5.5 As PFD is trading also in OTC products, these are off Exchange. The Client agrees that PFD can deal for the Client as principal where the relevant underlying market or security is not regulated by the rules of any stock exchange or investment exchange. However, PFD may hedge such trades either through OTC Derivatives or Exchange traded Derivatives. In all cases, as PFD is not a member of such Exchanges, those Derivatives will be traded with PFD’s counterparties who may or may not trade directly on the Exchange.

(c) PFD, its Counter-parties and the employees or any of them may act on behalf of other Clients who may take positions opposite to the Client or may be in competition with the Client to acquire the same or a similar position.