Third: Terms and Conditions for dealing in Futures : | ||
All definitions and other general terms and conditions stated above are accurate and valid and shall apply with these provisions and shall be read together as one unit save what may be in conflict with the nature of Futures Contracts. | ||
1. Upon signing these Terms, the Customer shall comply with the following: | ||
a) To deposit the cash deposit ratio so determined by the Bank which shall be subject to change upwards or downwards from time to time as the Bank deems appropriate in dealing with Futures Contracts. | ||
b) He shall, at all times, make available adequate cash amounts as estimated by the Bank and/or the external intermediary as it deems appropriate to cover the basic/additional cash deposit amount consequent upon Futures transactions. | ||
c) Where clauses (a) and (b) above have not been performed, he shall promptly deposit an amount to be determined by the Bank in the same account to ensure coverage of the basic/additional cash deposit during the official working hours of the Bank’s Branches and notify the Bank of such deposit and value thereof. | ||
2. The Customer authorizes the Bank with the following: | ||
a) The Bank shall open the accounts for dealing in the Futures Markets. | ||
b) The Bank shall withhold/collect the required cash deposits so determined by the Bank from the Customer’s accounts at the Bank, to deal in the Futures Markets. | ||
c) The Bank shall buy or sell Futures Contracts at the Customer’s request for his account, provided that the Customer shall solely bear all the risks so entailed. | ||
d) The Bank shall deduct the trading commissions and record the required cash deposit or any additional cash deposits that the Bank may determine as a result of the realized losses for the open position assessment resulting through trading pursuant to these terms and/or contracts and the appendices thereof without any objection and/or opposition by the Customer save for errors and/or omissions. | ||
e) The Bank shall debit the [Customer’s] account at the Bank by the due amounts pursuant to these terms and/or contracts and the appendices thereof. Where the account balance is insufficient, the Bank shall be entitled, as it deems appropriate, to liquidate all or some of the open positions under the Futures Contracts of the Customer’s without the need to notify the Customer in writing on account that the contents of this paragraph shall be deemed to be an absolute authorization without the Customer being entitled to objecting and/or opposing at any time by any means of opposition save for errors and/or omissions. | ||
f) The Bank shall debit the [Customer’s] account at the Bank by the due amounts pursuant to these terms and/or contracts and the appendices thereof and/or the above clauses. Where the account balance is insufficient, the Bank shall be entitled, as it deems appropriate, to liquidate all or some of the shares belonging to the Customer without the need to notify the Customer in writing on account that the contents of this paragraph shall be deemed to be an absolute authorization without the Customer being entitled to objecting and/or opposing at any time by any means of opposition save for errors and/or omissions. | ||
3. The Bank shall, without objection by the Customer, carry out the following: | ||
a) Accept or decline in dealing in Futures Markets at the Bank’s option. | ||
b) Debit and credit the Customer’s account by and for the basic deposit amount, subject to the changes/adjustments that may emerge on the amount/ratio of such deposit and any additional cash deposits. | ||
c) Debit and Credit the Customer’s account in respect of the Futures Contracts selling and buying transactions which comprise the basic/additional deposit amount, profit or loss amount and/or refund same in the event of closing/liquidating the Contracts. | ||
d) To debit the Customer’s account with all brokerage fees, commissions, costs, fines, interest and penalties of any nature whatsoever that the Bank sustains in connection with the Futures Contracts and/or any other matters entailed or arising therefrom that were traded in upon the Customer’s request. | ||
e) Where the Customer does not comply with the duties set forth above, the Bank shall, upon its sole will/power, liquidate same/all the Futures Contracts of the Customer’s without the need for being so notified in writing. | ||
4. It is agreed between the Bank and the Customer as follows: | ||
a) Dealing in Futures Contracts by the Customer shall be for the purposes of speculation and/or hedging which do not entail any actual receipt or delivery of assets at the maturity date, as such, the dealing in such type of contracts, shall be restricted to financial settlements only. | ||
b) The Central Bank of Jordan shall not have any liability whatsoever towards the Bank or the Customer in connection with the Futures Contracts. | ||
c) The Customer may sustain a loss as a result of exploiting Futures Contract(s) extended thereto and undertakes to indemnify the Bank for every loss or damage sustained by the Bank due to or as a result of acting in accordance with the Customer’s instructions. | ||
d) The Bank’s role is only an intermediary to execute the Customer’s instructions in connection with selling and buying Futures Contracts and debit the account together with the information related to these terms, conditions, contracts and appendices thereof and that the Customer has solely made his decision to enter into such contracts based on his personal discretion without interference from the Bank or any of its employees. The Bank shall have no liability or consequences of any kind whatsoever in connection with any advice or consultation given to the Customer whether upon his request or not as well as in respect of all matters related thereto and arising therefrom. | ||
e) The Bank shall have no liability or consequences whatsoever as a result of any losses, damages or extra cost sustained by the Customer whether resulting from implementing the Customer’s instructions in connection with the Futures Contract(s) or as a result of force majeure; breakdowns resulting from malfunction of communications devices or the inadequacy thereof or cancellation of the instructions on dealing with Futures Contracts by the Central Bank of Jordan, Jordan Securities Commission and/or any other official entity or by the correspondent banks, brokerage companies or for any other reason that the Bank has nothing to do with. |