Customer Agreement for

Retail Clients

CUSTOMER AGREEMENT
FOR RETAIL CLIENTS

-FOREIGN EXCHANGE-
-BULLION-
-CONTRACTS FOR DIFFERENCE-

HY Markets is the trading name of Henyep Capital Markets (UK) Ltd.

Authorised and regulated by the FCA
28 Throgmorton Street, EC2N 2AN, UK
Email: [email protected]
This Agreement is entered into between Henyep Capital Markets as mentioned in a) above. The treatment of any remaining
(UK) Limited trading as HY Markets (HY Markets, we or us) balance will be resolved by our Compliance Department.
and you (the Client or you) HY Markets is authorised and
regulated by the UK Financial Conduct Authority (the FCA).
Henyep Capital Markets (UK) Limited is incorporated in the UK
(registered number 2878581), has its principal place of business Status Disclosure
at 28 Throgmorton Street, London EC2N 2AN and has its
registered office at 150 Aldersgate Street, London EC1A 4AB. As a result of certain FCA rules, it is important that we are aware
of which of our customers are officers, directors or employees of,
This Customer Agreement, together with HY Markets Terms of or otherwise associated in any way with, any bank, investment
Business (collectively this Agreement) describes the terms and business or other regulated financial services entity or are close
conditions applicable to the HY Markets account or accounts family members of such persons. It is important that you inform us
(collectively the Account) opened at HY Markets in the name of at the time of opening your Account if you fall within this category,
the Client in order for the Client to enter into transactions in spot whether the company is regulated in the UK or anywhere else in
foreign exchange (spot forex) and contracts for difference the world. If you do not inform us and we later determine that you
(CFDs) on foreign exchange, bullion, commodities, indices and are within this category we shall have the right in our absolute
listed equity securities (collectively Transactions and each a discretion to close out all Transactions and/or the Account in
Transaction) and for the Clients access to the web site, trading accordance with Clause 9.3.
platforms, account services and administrative support of HY
Markets. All Transactions are subject to the terms and conditions We provide an execution only service. We do not provide
of the Agreement and our Terms of Business and any additional advice in relation to Transactions. You enter into all
terms you may seek to introduce from time to time will only be Transactions at your own risk.
binding upon us if they are in writing and signed by a duly
authorized HY Markets officer or Director. Your particular attention is drawn to the Risk Warning Notice,
which is Schedule 1 to this Customer Agreement. The Risk
You confirm that the terms on which you will enter into spot forex Warning Notice describes the major risks of spot forex and CFD
and CFD Transactions are clear to you and that you understand trading. It cannot and does not disclose all of the risks of trading
and accept the terms of this Agreement under which you will in spot forex and CFDs.
enter into Transactions for the Account. Accordingly, please read
this Agreement carefully and confirm that you agree to all terms HY Markets has requested information concerning your
and conditions in order to open the Account. If there is anything investment trading history and experience in order to assess the
you do not understand or to which you do not want to agree, appropriateness of spot forex and CFD trading for you. If you do
please contact our Customer Services Team at not provide such information HY Markets will not be able to
[email protected]. assess the appropriateness of spot forex and/or CFD trading for
you.
Qualifying Accounts
You warrant that all information and documentation provided by
Certain HY Markets accounts and services are offered only to you to us is true, accurate and complete in all material respects
clients meeting qualifications for such accounts established by us and where you provide copies of documents to us you warrant
from time to time. If we determine in good faith at any time that that they are true copies of the originals. Breach of this warranty
you do not meet the relevant qualifications, we shall have the is an Event of Default which gives HY Markets the right to close
right in our absolute discretion at any time without prior notice to out all open Transactions and to close the Account in accordance
you to transfer all of your balances and positions to a new with Clause 9.3, and recover any losses and costs.
account for which you do meet the qualifications. Your Account
will then be subject to the terms of the new account. You are categorised as a Retail Client as that term is defined in
the rules of the FCA.
If it comes to our notice at any time that you are resident in the
United States or any other country in which we consider that the HY Markets and the Client hereby agree as follows:
provision of the services contemplated in this Agreement is
prohibited, we shall have the right (without prejudice to our rights
under any other provision of this Agreement) to suspend all
1. Scope of Agreement and Definitions
activity in the Account and to take the following action:
1.1 The term this Agreement means HY Markets Terms of
1) If you have not commenced trading, the balance outstanding in
Business, this Customer Agreement and its Schedules
the Account will be refunded to the account from which the funds
which form an integral part of it and include without
originated. Credit card refunds may take up to 10 days to reach
limitation the Risk Warning Notice, the Glossary of Terms
that account.
and Schedules setting out special terms applicable to
2) If you have already traded during this period we will close out
certain Transactions and certain orders including Stop
any open positions held by you at the closing prices prevailing on
Loss Orders and to our different trading platforms.
the day of the close out and credit or debit the proceeds to the
Account. Then as to the balance outstanding in the Account
1.2 This Agreement may be amended by HY Markets from
a) if the Account is in credit and if the balance is equal to or less
time to time in accordance with Clause 15.2.
than the initial sum deposited, the amount will be returned to the
bank account or credit card from which the funds originated or
b) if the Account is in credit and if the amount is more than the
initial amount deposited, the amount deposited will be refunded

Page 2 of 18
 1.3 All capitalised terms used in this Agreement and / or not Agreement or any law, regulation or rule applicable to HY
otherwise defined herein shall have the meaning set out Markets, the Client, the Account or the Transaction.
in the Glossary of Terms which is Schedule 3.
3.3 The Client hereby acknowledges and agrees that (i) HY
2. The Account Markets will enter into Transactions at its sole discretion
and will act as principal with respect to all Transactions;
2.1 The Client hereby instructs HY Markets to establish the and (ii) HY Markets will not and does not provide any
Account on HY Markets books in the name of the Client. advice, consulting or intermediary services to the Client;
The Client acknowledges and accepts that the Account (iii) HY Markets may at its sole discretion cover any
will be maintained in US Dollars, unless otherwise agreed Transaction, in whole or in part, in any manner it
between us in writing. considers appropriate, whether by way of set-off with a
Transaction with or for another of its Clients or otherwise;
and (iv) except to the extent required under any law or
2.2 The Client represents, warrants and undertakes that the
regulation applicable to HY Markets or the Account,
Client is acting for the Client's sole benefit and not for or
nothing in this Agreement or in the relationship between
on behalf of any other person or entity and all
HY Markets and the Client shall or shall be deemed to
Transactions are and will be carried out for the sole
create any agency or fiduciary relationship between HY
benefit of the Client.
Markets and the Client.

2.3 The Client is the only person or entity authorised or

3.4 If any spot forex Transaction or spot CFD Transaction is
permitted to enter into Transactions for the account. If the
not closed-out by the Client prior to 4:00pm Eastern
Client appoints an agent, the Client hereby acknowledges
Standard Time on the business day such spot
and agrees that he shall be solely responsible for all acts
Transactions are entered into, HY Markets will
and/or omissions of the agent, and neither HY Markets
automatically rollover such spot Transactions to the next
nor any of its affiliates nor the officers, directors,
Value Date with adjustments made to take account of
managers, agents or employees of HY Markets or any HY
interest rate differentials between the currencies in the
Markets affiliate shall be liability to the Client for any such
relevant currency pair, the direction of the trade and any
actions or omissions, whether or not within the scope of
storage or other fees that are applicable to the Account. A
the agents authorisation.
Transaction confirmation with respect to such rollover will
be provided to the Client in accordance with Clause 7.1.1.
2.4 If the Client is more than one person, all such persons
If there are insufficient funds available in the Account to
shall be jointly and severally liable for all obligations of the
meet the interest rate adjustment costs of any
Client under this Agreement. In such event (unless
Transaction, we may in our absolute discretion either
otherwise agreed in writing between the Client and HY
close out the prior open Transaction or we may make a
Markets) the sole person or entity authorised to enter into
Margin Call on you in accordance with Clause 4.3. HY
or close out Transactions for the Account is the first of
Markets will not normally make Margin Calls on a Client
such persons mentioned. Withdrawals from the Account
which is a user of the Web Platform.
(in accordance with Clause 5.1) may require the
signatures of all persons identified as the Client.
3.5 HY Markets normally quotes bid prices (at which the
Client can offer to sell) and offer prices (at which the
3. Trading Client can offer to buy) for each Transaction. These
prices are determined by HY Markets based on prices
3.1 You will be a user of HY Markets Trading Platform and quoted in the Interbank Foreign Exchange Market for spot
the specific terms applicable to each platform are set out forex Transactions and for CFD Transactions are based
in Schedule 4. You may enter into Transactions for the on prices quoted on the markets on which the underlying
Account by telephone (subject to Clause 20), through the security, commodity or other instrument is traded. The
Trading Platform, or through other mobile platforms that difference between the lower, bid, price and the higher,
may become available from time to time, in accordance offer, price is the spread. For some Transactions
with HY Markets standard practices and procedures in spreads may change frequently. In any event HY Markets
effect from time to time and notified to the Client through has the right to vary its spreads at any time in its absolute
the Trading Platform and/or in Schedule 4 as applicable. discretion without notice.
All Transactions are entered into by the Client as
principal, at the Client's sole responsibility, risk and 3.6 Prices quoted by HY Markets are set by HY Markets in its
expense and subject to the terms and conditions set out absolute discretion. The Client may only offer to enter into
in this Agreement as amended from time to time. a Transaction at the price currently quoted by HY
Markets. A price may change or cease to be valid at any
3.2 HY Markets does not guarantee that any Transaction or time after it has been quoted and before the Clients offer
Transactions can be entered into at any given price or at to enter into a Transaction is accepted. Reference is also
all but shall use its reasonable efforts to effect made to Clauses 12.2.2 and 12.2.3 below.
Transactions. We may in our absolute discretion and
without further explanation to you refuse any Transaction 3.7 HY Markets may, at its sole discretion, after notifying you
and in particular we will do so if we consider in good faith decide to offer Market Execution service to you. If
that the Transaction would breach any credit or position offered, all your trades will be executed at the market
limits imposed by HY Markets with respect to the Account price as opposed to the price you see on the screen at
the time of your request for execution. At times of high
or that the resulting Transaction would be in breach of this
volatility or dependent on the volume of your trade/s, your

Page 3 of 18
 trades will then be executed at the next best price subject 4.5 If the client fails to provide any margin, deposit or other
to possible slippage. Stop / Limit orders may also be sum due in respect of any transaction HY Markets may
affected by this. close all open contracts without prior notice.

3.8 Transactions which the Client may offer to place are

subject to maximum limits established in HY Markets
absolute discretion from time to time by Notice provided
to the Client from time to time via the Trading Platform. 5. Withdrawal from and Closing of the
Account by the Client
3.9 We shall be entitled to rely on and act in accordance with
any instructions, requests and notices (whether or not in 5.1 The Client may request HY Markets to permit withdrawal
writing and howsoever communicated) which we believe from the Account. In calculating the amount available for
in good faith to emanate from you or a person duly withdrawal, HY Markets will take into account the balance
authorised to instruct us on your behalf. in the account where the withdrawal is requested and the
balance/s in other account / accounts maintained by the
3.10 It is possible that errors may occur in the prices quoted by customer minus trade credits (provided by HY Markets for
us. In such circumstances, without prejudice to any rights trading only) in all accounts. For the avoidance of doubt
either we or you may have under common law, neither if there is a positive balance in one account and any
you nor us will be bound by any Transaction which deficit/s in any other account/s maintained by the
purports to have been made (whether or not confirmed by customer the amount available for withdrawal from the
us) at a price which was, or ought reasonably to have account which has a positive balance will be reduced by
been, known to either you or us to be materially incorrect the total deficit/s in other account/s maintained by the
at the time of the Transaction. customer. All withdrawal requests should be made in
writing and in a form acceptable to us. Without prejudice
3.11 If at any time you are unable for whatever reason, to to any rights of HY Markets under this Agreement, HY
communicate with us we shall not be responsible for any Markets shall transfer such excess amounts (if any, and
resultant loss, damage or cost except where your inability as determined by HY Markets in its sole discretion), less
to instruct us or communicate with us resulted from our any applicable Bank or other transfer fees, according to
fraud, wilful default or gross negligence. the Client's instructions within seven (7) Business Days
from the date of receipt of the applicable written
4. Margin Requirement instruction. For the avoidance of doubt any such transfer
by HY Markets is subject to (i) applicable laws and
regulations including but not limited to anti-money
4.1 As a condition of the entry into each Transaction for the
laundering, tax authorities requirements for deduction at
Account, the Client must provide and maintain in the
source and exchange control foreign currency transfer
Account sufficient margin as determined by HY Markets in
restrictions, and (ii) the Client providing full identification
its sole discretion from time to time and of which the
documentation as required by HY Markets.
Client will be given Notice from time to time (a Margin
Call). Margin Calls will not normally be made by
5.2 If the Client wishes to withdraw excess funds (calculated
telephone but we reserve the right to do so if in our
as explained in 5.1 above from the Account) and close
absolute discretion the circumstances so warrant.
the Account, the Client shall do so by notifying HY
Markets. Following the transfer (if any) made by HY
4.2 When the Account is opened, the Client will transfer into
Markets pursuant to such request, HY Markets shall close
the Account a first margin deposit of not less than such
the Account in accordance with Clause 11. Any amounts
minimum amount as may be established by HY Markets
retained to cover deficits will be allocated to the deficit
from time to time and notified to the Client. Such first
accounts.
deposit may be made by bank transfer or credit card
payment or such other method as may be agreed
between HY Markets and the Client. Such first deposit 6. Charges & Commissions
together with subsequent margin deposits made by the
Client from time to time and any profits and losses from 6.1 Charges and commissions applicable to your account will
existing open and closed Transactions, credits and debits be agreed with you before entering into any transaction
from daily rollovers, and charges from commissions, if and will be shown on the statement sent to you. In such
applicable, shall serve as the guarantee for the an event, the Commissions will be charged to the
performance of Transactions in the Account. Account. Commissions and charges may be changed
from time to time without prior notice to you.
4.3 HY Markets may, in its absolute discretion at any time
change the minimum margin requirement or make a 7. Reports
Margin Call requiring the Client to make further margin
deposits in the Account. The Client shall if requested by 7.1 We will send to you by email and make available to you
HY Markets, make further margin deposit. through the Trading Platform, the following reports
relating to the Account and Transactions.
4.4 Please note we will not accept any third party payments
made in respect of funding your account. Similarly we will 7.1.1 Daily statements setting out details of each
not pay out any funds from your account to any third Transaction (including value and exchange rate)
party. executed prior to 4:00pm Eastern Standard Time on

Page 4 of 18
 any business day will be sent no later than the next on the basis of the fair market value of the underlying
business day after the day any Transaction is entered product at the time the error was made.
into or remains open.
8.4 HY Markets shall not be liable to the Client for any loss,
7.1.2 Monthly account statements containing a summary of damage or cost of any nature incurred by the Client
all Transactions carried out by the Client and any open directly or indirectly by any cause beyond HY Markets
Transactions and of deposits in and withdrawals from control, including without limitation, due to HY Markets
monthly statements will also include details of any inability to perform any Transaction or the improper or
applicable storage charges, the Account and including partial performance of any Transaction due to technical
the balance as of the statement date. reasons (such as, without limitation, damage or
destruction to its computer systems, data or records or
7.2 Daily statements will be final for all purposes unless you any part thereof, or for delays, losses, errors or omissions
raise any objections within two (2) business days after resulting from the failure or mismanagement of any
they are sent to you. telecommunications or computer equipment or software)
or otherwise, absent gross negligence or wilful default by
HY Markets.

8. Indemnification
9. Events of Default:
8.1 Neither HY Markets nor any of its affiliates, officers,
9.1 If at any time any of the Events of Default set out in
directors, managers, employees or agents shall be liable
Clauses 9.1 (a) or 9.1 (d) to (j) below occurs, then HY
for any loss, damage or debt to the Client arising directly
Markets may exercise its rights under Clause 10.1. In the
or indirectly out of or in connection with this Agreement or
case of the occurrence of any Event of Default set out in
any Transaction, except in the event of gross negligence
Clauses 9.1(b) or 9.1(c) (each a Bankruptcy Default),
or wilful misconduct on the part of HY Markets, its
the provisions of Clause 10.2 shall apply.
affiliates, officers, directors, managers, employees or
agents. Nothing in this Clause 8.1 is intended to or shall
(a) the Client fails (i) to make any payment (including
operate to restrict any liability which cannot be excluded
without limitation a payment requested in a Margin
under English law or under the rules of the FCA in effect
Call) to HY Markets when due; or (ii) to observe or
from time to time.
perform any provision of this Agreement or any
Transaction and such failure continues for two (2)
8.2 The Client agrees to indemnify and hold HY Markets, and
Business Days after HY Markets gives Notice of non-
HY Markets affiliates, officers, directors, managers,
performance to the Client; or
employees, agents, successors and assigns
(Indemnified Persons), harmless from and against any
(b) the Client commences a voluntary case or other
and all liabilities, losses, damages, costs and expenses
procedure seeking or proposing liquidation,
(including reasonable attorney's fees) incurred by the
reorganisation, an arrangement or composition, a
Indemnified Persons and each of them arising out of the
freeze or moratorium, or other similar relief with
Client's failure to comply with any and all of its obligations
respect to the Client or the Clients debts under any
set forth in this Agreement and/or HY Markets
bankruptcy, insolvency, regulatory, supervisory or
enforcement against the Client of any and all of its rights
similar law, or seeking the appointment of a trustee,
under this Agreement.
receiver, liquidator, conservator, administrator,
custodian or other similar official (each a Custodian)
8.3 The Client acknowledges and agrees that any oral of the Client or any substantial part of the Clients
information given to the Client concerning the Account, if assets; or
given, may be unverified and incomplete and that any
reliance on such information is at the Client's sole risk (c) an involuntary case or other procedure is commenced
and responsibility. HY Markets makes no warranty, against the Client seeking or proposing liquidation,
express or implied, that any pricing or other information reorganisation, an arrangement or composition, a
provided by it, through the Trading Platform or by freeze or moratorium, or other similar relief with
telephone or otherwise is correct or reflects current respect to the Client or the Clients debts any
market conditions. Furthermore, HY Markets does not bankruptcy, insolvency, regulatory, supervisory or
make any warranty or guarantee with respect to the similar law (including any corporate or other law with
Trading Platform and/or its content, including but not potential application to the Client, if insolvent) or
limited to, warranties for merchantability or fitness for a seeking the appointment of a Custodian of the Client
particular purpose. If a quoting error (known to the Client or any substantial part of the Clients assets; or
or of which the Client should reasonably have been
aware) occurs due to a mistake by HY Markets or due to (d) the Client dies, becomes of unsound mind, is unable
a computer or system malfunction, HY Markets will not be to pay his debts as they fall due or is bankrupt or
liable for any resulting errors in the Clients Account insolvent, as defined under any bankruptcy or
balances. HY Markets reserves the right to make such insolvency law applicable to the Client; or any
corrections or adjustments to the Account involved in any indebtedness of the Clients is not paid on the due
such error as it considers appropriate in its discretion. Any date therefore, or becomes capable at any time of
dispute arising from such quoting errors will be resolved being declared, due and payable under agreements or
instruments evidencing such indebtedness before it

Page 5 of 18
 would otherwise have been due and payable, or any for the Account was based on material non-public
suit, action or other proceedings relating to this information, manipulation of market information or data, or
Agreement (Proceedings) are commenced for any any behaviour which in the good faith opinion of HY
execution, any attachment or garnishment, or distress Markets involved market abuse (as defined in the rules of
against, or an encumbrancer takes possession of, the the FCA) or other improper conduct
whole or any part of the Clients property, undertaking In the opinion of the FCA market abuse includes
or assets (tangible and intangible); or transactions where both buy and sell orders are entered
at, or nearly at the same time, with the same price and
quantity by the same party, or different but colluding
(e) any representation or warranty made or given or
parties, other than for legitimate reasons, unless the
deemed made or given by the Client under this transactions are legitimate trades carried out in
Agreement proves to have been false or misleading in accordance with the rules of the relevant trading platform
any material respect as at the time it was made or (such as crossing trades).
given or deemed made or given; or

(f) all information and/or documentation provided by the

Client to HY Markets is true, accurate and complete in
10. Termination on Default
all material respects and all copies of documents
provided by the Client to HY Markets are true copies of 10.1 Termination on Notice
the originals; or
Without prejudice to Clause 9.2 and subject to Clause
(g) HY Markets considers it necessary or desirable to 10.2, at any time following the occurrence of an Event of
prevent what HY Markets considers is or might be a Default, HY Markets may, by Notice to the Client, specify a
violation of any applicable law or regulation or good day (the Liquidation Date) for the termination and
standard of market practice; or liquidation of Transactions in accordance with the
provisions of Clause 10.3.
(h) HY Markets in good faith considers it necessary or
desirable for its own protection; or 10.2 Automatic termination

(i) any action is taken or event occurs which HY Markets Unless HY Markets specifies otherwise, the date of the
in good faith considers might have a material adverse occurrence of any Bankruptcy Default shall automatically
effect upon the Clients ability to perform the Clients constitute a Liquidation Date (Automatic Termination),
obligations under this Agreement or any Transaction; without the need for any notice by HY Markets and the
or provisions of Clause 10.3 shall then apply automatically.

(j) any event of default (however described) occurs in 10.3 Calculation of Liquidation Amount
relation to the Client under any other agreement with
HY Markets or any affiliate of HY Markets.
Upon the occurrence of a Liquidation Date,

9.2 Upon the occurrence of an Event of Default or at any time

(a) neither HY Markets nor the Client shall be obliged to
after HY Markets in its absolute discretion considers that
make any further payments under any Transactions
the Client has not performed (or HY Markets reasonably
which would, but for this clause, have fallen due for
believe that the Client will not be able or willing in the
performance on or after the Liquidation Date and such
future to perform) any of the Clients obligations to HY
obligations shall be satisfied by settlement (whether by
Markets, HY Markets shall be entitled without prior notice
payment, set-off or otherwise) of the Liquidation
to the Client:
Amount;

(a) to close out, replace or reverse any Transaction, buy, (b) HY Markets shall (on, or as soon as reasonably
sell, borrow or lend or enter into any other transaction practicable after, the Liquidation Date) determine
or take, or refrain from taking, such other action at (discounting if appropriate), in respect of each
such time or times and in such manner as, at HY Transaction referred to in Clause [10.3(a)], its total
Markets sole discretion, HY Markets considers cost, loss or, as the case may be, gain, in each case
necessary or appropriate to cover, reduce or eliminate expressed in the Accounts base currency (the Base
its loss or liability under or in respect of any open Currency) (and, if appropriate, including any loss of
Transactions; and/or bargain, cost of funding or, without duplication, cost,
loss or, as the case may be, gain as a result of the
(b) to treat any or all Transactions then outstanding as
termination, liquidation, obtaining, performing or re-
having been repudiated by the Client, in which event
establishing of any hedge or related trading position)
HY Markets obligations under such Transaction or
as a result of the termination, of such Transaction; and
Transactions shall thereupon be cancelled and
terminated. (c) HY Markets shall treat each cost or loss to HY
Markets, determined as above, as a positive amount
9.3 Without prejudice to the generality of Clause 9.2, HY
and each gain by HY Markets, so determined, as a
Markets may in its absolute discretion close out, replace
negative amount and aggregate all of such amounts to
or reverse any Transaction or close out the Account as if
produce a single, net positive or negative amount,
an Event of Default other than a Bankruptcy Default had
denominated in the Base Currency (the Liquidation
occurred if it considers that any Transaction entered into
Amount).

Page 6 of 18
10.4 Payer Unless otherwise agreed in writing, if HY Markets enters
into any Transaction with or for the Client in order to close
If the Liquidation Amount determined pursuant to Clause out any existing Transaction between HY Markets and the
10.3 is a positive amount, the Client shall pay it to HY Client then the respective obligations under both such
Markets and if it is a negative amount, HY Markets shall Transactions shall automatically and immediately be
pay it to the Client. HY Markets shall notify the Client of terminated upon entering in to the second Transaction,
the Liquidation Amount, and by whom it is payable, except for any settlement payment due from one of HY
immediately after the calculation of such amount. Markets or the Client to the other in respect of such close-
out.
10.5 Other Transactions
11. Termination on Notice
Where termination and liquidation occurs in accordance
with Clause 10.3, HY Markets shall also be entitled, at its 11.1 Subject to the provisions of any applicable law or
discretion, to terminate and liquidate, in accordance with regulation, either party may terminate this Agreement
the provisions of Clause 10.3, any other Transactions (and the relationship between HY Markets and the Client)
entered into between HY Markets and the Client which are by giving written notice of termination.
then outstanding.
11.2 In its absolute discretion HY Markets may terminate this
10.6 Payment Agreement at any time in accordance with Clause 9.2 or
Clause 10 as applicable if the Client fails to observe or
The Liquidation Amount shall be paid in the Base perform any provision of this Agreement or in the event of
Currency by the close of business on the Business Day the Clients insolvency or upon the occurrence of any
following the completion of the termination and liquidation other Event of Default.
under Clause 10.3 (converted as required by applicable
law into any other Currency, any costs of such conversion 11.3 Upon terminating this Agreement, all amounts payable by
to be borne by the Client, and (if applicable) deducted the Client to HY Markets will become immediately due
from any payment to the Client). Any Liquidation Amount and payable including (but without limitation):
not paid on the due date shall be treated as an unpaid
amount and bear interest, at the rate as reasonably (a) all outstanding fees and charges; and
determined by HY Markets to be the cost of funding such
overdue amount. Interest will accrue on a daily basis and (b) any losses and expenses realised in closing out any
will be due and payable by the Client as a separate debt. Transactions or settling or concluding outstanding
obligations incurred by HY Markets including without
10.7 Base Currency limitation those incurred in exercising its powers under
Clause 9.2 and/or Clause 10.
For the purposes of any calculation hereunder, HY
Markets may convert amounts denominated in any other 11.4 Termination shall not affect any outstanding rights and
Currency into the Base Currency at such rate prevailing at obligations between HY Markets and the Client, and
the time of the calculation as HY Markets shall reasonably Transactions shall continue to be governed by this
select. Agreement and any particular clauses agreed between
HY Markets and the Client in relation to such
Transactions until all obligations under this Agreement
10.8 Payments and all Transactions have been fully performed.

Unless a Liquidation Date has occurred or has been 12. Regulatory Provisions
effectively set, HY Markets shall not be obliged to make
any payment or delivery scheduled to be made by HY
12.1 Client Money
Markets under any Transaction for as long as an Event of
Default with respect to the Client has occurred and is
a) We have categorised you as a retail client and
continuing. therefore in accordance with applicable law and subject
to clauses 12.1b and 12.1c we will place an amount
10.9 Additional rights equal to your Total Equity (as displayed on the
platform) into a client money bank account. We will deal
with your money in accordance with the FCAs Client
HY Markets rights under this clause shall be in addition
Money rules and guidance, which require us to hold it in
to, and not in limitation or exclusion of, any other rights a client bank account, separating your funds from ours.
which HY Markets may have (whether by agreement, Such money may be held by a bank with other clients
operation of law or otherwise). money in a pooled client account.

10.10 Application of netting to Transactions b) We will carry out reconciliations at the close of
business on each Business Day between money
required to be held in the client money bank account
This Clause 10 applies to each Transaction entered into or and money that may be held on our own account in
outstanding between HY Markets and the Client on or accordance with the FCA Rules, and any required
after the date this Agreement takes effect. transfer to or from the client money bank account in
respect of your Account will take place on the following
Business Day. We may carry out such reconciliations
10.11 Closing out
and transfers more frequently, should we reasonably

Page 7 of 18
 consider that this is necessary to protect our or your 12.3 Conflicts of Interest
interests.
12.3.1 In order to prevent the risk of a conflict arising and to
c) You agree that we may cease to treat money held on strengthen the confidence of its clients, HY Markets
your behalf as client money and release it from our
client money bank account(s), if you have no positions has implemented a conflicts of interest policy which
and have not placed a trade in the previous six (6) consists of procedures and controls designed to:
years, and we have been unable to contact you. Such
money will, however, remain owing to you and we will (a) prevent the occurrence of conflicts of interest,
make and retain all records of all balances released including where necessary declining to carry out an
from client money bank accounts under this clause and activity, operation or mandate; and
will undertake to make good any valid claims against
such released balances.
(b) conduct its business activities in a way which
ensures that the best interests of HY Markets clients
d) We will not pay interest to you on any money held on
your behalf or otherwise under clauses 12.1a, 12.1b or are followed and strict confidentiality of information is
12.1c maintained across all HY Markets activities which
could potentially generate conflicts of interest.

12.2 Order Execution 12.3.2 These procedures and controls include administrative
and organisational procedures to ensure the proper
12.2.1 The manner in which HY Markets will provide best execution of customer orders, particularly in relation to
execution of the Clients orders is set out in this allocation of assets or financial instruments.
Clause 12.2. HY Markets will endeavour to provide the Remuneration policies for HY Markets employees are
Client with a competitive execution capability of the specifically designed to prohibit direct profit-sharing
highest quality. success fees for any specific Transaction. HY
Markets employees are prohibited from trading spot
12.2.2 The prices quoted by us and at which HY Markets forex and/or CFDs on HY Markets.
customers may choose to enter into Transactions with
HY Markets are derived from price sources from a 12.3.3 HY Markets is not under an obligation to disclose that
number of independent information providers it or its affiliates or any person connected with HY
processed by HY Markets and fed into the Trading Markets has a material interest in a particular
Platform. HY Markets continually processes the price transaction with or for the Client or that in a particular
information from the various information providers and circumstance a conflict of interest or duty may exist,
feeds the information into the Trading Platform after where HY Markets considers in good faith that it has
validating and authenticating it and adjusting the managed such conflicts to ensure, with reasonable
prices to provide spreads which HY Markets considers confidence, that risks of damage to the Clients
appropriate in light of market conditions and other interest will be prevented. HY Markets is not under
circumstances. any obligation to account to the Client for any profit,
commission or remuneration made or received from or
12.2.3 The prices shown on the Trading Platform and at by reason of transactions or circumstances in which
which customers can enter into Transactions are the HY Markets, its affiliates or any person connected with
prices derived from the sources referred to in Clause HY Markets has a material interest or where in
12.2.2. These prices will not be identical to those particular circumstances a conflict of interest or duty
quoted by or available from any individual information may exist.
provider or other data source.
12.4 Data Protection
12.2.4 Any spot forex Transaction and spot CFD Transaction
for the Account remaining open at 4:00pm Eastern (a) HY Markets is registered as a data controller in the
Standard Time on the business day such Transactions United Kingdom under the Data Protection Act 1998.
were entered into are rolled over and adjustments are The Client hereby agrees that HY Markets may use,
made to take account of interest rate differentials store or otherwise process personal information
between the currencies in the relevant currency pair, provided by the Customer in connection with the
the direction of the trade and any storage or other fees Account and hereby consents to the transmittal of the
that are applicable to the Account. Customers personal data outside the European
Economic Area.
12.2.5 Liquidity can affect order execution. When customers
place a high volume of orders, order imbalances and (b) The Client agrees that HY Markets may pass
backlogs can occur, requiring more time to execute information about the Client which the Client has
orders. This is because of delays caused by the provided to HY Markets to other companies in HY
number and size of orders processed, the speed at Markets group and to external companies to help HY
which current quotations or last-sale information is Markets to process and/or analyse it as part of the
provided, and system capacity constraints. provision of services to the Client. If the Client does
not wish the Clients personal data to be used for such
12.2.6 HY Markets regularly evaluates the overall quality of purposes, the Client must give HY Markets notice in
its order execution. writing to that effect.

Page 8 of 18
 (c) The Client further consents to such personal data (c) the Client is authorised to enter into and perform this
being used by HY Markets for marketing and Agreement and all Transactions hereunder;
information management purposes, or to conduct
market research for HY Markets or other companies in (d) neither entering into this Agreement, the placing of any
its group or carefully selected external parties that may order or entry into any Transaction or the giving of any
use the personal data to bring to the attention of the other instruction will violate any law, regulation, rule,
Client products and services that may be of interest to by-law, agreement, obligation, judgment, or policy
the Client and also to assist in the efficient provision of applicable to the Client;
services. If the Client does not wish the Clients
personal data to be held for such purposes, the Client (e) the Client understands and accepts that he is
must give HY Markets notice in writing to that effect. responsible for obtaining his own advice as to his own
tax position and as to the suitability of any Transaction
12.5 Compensation Scheme in light of his investment objectives and experience;

(f) the Client is of sound mind and legally competent and

Henyep Capital Markets (UK) Limited is covered by the
has the full right and authority to perform spot forex
UK Financial Services Compensation Scheme (FSCS).
and CFD Transactions and any other Transactions
If the Client is an Eligible Claimant, the Client may be
offered by HY Markets through the Trading Platform or
entitled to compensation from the FSCS if Henyep Capital
for the Account;
Markets (UK) Limited cannot meet its obligations because
it is insolvent. In general, Retail Clients are Eligible
(g) the Client (if not a natural person) is duly organised
Claimants and are covered for up to a maximum
and validly existing under the laws of the jurisdiction of
compensation limit of 50,000. Further information about
its organisation or incorporation and has duly passed
compensation arrangements is available from the FSCS.
any and all resolutions required under its
The FSCS may be contacted by writing to FSCS, 7th
organisational documents and law applicable to it to
Floor, Lloyds Chambers, Portsoken Street, London, E1
execute this Agreement and to enter into any
8BN, or by emailing them at the email address provided
Transaction and each person executing and
on the FSCS web site at www.fscs.org.uk.
delivering this Agreement or giving instructions with
respect to any Transaction is further authorised to do
so;
12.6 Complaints
(h) the Client is the full ultimate beneficial owner of all
(a) The Client is requested to raise any complaint or money deposited in the Account and no other person
dispute with HY Markets as soon as possible after the has or will have any interest in the Account. The Client
event it relates to as this will make it so much easier acknowledges and accepts that it cannot and will not
for HY Markets to deal with it. grant any security interest in or over the Account to
any third party;
(b) Any complaint or dispute should in the first instance be
referred to the HY Markets Customer Services Team (i) all funds deposited in the Account originate from lawful
at [email protected]. If it is not resolved to sources and are not the proceeds of any illegal or
your satisfaction you may refer the matter in writing to criminal activity under the laws of any applicable
the HY Markets Compliance Manager at the jurisdiction; and
Companys business address. In addition as a Retail
Client if you are dissatisfied with the handling of any (j) the Client is prepared and able, financially and
complaint, you may refer the matter to the Financial otherwise, to assume the risk of loss inherent in
Ombudsman Service, South Quay Plaza, 183 Marsh trading in spot forex and CFD Transactions.
Wall, London, E14 9SR. If you were not a Retail Client
at the relevant time you will not have the right to refer In addition to all other rights and remedies available to it,
complaints to the Financial Ombudsman Service. the Company has the right to render any position, whether
open or previously closed, voidable and to close out any
or all positions at the current price at any time, at its
13. Representations and Warranties absolute discretion, if the Customer breaches Clause 13.

When the Client enters into this Agreement and each

time the Client places an order for a Transaction, enters 14. Use of Internet, Software and Computers
into a Transaction or gives any other instruction, the
Client represents and warrants to HY Markets that: The Client understands and acknowledges that:

(a) the Client has fully read and understood the Risk (a) While the Internet and the World Wide Web are
Warning Notice and the Representations and generally reliable, technical problems or other
Warranties in this Clause 13 before signing this conditions may from time to time delay or prevent the
Agreement; Client from accessing the Trading Platform.

(b) all information and documents provided by the Client (b) The use of the Internet exposes the user to risks
to HY Markets is true accurate and complete in all resulting from the structure of the Internet and the use
material respects and the Client shall immediately of a personal computer and/or any other end
notify HY Markets of any material change thereto; equipment permitting connection to the Internet.

Page 9 of 18
 (c) The Client is responsible for all the results of understandings among the parties with respect to the
unauthorised use of passwords and other means of subject matter hereof.
information protection given to the Client, and in the
Client's personal computer. 15.2 HY Markets may amend this Agreement at any time on
Notice to the Client (subject to any specific section
(d) The entry passwords for the Trading Platform are allowing a particular notice period or no notice
personal, secret, private, and may not be transferred. requirement at all). Without prejudice to Clause 4 any
Use of the passwords and the preservation of their changes to the Margin percentages or our Execution
secrecy is at the full responsibility of the user, with all policy may apply with immediate effect. All other changes
that this entails, including, but not only, responsibility will become effective on the date specified in the notice,
for damage caused to the Client and/or to any other which date shall be no less than ten Business Days after
third party, as a result of transferring the password to the notice is sent. This Agreement may not be amended
others, by acts of commission or omission, and/or as a except by notice in writing or electronic means signed or
result of unsuitable storage of the password. given by a duly authorised representative of HY Markets.

(e) The Client hereby agrees and undertakes to 16. Assignment

immediately inform HY Markets of any access to the
Account by a user unauthorised by the Client and/or of HY Markets may assign its rights and/or obligations pursuant to
any violation and/or damage to privacy and/or to the this Agreement and all Transactions by prior Notice to the
security of the Trading Platform. Client. The Client may not assign its rights and/or obligations
hereunder except with HY Markets prior written consent, which
(f) HY Markets shall not be liable for any technical may be given or denied at HY Markets sole absolute
problems, system failures and malfunctions, discretion.
communication line failures, equipment or software
failures or malfunctions, system access issues, system
17. Severability
capacity issues, high Internet traffic demand, security
breaches and unauthorised access, and other similar
computer problems and defects. If any provision of this Agreement or the application thereof to
any Transaction, person or circumstance will be invalid, illegal,
or unenforceable to any extent, the remainder of this
(g) HY Markets does not represent, warrant or guarantee
Agreement and the application thereof will not be affected and
that the Client will be able to access or use the
will be enforceable to the fullest extent permitted by law.
Trading Platform at all times or all locations of its
choosing, or that HY Markets will have adequate
capacity for the Trading Platform as a whole or in any 18. Communications
geographic location, or that the Trading Platform will
provide uninterrupted and error-free service. Report(s) and any Notice(s) hereunder may be transmitted to
the Client at the address/email address notified by the Client to
(h) HY Markets shall not be responsible for any loss HY Markets from time to time for this purpose. All
and/or damage of any kind caused to the Client as a communications sent to the Client shall be deemed delivered,
result of use of the Account by others, whether or not at the time of delivery if sent by e-mail, facsimile, by hand
with the Client's knowledge. delivery or notified through the Trading Platform or within three
(3) Business Days if posted by mail. Communications by the
(i) The use of the HY Markets web site, the Trading Client shall be deemed delivered only when actually received
Platform, and the information services provided by HY by HY Markets.
Markets to the Client are at the Client's full and sole
responsibility and the Client hereby confirms that he is 19. Rights of Third Parties
aware of all the risks resulting from the method of
giving and receiving the information services through No provision of this Agreement is enforceable under the
the internet. Contracts (Rights of Third Parties) Act 1999 by a person who is
not a party to this Agreement. This does not affect any right or
(j) The Client may be provided with the facility to use remedy of such a person which exists or is available apart from
functionality and/or software for automated trading under the Contracts (Rights of Third Parties) Act 1999.
such as Trailing Stops and/or Expert Adviser at the
discretion of HY Markets. Use of this facility by the 20. Telephone and Recording
client is optional. The client understands that HY
Markets in no way recommends or endorses this 20.1 The Client acknowledges that he understands and fully
automated trading functionality and/or software and and solely assumes the risks involved in providing
does not accept any responsibility for any malfunctions telephone instructions, including the risks of possible
or failures in accordance with Clause 14 (f) misunderstanding of the Client's instructions, impostures
and/or false identification of the Client on the phone. If
15. Entire Agreement and Amendments the Client does not wish telephone Transactions to be
permitted he should so inform HY Markets in writing.
15.1 This Agreement and any document referred to herein,
constitutes the entire agreement among the parties hereto 20.2 The Client acknowledges and agrees that any and all
and supersedes any and all prior agreements or telephone conversations between the Client and HY

Page 10 of 18
 Markets, may be recorded in accordance with applicable
laws and regulations and to the use of such recording in
relation to any dispute between the Client and HY
Markets.

20.3 The Client understands that HY Markets will retain such

recordings for a limited period in accordance with its
document retention policies in effect from time to time.

20.4 We strongly recommend that you keep your own records

of all communications between us (such as instructions
and transactions) including details of the times, dates and
nature of your instructions as these details will be
important if there is a dispute between you and us.

21. Law and Jurisdiction

21.1 This Agreement is governed by, and shall be construed

in accordance with, the laws of England and Wales.

21.2 Each of HY Markets and the Client hereby agrees that

the English courts shall have non-exclusive jurisdiction
with respect to any disputes or claims which may arise
out of or in connection with this Agreement or any
Transaction and accordingly HY Markets and the Client
each submit to the jurisdiction of the English courts
PROVIDED THAT the Client acknowledges and agrees
that HY Markets may commence proceedings for the
recovery of any amount due to it from the Client in any
appropriate jurisdiction.

Page 11 of 18
 SCHEDULE 1

Risk Warning Notice

Transactions in Spot Foreign Exchange (spot forex) and Contracts for Difference (CFDs)

This risk warning notice (the Risk Warning Notice) cannot and does not disclose all of the risks of Transactions in CFDs and in spot
forex. The purpose of this Risk Warning Notice is to describe the major risks of trading spot forex and CFDs.

General

You should not engage in spot forex Transactions or CFDs unless you understand the basic aspects of such trading and their risks for
example, how positions are opened and closed, how profits and losses are made and the extent of your exposure to risk and loss.

Trading in spot forex Transactions and in CFDs is speculative and involves a high degree of risk. In particular, because it will be
conducted using margin (which covers only a small percentage of the value of the Transaction), price changes in the instrument which
underlies the Transaction may result in significant losses, which may under some circumstances substantially exceed the funds you
originally transferred to HY Markets as margin. Therefore, trading in these contracts are appropriate only for persons who (a)
understand and are willing to assume the economic, legal and other risks involved in such transactions, and (b) are financially able to
withstand losses significantly in excess of their initial margin funds and any additional funds transferred to HY Markets to maintain their
positions. Your potential losses, which depend on movements in the price of the underlying instrument, can exceed any deposit, margin
or other amount you have paid to HY Markets.

You should be satisfied that spot forex and CFD trading is suitable for you in the light of your financial circumstances and attitude to risk.
If you are in any doubt as to whether spot forex and/or CFD trading is suitable for you, please seek independent advice from a financial
services professional. HY Markets does not provide such advice.

When you engage in spot forex or CFD trading with HY Markets you are placing an order in relation to movements of prices set by HY
Markets. Prices quoted to you by HY Markets will include a spread, mark-up, or mark-down when compared to prices that HY Markets
may receive or expect to receive if it were to cover your transactions with, for example, a trade in the forex interbank market. Although
dealing spreads are common in the spot forex markets and in markets for certain of the instruments underlying other CFDs you may
trade for the Account, you should be aware that the total impact of spreads may be significant in relation to the size of the margin you
post and may make it more difficult for you to realise a profit from your trading. In addition, in connection with the automatic rolling
forward of spot forex Transactions and spot CFD Transactions that you do not close out, HY Markets may impose an interest charge.
You should carefully consider the effect of such interest charges along with spreads, mark-ups, or mark-downs on your ability to profit
from trading.

The gearing or leverage available in CFD and spot forex Transactions trading (i.e. the funds HY Markets requires you to provide
when a position is opened compared to the notional size of trade you can enter into) means that a small margin deposit can lead to
large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the
size of any loss or profit which can work against you as well as for you.

You may lose all amounts you deposit with HY Markets as Margin, and your account could go into deficit. The placing of certain orders
(e.g. stop-loss or limit orders) that are intended to limit losses to certain amounts may not always be effective because market
conditions or technological limitations may make it impossible to execute such orders. Please also note that for all orders (including Stop
Loss Orders) you may sustain the loss (which your order is intended to limit) in a short period of time.

You have to pay to HY Markets all losses you sustain as well as all other amounts payable under the Customer Agreement such as
interest. If you decide to engage in CFD or spot forex trading, you must accept this degree of risk.

The potential for profit or loss from Transactions on foreign markets or in foreign currency denominated Transactions are affected by
fluctuations in foreign exchange rates. Transactions involving foreign currencies, including spot forex and foreign currency denominated
CFDs, involves risks not present when dealing with investments denominated entirely in your domestic currency. Such enhanced risks
include (but are not limited to) the risks of political or economic policy changes in a foreign nation, which may substantially and
permanently alter the conditions, terms, marketability or price of a foreign currency. The profit or loss in transactions in foreign
currency-denominated contracts (whether they are traded in your own or another jurisdiction) will also be affected by fluctuations in
currency rates where there is a need to convert from the currency denomination of the contract to another currency.

HY Markets acts as the market maker and principal to all spot forex Transactions and CFD Transactions executed by you with HY
Markets. We are not required to continue to make markets in any instrument and may refuse to accept any order in our absolute
discretion. The markets HY Markets offers (and its prices) are derived from underlying prices quoted in the relevant markets. HY
Markets has no control over movements in the underlying prices, which may be volatile and unpredictable. Those movements will affect
HY Markets prices, whether or not you can open and close a position and the price at which you can do so. During periods of market

Page 12 of 18
volatility, it may be difficult or impossible for you to liquidate an existing position, to assess the value of open positions, to determine a
fair price or to assess the exposure to risk. These are among the reasons why Transactions in CFDs and spot forex Transactions
involve increased risks. CFD and spot forex trading with HY Markets is not conducted on a regulated exchange, and there is no
clearing house or other central counterparty which guarantees our payment obligations to you under contracts that you enter into.
Consequently, engaging in CFDs or spot forex trading may expose you to substantially greater risks than other instruments which are so
traded. You can only look to HY Markets for performance on all CFDs and/or spot forex Transactions you enter into with us and for
return of any margin. The insolvency or default of HY Markets could cause you to lose the value of all positions carried in your Account
and could cause you to suffer additional losses from open positions.

As a CFD and spot forex market maker HY Markets may have access to information that is not available to you, may have acquired
trading positions at prices that are not available to you, and may have interests different from your interests. HY Markets does not
undertake any obligation to provide you with market or other information we possess, nor to alter or refrain from our own trading.

HY Markets main business is the provision of spot forex and CFD products. Our principal place of business is at 28 Throgmorton Street,
London, EC2N 2AN. Our registered office is at 150 Aldersgate Street, London EC1A 4AB.

HY Markets is authorised and regulated by the UK Financial Conduct Authority.

If there is anything you do not understand, please contact our Customer Services Team at [email protected].

Page 13 of 18
 SCHEDULE 2

Risk Disclaimer

We have not received information in relation to your investment knowledge and experience in order to assess whether products offered
by us are appropriate for you.
You should note that you may be exposing yourself to risks that fall outside your knowledge and experience and/or which you may not
have the knowledge or experience properly to assess and/or control by way of mitigating their consequences for you.
Our products are based on highly leveraged margin trading; as with any derivative instrument, such contracts carry a very high degree
of risk and trading such instruments may expose the investor to substantial losses as well as gains. The price of the products offered by
HY Markets may go down as well as up, and under certain circumstances an investor may sustain a total loss of their investment. An
investor should make an appraisal of the risks involved in investing in these products and should consult their own legal, financial, tax,
accounting and other professional advisors, to ensure that any decision made is suitable with regards to that investor's circumstances
and financial position.

Page 14 of 18
 SCHEDULE 3
Glossary of Terms

Account means the Client's account having such details as set forth in the Client's Trading Agreement with HY Markets.

Automatic Termination shall have the meaning set out in Clause 10.2.

Client Money Rules means the client money rules of the FCA set out at the CASS module of the FCAs handbook or any successor
provisions.

Business Day means a day on which HY Markets is open for business as shown on the HY Markets web site.

Closing of a Transaction means performance of a Transaction that is opposite in direction and in magnitude (quantity or amount)
equivalent to an Opening Transaction, that has the effect of realising a gain or loss.

Commissions means any and all commissions charged by HY Markets in relation to this Agreement and any Transaction entered into
pursuant hereto.

Eligible Claimant means a person who is eligible to bring a claim for compensation under the Financial Services Compensation
Scheme in accordance with the rules of the FCA.

European Economic Area means the Member States of the European Union (Austria, Belgium, Bulgaria, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the
Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom) and Iceland, Liechtenstein and
Norway.

Trading Platform means the Trading Platform including various proprietary software provided to the Client by HY Markets in respect
of Transactions for the Account.

Notice to the Client means a notice provided by HY Markets by telephone, e-mail or facsimile transmission or through its publication
on the HY Markets web site or through the Trading Platform. Unless otherwise specifically set forth in this Agreement all Notices will be
with immediate effect.

Opening of a Transaction means the opening of a Transaction by the Client through the Trading Platform, or by HY Markets
according to the Client's phone instructions.

Rollover means applying interest rate adjustments and/or applying any other fees that are applicable to the Account, if any spot forex
Transaction or spot CFD Transaction is not closed-out by the Client prior to 4:00pm Eastern Standard Time on the business day such
spot Transactions are entered into.

Stop Loss Order means an Order to close out or, as the case may be, to open a position if the market price reaches a specified price,
which may represent a loss or a profit on the relevant Transaction.

Trailing Stop means a Stop Loss Order which is always attached to an open position and which automatically moves once profit in
points becomes equal to or higher than the specified level for that Trailing Stop and which will continue to move automatically with each
subsequent price movement only if that price movement is profitable. For the avoidance of doubt, as Trailing Stop works only in the
client terminal, not in the server like a Stop Loss Order, it will not work when the Terminal is not connected, and may not work as
intended during extreme volatility of underlying prices.

Value Date means the settlement date of a Transaction.

Page 15 of 18
 SCHEDULE 4
Trading Platform Terms

Schedule 4(a)

Terms applicable to the Web Platform

1. Every time a new Transaction is entered into, an automatic stop loss order will be attached to it. The Client can amend the stop
loss order level, if the market moves in the Clients favour, or he has sufficient free margin to do so. However, the stop loss order
cannot be cancelled.
2. Stop loss orders and limit orders are guaranteed. We will execute them at the price at which they are placed by the Client, even if
the relevant market goes through the limit/stop level without trading at that price.
3. You may not carry in the Account both long and short positions on the same instrument at a given time. If you try to take an
opposite position the original position will be liquidated in whole or part and
a) the profit or loss will be added to or deducted from the Account as appropriate; and
b) any remaining net position will remain open.
4. If there are a number of positions in the same instrument in the Account we will liquidate positions under this provision starting from
the oldest outstanding position i.e. using a First In First Out (FIFO) basis.
5. When you select the amount you wish to trade, you can see on screen the contract sizes you can trade for the amount shown.
6. You can use only the available cash balance in the Account to open new positions. HY Markets will not normally make Margin
Calls on a Client which is a user of the Web Platform.
7. Applicable interest fees and storage fees will be deducted from the Account and shown on the next daily statement.
8. Stop loss order may be adjusted on a daily basis to take account of accrued Interest and storage fees until the relevant position(s)
is liquidated.
a) For a negative interest or storage fee amount, the stop loss may be modified closer to the open price on a daily basis such
that the stop loss + accrued interest amount will be equal to the amount to risk.
b) For a positive interest trade, the stop loss may be modified further away from the open price on a daily basis such that the
stop loss accrued interest amount will be equal to the amount to risk.

Schedule 4(b)

Terms applicable to the Download Platform

HYM Download Platform HYT4

1. No automatic stop orders are placed for you. You can place stop orders but it is important that you understand that you do so at
your own risk and that they are not guaranteed by us to be executed. For example, if the market moves through a stop loss price
level without trading at it, the stop loss order will not be executed at the stop loss price, but will be triggered and executed at the
first available market price.
2. You can hold simultaneous long and short open positions in the same instrument.
3. If your Account equity drops below a certain level established by us in accordance with Clause 4.1, a Margin Call will be sent to
your email address on a daily basis. In addition hourly alerts will be sent to your Account area on the Trading Platform.
4. When you select the amount you wish to trade, you cannot see the contract size you will trade. You can only see the volume
expressed in our standard lots, or fractions of our standard lots. For example: you can choose to trade 1 lot, or 0.50 lot or 0.02 lot,
etc.
5. If your Account balance is well below the margin requirement, established by us in accordance with Clause 4.1 at a level
established by us and notified to you (the Close Out Level) positions will be automatically closed-out by HY Markets using the
Download Platform to bring the Account above the Close Out Level. Unless otherwise specified, the Default Close Out Level is
when the account equity drops below 10% of the margin requirement of the open positions. We will first close the position showing
the biggest loss. If the Account equity is still below the Close Out Level after that, the Download Platform will close out the position
showing the next biggest loss. This will continue until the equity to margin requirement ratio goes above the Close Out Level. If you
have multiple positions in many products, it is possible that a position protected by a hedge will be closed first, if the loss on that
position is largest. This may cause further liquidations.
6. Unrealized profits will be counted within the amount required under Clause 4.1 to open new positions.
7. Hedging is permitted in the Account if you are a Download platform client that is to say that you may carry in the Account both
long and short positions on the same security/instrument.

Page 16 of 18
 SCHEDULE 5

Terms applicable to Stop and Limit Orders

The following terms apply to all Stop And Limit Orders:

We may in our absolute discretion accept an instruction (a Stop or Limit Order) from you to open or close any Transaction when our
quote in respect of the relevant instrument reaches or goes beyond a level specified by you. You may specify that your instruction is to
apply for a limited duration or for an indefinite period (a Good Till Cancelled or GTC Order). If we accept a Stop or Limit Order then,
when the level of our current quote reaches or goes beyond the level of your Stop or Limit Order, your order will be executed
automatically at the level of your Stop or Limit Order subject to the following: You acknowledge that where the underlying market is
moving rapidly our quote may have gone beyond the level of your Stop or Limit Order by the time your order is executed and in
particular you acknowledge that if the relevant underlying market opens with a gap from the previous closing price such that our quote
has moved beyond your Stop or Limit Order price your order will be filled at HY Markets quoted price derived from the market opening
price or the earliest price reasonably available.

You may with our prior consent (and we will not unreasonably withhold our consent) cancel or amend the level of your Stop or Limit
Order at any time before our quote reaches or goes beyond the relevant level. However, once the level has been reached you may not
cancel or amend the level of your order. If you enter into any Transaction and place a Stop or Limit Order which, when executed, would
be capable of closing or partly closing such Transaction and you subsequently instruct us to close that Transaction, or any part of it prior
to the level of the Stop or Limit Order being reached, it is your responsibility to cancel the Stop or Limit Order if you do not want the
order to remain valid. If you close your original Transaction and fail to cancel the Stop or Limit Order we shall be entitled in our absolute
discretion to treat the Stop or Limit Order as an instruction to enter into a new Transaction for you if and when our quote reaches or
goes beyond the level of the Stop or Limit Order.

The following conditions apply to all Stop or Limit Orders:

a) we will not accept a Stop or Limit Order unless when you instruct us to close part but not all of a Transaction, both the part of the
Transaction which you instruct us to close and the part which would remain open if we carried out your closing instruction are
equal to or greater than any minimum Transaction size in effect from time to time;

b) when you instruct us to open a Transaction you must not have committed an Event of Default;

c) if the Internet session (or telephone conversation) in which you instruct us to open or close the Transaction is terminated as a
result of circumstances beyond our reasonable control before we have confirmed that your instruction has been executed by us
the Stop or Limit Order shall not take effect;

d) any Transaction opened by you must be within any credit or position limit in effect with respect to the Account or any Transactions;
and

e) the Stop or Limit Order instruction must be given to us during normal trading hours for the investment in respect of which you
instruct us to open or close the Transaction. Details of the relevant trading hours are available on the website.

Page 17 of 18
 SCHEDULE 6
Terms applicable to CFDs on listed equity securities

The following terms apply to all Transactions for the Account in CFDs on listed equity securities

The CFDs we offer on a limited number of listed equity securities give you exposure to changes in the prices of the underlying
securities but are cash settled and therefore give you no rights to delivery of any underlying securities

A. Dividends
A dividend adjustment is applicable if an ex-dividend date occurs for an underlying security with respect to which you have an open
CFD. If you have any open long positions, a dividend adjustment will be credited to the Account. If you have an open short position, the
dividend adjustment will be debited from the Account. The dividend adjustment will be made gross, with no adjustment for tax. The
responsibility for any tax payable with respect to any such payment is yours.

B. Corporate Events
In the case of a bonus issue, reclassification, subdivision, consolidation, free distribution, scrip or rights issue or similar event affecting
the underlying security, we will determine the appropriate adjustment, if any, to be made to the related CFD. Such adjustments will be at
our absolute discretion and shall be conclusive and binding. Our adjustments will take account of the dilative or concentrative effect
necessary to preserve the economic equivalent of the rights and obligations of the parties under the relevant trade immediately prior to
such event.
Where a takeover offer is made in respect of a company in whose shares you hold an open CFD we may upon Notice to you close out
any open CFD positions. The price at which we close out any such position will be at such price as we establish in good faith in our
absolute discretion.

Where a company for whose shares you hold an open CFD becomes subject to an insolvency or analogous event or trading in its
shares is suspended for any reason, we will endeavour to reach agreement with you on a closing date and a closing price for the
relevant Transaction. In the absence of any such agreement, then that Transaction shall remain open until such time as the shares of
the company in question resume trading or the company becomes insolvent or is otherwise dissolved. In each such case, in the
absence of agreement between us we shall establish the closing level date and price for any open Transaction acting in good faith.

C. Quoting Prices In the event that no price is available to us for any security on which we generally quote a CFD price, whether
because such security is not quoted on the market on which it is listed or for any other reason, we will not generally quote a price for a
CFD on such security. In such event we shall not be liable for any losses arising from any delay or loss caused to you by the price
unavailability.

D. Terminology
All references to market terms such as dividends, take-overs, mergers, and other such terms mentioned in this Schedule are
intended to be understood as those terms are generally used in financial markets. If any dispute arises our determination of the correct
interpretation of such terms in a manner which shall be fair, conclusive and binding.

Page 18 of 18