1 Our Services
1.1 IFX (UK) Ltd trading as International Foreign Exchange (“IFX”) whose registered
office is Shardeloes Farm, Cherry Lane, Amersham, Buckinghamshire HP7 0QF
buys and sells currency for trade, commercial or other non-speculative purposes
(“Order” or “Orders”). IFX will transfer funds electronically to accounts specified
in the Order or Orders (“Payment Instructions”).
1.2 IFX operates an execution only service and does not offer or provide any
advice of any nature.
1.3 Any individual or business (the “Client”) that wishes to execute Orders
agrees to do so strictly in accordance with these terms and conditions and after
completing IFX’s standard account opening form (an “Account Application”)
(together the “Terms”) .
1.4 IFX will accept Orders from the Client for Spot, (where the Value Date is less
than two working days from the acceptance of the Order) and for Forward (where
the Value Date is more than two working days from the acceptance of the Order).
The “Value Date” is the date from which the purchased currency is available for
physical delivery.
1.5 IFX will accept written or oral instructions for Orders or Payment Instructions
from a person duly authorised by the Client or, in the case of instructions given
by internet, from a person whom IFX believes to be an authorised person. IFX may
require written confirmation of any Client instruction before accepting Orders or
Payment Instructions but the Client agrees that IFX is not obliged to check the
authenticity of such instructions. All Orders and Payment Instructions are sent at
the Client’s own risk. The Client remains solely liable for and agrees to indemnify
IFX for all and any losses arising from any errors in any Orders or Payment
Instructions and for all Orders or Payment Instructions sent by internet which are
believed by IFX to be genuine instructions from the Client. The Client accepts that
telephone calls are recorded and kept as evidence of the Order or other
communication.
1.6 IFX is not obliged to accept Orders from a Client and may in its sole discretion
refuse Orders without giving any reason and without liability for any resultant loss
or damage suffered by the Client or any other party.
1.7 Once Orders are accepted by IFX by or on behalf of a Client they cannot be
cancelled, withdrawn, or varied in any way by the Client without the consent
of IFX and the Client shall reimburse IFX, on demand, in full, for any losses and
costs incurred as a result of any cancellation, withdrawal or variation.
1.8 The Client will place instructions as the principal only and not as agent for
any third party whose identity has not been disclosed to IFX.
2 Payment and delivery
2.1 With an Order for Spot, payment in full of the amount specified in the Order
is due from the Client immediately on or before the Value Date.
2.2 For a Forward Order, IFX may require the Client to pay, as a condition of IFX
accepting the Order, an initial amount in cleared funds (“Margin”) and to pay
any outstanding balance of the Order on or before the Value Date.
2.3 Payment Instructions will be initiated by IFX only upon receipt of verified
payment by the Client in cleared funds in IFX’s bank account.
2.4 At any time after acceptance of a Forward Order, and whether or not Margin
was required by IFX at the time of the Order, IFX may, in its absolute discretion,
require the Client to provide Margin or if Margin was required as a condition of
the Order, greater Margin (“Margin Call”) in such amount as IFX shall determine,
to be held on account of the Order. Cleared funds shall be paid by the Client to
IFX’s bank account within one day of any such demand. In the event of failure to
pay Margin or meet a Margin Call, IFX may in its absolute discretion terminate the
Order or Orders, and any Margin already held shall be forfeit by the Client to IFX.
IFX shall be entitled to recover any resulting loses in full from the Client and may
apply any funds held on behalf of the Client in respect of any other Orders to such
losses including by closing out any other Forward Orders.
2.5 The Client shall not be entitled to any interest on any Margin which will vest
in IFX automatically on the Value Date or the date of forfeiture.
2.6 IFX may deduct from any payments to be made to or on behalf of the Client
such amounts as IFX may be required by law or as may be charged to IFX in
respect of transfer or other charges. All payments due from the Client to IFX
under the Terms shall be made without any deduction, counter-claim or
withholding whatsoever.
2.7 The Client agrees that all funds to be paid by the Client under the Orders
are beneficially owned by the Client and are not subject to any charge or lien.
2.8 All funds provided by the Client under the Terms (whether as Margin or
otherwise) may be used by IFX in the performance of its own obligations to its
counterparties. The Client accepts that any currency transaction it undertakes
with IFX is time critical and therefore time shall be of the essence in respect to
any Client obligations.
3 Limitation of Liability
3.1 IFX shall not be liable to the Client for any costs, expenses, liabilities or losses
howsoever or whensoever resulting from the failure of IFX to execute any Orders
or Payment Instructions in accordance with the instructions of the Client or any
duly authorised person on its behalf including where any such failure is caused by
error or omission of any person or any failure of electronic equipment or systems.
3.2 IFX shall not be liable to the Client for any delay in onward payment
attributable to the late arrival of funds or Payment Instructions relative to
the cut off times of the designated bank.
3.3 The Client shall indemnify IFX against all costs, expenses, liabilities or losses
of any nature suffered by IFX through the failure of the Client to observe any of
the Terms in respect of any Orders with IFX.
3.4 All warranties, conditions and other terms implied by statute or common
law are, to the fullest extent permitted by law, excluded from the Terms.
3.5 Nothing in the Terms limits or excludes the liability of IFX for:
(a) death or personal injury resulting from negligence; or
(b) any damage or liability incurred by the Client as a result of fraud or fraudulent
misrepresentation by IFX.
3.6 IFX's total liability to the Client in contract, tort (including negligence or breach
of statutory duty), misrepresentation, restitution or otherwise arising in connection
with the performance, or contemplated performance, of the Terms shall be limited
to the price paid for the Order or Orders placed by the Client.
4 Default
4.1 IFX reserves the right to terminate all or part of any Orders without any further
liability to the Client for any loss if:-
4.1.1 The Client fails to settle an Order when due and in accordance with the
Terms; or
4.1.2 The Client goes into liquidation or becomes insolvent as defined by the
Insolvency Act 1986 as amended from time to time; or
4.1.3 Any other breach by the Client of the Terms; or
4.1.4 IFX is requested to do so by any regulatory body or considers it desirable
or necessary to do so for its own protection.
4.2 If the Client becomes aware of any event referred to in this clause, it shall
give IFX notice immediately.
4.3 If the Client fails to comply with any of its obligations under the Terms,
any Margin held shall, at IFX’s discretion, be forfeit to IFX.
4.4 If the Client terminates an Order, IFX shall charge the Client a minimum
administration fee of £250.00. Such charges are to be paid within 48 hours
of the termination of the Order.
5 Notices and service
5.1 Documents under the Terms may be sent by fax, email or post and proof of
posting shall be deemed to be proof of receipt 1) in the case of fax or email on the
day of despatch; and 2) in the case of delivery by post 48 hours from the date of
posting. Documents shall be sent to the last known address, email address or fax
number given by each party from time to time and in the case of notices to IFX
a copy must be sent by registered post to its registered office from time to time.
6 General
6.1 Nothing in the Terms shall be deemed to create a partnership or joint-venture
or agency relationship between the parties or confer any right or benefit to any
third party.
6.2 A person who is not a party to the Terms shall not have any rights under or
in connection with it.
6.3 The Terms are the terms and conditions in force at the date hereof and shall
not be superseded or modified except with written consent by IFX.
6.4 No oral representation by IFX, its employees or agents shall be binding on
IFX nor shall form part of the Terms.
6.5 Should any of the Terms be deemed unenforceable or illegal, the remaining
terms will nevertheless continue in full force and effect
6.6 The Client warrants that it is acting as principal and has full legal capacity
to enter into the Terms.
6.7 IFX shall have no liability to the Client under the Terms if it is prevented from,
or delayed in performing, its obligations under either the Terms or any Order or
from carrying on its business by acts, events, omissions or accidents beyond
its reasonable control, including (without limitation) strikes, lock-outs or other
industrial disputes (whether involving the workforce of IFX or any other party),
failure of a utility service or transport network, act of God, war, riot, civil
commotion, malicious damage, compliance with any law or governmental order,
rule, regulation or direction, accident, breakdown of plant or machinery, fire,
flood, storm or default of suppliers or subcontractors
6.8 The Client agrees that IFX may carry out any check as to the Client’s financial
status as it deems fit.
6.9 The parties agree and consent to the recording of telephone conversations
between the parties or their representatives without an automatic warning tone.
The parties agree to the use of any such recordings as evidence in any dispute
or anticipated dispute between the parties.
6.10 The Terms shall be governed by and construed in accordance with English
law and the parties submit to the exclusive jurisdiction of the Courts of England
and Wales.