Execution of Customer requests and instructions
2.1. There are two quotation mechanisms which are used in order to trade: Request Execution and Instant Execution. Details of the quotation mechanism for each Instrument are specified in the Contract Specifications.
2.2. The procedure for handling the Customer’s Instructions and Requests given via the Client Terminal is:
- the Customer prepares an Instruction or a Request and the Client Terminal checks if it is valid;
- the Client Terminal sends the Instruction or Request to the Server;
- if the connection between the Client Terminal and the Server has not been disrupted, the Server receives the Instruction or Request and starts the process of verification;
- the Customer’s valid Request or Instruction is placed in the queue and sorted by arrival time (first in – first out) and the «Order is accepted» status appears in the «Order» window in the Client Terminal;
- as soon as a dealer is ready to handle a new Instruction or Request the dealer takes the first Instruction or Request from the queue and processes it[1] and the «Order is in process» status appears in the «Order» window in the Client Terminal;
- the Server receives from the dealer the result of the Customer’s Request or Instruction execution process;
- the Server sends to the Client Terminal the result of the Customer’s Request or Instruction execution process;
- the result of the Request or Instruction execution is received by the Client Terminal if the connection between the Client Terminal and the Server has not been disrupted.
2.3. The Customer has the right to cancel a previously given Request or Instruction only if the Request or the Instruction has the «Order is accepted» status. In order to cancel it, the Customer should press the «Cancel order» button. The Customer cannot cancel a Request or Instruction given by an Advisor.
2.4. If the Instruction or the Request is being processed by a dealer and its status is «Order is in process», the Customer has no right to cancel it.
2.5. Quotes which the Customer receives via the Client Terminal for the Instruments quoted in the Request Execution mode are indicative only. In response to the Request, a dealer may offer a Quote which differs from these Indicative Quotes.
2.6. The Dealer at its sole discretion will specify the current market price.
2.7. The amount of time a dealer needs to execute the Instruction or the Request depends on the quality of the connection between the Client Terminal and the Server, as well as on the market conditions. Under Normal Market Conditions, the Customer’s Instructions or Requests are usually executed within 5-15 seconds. Abnormal Market Conditions can cause delays in the process of execution of about 30-40 seconds or more. The standby time for each Instruction or Request which has been placed in the queue in order to be executed has a limit of 3 (three) minutes at the time of the release of these Terms of Business. If during this period of time the Request or the Instruction has not been received by a dealer, it is deemed to be irrelevant and automatically deleted.
2.8. In the circumstances listed below, the Dealer may decline an Instruction or a Request of the Customer.
- if the Instruction or Request precedes the first Quote in the Trading Platform on the Market Opening;
- under Abnormal Market Conditions;
- if the Customer has recently made an unreasonable number of Requests such as to place/delete and/or modify orders in comparison with the number of Transactions[2];
- if the Customer's Free Margin is less than Initial Margin.
- when overall customer positions or/and number of orders for this type of account limits are exceeded.
In all of the above cases one of the following messages appears in the Client Terminal: «Off quotes»; «Cancelled by dealer»; «Not enough money»;«Trade is disabled».
2.9. The Client Terminal is the primary means to send Instructions and Requests to the Dealer. In case this type of the Customer’s Trading Account allows giving requests via the Dealer's telephone, the Customer has the right to use this service only in times when it is impossible to give this Instruction or Request over the Client Terminal. By doing so, the Customer shall follow the rules of «Phone Etiquette»[3].
Transactions
2.10. The Ask price is used to make a «buy» Transaction. The Bid price is used to make a «sell» Transaction.
- The Ask price is used to open a Long Position. The Bid price is used to open a Short Position.
- The Bid price is used to close a Long Position (i.e. sell). The Ask price is used to close a Short Position (i.e. buy).
Rollovers
2.11. All open positions that stay open between 23:59:45 to 23:59:59 (Trading Platform Time Zone) will be subject to rollover.
Spreads
2.12. Under Normal Market Conditions the Dealer maintains fixed Spreads specified in the Contract Specifications.
2.13. Spread may be widened:
- for all the Customers under Force Majeure Event;
- for clients who are dramatically breaking the average of the ratio of pending and executed orders;[4];
- for all clients after 7 calendar days prior notice;
- for all clients without notice during the abnormal circumstances.
- for any order above the normal market volume for this instrument, specified in the Contract Specification.
Quotes Base synchronization
2.14. In case of unforeseen break in the Quotes Flow caused by software or hardware failure, the Dealer has the right to synchronize the Quotes Base on the real/live Server with other sources. Such sources are listed below in order of priority:
- Quotes Base on the Real Account Server of a different type;
- Quotes Base on the demo Server;
- any other Quotes sources[5].
[1]
Depending on the amount of time a dealer needs to
process a Request or an Instruction there is a
possibility that in the Server Log-File the recorded
execution time of the first Request or Instruction
in the queue will be later than the execution time
of the Request or Instruction which followed
after.
[2]
more than 10 requests per one Transaction.
[3]
At the time of the release of this document the
information is displayed at http://www.alpari.ru/tpl/alpari/user_account/eng/mt_plan_tel_razg.pdf
[4]
more than 10 requests per one Transaction.
[5]
If required information is not available on the
Dealer’s Servers.
Next page «
3. Open a position»
