Ellipsys Financial Markets (alos referred to as Ellipsys or the Company) is committed to acting in your best interests when we execute your Orders. In this document we summarize the process and terms by which the Platform executes your Orders. When you trade with Ellipsys and through the Platform you consent to your orders being executed in the manner described below. These terms may or may not be part of the account opening document that you have executed, but shall be considered a part of your agreement with Ellipsys.
(i)These terms applies to all Clients, for orders which are executed outside a regulated market ("Over the Counter") involving financial Contracts for Difference (“CFD’s”), Spot and Option Financial Instruments. It means that Client’s Orders will be executed outside a regulated market, for which the Client hereby agrees.
(ii)Company will act as the second party of Transactions concluded in order to execute the Client’s Order.
(a)Ellipsys shall systematically quote on Trading Days the prices of Financial Instruments on the basis of prices of corresponding Underlying Instruments.
(b)Detailed description of Trading Days of Financial Instruments available is set out in the "contract calendar" available on the website.
1.1 Your orders are executed exclusively via a bilateral Transaction with us through the Platform, and not through a transaction direct on any exchange, multilateral trading system or other external execution venue.
1.2 When you place an order to enter into or close a Transaction, you are giving the Platform an instruction to place an Order on your account on the basis of the Prices generated by the Platform.
1.3 The Client acknowledges that the transactions entered in CFDs with the Company are not undertaken on a recognized exchange, rather they are undertaken over the counter (OTC) and as such they may expose the Client to greater risks than regulated exchange transactions. Therefore the Company may not execute an order, or it may change the opening (closing) price of an order in case of any technical failure of the trading platform or quote feeds.
1.4 Ellipsys may combine your instruction to execute a financial order, with those of other clients of ours for execution as a single order.
1.5 The Prices of the Company Products are generated electronically by the Platform. As such, the Prices at which you open and close Transactions may be different to any current exchange or market price, or another financial product provider’s price, for the relevant underlying asset or index.
1.6 The Price at which an Order is executed may be less favorable to you than the Price displayed on the Platform at the time of placing the Order (for instance, due to market movements occurring during the period between the time the Order is placed and the time it is executed by the Platform).
This section, which should be read in conjunction with the rest of this document, outlines the basis upon which the Platform will execute different types of Orders.
2.1 Market Order - The Platform will execute a Market Order to sell at the first available Sell Price, and a Market Order to buy at the first available Buy Price, and will do so as soon as possible after the Order is accepted. The Price at which the Order will be executed may be less favourable to you than the Price you see on the Platform when you place the Order (for instance, due to market movements between the time you submit your Order and the timethe Platform executes your Order).
2.2 Limit Order - A Limit Order to buy at a Target Price will be executed at the first available Buy Price which is equal to or lower than the Target Price.
2.3 Stop Entry Order - A Stop Entry Order to buy at a Target Price will be executed at the first available Buy Price which is equal to or higher than the Target Price.The Platform will automatically cancel (and not execute) a Stop Entry Order if the first available Sell Price or Buy Price (as relevant) that otherwise meets the criteria above is outside of any Boundary (if applicable) that you have set.
2.4 Stop Loss - The Platform will execute a Stop Loss to sell at the first available Sell Price, and a Stop Loss to buy at the first available Buy Price as soon as possible after the Target Price is breached. The Price at which the Order will be executed may be less favorable to you than the Target Price.
2.5 Trailing Stop - The Platform will execute a Trailing Stop Loss to sell at the first available Sell Price, and a Trailing Stop Loss to buy at the first available Buy Price as soon as possible after the Target Price is reached or crossed following acceptance of your Order.
The Target Price of a Trailing Stop Loss is adjusted in the direction of your Transaction by the Platform and is calculated as the mostfavorable Price in respect of that Transaction since that Order was last modified plus/minus (as relevant) the Stop Distance, as set by you. The Price at which the Order will be executed may be less favorable to you than the Target Price.
2.6 Take Profit Order - The Platform will execute a Take Profit Order to sell at the first available Sell Price which is equal to or higher than the Target Price, and a Take Profit Order to buy at the first available Buy Price equal to or lower than the Target Price as soon as possible after the Target Price is reached or crossed following acceptance of your Order. The Price at which the Order will be executed will be no less favorable to you than the Target Price.
2.7 Non-Guaranteed Stops& Limits - When a non-Guaranteed Stop and Limit is triggered it has the effect of issuing an order by you to execute your trade at market. It is therefore not executed immediately when the stop or limit is triggered. We aim to deal with such orders fairly and promptly but the time taken to fill the order and level at which the order is filled depends upon the underlying market. In fast-moving markets a price for the level of your order might not be available, or the market might move quickly and significantly away from the execution trigger level before we fill it.
NOTE: All pending orders Stop-limit orders, however, pose certain risks to you. Once the "Trigger price" has been reached or exceeded, the order becomes a Market order; however, this does not mean your order will be executed at the set price. The market could skip your trigger price, leaving the order unexecuted.
2.8 Risk of Lower Liquidity - Liquidity refers to the ability of market participants to buy and sell securities, generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all.
2.9 Risk of Higher Volatility - Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
2.10 Risk of Changing Prices - The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
2.11 Risk of Wider Spreads - The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.
2.12 Fast Markets - A fast market is a high-volume trading session marked by extreme price fluctuations and order imbalances resulting from numerous investors entering buy or sell orders for the same security simultaneously. Because of these imbalances, wide price variances in short periods of time are common. On any given day, fast markets can affect a particular security, groups of securities or the market as a whole. Fast markets can be caused by material news announcements, market developments and even trading halts taking place in less volatile securities. The ability to execute orders in fast market conditions may be severely limited, and order execution may be delayed significantly. Furthermore, market orders entered in fast market conditions may be executed at prices that are significantly different from the prices quoted at the time the orders were entered. Please bear these factors in mind when routing market orders through Striker.
2.13 Price Gapping - 'gapping,' is a sudden shift in the price of an underlying from one level to another. Various factors can lead to gapping (for example, economic events or market announcements) and gapping can occur both when the underlying market is open and when it is closed. When these factors occur when the underlying market is closed, the price of the underlying market when it reopens (and therefore our derived price) can be markedly different from the closing price, with no opportunity to close your trade in-between. 'Gapping' can result in a significant loss (or profit). A non-Guaranteed Stop will not protect you against this risk whereas a Guaranteed Stop will protect you against the market gapping.
3.1 As mentioned above, the Prices of the all available Products are generated electronically by the Platform. Whilst these Prices will take into account market data from various sources, you should note that they are not taken directly from any source, and therefore may not match prices that you see elsewhere (including prices quoted on stock exchanges).
3.2 The Price which you see through your device when you place an Order, and on the basis of which you wish to place an Order, may not be identical to the Price at which the Transaction is executed. We generally attempt to generate Prices on a continuous basis and to have the currently applicable Prices displayed on the Platform as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks) may lead to a change in the applicable Price during the period between the time the Order is placed by you and the time the relevant Order is received by us or the Order is executed by the Platform. Such changes are based exclusively on the continuous automatic calculation of the applicable Price by the Platform which is based on market data of exchanges, markets and other trading investment platforms.
3.3 This means such changes are indirectly based on fluctuations in the financial markets rather than on arbitrary interventions made by us. If such changes occur, the Order is generally executed at the Price applicable when the Order is executed by the Platform.
Such movements in the Prices may either be to your disadvantage or have a favorable impact.
3.4 In addition, there will be times when circumstances may prevent the Platform from generating Prices or affect the Prices being generated.
4.1 There are some circumstances where your accounts/ transactions will be closed without instructions from you.
4.2 This includes where you have failed to ensure that your Account Value exceeds the Close-Out Level and where we exercise our rights to close your Transactions.
4.3 where the company at its discretion has determined that it does not wish to have the clients account. The client will be provided 5 days to close or transfer any trades that are open. Should the same not be done within the timeframe, the company has the right to close out the positions and return the net equity to the client.
4.4 where the client has breached the ethical trade practice. For Example where the client intentionally tries to take advantage of any system or price errors to gain profit. The company holds the right to cancel such orders and close the account should it deem appropriate at its discretion.
4.5 Where clients use the platform for scalping. Scalping is defined as a method traders use where they open and close trades within 120 seconds, and these Scalping trades constitute more than 25% of the total trading. Should any client utilizes Scalping trades, and does not declare that he is a Scalper, then ellipsys is entitled, at its sole discretion, to deduct any profit generated from the scalping trades and the client hereby undertakes not to object or contest such deduction of the said profits.
Scalping is a form of trading which we consider to be an unacceptable practice and a type of market abuse. Scalping might be wrongfully used to return profits by taking advantage of internet latencies, delayed prices, off-market/bad prices or through high volumes of transactions targeting tick fluctuations (rather than price movements) where trades are opened and closed very quickly.
If, in our sole discretion, we consider you to have partaken in this form of scalping, it will be considered as a breach of our Terms and Conditions and as such we reserve the right to:
We can exercise the above rights even if you have entered into (or refrained from entering into) such arrangements with third parties relating to the relevant trade and even if you may suffer a trading loss as a result.
Please be advised that all trading activity is monitored closely, and in the event, it is identified that you are Scalping we reserve the right to close your account with immediate effect.
5.1. Ellipsys has no obligation to notify you of any failure to meet Margin Requirements in your account prior to company exercising its rights and remedies. Ellipsys generally will not issue margin calls, and that it will not credit your account to meet intraday margin deficiencies, and that it is authorized to liquidate positions in your account in order to satisfy Margin Requirements without prior notice to you.
5.2. It is important to understand that Ellipsys can, and in many cases do, require margin that is higher or lower than the exchange requirements for the underlying asset of a particular CFD.
5.3 Trading on margin involves a high degree of risk and may result in a loss of funds greater than the amount you have deposited in your account.
6.1. In the event that your account balance has zero equity or is in deficit at any time, or the account does not have a sufficient account balance to meet the Margin Requirements, or Customer Agreement between you and company has been terminated, company shall have the right, in its sole discretion, but not the obligation, to liquidate all or any part of your positions in any of your company accounts, whether carried individually or jointly with others at any time and in such manner and in any market as company deems necessary, without prior notice or margin call to you. You have to agree to be responsible for, and promptly pay to company, any deficiencies in your account that arise from such liquidation or remain after such liquidation. Company will not have any liability to you in connection with such liquidations (or if the Trading System experiences a delay in effecting, or does not effect, such liquidations) even if you subsequently re-establish your position at a less favorable price.
6.2. You have to acknowledge and agree that company deducts overnight adjustments, commissions and various other fees from your accounts and those deductions may affect the amount of equity in your account to be applied against the Margin Requirements. Your positions are subject to liquidation as described herein if deduction of commissions, fees or other charges causes your account to have an insufficient balance to satisfy the Margin Requirements. Unless otherwise agreed with company in prior written agreement.
Notwithstanding such margin call, you have to acknowledge that Company, in its sole discretion, may liquidate your positions at any time:
(i) if any dispute arises concerning any of your trades,
(ii) upon your failure to timely discharge your obligations to Company,
(iii) upon your insolvency or filing of a petition in bankruptcy or for protection from creditors
(iv) upon the appointment of a receiver, or (v) whenever Company deems liquidation necessary or advisable for Company’s protection or to prevent what Company, in its discretion, considers to be a violation of good standards of market practice.
8.1. On the expiration date, the underlying futures contract cease to exist. The expiration of any futures contracts is established by the exchange on which the contract is listed; however the exact expiration time for a particular CFD may be established by Company independently from the expiration time of the underlying asset.
8.2 On the expiration date indicated by company, if client does not rollover position (by closing the open position in expiring contract and opening same position in new contract) company has the right to close the trades at the closing price of expiring contract and reinitiating trade in new contract opening price at its discretion.