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The price of a base currency is set with reference to the current market price offered to us from our hedging partners. However, in certain circumstances, the price we set may be different from the current market price. In particular:

• We act as a market maker, mainly due to system failure and accordingly, set prices at which we are prepared to deal with you;

• If we cannot determine a price because trading is limited, then the price will be the price immediately preceding such limitation; or

• determined by us in our absolute discretion, acting reasonably, but having regard to the prevailing market conditions affecting trading as a whole or trading in such currency.

Each of the following constitutes a Default Event:
wilful misconduct, (including commission churning, sniping, causing or contributing to or benefiting from a Quoting Error, moving the price of an underlying asset, scalping, arbitraging off‐market pricing);