NAGA acts as the counterparty to every transaction. As NAGA may act as the buyer when the client sells and the seller when the client buys, NAGA’s interests may be in conflict with its clients. NAGA may rely on various third party sources to determine the prices and spreads at which it offers to trade with its clients and/or as a hedging counterparty to selectively hedge some client orders. NAGA may also make its own price and may also act as the market maker for its client orders. While NAGA may hedge some client orders, other client orders may not be hedged, and NAGA may take the risk of holding the position opposite the client.

20.2.The Client is not allowed to enter into any form of prohibited trading i.e. certain trading techniques commonly known as "arbitrage trading", "picking/ sniping" or the use of certain automated trading systems or “Expert Advisors”; and/or follow an abusive trading strategy i.e. any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (trading sessions starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, between same or different trading accounts.