Following a thorough investigation of your trading account(s) by our Compliance Department, we hereby would like to inform you that, based on a detailed review of the trading activity in your account(s) on the 10th of January, 2014, we have concluded that, due to the frequency of the alternating trading positions that occurred in your account(s) just before, during and after the news announcements in question were made on the 10th of January, 2014, the transactions carried out in your account(s) at that time clearly reflect a technological and/or algorithmic trading pattern that was aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed; this was achieved through the use of an expert advisor and therefore could easily manipulate sudden fluctuations in prices.
Pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, to which you agreed when you opened your account(s) with our Company, we are, therefore, entitled, under these circumstances, to revoke the transactions initiated in your account(s), insofar as they relied on such price latency arbitrage opportunities and make the necessary and corresponding corrections and adjustments in your account(s) at our Company’s sole discretion. Accordingly, you will not be compensated for the profit of USD 1795.70 resulting from the transactions in your account(s) that we have determined as resulting from the above-mentioned price latency arbitrage opportunities, since the transactions in your account(s) that gave rise to such profits are revoked/cancelled and any profits initially shown in your account(s) as a result of such transactions can, therefore, not be considered as legitimately made on your behalf.
Accordingly in line with the foregoing, we hereby regret to have to inform you:
- that your account(s) with our Company will be definitely closed with immediate effect;
- that, pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, all transactions initiated in your account(s) with our Company on the 10th of January, 2014, are definitely revoked/cancelled;
Pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, to which you agreed when you opened your account(s) with our Company, we are, therefore, entitled, under these circumstances, to revoke the transactions initiated in your account(s), insofar as they relied on such price latency arbitrage opportunities and make the necessary and corresponding corrections and adjustments in your account(s) at our Company’s sole discretion. Accordingly, you will not be compensated for the profit of USD 1795.70 resulting from the transactions in your account(s) that we have determined as resulting from the above-mentioned price latency arbitrage opportunities, since the transactions in your account(s) that gave rise to such profits are revoked/cancelled and any profits initially shown in your account(s) as a result of such transactions can, therefore, not be considered as legitimately made on your behalf.
Accordingly in line with the foregoing, we hereby regret to have to inform you:
- that your account(s) with our Company will be definitely closed with immediate effect;
- that, pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, all transactions initiated in your account(s) with our Company on the 10th of January, 2014, are definitely revoked/cancelled;
