This is a legal contract between “PT. Millennium Penata Futures”, (hereinafter referred to as MPF) acting in accordance with the Bylaws, its successors and assigns, and the party ( or parties ) executing this document. In consideration of MPF to carry one or more accounts of the undersigned person or persons ( hereinafter referred to as “customer” or “client”) and providing services to customer in connection with the purchase and sale of foreign exchange, futures, CFD contracts, customer agrees as follows:
- Authorization to Trade
MPF will engage in foreign exchange, futures, CFD contracts transactions with the customer in accordance with customer’s oral, written or electronic instructions. MPF will act as a broker to the customer in all such transactions. Unless instructed by the customer to the contrary in writing, MPF is authorized to execute all orders with such counterparty banks, sophisticated institutions, registered participants as MPF deems appropriate.
- Margins and Deposit Requirements
Customer shall provide to and maintain with MPF margin in such amounts and in such forms as MPF, in its sole discretion, may require. MPF may change margin requirements at any time. No previous margin requirement by MPF shall prevent MPF from increasing that requirement without prior notice. MPF retains the right to limit the amount and/or total number of open positions that customer may acquire or maintain at MPF. MPF shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damange resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilites. For example, in volatime market conditions, margin call may be delayed resulting in the possibility of a negative usable marginl a margin call may occur even if positions are hedged due to currency conversion rate or daily interest.
- Carrying Positions Forward
A position will be carried forward at the initial execution price until it is eventually closed by Customer or by MPF under the provisions or Paragraph 7 ( Liquidation of Accounts ). Consistent with MPF policy, a position that is carried forward may be credited or debited interest charges until the position is closed.
All funds, securities, currencies, and other property of customer which FXOpen or its affiliates may at any time be carrying for customer (either individually, jointly with another, or as a guarantor of the account of any other person ) or which may at any time be in its possession or control or control or carried on its books for any purpose, including safekeeping, are to be held by MPF as security and subject to a general lien right of set-off for liabilities of customer to MPF whether or not MPF has made advances in connection with such securities, commodities, currencies, or other property, and irrespective of the number of accounts customer may have with MPF. Customer hereby also grants to MPF the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other customers, to irself as broker or to others, any securities or other property of customer held by MPF as margin or security. MPF shall at no time be required to deliver to customer the identical property delivered to or purchased by MPF for any account of customer.
- Settlement Date and Rollovers
The customer authorizes MPF to rollover all open positions in the customer’s trading account, at the customer’s risk, into the next settlement time period upon such terms as MPF determines in its sole discretion. The positions will be rolled over by debiting or crediting the customer’s trading account with the amount calculated in accordance with the company’s rollover/interest policy.
- Untrue Trades
MPF shall have the right to annul and/or reverse any trades which are deemed untrue or opened at a fictitious price not existing on the market at the time of opening.
- Liquidation of Accounts
In the event of (a) the death of judicial declaration of incompetence of customer; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against customer; (c) the filing of an attachment against any of customer’s accounts carried by MPF; (d) insufficient margin, or MPF determination that any collateral deposited to protect on or more accounts of customer is inadequate, regardless of current market quotations, to secure the account; (e) Customer’s failure to provide MPF any information requested pursuant to this agreement; or (f) any other circumstances or developments that MPF deems appropriate for its protection, and in MPF sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation customer may have to MPF, either directly or by the way of guarantee of suretyshi, our of any of cutomer’s funds or property in its custody or control or in the custody or control of any MPF affiliate; (2) sell any or purchase any or all currency contracts, securities or other property held or carried for customer; and (3) cancel any or all outstanding orders or contracts, or any other commitments made with customer. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to customer. Customer’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely customer’s or held jointly with others. In liquidation of customer’s long or short positions, MPF may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in MPF sole judgement may be advisable to protect or reduce existing positions in customer’s account. Any sales or purchases hereunder may be made according to MPF judgement and at its discretion.
- Charges and Commission
Customer shall pay such charges and or commissions (including, without limitation, markups, and markdowns, order entry charges, statement charges, order cancellation charges, account transfer charges ot other charges ) arising out of MPF providing services hereunder. MPF may change its charges and commissions without notice. All such charges and comissions shall be paid by customers as they are incurred, or as MPF in its sole and absolute discretion may determine, and customer hereby authorizes MPF to withdraw the amount of any such charges from customer’s account(s).
- Deposit Withdrawal Transactions
MPF shall neither receive not disbuse customer’s funds in cash currency. All transactions between customer and MPF shall be performed by wire or other method in which the identities of both the sending and receiving parties can be verified by MPF and which MPF in its sole discretion shall deem appropriate. MPF shall not accept deposits from any third party to customer’s account; MPF shall not withdraw any funds from customer’s account to any third party. MPF shall perform wire transactions only between customer’s MPF account and another account which is held in customer’s name or of which customer clearly demonstrates ownership to MPF.
- Statements and Confirmation
Reports of the confirmation of orders and statements of accounts for customer shall be deemed correct and shall be conclusive and binding upon customer if not objected immediately upon receipt and confirmed in writing within (1) day after electronic transmittal to customer. Instead of sending trade confirmation via postal mail, MPF will provide customer access to view customer’s account at any time with an online login via internet.
Reports, statements, notices and any other communications will be transmitted to customer electronically by posting to customer’s online account or via e-mail to the e-mail address on customer’s application, or to such other email address as customer may from time to time designate to MPF. All communications so posted or sent shall be deemed transmitted by MPF when posted or sent and deemed delivery to customer personally, whether actually received by customer or not.
- MPF’s Responsibilities
MPF shall not be liable to the customer for any claims, losses, damages, costs or expenses, including attorney’s fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorney’s fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations ), natural disasters, acts of God, market exchange conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to MPF, the customer, any market, or any settlement or clearing system MPF will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilites, electrical power outage or for any other cause beyond MPF’s control or anticipation. MPF shall not be liable for losses arising from the default of any agent or any other party used by MPF under this agreement.
- Currency Fluctuation Risk
If customer directs MPF to enter into any foreign exchange transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for customer’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which MPF may choose to accept, in such amounts as MPF may in its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and (c) MPF is authorized to convert funds in customer’s account for margin into and from such foreign currency at a rate of exchange determined by MPF in its sole discretion on the basis of the then prevailing money market rates.
- Risk Acknowledgement
Customer acknowledges that investments in leveraged foreign exchange transactions are speculative, involve a high degree of risk and is appropriate only for persons who can assume risk of loss of their margin deposit. Customer understands that because of the low margin normally required in trading foreign exchange contracts, price changes in foreign exchange contracts may result in the loss of Customer’s margin deposit. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of foreign exchange contracts trading, and in consideration of MPF carrying his/her account(s). Customer agrees not to hold MPF responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents, or representatives. Customer recognizes that guarantees of profit or loss are impossible of performance in foreign exchange contracts trading. Customer acknowledges that Customer has received no such guarantees from MPF or from any of its representatives or any introducing agent or other entity with thom customer is conducting his/her MPF account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
- Trading Recommendations
Customer acknowledges that (i) any market recommendations and information communicated to customer by MPF or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any foreign exchange contract, (ii) such recommendation and information, although based upon information obtained from sources believed by MPF to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) MPF makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to customer. Customer acknowledges that MPF and/or its officers, directors, affiliates, associates, stockholder or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to customer, and that the market position of MPF or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to customer by MPF. Customer acknolwedges that MPF makes no representations concerning the tax implications or treatment of foreign exchange contracts.
- Customer Representations and Warranties
Customer represents and warrants that: (a) Customer is of sound mind, legal age and legal competence; and, (b) no person other than customer has or will have an interest in customer’s account(s); and, (c) customer hereby warrants that regardless of any subsequent determination to the contrary, customer is suitable to trade foreign exchange contracts, and, (d) customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that customer becomes so employed, customer will promptly notify MPF via email of such employment; and, (e) all the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and customer will notify MPF promptly of any changes in such information.
- Disclosure of Financial Information
Customer represents and warrants that the financial information disclosed to MPF in this document is an accurate representation of the customer’s current financial condition. Customer represents and warrants that in determining customer’s net worth, assets and liabilities were carefully calculated, then liabilities were subtracted from assets to determine the value that customer has included in the financial information as net worth. Customer represents and warrants that in termining the value of assets, the customer included cash and/or cash equivalents, marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable assets. Customer represents and warrants that in determining the value of liabilities, customer included notes payable to bank (secured and unsecured), notes payable to relatives, real estate morgages payable (excluding primary residence) and other debts. Customer represents and warrants that in determining customer’s liquid assets customer included only those assets that can be quickly (within one day’s time ) converted to cash. Customer represents and warrants that customer has very carefully considered the portion of customer’s assets which customer considers to be risk capital. Custoer recognizes that risk capital is the amount of money customer is willing to put at risk and if lost would not, in any way, change customer’s lifestyle. Customer agrees to immediately inform MPF if the customer’s financial condition changes in such a way to reduce customer’s net worth, liquid assets, and/or risk capital.
- No Guarantees
Customer acknowledges that customer has no separate agreement with customer’s broker or any MPF employee or agent regarding the trading in customer’s MPF account, including any agreement to guarantee profits or limit losses in customer’s account. Customer understands that customer is under an obligation to notify MPF’s compliance officer immediately in writing as to any agreement of this type. Further, customer understands that any representations made by anyone concerning customer’s account that differ from any statements customer receives from MPF must be brought to the attention of MPF’s compliance officer immediately in writing. Customer understands that customer must authorize every transaction prior to its execution, and any disputed transactions must be brought to the attention of MPF’s compliance officer pursuant to the notice requirements of this customer agreement. Customer agrees to indemnify and hold MPF harmless from all damages or liability resulting from customer’s failure to immediately notify MPF’s compliance officer of any of the occurences referred to herein. All notices required under this section shall be sent to MPF at its home office. Furthermore, MPF shall make no guarantees that any order shall be executed with or without price gaps, or not executed at all. The ability to execute an order is dependent upon MPF’s ability to offset the trade at MPF’s counterparty, at MPF’s sole discretion.
Customer authorizes MPF or agents acting on behalf of MPF to investigate customer’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as MPF shall deem appropriate to verify information regarding customer. Customer further authorizes MPF to investigate customer’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, brokers/dealers, banks, and compliance data centers as MPF shall deem appropriate. Upon reasonable request made in writing by customer to MPF, customer shall be allowed to review any records maintained by MPF relating to customer’s credit standing. Customer shall also be allowed, at customer’s sole cost and expense, to copy such records.
- Joint Accounts
If more than one natural person executes this agreement as the customer, all such natural persons agree to be jointly and severally liable for the obligations assume in this agreement. If this agreement is executed by a trust, unicorporated association, partnership, custodian or other difuciary, such customer hereby agrees to indemnify, defend, save, and hold free and harmless MPF for any liabilities, claims, losses, damages costs and expenses, including attorney’s fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorney’s fees.
- No Waiver or Amendment
No provision of this agreement may be waived or amended unless the waiver or amendment is in writing and signed by both customer and an authorized officer of MPF. No waiver or amendment of this agreement may be implied from any course of dealing between the parties or from any failure by MPF or its agents to asset its rights under this agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachment hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions, or obligations other than those contained herein.
- Governing Law and Jurisdiction
This agreement, and the rights and obligations of the parties hereto, shall be governed by and enforced in all respects by the laws of the Republic of Indonesia, without regard to choise of law principles.
- Binding Effect
This agreement shall be continuous and shall cover, individually and collectively, all accounts of customer at any time opened or reopened with MPF irrespective of any change or changes at any time in the personnel of MPF or its successors, assigns, or affiliates. This agreement including all authorizations, shall inure to the benefit of MPF and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of customer. Customer hereby ratifies all transactions with MPF were effected prior to the date of this agreement, and agrees that the rights and obligations of customer in respect thereto shall be governed by the terms of this agreement.
This agreement shall continue in effect until termination, and may be terminated by customer at any time when customer has no open position(s) and no liabilities held by or owed to MPF upon the actual recept by MPF of written notice of termination to customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve customer of any obligations arising out of prior transactions entered into in connection with this agreement.
Customer agrees to indemnify and hold MPF, its affiliates, employees, agents, successors, and assigns harmless from and against any and all liabilities, losses, damages, costs, and expenses, including attorney’s fees, incurred by MPF arising out of customer’s failure to fully and timely perform customer’s agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to pay promptly to MPF all damages, costs and expenses, including attorney’s fees, incurred by MPF in the enforcement of any of the provisions of this agreement and any other agreements between MPF and customer.
- Cross Trade Consent
The undersigned hereby acknowledges and agrees that a situation may arise whereby and officer, director, affiliate, associate, employee, bank, bank employee or dealer associated with MPF may be the opposing broker for a trade entered for the undersigned’s account. The undersigned hereby consents to any such transaction, subject to the limitations and conditions, if any, contained in the rules of regulations of any bank, institution, exchange or board trade upon which such buy or sell orders are exected, and subject to the limitations and conditions, if anym contained in any applicable regulations of any applicable regulatory agency.
- Terms and Headings
The term “MPF” shall be deemed to include MPF, its divisions, successors, and assigns; the term “customer” shall mean the party ( or parties ) executing the agreement; and the term “agreement” shall include all other agreements and authorizations executed by customer in connection with the maintenance of customer’s account with MPF regardless of when executed. The paragraph headings in this agreement are inserted for conveniece of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
This agreement shall not be deemed to be accepted by MPF nor become a binding contract between customer and MPF until approved by MPF.
- Jurisdiction, Venue, Waiver of Jury Trial and Shortening of Limitations Period
Customer agrees that any civil action, arbitration or other legal proceeding between MPF or its employees or agents on one hand, and Customer on the other hand, arising out of or relating to this Agreement or Customer’s account shall be bought, heard and resolved only by a tribunal located in the Republic of Indonesia and Custoemr hereby waives trial by jury in any such action or proceeding and waives the right to have such proceeding transferred to any other location. No action, regardless of form, arising out of or relating to this agreement or transactions hereunder submits and consents t opersonal jurisdiction in any court in the Republic of Indonesia and appoints and designates MPF ( or any other party whom MPF may from time to time hereinafter designate ) as Customer’s true and lawful attorney in-fact and duly authorized agent for service of legal process and agrees that service of such process upon MPF or such other party shall constitute personal service of such process upon Customer provided that MPF or such other party shall within five days after recept of any such process, forward the same by air courier or by certified or registered mail, together with all papers affixed thereto, to Customer at Customer’s last known mailing address.
Customer agrees and acknowledges that all conversations regarding Customer’s account(s) between Customer and MPF personnel may be electronically recorded with or without the use of an automatic tone-warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or MPF. Customer understands that MPF destroys such recordings at regular intervals in accordance with MPF established business procedures and Customer hereby consents to such destruction.
Customer agrees and acknowledges that the service provided by MPF to Customer hereunder is not adapted for trading techniques commonly known as “scalping” or “picking” (“Scalping”). In the event of Customer employing the Scalping techniques, Customer agrees and acknowledges that MPF may in MPF’s sole discretion take one or more, or any portion of, the following actions: (i) close Customer’s account; (ii) suspent Customer’s account for an indefinite period of time; (iii) carry out and investigation on Customer’s account for an indefinite period of time, (iv) charge a penalty fee to Customer in the same or greater amount of money that resulted from Customer using Scalping techniques.
- Expert Advisors
Automated trading systems, or “Expert Advisors” allow trade operations to be carried out without the Customer’s participation. Most types of Eas are generally allowed, however, certain types of EAs exceed MPF’s risk parameters may be prohibited. Customer agrees and acknoledges that MPF may in MPF’s sole discretion disable Customer’s ability to use Expert Advisors without any prior notice. Customer agree and acknowledges that no claims will be accepted for any loss directly or indirectly resulting from the disabling of EA use on Customer’s account. MPF may, at MPF’s sole discretion, reinstate EA privileges after an indefinite period of time.
The Customer understands, acknowledges and agrees that MPF may amend or change this Agreement at any time. MPF will provide Written Notice to the Customer of any such amendment or change by posting the amendment or change to its Website or by sending an email message to the Customer or system’s mailbox. The Customer agrees to be bound by the terms of such amendment or change on the earlier of (i) five ( 5 ) Business Days after MPF has posted notice of such amendment or change to MPF’s Website; or (ii) on the date of the entry of any Order other than a liquidating order. In the event that the Customer objects to any such change or amendment, the Customer agrees to liquidate the Customer’s Open Positions and instruct MPF regarding the disposition of all assets in the Customer’s Trading Account within five ( 5 ) Business Days after notice of the amendment or change has been posted to MPF’s website. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by MPF or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. THIS IS A LEGALLY BINDING CONTRACT. YOU HAVE TO CAREFULLY READ ALL OF THE FOREGOING COMPLETELY AND COMPLETED THE CUSTOMER APPLICATION TO OPEN AN INDIVIDUAL/CORPORATE TRADING ACCOUNT. Your consent acknowledges that you have carefully read, in its entirely, and understood the MPF Customer Agreement, Risk Disclosure Statement, Terms of Business, and that you agree to all of the provisions contained therein. Your consent further represents, warrants and certifies that the information provided by you in the Customer Application to Open an Individual/Corporate Trading Account is correct and complete.