Exchange Rules

Contents

  1. THE AGREEMENT
  2. OPENING AN ACCOUNT
    1. 2.1 Conditions
    2. 2.2 Acceptance
    3. 2.3 Assessment of Information Provided
    4. 2.4 Application Process
    5. 2.5 Misuse of Account
    6. 2.6 Account Suspension and Closure
  3. YOUR ACCOUNT
  4. DEPOSITING FUNDS
    1. 4.1 General
    2. 4.2 Cards
    3. 4.3 Bank Wire
    4. 4.4 Checks
    5. 4.5 Firepay
    6. 4.6 ACH
  5. WITHDRAWING FUNDS
    1. 5.1 General
    2. 5.2 Bank Wire
    3. 5.3 Checks
  6. ANTI-MONEY LAUNDERING PROVISIONS
  7. TRADING
    1. 7.1 General
    2. 7.2 Trading Hours
    3. 7.3 Entering Orders
    4. 7.4 Types of Order
    5. 7.5 Canceling Orders
    6. 7.6 Trades
    7. 7.7 Open Positions
    8. 7.8 Closing Out Positions
    9. 7.9 Contract Expiry
  8. SETTLEMENT
    1. 8.1 General
    2. 8.2 Variation Margin
      1. 8.2.1 Official Closing Prices
      2. 8.2.2 Revaluation Process
    3. 8.3 Trade P&L
    4. 8.4 Expiry P&L
  9. INITIAL MARGIN
    1. 9.1 General
    2. 9.2 Margin Rates
  10. MARGIN CALLS
  11. EXCHANGE FEES
  12. GENERAL LEGAL
  13. LIMITATIONS ON TRADESPORTS' LIABILITIES
  14. INDEMNITY
  15. INTELLECTUAL PROPERTY AND RIGHTS TO USE

1. THE AGREEMENT

1.1
These Rules set out the basis on which TradeSports Exchange Ltd provides its services to you and governs your use of the service. In addition, special terms (Sports Rules) apply for each sport and also constitute part of these Rules, together with the Privacy Policy and Data Protection Consent.
1.2
The TradeSports service is an online sports trading exchange, which enables its account holders to trade the future outcome of various sporting events between themselves. The exchange provides order matching, account opening, account facilities to its account holders via its website, www.tradesports.com. TradeSports is not a bookmaker; it neither sets prices nor makes profits or losses based on the outcome of the sporting events. In return for providing the exchange facility, TradeSports collects fees from its account holders on trade execution and contract expiry.
1.3
TradeSports Exchange Ltd is a limited company registered in Ireland with company registration number 35224 and registered office at 39/40 Upper Mount Street, Dublin 2, Ireland. In these Rules, the terms 'TradeSports' and 'exchange' refer to TradeSports Exchange Ltd or any subsidiary company.
1.4
Terms used in this document are defined in the full Glossary on the TradeSports website. Margin examples are also available from the website.
1.5
TradeSports may vary these Rules at its sole discretion at any time. Notification of any changes will be posted on the TradeSports website for at least one week. All changes will apply to all outstanding trades, orders and financial transactions. You agree that should you object to these Rules or any subsequent modification, or are dissatisfied with the service; your only recourse is to close your account (See Section 2.6).
1.6
It is your responsibility to remain apprised of any changes made by reviewing the TradeSports website on a regular basis.
1.7
Unless explicitly stated by the exchange, any new services or features made available by TradeSports to its customers that enhance or are additional to the current service shall be subject to these Rules.
1.8
All notices that TradeSports is required to send to you regarding the service shall be made via e-mail to the e-mail address provided by you. Notices served by you on TradeSports pursuant to these Rules shall be sent to TradeSports at the e-mail address given on the TradeSports website. Communications shall be deemed to have been received at the time of transmission.
1.9
TradeSports will use its reasonable endeavors to provide you with support via the telephone or by e-mail limited to addressing problems experienced with accessing and using the service, and uploading, downloading and viewing website pages. TradeSports does not have a minimum response time to any particular query nor does it guarantee to provide answers for any query. Any requests for support should be directed to TradeSports using the details provided in the "Contact Us" page of the website (or such other details as TradeSports may from time to time notify you) in the first instance, but in the event that you are dissatisfied with the response you may contact our offices at the address stated on TradeSports' website.
1.10
This agreement comes into effect when a prospective account holder the applicant submits the required details to open a TradeSports account and agrees online to be bound by the Exchange Rules, Sports Rules, Privacy Policy and Data Protection Consent. The agreement ceases when the account is closed (See Section 2.6 for details).
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2. OPENING AN ACCOUNT

2.1

Conditions

To open an account, you must meet the following conditions:

2.1.1
You must carefully read and agree to these Rules, the Sports Rules, Privacy Policy and Data Protection Consent.
2.1.2
You must be aged 18 or over.
2.1.3
You must not already hold a TradeSports account or have had an account that has been closed by the exchange.
2.1.4
You have not filed for personal bankruptcy.
2.1.5
You are not an employee of the exchange.
2.1.6
You are not prohibited from using the services of the exchange for any reason whatsoever, and your use will not cause the exchange to violate any law from any jurisdiction from which you use the service.
2.2

Acceptance

By opening an account on the exchange you recognize and warrant that:

2.2.1
All transactions are contracted and settled on TradeSports' servers in Ireland and are governed by Irish law.
2.2.2
You are solely responsible for meeting any requirements of local tax authorities.
2.2.3
Trading on TradeSports is an activity predominantly based on skill, not of chance. You undertake that, when using the TradeSports services, you will not rely predominantly on chance and you will not make any offer or series of offers that would, if matched, be considered an illegal activity.
2.2.4
You may lose money on exchange trades.
2.2.5
You agree to keep your account number and password confidential and accept that you are fully liable for all trading losses, orders and payment transactions on your account, even if you are acting on behalf of a syndicate.
2.2.6
You must provide and, where appropriate, update the exchange with all information that it requires to meet its anti-money laundering obligations (See Section 6)
2.2.7
All information provided by you must be a true, accurate, current and complete description of your circumstances. You are responsible for informing the exchange via the website of any changes to the account information provided. The exchange is not responsible if you incur any losses because it was unable to contact you.
2.2.8
Any attempt by you to interrupt the operation of the exchange, disrupt the operation of the TradeSports website, to manipulate exchange prices or act in a manner that may be injurious to the Exchange may result in the immediate closure of your account, and/or unwinding of your trades and/or being prevented from accessing all or any part of the exchange or the website in future.
2.3
Assessment of Information Provided
2.3.1
TradeSports will handle all information provided by you on a confidential basis and in accordance with TradeSports' Privacy Policy, and Data Protection Consent which you should view.
2.3.2
In applying to open an account, you agree that the exchange:
a)
may conduct checks on the information that you have provided to ensure that it is correct and that you meet the conditions for becoming an account holder of the exchange. You authorize the exchange to use any means necessary to verify your registration details and check your creditworthiness.
b)
is held harmless against any falsehood or inaccuracy contained in the information you provide when registering as a customer.
2.4

Application Process

2.4.1
You may apply to open an account using the application process on the website.
2.4.2
When the exchange has accepted your application it will prepare an account and send you an e-mail with your confirmation code. When you first access your account quoting this confirmation code, it will be opened.
2.4.3
Before you may trade, you must deposit funds into your account (See Section 4).
2.4.4
The exchange is entitled to reject your application without giving you a reason.
2.5

Misuse of Account

2.5.1
You agree to disable automatic password memory features in your browser and ensure that you exit from your account at the end of each session.
2.5.2
If you suspect that someone else is using your account, you agree to immediately change your password and inform the exchange by e-mail. When the exchange is informed it will suspend your account, preventing you from becoming liable for any further activity, although you will remain liable for all activity before the exchange is informed.
2.6

Account Suspension and Closure

2.6.1
The exchange has the right to suspend or close your account at any time without giving you a reason, without further obligation or liability to you resulting from these actions.
2.6.2
If your account is suspended by the exchange, you cannot enter new orders or make deposits/withdrawals and your open orders will be cancelled. You may still view your account details.
2.6.3
You will be unable to access your account if you fail to login correctly on ten consecutive occasions. To reset your account you must access "Login Help" and apply for a new confirmation code to be e-mailed to you.
2.6.4
You may only request to close your account by contacting the exchange using the details described in the "Contact Us" section of the website.
2.6.5
You may only close your account when there are no open orders or positions and all payments have cleared.
2.6.6
If the exchange closes your account then it may, at its sole discretion, choose to take any or all of the following actions:
a)
cancel any or all of your outstanding orders;
b)
open positions in other similar, but not necessarily exchange-traded, contracts in order to hedge exposures created by your open positions;
c)
offset any money in your account to cover losses made on all of your transactions, instigated either by you or the exchange, and any costs incurred by the exchange in determining and handling your breach of these Rules, including without limitation legal costs;
d)
recover any losses resulting from the close out of positions by charging to your registered card.
2.6.7
In closing your account, you recognize that the exchange's priority is to protect itself and the interests of its other customers. The exchange neither has any obligation to minimize your losses nor to consult with you over its actions.
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3. YOUR ACCOUNT

3.1
Once you have successfully opened an account you may deposit and withdraw funds as described in Sections 4 and 5.
3.2
You are only allowed to hold money in your account to cover your likely future trading requirements. The exchange is not a bank and does not provide any banking facilities. If it appears to the exchange that the amount of money you have deposited is excessive in relation to your trading requirements then you will be required to withdraw money.
3.3
Details of your transactions over the previous 30 days may be viewed in the "My Account" section of the website once you have logged in.
3.4
You are not entitled to interest on funds in your account. However at its sole discretion the exchange may choose to pay interest on cleared funds. Where appropriate, details of any interest payments are available on the website in the "Rules and Fees" section.
3.5
You can see up-to-date details of your account on the website. This shows the following:
3.5.1
Available Funds - this is the amount of money and value of non-cash balances (such as promotional offers) in your account that can be used to meet initial margin requirements on new orders. (See Section 9)
3.5.2
Frozen Funds - this is money in your account that is being used to cover the initial margin requirement on your orders and open positions. (See Section 9)
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4. DEPOSITING FUNDS

4.1

General

4.1.1
On opening an account, you must firstly deposit a minimum of USD 25 to be able to trade, however we recommend that you deposit USD 100 as this seems to be the minimum to fully appreciate the trading experience.
4.1.2
All accounts are denominated in US Dollars however you may deposit funds in any other currency and the Exchange will convert your funds into USD at commercially available foreign currency rates.
4.1.3
Deposits may only be made using bank transfers, MasterCard and Visa cards, checks, ACH, Firepay or such other methods that may be approved from time to time by the Exchange
4.1.4
While every effort is made to process your deposit in a timely manner, the Exchange is not responsible for any delays that may occur
4.1.5
Normally there are no fees charged by the Exchange to process your deposit, however where the Exchange incurs costs as a result of your funds being deposited to your account with the Exchange by means other than those described in Sections 4.2-4.8, your account will be debited accordingly
4.1.6
The Exchange may require proof of identity before it credits your deposit to your account. If such proof is not received within a timely manner the Exchange will return your deposit to you subject to Section 6 below
4.1.7
The Exchange reserve the right to withdraw any or all methods of depositing from the member, without further explanation
4.1.8
Should the processing of your deposit be delayed or inaccurate in anyway please contact funds@tradesports.com. The Exchange reserves the right to correct processing errors in the unlikely event that they should ever occur at any stage.
4.2

Cards

4.2.1

Deposits will show as "Trade Exchange Network Ltd" on your card bill.

All card deposits must be made using the "My Account" section of the website.

4.2.2
The Exchange only accepts MasterCard and Visa cards.
4.2.3
Each customer may use no more than three cards.
4.2.4
The Exchange reserves the right to reject any card.
4.2.5
You must be the authorized holder of any card listed on your account.
4.2.6
You must verify your ID and credit card information before using your credit card to deposit funds.
4.2.7
Upon account verification, the deposit limit may be increased to USD 1,000 per 30days.
4.2.8
While it is possible to have an increased deposit limit of USD 4,000 in a 30 day period, this limit is available to experienced traders who have been members of the exchange for at least 6 months and where we are in receipt of proof of identity, address and card ownership.
4.2.9
Withdrawals will in the first instance be paid back onto the Visa up to the value of deposits in the previous 6 months. Withdrawal amounts in addition to the Visa Card deposits willnormally be processed by an alternative method selected by the member.
4.2.10
Due to MasterCard regulations we will be unable to process withdrawals back to MasterCards. If you have deposited funds with MasterCard please select an alternative method of withdrawal to receive your funds.
4.2.11
Refunds (refunds or withdrawals) will incur a fee of $10 each. The first two per month will be free.
4.3

Bank Wire

4.3.1
You may deposit funds into your account by making a US Dollar bank wire to the Trade Exchange Network Limited Segregated Member Account. Details are available on the "Deposit - Bank Wire" page to be found on the "My Account" tab on each page of the website.
4.3.2
There is no ceiling on the amount that you may deposit by Bank Wire.
4.3.3
The Exchange does not charge for receiving US Dollar bank wires but your bank and any intermediary bank may charge you for making the transfer.
4.3.4
Deposits by bank wire will be credited to your account immediately on confirmed receipt from our Bankers. You will be emailed when your funds are received.
4.3.5
Members wishing to deposit funds in any other currency should be aware that it is our bank who convert the funds on receipt of the foreign currency to US Dollars and therefore we do not have any control over the Exchange rate that is applied.
4.3.6
Members sending funds by bank wire are asked to note that, to make an international bank wire you need to contact your Financial Institution to initiate the wire on your behalf. . In most cases it is not possible to make this transaction on line, as our account is held in Dublin, Ireland.
4.3.7
Members must include the exact bank wire instructions as detailed on the My Account/Deposit/Bank Wire page our bank and include your membership number. If you do not include all relevant details we maybe unable to apply the funds to our account and they will be returned to your bank. We cannot accept any charges that are applied to the payment by any financial institution.
4.4

Checks

4.4.1
You may deposit funds using a US Dollar check or a US Dollar banker?s draft. There is no limit to the sum you may deposit by check or draft.
4.4.2
Funds will be credited to your account once the check has cleared. Typically this will be a minimum of 10 days after the check has been received.
4.4.3
Depositing money by check or banker's draft drawn on a US bank is free of charge. Additional banking costs, including the handling of non-US bank checks, that may be incurred by the Exchange in handling your check will be debited from your account.
4.4.4
Check deposits can only be accepted if the check is in the name of the Tradesports account holder. Third party checks cannot be accepted.
4.5

Firepay

4.5.1
You may deposit funds using Firepay via the link on our deposit page. More details are available on the "Deposit - Firepay" page to be found on the "My Account". tab on each page of the website.
4.5.2
You can only deposit to one account on the Exchange using one Firepay account.
4.5.3
The Exchange reserves the right to reject any Firepay payment.
4.5.4
Where the Exchange receives notification from Firepay that your account with Firepay has been deactivated we will immediately suspend your account until the situation is resolved.
4.5.5
Deposits made using Firepay will normally be credited to your account immediately on receipt.
4.5.6
We do not pass on the charges we incur in receiving you Firepay deposit.
4.6

ACH

4.6.1
To use ACH you need to register first for the facility. To do this complete the form which you can download from the ACH page under ?My Account? and fax it to +1866 3031924 or scan and email to help@tradesports.com, along with a blank voided check.
4.6.2
This method of deposit can only be used from checking accounts held in the US.
4.6.3
It is only possible to deposit $5,000 per transaction.
4.6.4
Deposits are processed by our Banking Department from Monday to Friday from 3am ET to 1pm ET.
4.6.5
Deposits take between 3 to 4 business days to clear from your bank account.
4.6.6
As soon as the Exchange are notified by our processor that the funds have cleared they are added to your account and you will be emailed.
4.6.7
Trade Exchange Network Ltd will appear on your paper bank statement. If you use on-line banking it may not be able to carry a full description of the debit.
4.6.8
Amounts deposited via ACH will be sent back to your checking account before another method of withdrawal can be used, where possible.
4.6.9
The Exchange reserves the right to withdraw the ACH facility from any member without further explanation.
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5. WITHDRAWING FUNDS

5.1

General

5.1.1
The Exchange is determined to process Member withdrawals as quickly as possible. You may withdraw at anytime your Withdrawable Cash (which is Trading Funds less any Trading Credits) from your account by check, bank wire, Visa Card or such other method as the Exchange may add from time to time. The exchange reserves the right to require identification before any withdrawal is processed.
5.1.2
The Exchange will process two withdrawals a month by any method noted above (excluding Bank Wire, please see section 5.2 for further details), without charging any processing fee, thereafter the member will incur a $10 withdrawal processing fee.
5.1.3
For security reasons the Exchange will only accept a request to withdraw funds made using the "Withdraw" pages to be found on the "My Account" tab on each page of the website and will process the withdrawal on receipt of all requested information and documentation.
5.1.4
There is a minimum withdrawal amount of USD25, unless you are closing your account.
5.1.5
The Exchange may require evidence of your identity before processing a withdrawal request to comply with anti-money laundering laws. (See Section 6).If the Exchange requires evidence of your identity and it is not received within a reasonable time the Exchange may suspend your account until such proof is received and no withdrawal will be processed until the said receipt.
5.1.6
The Exchange does not accept any liability or responsibility if it makes a payment in accordance with your instructions but there was an error in your instructions.
5.1.7
The Exchange will not be obliged to process a withdrawal by the method requested if it believes that by so doing their is any possibility of fraud.
5.1.8
If deposits are from a Visa Card or such other method all withdrawals will be processed in the first instance to the deposit method by which the funds were received up to the value of the deposits.
5.1.9
Where a member has deposited via Firepay in the previous 6 business days, a withdrawal will not be processed, unless the balance remain in the account exceeds the Firepay deposits.
5.1.10
The Exchange reserves the right to hold any withdrawal request pending the completion of any investigation relating to market manipulation or suspected actus reus
5.1.11
In the course of processing members' deposits and withdrawals, the Exchange incurs banking charges. Where members deposit funds and their trading does not generate sufficient trade and/or expiry fees to cover incurred banking charges prior to withdrawing funds, the Exchange reserves the right to deduct any negative difference between fees received and banking charges incurred from any withdrawal request.
5.2

Bank Wire

5.2.1
Withdrawals by bank transfer are limited only by the member?s Withdrawable Cash.
5.2.2
Withdrawals will only be paid to the member's bank account or to a brokerage account held by the member
5.2.3
There is a standard charge is USD 20 per bank transfer. This is to cover the cost that the Exchange incurs when it initiates a bank wire on the Members behalf. The intermediary and or receiving bank may also apply charges which are totally outside the Exchanges control.
5.2.4
Withdrawals will be processed by the Exchange as soon as possible which is typically within one business day of the request. Bank Wires can only be processed by our Banking Department during normal banking hours which are Monday to Friday between the hours of 2am ET and 10am ET
5.3

Checks

5.3.1
You may withdraw funds by requesting a US Dollar check.
5.3.2
Withdrawals cost USD 10. The first two each month are free but your bank may charge you to deposit it into your bank account.
5.3.3
To minimise the clearing times when you receive your withdrawal check we send you bankers drafts. This process should normally save you upto 5 days on clearing but required . Checks will be mailed to your registered address normally three working days of the request to withdraw funds.
5.3.4
You may request that the check is sent by express delivery (E.g. FedEx with tracking number supplied). Such requests must be received by noon Dublin time (EST+5hours) on a working day. This service will incur an additional charge. Further details of timings and cost are available from the Exchange by contacting help@tradesports.com.
5.3.5
It may be possible to withdraw funds using a banker's draft drawn in a currency other than US Dollars. Further details are available from the Exchange by contacting help@tradesports.com.
5.3.6
Due to the vagaries of the postal systems it can normally takes up to 10 business days from date of request for the check to be received. In some cases it may take longer, however if you have not received your check within 15 business days of request please contact us immediately.
5.3.7
Checks will only be made payable to the name of the individual or institution on your account.
5.3.8
Checks are only processed by our Banking Department Monday to Friday between the hours of 2am ET and 10am ET
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6 ANTI-MONEY LAUNDERING PROVISIONS

6.1

The Exchange as an Irish resident company applies Irish anti-money laundering regulations.

Where required by the Exchange, members agree to provide a signed acceptance of these rules, proof of identity, address and, if appropriate, proof of ownership of your registered bank account or card.

6.2
If the requested documents are not received within 14 days of the initial request, your account will be suspended and may subsequently be closed.
6.3
You may be required to provide the information if:
a)
the funds in your account exceed USD 10,000;
b)
you deposit over USD 5,000 in a three month period;
c)
you deposit funds and attempt to withdraw the funds without trading the funds through at least once;
d)
if the Exchange deems that your trading or account activity contravenes money laundering laws;
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7. TRADING

7.1

General

7.1.1
The exchange recommends that all customers view the demonstration of trading on the exchange. It is available from the website's homepage.
7.1.2
TradeSports provides an order book for all listed contracts. Customers may enter orders to this book or cancel orders through the TradeSports website.
7.1.3
The exchange accepts no responsibility for any losses incurred due to a customer's inability or delay in accessing or using the website. You are reminded that the Contract Rules contain additional specific regulations relating to trading on contracts while they do not contain any information specific to exchange or member downtime.
7.2

Trading Hours

7.2.1
Trading hours, during which orders may be entered and matched, are between 8:15am and approximately 7:15am Dublin time (EST+5hours) the following morning.
7.2.2
Where possible, changes to the published trading hours will be published on the "Exchange News" section of the website.
7.2.3
Trading hours may be amended at short notice to permit trading during delayed sporting events.
7.2.4
The exchange may be temporarily suspended to permit scheduled system maintenance and enhancements, after all contracts have been paused.
7.2.5
To ensure an orderly market, TradeSports retains the right to pause trading in a contract for any period, at any time and for any duration. While a market is paused, no new orders may be added but open orders may be canceled.
7.2.6
For a short period each day, outside of trading hours, the exchange updates accounts. During this daily maintenance period, requests to cancel orders and deposit/withdraw funds will be delayed. Otherwise, even when the exchange is closed, you may cancel open orders, view account reports, initiate payments and request withdrawals.
7.2.7
The exchange may be temporarily unavailable for any number of non-scheduled technical reasons including but not limited to hardware or software failures, or failures related to the Internet.

In such eventualities, the exchange will endeavour on a best efforts basis to follow the procedure detailed below. However, if for whatever reason the exchange is unable to follow its procedure, any claimed or actual loss suffered by a member for any reason will not be the liability of the exchange in compliance with 7.1.3 above.

If trading services become unavailable to all due to hardware, software or other problem, the exchange will endeavour on a best efforts basis to pause all in-running contracts and cancel all open orders before trading services are made available again to trading members. This procedure is designed as far as possible to protect members who had left orders on an order book from loss caused by the movement of a market during the downtime.

If orders entered by a member on an in-running contract before the trading services became unavailable to all, are matched after trading services become available the exchange will look at the underlying market and determine if the order was executed at an unrepresentative price at the time the order matched. In such a case certain trades may be unwound in the interest of maintaining an orderly market.

For the avoidance of doubt all positions entered into before any downtime will stand.
7.3

Entering Orders

To trade on the exchange, you must first enter an order. A trade is executed when either your new order is entered and another customer subsequently matches all or part of your order, or your new order immediately matches all or part of another customer's open order.

7.3.1
All order prices must be higher than the contract's minimum possible expiry price and lower than the contract's maximum possible expiry price.
7.3.2
Orders are limited in quantity to the maximum order size.
7.3.3
Your order will be rejected if you have insufficient "Available Funds" to cover the new initial margin requirement (See Section 9).
7.3.4
To protect the interests of the exchange and its customers, the exchange may restrict a customer to entering closing orders.
7.3.5
Orders are permitted via automated order entry practices [through the Exchanges application programmable interface (API) or otherwise]. The Exchange reserves the right to prohibit small-automated orders (9 lots and less) immediately ahead of non-automated orders.
7.4

Order Delay in In-Running Markets

Orders on live in-running sporting events are currently held for 4 seconds prior to being made live and available to trade against. This delay may be changed from time to time depending on the event or underlying circumstances (see rationale below).

Orders on in-running Financial Markets are currently held for 0.5 seconds. This delay may be changed from time to time depending on the event or underlying circumstances (see rationale below).

When a member cancels an existing order the cancellation is processed immediately.

The rationale behind this industry standard feature is to reasonably protect members who enter orders in a contract from potentially losing money as a result of access to slower information over which they have no control e.g. a delayed TV signal or a delayed datafeed.

Any attempt to manipulate a market or circumvent any rule may result in loss of trading privileges.



Types of Orders
There are four types of order:-
7.4.1
Limit Buy/Sell: A limit buy (sell) order is a request to buy (sell) a specified amount at a price at or below (above) a specified limit price. A buy (sell) order matches the lowest offers (highest bids) in a price-time priority sequence until the order is filled, or until there are no more offers (bids) at or below (above) the limit price. If any part or all of the order remains unfilled, it remains posted as a limit buy for the remaining quantity with the same original limit price.
7.4.2
Stop Limit Buy/Sell: This order is specified as a buy or sell with an activate price and a limit price. It is invisible to other customers until it is activated by a trade at or above (for a buy order) or below (for a sell order) the specified activation price. When this order is activated, it behaves as a standard limit buy/sell with time priority based on its activation time.
7.4.3
Fill Or Kill: A fill or kill order will only be executed if the full order quantity may be matched immediately. Otherwise, the whole order will be cancelled.
7.4.4
Custom Time: This type of order allows you to place an order for a specific time period. Once the system time reaches the time you specified any unfilled part of your order will be cancelled.
7.5

Canceling Orders

7.5.1
When entering an order, it must be marked either as Good For Session (GFS) or as Good Till Cancel (GTC).
7.5.1.1
GFS: Any remaining unexecuted quantity of a GFS order is automatically cancelled at the end of the trading day or the expiry of the contract, whichever is earlier.
7.5.2.1
GTC: If an order is marked as GTC it will remain on the order book until you cancel it or the contract expires.
7.5.2
You may cancel orders that have not been matched at any time before the expiry of that contract.
7.5.3
If the minimum and maximum possible prices change, orders with prices below the minimum possible expiry price or above the maximum possible expiry price will automatically be cancelled.
7.6

Trades

When the exchange matches your order with another customer's order it becomes a trade.

7.6.1
Matching occurs when a bid/offer is placed on a contract's order book at a higher/lower price than an order already on the order book.
7.6.2
Where the quantity of the new order is less than the order already on the order book, the smaller quantity will match and the remaining quantity will remain on the order book. This is known as a "partial fill".
7.6.3
When matching orders, the exchange gives priority first by price and then by the time that the order was received by the exchange, or in the case of a stop limit buy/sell, the time that the order is activated.
7.6.4
Customers are notified of new trades in the "Messages" section of the "Trading Screen".
7.6.5
A trade cannot be withdrawn or cancelled "by the member" and the exchange cannot guarantee that the resulting open position (See Section 7.7) may be closed. .
7.6.6
It is possible that you may enter an order, which appears to match against an existing order but that order may either have been withdrawn or matched by another customer before the exchange receives your order.
7.7

Open Positions

Your open position represents the number of your outstanding trades.

7.7.1
Each time you trade, your open position in the contract is updated. Although your trade has been executed with another customer, your open position shows your effective net position against the exchange.
7.7.2
A positive open position indicates that you have bought more of a contract than you have sold. A negative open position indicates that you have sold more of a contract than you have bought.
7.8

Closing Out Positions

"Closing out" occurs when you had previously bought a contract and have now sold the same contract, or you had previously sold a contract and have now bought the same contract. In such circumstances, your open position is always reduced.

7.8.1
You may close out your position by trading on the exchange with any other customer.
7.8.2
When a position is closed out, the exchange:
a)
calculates your trade profit/loss (See Section 8.3) and adds/subtracts this amount to your account;
b)
re-calculates your initial margin based on any remaining position.
7.9

Contract Expiry

7.9.1
The exchange expires a contract and sets its expiry price after the conclusion of the relevant event(s). Where a contract has expired after 8pm Dublin time (EST+5 hours), the contract may not be expired until the following morning.
7.9.2
Unless the relevant Sports Rules state otherwise, the exchange has the right to expire the contracts early if the end result of the contract is clear and not subject to change.
7.9.3
Rules governing sports-specific expiry rules are described in the Sports Rules.
7.9.4
When the exchange expires a contract, it takes the following actions:
a)
closes the contract to prevent further trading;
b)
cancels any outstanding orders;
c)
sets an expiry price (See Section 8.4.4)
d)
closes any open positions by inserting an opposite trade at the expiry price;
e)
calculates the expiry profit/loss (See Section 8.4) and amends your account;
f)
re-calculates initial margin on your remaining open positions and orders.
7.9.5
Where there is doubt over the amount of an expiry price, the exchange will delay the setting of that expiry price until a price may be set and, as part of the variation margin calculation, re-value any expired prices at the exchange's best estimate of the expiry price.
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8 SETTLEMENT

8.1

General

8.1.1
The exchange credits/debits your account with trading profits and losses and freezes your funds to cover initial margin on orders and open positions in order to protect itself and its customers against a customer failing to pay any losses that arise on open positions.
8.1.2
Trading profits and losses are credited and debited to your account in three ways:
a)
Variation Margin
b)
Trade P&L
c)
Expiry P&L
8.2

Variation Margin

At the end of every trading session, the exchange re-values all open positions using its official closing prices. The resulting profit or loss is known as "variation margin" and will be credited or debited from your cash balance.

8.2.1

Official Closing Prices

8.2.1.1
The official closing prices are determined by the exchange to reflect the market value of the contract. Recent trade prices and open orders are usually taken into account but the exchange is not obliged to do so.
8.2.1.2
Official closing prices will never be higher than the maximum price for the contract, or lower than the minimum price.
8.2.1.3
There is no right of appeal by customers against an official closing price except in the case of manifest and significant error. In such circumstances, the exchange should be notified by e-mail at help@tradesports.com by noon Dublin time (EST+5hours) the following day.
8.2.2

Revaluation Process

After the Exchange has closed at the end of every session, it takes the following action:

8.2.2.1
calculates the day's profit or loss on your open position as the net open position multiplied by the tick size and by the difference between the open position's average price (in ticks) and the official closing price (in ticks).
8.2.2.2
adds the profit to or deducts the loss from your account, marking this amount as 'variation margin'.
8.2.2.3
updates your open position's average price to be the official closing price.
8.3

Trade P&L

8.3.1
Each time a trade reduces your open position in a contract (See Section 7.8) the exchange calculates the session's profit and loss on the closing trade. This amount is known as "trade profit/loss".
8.3.2
Trade P&L is calculated by multiplying the quantity of the closed position by the tick size and by the difference between the open position's average price (in ticks) and the price of the closing trade (in ticks).
8.3.3
The resulting amount is immediately added (profits) to or deducted (losses) from your account.
8.3.4
The average price of the open position remains unchanged, unless all of the open position has been closed out.
8.4

Expiry P&L

8.4.1
At the expiry of each contract (see Section 7.9) the exchange credits or debits expiry profit/loss from your account
8.4.2
Expiry P&L is the day's profit/loss on the expiring position, calculated by multiplying the expiring position by the difference between the open position's average price and the expiry price.
8.4.3
The resulting amount is immediately added (profits) to or deducted (losses) from your account.
8.4.4

Expiry Prices

8.4.4.1
The expiry price is determined by the outcome of the underlying sports event in accordance with the Sports Rules.
8.4.4.2
The expiry price will not exceed the contract's maximum price or be less than the minimum price for the contract.
8.4.4.3
If you disagree with the expiry price that the exchange has established, you must inform the exchange by e-mail within 2 days, setting out your reasons. The TradeSports Pricing Committee will consider your argument and may then, at its sole discretion, amend the expiry price.
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9. INITIAL MARGIN

9.1

General

9.1.1
The exchange requires you to deposit funds to cover future potential losses on your open orders and positions. This is known as "initial margin", sometimes shown on your account as "frozen funds".
9.1.2
Initial margin is calculated and frozen funds amended each time you enter/cancel an order or execute a trade and at the end of each trading day. On entering an order, if you have insufficient funds to cover the initial margin requirement, your order will be rejected.
9.1.3
The exchange uses an initial margin model to calculate the initial margin requirement. Detailed examples may be found on the "Margin Examples" page in the "Rules and Fees" section.
9.1.4
Typically for short-term contracts, such as those based on a game, match or individual tournament, the initial margin will be the maximum possible trading loss on the event. Exceptions to this rule are highlighted in the Sports Rules and/or Margin Examples.
9.1.5
For longer-term contracts, usually those based on a sporting season, the exchange uses margin rates to determine initial margin requirements.
9.1.6
Customers remain liable for losses in excess of initial margin requirements.
9.2

Margin Rates

9.2.1
The main margin rates are either expressed as a price change (e.g. 5 points) and are based upon the exchange's judgment of the future price movements..
9.2.2
A summary of margin rates is published on the website on the "Margin Rates" page in the "Rules and Fees" section.
9.2.3
The exchange will notify customers of any changes to margin rates by publishing an announcement in the "Exchange News" section on the home page. All margin rate changes are applicable to all outstanding open positions and orders.
9.2.4
Margin rates must not be used as an indicator of future trading losses.
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10. MARGIN CALLS

10.1
If you have insufficient funds in your account to cover the required margin, the exchange may make a "margin call" by e-mailing you to deposit more funds.
10.2
If, within 2 working days of the margin call, you fail to deposit the required funds or reduce your open position to a level whereby you have sufficient margin, the exchange has the right to:-
a)
immediately terminate this agreement and close your account in accordance with section 2.6;
b)
cancel some or all of your open orders and reduce your open positions.
10.3
In taking action under Section 10.2, the exchange does not have any obligation to minimize any losses you may incur or consult with you about the actions it is taking.
10.4
All customers are responsible for monitoring their accounts and ensuring that they have sufficient funds in their account. Customers are strongly recommended to deposit additional funds if they are unable to monitor their account for a period of time (e.g. vacations).
10.5
The exchange may choose not to make a margin call if it deems the amount to be too small. Such a decision does not affect your liability to the exchange.
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11. FEES

11.1

11.1 Exchange Fees

11.1.1
The exchange charges fees for use of its services as published on its websites as amended from time to time. The exchange reserves the right to change its fee structure and rates at its discretion, subject to 11.1.4 below.
11.1.2
Current fees are displayed on the "Rates and Fees" page in the "Rules and Fees" section of the website and by clicking on the contract symbol.
11.1.3
The exchange reserves the right to vary these fees for individual customers.
11.1.4
Notification of changes to exchange fees will be posted on the website at least one week before the changes are implemented and will apply to all outstanding orders and contracts.
11.2

Account Fees

11.2.1
Where a funded account is inactive for 18 months or more, a $5 dormant account fee will be charged. The account holder will receive an email every month prior to the charge being made.
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12. GENERAL LEGAL

12.1
The failure of a party to take action in respect of any breach of these Rules shall not constitute a waiver of any other breach of the same or any other provisions of these Rules and no waiver shall be effective unless made in writing.
12.2
If any part of this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such part shall either be interpreted in a way which can be enforced and is near to the original intent or be severed from the remainder of this Agreement, the remainder of this Agreement continuing to be valid and enforceable to the fullest extent permitted by law.
12.3
These Rules (incorporating the Sports Rules) constitute the entire agreement between you and TradeSports and supersede all prior oral or written agreements, understandings, representations or arrangements (unless fraudulent) between you and TradeSports relating to the provisions of the service under these Rules.
12.4
These Rules and the agreement they create between you and TradeSports is personal to you and you may not transfer or assign the agreement or any part to any third party.
12.5
These Rules shall be construed and governed by the laws of Ireland and you hereby irrevocably submit to the non-exclusive jurisdiction of the Irish courts. Irrespective of the foregoing, you agree to comply with any local laws that may apply to your ability to access, use and deal with the services in any manner.
12.6
TradeSports shall not be liable for any breach of its obligations hereunder resulting from causes beyond its reasonable control including, without limitation, fires, flood and strikes (of its own or other employees), technology, network or power supply failures.
12.7
You agree that your calls made to the exchange may be recorded for member service or security purposes.
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13. LIMITATIONS ON TRADESPORTS' LIABILITY

13.1
The service is subject to availability. TradeSports will use its reasonable endeavors to provide you with a continuous service but TradeSports makes no warranty or representation that the service will be uninterrupted or error free, nor is any warranty given that the content contained on the website does not contain viruses or may otherwise impact your computer. You acknowledge that neither TradeSports nor any other party has any control over the internet.
13.2
Services are provided on an "as is" basis and TradeSports make no warranties or representations of any kind either express or implied in relation to the service including but not limited to warranties or conditions of completeness, accuracy, timeliness, quality (satisfactory or otherwise), merchantability and fitness for a particular purpose.
13.3
No advice or information whether oral or written obtained by you from TradeSports or through or from the service shall create any warranty not expressly stated in these Rules.
13.4
Save as expressly set out in these Rules, all conditions and warranties which may be implied or incorporated into these Rules by law or otherwise are hereby expressly excluded to the extent permitted by law.
13.5
Except for death and personal injury arising from TradeSports' negligence, TradeSports shall not be liable for any indirect, incidental, special, punitive or consequential loss or damages arising from or in connection with these Rules or your use of any TradeSports provided services.
13.6
TradeSports' maximum aggregate liability under these Rules for any direct loss or damage that you may suffer shall be limited to the aggregate amount on deposit by you with TradeSports for the purposes of your use of the service.
13.7
If any exclusion, disclaimer or other provision contained in these Rules is held invalid for any reason and TradeSports becomes liable for loss or damage that could otherwise be limited, such liability, whether in contract, negligence or otherwise, will not exceed the aggregate amount deposited by you with TradeSports for the purposes of your use of the service.
13.8
TradeSports accepts no liability for any defamatory, obscene or offensive material published on the service, whether on the website, by e-mail or otherwise and you agree to fully indemnify TradeSports for all liability, as defined in Section 14, incurred through your use of TradeSports and incurred by TradeSports in relation to any publication by you. TradeSports accepts no liability for the content of any other sites linked to the TradeSports website.
13.9
Some jurisdictions do not permit the limitation or exclusion of liability for loss or damage or the limitation or exclusion of certain implied warranties. Accordingly some of the limitations and exclusions specified in these Rules may not apply to you.
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14. INDEMNITY

You agree to fully and effectively indemnify and keep indemnified at all times TradeSports and its officers, directors, employees, affiliates and agents, immediately on demand against all and any liability (which liability shall include, without limitation, all losses, costs, claims, expenses, demands, actions, damages, legal and other professional fees and expenses on a full indemnity basis) which TradeSports or any of those individuals may suffer or incur as a result of access to and/or use of the service by you, any information, data or material produced by you or any breach by you of any of the provisions of these Rules (or of any law, code or regulation relating thereto or otherwise to the service).

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15. INTELLECTUAL PROPERTY AND RIGHTS TO USE

15.1
TradeSports hereby grants to you and you hereby accept a non-exclusive and non-transferable license to use any software provided by TradeSports for the sole purpose of enabling you to use the service. You acknowledge and agree that the title to all copyright, trademarks and all other intellectual property rights in any software or other material which you are able to use as part of the service is and shall at all times remain vested in TradeSports or its third party licensors.
15.2
You acknowledge that you are permitted to use any such software or materials only as expressly authorized by TradeSports or its licensors and may not copy, reproduce, disassemble, reverse compile, adapt, transmit, distribute, sell or sub-license content or create derivative works of such software or other material without express authorization, except for your own personal, non-commercial use.
15.3
You agree that you are not permitted to reproduce, copy, sell, resell or exploit the service (or any part thereof) and use of and access to the services for any commercial purposes. You agree that you will not create any links to the website without the prior consent of TradeSports.
15.4
You agree not to take any action or use any device, software or routine that imposes an unreasonable or disproportionately large load on our infrastructure or which may jeopardize or prejudice the operation, quality or integrity of the website and the service.
15.5

Data

You may purchase for download, copy or be given on a non-exclusive, non-transferable basis historical market data on contracts which have been traded on the Exchange. By downloading, copying, or receiving such data you agree

15.5.1
That the Exchange owns and continues to exclusively own all of the Intellectual Property in the data.
15.5.2
Not to publish the data without the prior written permission of the Exchange where such permission will typically be given so long as the data source is cited.
15.5.3
That the data is provided "as is" without warranty, express or implied as to its completeness or accuracy and that use of the data as a basis for economic decisions is at your risk.
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