TERMS AND CONDITIONS
TERMS AND CONDITIONS
This website is owned and managed by “Aston Currency Management” which is a trading style of Integral FX LLP a company incorporated in England & Wales with company number OC345063 and registered office at 26 Grosvenor Street, Mayfair, London, UK W1K 4QW.
ACM provides foreign exchange trading services (“Payment Services”) to its clients for the purchase, and onward delivery of certain currencies.
ACM is authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS as a payment institution (with registration number 581992) in respect of the Payment Services it provides to its clients.
Under the Data Protection Act 1998 ACM is registered with the Information Commissioner’s Office No: Z9456485.
Aston Currency Management reserves the right, at its sole discretion, to change, modify, add or remove any portion of these terms in whole or in part, at any time. Changes to the terms will be effective when notice of such changes is posted.
Aston Currency Management has used utmost care to ensure and maintain the accuracy, completeness and currency of information published on this site. We, however, take no responsibility for any errors or omission, though if notified of any we will endeavour to rectify such immediately.
Users of this web site are prohibited from:
disrupting or interfering with the security of the site or otherwise abusing any service provided onthe site or linked web sitedisrupting, interfering or abusing any other user’s enjoyment of the siteobtain unauthorised access to any part of the site that is restricted from public access
The web site may contain links to other sites. Although utmost care is exercised in providing links to sites that share our high standards, Aston Currency Management shall not be responsible for the content, security, availability and privacy practices used by such linked sites.
The linked pages are provided for the convenience of our web site users only and do not constitute an approval of their services or practices.
Links from other web sites to our home page do not require prior permission from us but deep linking into any other page of our site should not be effected without prior permission from us.
The operators of Aston Currency Management’s web site will not be liable to users or any third party for any damages however caused, whether direct, indirect, incidental or consequential relating to or arising out of a visitor’s use or misuse of this web site.
Users of our web site can visit the site without revealing their identity or providing information about themselves.
We collect information directly from users when they voluntarily submit their personal information to us. At certain parts of our web site, we may provide the opportunity for users to register to join a mailing list or request information.
When this sort of information is collected Aston Currency Management will provide the reason for collecting the information and how the information will be used. We reserve the right to add to this list of opportunities available to our users to interact with us. It is completely up to users to provide us with their personal information.
Generally, visitors are informed of the use of their personal information at the time of collection. Normally, personal information provided or collected is used to respond to inquiries or to process requests.
Aston Currency Management maintains strict physical, electronic and administrative safeguards to protect user’s personal information from unauthorised or inappropriate access. Employees, business partners and affiliates who misuse a user’s personal information are subject to legal or disciplinary actions.
Users of our web site may review and update any personal information that is provided to us or collected through this web site and actually stored by us on written request to Aston Currency Management.
The web site operator, affiliates and business partners each reserve copyright in all content that they provide to the site, including but not limited to design, text, software, drawings, graphics and other files.
No part of this web site may be republished, reproduced, downloaded, displayed, distributed, posted transmitted or sold in any form or by any means in whole or in part without prior written permission of the copyright owner.
Users of this web site may not reproduce and reuse for any commercial purpose whatsoever any aspect of the web site content.
The rights owners, therefore, retain copyright in all page headers, button icons, collection material, custom graphics and all other types of graphics used on this site and these may not be copied or imitated without the rights owners’ permission.
The trade marks, logos and service marks displayed on this site belong to the operators of this web site and others who have contributed to the design of the site. The owners of the marks on this site retain exclusive rights in and to the marks. Nothing grants users the right to use, reproduce or display any of the marks without prior authorisation from Aston Currency Management.
SECURITY OF FUNDS
SECURITY OF FUNDS
SECURITY OF FUNDS
The safety and security of our clients’ funds is our primary concern. Our systems and controls have been specifically designed to ensure a safe dealing environment for all our clients. "Aston Currency Management" is a trading style of Integral FX LLP which is authorised and regulated by the FCA as an Authorised Payment Institution under the Payment Services Directive.
Our FCA Registration Number is 581992. Integral FX LLP is regulated by Her Majesty’s Revenue and Customs (HMRC) as a Money Services Business and is subject to the UK’s anti money laundering regime. Our HMRC registration number is 12189141.
Integral FX LLP operates PSD compliant client trust accounts at tier one banks. All funds received in settlement of an underlying foreign exchange trade remain segregated from Integral’s business funds at all times.
Integral FX LLP is a matched principal broker which means that trades are only executed when engaged by clients. Integral never undertakes speculative trades on behalf of clients, or as principal.
UK FINANCIAL CONDUCT AUTHORITY
We are Authorised and Regulated by the UK Financial Conduct Authority (FCA) as an Authorised Payments Institution (581992).
We are registered with HM Revenue and Customs under the UKs Money Laundering Regulations – Registered Number – 12189141.
If you need any assistance with this process, please don’t hesitate to contact the Aston Currency Management team.
Terms and Conditions
Account Opening Terms and Conditions and Declaration
“Aston Currency Management” “ACM”. is a trading style of Integral FX LLP a company incorporated in England & Wales with company number OC345063 and registered office at 26 Grosvenor Street, Mayfair, London, W1K 4QW.
ACM provides foreign exchange trading services (“Payment Services”) to its clients for the purchase, and onward delivery of certain currencies.
ACM is authorised and regulated by the Financial Services Authority as a payment institution (with registration number 581992) in respect of the Payment Services it provides to its clients.
Each contract entered into between ACM and its client for the sale or purchase and delivery of currency (a “Contract”) shall be governed by these Terms & Conditions.
Terms & Conditions
The Terms & Conditions set out below are to govern all foreign exchange transactions and related business dealings between ACM and a client of ACM.
1.1 At the end of these Terms & Conditions there is a declaration which must be completed and signed by a person authorized to open a foreign exchange account.
1.2 The client warrants that when entering into any foreign exchange transaction with ACM the client is doing so as principal and not as agent for any third party and that the transaction is for non-speculative purposes.
1.3 ACM aims to understand thoroughly the underlying purpose of the client’s foreign exchange requirements both to be able provide the client with a first class service and to satisfy anti-money laundering regulations. The client is required to supply ACM with all information and documentation necessary to comply with anti-money laundering regulations. At a minimum the person signing at the bottom of the application form on behalf of the client is required to supply proof of identity and address to ACM. ACM may also require documentation (e.g. bank statements, invoices etc) to verify the purpose of a specific transaction or specific transactions.
1.4 These terms & conditions may be varied by express written agreement between ACM and the client to suit the circumstances of a particular transaction. In addition ACM reserves the right to amend these terms & conditions at any time by giving notice in writing to the client.
2. The Contract
2.1 A foreign exchange contract (“contract”) between ACM and the client is an agreement by ACM to buy an amount of one currency (“currency A”) from the client in exchange for an equivalent amount of another currency (“currency B”) at a specified exchange rate (“FX rate”) for settlement on a specified date or dates (“settlement date”). Such an agreement is a legally binding contract between ACM and the client. The contract may be reached orally or in writing by any reasonable means including, but not limited to, telephone, fax, email, text message or a series of emails or text messages.
2.2 The formation of a contract between ACM and a client may occur without explicit agreement by the client to all of the terms of the contract. For example a client may transfer an amount of one currency to ACM with the understanding that ACM will automatically convert that currency to another currency for the client at an appropriate exchange rate determined solely by ACM based on the interbank exchange rate prevailing at or around the time the amount of currency was received from the client.
2.3 Once a contract has been agreed, ACM will, as soon as possible, send an e-mail or, where this is not possible, a postal confirmation (“confirmation”) of the terms of the contract to the client or to their agent or representative. In the event that the client or their agent or representative believes that any or all of the terms in the confirmation are incorrect the client is to inform ACM immediately or at the latest before settlement date of the contract.
2.4 The client is advised that ACM may record and store all telephone conversations pertaining to the making of a contract for the purpose of verifying the terms of the contract should these be in dispute.
2.5 The client is advised that foreign exchange markets can be extremely volatile and that a contract once agreed cannot be changed or annulled by the client because of movement in the FX rate or for any other reason. ACM is not liable to the client for any loss or opportunity loss resulting from movement in the FX rate after a contract has been formed.
2.6 While the client cannot annul a contract once it has been agreed, should the client’s foreign exchange requirements change after agreeing a contract an offsetting contract can be negotiated, subject to 2.7 below. Where an offsetting contract has been made only the net amounts of currency A and currency B from the two contracts need be delivered on settlement date.
2.7 ACM reserves the right to refuse to enter into a contract with a client, whether an existing client or a new client, and may refuse to do so without giving reasons and without liability to the client for any loss or damage suffered by the client as a direct or indirect result of such refusal.
3. Forward contracts
3.1 Where the settlement date is more than 3 business days after the day the contract is agreed, the contract is a forward contract (“a forward”). For such contracts the client must pay immediately 10% of the amount of currency A, or such other amount as is agreed, to ACM as initial margin.
3.2 In the event of a currency movement causing the amount of margin to fall below 5%, or as otherwise agreed, of the amount of currency A the client must pay maintenance margin to restore the margin to its original level of 10% of currency A. This maintenance margin must be paid to ACM within 24 hours of receiving notice from ACM that the maintenance margin is required to be paid. Failure by the client to pay either initial margin or maintenance margin to ACM shall be a fundamental breach of the contract and shall entitle ACM to terminate the contract and to retain the amount of the loss caused by such termination.
3.3 On settlement date the client will pay to ACM the balance of the amount of currency A (e.g. if 10% initial margin has been paid the client will pay the balance of 90% of currency A on settlement date).
4. Instructions & Settlement
4.1 The client is advised that ACM will not instruct payment of currency B to the client or to a third party until it is confirmed that currency A has been received into the bank account designated by ACM. This protects the client as well as ACM from late payment by another party. ACM accepts no liability for any loss or damage suffered by the client or a third party arising from late payment of currency B where this is due to late receipt of currency A.
4.2 ACM will provide the client with details of the bank account to which currency A is to be paid on or before settlement date. These details will usually be included in the confirmation. The client is solely responsible for ensuring that payment of currency A is made by settlement date and in accordance with the settlement instructions provided by ACM. Where currency A is pounds sterling and the client wishes to make the payment via BACS the client must instruct the payment at least 3 working days before settlement date to ensure the payment reaches ACM by settlement date.
4.3 The client is solely responsible for providing ACM with instructions for the payment of currency B in a timely manner and for ensuring the accuracy of those instructions. ACM accepts no liability for any loss or damage suffered by the client or a third party for late or misdirected payments resulting from late or inaccurate instructions.
4.4 ACM reserves the right to charge the client interest in respect of the late payment of currency A or any other payment due under this agreement at a rate 4% per annum above Barclays base rate from the date payment was due to the date payment was received.
5.1 ACM aims to provide a first class service including, on request, the provision of information to help the client understand the workings of the foreign exchange market and information about possible hedging strategies based on the client’s foreign exchange needs.
5.2 ACM may, on request, give an assessment of factors affecting foreign exchange rates and on the outlook for foreign exchange rates. However, the client understands that any assessment thus given is just that, an assessment or an opinion. ACM does not claim to be able to predict the direction of foreign exchange rates and the client warrants that in deciding whether or not to enter in to a contract with ACM, the client has relied on the client’s own judgment. ACM accepts no liability for any loss or damage suffered by the client or a third party as a result of the client deciding to enter into a contract with ACM or deciding not to enter into a contract with ACM based on any assessment or opinion given by ACM.
5.3 ACM cannot provide the client with any investment advice, nor can ACM advise the client on investment products.
6. Off-market orders
6.1 The client can instruct ACM (subject to 2.7 above) to try to buy a currency at a rate below the prevailing FX rate or sell a currency above the prevailing FX rate. Such an instruction is an off-market order. This is a firm agreement to enter in to a contract should the FX rate move to a level at which ACM is able to fill the client’s order. ACM will confirm by e-mail, or where this is not possible, by fax the terms of the off-market order. The client can cancel an off market order up until the time that the order is filled. The client cannot place an off market order with ACM nor can the client cancel an existing off-market order without firm acknowledgement by ACM that ACM is in receipt of the relevant instruction.
6.2 ACM has sole discretion in determining whether or not an off-market order has been filled or whether the FX rate has moved to a level at which it would be possible to fill an off market order.
6.3 Once an off market order has been filled an ordinary foreign exchange contract comes into effect as defined in 2.1 and 2.2 above.
7. Termination & Liability
7.1 ACM reserves the right to terminate a contract should the client fail to make a payment when due or if ACM in its absolute discretion considers that the client has been, or is likely to be, unable to fulfil obligations due under these Terms & Conditions or under an outstanding contract whether this is due to the client being in financial difficulties including bankruptcy or because of breach of a statute or regulation or for any other reason. ACM does not accept liability for any loss or damage to the client or a third party resulting from the termination by ACM of a contract under such circumstances but the client will be liable for losses sustained by ACM under such circumstances.
7.2 ACM excludes liability for all loss or damage to the client or any third party resulting from any foreign exchange transaction or other business dealing between ACM and the client whether foreseeable or not resulting from the actions of counterparties and third parties alike from events beyond the control off ACM including, but not limited to, natural disasters, acts of war or terrorism and changes in regulations or statutes.
If you have any questions regarding these Terms and Conditions please do not hesitate to get in touch with us here.
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