Risk
Disclosure

1.2The purpose of this Policy is to describe, in general terms, the principal risks arising from the Services and Financial Instruments made available by the Company. It is not exhaustive and does not describe every risk that may arise.

1.3This Policy does not create, extend or limit any contractual right. Where this Policy and the Client Agreement address the same matter, the Client Agreement prevails in accordance with the order of precedence stated in it.

1.4Nothing in this Policy removes or reduces a protection conferred on the Client by Applicable Law that cannot lawfully be excluded.

1.5Terms defined in the Client Agreement have the same meaning in this Policy.

1.6The Client should read this Policy before accepting the Agreement and should re-read it before entering into a Financial Instrument or strategy that is unfamiliar.

2.2Each entity is separately incorporated and separately licensed. A licence, permission or protection applicable to one entity does not extend to another entity, and the Client should not assume that arrangements described for one entity apply to the other.

2.3The Services, Financial Instruments, leverage limits, Margin requirements and client protections available to a Client depend on the contracting entity, the Client's classification and the Account assigned. The principal differences are summarised in the entity variation table above and are stated definitively in the Client Agreement and the Contract Specifications.

2.4Regulation does not eliminate risk. No regulator approves, endorses, guarantees or insures any Financial Instrument, Transaction, Account, strategy or investment result, and no regulator protects the Client against trading losses.

2.5Authorisation of the Company does not imply that a particular Financial Instrument is suitable or appropriate for the Client, or that the Client will not lose money.

3.2The Client is solely responsible for selecting Financial Instruments, deciding whether and when to trade, determining Order size, and maintaining adequate risk controls.

3.3The Company has no duty to monitor the Account for loss, profitability, concentration, consistency with the Client's objectives or adverse market developments, and no duty to warn the Client of an approaching loss.

3.4The Client should not enter into a Financial Instrument unless the Client understands how it works, what it costs, how leverage is applied to it and what the maximum loss could be. Where the Client is in any doubt, the Client should obtain independent professional advice before trading.

3.5The Client should commit only funds that the Client can afford to lose entirely without affecting the Client's financial security, obligations to others or standard of living. Funds required for living costs, housing, debt repayment or dependants should not be used.

3.6Borrowing to fund trading, or funding an Account from credit, materially increases the risk of loss and is not recommended.

4.2Unless expressly stated otherwise for a particular Financial Instrument, Transactions are cash-settled and confer no ownership, voting, dividend or delivery right in any underlying asset. A reference to an underlying market or asset is used to explain pricing and economic exposure only.

4.3The range of Financial Instruments available depends on the contracting entity, the Client's residence and classification, the Account assigned, market access, liquidity and Applicable Law. Availability may be narrower than the range described in general marketing or educational material.

4.4A Financial Instrument derives its price from an underlying market or reference. Movements in that market affect the Client's exposure even though the Client holds no interest in it, and the Company's price may differ from a price observed on another venue.

4.5The Company may introduce, suspend or withdraw a Financial Instrument or Service for regulatory, market, liquidity, counterparty, technology or risk-management reasons. Withdrawal may require the Client to close or transfer an existing Position.

5.2Volatility commonly increases around economic data releases, central bank decisions, political and geopolitical developments, corporate announcements, market openings and closings, and periods of thin liquidity.

5.3Historic volatility, ranges, correlations and seasonal patterns are not reliable guides to future price behaviour. Relationships between markets can break down without notice, including relationships relied on for hedging.

5.4A Position may produce a loss even where the Client's view of direction proves correct, because of timing, costs, financing charges, or the size of an adverse movement occurring before a favourable one.

5.5Markets can move further and faster than indicators, models or historic ranges suggest is likely.

6.2Because of leverage, a small adverse movement in price can produce a loss that is large in proportion to the Margin committed, and can exhaust that Margin entirely within a short period.

6.3Margin requirements, maximum leverage, Margin levels and stop-out thresholds are stated in the Contract Specifications and may differ by Financial Instrument, Account, Client classification and market conditions.

6.4The Company may increase Margin requirements or reduce leverage prospectively where reasonably required by market conditions, concentration, volatility, liquidity, regulatory requirements or risk management. Where practicable notice will be given, but urgent changes may take immediate effect and may apply to existing Positions.

6.5Margin is calculated using the Company's applicable prices, conversion rates and methodology. Unsettled profit, bonus or credit, hedged exposure and assets subject to restriction may be excluded or discounted when determining available Margin, so the Margin actually available may be less than the Account balance suggests.

6.6Maximum leverage differs between the contracting entities. The applicable limit is stated in the entity variation table above and in the Contract Specifications for the Client's Account.

7.2The Client is responsible for monitoring the Account and maintaining sufficient Margin at all times, including outside the Client's own trading hours and when not logged in to the Trading Platform.

7.3If the Account reaches the applicable stop-out level or otherwise fails Margin requirements, the Company may close some or all Positions and cancel Orders without prior notice.

7.4Close-out is not guaranteed at the stop-out level or at any particular price. Gaps, suspension, insufficient liquidity, system latency or a Force Majeure Event may delay close-out, and the Account may fall well below the stop-out level before Positions are closed. The final loss may materially exceed the loss displayed when close-out began.

7.5The Company may close Positions individually or in groups and is not obliged to close the most or least profitable Position first. The sequence and the resulting prices are not guaranteed.

7.6Hedged Positions may still require Margin and may be closed independently of one another, which can leave the Client with an unintended net exposure. Changes in spread, financing or the availability of one leg can affect a hedged structure.

7.7A Margin Call, warning or notification, if given, does not waive the Company's right to close Positions. Delayed or failed delivery of a warning does not prevent close-out and does not transfer responsibility for monitoring Margin to the Company.

7.8Depositing additional funds during a period of stress does not guarantee that Positions will remain open, since a deposit may not be received and credited before the stop-out level is reached.

8.2The Client must pay any valid debit balance unless negative-balance protection applies under the confirmed Account terms and Applicable Law.

8.3Where negative-balance protection applies, it applies only to the Client classifications, Accounts and circumstances stated in those terms, and may be subject to lawful exclusions including proven fraud or abuse.

8.4Negative-balance protection is not a guarantee of a maximum loss and is not a substitute for risk management. Where it applies, the Client can still lose all funds committed to the Account.

8.5The precise negative-balance treatment applicable to each entity, Client classification and Account is confirmed in the Client Agreement and the Contract Specifications.

9.2When liquidity is limited, spreads widen, execution slows, Orders may be partially filled at several prices, and Orders may be rejected or cancelled.

9.3The ability to close a Position depends on a counterparty being willing to take the other side at that moment. There is no assurance that a Position can be closed when the Client wishes, or at all, during a disorderly market.

9.4Some Financial Instruments are structurally less liquid than others, including instruments referencing emerging markets, restricted currencies, smaller issuers or products traded only in limited sessions.

9.5Large Orders relative to available liquidity may move the market against the Client and may execute at prices materially worse than the price displayed.

9.6Demand for an underlying instrument may fall, so that a Financial Instrument referencing it ceases to be readily tradable. In that situation the Client may be unable to close a Position at an acceptable price, and reliable information about the value of the instrument or the extent of the associated risk may not be available.

9.7Where a reference market is illiquid, suspended or no longer reliably priced, valuation of a Position may become uncertain and the price used for Margin, financing or close-out may differ materially from the Client's own expectation of value.

10.2Gaps commonly occur across weekends and public holidays, at session opens, around scheduled announcements, and following unscheduled political, economic or corporate events.

10.3A stop-loss, take-profit or other conditional Order triggered by a gap will be executed at the first available price, which may be materially worse than the trigger price. The loss may substantially exceed the loss the Client expected the Order to limit.

10.4Trading in a Financial Instrument or an underlying market may be suspended, restricted, halted or closed by a venue, an issuer, a regulator or an authority. During suspension the Client may be unable to close a Position while remaining exposed to Margin requirements and financing charges.

10.5Where an event is exceptional in nature, the measures described in the Force Majeure and Market Disruption section of this Policy may also apply.

11.2Market execution may result in slippage, positive or negative. The Client may be filled at a price better or worse than the price displayed when the Order was submitted.

11.3A quote may be firm or indicative according to its context. An indicative quote is not an executable offer, and a price observed on another venue or data source is not proof that the same price, size or liquidity was available through the Company.

11.4Spreads are variable. They may widen materially and without notice during volatility, at session opens and closes, around announcements and in thin conditions, which increases the cost of opening and closing a Position.

11.5There is unavoidable latency between the moment an instruction is given and the moment it reaches the relevant system or counterparty. The market may move within that interval.

11.6An Order may be partially filled, with each fill at a different price and the remaining quantity left pending, cancelled or rejected according to the Order type and market conditions.

11.7The Company may refuse, cancel or delay an Order in the circumstances set out in the Client Agreement, including where a market is closed or suspended, liquidity is insufficient, limits are exceeded, Margin is insufficient or a pricing or technical error is suspected.

12.2A conditional Order does not reserve liquidity. Reaching the trigger level makes the Order executable; it does not guarantee execution at the trigger level or at any particular price.

12.3Unless a Financial Instrument is expressly offered with guaranteed stop-loss functionality and any applicable charge is disclosed and accepted, a stop-loss Order is not a guaranteed limit on loss.

12.4A request to amend or cancel an Order takes effect only when it is accepted and processed. An Order may execute before the amendment or cancellation reaches the relevant system, and the Client remains bound by that execution.

12.5Minimum and maximum Order sizes, price-distance rules, expiry rules and position limits apply. Orders outside those parameters may be rejected or cancelled without notice.

12.6Where the Client uses automated tools, Expert Advisors or application interfaces, the Client remains responsible for every Order they generate. Errors in parameters, unexpected behaviour, connectivity loss and platform limits can produce rapid and substantial losses.

13.2Over-the-counter dealing may expose the Client to greater risk than exchange-traded dealing. There is no central order book, no exchange guarantee of settlement, and no clearing house standing between the Client and the counterparty.

13.3The terms on which an over-the-counter Transaction is opened, valued and closed are determined by the applicable contractual arrangements rather than by exchange rules, and prices may differ from those observable on a related exchange or reference market.

13.4A Position may generally be closed only during the trading hours published for that Financial Instrument, and in some cases only against the counterparty with which it was originally opened. The Client may therefore be unable to close a Position at a moment of the Client's choosing.

13.5Positions in over-the-counter Financial Instruments are not readily transferable to another broker or venue. If the Company ceases to offer a Financial Instrument, or the Client's relationship with the Company ends, the Position will ordinarily need to be closed rather than moved.

14.2The failure, default, suspension, insolvency or operational disruption of a counterparty, venue, liquidity provider, bank, payment provider or custodian may delay or prevent execution, settlement, valuation, withdrawal or the return of funds.

14.3The Company does not guarantee the solvency, performance or continued availability of any independent third party, although it remains responsible for exercising reasonable care in selecting and monitoring those parties to the extent Applicable Law requires.

14.4A change in the Company's counterparty arrangements may affect pricing, available liquidity, product availability or execution quality.

15.2Segregation reduces but does not eliminate risk. Client Money remains exposed to bank, payment-provider, custodian, operational, legal and insolvency risk.

15.3Client Money may be pooled with money belonging to other clients. Where a bank, payment provider or custodian fails or becomes insolvent, the Client may share proportionately in any shortfall attributable to the pooled funds, and may recover less than the amount recorded on the Account.

15.4Money transferred to a counterparty, custodian or liquidity provider for Margin, settlement or execution may be subject to that party's own arrangements and to the insolvency law of another jurisdiction, which may treat client assets differently.

15.5The availability, scope and limits of any investor compensation or deposit protection arrangement depend on the contracting entity and its jurisdiction. The Client should not assume that any such arrangement applies, or that it would cover trading losses, which it does not.

15.6Recovery following the failure of an institution may take a long time and may be partial. The Company is responsible for its own breach of mandatory safeguarding duties but is not an insurer of third-party failure.

16.2An adverse currency movement can reduce a profit, eliminate it, or convert it into a loss, even where the underlying Position performed as the Client expected.

16.3The Company may convert an amount where reasonably required for Margin, settlement, fees, withdrawals, close-out or account administration, using a rate derived from an available market or service-provider rate plus any disclosed conversion charge. The Client bears the cost and the risk of conversion.

16.4Exchange controls, capital controls, official devaluation, redenomination, benchmark changes or the withdrawal of a currency from convertibility may restrict trading, delay settlement or require the Company to make a fair and commercially reasonable adjustment, close-out or cancellation.

16.5Emerging-market and restricted currencies carry heightened risk of sudden repricing, illiquidity and official intervention.

17.2A Position must move in the Client's favour by more than the total cost of opening and closing it before the Client realises any profit. Frequent trading multiplies these costs.

17.3Financing, swap, rollover or administration charges may be credited or debited when a Position remains open past the relevant cut-off time. Rates vary by Financial Instrument, direction, day, market conditions and Account type, and a multi-day adjustment may apply before weekends or holidays.

17.4Financing charges accumulate. On a Position held for an extended period, accumulated financing can exceed the profit generated by a favourable price movement, and can itself cause a loss.

17.5A swap-free or Islamic Account remains subject to its specific terms. The absence of a conventional swap charge does not prevent a lawful and disclosed administration charge, and eligibility may be reviewed.

17.6Fees may be amended prospectively by notice or through an updated fee schedule. Changes driven directly by an exchange, venue, tax authority, data supplier, payment provider or liquidity provider may take effect on shorter notice.

17.7An inactive or dormant Account may attract disclosed administration charges and may be restricted or closed after notice.

17.8Financing may be charged for more than one day at a single point in the week or month, so that a Position held across a particular day incurs a multiple of the ordinary daily charge. The applicable day and multiple are stated in the Contract Specifications.

17.9Where a Financial Instrument references an instrument that makes a distribution, the Company may apply a corresponding adjustment to the Account. An adjustment reflects the economic effect of the distribution and is not a dividend, and its treatment may differ between a long and a short Position.

17.10An Account that generates little trading activity may attract holding or administration charges in addition to financing, as disclosed before those charges are applied. Costs of this kind accrue whether or not the Client trades.

18.2A hedged structure continues to consume Margin on both legs and may continue to incur financing on both legs. Over time, accumulated financing on a hedged structure can reduce Account equity even though the net directional exposure is unchanged.

18.3Where the unrealised result on a hedged structure is denominated in a currency other than the Account base currency, the Client remains exposed to movements in the relevant exchange rate. Account equity can therefore rise or fall while the hedge is in place.

18.4The legs of a hedged structure may be closed independently, including on close-out, which can leave the Client holding an unintended net exposure at a price the Client did not choose.

18.5Widening spreads affect both legs of a hedged structure simultaneously. In stressed conditions this can reduce Account equity quickly enough to trigger close-out of Positions the Client believed were protected.

18.6A partial hedge, where the offsetting Position does not match the original in size, leaves residual directional exposure and should not be relied on as protection against a full adverse movement.

19.2A Position that offsets or fixes exposure also forgoes the benefit of a subsequent favourable movement. Protection against an adverse movement and participation in a favourable one cannot both be retained.

19.3Where a Position is closed, adjusted, rolled or settled by the Company under this Policy or the Client Agreement, the Client does not retain any benefit that a later favourable movement might have produced had the Position remained open.

19.4Restrictions applied during volatility, disruption or a Force Majeure Event may prevent the Client from entering, adjusting or closing a Position at an intended moment. Opportunities lost in that period are not recoverable from the Company.

20.2The events that arise depend on the contracting entity and the products it offers. Where the Client trades securities, derivatives or contracts for difference, corporate actions, index changes, consolidations, splits, distributions, takeovers and delistings are relevant. Where the Client trades money-market and foreign-exchange products, redenomination, official devaluation, capital controls, benchmark changes and market suspension are relevant.

20.3An adjustment may change quantity, price, contract size, cash balance, financing, pending Orders or other terms of an existing Position, and may produce a result less favourable than the Client anticipated.

20.4The Company may set a last trading date, close-only period, expiry time, rollover method or settlement rate. The Client is responsible for reviewing these terms and for closing or adjusting a Position before an applicable deadline.

20.5Where an underlying market is suspended, unavailable, legally restricted or no longer reliably priced, valuation may be suspended, the Position may be placed in close-only mode, pending Orders may be cancelled, or an alternative reference may be used on a fair and reasonable basis.

21.2The Client is responsible for compatible equipment, reliable connectivity, appropriate security controls and supported software, and for verifying that an Order has been received and executed.

21.3An Order is not effective merely because the Client attempted to transmit it or because a message appeared on screen. The Client must check the Account and the confirmation, and duplicate instructions remain the Client's responsibility.

21.4If the Trading Platform is unavailable, an alternative Approved Medium may be offered, but the Company does not guarantee that an alternative channel will be available or that an instruction can be executed before the market moves.

21.5Market data may be indicative, delayed, derived or supplied by third parties, and may differ from the prices at which Transactions are executed.

21.6The Client is exposed to cybersecurity risk, including credential theft, device compromise, unauthorised access, phishing and impersonation. The Client must keep credentials and authentication factors secure and must notify the Company immediately of suspected compromise.

21.7The Company will never request a password or a full authentication code through an unofficial channel. The Client should verify unusual payment or credential requests using the published contact details before acting on them.

21.8Session, message, Order, connection, application-interface and data limits may be applied, and a tool or connection that threatens stability, security or orderly execution may be disabled.

22.2The Client is responsible for ensuring that opening an Account and trading is lawful in the Client's country of residence and in any jurisdiction from which the Client accesses the Services.

22.3Sanctions, anti-money-laundering, counter-terrorist-financing and fraud-prevention obligations may require the Company to delay, block, refuse, freeze or report an activity, or to restrict an Account, and the Company may be prohibited by law from explaining the reason.

22.4The tax treatment of Transactions depends on the Client's individual circumstances and on the law of the relevant jurisdiction, and it may change, including with retrospective effect. The Client is responsible for determining, reporting and paying any tax due, and for making any required filings.

22.5The Company may be required to deduct, withhold, report or exchange information in relation to the Account, and may request tax forms, self-certifications or taxpayer identification information.

22.6The Company does not provide legal or tax advice. The Client should obtain independent professional advice on the legal and tax consequences of trading.

23.2During such an event the Company may take reasonable and proportionate measures, including changing trading hours, Margin or leverage; restricting or cancelling Orders; widening spreads; suspending pricing or trading; using an alternative valuation method or price source; closing or valuing Positions; or delaying performance.

23.3Clients holding similar Positions may experience materially different outcomes because of timing, liquidity, size, venue or the sequence in which measures take effect.

23.4A Force Majeure Event does not excuse a payment or delivery obligation that fell due before the event, except to the extent performance is legally prohibited or operationally impossible.

23.5The Client may be unable to trade, close a Position, deposit or withdraw for the duration of a disruption while remaining exposed to market movement, Margin requirements and financing charges.

24.2Concentrating exposure in a single Financial Instrument, sector, currency or correlated group increases sensitivity to a single event. Diversification reduces but does not remove risk, and correlations can rise sharply in stressed markets.

24.3Increasing position size to recover a previous loss materially increases the risk of losing the entire Account balance.

24.4Trading decisions made under time pressure, fatigue or emotional strain are more likely to depart from the Client's intended risk controls. The Client should set risk limits in advance and should stop trading rather than trade to recover a loss.

25.2Exploiting a delayed, stale or erroneous price feed, an execution delay, a pricing error or a technical fault in order to generate a result that does not reflect a genuine market movement.

25.3Opening or managing accounts, whether the Client's own or those of connected persons, so as to hold opposing or linked Positions for the purpose of artificial hedging, of exploiting a balance protection, or of transferring risk or loss to the Company.

25.4Executing opposing Transactions on the same Financial Instrument at the same time across multiple or linked Accounts, or trading from a shared device, network address or identifier in a manner indicating an undisclosed connection between Accounts.

25.5Submitting Orders at a volume or frequency that places unjustified load on the Trading Platform or execution systems, including abusive message traffic, order entry designed to obscure the book, and use of unauthorised automated strategies.

25.6Opening or increasing exposure immediately before a market close, a session change or a scheduled announcement, where the purpose is to exploit a temporary condition, a Margin change or an expected gap rather than to take a genuine market view.

25.7Holding Positions principally to extract a positive financing credit, to benefit improperly from a multi-day financing calculation, or to capture a distribution adjustment out of proportion to the risk actually borne.

25.8Retaining medium- or long-term Positions in an Account designated as swap-free or otherwise exempt from conventional financing, where the purpose is to avoid financing cost rather than to observe the terms on which that Account was granted.

25.9Using leverage, or increasing exposure, in a manner disproportionate to the nature of the Account or the Client's stated financial capacity, so as to amplify results abnormally.

25.10Executing Transactions principally to generate commission, rebate, incentive or referral benefit rather than to take a market position.

25.11Where the Company identifies conduct of this kind, it may act as provided in the Client Agreement. Measures may include correcting or cancelling affected Transactions, reversing an improperly obtained result or benefit, restricting Order types or leverage, placing the Account in close-only mode, restricting withdrawals during an investigation, terminating the Account, and recovering the Company's direct loss and reasonable investigation cost.

25.12Measures are applied proportionately to the conduct and the evidence. The Company will not cancel a legitimate profitable Transaction merely because it was profitable, and will ordinarily give the Client notice and an opportunity to respond before a final adverse adjustment, unless immediate action is required to prevent loss, preserve evidence, comply with Applicable Law or protect system integrity.

26.2Such material may be incomplete, delayed, superseded or inaccurate. The Company does not warrant that it is accurate, current or suitable for the Client and is not obliged to update or withdraw it.

26.3Past performance, simulated performance, hypothetical results and back-tested strategies are not reliable indicators of future results. Simulated results do not reflect actual execution conditions, costs, slippage, liquidity or the psychological pressure of trading real funds.

26.4Where the Client follows signals, copy-trading arrangements, third-party strategies or the views of another person, the Client bears the resulting risk. Availability of such material or functionality is not an endorsement of it or of any provider.

26.5A demonstration or practice Account operates under conditions that differ from live trading, including in pricing, execution, liquidity and financing. Results achieved on a demonstration Account are not indicative of results achievable on a live Account.

27.2If information is incomplete or inconsistent, the Company may be unable to carry out an assessment and may restrict or refuse access to a product or Service.

27.3An appropriateness assessment is not investment advice and does not transfer responsibility for any trading decision to the Company.

27.4Where the Company warns that a product or Service may not be appropriate, any decision to proceed remains the Client's own decision. The Company may nevertheless refuse access where refusal is necessary to meet Applicable Law, product-governance obligations or its documented risk controls.

27.5Classification affects the protections, disclosures and Services available to the Client. The Company will notify the Client of a material reclassification and of any resulting change in protections.

28.2The current version of this Policy is made available through an Approved Medium. The Client should download and retain a copy of the version in force when the Client accepts the Agreement and of any later version notified.

28.3The governing language of this Policy is English. A translation is provided for convenience only and, in the event of conflict, the English version prevails to the extent permitted by Applicable Law.