Trading Terms and Conditions
1. Our services
1.1 ELEMENTAL FINANCIAL HOLDINGS Ltd trading as EFH whose registered office is 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX, who once approved by the FCA will buy and sell currency for trade, commercial or other non-speculative purposes (“Order” or “Orders”). EFH will transfer funds electronically to accounts specified in the Order or Orders (“Payment Instructions”).
EFH is subject to approval by the Financial Conduct Authority and has applied to be an Authorised Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money (Awaiting FCA approval).
1.2 EFH will operate an execution only service and does not offer or provide any advice of any nature subject to the FCA granting licence.
1.3 Any business (the “Client”) that wishes to execute Orders agrees to do so strictly in accordance with these terms and conditions and after completing EFH’s standard account opening form (an “Account Application”) (together the “Terms”).
1.4 EFH 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 EFH 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 EFH believes to be an authorised person. EFH may require written confirmation of any Client instruction before accepting Orders or Payment Instructions but the Client agrees that EFH 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 EFH 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 EFH 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 EFH 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 EFH by or on behalf of a Client they cannot be cancelled, withdrawn, or varied in any way by the Client without the consent of EFH and the Client shall reimburse EFH, on demand, in full, for any losses and costs incurred as a result of any cancellation, withdrawal or variation.
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, EFH may require the Client to pay, as a condition of EFH 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 executed by EFH upon receipt of verified payment by the Client in cleared funds in EFH’s bank account within one working day of receipt of such Payment Instructions.
2.4 EFH will charge the rates published on www.elemental.financial for executing Payment Instructions.
2.5 At any time after acceptance of a Forward Order, and whether or not Margin was required by EFH at the time of the Order, EFH 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 EFH shall determine, to be held on account of the Order. Cleared funds shall be paid by the Client to EFH’s bank account within one day of any such demand. In the event of failure to pay Margin or meet a Margin Call, EFH may in its absolute discretion terminate the Order or Orders. EFH 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.
2.6 The Client shall not be entitled to any interest on any Margin which will vest in EFH automatically on the Value Date.
2.7 EFH may deduct from any payments to be made to or on behalf of the Client such amounts as EFH may be required by law or as may be charged to EFH in respect of transfer or other charges. All payments due from the Client to EFH under the Terms shall be made without any deduction, counter-claim or withholding whatsoever.
2.8 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.
2.9 All funds provided by the Client under the Terms (whether as Margin or otherwise) may be used by EFH in the performance of its own obligations to its counterparties. The Client accepts that any currency transaction it undertakes with EFH is time critical and therefore time shall be of the essence in respect to any Client obligations.
3. Limitation of liability
3.1 EFH shall exercise reasonable care in carrying out its duties but shall not otherwise be liable to the Client for any costs, expenses, liabilities or losses howsoever or whensoever resulting from the failure of EFH 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 bank or third party used by EFH.
3.2 EFH 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 EFH against all costs, expenses, liabilities or losses of any nature suffered by EFH through the failure of the Client to observe any of the Terms in respect of any Orders with EFH.
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 EFH for:
(a) death or personal injury resulting from negligence;
(b) any damage or liability incurred by the Client as a result of fraud or fraudulent misrepresentation by EFH; or
(c) breach of any applicable law or regulation.
3.6 EFH’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.
4.1 EFH 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 EFH 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 EFH notice immediately.
4.3 If the Client terminates an Order, EFH shall charge the Client a minimum administration fee of £100.00. Such charges are to be paid within 48 hours of the termination of the Order.
5. Notices and services
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 dispatch; 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 EFH a copy must be sent by registered post to its registered office from time to time.
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 EFH.
6.4 No oral representation by EFH, its employees or agents shall be binding on EFH 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 EFH 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 EFH 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 EFH may carry out any check as to the Client’s financial status as it deems fit.
6.9 In accordance with standard industry practice, EFH pays commission to the individuals and companies that introduce customers to us.
6.10 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.
6.11 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.
Website Terms and Conditions
7. Rules and regulations
7.1 The following rules and regulations apply to all users of the EFH website. By accessing this website, the user acknowledges acceptance of these terms and conditions. EFH reserves the right to change these rules and regulations at its sole discretion. In the case of any violation of these rules and regulations EFH reserves the right to seek all remedies available by law and in equity for such violations.
8. Limited license
8.1 All contents on this site are protected by copyright. Except as specifically permitted herein, no portion of the information on this website may be reproduced in any form, or by any means, without prior written permission from EFH. Visitors or users are not permitted to modify, distribute, publish, transmit or create derivative works of any material found on this site for any public or commercial purposes.
9. General disclaimer
9.1 Although EFH has attempted to provide accurate information on this website EFH assumes no responsibility for the accuracy of the information.
10.1 The trademarks, logos and service marks (“Marks”) displayed on this website are the property of EFH or other third parties. Users are not permitted to use these Marks without the prior written consent of EFH or such third party, which may own the Mark.
11. Links to third party sites
11.1 Links to Third Party Sites. This website may contain links to third party sites. Access to any other Internet site linked to this website is at the user’s own risk and EFH is not responsible for the accuracy or reliability of any information, data, opinions, advice or statements made on these sites.