![]() “PISP” means Payment Initiation Service Provider, which provides payment initiation services (i.e. “Order Confirmation” occurs when VFX confirm the details of the Order to the Client by telephone, or electronically or in writing. “Order” means the Client’s oral, electronic or written instruction for VFX to perform a Trade on its behalf. “Margin Nominated Account” means the bank account nominated by VFX from time to time into which the Margin will be paid. “Margin Call” means a demand for further funds to cover possible losses on a forward transaction. “Margin” means funds that are held as a security deposit against a forward transaction. “Limit Orders” means an Order that becomes a firm Order (opening a new position) when a targeted price is reached or exceeded. ![]() “Instruction(s)” includes any instruction received whether to debit, make transfers, cancel and/or set up regular payments (including standing orders and direct debits or any other transaction permitted by the Services) “Initial Margin” means a fixed percentage deposit required for the life of the Forward Trade. “Forward Trade” means a transaction where the Value Date is later than the standard spot delivery date for that currency pair. ![]() “Contract Note” means our written document setting out the details of a Trade that will be sent to the Client following Order Confirmation. “Contract” means the contract between VFX and a Client to provide Services on the terms of this Agreement. “Client Nominated Account” means the bank account nominated by VFX from time to time into which the Sale Currency proceeds will be paid. “Client” means any individual or corporate entity that wishes to enter into transactions for the purchase and/or sale of currency with VFX and that has satisfied and completed its registration and onboarding requirements. ![]() “Call” means a request by VFX to the Client to provide additional amounts (not exceeding the full amount of the Sale Currency) as VFX may reasonably require on account to cover adverse exchange rate movements between the date of the Contract and the Value Date. online services providing consolidated information on one or more payment accounts held by You with another payment service provider or with more than one payment service provider). “AISP” means Account Information Service Provider, which provides account information services (i.e. “Account” means account(s) held by VFX in a Client’s name, or account(s) held by VFX where the Client is one of the named account holders and able to access the Services. ![]()
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