Legal data

 
Terms and Conditions Archive

These Terms and Conditions form the contract between

You, a person or legal entity who uses one or more Finery Markets products and services under these T&C, including through Finery Markets software, websites, or applications (hereinafter referred to as "User") and

Finery Markets (BVI) Limited, registered number 2079689, with a registered office in Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (hereinafter referred to as "Finery Markets"), and

(each a “Party” and together the “Parties”).

The Terms and Conditions, together with the Operating Rules, Privacy Policy, Risk Disclosure and Tariff Policy (collectively referred to as the “T&C”) form a legally binding contract between the User and Finery Markets. The Operating Rules, Tariff Policy, and other policies referenced herein are incorporated by reference and shall have the same force and effect as if fully set forth in these T&C. By accessing and using the Finery Markets software, the User accepts these T&C. If the User does not agree to these T&C, it must discontinue the use of the software and may not access, display, use, download, and/or otherwise copy or distribute content from Finery Markets.

1. GENERAL PROVISIONS

  • 1.1. Finery Markets agrees to provide the User with access to and User agrees to use Finery Markets software in strict accordance with the T&C.
  • 1.2. Use of Finery Markets software is subject to the License fee as described in Section 4.
  • 1.3. Finery Markets may store crypto addresses and bank credentials of the Users.

2. LIMITATION OF LIABILITIES

  • 2.1. FINERY MARKETS, OUR OWNERS, OFFICERS, DIRECTORS, EMPLOYEES AND CONSULTANTS SHALL NOT BE LIABLE TO USER OR ANYONE CLAIMING THROUGH USER FOR ANY INCIDENTAL, DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES WHATSOEVER INCURRED IN RELATION TO THESE T&C INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS OR ANTICIPATED SAVINGS, LOSS OF REVENUE OR INCOME, LOSS OF USE OF PRODUCTION, LOSS OF BUSINESS, CONTRACTS AND OPPORTUNITIES, OR ANY OTHER SPECIAL, INDIRECT, OR CONSEQUENTIAL LOSS OR DAMAGE UNLESS SUCH DAMAGE IS CAUSED BY OUR (OR ANY OF OUR EMPLOYEES, AGENTS OR REPRESENTATIVES) WILLFUL MISCONDUCT, GROSS NEGLIGENCE, OR VIOLATION OF APPLICABLE LAW.
  • 2.2. USER IS SOLELY RESPONSIBLE FOR MAINTAINING THE ACCURACY AND INTEGRITY OF ITS OWN DATA OR LOSS OF ANY DATA, ANY UNAUTHORIZED ACCESS TO, ALTERATION OF ITS DATA, PROGRAMS OR PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, FOR LOST OR CORRUPT TRANSACTION OR DATA BY WHATEVER MEANS IN WHATEVER FORMS. FINERY MARKETS, OUR OWNERS, OFFICERS, DIRECTORS, EMPLOYEES AND CONSULTANTS SHALL NOT BE LIABLE FOR ANY DAMAGES WHATSOEVER DUE TO ITS ACTS OR OMISSIONS.
  • 2.3. TO THE EXTENT PERMITTED BY APPLICABLE LAW, FINERY MARKETS ARE NOT RESPONSIBLE FOR ANY DECISIONS MADE UPON CONFIRMATIONS OR ANY OTHER DATA PROVIDED BY FINERY MARKETS TO USER.
  • 2.4. NEITHER PARTY SHALL BE LIABLE FOR ANY PERSONAL INJURY OR LOSS OF PROFITS.
  • 2.5. Finery Markets shall not be liable to User for any unperformed transactions based on missed or incorrect crypto addresses or bank credentials of the Users that were reflected on the Finery Markets software.
  • 2.6. The Parties agree that the terms in this limitation of liability represent a reasonable allocation of risk. In no event shall the one Party’s liability to the other Party exceed 50 000 EUR (fifty thousand euros).
  • 2.7. Finery Markets’ liability is strictly limited to provision of technical functionality and support provided to Finery Markets software. Finery Markets is in no way liable for any actions, including those of gross negligence, willful misconduct or violation of applicable law, which are the responsibility of any counterparties or any other users including but not limited to those of Finery Markets software.
  • 2.8. No action or claim relating to these T&C may be instituted more than one (1) year after the event giving rise to such action or claim.

3. CONFIDENTIAL INFORMATION AND NON-CIRCUMVENTION

  • 3.1. Confidential Information for the purposes of these T&C shall mean the information such as characteristics and functionality of Finery Markets software applications, Finery Markets’ trading and order execution methods and their software implementations, operational and settlement processes, designs, product information and other know-how related to Finery Markets software applications, API and other technical information.
  • 3.2. Each Party shall at all times keep confidential and shall not disclose to any third party any confidential information acquired in connection with these T&C, any means of communication, business processes or an API specification, except:
    • 3.2.1. as required by Applicable Regulation or under the compulsion of law or by request of any regulatory, government or law enforcement agencies in any jurisdiction; or
    • 3.2.2. the cases where such disclosure is necessary in order to facilitate the fulfillment of the obligations under these T&C and is required by a third party such as an intermediary.
  • 3.3. Finery Markets reserves the right to invoice the Users on a License fees basis for any deals, transactions or other involvement in trading conducted by the Users outside the Finery Markets software within a 24-month period if the initial contact between such Users (introduction) was through the Finery Markets software or officers, directors, agents or other Finery Markets’ representatives, unless (i) the parties use Finery Markets software to deal or transact with one another to the extent not allowed by the functionality of Finery Markets software, (ii) the roles of the Users have not been changed compared to their roles at the stage of introduction or (iii) the approval to do so is granted by Finery Markets in writing on a case by case basis.

4. FEES AND PAYMENT PROCEDURES

  • 4.1. The Parties have agreed on a License fee for using the Finery Markets software that shall be paid on a monthly basis by User to Finery Markets.
  • 4.2. The License fee rate is shown in the Tariff Policy. The License fee does not include VAT.
  • 4.3. Payment terms and conditions between the Licensor and the Licensee:
    • 4.3.1. The Licensor issues an invoice at the beginning of the month that follows the month for which the License was provided. The License Fee invoice shall be paid within 20 (twenty) working days. For white label services, payment must be made in full in advance and the service start date shall not be scheduled more than 30 days after the signing of the T&Cs. The Licensor will issue the White label fee invoice on the 25th of the month preceding the service period, with payment due by the 1st of the service month.
    • 4.3.2. If the invoice is not settled in the due time then the Licensor has the right to refuse access to Finery Markets software and/or terminate the T&C with immediate effect.
    • 4.3.3. Each Party shall be liable for its own tax obligations and shall bear responsibility for payment of its own taxes in accordance with the applicable tax rules.
    • 4.3.4. The Licensor shall have the right to impose a late payment charge of 0.1% of the amount due per every day of delay. The settlement day is the day on which the appropriate amounts are credited to the Licensor’s bank account.
    • 4.3.5. Payments shall be made to the payment details provided in the applicable invoice.
  • 4.4. Finery Markets uses referral mechanics for its Users and non-users. The conditions and procedures for cooperation in the area of referral are described in the Finery Markets Referral Program.

5. SERVICE LEVEL AGREEMENT

  • 5.1 Service Availability

    Finery Markets commits to providing a monthly uptime percentage of at least 99.9% for its services. This uptime percentage is calculated by subtracting from 100% the percentage of minutes during the month in which the services were unavailable.

  • 5.2 Data Availability

    Finery Markets ensures that Users have access to their personal and non-personal data. In the event of insolvency, resolution, discontinuation of business operations, or termination of contractual arrangements, Finery Markets will provide such data in a durable and accessible format on request and without undue delay.

  • 5.3 Service Level Updates

    Users can access and download previous versions of the Terms and Conditions, including SLA provisions, at any time on the Finery Markets website. Finery Markets will notify Users of any material changes to service levels without undue delay.

  • 5.4 Incident Management and Support

    Finery Markets will assist Users with Information and Communication Technology (ICT) incidents related to its services as follows:

    • Notification: Finery Markets will notify Users of ICT incidents without undue delay, detailing the nature of the incident and measures taken or planned to address and mitigate potential risks.
    • Mitigation: Finery Markets will take steps to minimise harm and secure impacted information systems.
    • Cost: Assistance will be provided at no additional cost.
  • 5.5 Cooperation with Authorities

    Finery Markets will fully cooperate with competent authorities and resolution authorities exercising their rights.

  • 5.6 Participation in Security Programs

    Finery Markets agrees to participate, as reasonably requested, in Users’ ICT security awareness programs and digital operational resilience training exercises in accordance with applicable regulatory requirements.

  • 5.7 Performance Monitoring

    Finery Markets provides detailed service level descriptions, including quantitative and qualitative performance targets, to allow effective monitoring by Users. Updates and revisions to these service levels will be communicated without undue delay.

  • 5.8 Notification of Material Developments

    Finery Markets shall notify Users, without undue delay, of any development that might have a material impact on its ability to effectively provide ICT services supporting critical or important functions, in line with agreed service levels.

  • 5.9 Business Continuity and Security Measures

    Finery Markets has implemented and regularly tests business contingency plans and maintains ICT security measures, tools, and policies to ensure service continuity and data protection.

  • 5.10 Participation in Penetration Testing

    Finery Markets agrees to cooperate with Users in the performance of threat-led penetration testing exercises, including providing access to relevant systems and addressing any identified vulnerabilities in a timely manner.

  • 5.11 Monitoring, Auditing, and Inspections

    Finery Markets grants the User the right to monitor performance and compliance with agreed service levels. This includes conducting regular audits, including on-site inspections, upon reasonable prior notice. Finery Markets will provide all necessary data and ensure that its subcontractors adhere to their obligations to enable the User to fulfill its regulatory responsibilities.

  • 5.12 Exit Strategy and Transition Support

    Finery Markets will establish and implement an exit strategy to ensure a seamless transition in the event of termination, expiration, or discontinuation of the contractual relationship. Finery Markets will provide access to all required systems and data in a durable and accessible format, allowing the User or its designated successor to continue operations effectively during and after the transition.

6. WHITE LABEL PROVISIONS

  • 6.1. If the User utilizes the Finery Markets software for white label purposes, the User may replace Finery Market's trademarks, logos, and other branding elements with their own, subject to compliance with applicable laws and regulations.
  • 6.2. The User is prohibited from making any modifications, or otherwise altering the Finery Markets software.
  • 6.3. The User agrees to maintain the quality and standards of the Finery Markets software with industry best practices and Finery Market's guidelines.
  • 6.4. The User shall not engage in any activities that may tarnish the reputation or goodwill associated with the Finery Markets software or that may lead to confusion or misrepresentation regarding the ownership or origin of the Finery Markets software.

7. TERMINATION AND AMENDMENTS

  • 7.1. These T&C shall become effective on the same date when it is signed by both Parties.
  • 7.2. Each Party has the right to terminate the T&C at any time by providing written notice to the other Party, through the agreed means of communication stated under the "Communication" section of these T&C, including fourteen (14) day notice period.
  • 7.3. Any Party may terminate these T&C immediately by giving written notice of termination to the other Party if the other Party commits a material breach of these T&C.
  • 7.4. (a) Either Party may terminate these T&C immediately by giving written notice to the other Party if:
    1. The other Party commits a material breach of these T&C and fails to remedy such breach within thirty (30) days of receiving written notice;
    2. The other Party becomes subject to bankruptcy, administration, liquidation, insolvency proceedings, or any analogous event;
    3. The other Party ceases to conduct all (or substantially all) of its business operations or takes steps to dissolve or wind up its business.

    (b) Finery Markets reserves the right to suspend or terminate access to its software or terminate this Agreement with immediate effect, with or without prior notice, in the following circumstances:

    1. If the User breaches any of its obligations under these T&C, including but not limited to failure to fulfill Know Your Business (KYB) requirements;
    2. If Finery Markets reasonably believes that the User’s continued use of the software could cause reputational, operational, or financial harm to Finery Markets;
    3. To comply with applicable laws, regulations, or requests from regulatory or law enforcement authorities, or if Finery Markets reasonably suspects that the User is involved in unlawful or prohibited activities.

    (c) Notice of Termination:
    Termination notices shall be issued in accordance with the agreed means of communication stated under the “Communication” section of these T&C.

  • 7.5. Notwithstanding anything to the contrary in these T&C, the obligations contained in Sections 2, 3, 8, 9, 10, and 11 shall survive the termination of these T&C.
  • 7.6. Finery Markets reserves the right to amend the T&C at any time. Amendments may take effect immediately upon publication on the Finery Markets website or notification to Users, if such changes are non-material or do not impose additional obligations on the User. For all other amendments, such changes shall take effect 7 days after notice of the amendments is provided to Users by email and/or published on the Finery Markets website. Continued use of the services after the relevant period will constitute acceptance of the amended terms.

8. WARRANTIES

  • 8.1. The Parties warrant that they have the legal right and authority to enter into these T&C and to perform their obligations under T&C.
  • 8.2. All of the Parties' warranties and representations in respect of the subject matter of these T&C are expressly set out in these T&C.
  • 8.3. To the maximum extent permitted by applicable law, no other warranties or representations concerning the subject matter of these T&C will be implied into the Agreement or any related contract.

9. INDEMNIFICATION

  • 9.1. Each Party agrees to indemnify and hold harmless the other Party, and its respective directors, shareholders, affiliates, officers, agents, employees, and permitted successors and assigns against any and all claims, losses, damages, liabilities, penalties, punitive damages, expenses, reasonable legal fees and costs of any kind or amount whatsoever, which result from or arise out of any act or omission of the indemnifying Party, its respective directors, shareholders, affiliates, officers, agents, employees, and permitted successors and assigns that occurs in connection with these T&C.

10. COMMUNICATION

  • 10.1. Any notice or other communication required or authorized to be given under these T&C shall be done in writing.
  • 10.2. Any notice or other communication may be sent by email to the Parties' addresses. Finery Market’s address for notice or communication is legal@finerymarkets.com. User’s address for notice of communication will be the address associated with their account.

11. MISCELLANEOUS

  • 11.1. These T&C supersedes any previous agreement(s) between the Parties and constitutes the entire agreement between the Parties relating to the subject matter of these T&C.
  • 11.2. If there is any inconsistency between the provisions of these Terms and Conditions and the Operating Rules, the Operating rules shall prevail.
  • 11.3. To the extent that any provision of these T&C is found by any court or competent authority to be invalid, unlawful or unenforceable in any jurisdiction, that provision shall be deemed not to be a part of these T&C and shall not affect the enforceability of the remainder of these T&C nor shall it affect the validity, lawfulness or enforceability of that provision in any other jurisdiction.
  • 11.4. The Parties agree that each Party has a right but not an obligation to make the information of User’s using Finery Markets software public by means of a press release or alike.
  • 11.5. User’s consent to the collection, storage, and disclosure by Finery Markets and our agents of any confidential information to governmental authorities as required by law or other agreement by or between governments. Confidential information includes personal data, account details, transactional information, and any other information that a reasonable person would consider being of a confidential or proprietary nature.
  • 11.6. The captions are for convenience only and in no way define, limit or enlarge the scope of these T&C or any of its Sections.
  • 11.7. These T&C and the rights and obligations of the Parties hereunder shall be governed by the laws of England and Wales.
  • 11.8. The Parties hereby agree that any disputes, controversies, or claims arising out of or in connection with these T&C, including any questions regarding their existence, validity, or termination, shall be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of the British Virgin Islands Arbitration Centre (BVI IAC). The seat of arbitration shall be the British Virgin Islands, and the language of the arbitration shall be English. The governing law of this Agreement shall be the laws of England and Wales. The arbitration shall be conducted by a single Arbitrator, who shall be appointed in accordance with the Arbitration Rules of the BVI IAC.
effective date: Jan 17, 2025
Operating rules Archive

1. TERMS

  • 1.1. Words and phrases defined in the Terms & Conditions shall have the same meanings (unless otherwise expressly provided herein) for the purposes of these Operating Rules.
  • 1.2. "Confirmation" refers to post-trade data which is issued by the Finery Markets software on a daily basis and consist of (a) User basic information, (b) the terms of any Transaction, including sufficient details to identify such Transaction, (c) current trading limits of a User, (d) current open positions to settle.
  • 1.3. "Digital Asset" means any digital or virtual asset such as crypto currency, tokens, coins or alike based on protocols and used by the decentralized peer-to-peer computer networks.
  • 1.4. "Exchange(s)" means securities or futures exchanges, clearing houses, self-regulatory organizations, multilateral trading facilities or alternative trading systems including those where Digital Assets are traded or exchanged.
  • 1.5. “Inter-dealer trades” refer to trades made between Users who act as Makers on the Finery Markets software. In other words, these trades occur between one User who acts as a Taker (who would also act as a Maker) and the other User who acts as a Maker through either a Maker/Sub-maker account or a Master account, as specified in Table 1 under "Types of Trading" (see FAQ section).
  • 1.6. “Markup” is a decimal number that widens (if positive), or tightens (if negative) the spread for a Taker, thus, potentially increasing (decreasing) the profit margin of a Maker/Master.
  • 1.7. “NOP” means net open position per asset per counterparty, which is the opposite party in a Transaction. The Finery Markets software calculates NOP of an asset taking into account all Transactions with this asset as well as all Settlement transactions.
  • 1.8. Overnight rate is an amount that the Maker or the Master charges their counterparties or Sub-accounts for keeping overnight positions (as this term is defined below).
  • 1.9.“Sub-account” is a type of User that only trades with a master and can be either a Sub-maker or a Sub-taker. A Sub-maker account provides liquidity to Sub-takers and Takers , a Sub-taker account consumes liquidity from Master, Maker and Sub-maker accounts, both within the risk limits configuration defined by the Master.
  • 1.10. Settlement transaction - an informational message to the transaction counterparty indicating a request for settlement or information about settlement of the open position that happened outside the Finery Markets software. Settlement transactions can be initiated by the User or based on clearing and settlement terms defined by the Users.
  • 1.11. Transaction means an action which is done as per T&C between two Users and finalized outside of the Finery Markets by delivery of assets between the two Users.
  • 1.12. "User" should have the same meaning reflected in the T&C

2. GENERAL PROVISIONS

  • 2.1. Finery Markets offers its Users a peer-to-peer electronic communication software (“Finery Markets software”) that provides communication between the Users about concluding a Transaction or negotiating Transaction terms.
  • 2.2. These Operating rules are incorporated into and are an integral part of the T&C.
  • 2.3. Prior to concluding a Transaction, Users must enter into a separate bilateral agreement outside the Finery Markets software. Such agreements shall govern the legal relationship between the counterparties and shall prevail over these T&C to the extent of any conflict. Finery Markets’ representatives do not verify these agreements and shall not be held responsible for any consequences arising from their absence, inadequacy, or enforcement. By using the Finery Markets software, the User acknowledges and accepts that Finery Markets is not a party to any transactions conducted through its platform.
  • 2.4. Users must have the ability to affect physical delivery with respect to Transactions occurring via the Finery Markets software; the Finery Markets software is by no means involved in the settlement process; the Transactions occurring on the Finery Markets software are not rolled as a matter of course; and any netting will only be done in accordance with pre-negotiated netting clauses of the respective agreement between the Users.
  • 2.5. The Users of the Finery Markets software may be Makers, which interact with other Users through the Finery Markets software by placing resting orders (Limit, Limit Post-only) or providing quotes in Request for Quote (“RFQ”) mode, and Takers, which consume liquidity by sending aggressive orders (these include MarketFOK, MarketIOC, LimitFOK, and LimitIOC), or placing order requests in RFQ mode. The Users may also act as Masters, which can create Sub-taker or Sub-maker accounts.
  • 2.6. Finery Markets provides a technology platform that facilitates communication and interactions between Users and does not act as an exchange or broker in such transactions. All communications and relations between two Users regarding the trading activity are based on their bilateral terms & conditions, agreements and other legal documents.
  • 2.7. It is the sole responsibility of the Masters to provide all necessary due diligence and AML procedures of their Sub-accounts, as well as compliance of such Sub-accounts with Finery Markets Operating Rules. Finery Markets bears no liability for actions taken by Sub-account users under a Master's account. By inviting Sub-accounts, Masters agree to assume full responsibility for the actions and conduct of their Sub-account users, absolving the Finery Markets software from any resultant liabilities or claims arising from the usage of these Sub-accounts. KYC/KYB/AML procedures can be implemented by Finery Markets to the Sub-account Users that pay fees to Finery Markets directly. For avoidance of doubt, Finery Markets shall be responsible for trade disputes resolution between Users caused by technical issues in the Finery Markets software.
  • 2.8. A Master has the following functionality:
    1. inviting and / or enabling Sub-accounts;
    2. setting up markups on its Sub-accounts;
    3. setting up Overnight rates on its Sub-accounts as well as on Takers;
    4. managing risks of Sub-accounts, including gross and margin limits, short sales permission and limits per asset;
    5. сreating, sending and committing User’s settlement transactions;
    6. Managing settlement transactions in order to provide clearing and settlement services ;
    7. disabling Sub-accounts.
  • 2.9. Finery Markets offers neither clearing nor settlement services. Instead, Finery Markets offers software tools for position and transaction keeping, facilitating the management of clearing and settlement confirmation processes between Users. Finery Markets assumes no responsibility for the clearing or settlement of transactions. The User providing clearing and settlement services shall be responsible for:
    • 2.9.1. informing Users (counterparties) of its procedures and rulings regarding the clearing and settlement process;
    • 2.9.2. On-boarding, off-boarding and maintenance under their Sub-accounts;
    • 2.9.3. Resolving operational disputes connected with limits and liquidity configurations within the Finery Markets software.
  • 2.10 In the event of any contradictions between trade clearing and settlement confirmation processes managed within the Finery Markets software and those conducted outside of it by a User providing clearing and settlement services, the processes of the external service provider shall prevail. Finery Markets may, but is not obliged to, highlight Users that operate a non-standard clearing and settlement process that may be different from the default clearing and settlement confirmation process. Users entering transactions are deemed to be aware and acceptof the specific details of such processes.
  • 2.11. Finery Markets is not responsible for compliance by Users with any applicable laws or regulatory obligations in the country of their incorporation or operation.
  • 2.12. Compliance with these Operating rules is required and is a condition for using the Finery Markets software. Finery Markets reserves the right to restrict or suspend a User’s access to and use of the Finery Markets software if Finery Markets determines in its sole discretion that a User’s activity fails to conform to these Operating Procedures, or if a User violates the terms of any other agreement with Finery Markets.
  • 2.13. Any use of a third party's trademark on our website is solely for the purpose of identification and description, and does not constitute an endorsement, sponsorship, or affiliation of this website with the trademark owner. The use of any third party trademark on the website is not intended to imply any association with or endorsement by the trademark owner, nor does it grant any rights to use such a trademark without the prior written permission of the trademark owner. Any unauthorized use of a third party's trademark may be subject to legal action by the trademark owner.
  • 2.14. Changes to the Operating Rules will be notified to Users in accordance with the process outlined in the Terms and Conditions. If there is any inconsistency between the fee conditions displayed on the Website after authorization and those stated in the Tariff policy, the fee conditions displayed on the Website after authorization will take precedence. Finery Markets applies Сalculation Methodology for Fees.
  • 2.15. The Operating rules are available on the website (finerymarkets.com).

3. TRANSACTION COMMUNICATION

  • 3.1. Margin requirements and configurations are set and monitored solely by Users. Finery Markets provides software tools that enable Users to define their trading limits and monitor margin utilization. Finery Markets does not facilitate, manage, or guarantee margin trading, nor does it act as a counterparty or provide financial services related to margin or leverage.
  • 3.2. Any Transaction on the Finery Markets software is entered into within trading limits that are pre-defined by a User.
  • 3.3. Finery Markets software allows its Users to configure several types of trading limits: Counterparty (i.e., bilateral) limits, and Margin requirements:
    • 3.3.1. Counterparty limits are set against a particular counterparty;
    • 3.3.2. Margin requirements are optionally set up by Makers and Masters and define the initial and maintenance margin required for trading.
  • 3.4. Entering into a new Transaction is allowed only if Counterparty gross free limits are positive and Margin requirements are met:
    • 3.4.1. Counterparty gross free limit = Counterparty gross limit - Counterparty gross exposure;
    • 3.4.2. Gross exposure is equal to the max of an abs value of all short positions and abs value of all long positions.
    • 3.4.3. Counterparty gross exposure is equal to the max of an abs value of all short positions and abs value of all long positions with the counterparty.
    • 3.4.4. When calculating exposure (i.e., limit utilization), open orders and unsettled transactions are taken into account; worst case scenario approach is applied. For the exact calculation of limits and detailed methodology, please, contact Finery Markets’s representative.
  • 3.5. When checking the Margin requirements (if applicable), the Finery Markets software compare the current Equity of a Taker, which is equal to the sum of NOP of a Taker per counterparty (“Equity”), with the thresholds below:
    • 3.5.1. Maintenance. If the Equity decreases lower than maintenance margin requirement, which is specified in % of the gross limit, Makers and Masters have the right to liquidate Takers’ NOPs.
    • 3.5.2. Restricted trading. If the Equity decreases lower than the restricted trading margin requirement, which is specified in % of the gross limit, Takers will not be able to execute more trades unless the value of their Equity increases above this threshold.
    • 3.5.3. Initial margin. Initial margin requirement is the minimal amount of the collateral needed for normal trading. It is specified in % of the gross limit. User’s settlement transactions that lead to the Equity lower than the initial margin requirement will be rejected.
    • 3.5.4. When calculating utilization, open orders and unsettled transactions are taken into account; the worst case scenario approach is applied. For the exact calculation of limits and detailed methodology, please, contact Finery Markets’s representative.
  • 3.6. The values of the limits are defined by Users. Counterparty limits and Margin requirements, if applicable, set on a counterparty are visible to this counterparty if the counterparty also sets a limit on the User.
  • 3.7. There is a self-trading prevention mechanism which means a User cannot enter into a Transaction with itself.
  • 3.8. Makers are not allowed to trade with other Makers. It may lead to the situation when there is a bid price higher than the best offer, or an offer lower than the best bid (so-called crossed markets).
  • 3.9. Makers can specify an Overnight rate for the NOP which has not been settled by the counterparty. This charge is automatically added to an NOP at 0:00 UTC. A charge can be both negative or positive. Finery Markets is not providing swaps or other interest rate derivatives trading and invoices Makers for a fraction of Overnight rates in case such functionality is used.

4. HOURS OF OPERATION

  • 4.1. The Finery Markets software is normally available 24 hours per day 7 days a week.
  • 4.2. The Finery Markets software may be unavailable due to planned or unplanned technical maintenance. Finery Markets undertakes to inform the Users about any maintenance as early as possible.

5. PARTICIPANT ADMISSION

  • 5.1. Admission to the Finery Markets software is subject to the due diligence checks.
  • 5.2. Users agree to provide information and/or documentation requested by Finery Markets.
  • 5.3. Users that do not provide the required information during the on-boarding process will not be permitted to access the Finery Markets software.
  • 5.4. Users are responsible for keeping already provided information up-to-date.
  • 5.5. Finery Markets has a right not to grant access to the Finery Markets software and disable the current active account without specifying a reason.

6. ACCESS METHODS

  • 6.1. Users may access the Finery Markets software by way of either Website if they choose to transact on the Finery Markets software by graphical user interface (“GUI”) or application program interface (“API”). Both ways require authorized access. Production credentials are provided by Finery Markets’s representatives.
  • 6.2. Users must keep Finery Markets fully informed at all times of the identity of each software program or system that directly or indirectly accesses the Finery Markets software via API.
  • 6.3. Finery Markets also provides access to the sandbox version of the Finery Markets software that can be used for testing purposes.
  • 6.4. In case of lost or compromised Website credentials and/or API keys, a User must immediately contact Finery Markets in order to prevent unauthorized activity.

7. DATA

  • 7.1. Finery Markets makes available to its Users market data, consisting of quotes placed by other Users. Users may receive market data via both GUI and API.
  • 7.2. Market data feed is modified and disseminated in accordance with the current TP limits. In addition, a taker-specific markup can be applied by a Maker. That means each Taker has a unique data feed. In addition to the user-specific data feed, there is an aggregated market data feed that is composed of all orders placed by Makers regardless of the TP limits.
  • 7.3. Finery Markets is entitled to disseminate completely anonymous market data on the Finery Markets websites, including but not limited to pulse.finerymarkets.com, and make historical and real-time market data available to its subscribers pursuant to legal agreements with Finery Markets. In addition, Finery Markets has a right to disclose to its User certain trading statistics such as the share of this User of the overall trading volume of another User, which is a counterparty to the former.
  • 7.4. On a daily basis, Finery Markets provides each User with a Confirmation by sending it to the authorized email address.
  • 7.5. Any timestamp in the data is in UTC timezone.

8. SUPPORTED TRADING MODES AND ORDER TYPES

  • 8.1. The Finery Markets software supports the following order types for the firm order book trading mode:
    • 8.1.1. Limit. A limit order allows buying or selling at a specific price or better.
    • 8.1.2. Limit Post-only. The post-only limit order ensures that a new limit order will be added to the order book only if it does not match with a pre-existing limit order.
    • 8.1.3. Limit Immediate-or-Cancel (IOC). IOC limit order is an order that must be immediately filled at the specified limit price or better. If it is not completely filled, the resting size will be canceled. Partial fills are allowed.
    • 8.1.4. Limit Fill-or-Kill (FOK). FOK limit order is an order that must be immediately filled entirely at the specified limit price or better. Otherwise, it will be totally canceled. No partial fills are allowed.
    • 8.1.5. Market IOC. IOC market order is an order that must be immediately filled at any market price. If it is not completely filled (due to insufficient liquidity in the order book), the resting size is canceled. Partial fills are allowed.
    • 8.1.6. Market FOK. FOK market order is an order that must be immediately filled entirely at any market price. Otherwise if there is insufficient liquidity in the order book, it will be totally canceled. No partial fills are allowed.
  • 8.2. By default, a User has access to specific order types depending on its role:
    • 8.2.1. Makers can use Limit and Limit Post-only order types;
    • 8.2.2. Takers can use Market and Limit IOC as well as Market and Limit FOK order types.
  • 8.3. The Finery Markets software incorporates a 100ms delay (referred to as the “latency floor”) for aggressive orders specified in Clause 2. This feature is designed as part of the software’s technical configuration.
  • 8.4. The Finery Markets software facilitates trading in a RFQ mode, under which:
    • 8.4.1. Takers submit requests for quotes, specifying the desired order’s side (buy or sell) and the size of the asset.
    • 8.4.2. Makers respond by providing price quotes based on the Takers’ requests.
    • 8.4.3. Takers may submit an order request to a selected Maker, based on the quotes received.
    • 8.4.4. The selected Maker retains the right to perform a “last look” and may confirm or decline the order.
  • 8.5. Execution of orders in RFQ mode takes place on the external trading platform of the selected Maker. Finery Markets assumes no responsibility for order rejections or failures caused by the ‘last look’ process, technical issues related to third-party integration, or any factors beyond Finery Markets’ control. Users acknowledge and agree that trading execution and finalization are entirely managed by external platforms or counterparties.

9. FAIR USE OF THE SOFTWARE

  • 9.1. Finery Markets provides Users with technological tool and expects fair use of the Finery Markets software from the Users.
  • 9.2. It is prohibited to use the Finery Markets software for abusive trading practices. Abusive trading practices include but are not limited to the following:
    • 9.2.1. Painting the tape. Engaging in a series of Transactions to give the impression of activity or price movement in an asset.
    • 9.2.2. Wash trade, wash sale. Improper Transactions in which there is no genuine change in actual ownership of an asset.
    • 9.2.3. Advancing the bid. Increasing the bid for an asset to increase its price.
    • 9.2.4. Pumping and dumping. Buying activity to increase prices in order to consequently sell at higher prices.
    • 9.2.5. Spoofing techniques. Placing a bona fide order on one side of the market while entering order(s) on the other side of the market without intention to trade those orders.
  • 9.3. The Finery Markets software currently has a limited number of tools designed to protect it against excessive load and other errors. The Finery Markets software limits the maximum number of WebSocket connections per a single IP address to 100. However, there are neither rate limits on Transactions-per-second ratio, nor rate limits on filled-to-sent orders ratio, nor fat-finger checks (limits on the quantity or notional amount of orders etc.)
    • 9.3.1. rate limits on Transactions-per-second ratio;
    • 9.3.2. rate limits on filled-to-sent orders ratio;
    • 9.3.3. fat-finger checks (limits on the quantity or notional amount of orders etc.).
  • 9.4. Users must have in place adequate systems and controls to ensure their ongoing compliance with these Operating Rules and management of their activities via the Finery Markets software.
  • 9.5. Where there is a material disruption, including malfunctions of the Finery Markets software, attempts to commit market abuse, failure by a third party that is required for the Finery Markets software, an emergency or extraordinary market conditions, or a force majeure event, Finery Markets may take such actions it deems necessary to restore the proper operation of the Finery Markets software. In the event of a system failure where the Finery Markets software experiences a service loss, open orders will be canceled regardless of their time in force. Orders that were filled but not yet confirmed will be considered filled.

10. COMPLIANCE

  • 10.1. Users are required to comply with U.S., E.U., and other applicable export control and sanctions laws and regulations at all times.
  • 10.2. Users will not be permitted to use the Finery Markets software if:
    • 10.2.1. any of its owners, directors, workers or employees is a person whose name appears on the list of Specially Designated Nations and Blocked Persons published by the United States Department of Treasury Office of Foreign Assets Control (“OFAC”) (each, an “OFAC-Listed Person”), the United Kingdom’s HM Treasury Sanction List, the European Union’s Consolidated Sanctions List, or any other applicable sanctions list;
    • 10.2.2. a User or any owner or senior manager of a User is a department, agency or instrumentality of, or is otherwise directly or indirectly controlled by or acting on behalf of the government of any country that is the target of any of the several economic sanction programs administered by OFAC (31 C.F.R. Parts 501 through 598) or any OFAC-Listed Person;
    • 10.2.3. any of the funds used by a User to perform any of its obligations constitute or will constitute funds obtained from or on behalf of any OFAC-Listed Person or any other person subject to applicable sanctions.

11. ERRONEOUS TRANSACTIONS

  • 11.1. Erroneous Transactions are those where:
    • 11.1.1. the counterparty is not an authorized Finery Markets User,
    • 11.1.2. the User exceeds any applicable CP limit, as a result of the User entering into such Transaction,
    • 11.1.3. the asset that is the subject of such Transaction is not permitted.
  • 11.2. Both the User and Finery Markets may initiate a Transaction review if a User or Finery Markets believes a Transaction constituted an Erroneous Transaction. However, Finery Markets is not under any obligation to review any Transaction and shall not be liable for any failure to do so.
  • 11.3. Finery Markets will use its good faith efforts to make a Transaction review including contacting the parties to such Transaction and assisting the parties to arrive at a resolution by providing necessary information related to the Transaction in question such as extracts from a database, ledger of operations, logs etc.
effective date: Jan 10, 2025
Privacy Policy Archive

Your use of the Finery Markets software is contingent on your acknowledgement and acceptance of this Privacy Policy.

When you provide us with personal information and use our services, you accept and consent to this policy. This policy also defines your rights in relation to personal information and explains how to contact us or the supervisory authority for any concerns or complaints.

EU General Data Protection Regulation 2016/679 (“GDPR”) and we are responsible as a "Controller" of that personal information for the purposes of the GDPR as well as Cyprus Law (125(I)/2018) providing for the protection of natural persons and the processing of personal data. While the GDPR does not apply to data about companies or other legal entities, it does apply to all personal data about individuals and personal data relating to natural persons in the course of your professional activity.

1. GENERAL PROVISIONS

We receive, collect and store any information you enter on our website or provide us in any other way. In addition, we may collect the Internet protocol (IP) address used to connect your computer to the Internet; login; e-mail address; password; computer and connection information. We may use software tools to measure and collect session information, including page response times, length of visits to certain pages, page interaction information, and methods used to browse away from the page. We may also collect personally identifiable information (including name, email, password, communications); activity details, comments, feedback, product reviews, recommendations, and personal profile.

2. PERSONAL INFORMATION

2.1. When you use our website, including filling in the contact form, as part of the process, we collect the personal information you give us. This information includes the date of birth, images of your government-issued ID, passport, utility bill and other similar data related to the KYC process, transaction data including information about transactions made with us, technical data including your IP address, login data, browser type and version, time zone setting and location, browser plug-in types and versions, blockchain data including your wallet address, operating system and other technology on the devices you use to access our website or services, usage data about how you use our Finery Markets software, and aggregated data (not legally considered as personal data) including statistical data.

2.2. Cookies and pixel tags to monitor and observe the use of our websites, compile aggregate data, and provide a more effective service including customization. These “Cookies" are small text files created and stored on your computer by your internet browser software, which hold relevant information about the web page you are currently viewing. Most internet browsers allow you to disable cookies, however, this may reduce the function of our website. “Pixel tags” are small blocks of code on a webpage. They can include information such as your IP address, the time you viewed the pixel and the type of browser being used.

2.3. The Cookies and their functions that this website uses include:

  • used to distinguish users.
  • used to persist session state

2.4. Your personal information will be used for the specific reasons stated below only.

3. INFORMATION USE

We may collect such Non-personal and Personal Information for the following purposes:

3.1. To provide and operate our web service and the Finery Markets software;

3.2. To provide our users with ongoing customer assistance and technical support;

3.3. To be able to contact our visitors and users with general or personalized service-related notices and promotional messages;

3.4. To create aggregated statistical data and other aggregated and/or inferred Non-personal Information, which we or our business partners may use to provide and improve our respective services;

3.5. To comply with any applicable laws and regulations.

4. THIRD PARTY SOFTWARE

4.1. Our website uses Google Analytics to obtain statistics on our visitors.

4.2. We may use other selected third parties to help deliver our services including but not limited to: business partners, fiat on or off-ramps, fraud prevention services, or analytics and search engine providers that assist us in the improvement and optimization of our site.

4.3. We only allow the third parties we work with to process your personal information if we are satisfied with the way they take appropriate technical and organizational measures to protect your personal information. We also impose contractual obligations on our selected third parties to ensure they can only use your personal information to provide services to us and to you. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions or as based on any notice provided to you.

5. NOTIFICATION

We may contact you to notify you regarding your account, to troubleshoot problems with your account, to resolve a dispute, to collect fees or monies owed, to poll your opinions through surveys or questionnaires, to send updates about our company, or as otherwise necessary to contact you to enforce our Terms and Conditions, applicable national laws, and any agreement we may have with you. For these purposes, we may contact you via email, telephone, text messages, and postal mail.

6. STORAGE

6.1. All information you provide to us is stored on secure servers. If you have a password to access certain parts of our Finery Markets software, you are responsible for keeping this password and other personal information confidential.

6.2. We will keep your personal information while you have an account with us or while we are providing services and/or products to you or while we are in a contractual relationship with you. Thereafter, we will keep your personal information for as long as is necessary and as required by the relevant regulations.

7. YOUR RIGHTS

7.1. You have certain rights regarding your personal information, subject to local law. These include the rights to:

  • access your personal information;
  • rectify the information we hold about you;
  • erase your personal information;
  • restrict our use of your personal information;
  • object to our use of your personal information;
  • receive your personal information in a usable electronic format and transmit it to a third party;
  • lodge a complaint with your local data protection authority.
  • If you would like to discuss or exercise such rights, please contact us.

7.2. We have appointed a data privacy officer (“DPO”) to address questions related to this privacy notice. If you have any questions about this privacy notice, including any requests to exercise your legal rights, if you do not want us to process your data anymore or if you would like to access, correct, amend or delete any personal information we have about you, please contact our DPO at info@finerymarkets.com.
The GDPR also gives you the right to lodge a complaint with a supervisory authority. The supervisory authority in Cyprus is the Office of the Commission for Personal Data Protection. Their office is located at Iasonos 1, 1082 Nicosia, Cyprus. They can be contacted by telephone at +357 22818456, by fax at +357 22304565, or by email at info@commissioner@dataprotection.gov.cy.

7.3. We do not sell, trade, or rent your personal information to others. We may share generic aggregated information not linked to any personal identification information regarding visitors and users with our business partners and with regulatory bodies to the extent required by law.

8. CHANGES

We reserve the right to modify this privacy policy at any time, so please review it frequently. Changes and clarifications will take effect immediately upon their posting on the website. If we make material changes to this policy, we will notify you here that it has been updated, so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we use and/or disclose it.

9. CHILDREN'S ONLINE PRIVACY

Compliance with children's online privacy protection act. We do not accept users under the age of 18 and no part of our website or Finery Markets software is structured to attract anyone under 18.

10. YOUR ACCEPTANCE

If you do not agree to this Privacy Policy, you should not use our website or our services.

effective date: July 18, 2024
Risk Disclosure Archive

Your use of the Finery Markets software is contingent on your acknowledgement and acceptance of this Risk Disclosure.

The intention of this Risk Disclosure is to inform you that the risk of using Finery Markets software may be substantial. We expressly assume no guarantee for the completeness of the risks presented. There are additional risks which are not presented here, and individual risks may arise in certain situations. Further, both these listed risks, as well as non-listed risks, may occur both singly and cumulatively.

You are responsible for the usage of Finery Markets software, your trading behavior and investment decisions. We do not and will not provide any investment advice. We will not make personal recommendations or advice on the merits of purchasing, selling, or otherwise dealing in particular investments, any tax consequences, the composition of any portfolio, or any other rights or obligations attaching to such investments. Therefore, you are advised to consult a specialist, including investment, legal, or tax professionals who are familiar with your needs, objectives, experience and/or knowledge and circumstances. Any information provided here or elsewhere by us does not substitute for the advice of qualified specialists.

Words and phrases defined in the Operating Rules and Terms & Conditions shall have the same meanings (unless otherwise expressly provided herein) for the purposes of this Risk Disclosure.

In considering whether to trade, you should be aware of the following:

1. DEVICE AND SOFTWARE FAILURES

Users are responsible for any financial losses due to their devices or software failing, including issues with connectivity quality.

2. HARDWARE/SOFTWARE MALFUNCTION

Both Finery Markets’ and User’s hardware or software malfunctions, misuse, or failures can lead to financial losses.

3. POWER OUTAGES

Loss of power affecting user or provider equipment, including communication operators, can disrupt trading activities.

4. PHYSICAL DAMAGE

Any physical damage or destruction of communication channels between the user, provider, and trading servers can result in execution failures.

5. COMMUNICATION QUALITY

Poor or interrupted communication channels can lead to trading orders not being received or executed correctly.

6. INCORRECT SETTINGS

Users must ensure Finery Markets software as well as their applications connecting to Finery Markets software, if any, are correctly configured to avoid inconsistent behavior and execution failures.

6. SOFTWARE MALFUNCTIONS

Any malfunction or non-operability of the Finery Markets software, including user-side web GUIs, can lead to unexecuted or improperly executed orders.

Each of these risks highlights the potential for technical issues to disrupt trading activities and cause financial losses, underscoring the importance of robust system management and user vigilance. Besides, you understand and agree that this brief Risk Disclosure cannot disclose all the risks and other significant aspects of using Finery Markets software.

effective date: July 18, 2024
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