Clients Partners Web Trader

Terms & Conditions

Trading in Contracts For Differences (CFDs) carries a high level of risk to your capital. You may incur profits or losses of many times the amount of your stake or the money you originally deposit with us. Only trade with money that you can afford to lose. Debts incurred through CFD trading are legally binding and enforceable. Make sure you fully understand the risks involved and take advice if necessary. CFD trading may not be suitable for all individuals. We strongly recommend that you read the Risk Warning notice that forms part of these Terms and Conditions and is also available on our website.

IST Markets is authorized in the Republic of Mauritius with registration number 190266 GBC & regulated by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer with a license number GB22200573.

If you are unable to understand any part of either these Terms and Conditions or the Risk Warning or Execution Policy you should contact IST Markets LTD with your questions before agreeing to them.

1. SCOPE

1.1 These Terms and Conditions are made between you (the "client" or "you") and IST Markets Ltd The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40, Cybercity, 72201 Ebène, Mauritius and apply:

This includes any Transactions placed by an Authorised Third Party or any person giving the client's name, account number and/or password.

1.2 We will deal with you on the terms of:

Accounts and/or other terms issued in respect of transactions contemplated by these Terms and Conditions, which together are referred to as this "Agreement".

1.3 Clients should also be aware that the Contract Specifications contain important information in relation to the underlying products associated with Transactions and further information in relation to these is contained at Clause 11.

1.4 In agreeing to this Agreement you authorise IST Markets LTD to telephone or otherwise contact you at any time whatsoever in order to discuss any aspect of your account with IST Markets LTD or any aspect of IST Markets LTD or its Associated Companies business.

1.5 Each time you enter into a Transaction you signify and agree that all statements concerning personal warranties and representations are repeated and that:

1.6 If any losses are incurred by you or by IST Markets LTD due to your breach of any warranty as set out herein you shall be liable for the total sum involved.

1.7 In agreement with you IST Markets LTD may waive or relax any of these Terms and Conditions from time to time. In particular but without limitation, where these Terms and Conditions specify certain Transaction Size or Margin requirements, IST Markets LTD may, but only on agreement with you, allow you to breach such limits. Any liability accrued due to such permission is your sole responsibility. Any agreement to waiver or failure to enforce any part of these Terms and Conditions shall not constitute a waiver by IST Markets LTD to enforce such rules at a subsequent time.

1.8 The English translation and interpretation of this agreement takes precedence over all other translated versions of this agreement.

2. YOUR ACCOUNT AND TRANSACTIONS

2.1 You must open an account with us before we will accept any of your Transactions. You must fill out and send to us an Application Form either electronically online, or on the printable form available on our website, or the one available with these Terms and Conditions. All mandatory sections must be filled out and any information supplied must be true and correct to the best of your knowledge. Any incorrect or unclear information supplied will result in either an outright rejection of the application or at the very least a delay in the opening of your client account.

2.2 In signing, or electronically remitting to us, the application form you are authorising IST Markets LTD to make such searches as it sees fit to certify that the information that you have supplied is full and correct. Such searches will include, but may not be restricted to, information from the electoral register and any credit agencies approached by IST Markets LTD.

2.3 IST Markets LTD may make periodic checks of your details to verify that the details supplied by you have not changed. However, you must immediately inform IST Markets LTD in writing as to any material change in your financial circumstances or any change to the information given on your Application Form (including change of employment, address, contact details and email). In IST Markets LTD 's absolute discretion, it may accept such notification over the telephone or by email. Any losses that may be incurred by misdirection of contract details due to incorrect or out of date email addresses supplied by you are entirely your responsibility.

2.4 IST Markets LTD is not obliged to open an account for any client and may refuse any application for any reason (without providing the reason for the decision to the client).

2.5 IST Markets LTD reserves the right to close or suspend your account at any time by sending you a written notice of 5 working days in advance. Should IST Markets LTD exercise this right all open Positions shall be closed on IST Markets LTD 's current quoted price and no new trades will be accepted. Any Position you may have in markets not quoted (i.e. that have closed for that day) shall be closed at the first price reasonably available to IST Markets LTD on the next business day or, in the case of a market suspended for any, reason, closed under the terms contained herein.

2.6 IST Markets LTD shall be entitled to disclose information concerning you or your account without prior reference to you to any competent authority with jurisdiction over IST Markets LTD 's business or to any other person IST Markets LTD reasonably believes to be seeking a reference or credit reference in good faith. Specifically, IST Markets LTD is entitled to disclose such information to other similar companies who may be inquiring as to any bad debt or liability.

2.7 It is your sole responsibility to inform IST Markets LTD as to whether information concerning your account Transactions should be reported to your employer, including its compliance officer, and as to whether contract notes and statements of your account should be sent to that compliance officer or to any other person authorised by your employer to receive such information.

3. SERVICES BY IST Markets LTD

3.1 Subject to you fulfilling your obligations under this Agreement, we may enter into contracts with you in respect of the following types of Transactions:

3.2 We will deal with you on an execution-only basis at all times.

3.3 We shall not provide you with any advice on the merits or suitability of you entering into this Agreement or any Transaction contemplated by this Agreement and, will never provide you with any investment advice although we may at our discretion provide you with generic or factual information from time to time on the nature, the terminology and of the procedures involved with such Transactions or concerning factual financial data information. You should rely on your own judgment when deciding whether or not to enter into any Transaction contemplated by this Agreement.

3.4 When we execute an order on your behalf, we will generally act in accordance with our order Execution Policy. A summary of our current Execution Policy has been provided to you.

3.5 We provide Contract Specifications in relation to the services that we provide and explaining various matters relating to this Agreement. You should read the Contract Specifications thoroughly before entering into any Transaction. If there is any matter that you do not fully understand then you should seek clarification from us before entering into the Transaction.

3.6 Any Transaction with IST Markets LTD can only be made during IST Markets LTD Quoting Hours for the market in question and within the permissible Size(s) (unless otherwise agreed by IST Markets LTD. These are further detailed in the Contract Specifications. The minimum and maximum limits are set by us by reference to the normal market size for which prices are available on any relevant exchange or market and which offer live price information. The current minimum and maximum limits are available from us on request and are detailed in the Contract Specifications. We are entitled to vary these minimum and maximum limits and it is your responsibility to ensure that you know what the current limits are before entering into any Transaction. We also have the right to waive any Transaction Size limits with or without notice to you.

3.7 Our activities with you under this Agreement are likely to include margined transactions. Margined transactions are detailed further at Clauses 7 and 8 below.

3.8 Notwithstanding any other provision of this Agreement, in providing our services, we shall be entitled to take any action as we consider necessary in our absolute discretion to ensure compliance with Applicable Laws. You agree strictly to comply with all Applicable Laws. If we reasonably consider that you have not so complied, we may terminate this Agreement.
Clients are especially reminded that this applies to all forms of market abuse such as insider trading and to directors trading in shares of their own companies.

3.9 IST Markets LTD will not be liable for any losses incurred as a result of any interruption of power supply or electronic communication or information system or any event which prevents IST Markets LTD from supplying such information in one or more of the markets in which we would ordinarily quote.

3.10 The client accepts that IST Markets LTD, including its trading platform(s) and other related systems and relevant third parties may perform maintenance/updates or face a technical failure that may including shutting down, restarting or refreshing its systems/servers to ensure more effective operation of its trading platform(s) and/or other related systems. During system maintenance/updates, the client accepts that this may cause the trading platform(s) or other related systems to be inaccessible for a period of time. In addition, the client accepts that there may be mechanical, chart, software, misquotes, computer, telecommunications and/or electronic system failure/issues. In the event of system issues/failure/maintenance/updates, the client accepts that IST Markets LTD bares no responsibility for any loss, including financial loss, caused due to any of the actions referred to in this paragraph.

4. PLACING TRADES

4.1 IST Markets LTD is not obliged to accept any request to trade.

4.2 Transactions with IST Markets LTD can only be made via an OTP or a DTP. The OTPs and DTPs have minimum computer software requirements (and further information is available on request). The platforms will be regularly updated and it is strongly suggested that clients should download and install the updates when prompted in order to achieve the most efficient platform functionality.

4.3 IST Markets LTD quotes a two-way price in a Size acceptable to IST Markets LTD involving a spread between the buy and the sell price. As the Client you may buy at the higher price or sell at the lower price.

4.4 When placing a Transaction, you must give your name and account number or username. Without this information no Transaction will be permitted even if it is to close an existing open Position. When transacting over the telephone the Transaction will only be accepted by IST Markets LTD when we confirm that your Transaction has been accepted. The verbal acceptance of a trade IST Markets LTD does not negate either IST Markets LTD 's or your rights in the event of a Pricing Error.

4.5 All calls to IST Markets LTD telephone lines are recorded, and you hereby agree to the recording of such conversations. All OTPs and DTPs retain chronological histories of all Transactions conducted over that medium (including Transactions entered by IST Markets LTD following an instruction by telephone) and an electronic audit trail of all client activity (although this is not guaranteed). All such records and recordings of telephone conversations are the exclusive property of IST Markets LTD and may be used as evidence in any dispute.

4.6 Before access is permitted to an OTP or a DTP you will be obliged to enter your username or account number and password. When placing a Transaction via an OTP your confirmation will be via an email contract note. Transactions on a DTP will be confirmed via an on-screen contract note. The contract is binding on both parties except for instances of a Pricing Error. IST Markets LTD will treat Transactions placed via an OTP or a DTP as active on receipt of such an instruction and of its acceptance. Transactions placed via an OTP or a DTP will normally be confirmed at the time they are made by electronic means.

4.7 Your username, password and account number are extremely sensitive pieces of information. Any Transactions made on your account either over the telephone, an OTP or a DTP using either your username, account number or your password will be deemed as valid Transactions. You must not disclose your username, account number or password to any person (save disclosure of your account number to an Authorised Third Party pursuant to Clause 15). You must immediately inform IST Markets LTD if you are aware or suspect that a third party has had access to your username, account number or password or that any person other than you (or your Authorised Third Party) is transacting on your account.

4.8 In the case of Transactions placed via an OTP or a DTP, IST Markets LTD is under no obligation to recognise the domain from which a client is trading, and it is your sole responsibility to ascertain the legality of placing trades from your local jurisdiction.

4.9 A Transaction can only be placed on a current valid Quote. A price may change at any time after it has been quoted and before you have traded. A Quote made to you over the telephone is only valid for that conversation and may not be available on any subsequent telephone call. Quotes that have been given as 'indication only' are not valid and cannot be traded unless otherwise agreed by IST Markets LTD. Quotes that have been qualified or Quotes that you have been told are no longer valid before you place your Transaction are also not tradable.

4.10 In the case of Transactions placed via an OTP or a DTP you may only offer to place a trade on the prices currently quoted on an OTP or a DTP. Such prices are indicative and on receipt IST Markets LTD may, in its absolute discretion, reject or accept your proposed Transaction. Due to the nature of online trading systems and the potential unreliability, delays, misquotes of market price feeds IST Markets LTD may in its absolute discretion remove or delete Transactions and any associated Transactions (i.e. any trades closing subsequently deleted trades) which have been made over an OTP or a DTP which in the opinion of IST Markets LTD do not reflect the actual market prices at the time of the placement of the relevant Transaction. IST Markets LTD will not be responsible for losses or potential losses sustained by you in trading on a rejected or cancelled Transaction. IST Markets LTD is not responsible or liable for losses made with other companies on Transaction undertaken in reference to a rejected or cancelled trade.

4.11 The spot foreign exchange and commodities markets can experience extreme price volatility often referred to as "Hectic or Fast Market", it is particularly common during material economic or political events, such as news releases and monetary policy change. During such times it is common practice for the Capital Markets to execute orders manually and widen spread and place less reliance on automated systems. This practice can affect online price providers and may slow down their service to customers, increase re-quotes, human errors due to the extra time required to analyse the event and determine the fair market price. This may cause significant delays in trade execution and order processing while rates are cross-referenced to ensure valid execution. IST Markets LTD relies more on automated system and execute trades automatically by our server to reduce delays, re-quotes and human errors and we maintain our fixed spread (except during very hectic market or holidays), therefore, protecting our clients stop-losses. Based on this, and to keep you informed of our policy in this regard, please be informed that IST Markets LTD reserves the right to cancel any trade that has been confirmed by our automated system during major news, figure releases or fast market that does not reflect the actual market price or the price has been delayed due to inevitable latency issue, thus preventing traders abusing our automated system or fixed spread.

4.12 IST Markets LTD does not allow scalping where the trading style is abusing our Automated Services for short term gain by sniping and hunting for on old price or wrong quotes or trading during illiquid market or trading during fundamental releases/news releases where the price on IST Markets LTD Market watch could be delayed due inevitable latency issue or trade using expert advisors or other robots for abusive purposes. Customers are urged to trade ethically and not to try to take advantage of our competitive services. Customers will solely be held liable and will indemnify IST Markets LTD from any damages or losses that may result from cancelling such trades. Clients are not permitted to Scalp or snipe. Arbitrage is the simultaneous purchase and sale of an asset to profit from an imbalance in the price; a practice that is not allowed. In such cases IST Markets LTD reserves the right to cancel trades, profit or losses and disable the account or charge swaps on all orders retroactively.

5. TRADING

5.1 Clients should note that they are trading on the outcome of the price of a financial derivative, and will not be entitled to delivery of, or be required to deliver, the underlying product.

5.2 This trading does not occur on an exchange. Rather the trading occurs off- exchange or over-the-counter ("OTC"). As a result, IST Markets LTD enter directly into a contract with you in respect of the financial instrument you wish to trade.

5.3 IST Markets LTD reserves the right to discontinue an Islamic/SWAP-free account by sending 24 hours’ notice. IST Markets LTD will invoke this right in case of suspicion of abuse, in which case IST Markets LTD may, at its sole discretion, decide to close all open positions in the account and deduct or add swaps for all transactions currently and/or previously made in the account and decline from accepting any further requests from the Client to be exempted from SWAP.

5.4 The above provisions shall apply with respect to any constituent security of a securities basket or securities index and are also subject to any such adjustment being scaled back in proportion to the respective weighting of the affected security within the securities basket or securities index as we reasonably consider appropriate.

5.5 If a share becomes subject to a takeover offer, suspended, merger and stock split IST Markets LTD reserves the right to close any or all trades at the closing of the day or the last closing trading price before the amendment.

5.6 In certain market conditions it may not be possible to close a single share Transaction with sizable market consideration in full at one price. Such a Transaction may instead be closed at a price reflecting the price at which IST Markets LTD is able to transact any relevant underlying hedge but only during the trading hours of the Underlying Market (whether or not the relevant Transaction was opened during or outside the Underlying Market trading hours).

5.7 If the Underlying Market in relation to an existing open Position held by you becomes illiquid in any fashion, either leaving IST Markets LTD unable to purchase sufficient amount of the underlying shares or contracts to cover your Transaction or Position or is unable to borrow the same in the open market, IST Markets LTD reserves the right to close all or part of any such Transaction or Position at the current IST Markets LTD Quote.

5.8 If a share or an Underlying Market is subject to dividends or fundamental news announcement, and the client with an existing open position in the same shares. IST Markets LTD may close partial or all position in shares to bring the equity/margin level above 200%.

5.9 If you are trading in concert whereby multiple clients are placing identical trades then IST Markets LTD may at its sole discretion treat this as one Trade. Therefore, if the combined size is greater than the liquidity of the market and slippage occurs, all clients may be treated the same regardless of their individual stake size and filled at the same level which will be where IST Markets LTD was able to realistically able to trade in the Underlying Market.

6. OPEN POSITIONS

6.1 Positions may be closed at any time within IST Markets LTD 's Quoting Hours (except where the relevant market is suspended or not available for whatever reason) unless IST Markets LTD notifies you otherwise. IST Markets LTD may accept closure of Positions at other times dependent upon the market but is not obliged to do so.

6.2 You are not required to close a Position prior to the Expiry Date provided that your account is not in deficit. However, in certain circumstances and in accordance with these Terms and Conditions, IST Markets LTD shall be entitled or may be required to close your Position prior to their Expiry Date notwithstanding that your account is not in deficit.

6.3 If the Expiry Date of a Transaction is not a recognised business day of the relevant Underlying Market, then the business day immediately preceding that stated will be considered as the Expiry Date unless an alternative is specifically stated in the Contract Specifications or IST Markets LTD notifies you otherwise.

6.4 Open Positions will automatically close on their Expiry Date and at their expiry time (as are detailed in the Contract Specifications) at the IST Markets LTD closing price on that day. We ask our customers with existing futures open interest to take notice of our market information sheet and act accordingly.

7. NEW ORDERS, STOP LOSS ORDERS AND LIMIT ORDERS

7.1 There are generally two basic order types available:

7.2 New Orders are orders that are not connected to an existing open Position (although they may close existing Positions (unless where IST Markets LTD expressly agree otherwise (see 6.2 above)) if, when executed, they create trades that are opposite to existing open Positions). IST Markets LTD will accept the following types of new orders:

7.3 All Good Till Cancelled/Good for Day/Good Until orders are based on an Our Quote basis.

7.4 A Good Till Cancelled order will only be valid during IST Markets LTD 's Quoting Hours for the market concerned. If there is any form of gap between the close of the market as quoted by IST Markets LTD on one trading session and its subsequent reopening either on the next session or, in the case of a Force Majeure, whenever IST Markets LTD reopens said market, the Client's Stop will be executed at the IST Markets LTD Quote based upon the first price that IST Markets LTD is reasonably able to obtain in the Underlying Market.

7.5 Any orders placed as Stop Losses on open Positions shall:

7.6 In respect of markets quoted by IST Markets LTD outside the trading hours of the relevant Underlying Market, all orders are based on IST Markets LTD 's Quote/Our Quote and may be filled at the IST Markets LTD Quote based on a price which is in IST Markets LTD 's opinion fair and reasonable in light of prevailing world markets at that time.

7.7 IST Markets LTD will accept orders placed in any market during the hours in which IST Markets LTD offers a Quote in said market. However, no Stops or of orders any kind in any market will be executed outside of the IST Markets LTD quoting hours for that market except by agreement with IST Markets LTD. Upon the opening of any market quoted by IST Markets LTD any currently actionable Stop, Limit or New Order will be filled at the first Quote for the relevant market that IST Markets LTD is reasonably able to obtain with reference to the Underlying Market and the size of the order in question.

7.8 It is your responsibility to cancel any order that you no longer require. Any uncancelled order placed by you may be filled by IST Markets LTD and may therefore cause losses to which you will be liable. In the case of Stop Loss orders if the related Transaction is closed by you the Stop Loss order will be deemed automatically cancelled. If the underlying Stop Loss on any open Position was actionable before you closed the open Position IST Markets LTD may at its sole discretion adjust the closing price of your trade to reflect the Stop Loss price.

7.9 An order will be executed when the IST Markets LTD Quote reaches the price specified in your order or trades through the price specified. All Quotes are based upon an Underlying Market that is sourced from either a recognised global exchange (LSE, NYSE, LIFFE etc) or from a wholesale counterparty (a quoting bank or market maker). Our Quote may be higher or lower than the Underlying Market due to interest rate costs, dividends, scrip issues, stock splits, competitors' quotes or the weight of client business. The understanding of the definition of Our Quote is very important for the correct operation of your account. If you do not understand any part of its description, we strongly recommend that you contact IST Markets LTD for an explanation.

7.10 IST Markets LTD is not obliged to inform you if an order is filled. It is solely your responsibility to ensure that you know at all times as to whether any order has been filled or is still active and if you are in any doubt whatsoever as to deal acceptance it is your sole responsibility to contact IST Markets LTD immediately, in the first instance by telephone, in order to obtain clarification as to the validity of any Transaction.

7.11 Once a Stop, Limit or New Order level is reached IST Markets LTD may at its sole discretion allow a client to amend this order before it has been actioned by IST Markets LTD. Although, receipt of any confirmation of an order amendment is not binding on IST Markets LTD, IST Markets LTD may at its sole discretion decide to execute the original order if the activation of that order occurred before the amendment was made. IST Markets LTD shall not be liable for any Positions generated by clients' assumption of non-activation of a fairly executed order.

7.12 Unless otherwise stipulated, no orders are guaranteed and are subject to Gapping (which is detailed below at 7.14).

7.13 If a New Order is subject to Gapping (see 7.14) on activation and the order is actioned at a price that would also have activated any associated Limit or Stop orders, then the Position will immediately be closed with a loss to the client of the prevailing IST Markets LTD quoted spread for that market.
7.14 In this Agreement "Gapping" refers to an occurrence whereby the market moves from one quoted price and that this second quote is significantly different to the first. Where such an event happens and where the second quote is through an order level (Stop Loss, Limit or New Order), when the first quote was not, this may trigger a Gapping event.
There are a variety of reasons why this might happen. Some of the more usual are listed below, but this list is by no means exhaustive.

7.14.1 because the particular Underlying Market on which the order is placed has opened and started trading at a price significantly different from the previous session closing price;

7.14.2 Accordingly you must understand the potential impact of these events on any Order that you have on your account.
All orders (Stop, Limit or New Order) are subject to slippage on the market open. In a situation where slippage occurs during trading hours, any buy order (new or limit) below the market or sell order (new or limit) above the market and sell orders (closing or stop) below the market or buy orders (closing or stop) above the market may be subject to slippage. If any market gaps from one quoted price to another due to any market sensitive piece of information (such as a profit warning or an economic data release), then any order in place between these prices will be activated.

7.15 Where a series of orders may be filled to close existing open Positions and/or open new Positions then these orders will be filled by IST Markets LTD in any sequence determined by IST Markets LTD. If this results in subsequent orders having insufficient Trading Resources for activation, then these orders will be cancelled. IST Markets LTD will not look at an order filling sequences that may result in one order being filled and another failing, IST Markets LTD will fill orders as and when they are seen by IST Markets LTD, and at our sole discretion.

8. MARGIN CALCULATIONS

8.1 In general IST Markets LTD only allows its clients to trade on Deposit Accounts (where money must be deposited before trading can commence).

8.2 You agree to provide to us and to maintain on your account at all times such Margin as is necessary to cover the Margin Requirement. Your agreement is repeated for every Transaction entered into by you and shall relate separately to each account, if you have more than one account with us.

8.3 The minimum level of cleared funds that you are required to maintain on your account at any particular time as margin against any open positions is referred to as the Margin Requirement. IST Markets LTD may at its sole discretion alter the Margin Requirements on your account.

8.4 IST Markets LTD will normally monitor the amount of Margin available for any Transaction but reserves the right to demand further Margin than may have been originally requested. In circumstances during high market volatility or depending on the weight of customer business or the trading style or before an important fundamental release or due to general increase of margin for an instrument in the exchange or at the closing of the week, IST Markets LTD reserves the right to increase the margin requirement by reducing the leverage offered and/or to increase the stop out level (equity/margin) from the agreed level up to 100% by giving a written notice. In such case if the stop out level is below 100% then IST Markets LTD will hedge the positions or partially close them to bring the equity/margin at to above 100%. Customers will solely be held liable from any damages or losses that may result from closing the position/positions.

8.5 IST Markets LTD maintains the right to close any client position/positions when stop out level (equity/margin) falls at 0% of the total margin requirement or the level agreed with the client. In case the balance or equity becomes negative as a result of stop out IST Markets LTD reserves the right to claim the balance from the client to adjust the equity back to zero. As stated in clause 8.4, IST Markets LTD reserves the right to increase the stop out level by giving a written notice to the client.

8.6 An order placed as a Stop Loss for a position may not necessarily reduce the Margin Requirement.

8.7 Notwithstanding any other provision of this Agreement, IST Markets LTD is entitled, in its absolute discretion, to permit any trade for a Size which is above the recognised maximum single Size for a particular market.

8.8 The minimum IMR for any market and stop out level may be changed from time to time by IST Markets LTD without notice to you (for example, during volatile market conditions or due to the illiquid nature of any Underlying Market). These new margin requirements and stop out level will be applied to all your existing Positions as well as any new Transactions. Most contracts’ Minimum IMR is set out in the Contract Specifications which are correct at the time of publication. Margin Requirements which are not set out in the Contract Specifications or which have changed since the date of publication of the Contract Specifications will be quoted on request or posted on the website. It is your responsibility to ensure that you are using the most recent margin requirements applicable.

8.9 Occasionally new or temporary markets are created. These markets attract their own margin requirement that may not be published but will be available on demand.

8.10 You undertake to provide us with and to maintain on your account at all times sufficient cleared funds in order to meet the margin requirement, and such undertaking shall be deemed to be repeated each time you open enter into a Transaction. A failure to meet your margin obligations at any time is a Default Event and may result in us closing out your open Positions without notice to you.

8.11 Neither the funds on your account nor the margin applied to your Position(s) represent your total financial liability to IST Markets LTD.

8.12 IST Markets reserves the right to increase margin requirements prior to the release of a dividend. If you hold long positions on the ex-div date, you will receive a dividend in the form of a cash adjustment. If you hold a short position on the ex-div date, you will be charged the dividend amount in the form of a cash adjustment.

9. MARGIN CALLS

9.1 It is your responsibility to monitor your open Positions and all other relevant factors used to calculate Margin payable. IST Markets LTD is not obliged to make Margin Calls of you at all or within any specific time period. We shall not be liable to you for any failure by us to contact you or attempt to contact you.

10. FEES AND PAYMENTS

10.1 In addition to Margin payments (as required and detailed above at Clauses 7 and 8 above) you agree to pay to us such sums of money as may from time to time be due to us as a result of a Transaction or Position (including any charges and/or commissions detailed from time to time in the Contract Specifications) and such sums as may be required in or towards clearance of any debit balance on any account.

10.2 You will pay all applicable Value Added Tax (VAT) and other taxes and all other fees reasonably incurred by us in connection with any Transaction. Any changes to tax laws which result in future imposition of stamp duty, capital gains tax or other tax, which may from time to time be levied on Transactions shall be for your account. You may be liable for other charges and taxes that are not imposed by us. You are solely responsible for the timely payment of such charges and taxes. You should seek independent advice if you are in any doubt as to what further charges or taxes may apply to you as a result of you entering this Agreement.

10.3 IST Markets LTD, will not be responsible for any non-payment of these charges and will not be liable for any proceedings or further charges resulting from non-payment of such charges.

10.4 You agree that we may share commission and charges with our Associated Companies, Trading Partners or other third parties or receive or pay remuneration from or to the same in respect of Transactions entered into by us with you. Details of any such remuneration or sharing arrangements (for example where you have been introduced to us through a third party) will not be set out in the relevant contract note. Please note that such commissions and charges will only be paid where we are satisfied that such payments do not impair our obligation to act in the best interests of our client.

10.5 IST Markets LTD is a company incorporated in Mauritius. Registration Number: GBC 190266, which is regulated and authorised by Financial Services Commission of Mauritius. Registered address: The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebene, Mauritius.

11. TRANSACTION SPECIFICATIONS

11.1 The Contract Specifications provide important information in relation to each market offered by IST Markets LTD and clients are strongly advised to ensure they understand them. The information provided in the Contract Specifications includes:

11.2 IST Markets LTD has to the best of its ability insured that the Contract Specifications are correct but IST Markets LTD reserves the right to amend any part of the Contract Specifications at any time.

11.3 Current spreads and/or commission rates on contracts will be quoted to you on request. IST Markets LTD has the right to vary spreads or commission rates on any contract or vary the Size specifications without notice especially in, but not limited to, volatile market conditions and/or illiquidity of the Underlying Market. At IST Markets LTD 's discretion quoted spreads made via the telephone may differ from the spreads available on an OTP or a DTP.

12. EXPIRY OF FUTURE CONTRACTS

12.1 At IST Markets LTD we do not roll-over dated OTC Future contracts. All positions that remain open at expiration will be closed at the IST Markets LTD closing price on that day. Next month contracts will be available for trading at least four days before front month expiration, therefore, it is the sole responsibility of the client to take notice of expiries and act accordingly.

13. ACCOUNT SETTLEMENT AND SET OF

13.1 If your account Balance is in debit, the full amount of that balance is due immediately. Payment must be made in the currency in which the debit balance is denominated (or by agreement with IST Markets LTD and at an exchange rate designated by IST Markets LTD the amount may be transferred in a currency of your choice).

13.2 IST Markets LTD, require immediate payment of any debit Account Balance by either SWIFT transfer, debit/credit card, or any other method of immediate electronic funds transfer acceptable to IST Markets LTD and delivered to IST Markets LTD bank accounts by 2:00pm on the same business day that the debit account balance became due. IST Markets LTD is entitled to refuse payment by cheque without notice and without giving any reason.

13.3 IST Markets LTD reserves the right to and shall be entitled to charge interest on all sums payable to IST Markets LTD under these Terms and Conditions which are not paid within 5 days of their due date until payment is made in full, IST Markets LTD shall charge you 2% per calendar month or part thereof cumulative on the sum owed to IST Markets LTD. IST Markets LTD will require you to reimbursement for any and all costs we may suffer or incur if you fail to make payment when due for any reason whatsoever.

13.4 IST Markets LTD has the right to debit from your account or any other account in which you hold an interest any costs, interest or expenses incurred in recovering said debt. All debts to IST Markets LTD are recoverable in law. IST Markets LTD will actively pursue any sum (whatever the size) that is due.

13.5 Unrealised profits will under no conditions be paid or be available for electronic withdrawal or offset your obligation to pay your realised losses.

13.6 IST Markets LTD shall be entitled to keep hold of funds which are required to cover adverse cash positions, Margin Requirement, any uncleared funds (i.e. cheques, or credit card payments, realised losses and any other amount due under this Agreement.

13.7 IST Markets LTD may at any time set off any liabilities owed by it to you against any amount owed by you to IST Markets LTD. IST Markets LTD reserves the right, without notice to you and in its absolute discretion, to consolidate any or all of your accounts of whatever type or description or any accounts in which you have a part or management function or oversight interest.

13.8 Without prejudice to any part of this Agreement IST Markets LTD shall be entitled to require the settlement of all open Positions at any time and with immediate effect. Such settlement shall be made at the prevailing IST Markets LTD Quote (Our Quote) for each trade at the time of settlement or at the first such time that such a settlement may be practicably made. The settlement amount in respect of each open Position shall be calculated by IST Markets LTD at its sole discretion as the difference between the opening value of each trade and its value on the settlement price.

13.9 For the avoidance of doubt, we shall be entitled at any time to deduct, without notice or recourse to you, any monies deposited in or credited to your account in error by us or on our behalf.

14. CONFLICTS OF INTERESTS

14.1 IST Markets LTD recognises that there is the risk that, under certain circumstances, directors (including non-executive directors), employees, associates, consultants or any other person directly or indirectly related to IST Markets LTD may hold interests, financial or otherwise, and benefits that may be in conflict with the best interests of the clients and as a consequence may damage the interests of the clients. This is known as a conflict of interest.

14.2 To prevent and to minimise the risk of conflicts of interest, IST Markets LTD has adopted a number of systems and procedures which set out how it will seek to identify and manage all material conflicts of interests. These are detailed in our Conflicts of Interest Policy which may be found online.

14.3 If you wish to have further information on our Conflicts of Interests Policy, or on any specific conflict of interest that you think might affect you, please contact us.

15. AUTHORISED THIRD PARTY

15.1 IST Markets LTD recognises that in some circumstances it may be necessary or desirable for you to authorise someone to manage your account. You do so at your own risk and both you and the person you wish to authorise to operate your account will be required to execute and deliver to IST Markets LTD a letter in the form of a signed Power of Attorney document authorising and appointing such person (an "Authorised Third Party") to operate your account.

15.2 If you have opened an account electronically, and we do not have an original of your signature, you will not be able to appoint an Authorised Third Party until such time as you furnish us with an independently verified example of your signature (i.e. photocopy of your passport or driving licence).

15.3 You will be held fully responsible for all actions of the Authorised Third Party. IST Markets LTD shall be entitled to accept instructions from such Authorised Third Party until receipt of a written notice from you stating that the authority of the Authorised Third Party is revoked. Such written notice must be sent to IST Markets LTD Client Services department by registered mail or by personal delivery countersigned by an officer of IST Markets LTD. Upon receipt of this instruction IST Markets LTD shall change your account number and any passwords attributable to it. In any event, IST Markets LTD shall be entitled, and without notice to you, to refuse to accept instructions from any Authorised Third Party and to treat the appointment of any such Authorised Third Party as terminated.

16. TERMINATION

16.1 You may terminate this Agreement immediately by giving written or verbal notice to us.

16.2 You can contact us at any time via email, writing or telephone to instruct us to close your account. We will only close your account if you have no monies owing to us and any open Position shall be closed in accordance with Clause 9.5 above. Any losses incurred on your account prior to the closure of the account shall be deemed to be immediately payable by you.

16.3 You specifically and unconditionally agree that IST Markets LTD has the right to close or suspend your account with immediate effect in any of the following events:

16.4 If either party terminates this agreement all open Positions shall be immediately closed on the current quote made by IST Markets LTD or, in the case where any market is closed for any reason, at the next available quote reasonably made by IST Markets LTD on the reopening of said market and no new trades shall be accepted IST Markets LTD.

16.5 No penalty will be payable by either party on termination of this Agreement and termination will not affect any accrued rights. On termination by either party, we may consolidate all or any of your accounts and may deduct all amounts due to us before transferring to you any credit balances on your account.

16.6 At any time after the termination of this Agreement, we may without notice, close out any of your Positions.

16.7 Further, if an Insolvency Event or Default Event occurs IST Markets LTD may (but is not obliged to):

17. CLIENT MONEY

17.1 IST Markets LTD will treat money received from you or held by us on your behalf in our Clients Monies bank accounts.

17.2 IST Markets LTD will hold all Client Money in client bank accounts.

17.3 It is not our policy to pay interest to you on any of your money held by IST Markets LTD.

17.4 In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money, we shall make and retain records of all balances released and undertake to make good any future valid claims against released balances.

17.5 You may not assign any part of your profits or losses to a third party. A third party may not place any funds in your account or withdraw funds from your account. All withdrawals from your account balance must be payable directly to you (by means of a cheque SWIFT or debit/credit card payments).

17.6 Due to fraud prevention measures and in accordance with money laundering regulations IST Markets LTD, will only refund monies back to where they came from. Where monies have been deposited by card the funds will be returned to that card where possible and where not possible IST Markets LTD, may require sight of original bank statements showing original fund transfer to IST Markets LTD before refunding to the said bank account.

17.7 Where monies have been deposited by bank transfer IST Markets LTD may require sight of the original bank statement showing the deposit of the transfer before any refund is made.

17.8 Where bank accounts have been closed IST Markets LTD may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before IST Markets LTD will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.

17.9 In reference to this Clause, if IST Markets LTD's records show a discrepancy between card details and IST Markets LTD 's account details as supplied by you, IST Markets LTD may require sight of original bank statements, or any other relevant evidence, to confirm your new status before processing a refund.

18. Withdrawals and Refunds

The Client has the right to deposit into their trading account only using the payment systems available in the “Deposit” section of the Company’s IST Markets Clients Area (a secure trading accounts management facility; our proprietary internet gateway that allows the Client to manage his Trading Accounts within a secure and safe environment).

18.1 The actual payment of services is deemed to be the moment when all appropriate funds are credited to the Company’s account.

18.2 The Company holds no responsibility for the result of trading operations on the Client’s account in case there are any delays in depositing into this account. The Client is solely responsible for any financial loss risks coming from possible delays in depositing funds into the Client’s trading account.

18.3 The Company has the right to cancel the Client’s deposit or withdrawal if the Client’s trading account is set to be funded by a third party or if the Client seeks to withdraw on behalf of the third party. In this case, the deposited funds will be transferred back to the same bank details they originated from. If this occurs, the Client will be charged with all costs for funds transfer.

18.4 In the event the trading account is credited in any currency other than the one in which the trading account is maintained, such funds are to be credited to the trading account based on an internal exchange rate adopted by the Company from the Bank serving the Company at the deposit date.

18.5 When processing a withdrawal request, the Company shall use its internal currency rates adopted by the Company from the Bank serving the Company at the date of withdrawal.

18.6 If the trading account cannot be credited automatically, the appropriate application will be fulfilled within 72 hours since the Client’s notice on crediting the trading account is received.

18.7 Clients may withdraw their funds by sending a withdrawal request via IST Markets Clients Area. The request will be reviewed and processed by IST Markets accounts department. Funds will be returned to any payment systems/bank account used for depositing into the trading account.

18.8 The Client bears full responsibility for the adequacy of all the information set in his withdrawal of funds application.

18.9 The Company has the right to refuse the Client’s request for withdrawal if the Client uses different withdrawal and depositing systems.

18.10 The Company reserves the right to deduct from the account any amount paid to the Client in compensation. Please refer to the Bonus and Awards policy.

18.11 In case the payment system stops operating for some time, the Company has the right to postpone the date of withdrawal until the payment system resumes working.

18.12 The Company has the right, but not the obligation, to charge the Client for any additional commission if the Client uses different payment systems to deposit and withdraw funds. The commission charged to the Client is calculated based on costs paid by the Company when fulfilling the Client’s withdrawal request.

18.13 The Company undertakes to take any and all expedient actions to preclude any illegal financial operations and money laundering with the employment of the Company’s resources.

18.14 In the event Client has used a credit/debit card to fund their trading account, Client can only withdraw up to the deposited amount back to the same credit/debit card, any additional profits will be transferred via a different payment method under the client’s name.

18.15 In all instances, we endeavour to process withdrawals only to respective nominated accounts. If a client deposits via credit card, that credit card will be registered as a nominated account. Likewise, if a deposit is made via bank transfer or e-wallet, the accounts will be registered as nominated accounts.

18.16 Clients may only request withdrawals through the secure portal; IST Markets Clients Area. Once the Client has logged in and has requested a withdrawal, an acknowledgment of this request is sent to their registered e-mail address.

18.17 IST Markets will bear the fees for one withdrawal per calendar month as long as the client has traded a min. of 5 lots or there is a remaining balance in his account.

If it’s the client’s 2nd withdrawal per month or the client has not traded at all, Charges will be applied on his/her withdrawal depending on the payment and the payment method.

For more information, you can get in touch with support@istmarkets.com

19. FORCE MAJEURE

19.1 Force Majeure events are exceptional, unusual, or emergency market conditions which may prevent IST Markets LTD from performing any or all of its obligations hereunder. They include, without limitation:

Transaction service.

19.2 If we conclude in our reasonable assessment that a Force Majeure situation exists then we may in our absolute and sole discretion:

19.3 In the absence of fraud or bad faith, IST Markets LTD shall not be liable to you for any losses you may suffer by reason of any action it may take in accordance with this Clause.

20. CONFIRMATIONS, QUERIES ON ACCOUNTS, COMPLAINTS AND COMPENSATION

20.1 Upon entering into any Transaction or order or amendment of an order or any cancellation of an order IST Markets LTD contract notes will be:

20.2 Any material action affecting your account will trigger an email and/or an on¬screen confirmation. The absence of an email confirmation or on-screen confirmation of an action on your account will not affect the validity of any Transaction or order which has been placed.

20.3 It is solely your responsibility to keep yourself fully up to date in respect of all your Transactions and Positions. As soon as you receive any contract note you must check it to make certain that it is correct. The sooner that IST Markets LTD is made aware of any error or problem, the sooner we will be able to look into or correct it. You must also regularly check your online statement.

20.4 Your account statement will be available online at any time unless IST Markets LTD has suspended your account or an OTP or a DTP is unavailable for any reason.

20.5 If you receive a contract note for a Transaction or filled order that you allege has not been transacted by or for you, IST Markets LTD must be notified immediately. If you do not receive a contract note for a Transaction you have placed (or believe you have placed) you must notify IST Markets LTD immediately.

20.6 If you think that any contract notes or statement contains any error you must notify IST Markets LTD immediately.

20.7 Any query or dispute in respect of any trade or conversation, together with details of the time and date of the trade or conversation must be communicated to IST Markets LTD as soon as you become aware of it. If the dispute or complaint is not satisfactorily resolved it should be referred, again with all details, to the Client Services team of IST Markets LTD.

20.8 In the event of any query or dispute IST Markets LTD may at its discretion immediately close, at the prevailing IST Markets LTD quote or the first such quote available, any Position that is in dispute. No matter what the subsequent result of the dispute, IST Markets LTD will not reopen or reinstate any such closed trade.

20.9 Client money will be deposited into a client money bank account. In the event that IST Markets LTD was to become insolvent all client money held in the third-party bank account would be protected. In the event that the third-party bank was to become insolvent you may be entitled to compensation from the Scheme if the third-party bank were unable to meet their obligations. This depends on the type of business you undertake, your status, and the circumstances of the claim.

21. ALTERATIONS TO THESE TERMS AND CONDITIONS

21.1 These Terms are subject to alteration by notice to you. Any alteration shall be effective immediately on service in accordance with Clause 21 and shall apply to all open Positions and unfilled orders as at and after the effective date of the change.

22. NOTICES

22.1 All notices will be sent to clients of IST Markets LTD via the email messaging medium and unless IST Markets LTD receives a 'failure to deliver' message all such messages will be deemed to have been received by you. Any alteration of your email address must be communicated immediately to IST Markets LTD. Any losses incurred by you through non-receipt of notification or confirmation (in the case of trades or orders placed) are payable by you. IST Markets LTD accepts no responsibility for non-receipt by you of any such notification or confirmation.

22.2 Any request by IST Markets LTD that you make contact with us, for whatever reason, should be regarded as vital and should be acted upon immediately.

22.3 Where IST Markets LTD is not notified nor receives notification from the Client that any notice or other communication has been received by the Client, it shall be deemed to have been duly served on the Client:

22.4 Any notice or other communication given or made under or in connection with the matters contemplated by this Agreement shall, except where oral communication is expressly provided for, be in writing and shall be sent to support@istmarkets.com

23. LIMITATIONS OF LIABILITY

23.1 These Terms do not limit or exclude any liability arising out of fraud or for death or injury arising by reason of IST Markets LTD negligence.

23.2 Subject to all other provisions of these Terms and Conditions and the Agreement IST Markets LTD is liable to you to pay you your realised available profits. The foregoing is IST Markets LTD 's entire liability to you.

23.3 You shall indemnify us and keep us indemnified on demand in respect of all liabilities, costs, claims, damages and expenses of any nature whatsoever (present, future, contingent or otherwise and including legal fees) which we suffer or incur as a direct or indirect result of a breach by you of your obligations under this Agreement or under the laws and regulations in force or us exercising our rights under in relation to the Default Event provisions detailed in these Terms and Conditions, unless and to the extent such liabilities, costs, claims, damages and expenses are suffered or incurred as a result of our gross negligence or wilful default. You shall indemnify us and keep us indemnified against all losses which we may suffer as a result of: any error in any instruction given to us by any Authorised Person or acting on any instruction, which is, or appears to be, from an Authorised Person.

23.4 Subject to Clause shall not be liable:

23.5 If any of these Terms and Conditions shall be found to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other part of these Terms and Conditions (or the remaining portion of the affected part as the case may be), which shall remain in full force and effect.

23.6 You shall not assign, transfer, charge or sub-contract any of the rights or liabilities hereunder.

23.7 IST Markets LTD shall be entitled to assign, transfer, charge, sub-contract or deal in any manner with all or any of its rights and/or liabilities hereunder including by way of transfer of the same to an Associated Company or Trading Partner.

24. TAXES

24.1 At the present time, income from CFD Trading is not exempt from Capital Gains tax. However, there is no Stamp Duty on CFDs. Tax regulations may change at any time. It is your sole responsibility to ensure that your CFD activity complies with your local income tax regulations and any other applicable fiscal laws.

25. PRIVACY

25.1 You acknowledge that by opening an account with us and placing Transactions you will be providing us with personal information. You consent to us processing all such information for the purposes of performing the contract and administering the relationship between us. You consent to our disclosing such information:

25.2 You authorise us or our associated companies or any trading partner to telephone or otherwise contact you at any reasonable time in order to discuss any aspect of our business or of our associated companies' business or of our trading partners' business. If you do not wish us or our associated companies or our trading partners to so contact you for any direct marketing activities, you must inform us in writing.

DEFINITIONS

In this Agreement (and in addition to expressions defined elsewhere on our website) the following words and expressions shall have the following meanings:

"Account Balance" is the "cash balance" on your account (your account balance does not include profits or losses on any open Positions).

"Applicable Laws" means any national, local or other statute, law, rule, code guidance, order or decision of a Governmental Authority.

"Application Form" means the application form supplied by IST Markets LTD in relation to these Terms and Conditions.

"Associated Company" means any holding company or subsidiary company within the IST Markets LTD group and/or any subsidiary company of any such holding company or its subsidiaries.

"Authorized Third Party" means a person authorised by you to initiate trades or close existing trades using your account details, as referred to in Clause 15.

"Bet" (including "betting", " dealing”, "trading") or other similar words express a reference to a client entering into a Transaction. " Bid" or "bid price" is the price at which the Client can sell.

"Buy" (including "Take", " Up Bet", "Go Long" “Long ", "Long Position") is defined as making a buy Transaction or buying the market quoted by IST Markets LTD.

"Client" (including "you", and " your") means a person or company who has opened an account with IST Markets LTD and has agreed to be bound by these Terms and Conditions.

"Client Money/Monies" refers to your funds in your account which is held by IST Markets LTD.

Clients of IST Markets LTD retain full titles to their monies, subject to usage requirements.

"Credit Account" is an account where IST Markets LTD, at its sole discretion, has offered you a credit line to use as Trading Resources.

"Contract For Difference", "CFD" or other similar words express a reference to a client placing a CFD trade.

"Default Event" shall be deemed to have occurred where:

"Deposit Account" is an account where you need to deposit funds before you can commence trading.

"DTP" is any Downloadable Trading Platform provided by IST Markets LTD for trading our markets.

"Execution Policy" means IST Markets LTD's order Execution Policy which may be amended from time to time. A summary of the current Execution Policy is available on our website

"Expiry Date" means the expiry date and time of a Transaction.

"FX", (including "Forex" refers to currency trading, "Gapping" as is detailed in Clause 7.

"If Done Order" means an order that is only triggered on the activation of another attached order. For example, if a New Order is activated, you may wish to pre-set a Stop Loss and/or a Limit order. These additional orders are deemed "If Done Orders".

"IMR" (including "Min IMR") means Initial Margin Requirement which represents the minimum Trading Resources (Free Margin) required to place an opening trade in the minimum trade size permitted by IST Markets LTD. (i.e. if you have a Sterling Account and the Min IMR in a market was 50 then to place a unit trade size of £3 you would require at least £150 (£3x50) of available resources to do so) "Insolvency Event" means and shall occur:

"Limit Order" refers to an instruction to take a profit on an open trade if our quote reaches the level requested or as a contingent (‘If Done’) instruction on a New Order.

" IST Markets LTD", " IST Markets LTD" (including "we", "us", "our" and "ourselves" as appropriate) the retail division of IST Markets LTD.

"LSE" the London Stock Exchange.

"Margin" a term that describes the cash required or being used on your account to either open Transaction or run your Positions. See Clause 7.

"Margin Call" a request for Margin payment as referred to in Clause 8.

"Margin Requirement" is the amount of cash or credit resources required to maintain your existing open Positions.

"Market" refers to indices, share, currencies, commodities, bonds and interest rates or any other product that may be quoted by IST Markets LTD from time to time.

"Contract Specifications" refers to the document available online that details IST Markets LTD's current Quoting Hours, Min IMR, Overnight Financing interest rates, other market specifications and other rates applicable to the Transactions and Positions as determined by us for you.

"New Order" is an instruction to open a new Transaction at a possible future price based in the IST Markets LTD Quote.

"Offer" or "offer price" is the price at which the Client can buy.

"Order Book" the window on the OTP where your working orders are listed.

"OTP" is any Online Trading Platform provided by IST Markets LTD for trading our markets.

"Overnight Financing" is the credit or debit applied to your account when you hold a Position in certain contracts overnight and including non-business days.

"Pricing Error" is defined as a misquote by IST Markets LTD where the price quoted materially and clearly deviates from the prevailing market price (or the forward calculated market price) at the time that it was quoted. A Pricing Error as defined, but not exclusively, is a Bid price or Offer price which varies above or below the prevailing mid-market price of the underlying product by more than the size of the quoted bid/offer spread of that product. For example, a bid/offer quote by IST Markets LTD in the FTSE Quarterly contract of 4804 - 4808 when the correct quote should have been 4797 - 4801 may be considered to be a Pricing Error as the IST Markets LTD Bid of 4804 is more than the quoted spread of the product (in this case 4) away from the midpoint (4799) of the correct quote.

"Position(s)" means open Transactions.

"Rolling Daily" refers to Positions that automatically roll into the next trading day without incurring any profit or loss. Such Positions usually have a long Expiry Date (sometimes many years in the future) and attract Overnight Financing.

"Quote", "Our Quote", " IST Markets LTD Quote" is the price quoted by IST Markets LTD via an OTP or a DTP or over the telephone. All Quotes are based upon an Underlying Market that is sourced from either a recognised global exchange or from a wholesale counterparty.

"Quoting Hours", " IST Markets LTD Quoting Hours" are the times detailed in the Contract Specifications when IST Markets LTD quotes its markets. IST Markets LTD will not quote any markets outside of its opening hours.

"Sell", (including "Go Short", " Short", "Short Position") is defined as making a sell Transaction or selling the market quoted by IST Markets LTD.

"Size(s)" refers to the size of the buy or sell Transaction. The standard, minimum and maximum trade sizes and stake sizes that IST Markets LTD allows can differ from market to market and product to product and are further detailed in the Contract Specifications.

"Stop", "Stop Loss" is an order to close an open Position at a pre-determined level.

"Trading Partners" are anyone with whom IST Markets LTD has a contractual relationship, for example a joint venture relationship, partnership relationship, agency relationship, white label relationship or introducing broker relationship.

"Trading Resources" (or “Free Margin” or “available Margin”) is the amount of money available on your account that may be apportioned to new Transactions or to moving current Stop levels.

"Transactions" means any buy or sell trade or CFD trade made between you and IST Markets LTD (including to close a Position) and includes any other such transaction made between IST Markets LTD and you as may be agreed from time to time and on a case-by-case basis.

"Underlying Market" is the physical underlying assets from which our markets are derived, and the market in which those assets are traded.

26.AML & KYC Policy

1- Introduction

IST Markets LTD (“IST MARKETS” or “the Company”) aims to prohibit, detect and actively pursue the prevention of money laundering and terrorism financing activities and vows to comply with all related law, rules and regulations with full attention and no compromise with any of the abovementioned illegal activities.

The management of the Company is committed to Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CFT”) compliance in accordance with applicable laws and places extremely high importance on assisting in discovering any money laundering scheme and/or terrorism financing activities.

IST Markets LTD also requires its officers, employees, introducing brokers and affiliated companies to adhere to these standards in preventing the use company’s products and services for the purposes of money laundering and terrorism financing activities.

2- Purpose

The purpose of “AML, CFT & KYC Policy”, (“the Policy”), is to provide guidance on the Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CFT”), and Know your Client (“KYC") procedures which are followed by the Company in order to achieve full compliance with the relevant AML and CTF legislation.

This policy applies to all Company’s officers, employees, introducing brokers, affiliated companies, and products and services offered by the Company. Any employee found not to be adhering to these policies and procedures will face severe disciplinary action.

3- Legal Framework

The Company is required to comply with the provisions of the applicable laws regarding the prevention of Money Laundering and Terrorist Financing. The main purpose of these Laws is to define and criminalize the laundering of proceeds generated from all serious criminal offences aiming at depriving criminals from the profits of their crimes.

In accordance with the AML and CTF Laws, the Company is obliged to set out policies and procedures for preventing money laundering and Terrorist Financing activities.

The AML and CFT procedures, which are implemented by the Company, are based on AML and CFT laws applicable in Mauritius, the recommendations of The Financial Action Task Force (FATF), in addition to other documents and information.

4- Definitions

4.1- Money Laundering

Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

There are three steps involved in the process of laundering money: Placement, Layering and Integration.

4.1.1- Placement

Placement refers to the act of introducing "dirty money" (money obtained through illegitimate, criminal means) into the financial system in some way.

4.1.2- Layering

Layering is the act of concealing the source of that money by way of a series of complex transactions and bookkeeping gymnastics.

4.1.3- Integration

Integration refers to the act of acquiring that money in purportedly legitimate means.

4.2- Terrorism Financing

Terrorist financing (proceeds for crime) is the process by which funds are provided for financing or financial support to individual terrorists or terrorist groups.

A terrorist, or terrorist group, is one that has a purpose or activity to facilitate or carry out any terrorist action, and can involve: individuals or groups.

4.3- AML/CTF

The term AML CTF refers to “Anti Money Laundering and Counter Terrorism Financing” or “Anti Money Laundering and Combating Terrorism Financing”.

4.3.1- Anti-Money Laundering

Anti-Money Laundering (“AML”) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions.

4.3.2- Counter Terrorism Financing

Counter Terrorism Financing (“CTF”) refers to a set of procedures, laws or regulations designed to prevent financing or providing financial support to individual terrorists or terrorist groups.

4.4- Financial Action Task Force (FATF)

The Financial Action Task Force on Money Laundering (“FATF”), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization established in July 1989 by a Group of Seven (G-7) Summit in Paris, initially to examine and develop measures to combat money laundering.

In October 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Starting with its own members, the FATF monitors countries' progress in implementing the FATF Recommendations; reviews money laundering and terrorist financing techniques and counter-measures; and, promotes the adoption and implementation of the FATF Recommendations globally.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering.

In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which were intended to provide a comprehensive plan of action needed to fight against money laundering.

In 2001, the development of standards in the fight against terrorist financing was added to the mission of the FATF.

In October 2001, the FATF issued the Eight Special Recommendations to deal with the issue of terrorist financing. The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003.

In October 2004, the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations.

In February 2012, the FATF completed a thorough review of its standards and published the revised FATF Recommendations. This revision is intended to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime. They have been expanded to deal with new threats such as the financing of proliferation of weapons of mass destruction, and to be clearer on transparency and tougher on corruption. The 9 Special Recommendations on terrorist financing have been fully integrated with the measures against money laundering. This has resulted in a stronger and clearer set of standards.

5- Procedures

The provisions of the Laws adopted by the Company introduces procedures and processes that ensure compliance with the applicable Laws related to Money Laundering and Terrorism Financing activities.

5.1- Client Categorization and Identification Procedures

The Company has adopted all requirements of the applicable laws in relation to client categorization and identification and due diligence procedures as explained below:

5.1.1- Client Categorization

Clients are categorised based on their risk profile into three main categories as explained below:

a- Low Risk Clients

The following types of clients are considered lower risk. It should be noted that the Company shall gather sufficient information to establish if the client qualifies to be classified as lower risk client:

i- Credit or financial institutions situated in another country which imposes requirements higher or equivalent to those laid down by Company’s regulators.

ii- Listed companies whose securities are admitted to trading on a regulated market of other countries which are subject to disclosure requirements consistent with Community legislation.

b- Normal Risk Clients

All clients who do not fall under either High Risk or Low risk category will be considered as Normal Risk Clients.

c- High Risk Clients

Clients with the following criteria are classified as High risk due to the following conditions:

i- Non face to face customers

ii- Client accounts in the name of a third person

iii- Politically exposed persons (“PEP”) accounts

iv- Electronic gambling /gaming through the internet

v- Customers from countries which inadequately apply FATF’s recommendations

vi- Clients that their nature entails a higher risk of money laundering and terrorist financing

vii- Any other Client determined by the Company itself to be classified as such

5.1.2- Client Identification (Due Diligence)

a- Due Diligence Conditions

The Client Identification and Due diligence procedures are applied in the following conditions:

i- Establishing a business relationship.

ii-There is a suspicion of money laundering or terrorist financing, irrespective of the transaction amount.

iii- There are doubts about the adequacy of previously obtained client identification data.

iv- Failure or refusal by a client to submit the requisite data and information for the verification of his/her identity and the creation of his/her economic profile, without adequate justification.

b- Due Diligence Timing

i- Client identification and due diligence must take place before the establishment of a business relationship or the carrying out of a transaction.

ii- The verification of the identity of the client may be completed during the establishment of a business relationship if this is necessary in order not to interrupt the normal conduct of business and where there is limited risk of money laundering or terrorist financing occurring. In such situation, these procedures need to be completed as soon as possible.

iii- Reviews of existing records must take place on a regular basis, thus ensuring that the documents, data or information held are up-to-date.

iv- Client due diligence procedures shall be applied not only to all new clients but also at appropriate times to existing clients on a risk sensitive basis.

v- When a client’s account is opened, it should be closely monitored.

vi- A review should be carried out, at least twice a year, and a note prepared summarizing the results of the review, which must be kept in customer’s file.

vii- At frequent intervals, the Company should compare the estimated against the actual turnover of the account.

viii- Any serious deviation, should be investigated, not only for possible action by the Company in relation to the particular account concerned, but also to gauge the reliability of the person or entity who has introduced the customer.

c- Due Diligence Procedures

The practice to which the Company adheres in order to comply with the requirements of the Law on the subject of the client identification is achieved on a risk-based approach and it is set out below:

i- Normal Client Due Diligence Procedure

Normal Due Diligence procedure applies for normal risk clients and shall comprise the following:

- Identification of the client and verification of the client’s identity on the basis of information obtained from a reliable and independent source.

- For legal persons, taking risk-based and adequate measures to understand the ownership and control structure of the client.

- Obtaining information on the purpose and intended nature of the business relationship.

- Conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of the relationship to ensure that the transactions being conducted are consistent with the data and information held by the firm in connection with the client.

ii- Simplified Client Due Diligence Procedure

Simplified procedures may apply for low risk clients. These measures shall apply when there is no suspicion of money laundering, regardless of any derogation, exemption or threshold, and not whenever a business relationship is established.

iii- Enhanced Client Due Diligence Procedure

The Company should apply enhanced client due diligence measures in situations which by nature can present high risk of money laundering or terrorist financing.

The Company shall take specific and adequate measures to compensate for the high risk, by applying one or more of the following measures:

- Ensure that the client’s identity is established by additional documents, data or information.

- Apply supplementary measures to verify or certify the documents supplied.

- Ensure that the first payment of the operations is carried out through an account opened in the client’s name with a credit institution which operates in a country of which imposes requirements higher or equivalent to those laid down by Company’s regulators.

d- Verification Procedure

The following verification procedure will be followed by the Company in order to verify the identity of the client during the establishment of the business relationship:

i- The Company will ensure that the construction of the economic profile, assessment of appropriateness and assessment of suitability shall be performed at all times prior the establishment of the business relationship.

ii- The clients are provided with a grace period of fifteen (15) days to provide the Company with their identification documents; During the 15 days’ period the Company is required to ensure for the following:

- The cumulative amount of funds to be deposited will not exceed the amount of USD 2,000.

- The funds may come only from a bank account or through other means that are linked to a bank account in the name of the client.

- Notification / Reminder emails will be sent to the clients requesting to be provided with the client’s identification documents.

- Closure of the account in cases where the verification procedure is not concluded following the completion of the period.

- The Company shall not withhold any clients’ funds and no accounts shall be frozen unless there is a suspicion of money laundering.

e- Other Due Diligence related matters

i- Politically exposed persons

Politically Exposed Persons (“PEPs”) are individuals who are or have been entrusted with prominent public functions in a foreign country and close associate is someone with a close relationship with the political exposed persons.

The Company should adopt the following additional due diligence measures to determine whether a prospective client is a politically exposed person:

- Special Approval from Senior Management prior to the establishment of a business relationship with the client.

- Take appropriate measures for the establishment of the origin of the client’s assets and the source of funds that are related with the establishment of the business relationship or transaction.

- Conduct enhanced and continuous monitoring of the business relationship.

ii- Anonymous or Numbered Accounts

The Company is prohibited from keeping anonymous or numbered accounts. Additionally, the Company shall pay special attention to any money laundering or terrorist financing threat that may arise from products or transactions that might favour anonymity and take measures to prevent their use for money laundering or terrorist financing purposes.

iii- Due Diligence Performance by Third Parties

The Company is permitted to and may rely on third parties to meet the requirements for client due diligence. However, in the such cases, the ultimate responsibility for meeting those requirements shall remain with the Company which relies on the third party.

5.2- Client Account Opening and KYC Documentation Procedures

Prior to accepting new clients, the company requires these clients to provide certain information and documentation for the purpose of client identifications and the verification of client identity.

5.2.1- Account Opening

a- Required Information for Account Opening

All clients interested in opening an account with the Company are requested to provide certain information including:

i- The Client’s personal details

ii- The Construction of Economic Profile for the Client

iii- The Client’s Appropriateness/Suitability Assessment

It is obvious that the identification of the client including construction of economic profile and appropriateness/suitability assessment shall take place prior the establishment of the business relationship with the client.

b- Account Opening Procedure

i- The client completes the account opening forms indicating all required information.

ii- The responsible administrator collects all initial information of the client and forwards it directly to Senior Management and to the Anti-Money Laundering Compliance Officer for examination, review and approval.

iii- Following the approval, the administrator records all necessary information into the Company’s software systems and communicates it to the related departments.

5.2.2- KYC Documentation

Prior to accepting new clients and allowing them to trade with the Company, the following documents shall be obtained for the verification of clients’ identity:

a- Natural Persons

The identification documents required from natural persons (Individual clients) in order to efficiently implement the Company’s KYC procedures are as follows:

i- Proof of Identity

A Valid government-issued Proof of Identity, (Passport, National ID Card, Driving License, …) which should include Client’s Full Name, Client’s Date of Birth, Client’s Photograph, and Validity Status (Date of Expiry and/or Date Issuance + Validity Period)

ii- Proof of Residence

A Recent proof of home address in the person’s name (Bank Statement, Utility Bills, Phone Bills, ..) which should include Client’s Full Name, Client’s Home Address, and Date of Issuance (must not be more than 6 months old).

b- Legal Persons

A different identification procedure is followed for Legal Persons (corporate clients) interested in opening an account with the Company. These documentation requirements are presented below:

i- Incorporation Documents

The form and name of corporate documents may vary depending on country of incorporation and/or legal form of the company. However the required government-issued Corporate Documents should include Corporation name, Date and Place of Incorporation, Registered Office Address, Directors and authorised signatories, Ownership/shareholding structure (Shareholders names and shareholding percentage), Corporate registered activities.

These documents may include but not limited to, Certificate of incorporation or Certificate of Registration, Certificate of Registered Office, Certificate of Directors and Secretary, Certificate of Registered Shareholders, Memorandum and articles of association,

ii- Directors and Beneficial Owners Documents

Personal KYC and identification documents are required from:

- Legal Person’s Directors

- Legal Person’s Ultimate Beneficial Owners with 10% beneficial ownership or more.

These identification documents include Proof of Identity and Proof of Residence.

iii- Board Resolution

A resolution of the board of directors of the legal person for the opening of the account and granting authority to those who will operate it.

5.3- Record Keeping Procedures

The Company should keep the below listed documents and information for use in any investigation into, or analysis, of possible money laundering or terrorist financing by national authorities.

The retention of the documents/data, other than the original documents or their certified true copies that are kept in a hard copy form, may be in other forms, such as electronic form, provided that the Company is able to retrieve the relevant documents/data without undue delay and present them at any time, to the relevant authorities, after a request. A true translation is attached in the case that the documents/data are in a language other than English.

a- The name and address of clients and copies or records of official identification documents (like passports, identity cards, or driving licenses).

b- The name and address (or identification code) of counterparties.

c- The form of instruction or authority.

d- The account details from which any funds were paid.

e- The form and destination of payment made by the business to the client.

f- Business correspondence.

g- For client due diligence, a copy of the references of the evidence is required, for a period of at least 5 years after the business relationship with the client has ended.

h- For business relationship and transactions, the supporting evidence and records for a period of at least five years following the carrying out of the transactions or the end of the business relationship.

5.4- Suspicious Transactions Reporting

A suspicious transaction is a transaction which is inconsistent with a client's known, legitimate business or personal activities or with the normal business of the specific account, or in general with the economic profile that the Company has created for the client.

The Company ensures maintaining adequate information at all time and knows enough about its clients' activities in order to recognize on time that a transaction or a series of transactions is/are unusual or suspicious.

5.4.1- Examples of Suspicious Transactions

Examples of what might constitute suspicious transactions/activities related to money laundering and terrorist financing include but not limited to:

a- Transactions with no discernible purpose or are unnecessarily complex.

b- Use of foreign accounts of companies or group of companies with complicated ownership structure which is not justified based on the needs and economic profile of the customer.

c- The transactions or the size of the transactions requested by the customer do not comply with his usual practice and business activity.

d- Large volume of transactions and/or money deposited or credited into, an account when the nature of the customer’s business activities would not appear to justify such activity.

e- The business relationship involves only one transaction or it has a short duration.

f- There is no visible justification for a customer using the services of a particular Financial Organisation. g- There are frequent transactions in the same financial instrument without obvious reason and in conditions that appear unusual.

h- There are frequent small purchases of a particular financial instrument by a customer who settles in cash, and then the total number of the financial instrument is sold in one transaction with settlement in cash or with the proceeds being transferred, with the customer’s instructions, in an account other than his usual account.

i- Any transaction the nature, size or frequency appear to be unusual, e.g. cancellation of an order, particularly after the deposit of the consideration.

J- Transactions which are not in line with the conditions prevailing in the market, in relation, particularly, with the size of the order and the frequency.

k- The settlement of any transaction but mainly large transactions in cash and/or settlement of the transaction by a third person which is different than the customer which gave the order.

l- Instructions of payment to a third person that does not seem to be related with the instructor.

m- Transfer of funds to and from countries or geographical areas which do not apply or they apply inadequately FATF’s recommendations on money laundering and terrorist financing.

n- A customer is reluctant to provide complete information when establishes a business relationship about the nature and purpose of its business activities, anticipated account activity, prior relationships with Financial Organisations, names of its officers and directors, or information on its business location. 0- The customer usually provides minimum or misleading information that is difficult or expensive for the Company to verify.

p- A customer provides unusual or suspicious identification documents that cannot be readily verified.

q- A customer that makes frequent or large transactions and has no record of past or present employment experience.

r- A customer who has been introduced by a foreign Financial Organisation, or by a third person whose countries or geographical areas of origin do not apply or they apply inadequately FATF’s recommendations on money laundering and terrorist financing.

s- Shared address for individuals involved in cash transactions, particularly when the address is also a business location and/or does not seem to correspond to the stated occupation (e.g. student, unemployed, self-employed, etc).

t- The stated occupation of the customer is not commensurate with the level or size of the executed transactions.

u- Use of general nominee documents in a way that restricts the control exercised by the company’s board of directors.

5.4.2- Suspicious Transaction Reporting Procedure

The procedure to report a client’s suspicious transaction is as follows:

a- The reports of Company’s employees from different departments are evaluated by the AML Compliance Officer.

b- If it is considered necessary, the Compliance Officer shall notify the relevant Money Laundering Authorities.

c- After the submission of a suspicious report the customers’ accounts concerned as well as any other connected accounts are placed under the close monitoring of the Compliance Officer.

d- After submitting the suspicious report, the Company adheres to any instructions given by relevant Money Laundering Authorities and, in particular, as to whether or not to continue or suspend a particular transaction or to maintain the particular account active.

d- Transactions executed for the customer are compared and evaluated against the anticipated account’s turnover, the usual turnover of the activities/operations of the customer and the data and information kept for the customer’s economic profile.

e- Significant deviations are investigated and the findings are recorded in the respective customer’s file.

f- Transactions that are not justified by the available information on the customer, are thoroughly examined so as to determine whether suspicions over money laundering or terrorist financing arise for the purposes of submitting an internal report to the compliance officer and then by the latter to relevant Money Laundering Authorities.

g- All necessary measures and actions must be taken based on the investigation findings, including any internal reporting of suspicious transactions/activities to the compliance officer.

5.5- AML Compliance Officer daily/monthly Procedures

The procedure to be followed by the AML compliance officer on a daily/monthly basis is as follows:

i- Receiving a daily report from staff members about regarding any suspicion transactions

ii- Examine the reports submitted (if any)

iii- Proceed and inform the Senior Management and advice if any of the below actions to be taken:

- Stop the transaction, if this is in process.

- Inform the client for the reason of the transaction being cancelled.

- Collect the information of the transaction if this has already been executed.

- Report to the appropriate authorities of the transaction as this is required by Law.

6- Personnel Education and Training

The Company ensures that its employees are fully aware of their legal obligations according to the Law, in relation to the prevention of money laundering and terrorist financing by introducing a complete employee’s education and training program.

The training program aims at educating employees on the latest developments in the prevention of money laundering and terrorist financing, including the practical methods and trends used for this purpose.

The training program ensures that Company’s employees are fully aware that they can be personally liable for failure to report information or suspicion, regarding money laundering or terrorist financing. The timing and content of the training provided to the employees of the various departments is adjusted according to the needs of each department.

The frequency of the training can vary depending on to the amendments of legal and/or regulatory requirements, employees’ duties as well as any other changes in the financial system.

The training program has a different structure for new employees, existing employees and for different departments of the Company according to the services that they provide.

On-going training is given at regular intervals to ensure that the employees are reminded of their duties and responsibilities and kept informed of any new developments.

Any personal information collected about the client such as name, address, date of birth and contact details will be maintained with IST Markets LTD strictly for business purposes. Other information such as client transactions, copies of passports and proof of addresses will remain confidential and shared only between our account services and compliance departments. IST Markets LTD may additionally inquire about the credit worthiness of the client, which will also remain confidential within our customer files. Such information may be maintained either physically or electronically with strict access procedures.

IST Markets LTD may share client information with internal departments or affiliate offices who conduct marketing, back-office and customer service functions to accomplish normal business operations. However, client information is required to be kept confidential as each employee within the IST Markets LTD has signed a Confidentiality Agreement in this regard.

Any questions or additional information regarding our privacy policy may be directed to our Customer Service Department at support@istmarkets.com.

Privacy Policy

At IST Markets LTD, we are committed to maintaining the highest standards of integrity. In the course of our business, it is necessary to collect Personal Information about our potential clients. We take this activity seriously and seek to provide fair, secure and appropriate methods for the handling of Personal Information. All such activities are intended to be consistent with both generally accepted privacy ethics and standard business practices. Your Personal Information may be shared with a limited number of trusted partners and/or affiliates of IST MARKETS where such use is restricted to the management of your account and will not breach any elements of the EU General Data Protection Regulation (GDPR). If you have any questions or comments about IST Markets LTD Privacy Policy, you can contact our Customer Support Team support@istmarkets.com or +971 4 425 4233.

IST MARKETS (MAURITIUS) Ltd is a company incorporated in Mauritius.  Registration Number: GBC 190266, which is regulated and authorised by Financial Services Commission of Mauritius. Registered address: The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebene, Mauritius.

Personally Identifiable Information

IST Markets LTD shall process your personal data as a Data Processor when you specifically opt-in and provide us with your consent, during your application to open a trading account. IST Markets LTD has a lawful base for processing your data, and it is for the following reason; ‘processing is necessary for the performance of a contract to which the data subject is party or in order to take steps at the request of the data subject prior to entering into the contract.’

If you open a trading account with IST Markets LTD, you will be asked for information regarding your name and address, employment and salary details. As part of the Money Laundering Regulations 2017, and IST Markets LTD’s regulatory requirements, and IST MARKETS Group policies and procedures we are required to establish proof of your identity and address during the on-boarding stage. This process is conducted mainly by IST Markets LTD by requesting, and processing copies of your personal identifiable information, but also involves the use of third parties who conduct electronic verifications on our behalf. You might be asked to supply additional information to support any unsuccessful verification attempts. Where stated we may use the personal information you provide to contact you in the future about IST Markets LTD products and services. We only hold data which is necessary to offer the services provided on our website.

Third Party Sites

This website contains links to other websites. Please note that IST Markets LTD cannot be held responsible for the privacy policies of other websites. We encourage all visitors to be aware and read the privacy statements of every website that collects personally identifiable information. IST Markets LTD can confirm that it has a strict policy of not sharing your Personal Identifiable Information with an unauthorized third party under any circumstances.

Privacy Statement Changes

IST Markets LTD may change this privacy statement at any time. If a change does occur, you will be notified accordingly, and where applicable your consent would be required. You are advised to read the statements so that you are satisfied with the privacy conditions under which you provide IST Markets LTD with your personal information.

EU General Data Protection Regulation (GDPR)

IST Markets LTD as a Data Processor is voluntarily committed to comply with the requirements and principles of GDPR in processing your personal identifiable information.

We will safeguard information in our custody

We have developed and will maintain security procedures to safeguard Personal Information against loss, theft, copying, and unauthorised disclosure, use or modification. Access to Personal Information is restricted to employees and authorised service providers who need it to perform their work.

Cookies

How is your Personal Information collected by our website?

Personal Information may be submitted to both the public and private areas of our website.

Personal Information may be submitted on our website in two areas:

Public Area

If you do provide your name and address on the public area of this website in order to request information about our products and services, you may voluntarily provide additional personal information. You will be asked to provide your Personal Information in this area for the purposes of registering with IST Markets LTD and opening an account with us.

Private Area

To ensure a good quality of service we may monitor and record any communication you have with us whether in writing, by phone or by electronic mail. E-mail is not encrypted to / from either the public or private areas of this website. IST Markets LTD recommends that you do not send us Personal Information by e-mail.

How we use Cookies on our Site and what Information we collect. For information about cookies please refer to www.allaboutcookies.org.

Session Cookies

We use session cookies for the following purposes:

To allow you to carry information across pages of our site and avoid having to re-enter information.

Within registration to allow you to access stored information.

Non personal data for tagging purposes only (by random number).

Persistent Cookies

We use persistent cookies for the following purposes:

To help us recognise you as a unique visitor (just a number) when you return to our website and to allow us to tailor content or advertisements to match your preferred interests or to avoid showing you the same adverts repeatedly.

To compile anonymous, aggregated statistics that allow us to understand how users use our site and to help us improve the structure of our website.

To internally identify you by account name, name, email address, customer ID, currency and location (geographic and computer ID/IP address).

To differentiate users who are on the same network to enable us to correctly allocate bets to the appropriate account.

Within research surveys to ensure you are not invited to complete a questionnaire too often or after you have already done so.

Third Party Cookies Third parties serve cookies via this site. These are used for the following purposes:

To serve advertisements on our site and track whether these advertisements are clicked on by users.

To control how often you are shown a particular advertisement.

To tailor content to your preferences.

To count the number of anonymous users of our site.

For website usage analysis.

Use of Web Beacons

Some of our Web pages may contain electronic images known as Web beacons (sometimes known as clear gifs) that allow us to count users who have visited these pages. Web beacons collect only limited information which including a cookie number, time and date of a page view, and a description of the page on which the Web beacon resides. We may also carry web beacons placed by third party advertisers. These beacons do not carry any personally identifiable information and are only used to track the effectiveness of a particular campaign.

Disabling/Enabling Cookies

You have the ability to accept or decline cookies by modifying the settings in your browser. However, you may not be able to use all the interactive features of our site if cookies are disabled.

To find out how to enable/disable cookies see www.allaboutcookies.org.

Order Execution Policy

1. IST Markets LTD

IST Markets LTD is required to inform its clients (you) as to the policies for execution of client Trades and Orders. This policy should be read in conjunction with the Client Agreement to understand IST Markets LTD's Order execution policy before use of IST Markets LTD's execution services. If there is anything you do not understand or seek clarification, please contact our Client Services Team.

2. IST Markets LTD

2.1 IST Markets LTD provides Contracts for Differences (CFDs) and Spot FX products to its clients covering a wide variety of financial markets and instruments. Every market quoted by IST Markets LTD is derived directly from an underlying financial instrument sourced from an exchange or from a wholesale quoting counterparty (i.e. FX quoting banks). IST Markets LTD determines which markets to quote, the times at which those markets are quoted; IST Markets LTD publishes via its trading platforms those quotes at a tight spread or with a mark-up on which clients may be able to trade.

2.2 IST Markets LTD takes all reasonable steps to ensure the best possible result for its' clients when executing client instructions.

3. TRADE EXECUTION POLICY

Where you provide us with specific instructions as to how to execute your trade or order, then this will remove the obligation from IST Markets LTD to take all reasonable steps to obtain the best possible execution result by the consequences of following your instructions. When we open and close trades for you, we will take all reasonable steps to achieve the best possible result for you by opening and closing those trades according to our Order Execution Policy and subject to any specific instructions received from you. In all other circumstances, when we execute a trade or order for you, we will take into consideration a number of factors that allow us to offer the best possible result. These are described further below. For Retail clients, this will mainly be determined by the price or spread, followed by the size and nature of the trade or order, and the speed and likelihood of execution and settlement. The most common factors are highlighted below.

3.1 Price - If your trade via the trading platform is accepted by IST Markets LTD then your trade will be executed at the price requested by you and at no other price. If your trade is made over the telephone then, assuming there is no 'price error', your trade will be executed at this price. If you trade via our platform on "Instant Execution" mode then the entire order is placed into the 'underlying market' and is filled at the best available price at that time.

3.2 Transaction Speed - In almost all circumstances, so 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 internet 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 us if the price at which you have attempted to trade is not representative of the 'underlying market' price when received by IST Markets LTD.

3.3 Trade Size - All trade execution is subject to size considerations. If the requested trade size is larger than IST Markets LTD is able to trade in the 'underlying market' instrument on the relevant exchange at that time then the entire trade or order may be rejected, but IST Markets LTD may offer greater liquidity than the 'underlying market' at its discretion. IST Markets LTD will not make a 'partial fill' of any trade except by agreement in the case of a telephone trade. Every market quoted by IST Markets LTD has an absolute minimum and maximum permitted and this can be found by clicking on the information icon button associated with each market, which can be found on the IST Markets LTD Trading Platform However, this maximum trade size may vary due to market conditions and is, at all times, at the discretion of IST Markets LTD.

3.4 General - In most cases an order, when triggered by market price action, will be filled at the same, or very close to the same, price as requested on your order request. If the market opens at the start of the trading day at a price sharply different to the closing price of the previous trading session any order whose activation price is between the closing IST Markets LTD quote of the previous day's trading close and the opening quote of the next day's trading session will be filled at the first price reasonably obtainable by IST Markets LTD with reference to the 'underlying market'.

3.5 Gapping and slippage - All orders (Stop Loss, Limit or New Order) are subject to slippage on the open market. In a situation where slippage occurs during trading hours, any buy order (new or limit) below the market or sell order (new or limit), above the market and sell orders (closing or stop), below the market or buy orders (closing or stop), or above the market, may be subject to slippage. If any market gaps from one quoted price to another due to any market sensitive piece of information (such as a profit warning or an economic data release), then any order in place between these prices will be activated. IST Markets LTD offers execution via a Dealing desk where it provides prices and execution and the client will be trading into IST Markets LTD 's liquidity. Please note there may be times where there is a limitation to liquidity, which can have an impact on your execution. IST Markets LTD treats all customers fairly and in the event of gapping passes the best price that is provided by one of IST Markets LTD 's liquidity providers or data feed providers will be passed on to the client. If at any time IST Markets LTD receives a price improvement on either of these order types then this price improvement will be passed onto the client. Due to limitation of accessing market depth on MT5 platform, and the inevitable latency issue and the size of the order, and nature of trading style, IST Markets LTD does not guarantee the execution and slippage will be better than any other model or other forms of execution available and IST Markets LTD will pass the fair market price to the client, in both Limit and Stop orders.

3.6 Market Hours - Aside from those markets defined as being quoted 'out of hours' no order will be filled outside of IST Markets LTD' specified quoting hours. Please note that markets continue to trade outside of the quoting hours offered by IST Markets LTD, and in these cases, there is significant potential of some gapping from one IST Markets LTD trading session to the next IST Markets LTD trading session. All orders in these markets will be subject to this gap in prices. Orders activated in 'out of hours markets' quoted by IST Markets LTD are treated as though the underlying instrument were open and trading at that level required to activate the order.

4. WORKING ORDERS

4.1 Both Limit and Stop orders may be cancelled by the client at any time but once an order has been activated it is unlikely that you will be able to cancel the whole transaction and you are obligated to accept any part of a worked order that is filled prior to cancelation.

5. CONNECTION FAILURE

In the exceptional instances where you face problems connecting to our servers and need to place, modify, erase, or close trades or require any type of action on or information regarding your online Trading Account, please contact the trading desk immediately on the contact details registered on IST Markets LTD Website.

Glossary of Terms

Client Agreement – The contractual agreement that you enter into when opening an account with IST Markets LTD. The terms relate to our CFD and Spot FX products. Execution venue - A location where financial instruments can be traded (i.e. the New York Stock Exchange, NYSE) IST Markets LTD is the sole execution venue for your trades placed via its internet portals or over the telephone.

Instant Execution - A term used by MetaQuotes Software Corp on the MetaTrader 5 trading platform and means traders do not have to request quotes but see real-time prices in their order window. This term can also be understood as precise execution, meaning the IST Markets LTD terminal sends the request to buy or sell at the price shown on the screen. Processing the trade once it has been placed may take a few seconds, dependent on internet and external connections, after which the order will be fulfilled. On rare occasions the exact price shown may no longer be available, if this is the case then a new price will be shown at which the trader can submit or cancel the order.

Market - An individual market on which you can make a trade.

Order - This is where you give an instruction to execute a trade at a price that is not currently available in the market but may be available at a future date/time.

Our Quote - The price quoted by us in each market via our trading platform or over the telephone.

Open Position - A situation where you have an exposure to a particular market due to the fact that you have an unexpired trade active on your account.

Trade - The action of making a trade using a quote given by IST Markets LTD to either open a position or to close (or part close) an open position.

Underlying Market - A financial instrument acquired from an execution venue or from a wholesale quoting counterparty which underlies the quote made by IST Markets LTD. For example, the FTSE Rolling Daily price is calculated with reference to the most liquid FTSE futures contract (commonly called the Front Month) plus or minus a Fair Value (FV), which is comprised of 'cost of carry' time value plus any expected dividend component between now and the expiry of the FTSE future. So, the 'underlying market' for the FTSE Daily Rolling market is the FTSE future (not the FTSE 100 index itself).

Risk Disclosure

This brief statement does not disclose all of the risks involved in trading spot foreign exchange, spot metals and other off-exchange derivative contracts. Customer should undertake such transactions only if it understands the nature of the financial markets and products offered, and the extent of the Customer’s exposure to risk. Trading in these instruments is not suitable for many members of the public. Customer should carefully consider whether trading is appropriate for Customer in light of its experience, objectives, financial resources, and relevant circumstances.

Effect of "leverage" or "gearing"

Transactions in spot foreign exchange, spot metals and other off-exchange derivative contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the contract, so that transactions are “leveraged”. A relatively small market movement will have a proportionately larger impact on the funds lodged by the Customer. This may work against you as well as for the Customer. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

Risk reducing orders or strategies

Placing of certain orders (e.g., ‘stop-loss’ or ‘stop-limit’ orders) that are intended to limit losses may not always be effective due to hectic market conditions or technological limitations that may make it impossible to execute such orders. Strategies using combinations of positions, such as hedging strategies, may be as risky as taking ‘long’ or ‘short’ vanilla positions.

Restriction of trading and pricing relationships

Illiquid Market conditions, changes in government regulation or trading restrictions with respect to certain markets may increase the risk of loss by making it difficult or impossible to affect transactions or liquidate/offset positions. IST Markets LTD will bear no liability for any failure to affect any such transactions should such events arise. Off-exchange transactions (over the counter) may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

Week-end risk

The markets are generally closed for trading during week-ends when various news events and developments may arise causing the markets to open at a significantly different price from where they closed on Friday. Customers will not be able to use the IST Markets LTD online trading software to place orders when the markets are closed. There is a substantial risk when no stop-loss orders are left to protect open positions held over weekends, especially when the markets open at levels significantly worse than their specified price.

Electronic trading risk

In case of system failure or other interruption, orders may not be executed according to Customer’s instructions or Customer may not be able to place or change orders. IST Markets LTD shall not be liable for any such failure of hardware or software, system downtime or communications interruption. Further, IST Markets LTD does not warrant that Customer will be able to maintain a continuous and uninterrupted link with the internet and shall have no liability for any such failure.

OTC and off-exchange transactions

Unlike the regulated exchanges, there are no limits on daily price movements when trading OTC instruments and other off-exchange derivatives. Therefore not all of the Customer protections generally found in the regulated exchange markets are present in the OTC instruments and off-exchange derivatives. OTC and off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before undertaking such transactions, Customer should familiarize itself with applicable rules and risks.

Counter party risk

Customer enters a trade and opens a position with IST Markets LTD in its capacity as a counter party. IST Markets LTD online trading software is not a marketplace or an exchange. There are no guarantees to the credit worthiness of IST Markets LTD. IST Markets LTD has the right, in its sole discretion, to cease trading in any OTC and off-exchange derivative instrument at any time, and in such event, Customer will be prevented from liquidating an adverse position. Such actions may result in a substantial loss to Customer.

Introducing brokers and other affiliations

Customer may be introduced to IST Markets LTD by an Introducing Broker. It is important to note that IST Markets LTD and Introducing Broker are separate and independent from one another without an employee, agency or partner relationship.

IST Markets is a brand name of IST Markets LTD (Mauritius), IST Markets Ltd (St. Vincent and The Grenadines)