Terms of Business

1.   Client agreement.
2.   Trading account opening.
3.   Regulations of service provisioning.
4.   Notification of risks.
5.   Anti-money laundering policy.
6.   Identification of the Client.
7.   Terms and order of withdrawing finances from trading account of the Client.
8.   Responsibilities of the parties.
9.   Reclamation and settlement of conflict situations.
10. Rules for conducting trading transactions.
       Application 1
       Application 2

This Agreement determines the relationship between Nord Group Investments Inc (hereinafter called "the Company") registered at Office 113, Medine Mews, La Rue Chaussee, Port Louis, Mauritius, Company No.: 082831 C1/GBL and a person having filled the registration form to open personal/corporative account (further mentioned as a Client)

Subject of the Agreement

This Agreement sets out the terms upon which the Company will deal with the Client in respect of conversion arbitrage transactions in the markets of shares, options, futures and FOREX.

The Client agrees to observe the terms of the Agreement and guarantees that:

1.1 The Client has all necessary rights to enter into the Agreement, give requests and instructions and perform obligations in according to the terms of the Agreement.

1.2 All actions performed under this Agreement will not violate any law, ordinance, charter, by-law or rule applicable to the Client or to the jurisdiction in which the Client is resident. The Company is not responsible for the actions of the Client if the Client breaches this clause.

1.3 The information provided by the Client upon this Agreement is true, accurate and complete in all material respect. The Client is obliged to inform the Company of any changes in information provided by the Client in the Agreement. The Client agrees that the Company may check the information given in the Agreement any time at the discretion of the Company.

1.4 The Client assumes obligations and is fully responsible for any consequences of proprietary actions under the Agreement.

Under the Agreement the Company guarantees and is liable for:

1.5 Providing the Client with trading account to make transactions in financial markets under the terms and conditions of the Agreement.

1.6 The information provided by the Client is confidential and will not be available to the third party. The exception is the demand of authorized bodies under court decision of international jurisdiction.

1.7 Providing Client with any information regarding status of the account within 24 hours after receiving a relevant request.

1.8 If any conflict situation arises the Company will examine the situation and deliver the judgment as soon as possible. Confirmation of receipt of the claim is the letter sent to the Client's e-mail address by automatic mail system. 3 work days is a maximum term for processing of claim.

Validity and denunciation of the Agreement

1.9 The Agreement comes into effect from the signing date hereof and remains valid for an indefinite period of time.

1.10 The Agreement may be cancelled on the initiative of any of the parties. The Agreement is considered not valid only after the parties have completely settled their mutual transactions.

1.11 If the Client breaches the clauses mentioned in the Agreement the Company has a right to dissolve the Agreement, subject to notification of the Client and paying back demand balance. If the Client has open positions at the moment of denunciation of the Agreement, the Company is entitled to close them at present price.

1.12 The Agreement looses validity if the Client withdraws funds from the trading account.

1.13 In the case of winding-up of the Company's business governed by the Agreement, the Company is obliged to give a month's notice. In this case funds from trading account will be returned to the Client after closing of all positions.

In the case of Client's death the right to withdraw money from the Client's account is inherited by relatives, in compliance with the line or will. But use of the Client's trading account and financial market operation right cannot be inherited.

2. Trading account opening.

2.1 In order to open a trading account it is necessary to fill the registration form on the web-site of the Company.

2.2 Login and password to access to Trader's personal area and trading terminal are generated and offered to the Client at the moment of account opening. Login is used to identify the deals of the Client. Password can be changed any time on call of any of the parties. If the password is changed by the Company, the Client will be notified with a message to the e-mail mentioned in the Client's contact information.

2.3 The Client is fully responsible for preserving confidentiality of the account's login information and for all orders made under Client's login and password. All messages, sent to the Company under Client's login and password, are considered to be sent by the Client personally.

2.4 In the case of password loss the Company is entitled to change present password on the demand of the Client. If it occurs the Company will identify the Client by all possible means.

2.5 The Company trusts completely the information provided by the Client during the registration and is not liable for information actuality and also for the consequences caused by unreliability and invalidation of the information.

2.6 In order to prevent fraud, money laundering or other conflict situations the Company may ask the Client to confirm identity. In this case the Client is obliged to provide passport or another identifying document as well as other necessary documents on the demand of the Company.

2.7 In order to have the right to make transactions the Client transfers money funds into trading account in accordance with bank details mentioned in the Trader's personal area. It's also allowed to deposit and withdraw money in any other ways mentioned on the web-site of the Company.

2.8 Deposit and withdrawal operations to and from the account are executed in US dollars.

The Company is entitled to close the Client's trading account if the Client hasn't been conducting any transactions for 3 consecutive moths and there are no money funds in the account.

3. Regulations of service provisioning.

3.1 Services of the Company are any interactive software or services offered by the Company that give the Client a possibility to:

    - Get in touch with the Company or third party authorized supplier of the Company's services

    - Get information or quotes from the Company or third party authorized supplier of the Company's services

    - Conduct transactions in financial markets via the Company with the help of trading terminal "MetaTrader 4.0", "Strategy Runner", including electronic data transfer from the Company with the help of personal home or professional computer connected to the Internet by modem or another device for data exchange.

3.2 By signing this Agreement the Client ensures that the Client has observed the rules of communication, and also agrees that the Client has a right to give instructions only by the Client's trading terminal or by phone.

3.3 The Company's services include a package of software "MetaTrader 4.хх", "Strategy Runner", instruments of technical analysis and services of any third party suppliers of the Company.

3.4 The Client acknowledges that the Company is entitled to make amendments and additions, rename or keep unchanged Company's services offered by this Agreement without prior notice. The exception of this rule is a reduction of the quantity of quoting instruments with notification 7 days prior to reduction. The Client confirms that the Agreement governs services that can be amended, added or renamed in the future as an addition to the services available at present.

3.5 The Company carries out all transactions with the Client on an execution-only basis without providing trust management and recommendations. Information or research materials on the Company's web-site are not recommendation to make any trading decisions. The Client is fully responsible for all Client's transactions and investment strategy.

4. Notification of risks.

The purpose of this notification is to provide the Client with information about the risks related to conversion arbitrage transactions in financial market and warn of probable losses. This notification does not disclose all of the risks in the financial markets because of the variety of situations that may arise. The risk of performing arbitrage transactions means the possibility of an event bringing significant losses for the Client.

4.1 The Client should understand clearly that trading in the financial markets involves a high degree of risk. The Client must carefully assess his abilities and financial opportunities with regard to arbitrage deals in this market.

The risks in the financial market are classified in the following way:

4.2 Leverage effect. The collateral margin is smaller than the required minimum amount for a transaction, so transactions are performed with leverage. A relatively insignificant market movement produces a proportionally larger impact on the Client's assets deposited to perform operation. If the market moves against the open position of the Client, the Client may suffer losses equal to the initially deposited collateral margin and any additional assets deposited to maintain the open position. The Client takes total responsibility for selection of an appropriate trading strategy, estimation of all risks and use of financial resources.

4.3 Market risk. Because of sharp and substantial changes in currency rates the Client's orders may be executed at the rates which differ significantly from stated in the orders. For example in the case when the price breaks out of the trading range and leaves on the chart an empty space with no trading activity ( such situation is called gap). The order will be executed at the price first appeared after gap. Likewise placing orders for reducing losses/profits may be inefficient as market conditions may make it impossible to execute these orders.

4.4 Technical risk. Carrying out transactions via an electronic trading system the Client runs the risk related with possible faults in the system, including equipment and software failures. In case of transactions via telephone it can be difficult to get though to operator at the moments of peak loads. The Client is fully responsible for the risks of financial losses caused by the mentioned failures.

4.5 Legal, social and political risks. The risk of radical change in the political or economic course of the country, especially when the new President takes the post, in case of changes in the Parliament or Government, the risk of social unrest, including strikes is totally upon the Client.

4.6 Force majeure. The Company cannot be responsible for the losses which are directly or indirectly caused by the restrictions imposed by the Government, related to foreign exchange and market regulations, interruption of trading, military actions or other events which are usually called "force majeure".

Taking into consideration all the risks associated with operations in the financial market, the Company recommends the Client to consider carefully whether these risks are acceptable for the Client with regard to his targets and financial opportunities.

The purpose of this notification is not to make the Client turn away from dealing with conversion arbitrage transactions in financial markets, but it is designed to help the Client to assess the risks related to such activity and with full responsibility step into determining the trading strategy for carrying out arbitrage transactions.

5. Anti-money laundering policy.

Money laundering is the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc.) into money or investments that appear to be legitimate. Such activity is used because of the illegal source of money and other material values cannot be traced.

In order to confront the penetration of criminal money into state economy and to prevent expansion of terrorist activity, countries carry on a struggle against money laundering and terrorism financing. Financial organizations are one of the easiest of access and convenient instruments that allow to legalize revenue from illegal activity. The increased integration of financial markets and liberty of capital mobility between them make market penetration of criminal capital easier.
Thereat the Company applies by-law and programs of its implementation to help international organizations to struggle against money laundering and financing of terrorist activity all over the world.

5.1 The Company documents and verifies identification data of the Client and also logs and tracks itemized statement of all transactions carried out by the Client.

5.2 The Company tracks suspicious transactions of the clients and transactions executed under nonstandard conditions. The Company performs its action on the base of AML FATF recommendations.

5.3 The Company neither accepts cash deposits nor disburses cash under any circumstances.

5.4 The Company reserves the right to refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law the Company is not obliged to inform the Client that it was reported to the corresponding bodies of the Client's suspicious activity.

6. Identification of the Client.

For the purpose of complying with anti-money laundering recommendations when the Client withdraws from the account significant sum of money for the first time, the Company requires two different documents to verify the identity of the Client. The Company has a right to request other necessary documents.

6.1 The first document is a legal government-issued, identifying document with the picture of the Client on it. It may be a government-issued passport, driver's license (for countries where the driver's license is a primary identification document) or local ID card (no company access cards).

6.2 The second is a bill with the Client's own name and actual address on it no older than 6 months. It may be a utility bill, bank statement, notarization or other bill with the name and address of the Client from an internationally recognizable organization.

6.3 The Company also requires a filled and physically-signed account application form to be submitted to the company. Clients are required to submit up-to-date identification and contact information in a timely manner as soon as changes occur.

Documents, in languages different from the ones mentioned on the web-site of the Company, must be translated into appropriate language by an official translator. The translation must be stamped and signed by the translator and sent together with the original document with a clear picture of the Client on it.

7. Terms and order of withdrawing finances from trading account of the Client.

7.1 The Company requires all deposits where the name of the originating Client is present to come from the name matching the name of the Client in the registration information. Third party payments are not accepted.

7.2 Money may be withdrawn from the same account and by the same way it was received. For withdrawals where the name of the recipient is present, the name must exactly match the name of the Client in the database of the Company.

7.3 If the deposit was made via bank transfer, funds may be withdrawn only via bank transfer system to the same bank and to the same account from which it originated.

If the deposit was made by means of electronic payment system, money may be withdrawn only by the means of electronic payment system to the same system and to the same account from which it originated.

8. Responsibilities of the parties.

8.1 The Client guarantees to be the only authorized user of the services of the Company and is fully liable for the confidentiality of the login and passwords.

8.2 The Client agrees to be fully responsible for all actions that result from using the login and password, agrees to be fully accountable for all actions including financial market deals.

8.3 The Client assumes that Company may record verbal and telephone negotiations with the Client in order to confirm them.

8.4 The Company guarantees that all information provided by the Client in terms of registration is confidential and secure. The exception is the demand of authorized bodies under court decision of international jurisdiction. In the case of disclosure of the Client's confidential information to the third party, the conflict situation will be handled according to the present Agreement.

The Client agrees that the Company or any third party involved in providing services to the Client have no responsibility for any telephone network, Internet errors, routine maintenance, revising or any other occurrence and the circumstances that do not depend on the Company.

9. Reclamation and settlement of conflict situations.

The Client has the right to lodge a claim against the Company if any conflict situation arises. Claims are accepted within 3 business days after the grievance has arisen.

9.1 The claim must be sent by e-mail to official mail addresses posted on Company's website. All claims in any other form (forum, telephone and etc) will not be considered.

9.2 A claim must include:
    - name and surname of the Client
    - Client's login in the trading platform
    - date and the time when the conflict arose (trading platform time zone)
    - ticker of position or pending orders
    - description of the conflict situation

9.3 The complaint must not include:
    - affective appraisal of the conflict situation
    - offensive language regarding Company
    - expletives

9.4 The Company has the right to refuse a claim if any of clauses 9.2 and 9.3 of this Agreement has been breached.

9.5 The server log-file is the main information source in case of any dispute. The server log-file has the absolute priority over other arguments including the client terminal log-file.

9.6 If the claim is reasonable, the Company resolves conflict situation by paying indemnification to Client's trading account. The Company won't be liable if the Client has received less profit than had hoped for or has incurred a loss as a result of uncompleted action for any reason which the Client had intended to complete.

9.7 In the case of approval for the Client regarding conflict situation, the Company resolves it by crediting the client's trading account.

9.8 Claims made in respect of any unexecuted requests given during routine construction on the server are not accepted if the Client has been notified in advance.

Settlement of conflict situations

9.9 The Company charges/withdraws difference of financial result between factual level of position closing and supposed position closing for order if non-execution of order for position closing (Stop Loss and Take Profit) was recognized as fallacious.

9.10 The Company preserves the right to close position at which conflict occurred according to current quote in quotes flow or to quote at the moment of opening and/ or closing order on the basis of market spread.

9.11 The Company preserves the right to decline a complaint if the Client conducted any operations with Stop Loss and Take Profit orders at which a claim was made from the moment of occurrence of conflict till the moment of decision making.

9.12 If pending order is not executed, the Client is obliged to mention ticker of the pending order in the claim. The Company is entitled to decline the claim in the case of non-fulfillment of these actions. If the claim is recognized as reasonable and there is no mistake, the Company charges/withdraws difference of financial result between factual level of position closing and supposed level of position closing.

9.13 The system needs some reasonable time to execute orders. The Client must assure before sending a claim that it has passed enough time to execute order.

9.14 If Stop Loss or Take Profit order is put on the queue but the system confirmed the modification/removal of the order erroneously, the Company has the right to execute the order at the level it was before the last modification/removal.

9.15 If pending order is put on the queue for execution but the system confirmed modification of order's level erroneously, the Company preserves a right to execute the order at the level it was before the last modification.

9.16 If pending order is put on the queue for execution but the system confirmed removal of the order, the Company preserves a right to delete pending order.

9.17 If one or more pending orders for one trading account enter the turn for execution, the Company preserves a right to decline execution of one or more orders if there is not enough free margin to make transaction.

9.18 If the system executed Client's Stop Loss or Take Profit order at non-market quote and a reasonable claim appears, the Company must compensate finance difference between factual close price of position and the close price of position preceding non-market quote if at the moment of decision making current quote is worse than the price preceding non-market quote.

9.19 If Client's order for open position was executed at non-market quote or the Client opened position at non-market quote, the Company preserves the right to close this position at current quote and cancel its financial result if this position was not closed by the Client.

9.20 If the system executed Stop Out at non-market quote and a claim is recognized as reasonable the Company must compensate finance difference between factual close price of position and the close price of position preceding non-market quote if at the moment of decision making current quote is worse than the price preceding non-market quote.

9.21 If the Client closes position at non-market quote, the Company preserves the right to write off/charge financial difference between factual close price of position and position closing at the price preceding non-market quote.

9.22 If the Client is capable to prove that position opening and/or closing at the price differ essentially from the market price the Company by agreement with the Client is obliged to recalculate financial result of the transaction at real market quotes or to cancel it completely. In particular cases the Company has a right to choose the way of conflict settlement on its own.

9.23 If instruction for opening of position entered the processing before the first quote on market opening occurs in the trading platform, but the system processed this instruction erroneously at the closure price of previous day, the Company preserves the right to close this position at current quote and cancel its financial result if this position was not closed by the Client.

9.24 If instruction for position closing entered the processing before the first quote on market opening occurs in trade platform, but the system processed this instruction erroneously at the of close price of previous day, the Company preserves the right to write off/ charge financial difference between factual position closing and position closing at the quote on market opening.

9.25 Compensation of consequences of the system's error while opening position is conducted as follows: open position is closed at current quote and its financial result is canceled, if position was not closed by Client.

9.26 Compensation of consequences of the system's error while closing position is conducted by writing off/ charging financial difference between factual position closing and position closing at the price of the last minute bar preceding the time of error. If there is a gap in the quotes flow, the quotes synchronized with the Agreement are taken into consideration.

In the case of conflict situation not mentioned in the Agreement final settlement of the claim is accepted on the assumption of common market practice and own notions of fair settlement of conflict situations. It's also allowed to use quotes of any other market maker and make comparative analysis on the basis of these quotes.

10. Rules for conducting trading transactions.

10.1 Position opening occurs when a request or an order is being sent from the Client terminal to the Company server. Instrument name and transfer quantity must be mentioned in the request.

10.2 As of 24.10.2008 trading operations can be processed using the following instruments: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD, NZDUSD, EURGBP, EURCHF, EURJPY, EURAUD, EURCAD, EURNZD, GBPCHF, GBPJPY, GBPAUD, GBPCAD, GBPNZD, CHFJPY, AUDCAD, AUDJPY, AUDCHF, AUDNZD, CADJPY, CADCHF, NZDCAD, NZDCHF, NZDJPY, GOLD, SILVER. The Company is obliged to notify the Client 7 days prior to changes in the quoting currency list.

10.3 To open buying/selling transactions the Client must send a request using the Client terminal then the request is proceeded by the sever.

10.4 If the size of the free margin is big enough to open a position, the position will be opened. Free margin level is calculated automatically. If the size of the free margin is not big enough to open position, the position will not be opened and a "Not enough resources" message will appear in the order window.

10.5 When closing a position using the Client's terminal, the Client must indicate the closing ticker position and the transfer quantity.

10.6 In order to send orders to close positions, the Client should click the "Close position" button on the trading terminal order.

10.7 If the server changed the quote at the instant the Client requested to process an order, the server will offer a new Bid/Ask price. In this case a new "Requote" window with the new prices will appear. To accept the newly offered prices, the Client should click the "OK" button in the query window within 3 seconds.

10.8 The Client instruction to open and close a position is considered to be executed, when the relevant server log file has been updated. Each new position will receive a sequential ticker number.

10.9 Order execution by the server:
    - Sell-Stop order is put on the queue for execution at the moment the Bid price in the quoting flow becomes lower or equal to the order level;
    - A Buy-Stop order is put on the queue for execution at the very moment the Ask price in the quoting flow reaches or exceeds the order level;
    - A Sell-Limit order is put on the queue for execution at the very moment the Bid price in the quoting flow becomes equal or exceeds the order level;
    - A Buy-Limit order is put on the queue for execution at the very moment the Ask price in the quoting flow becomes lower or equal to the order level;
    - A Take-Profit order snaps into action when buying an open position, when the Bid price in the quoting flow exceeds or equal the order level;
    - A Stop-Loss order snaps into action when buying an open position when the Bid price in the quoting flow drops below or equals the order level;
    - A Take-Profit order snaps into action when selling an open position, and the Ask price in the quoting flow drops below or equals the order level;
    - A Stop Loss order snaps into action when selling an open position, and the Ask price in the quoting flow exceeds or equals the order level;

Order is considered to be executed when the appropriate record appears in the server log-file.

10.10 When a price gap occurs, the orders are executed according to the following rules:
    - If the open level and the Take-Profit of the pending order reached a price gap, the order will be canceled with [cancelled/gap] appearing as a comment;
    - Take-Profit order, that reaches a price gap, is conducted at the pre-set price.
    - Stop-Loss order, when the level hits a price gap, is carried out at the first price following the gap, with [sl/gap] appearing as a comment.
    - Buy-Stop and Sell-Stop pending orders are performed at the first price following a price gap, with [started/gap] appearing as a comment.
    - Buy-Limit and Sell-Limit pending orders are performed according to an order's set price, with [started/gap] appearing as a comment.

Execution of pending orders:
    - pending orders Buy Stop and Sell Stop executes on tick's price, caused this execution;
    - pending orders Buy Limit and Sell Limit executes on specified price;

For reduction of slippage when activating pending orders, pending orders transfered on market when they are opened. Due to this, we cannot admit opening of such orders without being secured by client's deposit. In consequence of it for each pending order the virtual margin is taken equal 500 dollars per 1 standart lot irrespective of the leverage. It will make impossible to open the pending order, when exceeding (individually or totally) in volume the summ of free margin on the account.

Order is considered to be executed when the appropriate record appears in the server log-file.

10.11 Orders can only be placed, removed or changed by the Client, when trading for current instruments has been granted. Trading hours for each instrument are mentioned on the web-site of the Company.

10.12 When the Client sends an instruction to place a pending order, the following information should be provided:
    - name of the instrument
    - position size
    - order type
    - price level at which the order should be set

10.13 When the Client's account Margin Level is less than 40%, margin call occurs. The Company has a right to close the Client's position, although it doesn't need to do that. The Company decides whether to close the position or not.

10.14 If a present trading account condition (equity) is less than 20% of the necessary margin to maintain an open position, the Company has the right to force the Client's closing position without prior notice.

10.15 The server controls the present account conditions. If the conditions described in clause 10.15 of the present Agreement are violated, the server will generate a forced closing order position (stop out). A stop out is executed according to the market price according to the Client's instructions on the first-served basis. A forced closing position is recorded in the server log file as a "stop out".

10.16 If the conditions stated in clause 10.15 of the present Agreement are violated and the Client has several open positions, the one with the most floating losses will be the first one closed.

10.17 The Company guarantees, after closing the last trading account position, that a balance of 0% - 10% margin will remain, which is necessary for maintaining that last forced position closing.

10.18 After a forced position closing, there might be a negative balance on the Client's account, and the account will be brought up to a zero balance by compensation.

Application 1

Main terms:

"Ask" - the higher price in the quote. The price the Client may buy at.

"Bid" - the lower price in the quote. The price the Client may sell at.

"CFD" - a Contract for Difference.

"Equity" - current account status. Determined by the formula:: balance+ floating profit- floating loss.

"Hedged margin" - assurance, required by the Company for opening and maintenance of locked positions. The contract specification is noted for each instrument.

"Lock" - see "Locked positions".

"Long" - see "Long position".

"Маrgin Level" - the percentage equity to necessary margin ratio. It is calculated as (equity/margin)*100%

"Margin" - see "Necessary margin".

"Margin Call" - such condition of account when the Company has a right to close all open positions because of the lack of free cash. Margin level for margin call is determined in this Agreement.

"Short" - see "Short position".

"Spike" - see "Non-market quote".

"Stop out" - an instruction generated by the server to close the Client's open position forcibly.

"Swap" - a fee for overnight carry of a position. Can be positive or negative. Swap table for each trading instrument is available on the Company's web-site.

"Trailing Stop" - the following algorithm of managing Stop Loss order:

    - if open position's profit is less than Trailing Stop value no action shall be taken;
    - once the profit of the open position has exceeded Trailing Stop give server an instruction to place Stop Loss order at the level which is at the same range from the current price as the Trailing Stop value;
    - once a new quote has been received and the range between Stop Loss order level and current price has become higher than the Trailing Stop value, the client terminal sends the instruction to the server to modify Stop Loss order at the level which is at the same range from the current price as the Trailing Stop value.
Trailing Stop is executed only when the client terminal is on-line, having been connected to the Internet and successfully authorized.

"Arbitrage" - trading strategy that uses arbitrage transactions.

"Arbitrage transaction" - the act of buying an asset in one market and selling its analogue in another at the same time. In such way the price difference of assets is fixed in different markets. It's easy to see that the portfolio value irrespective of the further market movement remains constant (as transactions compensate each other). When the price difference is positive a reverse arbitrage transaction fixing profit takes place. The transaction is also considered arbitrage transaction in the case of buying (selling) of financial asset in one market without selling(buying) it on another if there is essential price difference between quotes of these markets at the moment of opening and closing of position.

"Quotes Base" - quotes flow information.

"Base Currency" - the first currency in the currency pair against which the Client buys or sells the quote currency.

"Balance" - the total financial result of all completed transactions and non-trading transactions on the trading account.

"Bar/Candle" - a chart element which shows opening and closing prices as well as lowest and highest prices for the definite period of time (minute, 5 minutes, a day, a week and etc.)

"Fast Market" - rapid movements on the market for the short period of time often causing price gaps. Generally it may occur immediately before or after any important event such as:
    - releases of main macroeconomic indicators on G7 economies, which have great impact on the financial market;
    - decisions of central banks and its committees on interest rates;
    - press conferences and speeches of the central banks heads, financial ministers and heads of G7 states;
    - government interventions;
    - nation-wide terror attacks;
    - natural disasters which cause the announcement of the state of emergency (or other restrictive measures) on the affected territories;
    - war or any other military actions;
    - political force majeure: dismissal or appointment (including election results) of the government executives;
    - any other similar events which influence price movements.

"Quote currency" - the second currency in the currency pair which can be bought or sold by the Client for the base currency.

"Currency pair" - the object of transaction based on the change in the value of one currency against the other.

"Trailing Stop value" - Trailing Stop value set by the Client

"Trading Platform Time Zone" - the time zone in which the server log-file records any event. At the time of the release of this document: GMT+2.
"Chart" - the quotes flow in the form of a chart. For the period relevant for a Bar/Candle: Bar/Candle high is the highest Bid, Bar/Candle low is the lowest Bid, Bar/Candle close price is the last Bid, Bar/Candle open price is the first Bid.

"Gap" - the situation when the price breaks out of the previous trading range leaving a price zone with no trading activity , which is shown on bar chart as an empty space.

"System" - automatic system of the Company, executing requests and instructions of clients, executing orders, stop out and margin call.

"Long position" - a buy position that appreciates in value if market prices increase. In respect of currency pairs: buying the base currency against the quote currency.

"Closed position" - a result of the second part of a fully accomplished transaction.

"Request" - Client's instruction given to the Company to obtain a quote. Such request is not an obligation to make a transaction.

"Instrument" - currency pair or contract for difference.

"Account History" - all completed transactions and non-trading operations on the trading account.

"Client" - a legal entity or an individual with concluded agreements with the Company in respect of making transactions, margin trading and Client's terminal leasing.

"Client Terminal" - "MetaTrader 4.xx" or "Strategy runner" software, which is used by the Client in order to obtain information about financial markets (the size of content is defined by the Company) in real-time, to make technical analysis of the markets, make transactions, place/modify/delete orders, as well as to receive notices from the Company. The program can be downloaded at the Company's web site free of charge.

"Contract for Difference" - a contract for difference by reference to fluctuation in the price of the underlying asset (shares, futures, goods, metals, indexes etc.).

"Short position" - sell position for any instrument in expectation of a price fall. For currency pairs: selling the base currency against the quote currency.

"Quoting" - the process of providing the Client with the quotes in order to make a transaction.

"Leverage" - ratio in respect of margin and transaction size. For example 1:500 means that in order to make a deal the required amount on the trading account is five hundred times less than the size of transaction.

"Rate" - 1) for the currency pair: the value of the base currency in the terms of the quote currency;2)for the contract for difference: the value of one unit of the underlying asset in terms of money.

"Client Terminal Log-File" - the file, which is created by the client terminal in order to record all the Client's requests and instructions to the Company with accuracy to a second.

"Server Log-File" - the file created by the server, which records accurately to a second all requests and instructions, sent by the Client to the Company as well as the results of their execution.

"Locked positions" - long and short positions of the same size opened on the trading account for the same instrument.

"Lot" - an abstract notion of the number of shares, goods, base currency in the trading platform.

"Hedged margin" - assurance, required by the Company for opening and maintenance of locked positions. The сcontract specification is noted for each instrument.

"Margin Trading" - leverage trading when the Client may make transactions having far less funds on his trading account.

"Initial margin" - the margin required by the Company to cover open positions. The details for each instrument are in the contract specifications.

"Necessary margin" - the margin required by the Company to maintain open positions. The details for each instrument are specified in the contract specifications.

"Non-market quote" - a quote with the following characteristics:
    - a significant price gap;
    - in a short period of time the price rebounds with a price gap;
    - before it appears there is no rapid price movement;
    - before it appears there are no important macroeconomic indicators and/or corporate reports.

The Company has the right to delete Spikes from the quote base of the server.

"Nontrading operation" - an operation of depositing/withdrawing assets to/from the trading account respectively or operation of lending /reimbursement of credit.

"Normal Market Conditions" - this is the market where:
    - there are no considerable breaks in the quotes flow in the trading platform;
    - there is no fast price movement;
    - there is no large price gap.

"Normal market" - see "Normal Market Conditions".

"Transaction size" - a lot size multiplied by number of lots.

"Order" - an instruction of the Client to the Company to open or close a position when the price reaches the level of the order.

"Open position" - the result of the first part of the completed transaction. In this case the Client shall be obliged to:
    - make counter transaction of the same size;
    - maintain equity not lower than 20% of the Necessary Margin.

"Market Opening" - the time when the market opens after weekends, holidays or trading sessions time gaps.

"Pending Order" - an instruction from the Client to the Company to open a position once the price has reached the level of the order.

"Floating profit/loss" - profit/loss on open positions at the current prices.

"Finished Transaction" - two counter deals of the same size (open and close a position): buy then sell and vice versa.

"Quotes Flow" - the flow of prices in the trading platform for each instrument.

"Instant Execution" - the mechanism of providing quotes to the Client without prior request. The Client may make a transaction anytime as the Client sees the quotes flow in real-time.

"Point" - the numerical value of the least significant digit of the rate.

"Lot size" - the number of shares, goods, base currency in one lot defined in the contract specifications.

"Developer" - the developer of the trading platform "MetaTrader 4.хх" or "Strategy Runner".

"Instruction" - an order of the Client to the Company to open/close a position or to place/modify/delete an order.

"Abnormal Market Conditions" - thin market or fast market.

"Company's website" - website at http://www....

"Free Margin" - funds on the trading account, which may be used to open new position. It is calculated as equity less necessary margin.

"Server" - the software that is used to execute the Client''s instructions or requests, to provide trading information in real-time mode (the content is defined by the Company), in consideration of the mutual liabilities between the Client and the Company, subject to terms of these terms of business.

"Advisor" - an algorithm in the form of a program based on special language, which is used to control a trading account and give instructions and requests to the server via the Client terminal.

"Contract Specification" - principal trading terms (spread, lot size, minimum transaction size, change in transaction size initial margin size, margin for the locked positions, etc.) for each instrument.

"Conflict situation" - 1) the situation when the Client believes that the Company as a result of any action or failure to act breaches one or more terms of these terms of business; 2)the conflict situation when the Company believes that the Client as a result of any action or failure to act breaches one or more terms of these terms of business;

"Spread" - the difference between Ask and Bid prices.

"Ticker" - the unique identity number assigned for each open position or pending order in the trading platform.

"Thin market" - a market in which the quotes in the trading platform are rare as opposed to the normal market conditions. Such conditions are usual for Christmas, national holidays in G7, from 23:00 till 03:00(Moscow time) and etc.

"Transaction" - buying and selling of any instrument by the Client.

"Trading Platform" - all programs and technical facilities which provide information of trading on the financial markets in the real time, allow to make transactions, define all mutual obligations between the Client and the Company, as well as compliance of all terms and conditions. Simply, for these terms of business, the trading platform includes "Server" and "Client Terminal".

"Trading Account" - the unique personified registration system of all completed transactions, open positions, orders and deposit/withdrawal transactions in the trading platform.

"Order level" - the price indicated in the order.

"Force majeure" - events that could not be foreseen or prevented. Such as:
    - act of nature;
    - war;
    - terrorist attack;
    - government acts and other legislative and executive government authorities actions;
    - сcomputer hacker attacks and other illegal actions in relation to the Company.

"Price prior to Spike" - the close price of the minute bar prior to the minute bar with Spike.

"Price gap" - one of the following situations:
    - current quote Bid is higher than Ask of the previous quote;
    - current quote Ask is lower than Bid of the previous quote.

"Price gap on the market opening" - one of the following situations:
    - the first Bid of the trading session is higher than the last Ask price of the previous session;
    - the first Ask of the current trading session is lower than the last Bid of the previous session.

"Manifest Error" - an error of the Company who opens/closes a position or executes an order at the price which significantly differs from the price for this instrument in the quotes flow at the moment of taking this action, or any other Company's action in respect of the prices which are significantly different from the market prices.

Application 2

Order types in the trading platform

"Buy Stop" - an order to open a Long Position at the price higher than the price at the moment of placing the order;

"Sell Stop" - an order to open a Short Position at the price lower than the price at the moment of placing the order;

"Buy Limit" - an order to open a Long Position at the price lower than the price at the moment of placing the order;

"Sell Limit" - an order to open a Short Position at the price higher than the price at the moment of placing the order.

In order to close a position the following orders may be used:

"Stop Loss" - an order to close a previously opened position at the price less profitable for the Client than the price at the moment of placing the order;

"Take Profit" - an order to close a previously opened position at the price more profitable for the Client than the price at the moment of placing the order;

The Client may place, modify or delete any orders only till the order activation.