1. This document contains the terms and conditions which shall govern transactions and/or trading between you ("the Customer") and First World Trader (South Africa) (Pty) Ltd, trading as GT247 ("the Company"), ("the Trading Terms and Conditions"). In addition to the Trading Terms and Conditions, the Customer will also be bound by the Website Terms and Conditions which appear on this GT247 Web site ("this Web site"). To the extent that there is any conflict between the provisions of the Trading Terms and Conditions and the Website Terms and Conditions, the provisions of the Trading Terms and Conditions will prevail.

2. Application to trade with the Company

2.1 Prior to entering into any transaction involving the opening or closing of a position in respect of a product provided by the Company ("Trade") or involving an order to Trade in the future at a specified price ("Order"), the Customer must comply with the Company's application and authentication requirements and the Customer is required to:

2.1.1 register with the Company to obtain a GT247 customer account ("the GT247 Account"), ("the GT247 Registration"); and

2.1.2 apply for and obtain a call futures account, to be held by the Customer and in the Customer's name ("the Trust Account") with the Standard Bank of South Africa Limited or any other bank or financial institution nominated by the Company ("the Bank"), ("the Trust Account Application").

2.2 In order to register with the Company to obtain the GT247 Account, the Customer must complete the registration form, which appears on the relevant page of this Web site ("the Registration Form"). No other form of application is permitted.

2.3 In order to apply for the Trust Account, the Customer must:
2.3.1 print the Mandate and Notice of Acceptance of the Trading Terms and Conditions which appears on this Web site ("the Acceptance Notice");

2.3.2 complete the information required on the Acceptance Notice;
2.3.3 sign and initial the Acceptance Notice;

2.3.4 fax the signed, completed Acceptance Notice to the Company.

2.4 By signing the printed Acceptance Notice, the Customer is agreeing to be bound by the Trading Terms and Conditions and agrees to the contents of the Acceptance Notice.

2.5 The Customer may not enter into any Trade or Order with the Company, unless the GT247 Registration and the Trust Account Application have been successfully completed. Notification of the success of the Trust Account Application will take place by telephone, electronic mail or post.

2.5 As part of the Trust Account Application process, the Company may perform certain checks to establish the Customer’s identity and also reserves the right to perform credit checks which it may deem appropriate in its sole discretion, which credit checks may include (without limitation) queries at the Customer’s bank and/or a credit reference agency. The Customer, by submitting the Acceptance Notice, consents to the performance of these checks.

2.6 Following the successful completion of the GT247 Registration and the receipt by GT247 of the Acceptance Notice, the Company will attempt to open the Trust Account for and on behalf of the Customer.

2.7 Without limiting the generality of the other provisions of this clause 2, the Company will only accept the Trust Account Application if it succeeds in opening the Trust Account on behalf of the Customer. The Company shall not be responsible for any refusal or failure of the Bank to open the Trust Account for any reason.

2.8 The Company reserves the right to refuse the GT247 Registration and/or the Trust Account Application in its absolute discretion. The Company is not obliged to provide reasons for any refusal.

3. Trust Account

3.1 In the event that the Trust Account Application is successful, the Company will provide the Customer with the account number of the Trust Account by electronic mail.

3.2 Should the Customer wish to transfer or deposit any funds into the Trust Account, such transfer or deposit must be denominated in South African Rands and must be made into a banking account nominated by the Company ("the Company's Deposit Account"). Unless otherwise notified by the Company, the Company’s Deposit Account details are as follows: Standard Bank, Sandton Branch number 019205, account 420956506. When the Company has received confirmation from the relevant banking or financial institution that a transfer or deposit of funds has cleared, the funds will be transferred by the Company from the Company's Deposit Account to the Trust Account as soon as possible.

3.3 When making any deposit or payment, the Customer must clearly indicate the Trust Account number as a reference number. The Company will not be responsible in the event that the Company does not receive the correct reference number or if the Customer fails to provide the correct reference number.

3.4 All funds reflected in the Trust Account shall be retained in the name of the Customer and in the event of the liquidation or sequestration of the Company or any other customer, such funds will remain the property of the Customer.

3.5 The Customer shall be required to maintain a minimum balance of R500, excluding any Margin which may be paid in terms of clause 8, in the Trust Account at all times ("the Minimum Balance").

3.6 In the event that the Customer has any queries or requests relating to the Trust Account, these must at all times be addressed directly to the Company and should not be directed at the Bank.

3.7 The Customer's Trust Account and the GT247 Account will be denominated in South African rands. All payments by the Company will be made in South African rands and will be made in the form of a cleared crossed cheque naming the Customer, or by means of direct electronic funds transfer.

3.8 The Customer will not be entitled to close the Trust Account or make any withdrawal from the Trust Account without the prior written consent of the Company.

3.9 Subject to the provisions of clause 3.8, the Customer will be entitled, upon request by the Customer, to a refund of any funds remaining in the Trust Account which exceed the Minimum Balance, any Margin and/or Additional Margin presently held in the Margin Account and any amounts which are due or owing by the Customer.

3.10 The Customer will be paid interest on all funds held in the Trust Account. The amount of interest will be determined by the Bank in its sole discretion. Subject to variation by the Bank, GT247 has initially negotiated top interest rates for its customers' Trust Accounts at 8.75% per annum for amounts below ZAR100,000 and 9.5% per annum for amounts above ZAR100,000.

3.11 The Customer may not assign, dispose of, charge or subject to any encumbrance any collateral or money that the Customer places with the Company or deposits into the Trust Account.

3.12 The Company shall have full power and authority to withdraw any funds from the Trust Account which may be due, owing or payable to the Company or any third party by the Customer, including, but not limited to, any Margin or loss or liability incurred by the Customer relating to a Trade.

4. The Customer's GT247 Account number and password

4.1 In the event that the GT247 Registration is successfully completed, the Customer will be designated a unique GT247 Account number and will also be required to select a password.

4.2 In no circumstances should the Customer disclose its password or GT247 Account number to any other party, other than authorised representatives of GT247. If the Customer suspects that any third party has gained access to the GT247 Account number and/or the Customer's password, the Customer should contact the Company immediately so that a new GT247 Account number and password may be allocated to the Customer.

4.3 It is the responsibility of the Customer to keep any record of the GT247 Account number and the Customer's password in a secure place and confidential and the Company shall not be responsible for any unauthorised use of the Customer’s password or GT247 Account number.

4.4 The Customer accepts responsibility for all information submitted to the Company together with the Customer's GT247 Account number and/or password. In the event that any information submitted to the Company is erroneous for any reason, the Customer accepts full responsibility arising from the submission of such information to the Company.

5. GT247's products

5.1 The products offered by GT247 are created by GT247. The description and prices of the products offered by GT247 are, however, based on financial products, instruments, and securities existing on independent markets ("the Underlying Markets").

5.2 Notwithstanding the above, the products offered by GT247 are independent of the products being traded on the Underlying Markets and the spreads offered by GT247 will not be tied to the spreads in respect of products on the Underlying Markets. By trading in the products offered by GT247, the Customer acknowledges that it does not obtain any right, title or interest in any products existing on the Underlying Markets.

5.3 The Company has the right to vary the prices of a particular product with or without notice to the Customer especially in, but not limited to, situations of volatility of the Underlying Markets.

6. Trading with the Company

6.1 The Customer may give an instruction to either execute a Trade or to place an Order ("a Trading Instruction") telephonically or by using the relevant part of this Web site ("the Trading Application").

6.2 A Trading Instruction will only be considered and executed by the Company during the Company's market hours for that particular product, as detailed in the product specifications section on this Web site. A Trading Instruction which is placed outside the product’s market trading hours will not be considered or executed until the next opening of that market

6.3 The submission by the Customer of a Trading Instruction where the Customer wishes to open a new position in respect of a particular product, must contain the following information:

• a description of the product in respect of which the Customer wishes to open a new position;
  
• the bid or offer price of the product in respect of which the Customer wishes to open a new position ;
  
• the amount per point ("Risk") at which the Customer wishes to trade in the product;
  
• the type of Trade or Order which the Customer wishes to place (i.e. "fill or kill", "at market" or "at market with limit");
  
• the price of the product at which the Customer wishes the Company to close the Customer's position arising out of that particular Trade in the event that the Customer is incurring a loss or liability in respect of such Trade ("Stop Loss"); and
  
• if applicable and at the option of the Customer, the price of the product at which the Customer wishes the Company to close the Customer's position arising out of that particular Trade in the event that the Customer has made a profit or gain in respect of such Trade ("Take Profit").
  

6.8 The Customer will receive electronic confirmation that the Company has executed a Trade or accepted an Order. This electronic confirmation will set out the terms of the Trade or the Order and will include a Trade identity number or an Order identity number (as the case may be) ("the Identity Number"). The receipt or non-receipt of a confirmation is not determinative of whether a Trade has been executed or a Trading Instruction accepted. If the Customer does not receive an electronic confirmation, the Customer is responsible for making the necessary inquiries to the Company. A Trade or an Order will be deemed to be executed or accepted upon acceptance by the Company of the Trading Instruction.

6.9 The Company does not warrant that it will execute a Trade or fill an Order to which a Trading Instruction relates at the price stipulated by the Customer in the Trading instruction or Order. The price of a product at the time of opening the Customer's position in respect of a Trade in that product or filling an Order relating to that product, may differ significantly from the price detailed in the Trading Instruction or Order, depending on market conditions. The Company will not be held responsible for any failure to execute a Trade or fill an Order at the price stipulated in a Trading Instruction or in the Order and the Customer hereby agrees to be bound to the price of the particular product at the time that the Company executes a Trade in respect of that product.

7. Closing of trades

7.1 The Customer can at all times close its position in respect of a Trade by using the Trading Application or by telephone. The submission by the Customer of an instruction to close a position in respect of a particular Trade, must contain the following information:
 a description of the product which the Customer has traded in;
 the relevant Identity Number in respect of which the Customer wishes to close his position; and
 the price of the product to which the Trade relates at which the Customer wishes to close its position.
7.2 Subject to the other provisions of this clause 7 and clause 8.5, the Customer's position in respect of a Trade will be closed by the Company:
 on the date of the expiry of the product to which the Trade relates; or
 when the current price of the product reaches or exceeds the Stop Loss or the Take Profit.
7.3 The Company does not warrant that it will close the Customer's position in respect of a Trade at the Stop Loss, the Take Profit or following an instruction from the Customer to do so. The price of a product at the time of the closure of the Customer's position in respect of a Trade in that product may differ significantly from the Stop Loss, the Take Profit or the price at which the Customer had requested its position to be closed, depending on market conditions. The Company will not be held responsible for any failure to close a trade at the Stop Loss, the Take Profit or following an instruction from the client to do so and the Customer hereby agrees to be bound to the price of the particular product at the time that the Company closes the trade in respect of that product.

7.4 Notwithstanding the provisions of these Trading Terms and Conditions, the Company may in its sole discretion, at any time and without notice to the Customer, cancel any Order or close any of the Customer's existing positions in respect of any Trades in the event of:
 the Customer’s failure to make any payment as and when it becomes due to the Company;
 the Customer being placed under provisional or final liquidation (by the court or voluntarily) or under provisional or final receivership or judicial management, or becomes insolvent, or compromises or attempts to compromise with any of its creditors; or
 the Customer's breach or failure to comply with the Trading Terms and Conditions or the Website Terms and Conditions.
7.5 The Company shall not be liable to the Customer for any improvement in the price of a product which occurs after the Customer's position in respect of a Trade in that product has been closed.

8. Margin

8.1 As a condition of executing a Trade in respect of which the Customer wishes to open a new position and/or maintain a position open in respect of a Trade, the Company will hold funds as security for payment of any losses which the Customer may incur as a result of that Trade (“Margin”). The Margin will be held in the banking account held by the Company for the purpose of trading ("the Margin Account").
8.2 Margin in respect of a Trade will be set and varied from time to time and the Company may use its sole discretion in setting a Margin, taking into account any relevant factors, including, but not limited to:
 the amount of funds in the Trust Account;
 the size of any Trade, Order, series of Trades or series of Orders that the Customer has entered into or wishes to enter into; and
 the amount of any loss or liability to which the Customer may be exposed.

8.3 The relevant Margin will be transferred by the Company from the Trust Account into the Margin Account simultaneously with the execution of the Trade, or as soon as possible thereafter.
8.4 The Margin held by the Company does not limit the Customer’s liability for losses to the Company. The Customer must monitor its current and potential losses or liabilities and may not rely on the Company to do so.
8.5 The Company may in its sole discretion close the Customer's position in respect of any Trade without notice to the Customer, immediately upon any loss or liability to which the Customer may be exposed in respect of that Trade exceeding the margin. If the Company does not close or terminate any such Trade and the Customer continues to be exposed to potential loss or liability in excess of the Margin in respect of the Trade, the Company may
 close the Customer's position in respect of any or all Trades; and
 decline to accept any further Trades or Orders or enter into any further transactions, unless funds are deposited by the Customer with the Company which are equivalent to such loss or liability to which the Company believes the Customer to be exposed and which exceeds the Margin in respect of that Trade ("Additional Margin").

8.6 Additional Margin will be transferred by the Company into the Margin Account. The Margin and Additional Margin received by the Company in respect of a particular Trade will be deposited back into the Trust Account after the Customer's position in respect of that Trade has been closed.
8.7 The Customer waives all rights to interest on any funds held in the Margin Account.
8.8 In the event the applicable credit card authority or paying agent declines to transfer funds to the Company for any reason whatsoever, the Company may treat any Trade which arose in reliance upon receipt of the funds as void ab initio and the Company shall be entitled to recover any losses arising from closure or termination of the Trade from the Customer.

9. Settlement

10. In the event that the Customer incurs any losses arising out of a Trade and/or any amounts become owing by the Customer to the Company, such losses or amounts are immediately due and payable to the Company by the Customer.

10.1 Should any amounts be due, owing and/or payable by the Company to the Customer, such amounts will be paid to the Customer after the Customer's position in respect of a Trade to which the amounts relate has been closed.
10.2 In the event that any amount due by the Customer is not received within 1 business day of becoming due, the Company reserves the right to charge interest at the rate of 3% per month on such amount and the Customer indemnifies the Company against any costs or expense (including all legal costs) which the Company may incur, either before or after the commencement of any legal action, to recover the requisite payment as a result of Customers failure to make payment within the stipulated period.
10.3 All payments by the Customer must be denominated in South African rands and must be made into a banking account nominated by the Company. When making any deposit or payment, the Customer must clearly indicate the reference number provided to the Customer by the Company. The Company will not be responsible in the event that the Company does not receive the correct reference number or if the Customer fails to provide the correct reference number.
10.4 The Company may at any time set-off any liabilities owed by the Company to the Customer against any amount owed by the Customer to the Company.

11. Account Statements

11.1 The Customer will be provided with a monthly statement relating to the Customer’s GT247 Account.

11.2 The Customer will also receive a monthly statement from the Bank relating to the balance, transactions and interest received concerning the Trust Account.

12. No Warranties

12.1 The Company gives no undertakings, nor makes any representations, nor gives any warranty (whether express or implied) that the Customer will have access to this Web site.

12.2 The Company makes no warranties (whether express or implied), representations, or guarantees as to accuracy, merchantability, fitness for any particular purpose or otherwise with respect to the electronic system made available to the Customer on the Internet through which Customer may receive information from the Company or send information to the Company (“the System”), or its content, or any documentation or any hardware or software provided or used by the Company. Technical difficulties could be encountered in connection with the System. These difficulties could involve, among others, failures, delays, malfunction, software erosion or hardware damage, which difficulties could be the result of hardware, software or communication link inadequacies or other causes. Such difficulties could lead to possible economic and/or data loss. In no event will the Company or its affiliates or any of their employees be liable for any possible loss (including loss of profit or revenue), cost or damage including, without limitation, consequential, unforeseeable, special or indirect damages or expense which might occur as a result of or arising out of using, accessing, installing, maintaining, modifying, deactivating or attempting to access the System or otherwise.

13. Disputes

13.1 Any query or dispute which the Customer may have relating to a Trade, an Order, an electronic confirmation or an GT247Account statement provided to the Customer by the Company, must be addressed by the Customer to the Company as soon as Customer becomes aware of same and in any event within four business days of the date that the Trade was executed or the Order accepted or the date that the Customer was provided with the electronic confirmation or the GT247 Account statement (as the case may be), ("the Notification Period").

13.2 The Company will not be liable to the Customer in respect of any query or dispute not referred to it during the Notification Period and the Customer agrees that this time period is fair and reasonable.

13.3 The Customer will, in the absence of a Manifest Error (as defined in clause 15 below) be bound by and deemed to have acknowledged the content of any GT247 Account Statement or electronic confirmation provided to it by the Company, unless the Customer has notified the Company to the contrary within the Notification Period.

13.4 Without prejudice to the foregoing, if an electronic confirmation is received by Customer for a Trade or Order allegedly not entered into by or on behalf of the Customer, the Company must be notified immediately.

13.5 No query with regard to any Trade or Order will be considered by the Company unless the Customer can provide the relevant Identity Number, time and date that the Trade was executed or the Order accepted.

13.6 In the event that a situation or dispute arises which is not specifically covered by the Trading Terms and Conditions, the Company shall be entitled to construct such rules or further terms in relation to such matter, or otherwise resolve the dispute, on the basis of good faith and fairness and, where appropriate, consistency with other comparable terms or rules of the Company or their spirit and any applicable or comparable market conventions or practice.

14. Status Representation and Warranties

14.1 Unless the Company has agreed otherwise in writing, the Customer shall be directly and personally responsible for performing its obligations relating to every Trade and Order and the Customer shall indemnify the Company in respect of all liabilities, losses or costs of any kind or nature whatsoever which may be incurred by the Company as a direct or indirect result of any failure by the Customer to perform any of such obligations.

14.2 Any change to the details supplied by the Customer on the Registration Form, must be immediately notified to the Company in writing and will only take effect once the Company has received and processed such notification.

14.3 The Customer represents and warrants to the Company, and agrees that each of the following representations and warranties shall be deemed to be repeated each time the Customer enters into a Trade or an Order with the Company:

14.4 the information the Customer provided to the Company in its Account Application Form, the Acceptance Notice or on the Registration Form and at any time thereafter is true and accurate in all material respects;

14.5 the Customer is over 18 years old and is duly authorised to agree to these Trading Terms and Conditions, to enter into each Trade or Order with the Company and to perform its obligations hereunder and thereunder;

14.5.1.1 the Customer has obtained all necessary authorisations to enter into any Trades and Orders or to perform any obligations relating to such Trades and Orders (including any necessary governmental authorisations);

14.5.1.2 the agreement to these Trading Terms and Conditions, the entry into any Trade or Order or performance of any obligation hereunder will not violate any law, ordinance, charter, by-law, regulation or articles or memorandum of association relevant to the Customer;

14.5.1.3 the Customer acts as principal and any person representing the Customer in entering into a Trade or Order will have been, and (if Customer is not an individual) the person signing the Account Application form on its behalf is, duly authorised to do so on Customer’s the behalf; and

14.5.1.4 the Customer's actions are lawful under applicable laws of any jurisdiction to which the Customer may be subject. The Customer gives a warranty to the Company that the Customer is not excluded to enter into a Trade or Order with the Company.

15. Trading Decisions and Information

15.1 All decisions made by the Customer are done so in reliance on its own judgment only and at the Customer’s own risk.
15.2 The Company will not advise the Customer about the merits or suitability for the Customer of any particular Trade or Order, but the Company may at its discretion give statements regarding procedures, risks attaching to transactions, ways of minimising risks and factual market information, products or instruments in which the Customer is trading, including such information that may be historical.
15.3 Any information provided by the Company is offered in good faith and without any warranty or representation that such information is correct, accurate or suitable for any particular purpose. The Company will not be responsible for the accuracy or otherwise of such information. The Customer must rely solely on its own judgment and information before trading and, where necessary, seek independent advice. It is the Customer’s responsibility to be aware of all terms, conditions, rules and regulations that govern a market, product or trade before the Customer enters into any Trade or Order.
15.4 While reasonable efforts will be made to ensure the accuracy of advertised prices, because of fluctuation in prices, markets, products and instruments and the nature of derivatives trading, such prices should be considered as an indication only.

16. Manifest Errors

16.1 A “Manifest Error” means a manifest or obvious misquote by the Company having regard to the current market conditions at the time an instruction, including a Trading Instruction, Trade or an Order is submitted and/or accepted and/or is executed. The Company, for this purpose, may take into account all information in its possession including without limitation information concerning all relevant market conditions (including the Underlying Markets), any error in, or lack of clarity of, any information source, commentator, official, official result or pronunciation.

16.2 The Company will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly towards the Customer but the fact that Customer may have entered into, or refrained from entering into, a corresponding financial commitment, contract or trade in reliance on a Trade or Order entered into with the Company (or that Customer has suffered or may suffer any consequential or indirect loss) shall not be taken into account by the Company in determining whether there has been a Manifest Error.

16.3 The Company reserves the right to declare any Trade, instruction or Order involving or deriving from a Manifest Error as being null and void or to amend the details of such a Trade, Order or instruction to reflect what the Company considers in its sole discretion, acting in good faith, to be the correct or fair details of such a Trade, Order or instruction absent such Manifest Error/s.

17. Force Majeure

17.1 The Company may in its reasonable opinion determine that an emergency or exceptional market condition exists (a “Force Majeure Event”), including but not limited to:

17.1.1.1 any act outside of the Company's control, including but not limited to storms, floods, fires, earthquakes, other natural disasters, power failures, unavailability of equipment, strikes, lockouts, boycotts, and actions of the civil and military authorities, changes in laws, rules, regulations or orders which relate to the matters addressed in these Trading Terms and Conditions and compromise the Company's ability to comply with these Trading Terms and Conditions;

17.1.1.2 any act, event or occurrence (including without limitation any strike, riot or civil commotion, interruption of power supply or electronic, communication or information system) which in the Company’s opinion prevents the Company from maintaining an orderly market in one or more of the indices, products or instruments in respect of which the Company ordinarily enters into trades,

17.1.1.3 the suspension or closure of any market or the abandonment or failure of any event upon which the Company bases, or to which the Company may relate, its prices or the imposition of margin, or special or unusual terms on the trading in any such market, product or instrument or on any such event; or

17.1.1.4 the occurrence of an excessive movement in the level of, or the excessive loss of liquidity in, any of the Company’s indices, products, instruments and/or any corresponding market or the Company’s reasonable anticipation of the occurrence of the same.

17.2 If the Company determines that a Force Majeure Event exists then the Company may in its absolute discretion (without prejudice to any other rights it may have):

17.2.1.1 increase Margin requirements;

17.2.1.2 close any or all of the Customer's positions in respect of Trades presently in existence at such level as the Company considers in good faith to be appropriate in all the circumstances – and, in the absence of fraud or bad faith, the Company shall not be liable to Customer for any losses or lack of profit Customer may suffer by reason thereof;

17.2.1.3 cancel any Orders;

17.2.1.4 suspend, terminate or modify the application of any or all of these Trading Terms and Conditions to the extent that it is impossible or impractical for the Company to comply with them;

17.2.1.5 alter the trading times for a particular index, product or instrument; or

17.2.1.6 take or omit to take all such other actions as the Company deems appropriate in the circumstances to protect it and its customers as a whole.

18. Information and Intellectual Property

The Customer acknowledges and agrees that:
18.1 the copyrights, trade marks, trade names and all other intellectual property or other rights existing in any information distributed to or received by the Customer whether sent by or on behalf of the Company by any means whatsoever (including but not limited to the Internet), together with any advertising media, Web site or other material connected to services provided by the Company hereunder and in any databases that contain or constitute the information, vest in the Company and/or third parties and shall remain the sole and exclusive property of the Company and/or such third parties;
18.2 the Customer shall not permit or facilitate, and shall take steps to prevent, any sale, re-distribution, dissemination, re-publication or re-display of the items referred to in clause 17.1, however received, to any third party.
18.3 the Customer shall not permit or facilitate the reverse engineering, development, modification, customisation, copying or decompiling of any item referred to in clause 17.1, including, but not limited to, any computer program, application or software. The term "reverse engineering" shall include, without limitation, any action to circumvent a technological measure, or to circumvent protection offered by a technological measure, that effectively controls access to a particular portion of a computer program for the sole purpose of identifying and analysing those elements of the program that are necessary to create a new or derived computer program or to achieve interoperability of an independently created computer program with other programs for the exchange and use of information.

19. Unsolicited Calls

The Customer authorises the Company to telephone or otherwise contact the Customer at any time whatsoever in order to discuss any aspect of the Company’s or its associated companies’ business.

20. Termination

Subject to the provisions of clause 22 and the Acceptance Notice, either party may terminate these Terms and Conditions on written notice to the other, without prejudice to accrued rights and remedies and the existence and enforceability of the Trading Terms and Conditions to any outstanding Orders or positions which remain open in respect of any Trades, which shall continue until executed and/or closed in accordance with these Trading Terms and Conditions.

21. Waiver

The Company is entitled to waive or relax any of these Trading Terms and Conditions from time to time with or without notice to the Customer. No failure or delay or relaxation by the Company of these Trading Terms and Conditions shall operate as a general waiver of the relevant term, condition, right or power and no partial or single exercise of any term, condition, right or power shall preclude any other or further exercise of some or any of the Company’s other rights and remedies against the Customer. In particular, not without limitation, where these Trading Terms and Conditions specify certain limits or parameters relating to the Customer's trading activities or margin requirements, the Company shall be entitled from time to time and with or without notice to the Customer, to allow the Customer to breach such limits.

22. Entire Agreement

The Trading Terms and Conditions set out herein (and in any other document referred to or incorporated by reference) shall constitute the whole agreement between the parties save as otherwise expressly agreed in writing.

23. Liability

23.1 The Company shall in no circumstances, except fraud on the part of the Company, be liable to the Customer for any loss, cost, claim, demand or expenses the Customer or the Company may suffer (including an indirect or consequential losses) resulting from a Manifest Error.

23.2 The Company shall have no liability whatsoever to the Customer for any loss or damage the Customer may suffer, unless as a direct result of wilful default or gross negligence by the Company.

23.3 Nothing in these Trading Terms and Conditions shall exclude or restrict any duty or liability owed by the Customer to the Company.

23.4 The Customer hereby indemnifies the Company and undertakes to keep the Company indemnified on demand in respect of all liabilities, costs, claims, demands and expenses of any nature whatsoever which the Company may suffer, or incur as a direct or indirect result of any failure by the Customer to perform any of the Customer’s obligations under these Trading Terms and Conditions .

24. Variation

The Company reserves the right to alter the Trading Terms and Conditions . Any changes in the Trading Terms and Conditions will be communicated to the Customer by electronic mail and the Customer will thereafter be bound by such changes. All actions taken by the Customer after the revised Trading Terms and Conditions are received by the Customer, will be subject to such revised Terms and Conditions. For the avoidance of doubt, unless the Customer can prove the contrary, an electronic mail communicating any changes to the Trading Terms and Conditions will be deemed to have been received by the Customer on despatch of the electronic mail by the Company.

25. Taxes

The Customer is responsible for all taxes that may arise in relation to any Trades. The Company shall not be responsible for any taxes that may arise as a result of a change in law or practice, or where individuals pay tax in a jurisdiction other than the Republic of South Africa. Furthermore, the Company shall not be responsible for notifying Customers of tax law or practice relating to a Customer's activities or to changes in such laws or practices.

26. Evidence

The Customer hereby agrees that, notwithstanding any relevant law or legislation, in any dispute, legal proceedings or dispute resolution procedure involving the Customer and the Company, any reproduction, copy or computer print-out, which is produced by the Company, of any information generated, displayed, sent, received or stored by electronic, optical or similar means, including, but not limited to, any text or graphics displayed on this Web site and any electronic mail , will constitute prima facie proof of the contents thereof, unless the Customer can prove to the contrary.

27. Notices

27.1 Any notice from the Company (including without limitation any demand or statement or electronic confirmation) under or in connection with these Trading Terms and Conditions may be oral or in writing.

27.2 Notices, including legal notices and legal process, or other communications to the Customer may be made to the Customer’s last known home address, place of work, telephone number (including a telephone answering machine), fax number, e-mail address or other contact details.

27.3 Any notice from the Customer to the Company for all purposes hereunder must be delivered to either of the following addresses ("the Company's domicilium citandi et executandi"):

Physical address

Ground Floor, Export House
71 Maude Street
Sandton
2146
South Africa

Postal address

Postnet Suite 337
Private Bag X6
Benmore
2010
South Africa

or such other addresses as the Company may at any time advise the Customer.

27.4 Any notice from the Customer to the Company must be in writing.

27.5 Subject to the provisions of clause 26.3,any notice shall be deemed to have been duly given when received or given as follows, whichever is the earlier.

27.5.1.1 if delivered by hand, on the date of delivery;

27.5.1.2 when left at Customer’s last known home or work address
27.5.1.3 if given by leaving a telephone answering machine message or voice mail message, one hour after the message being left on the relevant medium;

27.5.1.4 if sent by registered mail, on the fifth day after posting (excluding Sundays and public holidays);

27.5.1.5 if sent by electronic mail, one hour after sending, provided no ‘not sent’ or ‘not received’ message is received from the relevant service provider/s.

28. Assignment

28.1 The Customer shall not be entitled to cede or assign the Trading Terms and Conditions without the prior written consent of the Company. No assignment of the Trading Terms and Conditions or any rights hereunder shall relieve the Customer of any of its obligations or liabilities hereunder.

28.2 The Company may without notice assign any part of its rights or obligations under the Trading Terms and Conditions to any current or future affiliate or cause such entity to perform hereunder. For the purpose of the Trading Terms and Conditions ‘affiliate’ shall mean any company or partnership controlled by, or controlling, or in common control with the Company. A person, company or partnership shall be deemed to control another person, company or partnership if the former person, company or partnership possesses, directly or indirectly, the power to direct, or cause the direction of, the management and policies of the other person, company or partnership whether through the ownership of voting securities or partnership interests, representation on its board of directors or similar governing body, by contract or otherwise.

29. Interpretation

29.1 In these Trading Terms and Conditions, unless the context clearly indicates the contrary intention:

29.1.1 words and expressions which have been defined will have the meanings assigned to them and cognate expressions shall have corresponding meanings;

29.1.2 words importing:

29.1.2.1 any one gender include the other two genders;

29.1.2.2 the singular include the plural and vice versa; and

29.2 clause headings shall not be used in the interpretation of these Trading Terms and Conditions;

29.2.1 where any number of days are prescribed in the Trading Terms and Conditions, same shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a Saturday, Sunday, or Public Holiday, in which case the last day shall be the next succeeding day which is not a Saturday, Sunday or Public Holiday.

30. Governing Law

Subject to the provisions of clause 12, these Trading Terms and Conditions and all business transacted between the Company and Customer shall be governed by, and shall be construed in accordance with, the laws of the Republic of South Africa and the parties submit to the exclusive jurisdiction of the courts of the Republic of South Africa.