nine-Nine," a sitcom set in a police precinct, stars Andy Samberg as Jake Peralta, a brilliant but impulsive young detective. "The Michael J. Fox Show" is a family comedy starring Fox as a New York anchorman who returns to the airwaves five years after retiring in the wake of being diagnosed with Parkinson's disease.
Braugher, you might remember, played one of those brilliant young detectives as Frank Pembleton on "Homicide: Life on the Street," which was filmed in Baltimore and premiered in 1993. In case nobody told you, it was one of the greatest cop dramas in the history of the medium, thanks in large part to his breakout performance.
This fall, he debuts as Ray Holt, a gay police captain who takes over the underperforming precinct out of which Peralta works. It's the gay part of Holt's identity that has gotten much of the notice for the series, which premieres at 8:30 p.m. Tuesday on WBFF (Channel 45).
Credit creators Dan Goor and Mike Schur of "Parks and Recreation" for constructing a character who is multi-dimensional and not solely defined by his sexual orientation. If that sounds like faint praise, you haven't been watching most network sitcoms lately where one-dimension is one-half dimension more than many characters exhibit.
There's a moment near the end of the pilot that features Holt sitting in a police car late at night with Peralta and Amy Santiago (Melissa Fumero), Peralta's partner.
Peralta, who has been challenging Holt's authority throughout the episode, says, "With all due respect, sir, why did it take you so long to get your own command?"
"Because I'm gay," Holt says without hesitation.
"Seriously?" Peralta says looking confused and unsure of himself for the first time during the episode.
"I'm surprised you didn't know," Holt says matter of factly. "I don't try to hide it."
"When did you come out?" Santiago asks.
"About 25 years ago. The NYPD was not ready for an openly gay detective," Holt replies.
"But then, the old guard died out, and suddenly they couldn't wait to show off the fact that had a high-ranking gay officer," he continues. "I made captain. But they put me in a public affairs unit. I was a good soldier. I helped recruitment. But all I ever wanted was my own command. And now, I've finally got it, and I'm not going to screw it up."
That's a lot of autobiography to pack into about a minute of screen time in a sitcom as three cops are waiting for a suspect to show. That's also a lot of insight and nuanced understanding of the ways membership in a minority group can affect a career.
At first, being gay holds Holt back, by his account. But then, generational and societal change reach a point where institutions, especially a government institution like the NYPD, sees that it would be to its advantage to be seen as more diverse.
So, the gay police officer get promoted — but it's into a job that to him is more about image than the kind of police work he wants to do
But he's been a "good soldier" and waited it out. And now his time has come.
That's smart and sensitive writing — certainly by the standards of network sitcoms, even by those of HBO.
And Braugher? Well, few actors can deliver a line with the authority, gravitas, command and dignity of Andre Braugher when he's going deep with his voice and hard-edged with his stare. Braugher's Capt. Ray Holt is a presence that demands and gets respect — even in this precinct full of hotdogs and goofballs who will remind some older viewers of the crew in the 1970s ABC sitcom "Barney Miller."
As I watched Holt in the pilot, I couldn't help but remember how Braugher blew me away in the pilot for "Homicide" 20 years ago.
It turns out Braugher was thinking about those days, too, on occasion as he filmed "Brooklyn Nine-Nine."
"Sometimes, when I look out of my office, and I think, 'Oh yeah, I'm Yaphet Kotto [the actor who played the captain on 'Homicide'] now, right? And all of these gorgeous kids — they're me and Kyle Secor and all the other young guys who were on the 'Homicide' show a million years ago,'" Braugher says in an NBC video interview.
"But there's a switch, a switch in going from being the brilliant and impulsive and free-wheeling detective to the voice of moderation and stability — the commander, the de facto father of this team," he adds. "It's like starting from scratch."
Pierce, best known to many viewers for his memorable depiction of Baltimore Detective Bunk Moreland in HBO's "The Wire," is also making a switch in playing a TV executive this fall in "The Michael J. Fox Show," which premieres Sept. 26 on WBAL (Channel 11).
But Pierce brings some of the same sly Moreland moves and patter to his depiction of Harris Green, the news director at the NBC-owned station in New York who gets anchorman Mike Henry (Fox) to attempt a comeback.
The Meta-mix of TV and social reality is a tricky one in this family and workplace sitcom. At one level, it involves real-world NBC personalities like Matt Lauer showing up in the pilot as Mike Henry visits the real "Today" show set.
But at a higher level, it involves Fox, who has Parkinson's, playing a character with the disease. Hitting the right notes in that depiction is a complicated matter, and the pilot doesn't always feel like it's getting that right.
In the second episode, however, which NBC is airing back-to-back with the pilot, the sitcom seems to find a more comfortable voice. Much of that is thanks to Pierce's Harris Green. He's the one willing to exploit his anchorman's illness for ratings with slow-motion montages and kitschy music. His cynicism is the perfect antidote to any cheap sentimentality in the fictional workplace and discomfort for the real TV audience in seeing some of the things that Fox can no longer do as an actor because of the disease.
Great actors — and Braugher and Pierce are two of the best the medium has to offer — can't always find respectable work in network TV. Sometimes, to make a living, they have to do stuff that's beneath them. That's just the way it is.
Braugher has the role with most potential of the two. His Ray Holt really could become a character that matters. He's also in the better series.
But neither needs be ashamed of the show he is in this fall. And prime-time network television, as bad as it has been in recent years, is a little bit better this year because of their presence.
On TV
"Brooklyn Nine-Nine" debuts at 8:30 p.m. Tuesday on WBFF (Channel 45).
"The Michael J. Fox Show" has a one-hour premiere at 9 p.m. Sept. 26 on WBAL (Channel 11). It will air regularly at 9:30 p.m. Thursdays.


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KOTA KINABALU, Malaysia (Reuters) - A traveller's first stop in Borneo, the world's third largest island, should be Kota Kinabalu.
It's the capital of Malaysia's Sabah state, with nearby islands and forests, scrumptious seafood, tribal cultures and a history of Japanese rule during World War II.
Yet this coastal city often gets ignored as most travellers make a beeline to Mount Kinabalu, Southeast Asia's tallest mountain at 4,095 metres (13,435 ft). So stop by KK, as the locals call it, for a relaxed 48 hours after the trek from Borneo's rooftop.
530 p.m. - Start your weekend with a pretty spectacular sunset in KK, a seaside city also seen as the gateway to Sabah's steamy jungles and tropical islands. If you just won the lottery, head to Sutera Harbour Resort and charter a luxury yacht for a sunset cruise with fine dining and champagne.
Or keep it simple and head over to Tanjung Aru beach with the locals and toast the sunset with an avocado shake. If you are feeling adventurous, try hinava — a dish of raw fish mixed with bird's eye chilli, lime, grated ginger and salted bitter gourd — at nearby Grace Point food court. This is a favourite of the Kadazandusun people, whose tribes used to dominate Sabah.
7 p.m. - Time for a southern Filipino seafood barbecue at the KK night market on Jalan Tun Fuad Stephens. Much of the seafood is caught and grilled by Filipino fishermen who either legally or illegally moved to Sabah for a better life.
Just head to one of long tables piled with seafood and point to what you want. As you wait for the stingray or prawns to be grilled, mix your own dipping sauce from lime, chilli paste, salt and sugar. Best served with hot rice.
10 p.m. - Go a little crazy with Sabah's lively pubs and clubs where bopping your head to a local or Filipino live band is the way to go. Check out Bed at the waterfront esplanade and rock on.
9 a.m. - Book a guided, two-hour heritage walk through Kota Kinabalu, shaped by years of British rule, a brutal Japanese military occupation followed by Allied forces restlessly bombing the city during World War II.
Here British colonial buildings stand by side by side military monuments, Chinese coffee shops or kopitiam and wet markets in this seaside city also seen as the gateway to Sabah's steamy jungles and tropical islands.
1230 p.m. - Now for the first of many seafood feasts. Head to Kedai Kopi Fatt Kee on Jalan Bakau or Bakau road for crispy salt and pepper prawns and stir fried jungle ferns, popularly known as "Sabah veggie," with hot shrimp paste or garlic.
230 p.m. - Peer into a wooden house of ancient skulls collected by Monsopiad, a famous head hunter with magical powers from one of the Kadazandusun tribes. His descendents set up Monsopiad cultural village where visitors can get a snapshot of Kadazandusun life with rice wine making, tribal dances and cooking classes
You can also make your way through a tangle of jungle and rice fields to Monsopiad's final resting place. The famous warrior was put to death by his tribe after he developed too much of a blood lust for cutting off heads.
4 p.m. - Indulge in a Chinese teatime snack of roti kahwin or marriage bread at the bustling Fook Yuen Bakery in Jalan Damai. With one centimetre thick slabs of butter on one slice of thick bread and generous lashings of kaya, or coconut jam, on the other, it's a match made in heaven.
7 p.m. — Time to upscale the Chinese seafood dining option with dinner at Port View Seafood Village and its huge aquariums teeming with fish and prawns on Jalan Tun Fuad Stephens. Ask for prawns in rich, slightly spicy butter sauce and deep fried soft shell crabs.
9 p.m. — So you heard the locals sing last night. Now it's your turn for some karaoke, made easier with some jugs of beer. So just grab the microphone and belt out some Lady Gaga at the Cocoon, opposite the Hyatt Hotel.
7 a.m. Try and wake up early for KK's Sunday market on Gaya street. Traders from all over KK and the surrounding areas hawk interesting wares from traditional spinning tops and tribal gongs to local cigars and Kadazandusun handicrafts.
After some hard bargaining, sate the hunger pangs with a quick breakfast of mee Tuaran goreng, or fried Tuaran noodles at Seng Hing Restaurant on Ruang Sinsuran 2. Topped with slivers of roast pork and fried egg rolls, this is the breakfast of champions.
10 a.m. - Take a 15 minute boat ride to the Tunku Abdul Rahman National Park with five small islands, coral reefs and crystal clear sea that cover an area twice the size of Manhattan. Rent snorkelling gear or just bask in the sun, and don't forget to pack a picnic.
3 p.m. - You have two choices when you come ashore. Head to the Sabah Wetlands Centre and explore 24 acres of eco-rich mangrove swamps found in KK, which protect against tsunamis and cyclones. Apart from the odd-looking mudskippers and helmet crabs, this patch of mangrove has seen more than 80 species of birds including some migratory species coming as far as Siberia and nothern China.
Or, you can see some orang utan primates, also known as the men of the forest, at the Lok Kawi Wildlife Park. One of the largest parks in Malaysia managed by the wildlife department, Lok Kawi is also a rescue center for Borneo animals, from rhinos to pygmy elephants and the Malayan tiger.
6 p.m. - Watch the sun set over the islands at Tunku Abdul Rahman National Park from Signal Hill, which is just a ten minute drive from the center of KK. The best picture to take: the one of the stilt villages on Gaya island bathed in a warm, summery glow.
Reporting by Niluksi Koswanage, editing by Elaine Lies


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Reactivated New Jersey metallers WHIPLASH are in the final stages of recording their long-awaited new CD, "Pitbulls In The Playground", due in early 2009 followed by a summer tour. Guitarist/vocalist Tony Portaro reunites with drummer Joe Cangelosi once again after 19 years for their latest studio effort, which is being produced by founding member Tony Portaro who recently completed his studies with Rick VanBenschoten and Susan Nuziata at NYU.
Portaro remained the pillar of the band while the lineup went through many changes over the course of their six full-length CDs, including "Cult Of One" in 1996 and "Sit Stand Kneel Prey" in 1997. During that time, Cangelosi supplied the drumming on "Cause For Conflict" for Germany's premier thrash band KREATOR, which was released in 1995. Portaro handled the guitar work for Billy Milano's M.O.D. on a European tour in early 1998 with drummer Tony Scaglione, inviting the return of the original WHIPLASH lineup for a reunion CD entitled "Thrashback".
Portaro comments: "We owe this long-awaited breath of fresh new material to our fans. WHIPLASH stays true to their roots with the power-thrash riffs and double bass that broke us into the industry."
WHIPLASH is a three-piece power trio hailing from New Jersey. The band was assembled back in 1984 when Tony Portaro and Tony Scaglione joined forces, recruited Tony Bono on bass and released their first CD, "Power and Pain", in 1985 on Roadrunner Records. The debut CD was followed up by their first live performance at Ruthie's in Berkley, California with POSSESSED and DEATH ANGEL.
WHIPLASH's current lineup:
Tony Portaro - Guitar/Vocals
Joe Cangelosi (ex-KREATOR) - Drums
Rich Day Bass (ex-PRIMAL SCREAM) - Bass
For more information, visit www.myspace.com/whiplashusa.
WHIPLASH performing live in 1986:


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Corn Producers have gained some flexibility in their preplant herbicide program. Valor Herbicide, from Valent U.S.A. Corporation, is now labeled for use 14 days prior to planting in no-till or minimum-till corn.
"Valor's residual control gives corn producers six to eight weeks of solid control of tough broadleaf weeds and competitive grass control," says Jamie Nielson, Valor brand manager. "And Valor is very effective on tough broadleaf weeds, including common ragweed, lambsquarters and waterhemp."