Common use of Trading Conditions Clause in Contracts

Trading Conditions. 8.1 The Client acknowledges that certain Exchanges or External Exchanges do not support Market Orders. If the Client places a Market Order in respect of such Exchange or External Exchange, Velocity Trade will automatically convert the Market Order to an aggressive Limit Order within a certain percentage limit. The price at which the Transaction is completed pursuant to a Market Order made in the aforesaid circumstances may vary from the price indicated in the Market Order between 1% (one percent) and 4% (four percent) depending on the Exchange or External Exchange and the type of Security. The Client will be responsible to check if the Market Order is filled in the market after order entry. 8.2 If the Client experiences or suspects any errors with a Market Order, the Client should contact Velocity Trade immediately. Velocity Trade will not be responsible orders not filled due to this. 8.3 The Client acknowledges that Velocity Trade’s Service Providers may choose to translate Market Orders on various markets into aggressive Limit Orders where the variance between the price indicated between the Market Order and the actual price is 3% (three percent) in the money. This is due to the Service Provider’s internal compliance and is set to protect the Client from "bad fills". Velocity Trade will not be responsible for missing fills due to this. 8.4 The Client acknowledges and agrees that in cases where a Market Order regarding a Security is split in that the Transaction is completed over a period of more than one day, the total fees payable to Velocity Trade in of the Transaction may increase as a result of the fee as set out in the applicable Product Schedule being charged in respect of the number of days necessary for the total execution of the Transaction. 8.5 Dividend payments from share positions will be credited to the Client's Account after deduction of any applicable standard withholding taxes payable by the Client in respect of such dividend. The Client acknowledges that Velocity Trade does not support or offer preferential withholding tax rates that may be available due to residency or legal status. The Client further acknowledges that Velocity Trade does not offer a tax reclaim service, but it may refer the Client to a third party for such service, at the request of the Client, provided that Velocity Trade makes no representations of warranties in respect of such service from such third party. 8.6 In US markets, Velocity Trade consolidates liquidity from a number of sources in addition to the primary Exchanges. When there is a delay in the opening of the primary Exchange, Orders can be filled from these other sources before trading commences on the primary Exchange. 8.7 One-Cancels-Other Orders consists of two Orders. If either of the orders is executed because its market conditions have been met, the related order is automatically cancelled.