2.3 Unless otherwise agreed, we will be the counterparty to any transactions you enter with us. We will enter into each transaction with you alone as principal and not as agent on behalf of someone else unless we have otherwise agreed in advance in writing.

The prices that we quote are determined by us and usually represent a mark-up or mark-down on inter-bank dealing or market rates (consequently our prices may not be the best available at the time you place an order with us).

We do not permit the practice of arbitrage and "scalping", or taking advantage of these internet delays, on our Online Facility.