The Company shall act as principal for some transactions and as an agent for others. In transactions where the Company acts in an agency capacity, the Execution Venue for the client’s orders will be the executing broker used by the Company which is LMAX Exchange Group for CFDs and AMP Global Clearing LLC for futures which is affiliated with AMP Global Ltd by ownership.

When the Company acts as a principal, it shall serve as the counterparty to the Client orders placed (i.e. principal to principal) and shall be the sole Execution Venue (as defined in Commission Directive 2006/73/EC implementing MiFID) for the execution of Client's orders.

The Client acknowledges that the transactions entered in Financial Instruments with the Company are either undertaken on a recognized exchange when transmitting orders for execution in relation to Futures or they are undertaken over the counter (OTC) when transmitting orders for execution in relation to CFDs and as such they may expose the Client to greater risks (e.g. counterparty risk).

3.13. The Company may in some cases execute the orders against liquidity provided by its own trading book. The Company aggregates the risk from clients’ transactions with risks arising on other clients’ orders and will undertake hedging activities at other dealing venues in the manner it considers to be most efficient, which include, among others, hedging of clients’ orders on back-to-back basis with selected dealing venues. These dealing venues, such as regulated exchanges, MTFs and Liquidity providers, include independent venues as well as affiliated companies.

When trading CFDs the customer is protected from negative balance, thus he may lose the entire deposited amount but not more.