Entering into a Contract. 5.1 You will enter into a Contract by buying or selling the Base Currency at the Contract Rate. If you open a Contract where you buy the Base Currency, the Rate will be the higher figure quoted by us for the Exchange Rate in respect of which the Contract is made and if you enter into a Contract where you sell the Base Currency, the Contract Rate will be the lower figure quoted by us for the Exchange Rate in respect of which the Contract is made. 5.2 Upon entering into a Contract, we will allocate it a deal number which will be notified to you via the online dealing software provided to you by us and upon our confirming the Contract under Term 10.8. 5.3 Each Contract opened by you will be binding on you, notwithstanding that by entering into the Contract you may have exceeded any position or other limit, which we have placed upon your dealings with us.
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Sources: Foreign Exchange Customer Agreement, Foreign Exchange Customer Agreement