Terms & Conditions

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Introduction

1. A reference in this document to “we”, “us”, “First Notch”, “the Company”, “our”, “ours” and “ourselves” (as appropriate) is a reference to First Notch.
2. A reference to “you”, “your” is a reference to you, the Client.
3. These terms (including any Schedules), once we have accepted your application and opened an Account for you, will form an agreement (Agreement) between us and you and will govern all Transactions entered into between us and you and all dealings between us.
4. All of the Financial Products or financial services are subject to the general terms in this Agreement (including the Schedules) which apply to particular financial services you may receive or particular Financial Products we issue to you.
5. You should read this Agreement carefully, including any other disclosure documents that we supply to you in connection with your Account.
6. Nothing in this Agreement will exclude or restrict any duty or liability owed by us to you under the Governing Legislation, and if there is any conflict between this Agreement and the Governing Legislation, the Legislation will prevail.
7. This Agreement will come into effect when we accept your application and open your Account.
8. In this Agreement, capitalised words and expressions have their meanings in clause 30.1 (unless those words are defined in a particular clause).
9. This Agreement (amongst other things) also sets out the basis on which we will enter into Transactions with you and governs each Transaction entered into or outstanding between you and us on or after this Agreement comes into effect.
10. This Agreement does not, and you acknowledge that it does not, constitute any personal advice, financial advice, tax advice, nor a recommendation or opinion that a particular Financial Product or financial service is suitable or appropriate for you.
11. All dealings pursuant to this Agreement and in the Financial Products between us are subject to the Governing Legislation.
12. First Notch does not accept Clients who are under 18 years old.

Dealings with us

1. We will act as principal in Transactions with you and not as agent on your behalf.
2. You will enter into each Transaction with us as principal and not as agent for any undisclosed person. This means that, unless we have otherwise agreed in writing, we will treat you as our Client for all purposes and you will be directly and personally responsible for performing your obligations under each Transaction entered into by you, whether you are dealing with us directly or through an agent. If you act in connection with or on behalf of someone else, whether or not you identify that person to us, we will not accept that person as an indirect Client of ours and we will accept no obligation to them unless otherwise specifically agreed by us in writing.
3. Dealings with you will be carried out by us on an execution-only basis unless otherwise agreed by us.
4. You agree that, unless otherwise provided in this Agreement, we are under no obligation:
   • to satisfy ourselves as to the suitability of any Transaction or Contract for you;
   • to monitor or advise you on the status of any Transaction;
   • to make Margin calls; or
   • to Close Out any Transaction that you have opened.
5. You will not be entitled to ask us to provide you with investment advice relating to a Transaction or ask us to make any statement of opinion to encourage you to open a particular Transaction. We may, in our absolute discretion, provide information:
   • in relation to any Transaction about which you have enquired, particularly regarding procedures and risks attaching to that Transaction; and
   • by way of factual market information;

   however, we will be under no obligation to disclose such information to you, and in the event of us supplying such information it will not constitute personal advice. If, notwithstanding the fact that dealings between you and us are on an execution-only basis, a representative of First Notch makes a statement of opinion (whether in response to your request or otherwise) regarding any Financial Product or Transaction, you agree that it is not reasonable for you to, nor will you be entitled to, rely on such statement and that it will not constitute personal advice.

6. You acknowledge and agree that:
   • any information provided to you will not take into account your personal objectives, financial situation, or needs;
   • any information provided by us in respect of your dealings with us does not constitute a recommendation of a transaction to you;
   • you should, before opening any Transactions, ensure that you have understood the risks involved when trading with financial products.
7. You agree to rely on your own judgment in opening, Closing Out, or refraining from opening or Closing Out a Transaction with us.
8. We will not, in the absence of fraud, wilful default, or negligence, be liable for any Loss (including, without limitation, indirect or consequential losses or loss of opportunity or profits arising from any failure by you to make any anticipated profits), costs, expenses, or damages suffered by you arising from any inaccuracy or mistake in any information or advice, or unsuitability of any advice given to you, including, without limitation, information or advice relating to any of your Transactions with us.
9. Subject to our right to void or Close Out any Transaction as set out in this Agreement, any Transaction opened by you following such inaccuracy or mistake will nonetheless remain valid and binding in all respects on both you and us.
10. You acknowledge that information contained in the Contract Details is indicative only and may, at the time when you open or Close Out a Transaction, have become inaccurate. The more accurate details will be those displayed in your Account through the Electronic Trading Service.
11. We reserve the right to require you to pay, or reimburse, us for stamp duty in the event of a change in the basis of stamp duty rates or law. We also reserve the right to charge you for the provision by us to you of market data (be that raw or derived market data), but we will notify you beforehand if these charges will be applied.
12. We offer different types of Accounts with different characteristics and features. Depending on your knowledge and experience and the type of Transactions you generally enter into with us, some of these Account types may not be available to you. We reserve the right to convert your Account into a different account type if, acting reasonably, we determine that a different type of account is more appropriate for you. We also reserve the right to change the features and eligibility criteria of our accounts at any time and we will provide prior notification of such changes on our website, by email, or on our Electronic Trading Service.
13. From time to time, we may make additional services or specific types of Financial Products available to you. Such additional services or Financial Products may be subject to special conditions.
14. We recommend that prior to engaging in live trading, you open a “demo” account and conduct simulated trading. This enables you to become familiar with the Electronic Trading Platform that you wish to trade with.
15. Our Electronic Trading Platform means any of these systems:
    • MetaTrader 4 and MetaTrader 5 platforms developed by MetaQuotes Ltd. User guides are available at www.metaquotes.net.
    • cTrader developed by Spotware Systems Ltd. User guides are available at www.spotware.com
    • any other electronic trading platform offered by us that allows the placing of orders in financial products.

    As our trading platforms are provided by third-party vendors, we are relying on them to ensure that the systems and procedures are regularly updated and maintained.

16. First Notch has discretions under this Agreement which can affect your Transactions. You do not have any power or right to direct how we exercise those discretions. We will, however, have regard to our obligations under our Securities Dealer Licence (“SDL”) when exercising our discretion.

Client Acknowledgements

1. You, the Client, acknowledge and confirm to us for our benefit in relying on the following:
   • you (or, if a corporate entity, your directors) have read and understood all documentation provided to you by us, including this Agreement and any other disclosure documents in relation to any Financial Products which you request First Notch to make available to you in relation to your Account;
   • you agree to be bound by this Agreement;
   • all dealings in Financial Products and the performance by us of our obligations under this Agreement are subject to the Governing Legislation.
   • First Notch relies on your representation that at all times you will be able to make payments and fulfil all commitments on your part arising under this Agreement and under the conditions applicable to dealings between you and First Notch;
   • that trading in Transactions incurs a risk of loss as well as a potential for profit;
   • that dealing in the Contracts for Difference is highly speculative and you may lose more than your Initial Margin, Variation Margin, and other payments you make to us;
   • it is your obligation to continuously monitor your Account and ensure that it constantly has sufficient Margin Cover;
   • you will indemnify and keep indemnified us and each of its related bodies corporate and their respective directors, officers, employees, and agents from and against all sums of money, actions, proceedings, suits, Claims, complaints, Loss, demands, damages, costs, expenses, and any other amounts whatever claimed against any of them;
   • First Notch is not required to act in accordance with your instructions if, in our opinion, to do so would or could constitute a breach by us or our agent or hedge counterparty or any other Governing Legislation;
   • if errors have occurred in the pricing of Transactions quoted by us to the Client, we may choose not to be bound by such Transactions (without further liability to the Client) if we believe that there was a Manifest Error at the time of the Transaction;
   • Financial Products traded on the Electronic Trading Service will not be settled by the physical or deliverable settlement of the Underlying Instrument. Depending on the Financial Product, they are generally rolled or “swapped” indefinitely until Closed Out;
   • an Open Position must remain open for the minimum period of time as determined by us and cannot be Closed Out by you during this period;
   • the English version of this Agreement prevails over any other translated version of this Agreement; and
   • You agree with our withdrawal terms (https://www.firstnotch.com/trading-accounts/withdrawal)
2. You acknowledge and authorize us to record any or all incoming and outgoing phone calls with you without making a disclosure to you each and every time you speak with a representative of First Notch. These calls may be recorded with or without an audible tone. You agree that we may use such recordings for the purposes of monitoring and training its staff, monitoring compliance with you and our respective regulatory and contractual obligations, and resolving disputes. If there is a dispute between us and you, you have the right to listen to any recording of those conversations (if still available).
3. Recordings may be used to assess the performance of or to train our representatives, monitoring compliance with our respective regulatory and contractual obligations and resolving disputes.
4. You agree to examine the terms of each Confirmation immediately upon receipt and you agree that the contents of a Confirmation, in the absence of Manifest Error, will be conclusive evidence of the executed Transaction, unless within 48 hours of issue of a written Confirmation you notify us of any disputed detail in the Confirmation received by you.
5. Complaints (which do not include disputed details) must be referred to us in accordance with our policies and procedures from time to time for dispute resolution.
6. Unresolved complaints and can be referred to the Financial Commission within 30 days from receipt of the decision by the Company (https://financialcommission.org/).
7. All representations, warranties and acknowledgments given by you under this Agreement are taken to have been made at the time you complete the Application Form and are taken to have been repeated by you:
   • each time you place an Order with us;
   • each time you enter into a Transaction with us; and
   • each time we do anything or refrain from doing something under this Agreement or as contemplated by this Agreement in connection with your Account or any Transaction.

   Copy Trading Acknowledgement

8. You acknowledge that Copy Trading and Mirror Trading services do not constitute discretionary investment management provided by the Company.
9. First Notch shall not be held liable for any trading decisions you make, or any loss incurred as a result of trading signals received from the provider(s).
10. You acknowledge that Copy Trading and associated services are provided by third-party service providers. Please make sure you read and understand their terms and conditions before entering into any transaction.
11. We are unable to provide any guarantee as to the performance of any particular investment, account, portfolio, or strategy provided by the service provider.
12. You acknowledge that the prices copied from the traders might be different than the prices offered by us.

Client Accounts

1. All of your dealings (including Transactions) will be within your Account held with us, which may include several trading accounts within that Account.
2. Unless you have specifically requested us to open separate Accounts, you will be taken to have only one Account, with Transactions in respect of each Financial Product or financial service provided to you being recorded in that Account.
3. A Client may be comprised of two or more persons. If the Client is comprised of more than one person, then the Account will be deemed to be held by the persons as joint tenants. The joint holding will only be deemed not to be held as joint tenants if there is a court determination that it is not held as joint tenants.
4. Each person constituting the Client (as recorded on the Application Form) is jointly and severally liable for the obligations under this Agreement, and we may act on the instructions of any one of those persons.
5. The calculations, reporting, and administration may be performed by us separately for each Account, so that (without limitation):
   • Margin calculations may be managed, and enforcement action may be taken for each Account separately;
   • we may at any time aggregate one or more Accounts (for reporting or managing Margins or otherwise for the purposes of this Agreement), even if you cannot immediately access reports for aggregated Accounts;
   • we may set off any amount owing by you (including any negative balance in one or more Accounts) against any amount we owe you in any other Account, without notice.
6. We may choose, in our absolute discretion, which Financial Products, Transactions, cash, or account balance or other property to apply to offset a debt owed by you to us. For the avoidance of doubt, this right of set-off (and other rights of set-off under this Agreement) applies in respect of rights and obligations across more than one Account. You agree that we may apply the set-off as among one or more Accounts, before an Event of Default on and following an Event of Default.
7. We may, with or without notice, and in addition to any other rights we have under this Agreement, do any one of or all of the following:
   • Close-Out or cancel all or part, as we reasonably consider appropriate, any Transaction;
   • reduce your positions limit;
   • refuse your Orders;
   • suspend your Account (if we reasonably consider that appropriate);
   • terminate this Agreement (if we reasonably consider that appropriate);
   • adjust the price, size or value of an Open Position; or
   • adjust the Margin Cover requirement.

Quotes and pricing

1. Upon your request and in accordance with this clause, we will quote a higher and lower figure for each Transaction (“our Bid and Ask prices”). Subject to clause 6.10, these figures will be either effectively based on comparable Bid and Ask prices in the Underlying Market or they will be our own Bid and Ask prices.
2. You acknowledge that our Spreads can widen significantly in certain circumstances and that they may not necessarily be the same size as the examples given in the Contract Details or on the Website and that there is no limit on how large they may be.
3. You acknowledge that when a Transaction is Closed Out, the Spread may be wider or smaller than the Spread when the Transaction was opened. You acknowledge that such figures will be set by us in our reasonable discretion. The Spread quoted by us will reflect our view of prevailing market conditions.
4. You acknowledge that our Quotes for dealing in our Financial Products are indicative only and so are subject to the actual Quote at the time of execution of your Transaction. There is no assurance that the Contracts will actually be dealt with at the indicative Quote, especially if you delay placing the Order.
5. Quotes can only be given, and Transactions made during the open market hours of the relevant Exchange or market on which the Underlying Instruments are traded. The open hours of the relevant Exchanges are available by viewing the relevant Exchange website or by contacting us.
6. We may at any time, in our discretion and without prior notice, impose limits on our Financial Products in respect of particular Underlying Instruments. Ordinarily, we would only do this if the market for the particular Underlying Instrument has become illiquid, its trading status has been suspended, or there is some significant disruption to the markets, including the Electronic Trading Services.
7. You should be aware that the market prices and other market data which you view through the Electronic Trading or other facilities which you arrange yourself may not be current or may not exactly correspond with the prices for our Financial Products offered or dealt by us.
8. If you access your Accounts and the Electronic Trading Services outside of the hours when Orders may be accepted, you should be aware that the Orders may be processed at a later time when the relevant Exchange or market is open to trading, by which time the market prices (and currency exchange values) might have changed significantly.
9. We may notify you of certain Financial Products in respect of which we will not provide a Quote, restrictions on the amount for which we will price, or other conditions that may apply to our Quote, but any such notification (or failure to notify) will not be binding on us.
10. If we choose to provide a Quote, we may provide it either verbally, by telephone, electronically via our Electronic Trading Services, or by such other means as we may from time to time notify to you.
11. Our provision of a Quote (whether by telephone, Electronic Trading Service, or otherwise) does not constitute an offer for you to open or Close Out a Transaction at those levels.
12. You can only enter into a Transaction at the Quote provided by us (including through the Electronic Trading Service). We may, acting reasonably, accept or reject your Order at any time until the Transaction has been executed or we have acknowledged that your Order has been withdrawn.

Orders

1. You enter into a Transaction with us by placing an Order and when that Order has been received and accepted by us. Our acceptance of an Order to open or Close Out a Transaction, and thus the execution of the Transaction, will be evidenced by a Confirmation.
2. Any delay or errors in the transmission of an Order or the execution of your instructions will not be our responsibility nor are we liable for them (except to the extent that responsibility cannot be excluded by law).
3. You do not have a contract with us unless and until the moment your Order is actually executed. This will be shown on your Account.
4. If we become aware that any of the factors set out in clause 6.5 (but we are not limited to only these factors) are not satisfied at the time you place an Order (in our reasonable opinion), we reserve the right to reject your Order. If we have already opened or Closed Out a Transaction prior to becoming aware that a factor set out in clause 6.5 has not been satisfied (in our reasonable opinion) we may, in our absolute discretion, either treat such a Transaction as void from the outset or Close Out the Transaction at the prevailing price or take any other steps that we consider necessary (as determined by us).
5. The factors referred to in clause 6.4 include, but are not limited to, the following:
   • the Quote must be obtained from us;
   • the Quote must not be expressed as being given on an “indicative only” or similar basis;
   • if you obtain the Quote by telephone:
     • it must be given by a representative of First Notch;
     • your Order must be given during the same telephone conversation in which you obtained the Quote; and
     • the First Notch representative must have confirmed that the Order has been accepted by us;
   • if you obtain the Quote electronically via our Electronic Trading Services, your Order and our acceptance of it must be given while the Quote is still valid;
   • the Quote must not be a Manifest Error;
   • when you place an Order, the number of shares, contracts, or other units in respect of which the Transaction is to be opened must be neither smaller than the Minimum Size nor larger than the Normal Market Size;
   • when you offer to Close Out part but not all of a Transaction, both the part of the Transaction that you offer to Close Out and the part that would remain open (subject to our acceptance of the Order) must not be smaller than the Minimum Size;
   • a Force Majeure Event must not have occurred;
   • when you offer to open a Transaction an Event of Default must not have occurred, nor must you have acted in such a way as to trigger an Event of Default;
   • the telephone or Electronic Conversation in which you place an Order must not be terminated before we have received and accepted your Order;
   • when you offer to open or Close Out any Transaction, the opening of the Transaction must not result in you exceeding any credit or other limit placed on your dealings with us.
6. We may refuse to accept an Order (including but not limited to any Order that relates to black-box trading, scalping, or any similar trading practices) and we may place a limit on any Order or place other conditions on the receipt of instructions or Orders, in our absolute discretion and for any reason.
7. We may at any time use, add, and change filters within an Electronic Trading Service which prevent delivery of Orders or execution of Orders. We will notify you of any refusal or limitation as soon as reasonably practicable, unless we are prevented by law or a direction from a regulatory authority from notifying you.
8. We may cancel or amend an Order:
   
   • if required by Governing Legislation to do so;
   • in the event of an error (including a Manifest Error);
   • if we consider the cancellation or amendment appropriate, having regard to the desirability to maintain a fair and orderly market, our obligations as the holder of a Securities Dealer Licence (SDL) or as a participant or user of the relevant Exchange and our other legal and regulatory obligations; or
   • if the Underlying Instrument, the subject of the Transaction, has been subject to a trading halt on an Exchange and you have not reconfirmed instructions.
9. We reserve the right to refuse an Order which is larger than the Normal Market Size. Our Quote for a Transaction equal to or greater than Normal Market Size is not guaranteed to be within any specific percentage of any Underlying Market or related market quotation and our acceptance of your Order may be subject to special conditions and requirements that we will notify you at the time we accept your Order. We will inform you of the Normal Market Size for a particular Transaction if requested by you.
10. Where an Underlying Instrument trades on multiple Underlying Markets, you agree that we may but are not required to base our Quote on the aggregate prices in the Underlying Markets for the Underlying Instrument.
11. We will make reasonable efforts to effect any instructions to cancel or amend Orders as quickly as possible. If, however, an Order is filled prior to a cancellation or amendment instruction being effected, you are obliged to accept the Transaction on the original terms prior to your amendment or cancellation instruction, unless the Transaction is itself cancelled or amended.
12. You acknowledge that we do not operate any discretionary accounts and we will, unless otherwise expressly provided by this Agreement, only act on your instructions.
13. Unless otherwise stated in this Agreement, all Orders will remain open until cancelled by you or automatically removed by the Electronic Trading Service. We are not responsible for reinstating expired Orders or contacting you for new instructions.
14. You must not instruct us to place an Order that would breach, or cause us or others to breach, the Act, Governing Legislation, or any applicable laws. This includes, but is not limited to:
    • Market manipulation, false trading, market rigging, fictitious transactions, black box trading, high-frequency trading, scalping, wash trading, or order matching.
    • Insider trading.
    • Short selling.
    • Creating a disorderly market or undermining the integrity or efficiency of the market.
    • Engaging in misleading or deceptive conduct.

Conflicts of interest

1. We are required by law to take all reasonable steps to identify conflicts of interests between ourselves, our associates and our Clients, or between one Client and another, that arise in the course of providing our financial services.
2. Subject to the Governing Legislation, we may pay to and accept from third parties (and not be liable to account to you) benefits, commissions or remunerations which are paid or received as a result of Transactions entered into by you.
3. We may provide financial services (in accordance with our SDL) to another Client about or concerning the Underlying Market in relation to which you enter a Transaction.
4. We are not under any obligation to account to you for any profit, commission or remuneration made or received from or by reason of Transactions or circumstances in which we have a material interest or where in particular circumstances a conflict of interest may exist.
5. You acknowledge that you are aware of the possibility that the conflicts disclosed in this clause will arise and consent to First Notch acting notwithstanding such conflict.

Opening a Transaction

1. The particular terms of each Transaction are agreed between you and us before entering into a Transaction.
2. Before you enter into a Transaction, you are required to have sufficient Account Value to satisfy the Initial Margin requirements for the relevant number of contracts. The payments you make to us are either held as Margin or withdrawn to pay the amounts for Realised/Unrealised Losses or any fees and charges which you may owe.
3. You will open a Transaction by “buying” or “selling”. In this Agreement a Transaction that is opened by “buying” is referred to as a “Buy Transaction” and may also, in our dealings with you, be referred to as “long” or “long position”. A Transaction that is opened by “selling” is referred to as a “Sell Transaction” and may also, in our dealings with you, be referred to as “short” or “short position”.
4. When you open a Buy Transaction, the Opening Level will be the higher price quoted by us for the Transaction and when you open a Sell Transaction, the Opening Level will be the lower price quoted by us for the Transaction.
5. A Transaction must always be made for a specified number of the Underlying Instrument.
6. Subject to any other provision in this Agreement, each Transaction opened by you will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with First Notch.

Closing a Transaction

Transactions with no Expiry Date

1. Subject to any other provision in this Agreement and any requirement we may specify in relation to Linked Transactions, you may Close Out an Open Position or any part of such Open Position at any time.
2. When you Close Out an Open Position, the Closing Level will be, if you are Closing Out an Undated Buy Transaction, the lower figure then quoted by us and, if you are Closing Out an Undated Sell Transaction, the higher figure then quoted by us.
3. At any time, you may give First Notch notice of your intention to Close Out any Transaction (whether in whole or part) by specifying the Underlying Instrument and the quantity that you wish to close. This must be done by you placing an Order which, if accepted, would Close Out the Undated Transaction that you wish to close. Upon receipt of notice of intent to Close Out an Undated Transaction (by way of receiving your Order), First Notch will use reasonable endeavours to provide the Closing Level (by way of indicating prices to Close Out your Open Positions) and notify you of that quote (by the Electronic Trading Service or otherwise). It is your obligation to notify First Notch as soon as possible as to whether you are willing to accept the Closing Level.
4. If you accept the Closing Level quoted by First Notch, the Undated Transaction, or relevant portion of the Undated Transaction, will be Closed Out by issuing you with a Contract which is equal but opposite to the open Contract, or relevant portion of the Contract, to be Closed Out.
5. If the Underlying Instrument for the Contract is on terms that provide for its redemption, exchange or termination and you do not give notice to First Notch of your intention to Close out the Contract or to roll it over on terms and by the time acceptable to First Notch (whether or not you have any prior notice of that), you will be deemed to have given notice to First Notch to Close Out that Contract at the Closing Level reasonably determined by First Notch. In this case, First Notch will Close Out the Contract as at the time it determines.
6. At the Close Out, if there is a difference between the Closing Value and the Contract Value of the Contract it must be accounted for in the following way:
   
   • if the Closing Value is greater than the Contract Value, the Short Party must pay to the Long Party the difference; and
   • if the Closing Value is less than the Contract Value, the Long Party must pay to the Short Party the difference.

   Transactions with an Expiry Date

7. Subject to this Agreement and any requirement we may specify in relation to Linked Transactions, you may Close Out an open Expiry Transaction or any part of such open Expiry Transaction at any time prior to the Last Dealing Time for that Transaction.
8. Details of the applicable Last Dealing Time for each Expiry Transaction will normally be available in your Account or may be obtained from us upon your request. It is your responsibility to make yourself aware of the Last Dealing Time or, as the case may be, the expiry time for a particular Expiry Transaction.
9. When you Close Out an Expiry Transaction prior to the Last Dealing Time for the Expiry Transaction, the Closing Level will, if the Expiry Transaction is a Buy Transaction, be the lower figure then quoted by us and if the Expiry Transaction is a Sell Transaction, the higher figure then quoted by us.
10. If you do not Close Out an Expiry Transaction in respect of an Underlying Instrument on or before the Last Dealing Time then, subject to clause 9.15, we will Close Out your Expiry Transaction as soon as we have ascertained the Closing Level of the Expiry Transaction. The Closing Level of the Expiry Transaction will be:
    • the last traded price at or prior to the close or the applicable official closing quotation or settlement price in the relevant Underlying Market as reported by the relevant Exchange plus or, as the case may be, minus;
    • any Spread that we apply when such an Expiry Transaction is Closed Out. Details of the Spread that we apply when a particular Expiry Transaction is Closed Out will be set out in your Account.
11. You acknowledge that it is your responsibility to make yourself aware of the Last Dealing Time and of any Spread or commission that we may apply when an Expiry Transaction is Closed Out.
12. You acknowledge that it is your responsibility to make yourself aware of the next applicable contract period for an Expiry Transaction and that effecting the rollover of an Expiry Transaction may result in you incurring losses on your Account.
13. Any agreement as to rolling over an Expiry Transaction or any other Transaction is entirely at our discretion and we reserve the right to refuse to rollover an Expiry Transaction or any other Transaction, despite any instruction you have given us, if we determine, acting reasonably, that to effect a rollover would result in you exceeding any credit or other limit placed on your dealings with First Notch.
14. Where we do effect a rollover of an Expiry Transaction or any other Transaction, the original Expiry Transaction will be Closed Out at or just prior to the Last Dealing Time and become due for settlement and a new Expiry Transaction will be created; such closing and opening terms will be on our terms.
15. Where an Expiry Transaction is in excess of four (4) times the Normal Market Size, or where any number of such Expiry Transactions are together in excess of four (4) times the Normal Market Size, and where such Expiry Transaction(s) has not already been Closed Out prior to the Last Dealing Time, we reserve the right to automatically roll over the Expiry Transaction(s) to the next contract period where we reasonably believe it is in your best interests or the best interests of our Clients as a whole to do so.
16. If we choose to roll over your Transaction(s), we will generally try to contact you before the Last Dealing Time, but for the avoidance of doubt we may roll your Expiry Transaction(s) even if we have not contacted you and we will not be liable whatsoever for not contacting you.
17. If a Transaction is Closed Out, or settlement for difference being made:
    • we will credit to your Account any amount payable by us to you; or
    • you must pay to us any amount payable by you to us in cleared funds in any such currency that we may require immediately upon the payment request being made.
18. If there is any surplus Margin in your Account, any amount owing by you in accordance with this will be settled in whole or in part by debiting your Account with us.
19. When you Close Out a Transaction, you must pay us any commission, fees and other charges as disclosed in the Electronic Trading Service or the Website.
20. Unless we agree otherwise, all sums payable by you pursuant to this clause are due immediately upon the Closing Level of your Transaction being determined by us.
21. We reserve the right to alter the Closing Level.

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