Therefore, our clients have to assure Gracex International Ltd. that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products. These risks include decrease in liquidity, price change, high volatility and circumstances beyond control.
Before you open an account with us, make sure to study in detail the user agreement, as well as the basic principles and rules of the financial markets.


A) If you hold a Short position in a CFD, Gracex International Ltd. will debit the relevant Account with an amount equal to the cash dividend, including any imputation or franking credits, payable to the holder of the Underlying Security, multiplied by the quantity, on the first Business Day after the ex-dividend date for the Underlying Security.

Closing a CFD
B) At any time, you may notify Gracex International Ltd. of your intention to close a CFD (either partially or fully) by specifying the Underlying Security and the quantity of CFDs you wish to close.
C) Upon receiving your notice to close a CFD, Gracex International Ltd. will use reasonable efforts to provide you with a quote for the Closing Price and inform you of that quote (via phone or other methods). It is your responsibility to inform Gracex International Ltd. promptly whether you accept the Closing Price quote. If you accept the quote, the CFD, or the relevant portion of it, will be closed on the Closing Date by issuing you with a CFD opposite to the open CFD or relevant portion to be closed.
D) If the Underlying Security for the CFD has terms that allow for its redemption, exchange, or termination and you fail to notify Gracex International Ltd. of your intention to Close the CFD or roll it over on terms acceptable to Gracex International Ltd. (whether or not you were previously aware of this), you will be deemed to have notified Gracex International Ltd. to Close the CFD at the Closing Price reasonably determined by Gracex International Ltd. In this case, Gracex International Ltd. will close the CFD at its discretion.
F) At the Close of Business on the Closing Date, if there is a difference between the Closing Value and the Contract Value of the CFD (or portion closed as per clause 7(b)), it will be settled as follows:

1. If the Closing Value exceeds the Contract Value, the Short Party must pay the difference to the Long Party; and
2. If the Closing Value is lower than the Contract Value, the Long Party must pay the difference to the Short Party.
3. e) If the issuer of the Underlying Security for the CFD becomes externally administered under the Financial Products Law (or equivalent legislation), the CFD will be considered Closed at that moment. The Closing Price will be determined by Gracex International Ltd. who may consider factors like the last traded price of the Underlying Security.
4. f) If the Underlying Security for the CFD is no longer listed on an Exchange or is suspended from quotation for 5 consecutive Business Days, Gracex International Ltd. may, at its discretion, terminate the CFD. If Gracex International Ltd. chooses to do so:
5. The Closing Date will be the date determined by Gracex International Ltd. (Early Closing Date); and
6. you will be considered to have provided notice under clause 7(a) on the Early Closing Date.
7. g) If Gracex International Ltd. determines that the Closing Value of a CFD cannot be calculated on or by the Closing Date for any reason, the Closing Value will be set by GRACEXFX LTD. at its sole discretion.
8. h) If trading in the Underlying Security on an Exchange is suspended or halted, Gracex International Ltd. will, at its sole discretion, determine the Closing Value of the CFD by taking into account, but not limited to, the last traded price before the suspension.
9. i) All calculations made by Gracex International Ltd. according to these terms, in the absence of manifest error, will be binding on you.

Settlement of Positions
a) Payments related to any CFD must be made in accordance with this clause 8.
b) If a CFD is Closed Out under clause 7 or settled for a difference under clause 5:

1. Gracex International Ltd. will credit the relevant Account with any amount owed to you; or
2. subject to clause 8(c), you must pay any amounts owed to Gracex International Ltd. in cleared funds, in a currency specified by Gracex International Ltd. upon receiving a payment request.
3. c) If there is free equity in your Account, any amounts owed by you under clause 8(b) will be settled either partially or fully by debiting your Account with Gracex International Ltd.
4. d) If you request a payment for money owed to you under this clause 8, Gracex International Ltd. will deduct the requested amount from your Account and pay you electronically, by cheque, or through any other agreed method. Any outstanding funds not requested by you will remain in your Account.
5. e) Gracex International Ltd. may offset any money owed to you under these terms or any other agreement against any amounts you owe under these terms or any other agreement.

Adjustment Events
a) If the Underlying Security for a CFD is subject to an Adjustment Event, Gracex International Ltd. will determine the necessary adjustment to the Contract Value or the related quantity (or both) to ensure both parties are placed in a similar economic position to what it would have been if the event had not occurred. Gracex International Ltd. will notify you of any adjustment as soon as possible. Any adjustment made, in the absence of manifest error, will be deemed conclusive and binding on you.
b) Gracex International Ltd. may give you the option to participate in an adjustment corresponding with the Adjustment Event, but is not obliged to do so, nor is it required to provide reasonable notice or make the terms match the Adjustment Event precisely. Gracex International Ltd. may also choose not to accept any election you make. The adjustment will take effect as determined by Gracex International Ltd.
c) If the Underlying Security is subject to a takeover offer or similar event, Gracex International Ltd. may notify you before the offer’s closing date of its intention to Close the CFD, as per clause 7, with the Closing Price being the price notified to you by Gracex International Ltd.
d) If an Adjustment Event occurs and it is impractical, as determined by Gracex International Ltd to make an adjustment under clause 9(a), Gracex International Ltd. may give you notice of its intention to Close Out the CFD. You will be deemed to have received the Closing Notice under clause 7, with the Closing Price being the one notified by Gracex International Ltd.
e) Terms such as "offer," "takeover," and "closing date" in clause 9(a) will have the definitions provided in the Financial Products Law 2001.


Gracex International Ltd. is not liable for any damages that occurred as a result of government restrictions, regulations of foreign exchange or stock markets, military actions, suspension of trading and other circumstances beyond control.