"Account" - Customers Account with Trade Real-Time. In the event Customer maintains more than one account with Trade Real-Time, the term "Account" shall refer, in the aggregate, to all of Customer's accounts with Trade Real-Time, except where context dictates otherwise.
"Account Balance" - The total of all deposits, interest income and Realized Gains, less all withdrawals, Realized Losses and incidental fees that are available for withdrawal.
"Account Value" - Represents all deposits, withdrawals, fees, credits, realized P&L, and unrealized P&L, as Marked to Market in Trade Real-Time 's sole discretion.
"Account Activity" - A listing of all trades executed in Customers account during a specified time period, including both open and closed positions.
"Activity Log" - A display log of all deals that have been made in the account as they appear in the actual Trade Real-Time Online Trading System.
"Agreement" - The Customer Agreement and all documents and authorizations executed by Customer in connection with the maintenance of Customer's Account (regardless of when such documents and authorizations are executed), as amended from time to time.
"Application" - The Customer Account Application.
"Attached Order" - An Order that relates to or is referenced to an existing Transaction that you have with us.
"Ask Price"; "ask price" - The price at which Trade Real-Time (if "Ask Price" is capitalized) or any other person (if "ask price" is lower case) offers the currency for sale.
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"Base Currency" - The first currency in a Currency Pair.
"Bid Price"; "bid price" - The price at which a currency will be purchased from Trade Real-Time (if "Bid Price" is capitalized) or any other person (if "bid price" is lower case)
"Business Day" - Shall mean any day on which banks are open for business in New York.
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"Closed Position" - Exposures in Foreign Currencies that have been extinguished by expiration, settlement or offset (e.g., long position which have been fully offset by a corresponding Short Position in the same Foreign Currency and for the same Value Date).
"Closing Level" - the level at which a Transaction is closed;
"Collateral" - Monies deposited in Customers account that is used to cover the necessary margin required for a trade.
"Contract" - Any contract, whether oral or written, for the purchase or sale of any currency, including any option, entered into by Trade Real-Time and Customer.
"Contract Details" - The section of the public pages of our website designated as the Contract Details as amended from time to time. If you do not have access to our website a copy of these is available upon request, however, please note that they may change without notice to you and it is your responsibility to make yourself aware of the current Contract Details, whether by telephone or otherwise, where they apply to any positions opened or closed by you. You acknowledge that information contained in the Contract Details is indicative only and may, at the time when you open or close a Transaction, have become inaccurate. You will receive a copy of the then current Contract Details at the time you open your account. The current Contract Details will be the version then displayed on our website(s), which may be updated from time to time. It is not our policy to re-issue a printed copy of the Contract Details to customers unless specifically requested.
"Contract for Difference" - A CFD is simply an agreement to exchange the difference in value of a particular share between the time at which a contract is opened and the time at which it is closed.
"Counter Currency" - The second listed currency in a currency pair.
"Cross Currency Contract" - A Spot Contract for the sale of one specified Foreign Currency in exchange for another specified Foreign Currency.
"Cross Currency Pairs" - Two Foreign Currencies employed in a currency transaction not involving the UD Dollar. The relationship between the two in which one currency is purchased from (or sold to) a counterparty against delivery (receipt) of a second foreign currency.
"Currency" - A Foreign Currency or U.S. Dollars.
"Customer" - The party (or parties) executing this Agreement and in whose name the Account is maintained.
"Customer Account Application" or "Application" - The Trade Real-Time Customer Account Application, including all applicable addenda ( "Addenda") thereto.
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"Daily Cut-off" - The point in time selected for each Business Day by Trade Real-Time to signify the end of that Business Day. The Trade Date of any Contract entered into after the Daily Cut-off shall be the next Business Day. The Daily Cut-off will occur at a time selected on any Business Day by Trade Real-Time in its sole discretion and may vary from day to day.
"Day Only Order" - An Order that cancels automatically at or before the close of the Business Day, unless previously filled or canceled.
"Deal Blotter" - Listing of all deals executed during a specific time period. Deal Blotter is part of the Trade Real-Time Online Trading System.
"Demo Trading System" - the demonstration Trading system available on the Website.
"Dollars" and "$" - denotes lawful currency of the United States.
"Dollar Value" - The amount of US currency that would be generated by the conversion of the relevant Foreign Currency into U.S. Dollars at Trade Real-Time's prevailing exchange rates.
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"Eligible Foreign Currencies" and "Tradable U.S. Dollar-based Currency Pairs" - Those Foreign Currencies which Trade Real-Time, in its sole discretion, may agree from time to time to buy from or sell to its Customers.
"Event of Default" - The occurrence of any one of the following: (a) your failure to make any payment (including any payment of margin) to us in accordance with the Agreement; (b) your failure to perform any obligation due to us; (c) where any Transaction or combination of Transactions or any realized or unrealized losses on any Transactions or combination of Transactions opened by you results in your exceeding any credit or other limit placed on your dealings; (d) if you are an individual, your death; (e) the initiation by a third party of proceedings for your bankruptcy (if you are an individual) or for your winding-up or for the appointment of an administrator or receiver in respect of you or any of your assets (if you are a company) or (in both cases) if you make an arrangement or composition with your creditors or any other similar or analogous procedure is commenced in respect of you; (f) where any representation or warranty made by you in this Agreement is or becomes untrue; (g) you are or become unable to pay your debts as and when they fall due; or (h) any other circumstance where we reasonably believe that it is necessary or desirable to take any action to protect ourselves or all or any of our other Customers.
"Excess Margin Deposit" - The amount of funds or Market Value of Collateral (other than cash) in excess of Posted Margin. Excess Margin Deposit can be maintained in Customer's Account.
"Execution Screen" - That part of the Trade Real-Time Online Trading System that permits the Customer to execute a trade by entering the number of lots and clicking "Buy/Sell."
"Expiry Transaction" - A Transaction which has a set contract period, at the end of which the Expiry Transaction expires automatically;
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"Fill" or "Filled" - A deal executed on behalf of a Customer's Account pursuant to an Order. Once filled, an Order cannot be canceled, amended or waived by Customer.
"Foreign Currency" - The legal tender issued by and acceptable for the payment of obligations under the laws of one or more counties, other than the United States of America.
"Foreign Exchange Contract" - Any effectuation between the parties for the purchase by one party of an agreed amount in one currency against the sale by it to the other of an agreed amount in another currency, both such amounts either being deliverable on the same value date or, if the parties have so agreed, being cash settled in a single currency.
"Foreign Exchange Rate" - Generally, the rate of exchange between two Currencies that are freely and legally tradable on international interbank markets.
"Foreign Exchange Trading" - Trading in Foreign Exchange Contracts or Cross Currency Contracts.
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"Gross Basis" - Open Positions, calculated without the benefit of any netting between Long and Short Positions.
"Good 'til Canceled Order" or "GTC Order" - An Order (other than a Market Order), that by its term is effective until cancelled by Customer.
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"Initial Margin Requirement" or "Opening Margin Requirement" - The minimum Margin Balance necessary, at the sole discretion of Trade Real-Time, to establish a new Open Position.
"Instrument" - Any stock, share, futures contract, forward or option contract, commodity, precious metal, Exchange Rate, interest rate, debt instrument, stock or other index, or other investment in respect of which we offer to deal in Transactions.
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"Last Dealing Time" - The last day and (as the context requires) time before which a Transaction may be dealt in, as set out in the Contract Details or otherwise notified to you, or otherwise the last day and (as the context requires) time on which the underlying Instrument may be dealt in on the relevant Underlying Market.
"Limit Order" - An order (other than a Market Order) to buy or sell at an agreed price. A Limit Order to buy generally will be executed when the ask price equals or falls below the price or exchange rate as specified in the Limit Order. A Limit Order to sell generally will be executed when the bid price equals or exceeds the price or exchange rate specified in the Limit Order. Customers should note, however, that market conditions may often prevent execution of an individual Customer's Limit Order despite other dealing activity at that price level.
"Linked Transactions" - Two or more Transactions in respect of which we agree not to call for, or apply, the full amount of margin as a result of the relationship between such Transactions.
"Liquidating Order" - An Order to close out one or more Open Positions.
"Long Position" - An Open Position that results from the purchase of the Base Currency.
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"Margin" - The amount of cash that Trade Real-Time requires Customer to deposit or maintain in Customer's Account as collateral for Open Position(s).
"Margin Call" - A demand for the deposit of additional Margin as described in Paragraph 5.10 of the Trading Policies and Procedures.
"Margin Balance" - Account Balance plus Unrealized Gains/Losses. This is used in determining the Total Available Open Positions the Customer is authorized to have and is equal to the Account Balance inclusive of Unrealized Gain/Loss.
"Market Order" - An order to buy or sell the identified Currency, or pairs of currencies, at the current market price. An order to buy is executed at the ask price; an order to sell is executed at the bid price.
"Market Spread" - The difference between the bid and offer prices for a transaction of equivalent size in an Instrument, or a related Instrument, in the Underlying Market.
"Market Value" - The Dollar Value, determined by Trade Real-Time in its sole discretion, that Trade Real-Time would receive if it sold any Collateral for immediate delivery in the relevant market.
"Marking to Market" or "Marked to Market" or "Mark to Market" - The process of recalculating the theoretical value of Open Positions in a Foreign Currency trading Account, assuming all Open Positions were liquidated at current market rates, as determined by Trade Real-Time in its sole discretion. Customer Accounts are generally marked to market at a specified time and Spot Rate in order to estimate and report the Account Balance in U.S. Dollars and measure Margin against Open Positions.
"Master Netting Agreement" - The two-way netting agreement set out at Schedule A to this Agreement regarding all Transactions entered into by you pursuant to this Agreement that will apply to you and to us and, where applicable, has the specific meaning set out in the relevant Product Modules.
"Minimum Margin Requirement" - The margin required, at the sole discretion of Trade Real-Time, to maintain an Open Position. Under normal market conditions, for mini accounts this is .5% of the value of the Open Position, and for standard accounts this is 1% of the value of the Open Position.
"Minimum Size" - In respect of a Transaction in which a Minimum Size applies, the minimum number of shares, contracts or other units of an Instrument that we will deal on, which in most cases is specified in the Contract Details and, where not so specified, we will inform you of on request.
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"Normal Market Size" - The maximum number of stocks, shares, contracts or other units that we reasonably believe the Underlying Market to be good in at the relevant time, having regard, if appropriate, to the normal market size set by the London Stock Exchange or any equivalent or analogous level set by the Underlying Market on which the Instrument is traded.
"Notice of Withdrawal" - A request by Customer to withdraw funds from Customer's Account.
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"One Cancels the Other Order" or "OCO" - Two Orders that are linked. If one Order is executed, the other is cancelled.
"Opening Level" - The level at which a Transaction is opened.
"Open Position" - Whereby you have executed a trade and entered into a position, either long or short, for which no offsetting transaction has been entered into. Open Positions include Long Positions and/or Short Positions. Open Positions that have been Marked to Market contain a theoretical gain or loss.
"Opening Margin Requirement" - The margin required, at the sole discretion of Trade Real-Time, to establish an Open Position. Under normal market conditions, for mini accounts this is .5% of the value of the Open Position, and for standard accounts this is 1% of the value of the Open Position.
"Opening Transaction" - An order that, when executed, establishes a Long Position or Short Position or increases an existing Long Position or Short Position in Customer's Account.
"Order" - Generally, an instruction by Customer (or Customer's authorized Trading Agent) to Trade Real-Time to attempt to execute a trade for Customer's Account.
"Over-the-Counter" or "OTC" - Off-exchange markets in which market participants, such as Trade Real-Time and Customer, enter into privately negotiated Contracts or other transactions directly with each other.
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"Point" or "Pip" - The smallest unit of price for any Foreign Currency (e.g., for USD/CHF one point (or pip) equals .0001 Swiss Francs and for USD/JPY one point (or pip) equals 0.01 Japanese Yen).
"Position Management Screen" - List of all Open Positions and associated Unrealized Gains/Losses that appears in the Trade Real-Time Online Trading System.
"Posted Margin" - That part of the Margin Balance that is posted to Trade Real-Time in support of the Customer's Open Position and unrealized losses.
"Product Module" - A product specific module which forms part of this Agreement and sets out the terms and conditions that apply to specific types of Transactions and/or Services, and any amendments thereto. If, after your agreement to these Sections, you are sent a Product Module for a particular Transaction type that you have not traded or been provided with before, then that Product Module will be effective and binding on you from the date that you first trade or open a Transaction governed by that Product Module;
"Profit / Loss" or "P/L" or "Gain/Loss" - The actual gain or loss in U.S. Dollars resulting from trading activities on Closed Positions, plus the theoretical gain or loss on Open Positions that have been Marked to Market.
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"Realized Gain/Loss" - The actual gain or loss resulting from closing an Open Position.
"Required Margin" - A sum equal to (x) the greater of the Initial Margin Requirement or (y) the Initial Margin Requirement plus Unrealized Losses on Open Positions, if Unrealized Losses exceed the Maintenance Margin Requirement on Open Positions.
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"Short Position" - An Open Position that results from the sale of the base Currency.
"Spot Contract" - A Contract where the Value Date is two Business Days (or one Business Day where the Contract involves the U.S. Dollar against the Canadian Dollar) following the Trade Date, or such later date as may be customary or necessary in respect of any currency unit.
"Spot Rate" - The rate of exchange between two (2) Foreign Currencies for "Spot" - value (normally settlement in two Business Days), generally quoted either in "U.S. Terms" - (price of one unit of Foreign Currency expressed in U.S. Dollars and Cents) or in "European Terms" - (price of one U.S. Dollar expressed in units and decimals of the Foreign Currency).
"Stock Indices" - Index of market prices of a particular group of stocks.
"Stop/Loss Order" - Orders to buy or sell at the best available price when a given price threshold has been reached.
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"Trade Real-Time Online Trading System" - That part of www.Trade Real-Time where the Customer can log on to execute and manage trades.
"Trade Real-Time Trading Desk" - The trading desk of Trade Real-Time.
"Trade Date" - with respect to any Contract, the date on which the Contract is entered into between Trade Real-Time and Customer, except in the case of any Contract entered into after the Daily Cut-off following, but before the next relevant Business Day, in which case the Trade Date shall be the next following Business Day.
"Trading Agent" - A third party person or entity that is legally authorized by Customer to act as agent and attorney-in-fact to purchase and sell (including short sales) foreign currencies, on margin or otherwise, and/or foreign currency option contracts for Customer's account and risk.
"Trading Policies and Procedures" - The Trade Real-Time Trading Policies and Procedures, as the same may, from time to time, be revised, updated or amended by Trade Real-Time, in its sole discretion.
"Transaction" - A future, option, contract for differences, spot or forward contract of any kind in relation to any Instrument (including a security) or any combination of Instruments and means either or both Expiry Transactions or Undated Transactions as the context requires.
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"Unattached Order" - An Order that relates to or is referenced to a proposed Transaction that will come into effect if and when the Order is executed.
"Unrealized Gain/Loss" - The theoretical gain or loss on Open Positions that have been Marked to Market, as determined by Trade Real-Time in its sole discretion.
"Undated Transaction" - A Transaction with an indefinite contract period that is not capable of expiring automatically.
"Underlying Market" - the Exchange or other similar body on which a Instrument is traded or trading in that Instrument as the context requires.
"U.S. Dollar" - The legal tender issued by and acceptable for the payment of obligations under the laws of the United States of America.
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"Value Date" - The day that the currency would be physically delivered (or payable) if Trade Real-Time did not automatically roll over clients positions at the end of the each Business Day.
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"Website" - Trade Real-Time's website at www.traderealtime.com.
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