clients are required to deposit a Margin with the company in order to open a position on a CFD. The Margin requirement will depend on the underlying instrument of the derivative Securities, the level of leverage chosen and the value of the position to be established. The company will not notify the client of any Margin Call to sustain a loss-making position. The company has the discretionary right to start closing positions when Margin Level decreases to around 50%, and automatically close all positions at market prices if Margin Level drops reach or falls below 30%. Investing in derivative Securities entails the use of “gearing” or “leverage”. In considering whether to engage in this form of investment, you should be aware that the high degree of “gearing” or “leverage” is a particular feature of derivative Securities. This stems from the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on the client’s trade. If the underlying market movement is in your favor, you may achieve a good profit, but an equally small adverse market movement may quickly result in the loss of your entire deposit. You must not purchase derivative securities unless you are willing to undertake the risks of losing all the money which you have invested. Should the Equity in your trading account be insufficient to hold current positions open, you will be required to deposit additional funds at short notice or reduce exposure (i.e., Margin Call). Failure to do so within the time required may result in the liquidation of positions at a loss (i.e., Stop-Out). The client is always responsible for any losses incurred as a result. Specific Risk Warnings – shares Physical shares admitted to trading on a regulated market are not considered high-risk financial instruments. shares, known as ‘equities’, represent a portion of a company’s share capital. The extent of the client’s ownership in a company depends on the number of shares he owns in relation to the total number of shares in issue. All shares offered are listed on exchanges which means that the prices are not set by our company. We will only act on any instructions received from you to buy or sell on your behalf with our obligation being to take sufficient steps to ensure the best execution results, as set out in our Order Execution Policy. The company may execute the client’s order outside of a regulated market (i.e., exchange) as long as this is deemed to be in line with our Order Execution Policy. As part of our service, we will arrange for the custody of the instruments. All investments purchased for the client or transferred to us by the client into his share trading account will be purchased in the name of and/or held by a nominee company selected by us, for the benefit of the client. As investments will be held in the name of a nominee company, the client may not have voting rights which he would have had if he held the investment in his own name. The value of investments purchased through the client’s share trading account may go down as well as up, in line with market conditions, and the client may end up with less than he/she originally invested. Some shares, such as unlisted shares, shares in smaller companies and penny shares may present a higher risk than others and may prove difficult to liquidate at short notice. If the client is in a position where he wishes to sell these types of shares at short notice after buying them, he may find that the sell price is far lower than the price at which he bought them. Also, shares in companies incorporated in emerging markets may be harder to buy and sell than shares in companies in more developed markets and former companies may also not be adequately regulated. Instructions to deal from the client to us form a commitment which may only be subsequently revoked by the client with our prior consent (such consent will not be unreasonably withheld) at any time before the instruction to deal is executed. All instruments offered through our share trading account are listed on an exchange, which means that the prices are not set by us. We will act on any instruction that the client provide us to buy or sell an instrument on his behalf in accordance with our obligation to provide best execution results as set out in our Order Execution Policy, to act reasonably and in accordance with the Terms and Conditions of Business/client Agreement which governs our business relationship. On many exchanges, the performance of a transaction by us (or third-party with whom we are dealing on your behalf) is ‘guaranteed’ by the exchange or clearing house and we may have the benefit of certain legal protections from our clearing member. However, it is unlikely that in most circumstances this guarantee or legal protections will cover you (i.e., the client) and may not protect you if we or, another party were to default on obligations owed to you. Other additional obligations Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable and which may be found on the company’s website. If any charges are not expressed in money terms (but for example as a dealing spread), you should obtain a clear written explanation from the company, including appropriate examples, to establish what such charges are likely to mean in specific money terms. You acknowledge and understand that commissions and other charges may change at any time and that it is your sole responsibility to remain up to date by visiting the company’s website. Before you begin to trade, you should also obtain details regarding the financial instrument you wish to trade in, such as the margin requirements, position and/or volume limits, swaps, etc. This information is available on the company’s website. You acknowledge and understand that the said information may change at any time and that it is your sole responsibility to remain up to date by visiting the company’s website. The value of open positions in the derivative Securities provided by the company is subject to financing fees (or “swaps”). The swaps are deducted (i.e., charged) from or added (i.e., credited) in the client’s account regarding derivative Securities which are held overnight throughout the life of the contract. For more information regarding swap rates and the respective calculations, please visit the company’s website at FGFC Markets You are responsible for any taxes and/or any other duty or legal affairs (i.e., regulatory filings and payments) in order to ensure that you comply with applicable laws and regulations. The company does not warrant that no tax and/or any other stamp duty will be payable. The company does not provide any regulatory, tax or legal advice and as such, you may wish to seek independent advice. Although electronic communication is often a reliable way to communicate with clients, no electronic communication is entirely reliable or always available. The client should be aware that electronic communications may fail, may be delayed, may not be secure and/or may not reach the intended destination.