This website services are related to and provided by AAG Ltd. (Saint Vincent and the Grenadines company nr. 25650BC2019).
This website services are related to and provided by AAG Ltd. (Saint Vincent and the Grenadines company nr. 25650BC2019).
Please find below a comprehensive list of legal documents related to the use of https://aagmarkets.com website(s) and services. It is important that you make yourself aware of these and agree to them before using our website(s).
TERMS OF BUSINESS CONTENTS
These Terms of Business apply from 22 November 2018.
- Risk Warning
- Law and Jurisdiction
- Demo Accounts
- Account Size
- Communication and Contact Details
- Commissions / Charges / Tax
- Deposits / Withdrawals / Balances
- Minimum / Maximum
- Trades / Bets
- Rolling Trades / Bets
- Futures Trades / Bets
- Out of Hours Markets
- Corporate Actions
- Order Execution Policy
- Manifest Errors
- Force Majeure
- Authorized Persons
- Third Party Providers
- Intellectual Property
- Negative Balances Protection
- Market Abuse
- Money Laundering
- Conflicts of Interest
- Treating Customers Fairly
- Privacy and Data Protection
- Closure of Accounts
- Complaints Procedure
1. RISK WARNING
AAG Ltd. (“AAG Markets ” or “AAG” or “we” or “us”) whose registered office is at Suite 48, Beachmont Business Center, Beachmont, Kingstown, St. Vincent and the Grenadines. We are a global online trading broker.
This notice provides you with information about the risks associated with investment products, which you may invest in through services provided to you by AAG Markets Commercial Broker. AAG Markets provides a wide range of investment services in relation to a number of products.
This notice does not explain all of the risks involved in investment products or how such risks relate to your personal circumstances. It is important that you fully understand cfd market the risks involved before making a decision to trade CFD’s or Spread Betting.
If you are in any doubt about the risks involved with your Account, you should seek professional advice.
B. Investment Products
Contracts for Difference (‘CFDs’) and Spread Betting with AAG Markets are all margin traded products. Therefore, they inherently carry a high level of risk compared to other investments and as such you could lose more than your initial investment. They are all legally enforceable under the Financial Services and Markets Act 2000.
The ‘spread’ in spread betting represents the difference between ask price and bid price. If the markets move the way you bet, your profit will rise. Similarly, if the markets move the opposite way you bet, you will incur losses.
C. Nature of CFDs
CFD, or Contracts For Difference, is a type of financial contract in the derivatives market in which two different entities (trader and broker) enter into an agreement to exchange the differences in the price of an underlying financial asset between its opening and closing prices.
It is important that you understand the characteristics associated with CFD trading:
• Trading CFDs is highly speculative, involves a significant risk of loss and is not suitable for all investors but only for those customers who:
a) understand and are willing to assume the economic, legal and other risks involved;
b) are experienced and knowledgeable about trading in derivatives and in underlying asset types; and
c) are financially able to assume losses significantly in excess of margin or deposits because investors may lose the total value of the contract not just the margin or the deposit.
• CFD trading also carries a high level of risk compared to other kinds of investments, and prices could move rapidly. Therefore, only part of your overall investment portfolio should be invested in CFDs as you could lose more than your initial investment.
• CFDs provide higher leverage than traditional trading. With CFDs, you only have to put in a fraction of the market value of the underlying asset when making a trade, sometimes as little as 1%.
• Financial markets may fluctuate rapidly to reflect events that are outside the control of the Firm and/or your control; as a result, prices will become volatile. One form of price volatility is ‘gapping’, which occurs when there is a sudden shift in prices from one level to another. This can be caused, for example by unexpected economic events or market announcements, within or outside trading hours. Consequently, AAG Markets may be unable to execute your instructions at the requested price. In addition, if prices move against you, this will have a direct and real time impact on your trades.
• CFD is not suitable for buy-and-hold trading or long-term positions.
• CFDs do not have an expiry date like options or futures contracts.
• A CFD can only be closed by making a second, ‘reverse’ trade.
Margin trading is leveraged trading that allows ‘gearing’ which means that you can place a large trade or bet by only putting up a small amount of money as margin. If the price moves in your favor you can greatly increase your profits. However, even a small movement in price against you can lead to substantial losses and you may be required to deposit additional margin with us immediately to keep these trades open. You are liable for this and for any losses that may occur if your positions are closed. The potential losses, or profits, for margin traded products are, or could be, unlimited and this should always be considered by you when making trading decisions.
Margined trades (or bets in the case of spread betting) are trades on the price movement of a product. They settle based on the difference between the opening price and the closing price of the trade or bet. They can settle in a currency other than your base currency and therefore your profit or loss could be liable to foreign exchange fluctuations.
You should not trade any margined product unless you fully understand all the risks involved with doing so and that you have sufficient resources available to you that in the event, however unlikely you may deem it to be, that there is an adverse movement in the price of that product that you can meet the financial obligations required by you with respect to margin payments and losses.
Margin trading is not necessarily designed to replace existing or traditional methods of investing and is therefore not suited to everyone.
All clients margin are set to 30 percent. We will be closing all clients out at 30 percent including professional clients. This requirement is based on one or more open CFD positions and the rule is based on an account level basis as opposed to per position. The client may in certain conditions surpass this close-out rule.
If the market was to gap, we would not need to credit the client back to the 30 percent close-out level. Our sole obligation is to ensure that the client does not incur a negative balance (see Negative Balance Protection below).
The margin close-out rule is imposed on a per account basis (rather than a per position basis). We can close one or more of a client’s open CFD positions on terms most favorable to the client accordingly. When the sum of funds in the CFD trading account and the unrealized net profits of all open CFDs connected to that account falls to less than half of the total initial margin protection for all those open CFD, the client would be closed out.
E. Market Risks
It is important that you understand that trading financial instruments on different markets has its own inherent risk. Some of such risks include currency, volatility and liquidity.
Currency risk arises from the change in price of one currency in relation to another. This may impact the profit and loss of the transaction. Currency risk can be reduced by hedging, which offsets currency fluctuations.
Volatility refers to the amount of uncertainty or risk involved with the size of changes in a currency exchange rate. High volatility means that the price of the currency can change dramatically over a short time period in either direction.
Liquidity risk is the risk originating from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity can impact the price, spreads and sizes that your order is executed.
F. Leverage Trading
With leverage trading of derivative products, a relatively small price movement in the underlying asset may result in proportionately larger profits or losses. If the market moves against your position(s) and/or the margin requirements are increased, you may be required to deposit additional funds at short notice in order to maintain your open margined position (s). If you do not provide additional funds or other acceptable collateral to satisfy the margin requirements, we are entitled to close your open margined position(s). Consequently, you shall be liable for any losses or deficit on the account as the result of the close-out.
G. No Investment Advice
We do not provide investment advice in relation to our products or services as well as regulatory, tax or legal advice. You are responsible for managing your tax and legal affairs including making any regulatory filings and payments and complying with applicable laws and regulations. If you are in any doubt as to the tax treatment or liabilities of investment products available through any of your Accounts, you may wish to seek independent advice.
H. Monitoring Positions
It is important that you monitor all of your positions closely. It is your responsibility to monitor your positions and during the period that you have any open Contracts or are holding any Instruments, you should always have the ability to access your Accounts.
I. Swap Rates
You may be subject to overnight financing if you leave your positions open past 10 pm UAE time (however this can change with daylight savings adjustments).
J. Trade Restrictions
Not all trades (or bets) can be opened or closed 24 hours a day. Many are subject to strict opening and closing times which can fluctuate. These are posted on our Market Information Sheets (MIS) which are available online and which we endeavor to keep up to date, without any obligation or liability on us to do so, or for its accuracy. For example, national holidays and Daylight savings changes will affect the times when you can trade. Also, a market may be suspended for a variety of reasons and during this time you will not usually be able to trade.
K. Electronic Communications
Although electronic communication is often a good way to communicate, it may also fail, can be delayed, may not be secure and/or may not reach the intended point of destination.
L. Suspensions of Trading
Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example at times of rapid price movement if the price for the underlying rises or falls in one trading session to such an extent that trading in the underlying is restricted or suspended.
M. Customer Funds
If you are categorized as a retail client, any money that we hold on your behalf will be kept in one or more segregated accounts with an institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. However, even in a segregated account you may not be afforded complete protection.
N. Trade Prices
You are placing trades (or bets) on our prices and not those on an exchange. Depending on the market, our prices will usually be based on an exchange price but can fluctuate away from the underlying prices due to a variety of reasons. All open trades can only be closed and settled with us.
O. Technical Risks
We aim to generate prices continuously and provide you with access to our trading platforms throughout the trading sessions. However, there are instances where this is not possible (e.g.
due to poor internet connectivity, system errors and outages, etc.). This may cause prices to change between the time an order is placed and the time the order has been received by the Firm. In addition, these technical risks may significantly impact the execution of your orders.
a) AAG Ltd. (“AAG Markets”, “AAG”, “us”, “we”, “our”, “ours”, “ourselves”) is registered address at Suite 48, Beachmont Business Center, Beachmont, Kingstown, St. Vincent and the Grenadines.
b) These terms of business (the Terms) cover Contracts for Difference (CFD) and Spread Betting. You agree to be bound by those areas of this agreement that are pertinent to the types of accounts held by you, and the types of trades or bets executed with ourselves.
c) This Agreement sets out the terms, as amended from time to time, between us and the Client (“you”, “yours”) and they should be read carefully. [The Terms do not apply to residents of China, the USA or Canada.] By registering with AAG Markets and opening an account, you accepted to be bound by these Terms of Business as amended from time to time.
d) If any part of this agreement is deemed to be invalid or unenforceable then the rest of this agreement will still be enforceable.
e) These Terms of Business are amended from time to time. It is your responsibility to read these Terms frequently and keep yourself up to date with any amendments.
f) Each time we make amendments to the Terms we will notify you in writing by email, notification on the website or through any other means deemed appropriate by AAG Markets .
g) We will normally give you at least 10 days’ notice of changes to the Terms unless the change is to your advantage or we need to make the change to comply with law, in which case we may give you less notice.
h) This notice period does not apply to margin requirements or spreads, which can change rapidly due to market developments. Also, certain markets may become suspended or we may cease trading some markets for which we will not be held accountable or liable.
i) The words ‘trading’, ‘trade’, ‘betting’ and ‘bet’ are all used interchangeably in these terms of business.
j) You accept that we will communicate with you via electronic means such as email, for operational and promotional purposes. In addition to this, if you are legally required to accept anything where normally a signature would be required then this can be done electronically by ‘clicking’ the appropriate button or following other on-screen instructions via our web site.
k) You will at all times take reasonable measures to ensure that you pass no computer viruses or suchlike onto our system network.
l) We have the right to assign the legal benefit and responsibilities of this agreement, at our absolute discretion, to a third party, having given prior notice to you of at least 10 working days.
m) As a client of AAG Markets you also undertake to trade if:
1) You are not contravening any legislation in the country from where you are at the time.
2) You are over the age of 18 years old.
3) You are not bankrupt or going through bankruptcy proceedings or subject to any legal regulations that may prevent you from adhering to these terms of business.
4) Your personal details held with us are up to date, and you have passed our appropriateness test, as required by the Regulator
5) Where you are employed by a regulated firm you have sought permission from your compliance officer and you authorise us to provide your compliance department with copies of your personal account dealings.
All orders shall be placed through the MT4 Platform. We cannot accept any verbal orders.
If you do trade or bet while contravening one of the above then you will still be held accountable and liable for all trades and bets and their corresponding profits or losses.
3. Trading AAG Markets products outside the Saint Vincent & The Grenadines
While Foreign Exchange is traded globally, spread betting and CFDs are not. Certain countries do not allow their use and it is the responsibility of the individual to make sure that they comply with any local laws that are applicable to them, both in terms of actually holding an account and the relevant applicable tax laws. Specifically, we do not allow residents of the USA or its citizens to hold an account with us.
You undertake not to trade with AAG Markets from the USA or any other country where it may be against the law of that country to spread bet or trade with a Saint Vincent & The Grenadines based company.
SL = Stop Loss.
Bid = The price which you can sell at.
Offer = The price which you can buy at.
TP = Take Profit.
Limit Order = An order to buy below the current price or to sell above the current price.
ITP = Internet Trading Platform.
CFD = Contract for Difference.
NTR = Notional Trading Requirement.
NBP = Negative Balance Protection
MIS = Market Information Sheets.
P+L = Profit and/or loss.
Tic / Pip / Point = The minimum increment movement of the price which you are trading or betting on which are shown on the MIS.
Spread = The difference between the bid and offer.
Slippage = The difference between an order level and the execution level.
Gapping = When the price of a market jumps.
Margin Call = When you are running low of funds in your account and are requested for more funds to stop your position from being closed out. (Where your cash balance does not cover your notional trading requirement and open position profit and loss).
Grey Market = A market that is still tradable with us although the underlying or actual market may be closed.
Business Day = Working day, not including weekends and some public holidays.
Long = Placing a trade or bet where you profit from the relevant market from going up. Also known as ‘buying ‘or ‘buy’.
Short = Placing a trade or bet where you profit from the relevant market from going down. Also known as ‘selling ‘or ‘sell’.
FATCA = Foreign Account Tax Compliance Act. This refers US international tax law agreed with other countries and jurisdictions whereby client details are passed to US tax authorities
5. Law and Jurisdiction
a) These Terms apply to all trades, bets or orders of any type carried out with us and are governed by the laws of England and Wales.
b) In the event of a default by you, AAG Markets reserves the right to bring proceedings against you in any other court, the Courts of London or any other jurisdiction if it is deemed appropriate by us to do so regardless of where you were domiciled when the account was opened, or when the trade was executed.
c) You will be classified as a Professional Client, unless you have agreed with AAG Markets in writing to the contrary. However:
You may request at any time, or we may at our discretion request you, to be reclassified as a Professional Client or Eligible Counterparty.
d) In the event of your death, and upon receipt of proof, we will close all your open trades or bets immediately, or as soon as practically possible. Your estate will then be the beneficiary from any funds held or liable for any losses or sums owed.
e) You will be liable for and fully indemnify AAG Markets for all costs, damages and other legal expenses that we may incur as a result of you breaching these terms of business, or any other negligent act by you.
f) The maximum amount of liability that AAG Markets shall be held liable for in respect for any financial loss suffered by you will be equivalent to the initial margin requirement for that trade or bet.
g) Any translations of these Terms of Business are for your convenience only. Although we have made efforts to translate these correctly, we cannot guarantee its accuracy. If these Terms of Business have been translated into any other language, then it is the original Terms of Business, written in English, which are deemed to be legally binding.
6. Demo Accounts
Entry to the demonstration (demo) platform will be disabled after 30 days.
With the AAG Markets demo or virtual account, you are not trading with real money. Any money you make or lose is fictitious and cannot be transferred to a real account, cashed in or redeemed in any way. The demo account is purely for practice and for demonstration purposes only and contains a small selection of the markets that we offer.
Profits or losses incurred while trading in a demo environment do not necessarily reflect what you may achieve when trading in a live environment. CFDs and Spread Betting are volatile instruments and it is possible to rapidly make or lose all your deposit.
While Demo accounts are there to replicate live accounts, they may not always be totally the same as varying factors in the live environment can affect matters.
a) You must open an account with us before we will accept any of your Transactions. You must complete the online Application Form (OAF). All mandatory sections must be completed, and any information supplied must be true and correct to the best of your knowledge. Any incorrect or unclear information supplied may result in either a rejection of your Application or a delay in the opening of your account.
b) AAG Markets may refuse your application to open an account for any reason or no reason and is under no obligation to provide any reasons for doing so.
c) AAG Markets may at its discretion disclose your personal information to a credit reference agency, which may keep a record of the search, to verify your details when applying for an account.
d) You have one agreement between AAG Markets and you which covers all accounts you may hold with us even if they are in different asset classes (i.e. CFDs or Spread Betting). This agreement covers all trades, open or closed, orders and any other transactions.
e) We may make periodic checks regarding your financial circumstances, or any changes to the information given on your Application Form (including change of employment, address, contact details and email). At our absolute discretion, we may accept such notification over the telephone or by email. Any losses that may be incurred by the misdirection of contract details due to incorrect or out of date email addresses or other contact details supplied by you are your responsibility.
f) In the event that we exercise our rights under this agreement to close all, or some, of your positions and cancel any pending orders and /or to close your account(s) we have the absolute right to consolidate the cash balances held in any of the accounts you hold with AAG Markets or any of its affiliates.
We may also, at our discretion, net off your positive account cash balances against negative account cash balances, and your profits from any open trades in an account against losses on open positions in another account. We may also offset any funds against any other liabilities owed by you including, but not limited to, legal costs and interest.
In the event that monies held are in different currencies we will convert these to one universal currency at the prevailing market rate, leaving one amount either payable by us to you or by you to us.
a) We reserve the right to impose a maximum account size that we are willing to allow clients to hold with us. This may be set the same for each of the account types (CFDs and Spread Bets) or differently. You may hold more funds in your account than the account limit, but you will not be permitted to utilise those funds that are in excess of the account limit for the purpose of trading.
b) You may be notified of the account size on acceptance of your application for an account, and we reserve the right to change this amount at any time with no prior notice.
c) The account size limit does not affect the statutory protection afforded to you in the aforementioned Financial Services Compensation Scheme.
d) We may choose to set this limit in US dollars, Euros or Sterling and this will be applied to the base currency in which your account is held.
e) If for any reason your open positions or bets exceed the size that your account size permits due to an error or other reason, we reserve the right, without the obligation, to bring your account back to within its limit by closing some or all of your open positions.
f) Regardless of the maximum account size placed on your account, customers can make substantially more than that amount.
a) It is imperative that you keep your password secure and confidential and under no circumstances should you publish them or share them with anybody. No one at AAG Markets will ever ask you your password.
b) If you have chosen your password then it is your responsibility to ensure that it is unique, secure and unlikely to be guessed by anyone.
c) If you think the security of your password has been compromised, then you must inform us immediately. AAG Markets accepts no liability for any unauthorised use of your account.
d) It is also important that you keep your user name / account number secure as this is used as part of our identification process.
e) If you provide your login details to anyone then the consequence of doing so lies solely with you and any resulting losses to your account are your responsibility.
10. Communication and Contact Details
a) You undertake that you will provide us with current and up to date contact details when opening your account and keep us up to date with any changes to these details. These should include telephone numbers where you can be reached during the entire day and your current address.
b) You also undertake to provide us with notification of any temporary change in these details for example, if you go away on holiday, in case we need to contact you for a margin call (see section on Margin).
c) If for any reason you are not going to be contactable then it is your sole responsibility to make sure you have excess funds in your account and that you have put in place procedures that will enable your account to remain in good order. If you are in any doubt about your ability to achieve this then you should close all open positions or orders.
d) Any trades or bets on your account must be made by you and not by a third party, unless you have given specific authorization for someone else to trade on your account via a power of attorney or trading authorization or you have activated a trading robot. If you have facilitated someone other than you to trade on your account without prior written agreement with us then you are still liable for all trades or bets carried out on this account.
e) All trades or bets and orders of any description must be placed via the ITP or, in extreme circumstances, on the telephone. Under no circumstances will we accept trades, bets or orders via email, fax or mail or SMS text message unless you have received prior permission from AAG Markets .
f) We will use your name, account number and other personal data to identify you when you trade, bet or leave an order via the ITP or on the telephone. If you suspect that the security of your account number and or password has been breached then it is your responsibility to notify us immediately.
g) If we agree, in an extreme circumstance, to accept a trade, bet or order in a different way to those expressed above then we will not be held liable for any losses incurred as a result of an error, delay or omission.
h) You agree that we will record all telephone dealings between you and us and these will remain the sole property of AAG Markets and be used as evidence in any disputes.
i) We will send you an electronic statement via email on a regular basis. If you discover an error on your account then must notify us immediately or in any event within three business days. This covers both incorrect or missing trades and bets.
j) We have the right to communicate with you via telephone, email or writing at any time to discuss or communicate any aspect of your account or our business whether relevant to you directly or not at that time.
11. Charges / Tax
a) It is your sole responsibility to assess and pay any tax liability that may occur from the results of any trades or bets carried out by you. If you are unclear in any way about this then you should seek independent tax advice from someone authorised to do so from your tax jurisdiction. (You should seek advice from your accountant, the tax office or other relevant experts).
b) Under current Saint Vincent & The Grenadines tax law, Saint Vincent & The Grenadines individual clients are not liable to pay tax on any Spread Betting profits. We pay the betting duty to the Inland Revenue. If this tax law changes, we reserve the right to pass this cost onto you, giving you one month’s notice.
c) We reserve the right to pass on any costs or charges that may arise in the future, (for example a change in stamp duty payments in the event of a change in governing regulations or the law).
d) We are not under any obligation to reveal any profit, interest or any other kind of remuneration made by us from any trade or bet under any circumstances.
e) If you have been introduced to AAG Markets by a third party then the spreads you see may be wider than the core AAG Markets spreads. This additional spread is passed on to the introducing party and can be clearly seen on the dealing platform as compared to the usual AAG Markets spreads.
Details of mark-ups and commission sharing arrangements are available upon request.
12. Deposits / Withdrawals / Balances
a) You can fund your AAG Markets account at any time on line via our website. You can use a vast array of methods which are constantly expanding, details of which can be found online. In addition to this, you can make a bank transfer directly from your bank to ours, details of which can be found on our website.
b) All withdrawal requests received on a business day before 2pm (UAE time) will be processed where possible on the same day. Any requests received after this time will be processed on a best endeavors basis.
c) Once funds have been deposited into your account, you can place trades or bets utilizing these funds. If you want to place an additional trade but have insufficient margin to do this, you must deposit more funds into your account first.
d) We may pass on any costs associated with taking deposits from you. These may be in the form of a percentage commission, or any subsequent costs charged by the debit/ credit card company, bank or e-wallet provider. Please check commissions/charges with your bank/provider
e) We may pass on any costs that may be associated with transferring/withdrawing money back to your bank, credit/debit card or e-wallet provider, from your AAG Markets account.
f) At any time, you may request all unutilized funds on your account to be repaid to you.
If from the time of your request to the time that we process the request the value of any open positions has moved such that you no longer have the amount requested available then this will not be possible. We also reserve the right to withhold any payment if we feel that it may be required to meet future short- term payments.
g) In the unlikely event that you have a negative balance on your account, which may have arisen from a market gapping event (see section on Negative Balance Protection and Gapping) your account will be reset back to zero as soon as we are made aware. In the event that the client account falls into a negative balance, we would only credit the account back to zero as the 50 percent margin close-out level would not have been activated. For the avoidance of doubt, we are only obligated to return any account which may fall into negative balance back to zero.
h) All Professional client funds deposited with AAG Markets will be held in a segregated account. When you place an opening trade or bet on your account(s) you will be utilizing some or all of your deposit as initial margin. This margin will still be held in the segregated account.
i) Client funds held by us will no longer be deemed client money when that money becomes ‘owed’ to us by the closing of a trade or bet that results in a loss.
j) At no time will AAG Markets accept or make a third-party payment, unless, at its absolute discretion, it has agreed to do so in strict adherence to anti money laundering regulations.
k) In the event of an account being left dormant or un-utilised for a period of 5 years AAG Markets may start proceedings in attempt to contact the registered owner of the account. In the event of the account holder’s death then an attempt will be made to contact their estate or heirs. All reasonable steps will be taken, where possible, to locate the legal title holder of the account, but if after a further period of 12 months no contact has been made then AAG Markets may close the account and will no longer consider the funds held on that account as client funds.
l) AAG Markets , in full accordance with global anti money laundering regulations, do not accept cash deposits.
13. Minimum / Maximum
Every market we quote, whether in spread betting or CFDs has a minimum trade size and a maximum trade size. These are clearly shown in our Market Information Sheets that you can find on our website at https://aagmarkets.com
a) Trading in margined products covered by this Terms of Business carries a high level of risk to your capital. You may incur profits or losses of the funds you originally deposited. We strongly recommend that you trade responsibly and only trade with capital that you can afford to lose. By accepting this term of business, you are entering into a contract which is legally enforceable by virtue of Section 412 of the Financial Services and Markets Act 2000. It is your responsibility to fully understand the risks involved and seek advice if necessary to avoid potential losses. Margined trading may not be suitable for all individuals as opposed to other alternatives. We strongly recommend that you read the Risk Warning notice that forms part of this Terms of Business and is available on our website, so that you fully understand the risks involved with regards to spread betting, CFDs and margined trading.
b) When any trade or bet is placed, an initial margin requirement must be deposited into your account. This is a minimum deposit that must be made to fund that position. This is also known as the Margin and is required as a form of security in case the trade or bet starts to lose money.
c) These funds must be cleared funds, paid to us via a debit/credit card or via Chaps or SWIFT. We do not accept cheques except under exceptional circumstances, and only with prior agreement with AAG Markets .
d) These margins vary immensely from product to product and can be viewed on the MIS on our website.
e) Spread Betting margins may in some instances be shown as a multiplier rather than a percentage. This means that the margin requirement is fixed to your stake multiplied by the margin.
f) The NTRs for all markets are published in our MIS on our website.
g) These can change according to how volatile the market conditions are at the time. If we do change an NTR and you have an open trade or bet at the time, then we will endeavor to give you one week’s notice of this change. However, in exceptional circumstances we reserve the right to implement this change immediately, which may mean you are instantly put on a margin call or are over your account size. We will endeavor, if this situation arises, to be sympathetic with any problems that may occur.
h) Although margin requirements are automated in our system, it is your responsibility at all times to know your positions and to monitor the state of your account, placing more funds into your account as and when is necessary. Any losses or additional losses that arise from the failure to close these positions will be your responsibility.
i) Our MT4 platform will close out your positions when your equity, which is your cash plus your open profit/loss, falls below 20 percent of the Margin required on all your positions (Margin Close-Out Amount).
j) You will go onto margin call when your equity is at or below 100 percent of your margin requirement. It is your responsibility to monitor this, and you can help to manage this level with the use of stop loss orders (see section on Orders).
k) At all times, AAG Markets provides services on an execution-only basis. AAG Markets is under no obligation to satisfy itself as to the suitability of any Transaction, to monitor or advise on the status of any Transaction nor to make margin calls.
l) We may issue you with a margin call depending on the size of your positions. This will require you to deposit cleared funds with us immediately to keep your positions open. We do not accept any liability if you are not placed on margin call. The responsibility lies with you at all times to maintain sufficient funds in your account.
m) We are entitled to request these funds to cover a margin call at any time, and you are obliged to pay cleared funds immediately to cover this. We will close your position(s) partly or in full if the equity on your account falls below 20 percent of the Margin required on your account.
n) Margin calls can be made by telephone, voicemail, email, fax, letter or any other method deemed appropriate by AAG Markets . It is your responsibility to ensure that we always have the correct and up to date information on file so that you may be contacted. If we are unable to reach you but have left a message notifying you of the margin call or were unable to contact you in any capacity through no fault of ours, then you will be deemed to have been notified.
o) Any margin calls over $10,000, or equivalent, made before midday UAE time must be paid before 4pm UAE time that day, or if made after midday then by 4pm the next business day. Just because a margin call has been made and you are arranging payment, we may still close your position or part of it if the position moves further against you. Funds must have cleared and be in our account to be valid.
p) AAG Markets will not be liable for any losses incurred by you arising from your positions being closed due to a margin payment not being made in the required time or manner.
q) Margin payments can be made by debit or credit card. For amounts over $10,000, or equivalent, you can make a bank transfer.
r) AAG Markets will not be held liable for the consequences of a client not being able to add funds to their account outside of office hours where an automated system may not be working.
s) If a client has been allowed to open an account and deposit a limited amount of funds on the proviso they supply further required documentation then AAG Markets will not be held liable in the event that the client is not permitted to make further deposits due to not supplying what AAG Markets considers to be acceptable documentation.
15. Trades / Bets
a) AAG Markets will act as the principal counter-party on all trades, bets or orders undertaken between you and us.
b) All Spot or rolling Foreign Exchange trades made either with an CFD account or a Spread Betting account ‘roll’ every day to the next business day if you are holding a position at 5pm New York time, and are subject to financing. This can change due to public holidays or other events and we will endeavour to notify you of any changes via our website.
c) All trades, bets or orders carried out by us are done so on an execution only basis.
d) All trades, orders and bets initiated by you will be treated as an offer by you to deal on our quote which we can at our discretion accept or decline. Our displayed quote should not be deemed an offer by us to deal at that price.
e) We are under no obligation to suggest ways for you to reduce any risk exposure you may have.
f) We are not expected to, or licensed to, give specific advice on investments or make any recommendations to you. If such advice or recommendation is given, whether intentionally or not, and acted upon by you then this should be solely at your discretion and we will not be held accountable in any way. If an associated third party gives you advice, then it is your sole responsibility whether you choose to follow that advice and AAG Markets accepts no liability for the consequences.
g) Any information given to you by us in good faith and acted upon or not by you, in the absence of fraud or negligence, will not lead to us being held accountable for any losses, or profits, made by you.
h) All trades, or bets, carried out by you are done so entirely on your own judgement, whether or not you acted on or relied upon any information given by us on the market concerned whether it be the price, or positions held. Any trades or bets carried out by you in such a circumstance will be held binding and deemed valid.
i) You should fully understand and make yourself aware of all financial considerations required by you before you place a trade or bet. This includes the margin, and the consequences of a trade or bet moving against you.
j) It is your responsibility to make sure you fully understand all aspects of any trade or bet placed by you and the laws and regulations governing it. If you are in any doubt as to any area of a trade or bet then you should seek clarification with us before the trade or bet is carried out.
k) We are under no obligation to accept any trade or bet from you, whether it is to open or close a position if we believe that by doing so would be illegal. In the event that a trade had been opened then we reserve the right to void the original trade or bet.
l) We reserve the right to void, or amend, any trade or bet that may have arisen from the price being wrong due to a ‘manifest error’, a latent price or a ‘force majeure’ (see later sections).
m) We are an internet based trading company and as such you accept that there are risks with your internet connection to our website failing and that our Internet Trading Platform (ITP) could fail. In such circumstances you accept all liabilities for any trading losses that you may occur as a result of this, and you must contact AAG Markets immediately for us to try and help. If you do experience problems, then it is imperative that you contact the trading desk immediately.
n) When you place a trade or bet, you do so on our price. We are your counter-party. You sell at our bid price and buy at our offer price. All orders are treated in the same way and will be triggered on our bid or offer.
o) You may hold opposing positions with AAG Markets . This means that you can be long and short the same product. If you are long and short in the same market (“hedging”) and if the spread of that market widens, you may suffer additional losses that could lead to your positions being closed.
p) You can close part of your position if you wish, by entering an amount on the trading ticket less than the amount you already have open.
q) If your trade or bet does not automatically roll because it has an expiry date, then this will automatically close on your account at the official settlement price published by the underlined exchange.
r) In very rare circumstances AAG Markets reserves the right to extend the expiry date of a product if the market liquidity is such that it is impossible for us to close our hedge in the market. This might be because of a market being ‘limit down’ for example which may have a similar effect to the market being closed.
s) If AAG Markets do reject a trade or bet, for whatever reason, it is your sole responsibility to make sure that you are aware of what positions you have or do not have open as a consequence of this, and if necessary attempt to trade again to achieve your desired result.
t) Trades in CFDs are always done in the Notional Amount or via ‘Lots’ which is shown in the Market Information Sheets (MIS). Spread betting is traded in a monetary bet per point move.
1) This means that if you are trading then if you wanted to buy 100,000 Euros vs US Dollar then you would buy 1 lot. You could buy just 0.1 lots if all you wanted to buy was 10,000.
2) If you were trading equities and you bought 1 CFD you would be buying 1 share.
So, if you wanted to buy 10,000 shares in Microsoft you would buy 10,000 CFDs.
16. Rolling Trades / Bets/ Financing Charges
a) Rolling trades or bets have no theoretical expiry date. They are automatically rolled by us at the close of business every day and may be subject to a financing charge (or credit) depending on what market it is. If there are insufficient funds in your account at the time the trade or bet is due to be rolled then AAG Markets will close the position at the market price.
b) All rolling trades or bets, whether in spread betting or CFDs are subject to financing. These are calculated in different ways. For spread bet or CFD this is calculated using the ‘market rate’ known as ‘tom next’.
AAG Markets will on a daily basis calculate financing due on any positions that you hold overnight, unless they are futures contracts.
c) On FX this means the cost to roll your position forward from one business day to the next. As a rule, FX deals two working days ahead, and we use ‘market rates’, where possible, to give you the best possible prices to roll your position. This is usually done on any positions held at 5pm New York time (EST) and we roll them using ‘Tom Next’ points to the next business day as this is deemed to be the official closing time for Foreign Exchange before the next day’s business begins.
This financing can result in you paying or receiving funds depending on your position and on what currency pairs you have positions in. You are more likely to receive financing if you are long a currency with a higher interest rate than the one you are short.
The financing is calculated on the actual notional value of your trade or bet and it may vary on different products.
d) On Equities, Indices and Commodities the financing is also based on the actual value of any trades or bets held. If you are long, you are effectively borrowing funds to hold the trade, therefore you are charged up to 2% over the prevailing interest rate. If you are short, you are effectively depositing funds to hold the trade and you are credited up to 2% under the prevailing interest rate. This is calculated using the daily closing price of the product. Where interest rates are low, this could result in an interest charge.
We reserve the right to change the financing rates or calculation methods at any time.
e) For Muslim clients AAG Markets may offer a Sharia CFD account where the spreads are wider but no financing is applied to positions. However, these accounts are monitored closely for abuse and may be subject to a commission charge if deemed to appropriate.
f) Apart from FX, all prices are derived from an underlying asset. However occasionally these prices can look significantly different from where the underlying market appears to be trading at that time because we base our prices for some of these markets on where the futures price is, adjusted by a ‘fair value’. This is quite normal market practice and enables us to quote some markets out of hours and also after major news events when the normal underlying market price maybe stagnant or very wide.
This is calculated by taking the Futures Price and taking away the estimated dividend or index points and adding the cost of carry based on the interest rate.
In certain instances, we may quote a ‘custom’ or ‘unique’ market where there is no underlying market. In such cases AAG Markets will price this grey market as fairly and transparently as possible.
g) AAG Markets may at its sole discretion crystallize the profits or losses of any clients rolling trades.
This crystallization, will be done at the current mid-price at that time and will not incur any penalty charge or spread being applied.
Crystallization is a term that means the closure of a position in a financial market using the current price to realize the current profit or loss and then the immediate opening of the same position at the current price to keep the trade open.
A client may, at any time, request that a Crystallization is carried out on a rolling position to crystallize a profit or loss. There may be a nominal charge for this service.
17. Futures Trades / Bets
All non-rolling trades or bets will be treated as a ‘future’. That means that unless it is a ‘rolling future’ it will expire on a specific date and time. These details can be found in our Market Information Sheets.
Unless specifically agreed in writing in advance by AAG Markets , all trades or bets on Futures contracts will be treated as CFDs and will be cash settled. At no time will a client be entitled to delivery or be expected to deliver the physical entity with which the contract relates.
a) AAG Markets offers an extensive range of markets which is evolving constantly. The MIS (Market Information Sheets) will be updated online to reflect any additions or amendments to the markets that we quote or the specifications of those markets, although we accept no liability as to its accuracy.
b) It is important that you keep yourself up to date with the specifications of these markets as they can change.
c) None of the markets which AAG Markets make prices in is settled with physical delivery of that product. All markets are settled with cash, with either us paying you or you are paying us.
d) You have no legal rights over any company in the form of dividends, voting rights or ownership if you trade or bet on an equity in the form of a CFD or spread bet.
e) While every effort is made to ensure that the prices that AAG Markets publish over our ITP are correct, occasionally the prices quoted by us may not be correct. In such cases AAG Markets will not be held liable for any losses incurred as a result of not being able to deal at this price.
f) In the event of something causing a disruption to a market AAG Markets may at its absolute discretion, close a market, cancel orders or fill orders at a level that it believes in good faith to be appropriate. This may immediately put you on a margin call, meaning that you are close to being closed out because you are running out of funds.
g) AAG Markets reserves the right to change the specification of any market or product that it quotes at any time whether clients have positions open or not, although it will always take client interests into account when doing so, and will try to give reasonable notice of such actions.
a) Every effort will be made to keep spreads as narrow as possible at all times while a market is open and if we are making an out of hours’ market.
b) AAG Markets reserves the right to change its spreads at any time in any market for any reason.
Examples of this might be a lack of liquidity, volatile conditions or out of hours’ markets.
c) During this time, we may change our maximum deal sizes as well.
d) AAG Markets may at any time introduce different account types and move any client into a different account if it chooses without having to give a specific reason.
These account types may have different minimum and maximum trade sizes, a maximum open position size, and different spreads.
Some accounts may have fixed spreads while others have variable or floating spreads and maybe classed as STP (Straight Through Processing) or ECN (Electronic Control Network) which means execution will be dependent on the available liquidity to AAG Markets at any given time.
Whatever the account type, AAG Markets reserves the right to change the spreads and markets available to its clients at any time.
a) An order is a request by you, to us, to execute a trade or a bet when a certain price in a product is achieved. This may result in a new position being opened or an existing position being closed.
b) Orders fall into three key areas. These are Limits, Stops and market orders. A market order is an order to buy or sell immediately at the best available current price.
c) A Limit order is an order to either sell at a level higher than where the current price is or to buy at a level lower than where the current price is. If this Limit order is executed, then this could either open a new trade or bet or close an existing one.
d) A Stop is an order to either buy at a level higher than where the current price is or to sell at a level lower than where the current price is. If a Stop order is executed, then this could either open a new trade or bet or close an existing one. Usually Stops are used to open new positions as a Stop Loss is used instead to close a position.
e) Stop Loss orders are GTC (Good Till Cancelled) whereas Stops or Limits can be left GTC or GT (Good Till) which means you can choose when it expires.
f) All orders will only be triggered when AAG Markets ’s price reaches, or goes through, that level.
For ‘BUY’ orders that will be when our ‘offer’ reaches that level. For ‘SELL’ orders that will be when our ‘bid’ reaches that level.
g) We reserve the right not to execute an order if you do not have sufficient funds in your account at the exact time it is triggered to satisfy the NTR (Notional Trading Requirement).
h) All orders are filled on a ‘non-guaranteed’ basis. This means that AAG Markets do not guarantee to fill any type of order at the exact price requested. We will always endeavour to fill orders at the requested price, where we can, or at a better level if possible. However, there may be circumstances where this is not the case, where a market price ‘gaps’ for example and we will fill you at our next available price. (See ‘gapping’ section).
i) All orders, regardless of their type, can only be triggered during AAG Markets ’s market opening hours for that individual market (See Market Information Sheets – MIS), or by contacting the dealing desk.
j) All orders can only be left a minimum distance away from where the AAG Markets price is at that time. This can be seen on the deal ticket or by contacting the dealing desk.
k) On the Meta Trader 4 platform you can leave a trailing stop loss which will automatically move up or down depending on your position and if you are making money. This will only work while you are logged into the platform.
l) AAG Markets may at its sole discretion, taking into account market liquidity, refuse the addition or amendment of any orders for up to 2 minutes’ prior major news releases.
m) We reserve the right to refuse any amendments to any type of existing order.
n) Please note that AAG Markets may, at its discretion, remove and archive deleted pending orders from the trading platform history in order to free up memory on its servers. If it does so it will only do this for orders that have not been executed and have been cancelled and which are at least one month old. Details of any orders which have been archived will be available to all clients upon request.
No market is immune to gapping. This occurs when a market price jumps (or gaps) often following a news announcement. In the case of shares, this might occur after the results or a profit warning. For other markets this may occur after some important economic news. We will endeavour to fill you at the first price available to us when this situation occurs.
You should be very aware that if you trade over news announcements the price you actually trade at may be vastly different from the level you intended to due to the market gapping.
By its very nature the market concerned can gap up or down. This is of concern if you have an order to buy or sell on that market. For example:
If you were long on an equity stock and you had a stop loss order in the system to sell your position if the market price went lower and you did not want to lose too much money, then if the market gapped downwards then it might gap through the level of your price to a lower price which is where you would be filled. In exceptional circumstances, this might result in you having a negative balance on your account. We would bring your account back to zero and you would not be liable to pay for any negative balance on the account. You could also benefit from gapping as you might for example be short in a market with a limit order in the system to take profit lower down, and buy it back. If the market gapped through your level then you would end up buying the position back at a better rate than you intended.
For Equity or Indices trades when a Dividend is due we will credit or debit your account with the corresponding amount, if you are holding a position on ex-dividend day.
a) If you are long an equity or index then we will credit you.
b) If you are short an equity or index then we will debit you.
AAG Markets may at its absolute discretion withhold or change the way in which a dividend adjustment is made.
The factors surrounding the above are dependent on the execution policy put in place by AAG Markets which monitors several factors including what we are charged by our brokers.
23. Out of Hours Markets
AAG Markets may at its absolute discretion quote a ‘grey market’ in any market it chooses. It will base the price for that market on other relevant markets that are open using a complex algorithm. All orders will be monitored while this market is open with AAG Markets . Check the MIS for trading times.
24. Corporate Actions
All trades or bets in Equities and Indices are subject to Corporate Actions.
a) AAG Markets will adjust all trades or bets that a corporate action may affect.
b) This may be due to a share dilution, consolidation, reclassification, bonus shares being issued, or any other event that AAG Markets, at its absolute discretion, deems appropriate.
c) This adjustment may in some instances lead to the initial trade or bet being cancelled and replaced with a new trade or bet at a new price.
d) In the event of an outright takeover of the company, if you have a trade or bet on we will close the position at the final agreed sale price.
e) At no stage do you have any voting rights in the company concerned.
25. Order Execution Policy
1. The Nature of AAG Markets Business
AAG Markets is a global online trading broker. AAG Markets is an automated electronic market maker and ultimate provider of all prices to its clients and it is AAG Markets with whom the client is dealing and contracting with.
AAG Markets does not provide advisory services nor take responsibility to the suitability of specific client trades. AAG Markets does not engage in proprietary trading.
AAG Markets provides margin trading services in Foreign Exchange, CFDs and Spread Betting. It is AAG Markets ’s decision as to what markets to offer its clients and it does so not as a broker but as a principal and counter-party to each trade. As such, every market offered by AAG Markets is quoted as a derivative of the underlying market and we are the only execution venue to which clients have access through us.
2. AAG Markets Procedures
COBS 11.2.1R requires investment firms to take all reasonable steps to obtain the best possible result for their clients. Although price ordinarily merits a high relative importance in obtaining the best possible result, in light of COBS 11.2.9G, in some circumstances, for some clients, orders, financial instruments or markets, AAG Markets may appropriately determine that other execution factors are more important than price in obtaining the best possible execution result. Based on COBS 11.2.6R, when dealing with customer’s request AAG Markets has considered the following:
1) The client’s characteristics, including the client categorization as Professional or professional;
2) The characteristics of the financial instrument concerned and of the client’s order; and
3) the characteristics of the execution venues to which orders can be directed;
b) Execution factors
AAG Markets is required to take a number of different factors into consideration when executing an order for clients. The factors we will consider are the following:
AAG Markets takes the underlying market price of the derivative it is quoting and then applies an algorithm to this price to achieve its own market price. The underlying feed that AAG Markets uses may be from one source or exchange or in the case of FX from several feeds.
Where several feeds are used the best bid, and offer combinations are used to maintain tight spreads at all times.
If your trade is accepted by us then your trade will be executed at the price requested by you and at no other price, assuming there is no “price error”.
• Size of order & liquidity in the market
All trades are subject to size considerations. If the requested trade size is larger than we are able to trade in the “underlying market” then it may be executed partially or the entire trade or order may be rejected at our discretion.
• Speed and likelihood of execution
In almost all circumstances, as long as you have sufficient margin available on your account for the trade and so long as the trade size requested is equal to or under the maximum size permissible, your trade will be executed at the level requested. In certain circumstances due to speed of internet communications, market volatility or in the case of deliberate manipulation of our quoted prices your trade may be rejected by our dealers if the price at which you have attempted to trade is not representative of the “underlying market” price when received by the dealers.
Based on the above factors, we consider that price will be the most important factor.
• Client type
As you are a Professional Client, the best possible result will be determined in terms of the total consideration, which is determined by the price of the financial instrument and the costs related to execution incurred by the Client. Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other considerations will be given precedence over the immediate price and cost consideration only insofar as they are instrumental in delivering the best possible result in terms of the total consideration to the Client.
As AAG Markets is always acting as principal, we are the sole execution venue for client orders.
3. Contracts for Difference and Spread bets
AAG Markets use third party data providers to supply price information from the relevant underlying exchange and derive tradable prices based on the factors listed above.
For spread based transactions (e.g. indices or commodities) we take into account factors such as interest, expected dividends and variations in the underlying contract for the reference date of the expiry of the product. A spread will be added to this, and as a result the prices displayed by us may vary from the cash price of the underlying.
In relation to some financial instruments, at the time at which you give us an order there may be no functioning or no open market or exchange on which the reference product is traded. In such cases we set out to determine a fair underlying price based on a number of factors, for example price movements on associated markets and other market influences, including information about our own client’s orders.
4. Specific Instructions
Where you give us specific instructions, including specifying the price of a transaction with us, or the price at which a Transaction is to be closed if the market moves against you, or, for us to “work” an order; those instructions take precedence over other aspects of our policy.
5. Monitoring and Review of the Order Execution Policy
AAG Markets monitor the effectiveness Best Execution and relevant order execution arrangements on an ongoing basis. We assess on a regular basis whether the price feeds and hedging venues relied on in pricing our products allow us to achieve best execution on a consistent basis or whether we need to make changes to our execution arrangements.
We may amend the Order Execution Policy and the relevant Best Execution arrangements when necessary. Any new policy will be made available on AAG Markets websites and will be in force as from publication.
6. Fiduciary Duty
Although we aim to operate in accordance with this Policy, this Policy does not create any legal obligation or duty, fiduciary or otherwise, over and above our duties to you under the Terms of Business Agreement.
26. Manifest Errors
a) A manifest error can occur when a wrong price has been dealt on. This can be due to human error in the form of a misquote, a computer fault, or a latent price caused by a slow internet feed.
b) AAG Markets may at its absolute discretion cancel, or amend, a trade (or bet) or change the price that a trade (or bet) has been dealt at if it believes that a manifest or palpable error has occurred.
c) If AAG Markets does change a price from the one dealt at, then it will do so to a fair price which represents where the price should have been at the time of the deal.
d) We reserve the right to cancel and void any Transaction we deem to have been placed or requested using methods not approved by us through either the potential manipulation or unauthorized alteration of our trading platform, Any unauthorized alteration or manipulation of our trading platform, Metatrader platform or other trading application or use of any unauthorized computer system, software, or program to place or request an Order will be seen as a deliberate and willful attempt to potentially manipulate trading data or abuse our systems.
e) If the situation outlined in clause (d) does arise and we choose to exercise our rights, profits which were realized may be recouped and your account may be debited and closed accordingly. A transaction which was intended as a closing or hedging transaction may be voided and hence no longer available to fulfill its intended purpose.
27. Force Majeure
a) A Force Majeure covers many areas of unforeseen events such as an act of God, earthquakes and flooding, war, sabotage, terrorism, civil unrest, IT or communications failure or a complete lack of market liquidity, market /currency crash.
b) AAG Markets shall not be in breach of these Terms or liable for delay in performing, or failure to perform, any of its obligations under these Terms if such delay or failure result from events of Force Majeure. In such circumstances AAG Markets shall be entitled to a reasonable extension of the time for performing its obligations under this Agreement. If the period of delay or non-performance continues for 21 consecutive days, either party may terminate this agreement at no penalty.
28. Authorized Persons
a) You as the account holder are the only person authorized to trade or bet on your account.
b) We do not allow any 3rd party to operate your account. Should we have cause to believe this to be the case we may terminate your account.
a) AAG Markets accepts no liability for any computer virus or other malicious software that you may encounter through accessing our website or online trading applications.
b) AAG Markets may, at its absolute discretion, close its Internet Trading Platform and website, without any prior notice. AAG Markets will not be held liable for any losses that may occur due to this situation.
c) The live prices published on our ITP are for your sole use and should not be redistributed in any way or for any reason.
30. Third Party Providers
a) AAG Markets Financial Services Ltd collaborates with third party providers in various aspects of its business operations. At no stage do we accept any liability for any information that they provide us or that is published on our website via their application, or any mobile application.
b) We accept no liability over any losses made by you relying on any information that either we or a third party provides.
c) AAG Markets may offer its clients software supplied by third party providers to use in the course of their dealings with AAG Markets . AAG Markets accepts no liability for the reliability of such software of for any losses that may arise from using it or relying upon it.
d) This may include internet trading platforms, mobile trading platforms, charting (which should only every be construed as indicative), trade copiers and payment services.
e) In the event of AAG Markets using remote access software to access your PC (with permission) we will not be held liable for any issues related to that or as a consequence of it.
31. Intellectual Property
All intellectual property rights on any literature and / or the AAG Markets website, is the ownership of AAG Ltd. and any third-party providers that AAG Markets collaborates with. Intellectual Property includes with no limitation trademarks, charts, databases, adverts, prices, market information, product information, website design, logos, copyright, client data, know how. No Intellectual Property Rights belonging to AAG Markets may be copied, reproduced or published without prior consent from AAG Markets .
32. Negative Balance Protection
We will provide negative balance protection to you. This means that the aggregate liability for realized losses in respect of trades with you cannot exceed the equity in your account.
AAG Markets does have an automatic stop out level set on its MT4 trading platform so that when a client’s account displays a negative balance, the account is reset to zero. This ensures that you do not lose more than the funds in your account.
Clients should remember it is their responsibility to ensure at all times that they have sufficient funds on their account to maintain the required level of margin.
However, if a Professional client, or a corporate client who is classified as a Professional client, ends up with a negative balance, AAG Markets would reset the account to zero.
33. Market Abuse
AAG Limited will at all times seek to detect and prevent market abuse behavior by our clients. The Market Abuse Regulation (MAR) specifies three such behaviors, being insider dealing, unlawful disclosure of inside information and market manipulation, which are specifically prohibited. AAG Markets retains the right to rely on the provisions of the MAR as a reason to close out or reject any trading positions considered by us to be derived through market abuse.
In this regard, we pay particular attention to information exchanged via financial bulletin boards or chatrooms and has produced a list of possible indications of Insider Trading and/or Market Abuse that it looks out for. Additionally, our internal systems monitor the trading activities of all our clients to identify clients we suspect of conducting potential Market Abuse behavior.
Please note that not all the potential market abuse examples outlined below will be relevant to the trading facilities offered by AAG Markets but these examples are included for reference (please refer to our Market Abuse & Trading Policy for more information):
Possible Signs of Insider Dealing
1) A client opens an account and immediately submits an order to conduct a significant transaction or an unusual order in a particular security – especially if the client is insistent that the order is carried out urgently or must be conducted before a particular time specified by the client.
2) A transaction is significantly out of line with the client’s previous investment behavior (e.g. type of security; amount invested; size of order; time held etc.).
3) A client specifically requests immediate execution of an order regardless of the price.
4) Unusual trading in a company’s shares before the announcement of price sensitive information relating to the company.
Possible Signs of Market Manipulation
1) Information Dissemination
a) Transactions undertaken by persons are preceded or followed by dissemination of information (including false or misleading information) by the same persons, or by persons linked to them.
b) Transactions are undertaken by persons before or after the same persons, or persons linked to them, produce or disseminate research or investment recommendations which are erroneous or biased or are demonstrably influenced by material interest from one or more institutional investors known to be affiliated with the issuer, or a party with a particular interest in the issuer such as a bidder or potential bidder.
2) Price Movements
a) The extent to which transactions represent a significant proportion of the daily volume of transactions in the stock concerned, particularly if these activities lead to a significant change in the price of the stock.
b) The extent to which transactions are undertaken by persons with a significant buying or selling position in a stock and which lead to significant changes in the price of the stock (or a related derivative).
3) Dealing Patterns
a) An unusual concentration of transactions in a particular stock.
b) An unusual repetition of a transaction among a small number of clients over a certain period of time.
c) An unusual concentration of transactions and/or orders with only one client; or with a limited number of clients (especially if the clients are related to one another).
4) Short-term Reversal Price Change
- The extent to which orders or transactions undertaken are concentrated within a short time span during the trading session and lead to a price change which is subsequently reversed.
- The extent to which orders to trade change the representation of the best bid or offer prices in a stock.
5) Setting Reference Prices
a) Transactions with no other apparent justification other than to increase/decrease the price of, or to increase the volume of trading in a stock. NOTE: Particular attention might be given to orders of this kind which result in the execution of transactions near to a reference point during the trading day – e.g. near the close.
b) Orders, which, because of their size in relation to the market in that security, will clearly have a significant impact on the supply of or demand for or the price or value of the security. Particular attention might be given to orders of this kind which result in the execution of transactions near to a reference point during the trading day – e.g. near the close.
c) Transactions which appear to be seeking to modify the valuation of a position while not decreasing/increasing the size of that position.
d) Transactions which appear to be seeking to maintain the price of the underlying stock below the strike price of a related derivative at expiration date.
e) Transactions which appear to have the purpose of increasing the price of a stock during the days preceding the issue of a related derivative/convertible.
f) Transactions which appear to have the purpose of maintaining the price of a stock during the days preceding the issue of a related derivative/convertible when the market trend is downward.
g) Transactions which appear to be aimed at modifying the price of the underlying stock so that it crosses over the strike price of a related derivative at expiration date.
h) Transactions which appear to be seeking to modify the settlement price of a stock when this price is used as a reference/determinant in the calculation of margins requirements.
6) Breach of Rules
a) Transactions which appear to be seeking to bypass the trading safeguards of the market (e.g. as regards volume limits; bid/offer spread parameters; etc.).
34. Money Laundering
We fully support the Police and all International Governments and Agencies in their fight against Money Laundering and have procedures in place to combat all areas of this activity. We will not tolerate any attempts to launder money or what may appear to be laundering money and we reserve the right to reject or refuse any payment or payment request if we have any suspicions about the legality of the transaction, even if it is legitimate.
35. Conflicts of Interest
a) AAG Markets is legally required to take all steps that it reasonably can to identify any conflicts of interests that may occur between itself, its employees, its clients and any associated third parties or affiliates.
b) If AAG Markets does identify any such conflict of interest, it will then manage that situation so as to prevent its abuse.
c) Above all, the interests of the clients are paramount. Every effort will be made to ensure that all clients and their business transactions are treated fairly and professionally.
d) In the event of a potential conflict where more than one customer has an order in the same market then these will be filled on a first come first served basis.
e) AAG Markets , its employees or any third-party associates should not benefit directly from any conflict of interest, apart from in its normal business.
f) You accept that while every effort will be made to ensure no abuse occurs, there will be times where a conflict of interest occurs.
g) Transactions Our compliance department will review our procedures to prevent conflicts of interest on a regular basis.
h) Staff at AAG Markets may on occasion accept small gifts or hospitality from third parties associated with the day to day running of the business. At no time will this affect or impair their duty to act in the best interests of our clients and fully complies with the Bribery Act 2010.
Please see our Conflicts of Interest policy which is available on request.
36. TCF (Treating Customers Fairly)
AAG Markets We are committed to providing the best service we can to our clients. As part of this process we continually monitor our procedures and the way in which we do business in order that we meet the highest standards expected of us.
a) We ensure all staff have the highest levels of training and product knowledge at all times.
b) We ensure that clients are made aware of the risks associated with their trading or betting activity.
c) We provide products that are clearly defined and easy to understand and trade.
d) We constantly update our website with product and market information.
e) We provide tutorials and literature to help inform and educate clients.
f) We ensure that all promotions are clear and not misleading.
g) We have a clear and simple procedure in place for clients to follow in the event of a complaint.
37. Privacy and Data Protection
b) By accepting these terms of business, you understand that you will be providing us with personal information that we need to open, administer and maintain your account with us. By ticking to accept these Terms, you give us your consent to contact you for operational and promotional purposes. You may withdraw your consent at any time. Although we can accommodate your consent withdrawal on any promotional communication, this may not be applicable for operational or regulatory purposes, hence we may be unable to continue providing you with services. We will notify you in this case.
c) We undertake not to sell or pass on your personal information to any third parties except to those that we need to in relation to the normal operation of our business. These include credit card processing and verification centers, law enforcement agencies, any financial or other regulators, our auditors and compliance officer, and introducing brokers that we may have a business agreement with.
d) We obtain most of the information about our clients directly from them, but we reserve the right to obtain information from other sources such as credit reference agencies, the Electoral Register, or fraud prevention agencies.
e) All staff at AAG Markets are fully trained in the confidentiality of handling personal information.
f) All personal information held by us is done so in secure computer based storage facilities wherever possible. Otherwise we hold the information in secure paper-based files. No unauthorised persons are able to gain access to these storage facilities.
g) Our website may install cookies on your computer to provide you better services and to improve our customer experience. You have the option of turning this function off via your computer settings if you wish, although this may affect your ability to view other parts of the website.
h) While we make every effort to ensure all the information we hold is correct and up to date, it is your responsibility to furnish us with any changes in your personal information.
i) You have the right to request a copy of the information that we hold about you at any administrative fee that we may charge. To do so you must write to us requesting this information and providing verification of your identity.
DPO – AAG Ltd.
Suite 48, Beachmont Business Center, Beachmont, Kingstown, St. Vincent and the Grenadines.
38. Termination of Client Agreement
AAG Markets may at its absolute discretion terminate a client agreement at any time with immediate effect or as otherwise agreed with AAG Markets . In the interests of treating customers fairly (TCF) we will give you the reason, unless we are not permitted by law. Examples of situations where we may terminate a client agreement are (non-exhausting list):
a) You are rude or abusive
b) You have supplied false personal information or failed to provide up to date KYCs as set from time to time by law.
c) AAG Markets has reasonable grounds to believe that you are involved in market abuse, hedging, scalping or breach of any term of this agreement.
d) You have outstanding debts that you refuse to settle.
e) If AAG Markets discovers that your account trading or betting activity breaches any compliance or regulatory rules in Saint Vincent & The Grenadines or overseas.
Once the Agreement terminates, all ending orders will be cancelled and all open positions will automatically close.
If we decide to close your account, while you have open positions, then you will not be entitled to open any new positions, but you will normally be able to close any positions that remain open in the normal manner for a specified period of time. After that AAG Markets will close any open positions at the prevailing price at that time.
39. Complaints Procedures
a) AAG Markets is required to establish complaint-handling procedures for handling expressions of dissatisfaction received from eligible complaints about AAG Markets services.
b) AAG Markets endeavors to offer its customers the highest standards of service in all aspects of its business, however there may be elements of our service that do not meet your satisfaction. The Compliance Officer (or independent director) will record any customer complaints or expressions of dissatisfaction in the firm’s Complaints Register.
c) In the first instance, you should try to resolve your dissatisfaction or grievance with your normal AAG Markets contact or email: [email protected]
If we are unable to resolve the issue within three business days following receipt of your complaint, it will be escalated and you will receive written acknowledgement to confirm who will handle your complaint, and how you can contact them.
d) If that person is unable to resolve your dispute to your satisfaction, you should direct your complaint or grievance either verbally or in writing to the AAG Markets Compliance Officer.
E) A bank statement with the date of issue and the name of the person (the document must be not older than 3 months) will be requested by AAG to establish one’s identity and to comply with the demands of local or global regulations. It is important to gather such document accurately. Failure to do so might give room for fraud and invite regulatory attention followed by relevant penalties.
Suite 48, Beachmont Business Center, Beachmont, Kingstown, St. Vincent and the Grenadines.
e) AAG Markets will send a written acknowledgement of your complaint to you within five business days of receipt. This letter will contain the name or job title of the individual(s) handling the compliant, together with a copy of AAG Markets own internal complaint handling procedure.
Although we will always provide a response in a prompt manner and will aim to keep you informed of any progress in the investigation process, your complaint will be, at the latest, dealt with within 8 weeks from the date of receipt. Should we be unable to provide our final response within this time, we will notify you to explain why this is the case. (h) If the complaint remains unresolved longer than eight weeks from receipt of your complaint, AAG Markets will either send you:
• a final response; or
• a written explanation why the firm is still unable to make a final response to you. It shall provide you with reasons for the delay and an indication when it expects to be able to provide you with a final response.
At AAG Markets we want you to trade successfully, but we are fully aware that this does not always happen, and we actively encourage responsible trading. In those situations, it is important that you are responsible in your actions to make sure you do not lose more money than you can afford to.
You should only ever speculate with money you can afford to lose and it is imperative that you have read and understood our Risk Warning notice.
If you do feel that you need help in this area, then the following web sites may be useful to you. They are confidential and contain information, email addresses and help lines.
AAG Markets does have a self-exclusion policy where, upon receiving a request from a client, we will close any open positions and suspend trading on the account for a minimum of 6 months up to 5 years. During that time, we will endeavor not to allow you to open any other accounts, although we will not be held liable if you do and subsequently lose money. Please email [email protected] if you wish AAG Markets to instigate this policy