Notice about Changes to FXOpen Customer Agreement for ECN Accounts

Dear Customers,

FXOpen is constantly working on making Forex trading safer, more technologically advanced and more convenient to you. This means that from time to time we have to amend our Customer Agreement to reflect the improvements we have made.

Please, note the upcoming changes to the company’s Customer Agreement for ECN accounts. The changes come into effect onTuesday, July 2, 2013. 
Here is a short summary of the amended clauses, to facilitate your understanding of the changes we’re about to make:

• In Clause 1, The Subject of the Agreement has been defined as “FX contract”.
  
  “Subject to the terms expressly stipulated below, FXOpen shall provide services in respect of foreign exchange and precious metals contracts (hereinbelow referred to as “FX contracts”) to retail and wholesale clients.
  FX contract shall mean a leveraged transaction made via FXOpen electronic trading platforms for the purchase or sale of a financial instrument, aimed on generating profit arising out of speculating activity or for hedging purposes, provided that such transaction does not give rise to an obligation relating to, or resulting in physical delivery of financial instrument and does not assume currencies conversion operations subject to physical delivery. For the removal of doubts upon settlement of the FX contract, the difference in value between the opening and closing positions will either be credited or debited to the Customer’s account according to the profit or loss for the transaction.”
• The following phrase has been added to clause 6 (in connection with the changes made to Clause 1):
  
  “or are in breach with the subject of this Agreement as expressly stipulated in the clause 1 above.”
• Clause 14 has been supplemented with Sub-clause 5 (in connection with the upcoming AML changes):
  
  “5) For the purposes of mitigating and managing the potential ML/TF risks faced by FXOpen and without derogating from the generality of FXOpen rights as expressly stipulated above, FXOpen reserves the right in its sole discretion to block a Customer’s account and prohibit any activity including but not limited to withdrawals for the term of internal investigation but not less than 180 days providing that FXOpen has reasonable suspicions that the Customer’s activity (i) does not comply with services provided by FXOpen and the subject of this Agreement, and/or (ii) is fraudulent, and/or (iii) is in breach with the law, present Agreement and FXOpen Anti-money laundering and Counter-Terrorism Policies.”
• A waiver of confidentiality has been added to clause 18:
  
  "The Customer hereby confirms and acknowledges his/her express consent to eliminate the confidential nature of all communications regarding without limitation any disputes, legal proceeding, public statements between the parties hereto or its results including courts or other dispute resolution schemes decision on the matter. The Customer further agrees that FXOpen may disclose on its sole discretion the contents of such communication where and when FXOpen deems it necessary."

Although a short summary is available, we strongly recommend that you take the time to re-read the full document, as you will be bound by its terms when using FXOpen’s services. The full document is available at www.fxopen.com/Documents.aspx and in your personal My FXOpen area in section Profile > Documents.

Best Regards,
FXOpen NZ Limited
Customer Service