By utilising and advanced trading infrastructure we are able to provide institutional grade trade execution, lightning fast performance in a true ECN/DMA trading environment.

ECNpro account, 0pips, $3.5/lot per side commission.

5.5 We will act as principal and not as agent on your behalf.

7.6 In executing transactions for or with you we will always deal with you as principal unless we have otherwise informed you. While we will take reasonable steps to obtain the best price available When we execute an order on your behalf we will take all reasonable steps to obtain the best possible result for you taking into account a number of relevant factors.

7.8 We may undertake a program trade or trades comprising a single transaction or series of transactions on your behalf. In doing so we will always act as principal.

7.11 We may hedge our liability to you by opening analogous positions with other institutions or in the Underlying Market. The result of our doing this is that when you open or close a Transaction relating to a share or other Instrument with us, your Transactions can, through our hedging, exert a distorting influence on the Underlying Market for that Instrument, in addition to the impact that it may have on our own prices.

15. Conflicts of Interest and Disclosures
15.1 In relation to any advice we give or transaction we execute or arrange with or for you, we or an Associate may have an interest....
15.2 A material interest may include but is not limited to:
15.2.1 We or an Associate of yours dealing as principal for our or its own account by selling the investment concerned to you or buying it from you, or being a market-maker or otherwise having a holding or dealing position in the investment concerned or an associated investment;

Varianse acts as a Principal in transaction with Clients. They may hedge their their liability with external LPs, and they also disclose a conflict of interest, where they state that they may act as a Market maker.