2. Our electronic trading service, our dealings with you and your Account
2.1. Our trading service is an electronic service and you consent to us providing you with certain information about us and our trading services and any changes to them. We will not send you a paper form of any of the information or documents referred to in the Agreement unless you request us to do so, and we reserve the right to charge you an administration fee for doing so.
2.2. We will deal with you as principal under the Agreement and not as agent on your behalf. This means that any Contracts are agreed directly between you and us and we will be the counterparty to all of your Contracts.
2.3. Unless we agree otherwise in writing, you will deal with us as principal and not as an agent or representative of another person. You shall provide us with a list of persons authorised to access our service and/or enter into Contracts on your behalf (each, an “Authorised Person”).
2.4. You shall immediately notify us when any new person becomes an Authorised Person or when any existing Authorised Person is no longer entitled to be an Authorised Person. Upon receiving Notice, the change in Authorised Person is effective immediately subject to us collecting and verifying identification documents to our satisfaction. However, the Notice shall not affect any Instructions or any Contracts already executed.
2.5. You hereby indemnify and agree to hold us harmless in respect of any loss incurred by an Authorised Person entering into any Contract or other transaction contemplated by this Agreement. Any appointment of an Authorised Person shall remain in full force and effect as an appointment in writing required by the Agreement unless and until Notice of cancellation of appointment and/or replacement has been received by us subject to us collecting and verifying identification documents to our satisfaction.
2.6. Until you have provided a Notice to us to the contrary, we may continue to assume that all existing Authorised Persons have authority to execute legally binding transactions with us.
2.7. We will be entitled to rely on any Instructions given to us and accepted by an Authorised Person in relation to your Account. Any action taken by an Authorised Person in respect of your Account shall be deemed to be an action by you and will be binding upon you.
2.8. You will take reasonable steps to ensure that each Authorised Person complies in full with this Agreement.
2.9. We will treat you as a Retail Client unless you satisfy the definition of a Wholesale Client. If you are not treated as a Retail Client, you will lose certain protections afforded by the Corporations Act 2001 (Cth) as varied from time to time.
2.10. Most dealings with you under the Agreement will be carried out by us on an execution-only basis. While some of our staff are authorised to give you General Advice, none of our staff are authorised to give you Personal Advice. Accordingly, you should not regard any proposed Instruction or Contract, suggested trading strategies, factual market information or analysis, market commentary, or any other written or oral communications from us as expressing our view as to whether a particular Contract is suitable for you or meets your financial objectives. You must rely on your own judgement for any investment decision you make in relation to your Account at all times.
2.11. We are obliged under Law to obtain information about your relevant investment knowledge and experience so that we can assess whether certain services or products are appropriate for you and, if not, to give you a warning that trading may not be suitable for you and recommend you take a number of steps to increase your knowledge before proceeding. However, we are not obliged to assess or ensure the suitability of any Instruction you give us or Contract you enter into with us. If you choose not to provide us with the information we request or if your information is insufficient, we may not be able to open an Account for you.
2.12. You undertake that any information you provide to us is correct. You must immediately inform us of any material change to the information provided to us on your Account Opening Form or by any other means, including any change to your contact details or financial status or any of the relevant information.
2.13. We may offer different types of accounts, including for different Products and with different features. We reserve the right to refuse to open an account for any reason.
2.14. Your Account will be designated in a Base Currency and be set to immediate conversion. The account base currency needs to be the Australian Dollar (AUD). This means that we will automatically convert any Closed P/L, any adjustments and any fees and charges that are denominated in another currency to your Base Currency before applying them to your Account. Similarly, we will automatically convert any money received from you in a non-Base Currency into your Base Currency. Your default Base Currency is AUD. Conversions from another currency to your Base Currency may incur a fee dictated by your financial institution.
2.15. If you open an Account jointly with others, then:
2.15.1. we may act on Instructions from you or any other person in whose name the Account is opened (each a “Joint Account Holder”);
2.15.2. we may give any Notice or communication under the Agreement to either you or another Joint Account Holder, and any Notice or communication so given shall be deemed to have been made to all Joint Account Holders;
2.15.3. all Joint Account Holders shall be jointly and severally liable for all losses and charges arising on a joint Account under the Agreement;
2.15.4. the death of any Joint Account Holder will be an Event of Default under clause 12; and
2.15.5. on the death of any Joint Account Holder, notwithstanding our rights under clause 12, the Account will continue in the name of the survivor(s) unless or until closed.