Spreadbet, CFD, FX Terms & Conditions

July 2017

These are the CFD and Spread Bet Terms and Conditions for TIMETOTRADE a trading name of Mercor Index Limited.

Warning

Trading in Margined products, such as the transactions covered by this Agreement, carries a high level of risk to your capital. You may incur profits or losses of many times the amount of your stake and may lose more than you originally deposit. Only trade with money that you can afford to lose. By accepting this Agreement you are entering into a contract which is legally enforceable by virtue of section 412 of the Financial Services and Markets Act 2000. Make sure you fully understand the risks involved and seek advice if necessary. Margined trading may not be suitable for all individuals. We strongly recommend that you read the Risk Warning notice that forms part of this Agreement and is also available on our website.

If you are unable to understand any part of this Agreement you should contact us with your questions before agreeing to them.

We may provide you with documents and information in languages other than English at our discretion. In the event of a conflict or inconsistency between the English version of this Agreement and that provided in any other language, the English version will prevail.

You agree that we may record our telephone conversations with you. Such records will be our sole property and you accept that they may constitute evidence of the communications between us.

Prospective clients are advised that, historically, Spread Betting and CFD losing clients outnumber winning clients by a factor of approximately 4 to 1.

1. This Agreement

1.1. These Terms and Conditions form part of the agreement between you, the client ("You", "Your(s) or "yourself"), and TIMETOTRADE ("we", "us", "ourselves" or "our(s)"). These govern the services offered by us our relationship with you and all transactions that you enter into with us (or any Authorised Third Party using your name, account number and/or password).

1.2. TIMETOTRADE is a trading name of Mercor Index Ltd ("MIL"). MIL is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA), whose address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. Our FCA registration number is 679941.  For certain services we are regulated by other professional or governmental bodies. These separate terms are set out in their relevant sections (Supplemental Terms).

1.3. All the services we offer under this Agreement are regulated by the FCA and are covered by the FCA Rules and regulations.

1.4. These Terms and Conditions together with the Risk Warning Notice, your Application Form, the Order Execution Policy, the current Market Information Sheets and any supplemental terms and conditions or policies issued by us, are known as the "Agreement".

1.5. You should read these terms in their entirety. If there is any part of these terms that you do not understand you should contact us immediately. Unless we agree, in writing, to amend any part of this Agreement it will form the basis of all contracts that you enter into with us. This Agreement and all subsequent amendments that you agree to are legally binding and enforceable.

1.6. The meanings of certain financial and legal wordings are set out in the "Glossary" at the end of this document.

1.7. You may contact us via email or verbally by telephone. All such communications should be in English. We may converse with, or write to, you in languages other than English but in the event of any misunderstanding or error the English version of this agreement will prevail. The English version of this Agreement is binding and takes precedence over any other translation.  All communications with you are made on a best endeavours basis and, unless agreed in writing by a Director of TIMETOTRADE, do not alter this Agreement. 

1.8. You agree that we will be entitled to take any action as we consider necessary, in our absolute discretion, to ensure compliance with Applicable Laws. You agree to comply with all Applicable Laws and also to abide by any local laws to which you may be subject. You are reminded that this especially applies to all forms of market abuse (e.g.:- market manipulation or insider trading) and corporate governance (e.g.:- director trading).

1.9. You authorise us to telephone or otherwise contact you at any time whatsoever in order to discuss your account or to communicate other services offered by us.

1.10. We will not offer any advice on the suitability of your entering into this Agreement. It is entirely your personal choice as to whether you should use our services. We strongly recommend that you take professional advice before entering into this agreement.

1.11. You agree that we may share commission and charges with our Associated Companies, Trading Partners or other third parties, and receive or pay remuneration from or to the same in respect of Transactions entered into by you with us. Such commissions and charges will only be paid where we are satisfied that such payments do not impair our obligation to act in your best interests.

1.12. You agree that where a situation arises that is not covered by this agreement then you and we will be bound by general industry norms and where possible or relevant with reference to the Terms and Conditions of our competitor companies.

2. Your Account

2.1. Unless specifically agreed with you (Clause 2.2), you will be classed as a retail client as specified under the FCA Rules.  As a retail client you have the highest level of regulatory protection and your funds will be segregated.

2.2. For some clients it may be appropriate for you to be classified as a professional client. If such is the case we will provide you with full details of any limitations to the level of regulatory protection that such a different categorisation would entail.

2.3. We will not accept any instructions from you until your account has been opened. Funds received by us will not be apportioned to allow trading until your account has been opened. To be considered for an account you must submit an Application Form (either online or using the printable form available on our web site). All required sections must be filled out and the information supplied must be correct to the best of your knowledge.

2.4. By submitting an Application Form you authorise us to make any searches that we see fit to certify that the information supplied by you is accurate.

2.5. If there are any material changes to the information given on your Application Form (including change of employment, income, address, contact details and email) you must immediately amend your details using your online account. Any losses that may be incurred by misdirection of contract details due to incorrect or out of date email addresses or other contact details supplied by you are entirely your responsibility.

2.6. It is entirely our decision to allow you an account and we may refuse an applicant for any reason.

2.7. In accepting these terms you agree that we and you have the right to close your account at any time. You agree that we are not required to offer a reason for closing your account.  Should we implement this right then, without prejudice to any part of this agreement, all your open Positions will be closed immediately at our current quoted price and no new Trades will be accepted. Any Positions held in markets that are closed for the day will be closed at the first reasonably available price on the next trading session offered by us. If a market is suspended for any reason the Position will be closed under the terms of this Agreement.

2.8. It is your sole responsibility to inform us as to whether your trading activity should be reported to your employer. In general, if you work for an FCA or PRU regulated entity, your employer (specifically the compliance unit) will require notification. You should ask your employer if such notification is required.

2.9. We will never give trading advice although we may provide you with information concerning your account or concerning factual data on markets that we quote. If any TIMETOTRADE employee gives (or appears to give) trading advice you agree that this advice is given on a personal level and is not in any way the opinion of TIMETOTRADE.

2.10. We only permit Deposit Accounts to retail clients. We do not offer Credit accounts.

2.11 Without prejudice to any part of this Agreement we are entitled, without notice to you, to require the closure of all (or some) of your open positions with immediate effect. The settlement price for the closure will be made at the prevailing quotes for each relevant market or at the first price reasonably available to us.

2.12 Authorised Third Party.

2.12.1 You may authorise someone else (commonly called an Authorised Third Party) to manage or have authorised access to your account.

2.12.2 You acknowledge that this will be at your own risk.

2.12.3 Both you and the Authorised Third Party will be required to submit a Power of Attorney document authorising and appointing an Authorised Third Party to operate your account.

2.12.4 A Power of Attorney form is a legal document and you will be required to send to provide some form of identity document such as a copy of your passport or driving licence.

2.12.5 We will be entitled to accept all instructions from an Authorised Third Party as if that instruction had come from you

2.12.6 Third party authority will remain in place until such time as it is revoked by either party. If you wish to revoke this authorisation you must provide written notice to us. Any such notice will be effective as soon as it has been acknowledged as such by us. It is your sole responsibility to ensure that we are aware of any such intended revocation. You acknowledge that you will remain liable for all instructions given by the authorised person prior any acknowledgement of the revocation by us and that you will be responsible for managing any positions which remain open after such revocation of permission.

2.12.7 We may at our sole discretion, and without notice to you, refuse to accept instructions from any Authorised Third Party and to treat the appointment of any such Authorised Third Party as terminated. We will be entitled, without notice to you, to refuse to accept instructions from any Authorised Third Party and to treat the appointment of any such Authorised Third Party as terminated.

2.13. Any action made by you or us which affects your account will trigger an email and/or an on-screen response. The non-receipt of an email or absence of an on-screen confirmation will not affect the validity of any trade or order which has been placed.

2.14. It is solely your responsibility to ensure that you are aware of all activity on your account. As soon as you receive any such notification you must check it to make certain that it is correct. You should contact us immediately concerning any potential error. Any problem will be investigated and resolved.

2.15. Unless your account has been suspended your account statement will be available online.

2.16. If you think that your statement contains an error or you have received (or not received) a trade confirmation that contains erroneous information you must notify us immediately.

2.17. Any queries should be raised with our customer support team or with our dealers.

2.18. If your complaint cannot be resolved by customer support or the dealers then it may be handled by our compliance department according to our complaints procedure, a copy of which is available online and is available on request. If you are dissatisfied with the result of our compliance department's investigation or with any action taken by us as a result thereof, you may be able to refer the complaint to the Financial Ombudsman Service for further investigation at South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

2.19. In the event of any dispute we may, at our discretion, immediately close (at the current quote or at the first reasonable quote available to us) any open position that is in dispute. No matter what the subsequent result of the dispute, we will not reopen or reinstate any such closed position and will not be responsible or liable for the implications of any subsequent Market movement after the position has been closed.

3. Trading

1. We are not obliged to accept any Trade or Order placed by you.

3.2. You may only Trade or place Orders via our online (or mobile) platform or through our dealer's recorded telephone lines. If any other communication media is received it will only be accepted at our discretion.

3.3. We quote a two-way price, you may Buy at the higher price or Sell at the lower price.

3.4. We will only deal with you on an execution-only basis.

3.5. All calls to our telephone lines are recorded and you hereby agree to this recording.  All recordings of telephone conversations are our exclusive property and may be used as evidence in any dispute.

3.6. If you deal over the telephone you must identify yourself to the satisfaction of the dealer (usually with your name, account number or username). When dealing over the telephone the trade will only be accepted by us when the dealer has confirmed verbally that it has been accepted. This acceptance of a trade by one of our dealers does not negate either our or your rights in the event of a Pricing Error.

3.7. You should keep your username, password and account number secret. Any instruction made on your account using either your username, account number or your password will be deemed as valid except where we have allowed unauthorised access to your account through negligence by our own staff or through deficiencies in our systems. If any person has had access to your username, account number or password or you suspect that an un-authorised person is dealing on your account you should immediately inform us.  Where you have made losses due to un-authorised access caused through negligence by our own staff we will indemnify you for any losses incurred.

3.8. Any action that you make on your account that changes any aspect of your account (make a trade, place an Order, deposit funds, change an Order etc) will generate an email confirmation (and an on-screen confirmation). Any action made by us on your account (i.e. filling an Order or inputting a telephone trade) will generate an email confirmation.

3.9. Any trade confirmation that does not accurately reflect the relevant Underlying Market price at the time of the trade cannot be enforced by us or you.

3.10. If we execute an Order placed by you, we will act in accordance with our Order Execution Policy. The Order Execution Policy is available online.

3.11. We act as principal in all trades made by you. Any trade made with us is an over-the-counter trade (OTC) and as such does not take place on an exchange. We are the direct counterparty to you in every trade.

3.12. We only accept trades during the relevant Quoting Hours for the Market concerned and only in a trade size permitted by us. Quoting Hours and the minimum and maximum permissible online trade sizes are stated in the Market Information Sheets. Before placing any trade you should read the Market Information Sheets and if there are any points that you do not understand you should contact us.

3.13. Notwithstanding clause 3.12 we may, at our absolute discretion, vary the permissible maximum and minimum trade sizes or accept a trade outside the normal Quoting Hours for a specific market.

3.14. If any trade is placed on our trading platform that has been subject to an external manipulation of the price offered on the trading platform (or through the manipulation of the underlying market) we reserve the right, without your consent, to either amend the price of any trade made or to cancel the trade in its entirety. Any such unlawful attempt to manipulate our quoted prices, our trade acceptance process or to manipulate the underlying market shall be reported to the relevant authorities. If you have previously received monies from us as a consequence of such manipulation you agree to immediately return all such monies to us.

3.15. You can only place a trade on a current valid Quote. Our Quote may change from the instant it has been quoted.  A trade request over the telephone is only accepted by us when our dealer confirms it as such. A Quote made over the telephone is always indicative and we may, at our sole discretion, reject your trade request.

3.16. It is your responsibility to establish the legality of trading from your local jurisdiction. We are under no obliged to recognise the domain from which you are trading or to bar access from any location.  Clients are advised to check the relevant local laws if they wish to access our services.

3.17. Our Quotes are indicative only and we may, at our sole discretion, reject or accept any trade request. Due to the nature of online trading systems and the potential unreliability of market price feeds, we may, at our sole discretion, delete or amend your trades (and any related trades) which, in our opinion, do not reflect the Underlying Market prices when the relevant trade was placed. We will not be responsible for losses sustained by you through our rejection or cancellation of a trade. Should you incur losses with another company due to reliance on a trade subsequently cancelled or amended by us we are not liable for said losses.

3.18. All trades with us are cash settled and you will not be entitled to request delivery from us, or be required to deliver to us, the underlying product

3.19. If any trade that you have open is subject to expiry then the general terms of that expiry will be noted on the Market Information Sheets. On the Expiry Date of Equity trades the settlement price will be based (in the absence of unusual market activity) on the final Bid or Offer shown on our platform prior to that expiry. If you have a Long/Buy Position then the settlement price will be the last Bid price of Our Quote prior to expiry and if you have a Short/Sell Position then the settlement price will be the last Offer price of Our Quote prior to expiry.

3.20. In certain situations where you hold large positions in single equities or in equities that are illiquid then we will expire your position at the average price that we were able to achieve in exiting our hedges plus or minus our relevant spread. In cases of extreme illiquidity you agree that we may insist on your position being rolled into the next Expiry Date and held open until such time as we are able to exit our hedges.

3.21. If, due to illiquidity, we are unable to buy or sell sufficient equities or contracts to cover your position or it becomes impossible to borrow said stock in the Underlying Market then you agree that we have the right to close all or part of your position at the current TTT quote

3.22. If you are deemed, at our sole discretion, to be trading in concert with other clients then we may treat all instructions placed as one instruction. All trades may be filled at the same average price that we were realistically able (or would have realistically been able) to execute a hedge position in the Underlying Market plus or minus the relevant spread.

3.23. Open positions may be closed at any time that we offer a Quote in the market in which you hold the position.

3.24. Except by specific agreement you may not hold opposing positions in the same contract at the same time.

3.25. If as a consequence of Overnight Commission Charges your account goes into a negative Margin situation you agree that we may reduce the Margin required on your open positions by amending your stop orders or by closing part or all of your open positions. Our dealers will choose, at their sole discretion, the orders or open positions to so amend.

3.26. Except where market conditions make it impossible (for example where a market is suspended) all open positions will be settled on their Expiry Date/Time in accordance with the Market Information Sheets. If any trade remains open in error then they will be closed at the relevant correct expiry price. If a position is closed by you after the Expiry event then such trades may be voided by us whether or not they were accepted by us at the time.

3.27. If the stated Expiry Date of a market is not a recognised business day either of the Underlying Market or of us then the business day for the relevant market immediately preceding that stated will be considered as the Expiry Date unless an alternative is stated in the Market Information or we notify you otherwise.

3.28. You may at any time before the last dealing time of an open position ask us to roll the open position over into the next contract period. You should ensure that your account will have sufficient Available Margin, after you have closed the current position, to support the new open position.  Both the closing and opening prices will correspond to the current market quotes for those markets. On closing the current position any associated profit or loss will be realised. Your new open position will create an entirely new Stop Loss Order in line with these terms and the Market Information Sheets. It is solely your responsibility to amend these orders to a level consistent with your wishes. We will not be responsible for ensuring that new Stop Loss Orders are consistent with the Stop Loss Orders cancelled by the closure of the position being rolled-over.

3.29. We will treat all executed trade executions as simply a Buy or a Sell. We will make no reference as to whether any trade made by you opens a new position or closes (or part closes) an existing open position.  Any statement made by you stating that a trade opens a new position or closes (or part closes) an existing position is not binding on us. It is your sole responsibility as to whether such a statement made by you is actually correct. We are not obliged to check whether a statement made by you does actually have the stated effect. (i.e.  if you state to our dealers that a  buy trade "closes an open position" (or words to this effect) when it actually opens a position then the new position will be opened).

3.30. Where we believe, in our sole opinion, that you have unfairly exploited such price latency that might be apparent on our platform we may at our absolute discretion void all such trades.

3.31. Each and every time you place a trade with us you agree that:-

3.31.1. All personal information required by us and confirmed by you is true and accurate in all material respects.

3.31.2. You have read, understand and agree to be bound by this Agreement, the Market Information Sheets and the Risk Warning Notice and any updates or amendments to the aforementioned Agreement, Market Information Sheets and Risk Warning Notice.

3.31.3. Your actions are legal in the jurisdiction you are currently resident

3.31.4. You are authorised to take such actions.

3.31.5. If any losses are incurred by you or us due to your breach of any part of this agreement then you will be liable for said losses.

3.32. You agree that all Trade and Order data concerning your activities on your account is exclusively our property and we and our agents may use such information for any purpose and at our sole discretion.

4. Dividends/Corporate Actions/Takeovers/Suspension/Liquidation

4.1. If any open position that you hold is subject to a dividend then your Account Balance will be adjusted to reflect the dividend with respect to your trade size.  In general on the Ex-Dividend day we will make an adjustment to your account to account for the dividend payment:

For long/buy positions we will credit 80% of the Gross Dividend receivable on an Equity/Indices holding equivalent to the position held by you.

For Short/Sell position we will debit 100% of the Gross Dividend payable on an Equity/Indices holding equivalent to the position held by you.

In the event of a cancellation or adjustment of a dividend after the ex-dividend date we will adjust your account to reflect said adjustment if you held an open position over the ex-dividend date.

4.2. Corporate events. In the event of any dilution or concentration of equity capital or any special dividend or return of equity capital in any equities or indices on which a position is open we reserve the right to adjust every open trade price or trade size in that Market (or to adjust your Account Balance) to fairly reflect the impact of the event.

4.3. Takeovers. In general we will continue to quote a market throughout a takeover event but we reserve the right at any time during the event to suspend the market concerned and close all open bets at the prevailing Our Quote price. If the takeover goes ahead we will be entitled to adjust the size and/or price of your open trades (and any Orders) to reflect the effect of the takeover offer on the underlying market.  If the takeover results in a cash payment or equity swap we will close your open trades at a level determined by us based on a reasonable valuation of the market at the relevant time. If the takeover results in a new market/name for the position that you hold we may close your existing position and open a new position in the new market at the equivalent price and size of the old position to reflect the new situation.

4.4. Suspension or Liquidation.

4.4.1. If any financial instrument that forms the basis of the underlying market that we use to provide Our Quote is suspended then, unless we are able to get a related underlying market from which to supply a quote, that market will be suspended on our platform. All trades will be re-valued for the period of the suspension at the price prevailing at the time of suspension.

4.4.2. Excepting a separate agreement with us all open positions will remain suspended whilst the relevant financial instrument is also suspended even if the Expiry Date of the open position occurs whilst the market is in suspension. In the event of the expiry of your trade prior to the lifting of a suspension your trade will be rolled forward to the next expiry period for that market. (i.e. if you had a quarterly equity trade expiring in March it would be rolled to the next quarterly expiry :- June. And so on to September and December).

4.4.3. We reserve the right to increase the Margin on suspended markets up to and including 100% of the underlying market value of your open position and to revalue the trade at a different price to the suspension price.

4.4.4. Upon lifting of any suspension trades that are due to settle will be closed at the first reasonable price available to us. Any orders that are subject to execution will be executed as soon as is reasonable in the circumstances and at a price that will have regard to the liquidity in the underlying market and with reference to our ability to make new hedge transactions against your positions (or to get out of existing hedge positions)

4.4.5. Where a market subsequently becomes insolvent (or otherwise dissolved) then your trades will be settled zero. In the event that there is any subsequent distribution to the shareholders then clients who had long positions in the market will be credited with the equivalent sum in relation to the final share price. Clients who held short positions agree that they will be liable to repay to us the equivalent sum of the distributed monies. We reserve the right to require you to hold Margin on your account to reflect this possibility. This Margin requirement might be as much as the full difference between the suspension price and zero.

4.5. Delisting.

4.5.1. If a company in which you have an open position is delisted from an Exchange but is not subject to insolvency or dissolution then we will close all open bets at a price that is fair to all parties with regard to the circumstances of the delisting and any hedging positions held by us. Such action will reflect the treatment afforded to holders of the underlying security.

5.0. Pricing Error

5.1. A Pricing Error is defined as when the price quoted by us clearly deviates from the correct prevailing price with reference to the Underlying Market price at that time.

5.2. You agree that we may, without your consent, either cancel the relevant trade(s) or amend the price of the trade(s) to fairly reflect, at our sole discretion, the true value of Our Quote with reference to the Underlying Market at the time the trade was made.

5.3. We will not be liable to you for any losses or liabilities incurred by you in the event of a Pricing Error.

5.4. If you have previously received monies from us as a consequence of a Pricing Error you agree to immediately return all such monies to us.

5.5. We shall not be responsible for any commitment (with us or with any third party) that you have entered into in consequence of a Pricing Error.

5.6. Any trades made with us using Margin created as a consequence of a Pricing Error will be cancelled and all profits will be forfeit. You may be liable, at our discretion, for losses created by utilisation of Margin created by the Pricing Error.

6. Orders

Every open position has a Stop Loss order associated with it. Every time you make a new trade you will be given a Stop Loss order for that trade. The price of this Stop Loss will be dependent upon the Margin available for trading in your account and on the minimum and maximum Margin levels required by our systems for that specific market. Once you have received this Stop Loss level you may amend it within the boundaries of the available Margin on your account and the minimum permissible stop distance from the current Our Quote price for that market.

6.1. All orders are based on three types of order

6.1.1. New Orders.

New orders are not connected to an existing open position although they may close them. When activated they effectively create a new position but if, when executed, they create a new position that is opposite to existing positions they will close (or part close) those existing positions unless you have specified otherwise.

New Orders may be designated by you as

i)               Good till Cancelled(GTC) which means that they will remain in place until cancelled by you or until the market in question reaches its last trading date/time

ii)              ii) Good for Session (GFS) which means that the order is good until the end of the current trading session (or until the end of the next session if the order is placed while the relevant market is closed) or

iii)            iii) Good till Date (GTD) where the order is good until a time and date specified by you when placing the order.

New Orders can be cancelled at any time by you excepting that a New Order cannot be cancelled after being activated for execution. You should be aware that if you close a position after a New Order has been activated but before it has been executed then the New Order will still be executed and a new position will be opened. If you place a trade after an order has been activated for execution such that there is no longer sufficient Margin for the New Order to be executed then we may, at our sole discretion, subsequently void the trade and execute the New Order.

6.1.2. Stop Loss Orders.

Stop Loss Orders are attached to existing open positions. Stop Orders will remain live until such time as the position is closed or the Stop Loss order is activated for execution. When activated and executed they will close the positions to which they are attached. All open positions must have a stop loss attached. Stop Loss orders can be amended but can never be cancelled. If part of an open position is closed then the size of the relevant stop order will be amended to reflect the portion closed.

If you close an open position (or make a new trade that has the effect of closing an open position) after a stop loss order has been activated but before it has been executed then your trade request may be rejected by us or your trade request may open a new positon once the activated stop loss order has been executed. We reserve the right to adjust the price of a trade if you close an open position after the Stop Loss order attached to that position has been actioned for execution.

6.1.3. Limit Orders.

Limit Orders are attached to existing positions. When activated and executed they will close those positions. All Limit Orders are Good till Cancelled (GTC).  When an open position with a Limit Order is closed the Limit Orders are cancelled.

If you close an open position (or make a new trade that has the effect of closing an open position) after a Limit Order has been activated but before it has been executed then your trade request may be rejected by us or your trade request may open a new positon once the activated Limit Order has been executed. We reserve the right to adjust the price of a closing trade if you have closed an open position after an attached Limit Order has been actioned for execution.

6.2. Orders will be actioned for execution when Our Quote reaches the indicated Order price. For a Buy Order instruction the offer side of Our Quote must reach the requested bid price and for a Sell Order instruction the bid side of Our Quote must reach the requested sell price. Our Quote will be dependent upon the relevant Underlying Market but may be higher or lower than the Underlying Market due to spread, interest rate costs, scrip issues, stock splits, our competitors' quotes, the volume of client business or for such reasons as we, in our opinion, deem fair and reasonable. All orders will be filled in accordance with our duty of best execution.

6.3. In respect of the few markets that may be quoted by us outside of the trading hours of the relevant Underlying Market all orders will be in reference to Our Quote and may be filled based on a price which, in our opinion, is fair and reasonable in light of prevailing world Markets at that time.

6.4. We will accept Orders placed in any Market at any time.  However no Orders will be executed outside of the Quoting Hours for that Order except by agreement with us. Upon the opening of the relevant Market any executable Order will be filled at our first Quote that we are reasonably able to obtain with reference to the Underlying Market and the Size of the Order in question.

6.5. It is your responsibility to cancel any Order that you no longer require.

6.6. Guaranteed Stops

6.6.1. Guaranteed Stops are a variant of a Stop Loss. A guaranteed Stop cannot be Gapped or Slipped and when activated must be filled at the price specified.

6.6.2. We allow Guaranteed Stop Orders in most markets (see the Market Information Sheets for the definitive list). How close you may place the Guaranteed Stop to the current market price for open positions (or to the entry price for New Orders) is specified in the Market Information Sheets.

6.6.3. If you place a Guaranteed Stop instruction we will charge you a fee when the stop is created either through a cash charge to your account or through a widening of the spread on the relevant market.  In very volatile (or illiquid) market conditions you agree that we may, at our sole discretion, increase the fee or spread charged for a Guaranteed Stop.

6.6.4. Guaranteed Stop orders can only be placed or amended during Quoting Hours for the Market to which the Order relates.

6.6.5. When an open position is closed or expires any attached Guaranteed Stop Orders are cancelled. If a Guaranteed Stop is cancelled you will not be credited with the fee/spread charged.

6.6.6. If your position is rolled over to the next contract date  you will be charged a fee/spread to place a new Guaranteed Stop. Our dealers will not add a Guaranteed Stop to a rolled over position unless you specifically request it. It will be your responsibility to ensure that a rolled position has the stop that you require.

6.6.7. We reserve the right to reject any Guaranteed Stop request. Where you have large positions we may not accept a Guaranteed Stop or we may remove or amend any Guaranteed Stop already in place. We will advise you immediately by telephone or email if we exercise this right.

6.6.8. In very volatile market conditions we may remove the right for you to place Guaranteed Stops. If you have any Guaranteed Stops in markets affected by the implementation of this action we will refund the fee/spread charged for any stops amended in this manner.

6.6.9. If any Guaranteed Stop is deemed, in our opinion, to be unfair to you or to us then we reserve the right to reject it. (For instance if the Guaranteed Stop is activated by a share going ex-dividend)

6.7. We are not obliged to inform you if an Order is filled.

6.8. All orders are subject to Our Quote, your order may be executed even if the Underlying Market does not trade at the price level of your order.

6.9. Once an Order is activated for execution we may allow you to amend this Order before it is executed by us. In this instance, the receipt by you of any Confirmation of an Order amendment is not binding on us. We may, at our sole discretion, decide to execute the original Order if the activation of that Order occurred before the amendment was made.

6.10. Unless you have purchased Guaranteed Stop Loss protection no Orders are guaranteed and may be subject to Gapping and Slippage (see Glossary).

6.11. Where Gapping or Slippage occurs it may not be possible for an Order to be executed at the requested Order level. In this instance the order will be executed at the nearest possible price.

6.12. All Orders are executed in accordance with our Order Execution Policy.

6.13. If an entry (New Order) and exit order (Stop Loss or Limit Order) are triggered by the same market gapping event then both orders will be executed at spread cost to the client.

6.14. Where a number of Orders placed by you are activated simultaneously and are waiting for execution by our dealers then these orders will be filled by us in any order determined by us. If this results in subsequent Orders having insufficient Available Margin for activation, then these Orders will be cancelled. We will not look at Order filling sequences that may result in one Order being filled and another failing, we will fill Orders as and when they are seen by our dealers and at their sole discretion.

6.15. Where you have placed a New Order which, upon activation, does not have sufficient Margin to allow the position then the order will be cancelled.

6.16. Where you have placed a New Order with an attendant Stop Loss Order but the Margin required by the Stop Loss is greater than your available Margin then our systems will check to ascertain whether you have enough Margin to place the trade but with a closer Stop Loss level. If this is the case then position will be created with the closer Stop Loss using all of the available Margin. It is solely your responsibility to be aware of the Margin availability on your account when placing orders.

6.17. Where you have instructed our Tigger Trading Technology to create an order when a certain set of criteria are fulfilled such an order is created and executed entirely at your risk. We are not obligated in any way to ensure that an order received by us has been authentically created using the criteria specified by you. We do not warrant in any way the accuracy of an automatically created order/trade instruction.

7. Margin, Payments, And Set-Off

7.1. To initiate a new position you must have sufficient Available Margin to support that position.  The Margin requirement incorporates two parts:-

i) the Margin required to support your desired stop level and

ii) a buffer Margin to protect you and us in the event of Slippage.

7.2. All markets have a Minimum Margin Requirement ("MMR") which is specified in the Market Information Sheets. If you do not have enough available Margin to support the MMR your trade request will be rejected.

7.3 All markets have a Maximum Automated Margin Allocation(MAMA). This figure represents the maximum margin that TIMETOTRADE"s systems will allocate to a new position. This maximum margin therefore defines the furthest distance from the entry price of a new position that the TIMETOTRADE systems will specify a stop level.  Once this stop level has been created you may adjust it to wherever you wish within the bounds of the current quote and the total available margin on your account. TIMETOTRADE will not monitor your stop activity and it is entirely your responsibility to ensure that you are aware of where any stop on your account is.

7.3. It is your sole responsibility to monitor your account. Our dealers will not contact you in the event that Our Quote in a market in which you have an open position is approaching your Stop Loss.

7.4. We will not call you for Margin.

7.5. The MMR may be changed by us at any time without notice to you. These new requirements will be applied to your existing positions. We may close (or part close), at our discretion, any open positions that cannot be supported by the new requirements. It is your responsibility to ensure that you are aware of the current MMR.

7.6. If the MMR for any market is changed you will be advised by email, web post or via the Market Information Sheets

7.7. We may offer temporary markets from time to time. These markets MMR may not be published in the Market Information Sheets but will be available if requested.

7.8. We may, at our sole discretion, amend the MMR for you personally. This may differ from the MMR stated in the Market Information Sheets and/or those offered to our other Clients.

7.9. In general if you are designated as a retail client your maximum liability to us will be the funds deposited with us. If the markets Gaps or Slips through your stop orders such that your account records a negative cash position then we will cancel this liability to us. If we believe that you are operating in tandem with another account then we may take funds from either account to cover any negative cash position held in any other related account. We will at any time have the right to set off any debit balances in any accounts (including a joint account and an account held with a Partner Companies) in which you may have an interest against any credit balances on any other account (including any joint account and any account held with a Partner Company) in which you have an interest.

7.10. Notwithstanding clause 7.9 if you trade in such large sizes as make clause 7.9 untenable for us to offer we may decide, at our sole discretion, to enter a separate agreement with you before accepting any further trades from you.

7.11. We are entitled to retain funds which are required to cover your Margin requirement, unrealised losses, uncleared funds (i.e. cheques or credit card payments), realised losses and any other amount due under this Agreement.

8. Fees, Charges And Refunds

8.1. Your account will be debited with fees where they are liable.

8.2. Card payment fees and bank transaction charges may be charged to your account.

8.3. Any changes to tax laws may result in stamp duty, capital gains tax, betting duty/levy or other taxes being charged to your account.  We reserve the right to require you to reimburse us should any change in the aforementioned taxes/levies be applied retrospectively.

8.4. We will not advise you in any way as to your tax liabilities in relation to your activities with us.

8.5. In the event that an error by us has resulted in an erroneous deposit or credit to your account we may at any time deduct, without notice to you, such monies.

8.6. In line with Money laundering regulations we will only refund your monies back to the source from which they originated. Where you have deposited via a card then, where possible, the funds will be returned to that card. If this is not possible (the card has been lost/stolen/expired) we may require an original bank statement showing the original payment to us before refunding to that bank account.  Where you have deposited money by bank transfer we may require sight of the original bank statement showing the original transfer to us before any refund is made.

8.7. If you claim that the originating bank account has been closed we may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before we will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.

8.8. If we consider in our sole opinion that we require, for whatever reason, more information to fulfil our duties under the Money Laundering regulations you agree that you will send us further relevant evidence before we will process a refund.

8.9. Overnight Commission Charges

8.9.1. As specified in the Market Information Sheets certain markets offered by us are subject to an Overnight Commission Charge. Positions in these markets will remain open so long as you have the Margin available to support them. Should the continued implementation of the Overnight Commission Charge result in your Available Margin entering a negative situation (with reference to the Margin required to support your open positions and their associated Stop Loss Order levels) then we reserve the right to amend your Stop Loss Levels or to close (or part close) such positions so as to return your account to a positive Available Margin situation. In this event it will be at our discretion as to which Stop Loss Orders are amended or which open positions are closed (or part closed). We will not be responsible for the subsequent Market activity on positions closed or left open. If we close any position in the event of the above situation we will close on Our Quote available at that time.

8.9.2. Overnight Commission Charges are explained further in the Market Information Sheets. In certain circumstances the charge may result in a credit to your account.

8.10. Due to the high charges for certain exchanges we may charge you a fee before we permit access to our prices from those exchanges. Such fees will be payable monthly. If we have given you access to the exchange(s) you will be charged this fee whether or not you access the data. If you have an insufficient available resources to cover the charges we reserve the right to suspend access to the exchange data. If you have an open position(s) your access will be limited solely to those markets in which you have a position(s).  You will be charged the full monthly cost no matter which day in the month you activate (or deactivate) your permission.

9. Market Information Sheets

9.1. The specifications for each market are displayed in the Market Information Sheets you are strongly advised to read them before entering into any trade. If there is any item(s) that you are unsure about you should contact us.

9.2. We reserve the right to amend any part of the Market Information Sheets at any time without notice to you.

9.3. If you request a price via the telephone we reserve the right to amend the spread of the Quote as supplied on our platform.

10. Conflict Of Interest

10.1. You acknowledge that we or any person or company related to us may hold material interests that may be in conflict with your best interests and, as a consequence, may damage your interests. This is known as a Conflict of Interest.

10.2. We are required by law to take all reasonable steps to identify conflicts of interests between ourselves (and any person or company related to us) and our clients, or between one client and another, that arise in the course of providing our service

10.3. We operate a policy of independence which requires us to act in your best interests and to disregard any conflicts of interests in providing our services to you. In addition, we have in place controls to manage the conflicts of interests identified. . These controls are set out in our Conflicts of Interest Policy which is available online.

11. Market Abuse

11.1. You agree that will not deal or quote in the Underlying Market if the sole purpose of such a transaction was to impact on our bid or offer prices, and you agree not to conduct any such transactions. You acknowledge that such an action will be deemed by us to be market abuse or manipulation and we will report such activities to the relevant regulatory body. If we believe that you have engaged in such activity we may, at our sole discretion, remove such monies from your account as we believe have been gained by said activity.

12. Client Money

12.1. Unless otherwise agreed in writing, we will hold all monies due to you as trustee in a segregated account at a bank or other financial institution chosen by us and located in the UK in accordance with the FCA Client Money Rules.

12.2. We do not pay interest to you on any of your money that we hold. In agreeing to these Terms you waive any entitlement to interest on such money under the Client Money Rules or otherwise.

12.3. In the event that there has been no movement on your account for a period of at least six years (excepting any credits or debits due to fees, charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and further that ownership of such money will be irrevocably transferred from you to us.

12.2. Professional Client Classification.

12.2.1. In certain circumstances and following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules.

12.2.2. Such an agreement must be in our agreed format and the agreement must be signed by you. This form may be provided to us by scanned copy sent to us by email. We may require sight of a copy of an identity documents (such as a passport or driving licence).

12.2.3. Once such an agreement is in place, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us you will no longer have a proprietary claim over money transferred to us, and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of you engaging in trading activity with us and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us.

13. Force Majeure

13.1. We may, in our reasonable opinion, decide that an emergency or an exceptional market condition exists (a "Force Majeure Event"), in which case we will, in due course, inform the FCA and take reasonable steps to inform you.

13.2. A Force Majeure Event may include, but is not limited to, the following:

13.2.1. any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, act of terrorism, war, industrial action, acts and regulations of any governmental or supra national bodies or authorities) that, in our opinion, prevents us from maintaining an orderly market in one or more of the markets that we offer;

13.2.2. The suspension or closure of any market

13.2.3. The occurrence of an excessive movement in the level of any of our market or the anticipation (in our reasonable opinion) of such an event;

13.2.4. The breakdown or failure of any part of our computer facilities, an interruption of power supply causing us to fail to supply a service; or

13.2.5. the failure of any supplier, broker, bank, exchange, clearing house or regulatory or self-regulatory organisation, which prevents us from supplying you with a service.

13.3. In the event of a Force Majeure Event we may at our absolute discretion and without notice increase the MMR for your existing open positions and for any new positions you may create. We may close any or all of your open positions at such prices as we reasonably believe to be appropriate and refuse to accept any new positions in any or all markets. We may change the expiry time or date for any market affected by the Event.

13.4. In the event of a Force Majeure situation we may suspend such parts of this Agreement where the Force Majeure makes it impossible or impractical for us to comply with said parts

14. Complaints and Compensation

14.1. Any queries should be raised with our customer support team or with our dealers.

14.2. If your complaint cannot be resolved by customer support or the dealers then it may be handled by our compliance department according to our complaints procedure, a copy of which is available online and is available on request. If you are dissatisfied with the result of our compliance department's investigation or with any action taken by us as a result thereof, you may be able to refer the complaint to the Financial Ombudsman Service for further investigation at South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

14.3. We are covered by the Financial Services Compensation Scheme. If you are an eligible claimant under the rules of the FCA, your account is protected by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. Further information about compensation arrangements is available from the Financial Services Compensation Scheme.

15. Amendments to This Agreement.

15.1. We may amend this Agreement and any arrangements made within this Agreement at any time. You will be notified of any changes online and by email. You will be requested to confirm or reject the amendment before accessing your account.

15.2. If, subsequent to our posting of the amendments, you open any new positions you will be deemed to have accepted and agreed to the amendment.

15.3. If you reject the amendment your account will be suspended, you will be required to close any open positions as soon as is practicably possible and your account with us will be closed and any funds returned to you. The proposed amendment(s) will not apply to your account.

15.2. Any amendment to this Agreement will come into effect immediately upon notification. All amendments must be fair and reasonable.

16. Communications

16.1. All communications will be sent to you via email and unless we receive a "failure to deliver" message all such messages will be deemed to have been received. It is your sole responsibility to ensure that we have your current email address.

16.2. We accept no responsibility for the consequences of the failure by you to receive any such communication.

16.3. If we request that you contact us you should regard any such a request as important and should be acted upon immediately.

16.4. Where we receive no notification from you that any communication has not been received by you, those communications will be deemed to have been received by you if hand delivered to your last known home or work address, or when actually given in person to you, or given orally over the telephone, or in a face to face exchange with you (or person claiming to the our representative to be you), or two hours after leaving a telephone answering machine message, text message or voice mail message, or if sent by first class post two business days after posting, or 20 seconds after being sent by email.

16.5. If you wish to communicate with us you should in the first instance email or telephone our customer support team. If you wish to send us any notification it should be posted to our business address.

17. Indemnity, Liability and Limitations Of Liability

17.1  Nothing in this Agreement will exclude or restrict any duty or liability owed by us to you under the Financial Services and Markets Act 2000 (the "Act") or the Applicable Regulations and if there is any conflict between this Agreement and the Act and/or Applicable Regulations, the Act and Applicable Regulations will prevail.

17.2. You will indemnify us, and keep us indemnified on demand in respect of all liabilities, losses or costs of any kind or nature whatsoever that may be incurred by us as a direct or indirect result of any failure by you to perform any of your obligations under this Agreement or in relation to any trade or in relation to any false information or declaration made either to us or to any third party, in particular to any Exchange. You acknowledge that this indemnity extends to our legal and administrative costs and expenses incurred in respect of taking any legal or investigatory action against you, or instructing any debt collection agency, to recover monies owed by you to us.

17.3. To the extent permitted by law, you will indemnify, protect and hold us harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages and/or costs resulting from or arising out of any act or omission by any person obtaining access to your account by using your designated account number, user name and/or password, whether or not you authorised such access.

17.4. Without prejudice to any other part of this Agreement, we will have no liability to you in relation to any loss that you suffer as a result of any delay or defect in or failure of the whole or any part of our trading platform or any systems or network links or any other means of communication. We will have no liability to you, whether in contract or in tort (including negligence) in the event that any computer viruses, worms, software bombs or similar items are introduced into your computer hardware or software via our internet website(s), provided that we have taken reasonable steps to prevent any such introduction.

17.5. Unless we are prohibited from excluding such liability by law (for example, for losses relating to death or personal injury or caused by our fraud), we will not be liable for any direct, indirect, incidental, special, punitive or consequential damages (including, without limitation, loss of business, loss of profits, failure to avoid a loss, loss of data, loss or corruption of data, loss of goodwill or reputation) caused by any act or omission of ours under this Agreement.

17.6. If and to the extent that we are found liable for any losses or damages in relation to any trade made by you then, unless we are prohibited from limiting such liability by law, the maximum amount of our liability will be limited to six times the spread applicable to that market or 30 points (whichever is the lower) when applied to your trade.

17.7. Unless required otherwise by a regulator and subject to all other provisions of this Agreement, we are liable to you to pay you your realised available profits and available unencumbered deposits. This is our entire liability to you.

17.8. If any of the terms of this Agreement are found to be unenforceable or invalid, such unenforceability or invalidity will not affect any other part of this Agreement (or the remaining portion of the affected part as the case may be), which will remain in full force and effect.

17.9. You will not assign, transfer, charge or sub-contract any of the rights or liabilities hereunder.

17.10. We are entitled to assign, transfer, charge, sub-contract or deal in any manner with all or any of our rights and/or liabilities hereunder including by way of transfer of the same to an Associated Company or Trading Partner.

17.11. Only our formally appointed directors who are registered with Companies House can legally bind the company.

18. Taxes

At the present time income from spread betting is exempt from capital gains tax for UK residents. There is no stamp duty on spread betting or CFDs. Tax regulations may change at any time.

It is your sole responsibility to ensure that your trading activities comply with your local income tax regulations and any other applicable laws.

19. Jurisdiction

This Agreement, all business transacted between us and you and any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims) will be governed by the laws of England, and all parties where ever resident will submit to and be subject to the exclusive jurisdiction of the English courts.

20. Privacy

20.1. You acknowledge that by opening an account with us and placing Transactions you will be providing us with personal information within the meaning of the Data Protection Act 1998. You consent to us processing all such information for the purposes of performing the contract and administering the relationship between us. You consent to our disclosing such information: where we are required to by law; to Associated Companies; to the FCA and other regulatory authorities upon their reasonable request;  to our Trading Partners; to such third parties as we deem reasonably necessary in order to prevent crime;  to such third parties as we see fit to assist us in enforcing our legal or contractual rights against you including but not limited to debt collection agencies and legal advisors; and to such third parties who may be enquiring as to any bad debt or liability or their legal advisors.  You acknowledge that any of the persons listed in the previous sentence may be within or outside the EEA.

20.2. You authorise us or our Associated Companies or any Trading Partner to telephone or otherwise contact you at any reasonable time in order to discuss any aspect of our business or of our Associated Companies' business or of our Trading Partners' business. If you do not wish us or our Associated Companies or our Trading Partners to so contact you for any direct marketing activities, you must inform us in writing.

21. Market Data

21.1. With respect to any market and exchange data or other information that we or any third party service provides to you in connection with your use of your account, you agree that: i) neither we nor our Trading Partners nor any such provider are responsible or liable if any such data or information is inaccurate or incomplete in any respect;  ii) neither we nor our Trading Partners nor any such provider are responsible or liable for any actions that you take or do not take based on such data or information; iii) you will use such data or information solely for the purposes set out in this Agreement;  iv) such data or information is proprietary to us and you will not retransmit, redistribute, publish, disclose or display in whole or in part such data or information to third parties; and v) you will use such data or information solely in compliance with exchange agreements.

22. Mobile Trading

These terms and conditions cover your trading activities on any mobile platform provided by us. MIL does not guarantee the availability of any mobile access.

Glossary

In this Agreement (and in addition to expressions defined elsewhere on our website) the following words and expressions have the following meanings:

"Account Balance" is the balance on your account, but does not include unrealised profits or losses.

"Agreement" means your Application Form, the Terms and Conditions, the Risk Warning Notice, the Order Execution Policy, Market Information Sheets, additional terms and conditions issued by us,  and any other documents that govern your relationship with us.

"Applicable Laws" means any national, local or other statute, law, rule, code guidance, order or decision of a Governmental Authority and, for the avoidance of doubt includes any rule or principle of common law or equity, all the provisions of the FCA Rules as recognised under the law of England and Wales.

"Application Form" means the form supplied by us that you must complete in order to apply for an account.

"Associated Company" means any holding company or subsidiary company (as defined in the Companies Act 2006) of Mercor Index Limited.

"Authorised Third Party" means a person authorised by you to initiate Transactions or close existing Transactions using your account details, as referred to in clause 2.12.

"Available Margin" refers to monies on your account that are not being used to support any open positions.

"Bid" is the price at which you can sell.

"Buy" ("Go Long") is defined as making a buy trade (generally in expectation that the price quoted by us will go higher).

"Client" (including "you" and "your") means a person or company who has opened an account with us and has agreed to be bound by this Agreement.

"Deposit Account" is an account where you need to deposit funds before you can place any Trades.

"Order Execution Policy" means our Order Execution Policy which may be amended from time to time, and is available on our website.

"Expiry Date" is the date and time at which an expired position will settle.

"Force Majeure Event" means an emergency or exceptional market condition exists which may prevent us from performing any or all of our obligations.

"FCA" is the UK's Financial Conduct Authority.

"FCA Rules" means the rules and regulations issued by the Financial Conduct Authority from time to time.

"FSMA" means the Financial Services and Markets Act 2000.

"Gapping" or "Gapped" refers to an occurrence whereby the Underlying Market moves from one price to another and this second price is significantly different to the first. This price Gap can occur at any time during trading hours, often with the release of price sensitive information, or at the open of a market. Where such an event happens and where the second price is through an Order level when the first price was not, this may result in Slippage to the Order price.

"Guaranteed Stop Order" is a type of Stop Loss Order which guarantees the price on the closing of an open position if the Stop Loss is activated. It is not subject to any Slippage.

"Limit Order" refers to an instruction to take a profit on an open position if Our Quote reaches the level requested. A Limit Order can be added to an open Transaction or to a New Order (contingent on that New Order being executed).

"TIMETOTRADE" / "TTT" (including "we", "us", "our" and "ourselves" as appropriate) means Mercor Index Ltd.

"Margin" is a description for the monies required to enable you to open a new position or to maintain the open positions on your account.  

"Market" refers to indices, equities, currencies, commodities, bonds and interest rates or any other product that may be quoted by us from time to time.

"Market Information Sheets" refers to the documents available online which provide technical details and information on the markets quoted by us.

"Maximum Automated Margin Allocation" / "MAMA" means the maximum margin that the TIMETOTRADE systems will use for a new position. This therefore defines the maximum distance from a new position"s entry price that the TIMETOTRADE system will specify a stop order level.

"Minimum Margin Requirement"/ "MMR" means the amount of Available Margin required on your account in order to open and maintain a Transaction

"New Order" is an instruction to open a new position should the market reach a price not currently available.

"Offer" is the price at which you can buy.

"Order" when set in context an Order is an instruction for you to request to trade at some future time if a requested price is met by Our Quote, types of Order include but are not limited to New Orders, Limit Orders, Stop Loss Orders, Guaranteed Stop Orders.

"Overnight Commission Charge" is the credit or debit applied to your account when you hold a position in certain markets open through the specific time for that market.

"Pricing Error" is defined as a misquote by us where the price quoted materially and clearly deviates from the prevailing Underlying Market price at the time that it was quoted.

"Quote", "Our Quote" and "TIMETOTRADE Quote" is the price quoted by us. All Quotes are based upon an Underlying Market that is sourced from either a recognised global exchange or from a wholesale counterparty.

"Quoting Hours" and "Time to Trade Quoting Hours" are the times detailed in the Market Information Sheets when we quote our Markets.

"Sell" and "Go Short"  is defined as making a sell trade (generally in expectation that the price quoted by us will go lower)

"Size(s)" refers to the Size of the Buy or Sell trade.

"Slippage", "Slipped" or "Slip" occurs when an Order is executed at a different level to the specified Order level. This may occur in the event of a price Gap (see "Gapping") or when there is insufficient liquidity in the Underlying Market for us to reasonably cover your Order, in accordance with our Order Execution Policy.

"Stop Loss Order" is an Order to close an open position at a specific price level should Our Quote reach that level.

"TIMETOTRADE"/ "TTT" (including "we", "us", "our" and "ourselves" as appropriate) means Mercor Index Limited.

"Trading Partner(s)" is anyone with whom we have a contractual relationship, for example but not limited to: a joint venture relationship, partnership relationship, agency relationship, white label relationship or introducing broker relationship.

"Trade" means any trade entered into with us via our trading platform. Trades may be made in respect any market instrument such as commodities, equities, currencies, interest rate or indices.

"Trigger Trading Technology" means the chart based technical order creation system provided by TIMETOTRADE

"Underlying Market" is the market in which the underlying assets (from which our markets and prices are derived) are traded.