Legal
Terms and Conditions for Retail Clients (Private Individuals)
Warning: Margin trading carries a high level of risk and can result in losses as well as gains. The margin trading service described in these Terms and Conditions is not suitable for everyone and is designed for clients who are knowledgeable and experienced in the financial services market and the types of transactions described in this Agreement.
You should not deal in the products or sign up to receive the margin trading service described in this Agreement unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the products and services are suitable for you in light of your circumstances and financial position. An explanation of the risks associated with the types of products offered by us is set out below and you should ensure that you fully understand such risks before entering into this Agreement. If you are not experienced in the types of transactions described in this Agreement or if you are unsure about any of the terms, you should seek advice from your independent financial adviser.
Read and download our Terms and Conditions for the use of our site and WM Trader. Please make sure you also read our Order Execution Policy below.
World Markets Order Execution Policy
1. Introduction
Under the rules of the FSA, we have a duty to conduct our business with you honestly, fairly, and professionally and to have in place an order execution policy that takes all reasonable steps to obtain the best possible result (known as “best execution”) when we are executing orders or trading on your behalf. This document provides a summary of that policy. It applies from 1 October 2011.
This disclosure statement forms part of our terms and conditions of conducting business with you. Therefore, by agreeing to our terms and conditions, you are also agreeing to the terms of our execution policy, as summarised in this document.
2. Obtaining the best possible result
Our obligation is to obtain the best possible result for our clients. When executing trades for you, we will take all reasonable steps to achieve the best possible result for you by executing those trades according to our order execution policy and subject to any specific instructions received from you.
Our Order Execution Policy comprises a set of procedures that are designed to obtain the best possible execution result, subject to and taking into account the nature of your orders, the priorities you have identified to us in relation to filling of those orders and the practices relating to the Foreign Exchange market. Our policy is not a guarantee that when executing a trade with you our price will always be better than one which is or might have been available elsewhere.
We are required to take a number of factors into account when considering how to obtain the best possible result. We have rated price as the most important followed by costs, size, liquidity of the underlying market, speed and likelihood of execution and settlement. We determine the relative importance of these factors by reference to execution criteria including: the order, the financial instruments that are the subject of the order and the venues to which the order can be directed. Our obligation to obtain the best possible result may be affected by any specific instructions issued by you as to execution of an order or part thereof.
Our commitment to obtain the best possible result does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations in accordance with the FSA rules or as may be otherwise contracted between us.
3. Specific instructions
Where you give us specific instructions, for example instructions for us to “work” an order, those instructions take precedence over other aspects of our policy.
A Stop Loss order instruction at a specific market level cannot be guaranteed at that level. We will execute the Stop Loss order at the best available price according to our order execution policy and our relevant obligation to obtain the best possible result.
4. Application of the Policy
This policy applies to:
1) Your orders being automatically executed through the WM Trader platform
2) Our staff executing your telephone orders and instruction automatically through the WM Trader platform
3) Our staff, manually executing orders and instructions for your account and
4) Our staff executing your orders manually over the telephone through other regulated brokers.
And any other situation by which you instruct us to open, close or change a transaction for your account.
5. Aggregation
We process your orders in the sequence they were received by us unless the nature of your orders and market conditions make this impracticable or are against your interests. If the prevailing market conditions demand, we may partially execute some or all of your orders that may result in multiple trades at different prices, or a single trade that represents the average price of two or more transactions. We may discuss the above with you at the outset before we commence working such orders.
We may combine your order instructions to open or close a trade with those of other clients of ours for execution as a single order. This will only be where we reasonably believe that this is in the overall best interests of our clients and is unlikely to work overall to your disadvantage. We cannot guarantee that such aggregation will never work to your disadvantage in relation to a particular order.
6. Monitoring and review of our Order Execution Policy
We will monitor the effectiveness of our order execution arrangements and order execution policy regularly. We will assess from time to time the effectiveness of our processes that allow us to obtain the best possible result on a consistent basis or whether we need to make changes to our execution arrangements.
We will review our order execution arrangements regularly and will review this policy annually or on a material change to our arrangements. We will notify you of any material change to our execution arrangements or our policy by providing you with an updated version of this document or by alerting you to a new policy having been posted through our website at www.world-markets.com.