Digital assets trading terms and conditions
Section I - General provisions
1. Purpose and scope of application
These terms and conditions for trading in digital assets (“Digital Assets Trading Terms”) govern any orders for the trading of digital assets by the client (“Client”) with Taurus SA (“Taurus”) in, from or into fiat currencies and/or Digital Assets (as defined in the general terms and conditions of Taurus; “GTC”), and specify how Taurus prices, handles and executes such transactions.
The Digital Assets Trading Terms form an integral part of the contractual relationship between the Client and Taurus and apply together with and in addition to the GTC and any other terms and conditions of Taurus, subject to any special agreements between the Client and Taurus and subject to any separate regulations of Taurus for specific platforms or communications channels, including with regard to digital banking systems or mobile applications, or for special types of trading.
2. Trading services of Taurus
The Client can elect to use the following Taurus digital asset trading services on an “execution-only” basis (hereinafter the “Service”):
Digital asset brokerage service, where the Client transmits orders to Taurus, who then takes in charge the execution of those orders with third-party execution venues and/or counterparties in compliance with the “Best Execution Policy”;
Trading on the TDX Organised Trading Facility (“TDX OTF”) as indirect participant via Taurus. In this case, the Client registers with Taurus and agrees to route and execute orders exclusively on the TDX OTF (“TDX Client”) and/or specifically instructs Taurus to route a given order for execution to the TDX OTF. This trading service is subject to the rules set in the “TDX OTF Rulebook”.
Trading on the TDX OTF as a direct participant. This trading service is also subject to the rules set in the “TDX OTF Rulebook”.
3. Trading channels
As an exception to the Art. GTC “Communication and associated risks”, the Client may only transmit any orders and instructions to Taurus through the following trading channels:
By telephone, either through the client relationship manager competent for the Client or by direct access to the Taurus trading desk; or
By Taurus electronic communication channels and systems as may be offered by Taurus from time to time, as described in the Electronic access terms and conditions.
Any oral or written instructions received by Taurus (including electronic instructions) in respect of any Transaction and identified as to proper authority to Taurus' satisfaction shall be deemed to be the Client’s proper and duly authorised instructions and shall be binding on the Client, and Taurus shall not be liable for acting upon such instructions even if such instructions contain an error or are not authentic or duly authorised.
The eligibility of the Client to access or use any particular trading channel is at the discretion of Taurus. Taurus is not required to receive or accept any orders or instructions of the Client by any communications or transmission channels other than those listed above (including without limitation by e-mail, text message or in writing), and any orders or instructions by such other channels shall be deemed refused without any notice or other action by Taurus unless explicitly accepted in the individual case in Taurus' discretion.
4. Range of digital assets and fiat currencies
Taurus determines the range of Digital Assets and fiat currencies available to the Client for trading in its discretion. In particular, Taurus may from time to time decide not to offer or to discontinue or limit the conversion or trading in specific Digital Assets without giving any reason and without prior notice to the Client, even if the Client still holds positions in such Digital Assets. Taurus may also set minimum and maximum amounts for transactions in Digital Assets at its own discretion.
Taurus then reserves the right to take any measure necessary to safeguard its interests or those of the Client, such as but not limited to the sale, transfer, compensation or conversion of securities or assets.
5. General prerequisites for trading
The Client requires an account with Taurus for each of the digital assets between which it wishes to perform conversions or account transfers or in which it wishes to trade, subject in particular to the provisions of the GTC on Digital Assets Account(s) (see in particular GTC Art. “Accounts in foreign currencies and Crypto Currencies “, “Trading in foreign currencies and Crypto Currencies” and “Crediting and debiting amounts in foreign currencies and Crypto Currencies”).
6. Availability and hours of operations
With regard to bank holidays (see GTC Art. “Bank holidays”), Taurus is free to determine, adjust and amend at any time the hours of operations and cut-off times in respect of each available trading service and trading channel, as well as any minimum, incremental and maximum transaction amounts, availability of order types or applicable trading rules. Taurus may communicate any such parameters, requirements or limitations, if applicable, to the Client as it considers appropriate, including with respect to individual orders or transactions or in general form and in each case as set forth in GTC Art. “Communications and associated risks”.
In operating and maintaining its systems relevant to the provision of conversion and trading services to the Client, Taurus applies due care. Taurus is not responsible for any persons or systems outside its sphere of influence and, in particular, does not warrant or guarantee in any form the availability of services or of specific trading channels.
Taurus may at any time, whether for legal, regulatory, reputational, technical, market- or currency-specific or for any other reasons, limit or cancel the Client’s ability to perform conversions or trade in Digital Assets, limit or cancel the use of any of Taurus' trading channels or refuse to execute the Client’s orders, without giving any reason.
7. No advice
Taurus solely provides its trading services on an “execution-only” basis.
In no case do the trading possibilities offered by Taurus (as a broker or through its TDX OTF) or its choices in the digital assets and fiat currencies available to the Client constitute advice to buy, hold or sell assets, now or in the future.
As an Investor, the Client confirms that he/she has done his/her due diligence on individual securities, digital assets and/or financial instruments admitted for trading on Taurus before to buy. This is his/her sole responsibility. The Client declares to understand that some Issuers may be non-listed private companies publishing financial information on an annual basis (via regular audit or limited review/Limited Statutory Examination (“LSE”)).
In particular, each Investor acknowledges that no Existing Shareholder, nor the Issuer nor Taurus, is making any representations as to budgets, business plans, forward-looking statements, the future development or success of the Company and its business or other projections of a financial, technical or business nature relating to the business of the Company.
8. Taurus' trading role and capacity
When executing Clients' transactions as part of its digital asset brokerage service, Taurus carries out transactions in Digital Assets in its own name, acting in a capacity as riskless principal pursuant to Articles 425 et seq. of the Swiss Code of Obligations. As riskless principal, Taurus fulfils the Client’s order by simultaneously executing an identical transaction (or combination of transactions) with other counterparties. In particular, Taurus does not act as counterparty to the Client in the capacity of seller or buyer.
When executing TDX Clients' transactions, Taurus receives and transmits orders to the TDX OTF, which are then submitted, executed and settled with other participants according to the rules set in the “TDX OTF Rulebook”.
Taurus maintains a framework including policies, processes, training and education, controls and reporting, to identify and manage any potential conflicts of interest in connection with trading activities appropriately, in particular by taking measures to avoid their realisation or to mitigate the effects of realisation or by disclosing them to the Client.
Section II - Pricing
9. Pricing with brokerage service
When trading as riskless principal vis-à-vis the Client, Taurus passes on the price negotiated and agreed in the identical transaction entered into by Taurus with other counterparties in the market (i.e. including any spread and fees applied by such counterparties), subject to an additional Taurus' fees negotiated and agreed with the Client in advance. If Taurus enters into a combination of transactions to fill the order of the Client, it is entitled to apply an average price (including spreads) plus the Taurus fees. In negotiating and agreeing the transaction or transactions in the market required to fill the order of the Client, Taurus shall apply “best execution” in accordance with the “Best Execution policy”.
Transactions are executed via the counterparties chosen by Taurus in its sole discretion. Digital asset counterparties include regulated or unregulated markets (such as crypto exchanges), trading venues, counterparties, OTC dealers, market makers and other services providers to buy or sell Digital Assets. Transactions will be executed via the Liquidity Provider(s) chosen by Taurus in its sole discretion. The list of execution venues and counterparties which may be used by may be amended or updated by Taurus unilaterally from time to time without prior notice.
Taurus has no obligation to make prices available for Admitted Digital Assets, in particular in situations of illiquidity where no bids/asks are available.
10. Pricing with TDX OTF trading service
When a Client executes an order on the TDX OTF, the order is executed according to the applicable market schedule and in full compliance with the rules set in the TDX OTF Rulebook.
Taurus has no obligation to make prices available for Admitted Digital Assets, in particular in situations of illiquidity where no bids/asks are available.
11. Responsibility of Client
The Client is required to examine the price quoted by Taurus in respect of each individual order and must determine, in its sole responsibility, whether such price is acceptable taking into account prevailing market conditions, its individual objectives and circumstances and all other relevant considerations. It is the sole responsibility of the Client to decide on proceeding with a transaction at the price and conditions quoted by Taurus.
Section III - Order handling and execution
12. Access to Digital assets, securities and other financial instruments
Taurus provides access to Digital Assets, securities or other financial instruments to the Client subject to the provisions of the GTC (including “Custody regulations” and these “Digital assets trading terms and conditions”) and compliance with applicable laws, regulations and standards of self-regulation, contractual provisions, business or trade practices or internal rules and policies of Taurus. It may limit or exclude such access, or refuse, limit or condition the performance of transfers, with respect to individual financial instruments, types or classes of financial instruments at any time in its discretion without giving any reason.### 12. Instructions
The Client may instruct Taurus to place orders, such as purchases, sales, subscriptions, conversions or redemptions, or to perform transfers of Digital Assets, securities or other financial instruments, whether listed/admitted to trading on any trading venue or not, in each case subject, in particular, to the GTC; see in particular GTC Art. “Execution of instructions and orders”. The Client shall be fully responsible for the investment decisions leading to an order and it acknowledges and accepts that transactions so instructed are at its own risk and expense.
The Client may only rely on the valid acceptance of orders or instructions, or of any cancellations, modifications and corrections of orders or instructions, upon confirmation by Taurus. Orders received via the same trading channel will generally be executed in the sequence in which they were acknowledged and accepted by Taurus.
Taurus may further specify the terms of individual transactions in its quotes or trade confirmations provided to the Client.
14. Pre-funded Transactions
In general, by default, any Transactions executed via Taurus must be pre-funded in full (100%), unless agreed differently. In case of “Pre-funded Transactions”, the Client acknowledges that Taurus will not be able to start the execution of an order before the funds (Digital Assets or Permitted Currencies) have been received and are available on Taurus’ account(s) or wallet(s). The Client acknowledges and agrees that he/she shall have no claim against Taurus for any damages, opportunity costs or liabilities attributable to an adverse price movement during the period between the order is submitted and when the funds are received by Taurus and then by the respective Liquidity Providers for final execution of the order. Where there is insufficient cover for an order, it shall be considered not to have been issued. Once money, digital assets or securities have been debited from the account, orders can no longer be revoked. During trading hours it is generally impossible to revoke market orders, since they are normally executed immediately.
15. Best execution
The execution of orders is taken based on the principle of best execution and according to the specific rules set in the “Best Execution Policy”. Taurus does not guarantee execution or execution within a particular time frame. The time periods for execution of individual transactions may vary depending on the form of custody, market conditions (including, with respect to Digital Assets, around specific expected or unexpected events such as forks affecting the underlying distributed ledger), compliance requirements, technological and various other external factors. In particular, the Client acknowledges that the execution of orders or instructions may be dependent on the trading days/times of involved trading venues or platforms, if any.
Taurus has no obligation to accept orders or instructions regarding Digital Assets and may in its discretion provide or decline to provide quotes, accept, reject, limit or cancel orders or instructions without giving any reason. Transactions with the Client in Digital Assets are entered into at the discretion of Taurus. In particular, GTC Art. “Execution of instructions and orders”, “Payments, deposits, withdrawals and acceptances of assets” and Custody Regulations Art. “Orders” apply.
Any orders to transfer Digital Assets or any other instructions for transactions concerning Digital Assets have to be placed by the Client with Taurus with sufficient advance notice taking into account the current form of custody of the relevant Digital Assets.
The Client and Taurus will comply at all times with the General Rules for Transactions set in Exhibit 1. If the conditions set in Exhibit 1 are or have not been met, Taurus reserves the right to cancel such Order or Transaction whereupon neither party shall have any obligation to the other in respect of such Transaction.
The Client acknowledges and agrees that:
the liquidity of Digital Assets relies on the prices offered by the trading venues and liquidity providers selected by Taurus, which may include regulated or unregulated markets, trading venues, counterparties and other services providers (the “Liquidity Providers”), for the relevant Digital Asset;
Taurus has no obligation to make available prices at any time, in particular in situations of illiquidity where no prices are available from any of Taurus’s Liquidity Providers for Digital Assets or where no bid/ask are available on the TDX OTF. The Client is solely responsible for assessing whether the purchase prices and/or selling prices are acceptable to him;
the Client bears the risk of the Digital Assets held directly by Taurus for the Client and/or through a third-party Liquidity Provider being compromised for any reason (e.g., hacking, theft, fraud, cyber-attack, loss of private key, etc.) (each a “Loss Event”), absent any fraud of Taurus. In particular, Taurus shall have no liability in connection with a Loss Event resulting from any action, omission, or otherwise attributable to Liquidity Provider. In case of any Loss Event, Taurus shall promptly notify the Client and inform the Client of any measures taken to mitigate the impact of such Loss Event.
Once an order is executed, Taurus will send a Confirmation within a reasonable time with the final price and conditions of the Transaction, which shall be governed by the general and specific terms and conditions.
Any Confirmation or other documents to be given to the Client shall be validly given if dispatched to the Client in accordance with his/her contact details last registered with Taurus, and shall be deemed to have been received by the Client the day after their dispatch.
The Client undertakes to verify the correctness of each Confirmation and to inform Taurus within two (2) business day from dispatch of any Confirmation of any discrepancies, omissions or debits wrongly made to, or inaccuracies or incorrect entries in, the account or in the particulars of the Confirmation. After two (2) business day, the account entries as kept by Taurus and the details contained in the Confirmation shall be conclusive evidence vis-à-vis the Client without any further proof that the entries in the account and the details contained in the Confirmation are correct and notwithstanding any discrepancies, omissions or debits wrongly made to, or inaccuracies or incorrect entries in, the account, statement or Confirmation as so stated, whether made, processed or paid out as a result of forgery, fraud, lack of authority, negligence or otherwise by any person whatsoever.
18. Erroneous or delayed execution of orders
In the event of the erroneous, incomplete or delayed execution of an order, Taurus’ liability shall be limited to the interest lost.
19. Erroneous transactions and erroneous entries (mistrades)
The Client is aware and accepts that a stock exchange, a multilateral trading facility (MTF) or organized trading facility (OTF) may reserve the right to declare an executed transaction invalid if, for example, the stock exchange/MTF authorities or the operator of the OTF believe the transaction is clearly the result of an erroneous transaction or entry. If, in the meantime, the Client has sold on the security affected by the erroneous transaction or entry, this constitutes a short sale. The Client accepts and assumes the risk of erroneous transactions, erroneous entries and short sales. The Client is aware and agrees that short sales are not allowed and will thus automatically be covered by Taurus without further notification, i.e. negative positions will be closed out.
Taurus expressly draws attention to the fact that digital assets and securities to be sold by the Client must be present in the Client’s account in a long position permitting proper delivery on or before the settlement date of the respective transaction. Save where guilty of willful intent or gross negligence, Taurus shall not be liable for any damage in connection with such a declaration from the stock exchange. With regard to reversal of debit entries, the provisions of the Swiss Federal Intermediated Securities Act shall apply.
Upon learning that assets credited to his/her account must in all good faith be assumed to have been credited erroneously, the Client shall be obliged to notify Taurus immediately of the credit entry either in writing or orally.
20. Revocations and cancellations
The Client can cancel/revoke an order he/she has placed only before it has been performed or executed. Taurus will process this new instruction from the Client on a best effort basis but shall not be held responsible if the order is nevertheless finally processed.
The Client acknowledges that Taurus may unilaterally cancel or reverse a trade in case of high market volatility.
Promptly upon Taurus’ instructions and maximum within 24 hours, the Client shall make payment or deliver Digital Assets, on the relevant settlement date, to specific account/wallet instructed and communicated by Taurus. If the Transaction is not settled by the Client on the relevant settlement date, Taurus reserves the right to cancel or revert such Transaction and to ask the Client to compensate for any losses associated with the Transaction (e.g., opportunity costs, late interests). Taurus will not accept payments from any party other than the Client. All amounts payable by the Client under this agreement shall be paid in full without set-off or counterclaim or any restriction or condition.
Settlement of Transactions in Digital Assets may take longer than the customary settlement cycle of regulated securities exchanges or other markets and trading facilities. The Client acknowledges that the settlement of Transactions may be delayed by daily, weekly or monthly deposit and withdrawal limits imposed by third-party liquidity providers. Taurus will use commercially reasonable efforts to settle Client’s Orders as soon as reasonably possible.
The Client acknowledges that the settlement or execution of trades may be materially delayed by liquidity providers or correspondent banks. In some cases, trading counterparties may delay, suspend or limit the withdrawal of cash and require further information about the Client. The Client commits to provide Taurus with all required information, in particular AML and KYC information, to unblock the funds and recognizes that funds may be locked for an indefinite amount of time if all necessary information is not provided in due time.
The Client acknowledges that Taurus may unilaterally cancel, refuse or reverse an unsettled trade if the funds (Digital Assets or Permitted Currencies) are not delivered within the settlement deadline indicated by Taurus or if the counterparty cannot settle the trade.
Taurus shall not be liable for any loss directly or indirectly attributable to an action or omission, or for the insolvency/bankruptcy, default or similar event affecting any counterparties.
Section IV - Risk disclosure
22. General trading risks
The Client is aware that trading in Digital Assets is a highly speculative activity in potentially extremely volatile and partially unregulated markets. As such, it involves substantial risks of loss including a total loss.
In particular, trading orders are subject to a risk of slippage, i.e. they may be executed at a different price than expected at the time of entry of the order. This risk, and its potentially detrimental financial consequences for the Client, may intensify during periods of high volatility, liquidity shortfalls or other exceptional market circumstances as well as in connection with market closures during weekends or on local holidays, all of which are outside the sphere of influence of Taurus. Such circumstances and events may also delay, hinder or outright prevent order execution or conversions between particular pairs of currencies, Crypto Currencies or Digital Assets and may further add to the cost of individual Client transactions.
23. Special risks of trading in Digital Assets
Special risks of trading in Digital Assets are detailed in the “Risks involved in trading and custody of digital assets”, as amended from time to time.
The markets in Digital Assets are in principle not subject to closures during weekends or on local holidays. However, crypto exchange venues may halt trading in particular Digital Assets due to external events such as forks in a relevant blockchain, which may reduce or eliminate liquidity in such Digital Assets for extended periods of time. Execution of orders may take longer than the customary execution time of regulated securities exchanges or other markets and trading facilities.
The Client understands and accepts to bear all the risks related to trading Digital Assets via Taurus acting as riskless principal.
Section V - Trading on TDX OTF
24. Direct connectivity as TDX participant
If the Client connects to the TDX OTF as a direct participant, he/she/it agrees to:
Comply will Taurus’ reasonable test requirements in relation to connectivity, IT systems and such other matters as Taurus may reasonably specify;
Maintain a connection to TDX OTF of such minimum quality as Taurus may reasonably prescribe from time to time in accordance with the Technical Specification(s). The Client is solely responsible for connecting to, and maintaining its connection to TDX OTF;
Comply with the continuing obligations requirements as set out in the TDX OTF Rulebook (the “Rules”)(see section “TDX OTF Rulebook”); ensure that all personnel trading on its behalf understand, are aware of and comply with the Rules and applicable laws; ensure that it implements appropriate procedures and controls to ensure its ongoing compliance with the Rules;
Not act as a Liquidity Provider or Market Maker on the TDX OTF unless and until it has executed a Liquidity Provider or Market Making Agreement with Taurus;
Provide reasonable assistance to Taurus regarding any investigation concerning compliance with the TDX Rulebook and applicable laws, which assistance may include providing access to information reasonably within the control of the Client.
The Client agrees that Taurus may monitor any and all orders, offers and transactions entered on the TDX OTF. Taurus may, at its absolute discretion, suspend a Participant, or restrict the Participant’s right to place orders or receive information from TDX OTF at any time.
25. Trading withdrawal/unlisting
The Taurus’ decision to trade the Admitted Digital Assets on its OTF is subject to conditions and may be reversed at any time by Taurus. There is no guarantee that Taurus will continue to trade the Digital Assets on the TDX OTF in the future. Taurus may, at any time withdraw a digital assets from trading, if Taurus deems it necessary in order to maintain a fair and orderly market on the TDX OTF, to comply with Applicable Laws or in response to a request from a regulator, or for any other reason at its sole discretion. The Client acknowledges and understands that unlisting may lead to a total lack of liquidity and/or the total absence of market places.
26. TDX OTF market data
Subject to the provisions of the Swiss Data Protection Act, the Client acknowledges and agrees that all TDX OTF market data are the exclusive property of Taurus. If and to the extent that he/she/it wishes to access and use the TDX OTF Data, such access and use will be subject to the terms and conditions of a Data Licence with Taurus. The Client must enter into a Data Licence with Taurus prior to receiving or accessing any TDX OTF Data. In any event, the Client shall be permitted to use TDX OTF Data to the extent necessary to enable the Client to meet any regulatory obligations under applicable law, but not to distribute TDX OTF Data.
The Client agrees that (to the extent it owns any rights to the same) Taurus may possess or use data for any legitimate business purpose. Taurus shall not distribute such data to any third party without the prior written consent of the Client. Taurus will ensure that Member Data is de-identified and aggregated in a manner that does not directly identify or link the Member with any orders or transactions, where such Member Data is used in a data feed or otherwise made available to third parties.
Section VI - Miscellaneous provisions
27. Taurus' duty of care
Taurus shall conduct any conversions, account transfers or trading for the Client in Digital Assets with due care.
Taurus doesn not provide any guarantee regarding the rating of any digital assets bought via its brokerage service and/or TDX OTF. Taurus disclaimes in particular all responsibilities to the fullest extent if a digital assets purchased via Taurus is then associated ex-post with any criminal and/or fraudulent activites.
28. Fees and remuneration
Taurus is entitled to debit from any account and/or transaction of the Client the relevant transaction settlement amounts as well as any fees, commissions and costs pursuant to these Digital Assets Trading Terms and Conditions or agreed with the Client. In particular, third-party brokerage fees, exchange fees, bank custody and administration fees, stamp duties, taxes, blockchain network and transaction fees, etc. may be charged separately on top of Taurus fees.
Taurus reserves the right to adjust and amend the fee schedules at any time, including due to changes in market conditions or costs. Changes will be communicated to the Client by appropriate means, including as set forth in GTC Art. “Communications and associated risks”, and will take effect 30 days from the date of notification by Taurus unless otherwise specified by Taurus.
If any provision of these Digital Assets Trading Terms and Conditions is or becomes invalid or unenforceable, the remaining provisions shall continue to be binding.
30. Amendments to the Digital Assets Trading Terms and Conditions
Taurus is entitled to amend and modify these Digital Assets Trading Terms and Conditions at any time. The Client will be notified in advance of any amendments by appropriate means, including as set forth in GTC Art. “Communications and associated risks”, and such amendments are deemed approved if the Client does not submit an objection within 30 days of the date of the amendment.
The currently valid version of the Digital Assets Trading Terms and Conditions, as amended from time to time, can be accessed on Taurus website.
EXHIBIT 1: Rules for brokerage transactions
This Exhibit sets out certain additional rules applicable to all brokerage transactions.
The Client acknowledges and agrees that each Transaction will be entered into the following manner:
the Client requests a Quotation from Taurus;
Taurus, either (i) sends a non-binding quotation to the Client; or (ii) if Taurus is not able, or not willing, to provide a quotation, Taurus may propose, on a non-binding basis, to take in charge the execution of the order, without a quotation, on a best effort basis (“Delegated Execution Order”);
the Client either sends to Taurus (i) an order to confirm his/her agreement with the quote (“OTC Order”); or (ii) a Delegated Execution Order;
finally, Taurus decides to accept or not (i) the OTC Order; or (ii) the Delegated Execution Order; and confirms it to the Client.
In relation to an OTC Order, the Client shall only send an Order to Taurus to execute a transaction with the same details as contained in the quotation, including, but not limited to, price, quantity, digital asset, direction and currencies.
In relation to a Delegated Execution Order, Taurus will require from the Client the full amount of Digital Assets or Currencies to be paid in advance and fully settled before starting the execution of the Delegated Execution Order. Taurus will select one or several Liquidity Providers. The Client acknowledges that, in some cases, Taurus may need to transfer Digital Assets or Currencies to the selected Liquidity Provider(s) before executing the Order.
Each transaction entered by ways of clauses above, with all the applicable requirements fulfilled, is a binding contract between the Client and Taurus upon acceptance by Taurus in the manner described herein and below.
Taurus’ acceptance of an Order will be evidenced by Taurus confirmation of the agreed terms to the Client.
A quotation may be provided in response to a RfQ sent by the Client. Taurus may elect not to provide a quotation or not to propose a Delegated Execution Order without giving any reason.
The Client acknowledges that the prices underlying Taurus’ quotations are subject to constant changes.
The Client acknowledges that Taurus may apply restrictions to Client’s activities, including but not limited to restrictions on the quantity and currencies of Client’s requests and Taurus’ risk exposure to the Client. Such limitations will be enforced by Taurus.
Taurus may decide to change unilaterally at any time the risk exposure limit applicable to a Client without giving any reason.
If, after the execution of a Transaction, Taurus determines in its sole discretion that the conditions listed in clause below have not been met, Taurus reserves the right to cancel such Transaction whereupon neither party shall have any obligation to the other in respect of such a transaction.
The following factors are considered to deem an order valid:
the Client’s OTC order to execute a transaction has been given while the quotation is still valid;
the quotation or the order must not contain a manifest error;
an event of default must not have occurred with respect to the Client;
the execution of the order must not result in a breach of the Client risk exposure limit or such other limitation placed by Taurus on the Client; and
the Client has made the required payment within the settlement time limits set by Taurus.