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- You are at least 18 years old.
- You acknowledge and accept that you will form your own opinion on the products and services, including but not limited to any investment.
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THIRD PARTY CONTENT AND RESEARCH
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LINKS TO THIRD PARTY CONTENT.
You may link to third party content through the use of the Software. These third party websites are not under the control of DAVID JAMES MARKETS LTD and DAVID JAMES MARKETS LTD is not responsible for the contents of any third party sites, any links contained in third party websites, or any changes or updates to third party websites. Inclusion of any link does not imply an endorsement by DAVID JAMES MARKETS LTD of the third party site.
Certain third-party information transmitted in the Software may require additional approvals by the vendor or third party that supplies such information. You are responsible for making application to and receiving such written approval by the required third-party and paying any fees or charges where applicable.
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Modifications to the terms and conditions.
DAVID JAMES MARKETS LTD reserves the right to change the terms and conditions at any time with or without notice by posting such changes on the www.DavidJamesMarkets.com website. You are responsible for regularly reviewing these terms and conditions for any modifications and agree to be bound by the same.
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It is your obligation to keep David James Markets account numbers and passwords confidential. You acknowledge and agree that any instruction or communication transmitted to you or on your behalf via any David James Markets Site is made at your own risk. You authorise David James Markets to rely and act on, and treat as fully authorised and binding upon you, any instruction given to David James Markets that David James Markets believes to have been given by you or on your behalf by any agent or intermediary whom David James Markets believe in good faith to have been duly authorised by you. You acknowledge and agree that David James Markets shall be entitled to rely upon your account number and/or password to identify you and agree you will not disclose this information to anyone not duly authorised by you.
CONTRACT FOR DIFFERENCE (CFD)
Description of Contracts for Difference (CFD)
CFDs are specialised OTC financial products that allow investors to trade with reference to a variety of different financial markets. CFDs are an agreement between two parties which allow you to make a profit or loss by reference to fluctuations in the price of an underlying asset or other instrument, without actually owning the underlying asset. Because the value of the CFD is in part derived from the value of the underlying asset, a CFD is a derivative product.
Underlying Reference CFDs Offered by David James Markets
David James Markets currently offers clients the ability to trade a range of CFDs such as Stock Indices, Energy, Treasury, and Precious Metals on the David James Markets Trading Platform.
Key Features of CFDs Offered by David James Markets Include:
- Contracts are non deliverable and some remain open until the position is closed. Others are closed when the underlying reference asset expires.
- Contracts are non transferrable so that a CFD bought from David James Markets cannot be sold to another broker, trader or market maker.
- CFDs are a product that provides the opportunity to profit or incur loss by dealing in the underlying asset without having to actually own the underlying asset.
- A CFD broadly replicates the price movement of the underlying asset i.e. if the price of the underlying asset changes, so will the value of the CFD.
- Unlike contracts traded on an exchange, OTC products are not standardised. The terms of a CFD are individually tailored to the particular requirements of the parties involved in the contract i.e. David James Markets and the client but subject to minimum contract values.
- Because you do not own the underlying asset itself, you have none of the rights associated with owning the underlying asset.
- You can take both Long and Short positions.
- CFDs can be offered via dealing desk execution model or No Dealing Desk model.
All Index CFD positions will remain open until; they are closed by the client, closed by David James Markets due to expiration, or the position is liquidated due to insufficient Usable Margin to support the open position.
David James Markets utilises a lot based trading system, therefore you are only able to trade in the ‘Minimum Trade Size’ or multiples thereof. Whenever a trade is opened a “tick” or “pip” value is associated with each lot to provide precise profit and loss calculations in real time. The pip cost associated with each instrument automatically converts your profit or loss into the currency of your account, thereby, negating any risk in adverse currency fluctuations.
CFD prices are derived by referencing the underlying futures instrument. Specifically, for Index CFD products, the quoted price is based on referencing the relevant underlying index futures price, whilst taking into account fair value. Fair Value is the difference between the futures market and the cash market taking into consideration dividends for constituent stocks and interest rates. For Commodity CFD products, the David James Markets price is based on the relevant futures price plus David James Markets’s markup. CFD prices that are available on our Trading Platform include David James Markets’s markup.
For products traded via No Dealing Desk execution model (“NDD”), David James Markets provides execution via straight through processing. In this model, David James Markets passes on to its clients the best prices that are provided by David James Markets’s liquidity providers with a small markup which acts as David James Markets’s compensation. David James Markets’s liquidity providers, which include global banks, financial institutions, and other market makers, compete to provide the David James Markets affiliate with Bid and Offer prices. Under this execution model, David James Markets does not take a market position, which eliminates a major conflict of interest between David James Markets and trader. Liquidity providers do not see your stops, limits, and entry orders. There is also no dealer confirmation.
David James Markets Index CFD trading hours is based on when their underlying reference markets are open. David James Markets indices will not be open for trading during holidays in which the reference markets are closed. You may also note that some indices have an intraday break in addition to a daily closing. During these times you will still be able to place stop and limit orders. You will not be able to close existing positions or open new ones. All trading functionalities will cease upon the end of the week’s close.
Additionally, liquidity at, or around market open/close for any CFD instrument can be very thin. Traders are advised to use extreme caution during these periods and to utilize David James Markets’s basic and advanced orders types to mitigate execution risk. Based on the illiquidity illustrated during these time periods traders using market orders can experience slippage, or gapping in prices that can have material impact on your final execution price.
David James Markets utilizes a ‘lot based’ trading system. Therefore, you are only able to trade in the ‘Minimum Trade Size’ or multiples thereof. Whenever a trade is opened, a tick or pip cost is associated with each lot to provide precise profit and loss calculations in real time. The tick or pip cost associated with each instrument automatically converts your profit and loss into the currency of your account, therefore, negating any currency fluctuation risk.
As profit and loss is converted into the account currency, a pip cost is associated with each product. For example, if the trading account is dominated in AUD then all of the profit and loss will be calculated in AUD. If you traded the UK 100 (which is priced in GBP), David James Markets shall automatically convert profit and loss into AUD. The PIP cost details the conversion rate, which, in this case would be the GBP/AUD exchange rate. If 1 lot of the UK 100 was being traded, and if the GBP/AUD exchange rate was 1.6400, then the pip cost would be 0.1640 converting all profit/loss from the UK100 trade into AUD.
Minimum Margin Requirements (MMR)
David James Markets has standardized minimum trade sizes for each instrument to make calculating the margin required to place a trade straight forward. This is clearluy shown on the trading ticket before opening a new position.
It is your responsibility to actively monitor and manage your open positions including ensuring that you meet your Margin requirement. It is also your responsibility to ensure you are aware of any changes in the Margin Requirement or where the Usable Margin is approaching “0”. David James Markets is under no obligation to contact you in the event of any change to the Margin Requirement.
You may increase the amount of Usable Margin available in your Account by:
– Closing out or reducing one or more of your open position(s) in order to reduce your Used Margin amount; and/or
– Depositing additional funds into your Account.
If you choose to deposit additional funds into your Account, these additional funds must be Cleared Funds before they will be available.
These steps may not be necessary if there is an increase in the value of your open positions due to a further market fluctuation.
For example: you opened a long (buy) position in a CFD, and the price of the CFD subsequently fell. As a result, your Usable Margin available is close to reaching “30%” and you decide to increase the Usable Margin available by closing out your long position at a lesser price (thereby reducing your Margin Requirement), and depending on the amount of Used Margin for the original long position, that amount would then be available for Usable Margin i.e. it is no longer required to fund an open position.
David James Markets does not represent or warrant, or give any assurance that your open positions will be closed out at any particular level. Accordingly, it is possible that your losses could be higher than what they would have been had David James Markets exercised its right to place a liquidation order.
Furthermore, you will be liable for all losses incurred, despite David James Markets having having the right to close out your position at a time before you incurred those additional losses. Any such loss may result in you losing all moneys that you have deposited in your Account with David James Markets, but you will not be liable for debit balances in your Account in excess of the moneys that you have deposited, that is not directly resulting from trading activity.
David James Markets may notify you with a margin call when your account drops below 50% margin in order to give you plenty of advance notice, it is nonetheless your responsibility to ensure that your Usable Margin does not fall below the Margin Call trigger level of “30%”, and to ensure that you do not rely on David James Markets to close out your positions should they be nearing, or exceed, the Margin Call level. You may do this by reviewing your Account details on the David James Markets Trading platform with a view to monitoring your Usable Margin, bearing in mind that any additional funds that you deposit into your account will not contribute towards your Account Equity balance until those funds become cleared funds.
Changes in Margin Requirement
David James Markets reserves the right to modify at its discretion the margin requirement of any FX Contract or CFD at any time. This, in turn, modifies your Used Margin. For current details of the Margin Requirements we refer you to the David James Markets Trading Platform/s.
This is the tightest spread (smallest difference between our sell and buy price) David James Markets will display in its pricing.
All open Metal CFD positions are rolled to the next trading day. Depending on whether you are Long (buy) or Short (sell) you will either be debited or credited rollover interest on a daily basis. Please note that at all open positions at the close of business on Wednesday at 22.00 GMT incur a 3 day rollover debit/credit, and bank holidays will affect the number of days that a position is rolled forward. Furthermore, the rollover detailed is for 1 ounce of gold or silver and not the minimum trade size.
Copper is the only metal which is not subject to rollover interest.
Copper is the only metal to have a once every other month expiration. All other metal trades will remain open until such time the client closes the position or there is insufficient margin to support the open position. For Copper, the open position will be closed by David James Markets.
Clients that hold an open position in Copper on the ‘David James Markets Expiration’ will be closed at our bid/offer at 21:00 GMT*, the only consequence is the client will realize any floating P/L at the time it is closed. There are no rollovers for Copper contracts.
David James Markets’s official monthly expirations are based on Eastern Time or New York time. Due to the observance of daylight savings time in the United States, monthly expirations listed in GMT are subject to change.
- Client is long 5 Copper @ 3.700.
- On the day of David James Markets Expiration, the expiring month is trading at 3.710.
- The customer position is closed at 3.710 and the profit is credited to the clients trading account.
- All pending Stop and Limit orders that are associated with the expiring contract will be cancelled.
- Client will need to re-establish another long position (assuming they wish to) and reinsert Stop and Limit orders to the new open position.
Costs of carry and dividends make up the overnight credits/debits. The value of these two variables is independent of one another. The overall credit/debit that is applied to your account will depend on the size of the open trade.
Interest rates are a factor in any market. David James Markets’s daily interest debit or credit amounts (hereafter “rollover”) are based on the total face value of the position. Our rollover rates are calculated by referencing the relevant 3 month LIBOR for all index products. Each day, the rollover amounts per lot are shown transparently in the simple dealing rates window. Index positions that are open at the close of business on Friday will incur 3 day rollover.
For example, if 3 month USD LIBOR is 4.50% and David James Markets is applying a haircut of +3/-3% a long position would pay 7.50%/ 360 per day, whereas a holder of a short position would receive 1.50%/360 per day.
It is worth noting that David James Markets references the relevant underlying 3 months LIBOR rate for the native currency which an instrument is quoted. For example, GER 30 is quoted in euro, therefore, David James Markets will reference 3 months Euro LIBOR. Similarly, for clients who have open UK100 positions, the reference interest rate would be 3 month GBP LIBOR and so forth.
f = Overnight finance charge
s = Trade size
p = Closing price as determined by David James Markets
r = Relevant LIBOR rate, add 300 basis points for long positions, or deduct 300 basis points for short positions (6.00% – 3.00%) = 3%
d = Number of days, i.e., 365 for GBP products and 360 for all others
Applicable to most cash indices, dividend payments will be applied as debit/credit along with the rollover to your open positions. Adjustments will apply on the eve of the ex-dividend date of the constituent members of the relevant Index. The adjustment will appear as part of the roll over debit/credit on your statement.
When equity goes ex-dividend, the price of that equity theoretically decreases by the dividend amount. In practice, this does not always happen as there are many market forces affecting an equity price. The amount of points an index cash CFD drops by is dependent on the weighting of the equity within the index. If more than one constituent equity of an index CFD goes ex-dividend on the same day, the amount of points each equity will theoretically cause the sector or index to drop by is added together to calculate the total amount of dividend points or ‘drop points’. David James Markets will either collect or pay dividends on the hedge positions that we have entered into against client issued CFDs.
Where an index is a Total Return Index, dividend payments will not be credited/debited.
An example of a total return index is the GER 30 where the cash disbursements are reinvested back into the index.
The clients will pay or earn whatever the charge is, times the size of the position the client is holding.
- Client is long 100 US 30.
- Current Roll (B) is -0.88
- Assuming the client is a holder of this position through 17:00 (NY Time), they will be assessed a charge of $$88.00 for that particular trading day.
Cash Index Contract Expiration
All cash index positions will remain open until they are closed by the client or the position is liquidated due to insufficient margin to support the open position.
David James Markets receives its prices upon which it bases its quotes to you from various liquidity providers. The only variation in the David James Markets price from its reference market will be a small mark up on the bid and offer (the spread).
Contract Size/Trade Size
David James Markets utilizes a ‘lot-based’ trading system. This means that all David James Markets products are aggregated into standardized trade sizes. These sizes generally replicate the underlying reference instrument (the futures or cash instrument) or are a fraction of that figure. This simplifies trading by allowing clients to trade in lot increments, and also provides a price for each lot size rather than averaging open and close prices when multiple positions are taken in the same instrument. A tick or pip value is associated with each lot for precise calculations, and profits and losses on a position are automatically converted into the currency of the particular account. For example, a euro-denominated account will experience real-time profit or loss in euro when trading any instrument, whether it is UK 100 or US Oil.
CFDs are traded with leverage, allowing a trader to control a large market position while employing a smaller amount of capital than would be required to control an equivalent position in the underlying asset. Leverage can significantly increase both your gains and losses.
RISKS OF DEALING IN CFDs
You should be aware that trading CFDs offered by David James Markets involves risks. It is important that you carefully consider whether dealing in FX Contracts is appropriate for you in light of your financial circumstances such as your objectives, financial situation and needs.
David James Markets will not give you any personal financial product advice. As David James Markets will only be providing general advice, this advice will not take into account your objectives, financial situation or needs. Accordingly, you should obtain your own financial, legal, taxation and other professional advice as to whether CFDs are an appropriate investment for you.
David James Markets has a risk management software which, assuming you meet all of your obligations to us (as fully set out in the Terms of Business), attempts to limit your potential loss to the amount of money you have deposited in your account. However, at all times, if you have open positions with us your potential loss can be substantial and is not limited to any amount.
David James Markets recommends that you do not risk money that you are not in a position to lose and that you adopt a philosophy of capital preservation and implement risk mitigation techniques (such as the use of stop-loss orders). Stop–loss orders assist you in managing your risk by preventing your account from declining below what you are prepared to lose. This type of order is designed to automatically close some or all of your open positions at the best available price once a certain price is reached. A Stop-loss order can only be set at a price less favourable than the current price.
For example: If you buy the AUD/USD at 0.87739 and want the position to close automatically if it moves 1000 pips against you, you would enter a stop-loss order into the Trading Platform at 0.86739. (If you are short, you would enter the stop-loss order above the current price i.e. 0.88739.)
Please note that your stop-loss orders may be filled at prices inferior to those at which they were originally placed. David James Markets will execute a stop-loss order once one of the following conditions is met:
- David James Markets’s Offer price has reached the stop-loss order price in the case of a buy order, or David James Markets’s Bid price has reached the stop-loss order price in the case of a sell order; or
- The price offered by David James Markets on the relevant Trading Platform has traded at or through the level at which the stop-loss order was placed.
In some market conditions, such as Gapping in the underlying market, the price offered by David James Markets on the relevant Trading Platform will also Gap through your specified price (stop level), then the stop-loss order will be executed at the next available price.
Due to the above factors, David James Markets cannot guarantee that your stop-loss order will be executed at the same price you requested.
The prices of CFDs are derived from the prices in the underlying market. There exists a risk that the value of your positions will change as a result of a movement in the underlying market price. The prices of CFDs and the underlying reference instruments offered by David James Markets such as Indices, Metals, Treasury, and Energy may fluctuate and reflect unforeseeable events and/or changes in market conditions.
Sometimes markets move so quickly that Gapping occurs. If Gapping occurs in the underlying market, it will also occur in the price of the relevant CFD and you may be unable to close out your position or open a new position at the price at which you have placed your order or may have liked to place your order.
You should be aware that trading in leveraged Contracts such as the FX Contracts and CFDs offered by David James Markets is one of the riskiest forms of investment available in the financial markets and may not be suitable for all investors. In deciding whether or not you wish to become involved in dealing in CFDs with David James Markets, you should be aware that:
CFDs are speculative products that are highly leveraged and carry significantly greater risk than non-geared investment products such as share trading and you could lose large amounts of money. You may sustain losses in excess of the Margin Requirement needed to establish and maintain a CFD with David James Markets.
CFD trading carries a high degree of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment or even more in extreme circumstances (such as Gapping underlying markets) and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading CFDs, and seek advice from an independent financial advisor if you have any doubts.
Disputes and complaint procedure
(i) Upon receipt of a complaint from Client, the David James Markets employee that receives the complaint will attempt to resolve the issue. If the complaint cannot be resolved at the first point of contact or after reasonable investigation and discussion with Client, the matter will be referred to a senior member of the relevant David James Markets division. If the Client is dissatisfied with the outcome, the Client will be requested to provide:
(a) written notice specifying the nature of the complaint, the desired outcome and what action the Client thinks will settle the complaint; and
(b) all relevant material to support the complaint.
(ii) Complaints should be addressed to the Complaints Officer and sent to David James Markets. Upon receipt of written notice (“Lodgement Date”), David James Markets’s Complaints Officer will: (a) within 45 days of the Lodgement Date, provide a written acknowledgment of receipt and an indication of the time-frame in which David James Markets will respond to the complaint;
(b) consider and investigate the circumstances surrounding the complaint;
(c) advise Client of the criteria and processes applied by David James Markets in dealing with complaints;
(d) upon request, provide Client with any relevant, non-confidential, material relating to the complaint; and
(e) communicate directly with Client, with a view to resolving the complaint in a fair and timely manner.
(iii) No later than 45 days following the Lodgement Date, the Complaints Officer must:
(a) notify Client in writing of the decision in relation to the complaint;
(b) provide Client with written reasons for the decision;
(c) outline to Client the remedies, if any, available to Client; and
(d) advise Client of any further avenues for complaint and the time frames involved in those avenues. Where Client has redress (financial or otherwise), David James Markets will promptly provide Client with information regarding that redress. If the complaint is not resolved within 45 days following the Lodgement Date, the Complaints Officer will inform Client of the reasons for the delay.
Cooling of Period
There are no cooling-off periods in place for the FX Contracts and CFDs offered by David James Markets.