Terms and Conditions of Customer Trading

(Full Trading Agreement)

1. Introduction:

Caveo Financial Brokerage Company (referred to as "the Company" or "Caveo") and the client (referred to as "the Client") acknowledge that the terms of this commercial contract ("the Terms") govern the relationship between the Client, representing their own account, and Caveo Financial Brokerage as specified in the terms and conditions governing the Client's account ("the Account") opened with Caveo.

Caveo's services (referred to as "the Services") specified under the Terms become effective through the Account. The Client acknowledges that these trading terms ("the Terms") govern the relationship between the Client, representing their own account, and Caveo Financial Brokerage (referred to as "the Company" or "Caveo"), as well as the terms and conditions governing the Client's account ("the Account") opened with Caveo. The services specified by Caveo under the Terms (referred to as "the Services") become effective through the Account and are available on the "Caveo Trading Platform" (referred to as "the Platform"), including buying and selling assets (as specified below). Any amendment to these terms requires written approval or an email issued by the Company. The Client acknowledges and confirms in the context of executing these terms that they have not relied on any matter not expressly stated in the terms. The terms govern all trading operations effective from the date Caveo notifies the Client of the opening of their account. The terms apply to all products and services available through the platform currently or in the future.

For applicable laws, these terms constitute an original and effective document and an "electronic document."

2. General Information:

Caveo Financial Brokerage Company is a closed shareholding company bearing commercial license number: M.M / 2010 / 2137 and commercial registration number: 336413 from the Ministry of Commerce and Industry in the State of Kuwait, to engage in the following purposes:

Brokerage operations related to the sale and purchase of foreign currencies, commodities, precious metals, and related instruments, whether immediate or future, provided that the Company's engagement in these activities and the assumption of immediate or forward positions in foreign currencies for its own account or the conduct of banking activities. The Company shall directly conduct the aforementioned activities in the State of Kuwait and abroad either originally or by proxy, and the Company may have an interest in or participate in any way with entities engaged in activities similar to its own or which may cooperate with it in achieving its purposes in Kuwait or abroad, and it may establish, participate, or acquire these entities or affiliate them.

3. Definitions:

For these terms, the introductory terms used in this document have the following meanings:

Access Device: This device allows the Client to submit requests, access financial or non-financial information, and use the services available on the platform (i.e., personal computers, smartphones, etc.).
Account: One or more electronic accounts opened by the Client now or later with Caveo, regardless of whether the account is individual, joint, or corporate. These terms shall have the same meaning and apply to all subsidiary accounts held under the Client's name.
Account Opening Application: A document entitled "Account Opening Application" as adopted by Caveo.
Account Opening Documents: A document consisting of an Account Opening Application, a Risk Disclosure Statement from Caveo, these terms, and all other documents required by Caveo to open the account.
Account Statement: A statement showing the client's assets as recorded in the account and the transactions performed on the account.
Act of Insolvency: Insolvency occurs when the Client acts as follows:
1. Makes a general assignment for the benefit of creditors or seeks entry into a debt restructuring or rescheduling process or appoints or compromises bankruptcy with creditors.
2. Acknowledges in writing an inability to pay debts when due.
3. Seeks, agrees to, or implicitly accepts the appointment of a trustee in bankruptcy, a receiver, a liquidator, a bankruptcy trustee, or a similar officer over its assets or any substantial part thereof.
4. Applies or files a bankruptcy petition—by itself or by proxy— to the court seeking bankruptcy, liquidation, insolvency, or any similar action, or seeks liquidation, resolution, or any similar assisting action under any current or future law, provided that this petition shall not be rejected within 30 days from the date of submission to the competent authority.
5. Appoints a receiver, a liquidator, a bankruptcy trustee, or a similar officer for the Client or for all the Client's assets or any substantial part thereof.
6. Calls creditors to a meeting for a voluntary settlement.
Subsidiary Company: Any company belonging to the same group of companies as Caveo or under the supervision of Caveo.
Caveo: Caveo Financial Brokerage Company and/or any subsidiary company.
Caveo Trading System: Caveo Financial Brokerage Company's proprietary trading platform.
Assets: Financial instruments registered in the account and traded.
Business Days: (From 12:00 a.m. Monday to 12:00 a.m. Saturday) as specified below, considering daylight saving time adjustments in countries related to trading products.
1. For services other than immediate securities transactions, currency baskets, or indices, any day (excluding Saturdays and Sundays) when banks open for business in New York.
2. For services related to immediate securities transactions or where limited trading hours are applied, any day when trading is conducted around relevant securities that possess primary outputs or the index-operating trade, whichever is applicable, excluding any day when all trading around the relevant exchange is closed or suspended.
3. For services related to immediate securities transactions or where trading hours do not apply, any day when the relevant exchange is open for trading.
Business Identifier, Agent, or Introducing Broker (IB): A third party licensed by Caveo to market its activities and introduce clients to Caveo for specified fees.
Commodity Contracts: All movable commodities, including but not limited to futures contracts, options on futures contracts, futures and forwards contracts, foreign exchange transactions, foreign exchange differentials, and any other financial transactions.
CFDs (Contracts for Difference): A financial instrument that exposes investors to changes in the value of underlying assets without purchasing the underlying assets.
Client: Any registered individual or company submitting an account opening application accepted by Caveo, and any individual who has read and understood these terms and signed the account opening application on their behalf or as an authorized signatory for individuals or entities.
Default Notice: A notice sent by Caveo to the Client in case of default, specifying the default condition occurring in accordance with the provision set forth in these terms.
Floating Balance: The total of adjusted net deposits based on realized and unrealized profits and losses ( floating) from closed and open transactions. The floating balance value changes based on the evaluation of the margin of open transactions held by the client, as well as their readiness to execute new transactions.
Financial Instruments: Currency pair trading contracts, CFDs, other derivative contracts, securities, including cash, securities, bonds, mutual funds, options transactions, other financial instruments, and related contracts, whether authorized or unauthorized and intended for current or future delivery.
Force Majeure: Any of the events specified in clause 35 as outlined in these terms.
Free Margin: Funds in the client's account not used and available for opening contracts, which is the floating balance minus the margin.
Limit Order: A buy or sell order of assets at a specified price or execution of the order within specific price constraints.
Margin: Funds used by the client to open contracts (as specified in the product specifications. and according to clause number 6.
Margin Level: Floating balance/margin.
Market Order: A buy or sell order of assets at market price.
Market: Executing brokers, securities markets, liquidity providers, or banks providing trading prices.
Margin Trading Operations: CFDs, foreign exchange contracts, spot contracts for precious metals, or any other margin-trading transaction.
Party: Any party specified in these terms.
Product Specifications: All information about financial instruments provided by the company regarding margin requirements for CFDs, etc. Product specifications may be changed at any time depending on market conditions, with or without sending a notice to the client.
Risk Disclosure Statement: The statement is specified in clause 34 of these terms.
Services: All products and services provided by the platform at present or in the future.
Spread: The difference between the buying and selling prices of financial instruments at the same moment.
Stop Loss Order: A buy or sell order of financial instruments at market price when trading in financial instruments at a specified price called the stop price. It is activated when the current price reaches the desired price of the order. The stop price can be either a one-day order, a good-till-canceled order, or any other form of order specified for execution.
Account Closure: The status of the account when open transactions are closed forcibly by the company at prevailing prices.
Other Providers: Any entity providing information or services to the platform, including but not limited to Bloomberg, and Reuters.
Trading Operation: Any type of operation conducted in the client's account.
Order Activation: It is a request to execute a buy or sell order, whether immediate or pending. The order is activated when the current price reaches the desired price.
Order Execution: It is the price at which the order is executed after activation. In case of rapid market movement, orders may not be executed at the activation price, and activation may occur at the first available price.

4. Margin Trading Product Decision

Before engaging in margin trading products or dealing with Caveo, you bear the responsibility of understanding the nature of the products. Please consider the following:

Caveo does not provide advice of any kind, and all trading operations are executed on an execution-only basis. The client acknowledges that Caveo representatives are not obligated to provide investment, trading, tax, or request-seeking advice. Each investment decision made by the client should be based on the client's personal assessment of their financial circumstances and investment objectives.
Caveo provides the pricing schedule for the offered products, which serves as the company's genuine right as the execution price for transactions and services provided by the company.

5. Settlement Obligation for Trading Operations and Outstanding Balances and Other Debts.

The client agrees to settle any financial amount to Caveo associated with any current or future trading exchange, debit balance, margin call, or any other obligation recorded in the account, including, but not limited to, any deficit or remaining balance in the account in the event of partial or total account liquidation. The client agrees to settle all these obligations immediately to Caveo upon its request. If Caveo records an amount in the account and the balance is insufficient to cover the amounts due from the client to Caveo, Caveo may, at its sole discretion, without obligation, settle all or part of the client's financial positions in any of its accounts, whether individual accounts or joint accounts, including Caveo's right to use set-off in trading operations at any time and in any market and in a manner deemed appropriate by Caveo without prior notice to the client. The client agrees to bear the responsibility for any financial deficit in the account and promptly settle it to Caveo. This deficit may arise from liquidation or remain after settlement. If the client delays in settling any financial deficit in the account, an additional amount will be debited to the debtor's balance, which the client is obliged to settle to Caveo.

6. Cash Margin and Margin Preservation:

The client must have sufficient cash in their account to cover margin changes and margin requirements. The client can transfer funds at any time, including when the margin level in the client's account with Caveo reaches 50% or less of the margin imposed by Caveo as specified in the product specifications. If the client fails or delays in transferring funds, Caveo may cancel any entries such as pending transactions recorded in the client's account and/or refuse to accept any new transactions. In this case, Caveo will not be responsible for any losses, damages, expenses, or the like resulting from canceling these entries. The client should always ensure that there is sufficient margin in their account. Caveo will not contact or inform the client in any form if the margin level approaches 50% or reaches 50% or less. In this case, Caveo bears no responsibility for any losses, damages, expenses, or the like resulting from canceling similar entries. Caveo is not liable to the client for settling any amount resulting from terminating any outstanding transaction. Any remaining balance in the account referred to as the balance must remain until Caveo receives a written withdrawal request from the client referred to as the withdrawal request. Upon receiving the withdrawal request, Caveo returns the balance to the client after processing profits and losses. Caveo must deduct any transfer fees from the balance value before returning it to the client.

7. Commitment to Settle Collection Costs

The client agrees to payment and commits to settling the costs and reasonable expenses, regardless of their nature ( including, but not limited to, legal fees incurred by "Caveo" in collecting any outstanding balance from the account/accounts).

8. Liquidation

"Caveo" reserves the right, upon the occurrence of any default situation (as per clause 9) at its sole discretion and without further notice to the client, to immediately close and liquidate the account, terminate any agreements with the client, sell all client assets whether held in individual joint accounts or corporate accounts, cancel any pending orders and/or terminate any open contracts or other instruments. The client will no longer have access to the platform and the ability to execute market orders. All cash margins must be settled immediately to "Caveo," which will automatically proceed with the liquidation of all accounts, whether individual joint accounts or corporate accounts and business operations. The client must reimburse any remaining financial amount after "Caveo" has reclaimed all its rights. The client also undertakes to reimburse "Caveo" for the financial amount related to all reasonable legal fees and other professional fees incurred by "Caveo" regarding the default situation or arising from it. The client bears responsibility for all resulting losses affecting the client's financial positions, regardless of "Caveo's" delay in liquidating positions or its failure to liquidate them. If "Caveo" executes a transaction and the client does not have sufficient funds, "Caveo" reserves the right, without notifying the client, to liquidate the relevant trade, with the client bearing any losses incurred as a result of this liquidation, in addition to all related costs and expenses. The client will not be entitled to any profit resulting from this liquidation in the event of a dispute over the price, including the price at which the position was liquidated, or in case of failure to connect or any other issues preventing operations.

9. Default Situations

A default situation ("Default") occurs under the following circumstances:

For institutions, any of the cases listed in subparagraphs (1) through (10) below occur:
For individuals, any of the cases listed in subparagraphs (3), (5), and subparagraphs (7) through (11) below occur.

In the event of a market movement against the client's trades resulting in the margin level in the client's account falling below 50% or as per the client's account specifications, the trades will be gradually closed until the margin level rebounds above 50% or the pre-determined level with the client, at the current market price, and all pending trades can be canceled. It is the client's sole responsibility to monitor their account and ensure that there are always sufficient funds to withstand various potential losses resulting from adverse price movements, including significant and unexpected price movements.
The client fails to comply with or fulfill their obligations under these terms.
The client initiates voluntary legal proceedings or takes any other action to seek or propose liquidation, restructuring, settlement, bankruptcy protection, freezing, suspension of activity, or any similar assisting action concerning the client or their debts under any bankruptcy, insolvency, regulatory, or similar law (including any corporate law or the like that may apply to the client in case of insolvency) or to seek the appointment of a receiver, liquidator, trustee, bankruptcy manager, guardian, judicial officer, bankruptcy administrator, or any other similar official ("Receiver") under any of these designations.
Non-voluntary legal proceedings are initiated or any other action is taken against the client to seek or propose liquidation, restructuring, settlement, bankruptcy protection, freezing, suspension of activity, or any similar assisting action concerning the client or their debts under any bankruptcy, insolvency, regulatory, or similar law ( including any corporate law or the like that may apply to the client in case of insolvency) or to seek the appointment of a receiver on the client or any portion of their assets.
The client is unable to repay their debts on the due date or undergoes bankruptcy or insolvency as defined under the applicable bankruptcy or insolvency law applicable to the client, or defaults on repaying any debts owed to the client on the due date, or such debts can be declared due at any time and must be repaid pursuant to agreements or documents proving this debt before the due date, and must be repaid or action is taken to enforce or attach the debtor's property from third parties or seize all client assets or a portion thereof, tangible and intangible, or the client's assignor of real estate seizes all client assets or a portion thereof, or in the case of individuals, a bankruptcy petition is filed against the client and the client fails to respond, annul, restrict, or stop it within 30 days of filing the petition.
The client is terminated or, if their presence is contingent on a registration form, the registration is removed, terminated, or its term expires, or the client engages in any action to seek or propose the cancellation, removal, or termination of the registration.
"Caveo" deems it necessary or advisable for its self-protection or to avoid (as determined by "Caveo" in its absolute discretion) any breach of applicable law or regulation or good market practice standards. This may include unusual trading activity by the client, or the adoption of strategies aimed at exploiting misquotations or if "Caveo" reasonably believes the client is acting with bad faith.
Any statement or warranty made or provided by the client under this agreement and any business transaction made by the client is found to be false or misleading from a substantive standpoint from the time it was made or provided or deemed to be so.
Any action taken or event occurring that "Caveo" deems to have a fundamentally adverse effect on the client's ability to perform any of its obligations under this agreement or any business transaction.
In the event of occurrence of a situation (1) as specified in subparagraphs (1) - (9) (if the client is an institution) or subparagraphs (5), (2), (1), or (7) through (11) (if the client is an individual) as described above under one or more agreements or documents entered into between the client and any party including "Caveo" ( referred to as "another agreement"), (2) or upon the occurrence of a situation constituting default as determined or described under any other agreement.
In the case of an individual client, the client's death, declaration of legal incompetence, or declaration of its absence by court order or occurrence of any similar event resulting in similar effects.

10. Confirmations (Account Statements)

Electronic confirmations will be displayed through the trading platform. The client will have access to confirmations through the Caveo Trading Exchange system. Additionally, the client can access daily, monthly, or yearly reports on their account activity, including reports on each trading transaction. Displaying account information on the client's electronic account constitutes delivery of account statements and will include trade confirmations accompanied by ticket numbers, buy, and sell rates, margin rates, available margin trading amounts, profit, and loss data, as well as current open or pending financial positions and any other information as required by regulations.

11. Commissions and Fees

The client agrees to pay brokerage commissions to "Caveo" in addition to applicable fees, charges, and expenses on the account and/or due for using the services by the client. "Caveo" directly restricts in the account any fees and other amounts payable to "Caveo" referred to as "Due Amounts" by debiting commissions from the account accordingly. If "Caveo" restricts the amount of Due Amounts on the debit side of the account and the account balance is insufficient to settle the Due Amounts, the client authorizes "Caveo" to sell any assets to cover the Due Amounts. Applicable "Caveo" fees and expenses on the account are listed in the price spread table, and "Caveo" reserves the right to adjust or add applicable fees and expenses for open trades in the price spread table at any time as determined by the company. Also, if the client's open trades exceed a period of two weeks from the date of creation, "Caveo" may charge any expenses incurred for retaining those trades.

12. Inward Funds

"Caveo" shall not be responsible for any losses and/or damages resulting from delayed transfers due to circumstances beyond "Caveo's" control. The client undertakes and guarantees that any third party does not have beneficial ownership of the funds made available to "Caveo" (referred to as "Funds") and that the client does not engage in trading on behalf of a third party unless the client notifies "Caveo" in writing to the contrary, provided that the client:

Has publicly declared that they are registered and licensed as per the laws and regulations in force to engage in trading on behalf of third parties.
Has publicly declared and undertaken that all funds are intended for trading operations in the assets provided from time to time to "Caveo." "Caveo" shall not be liable for client funds loss, including cases where client funds and assets are held by a third party such as a bank or other financial institution.

13. Investment, Tax, and Trading Advice

The client acknowledges that representatives of "Caveo" are not obligated to provide investment, tax, or trading advice or to solicit orders. Other providers and the stock exchange prepare pricing tables, market-related information, news, and research referred to as information available on the platform. Neither "Caveo" nor other providers guarantee the accuracy, timeliness, or completeness of the information. Therefore, the client must conduct their own research and analysis or seek advice from investment advisors before making any investment decisions. Client investment decisions should be based on financial circumstances and investment objectives.
The information provided to clients from the platform is the property of "Caveo" and other providers or licensed entities. It is protected under applicable copyright law. The client agrees not to copy, reproduce, publish, sell, distribute, broadcast, trade, or exploit information commercially in any way without prior written consent from " Caveo." "Caveo" reserves the right to terminate access to information.
Links provided to external websites are solely for the convenience of the client and website visitors. These electronic links do not constitute a recommendation from "Caveo" or an endorsement of any offer to buy or sell financial instruments.
These links lead to third-party websites independent of "Caveo," and "Caveo" does not guarantee the accuracy, timeliness, or completeness of any information on these websites.

14. Money Transfer to the Company

Transferring funds from abroad by the client becomes effective in the designated account within a maximum period of one working day from the date of receiving the transfer.
When transferring funds to Caveo, the client must transfer from their own bank account and provide a scanned copy of the transfer order to the company. Caveo must then restrict in the account/deduct from the account the expenses applicable when processing the required transfer.
Funds credited to the company are those for which the company receives notification of their addition to the company's bank account or to the accounts of collection companies that the company deals with for money collection services. The transfer order alone does not constitute proof of the transfer.

15. Internet Service

Within the limits of the client's or Caveo's use of internet services to provide data or information, Caveo disclaims responsibility for any interception of this data or information and does not assume responsibility or provide any warranties regarding internet service access, speed, or availability.

16. Credit Verification

The client acknowledges and agrees to the exchange of information about clients between Caveo and certain government agencies and other third parties with legal authority to obtain similar information. This includes Caveo's subsidiaries for verification and monitoring purposes. Caveo respects the privacy statement concerning all other uses of client personal and credit information (refer to section 33 "Privacy Statement"). Clients authorize Caveo to verify their backgrounds, credit status, and, if applicable, their spouses' credit status. This may include contacting financial institutions, including Caveo's subsidiaries, and using credit inquiry agencies as deemed appropriate by Caveo by anti-money laundering and counter-terrorism financing laws and policies.

17. Fast Markets

Fast markets typically feature high trading volume coupled with rapid price fluctuations within a single day, often resulting from an imbalance in trade orders, such as buying movements without corresponding selling movements. Several factors can lead to fast markets, including news announcements, analyst recommendations, major unexpected events, and more.
The company aims to execute all orders at the prices seen by the client on their device at the time the order is placed. However, due to market volatility, especially in fast markets, prices are subject to rapid change, and the company reserves the right to provide a new price to the client. In such instances, the company will quote a new price to the client, and therefore, after order activation, the execution order is based on the execution price and not specifically the order price.

18. Records and Evidence Accuracy

The records, logs, and accounting documents of "Caveo Financial Brokerage" serve as the sole evidence between the parties. Caveo may record telephone calls between the client and Caveo regarding their transactions, and these preserved records constitute sufficient evidence of the recorded transactions. The client acknowledges the accuracy of the existing evidence and waives the right to challenge the accuracy of this evidence. Correspondence and instructions via email serve as documentary evidence.
Caveo reserves the right to reject client instructions if doubts arise regarding the signature of the person who sent the instructions. It is agreed that Caveo is not obligated and does not assume any responsibility, whether direct or indirect, to verify the signature beyond the scope of routine verification tasks.

19. Data Protection and Disclosure

The client acknowledges and agrees that Caveo will process the personal information provided by them to open the account and conduct business transactions for performance purposes.
Data may be stored electronically in other countries, which may not necessarily provide adequate protection. Caveo will implement appropriate security measures to prevent unauthorized access to data and personal information.

20. Use of Electronic Services

The terms of the electronic services agreement between the client and Caveo govern the terms and conditions governing the client's use of Caveo's electronic services. The term "electronic services" includes computers, phones, email, or wireless services or devices that encompass all means that contribute to placing orders in collaboration with Caveo, accessing financial and non-financial information, and using all tools and features provided by Caveo's platform to the client within the framework of the account opened with Caveo (referred to as the "Account"). This includes services and information available through Caveo or service providers used by Caveo. Electronic services are accessible to the client via computers, phones, or wireless transport devices for use on personal or small business computers, including internet devices, modems, computers, networked computers, as well as multiple wireless devices collectively referred to as "access devices." The client acknowledges that in order to perform the electronic services provided by Caveo, including future services available from Caveo, the client is solely responsible for the electronic tools, software, or other technical devices they use to access Caveo's electronic services. Caveo is not responsible for any service issues resulting from the client's failure to possess or use the technical devices necessary for satisfactory use of Caveo's electronic services.

21. Non-Guaranteed Data

The client expressly agrees that their use of Caveo's electronic services is at their own risk. Caveo, its directors, employees, officials, agents, affiliates, subsidiaries, other suppliers, information providers, licensed providers, data or information providers, or service providers (collectively referred to as "Distributed Parties") do not guarantee that the electronic services will be uninterrupted or error-free. Caveo and any Distributed Parties do not provide any warranty regarding the results that may be obtained from using Caveo's electronic services, or regarding the continuity, accuracy, completeness, or reliability of the content of the information or services or business operations available through any of Caveo's electronic services. Electronic services are provided on an as-is basis without any warranties of any kind, whether express or implied, including but not limited to warranties of merchantability and fitness for a particular purpose, except for warranties included in this agreement or that may be subject to exclusion, limitation, or modification under applicable laws.

22. Timely and Corrected Reports and Information

Caveo may receive recent reports from the market that convey the status of business operations. Consequently, the account is subject to recent reports related to orders not executed by the client or reported after their expiration, cancellation, or execution. The client acknowledges that:

Any errors in report presentation or transmission, including errors affecting execution prices, will be corrected to reflect actual market conditions.
The client received the price at which the order was executed in the market. The client may receive a price different from the one displayed on their device when the order was submitted. The client agrees to bear all circumstances, including indirect or consequential damages resulting from similar errors.

23. Order Routing System

Caveo routes all trades to the markets and undertakes to provide evidence of this upon request:

All orders are executed on a first-in-first-out basis and served on a first-come-first-served basis.
The order routing system is protected, and when an order is entered by a client into the system and transmitted for execution, the client's identity remains anonymous.
Additionally, the company has absolute discretion to provide the option of routing the best execution order, where the company's system seeks the best available prices for the client's order without any guarantees from the company.

24. Restrictions on Trading

Neither Caveo nor the Distributed Parties consider any instructions or orders from the client until Caveo has reviewed and understood these instructions or orders and their contents. The client must submit orders using Caveo's electronic services. The client acknowledges that Caveo may, from time to time and at its sole discretion, but for valid reasons and without prior notice, refuse the client's instructions or orders, terminate the electronic services agreement, or prevent or restrict the client's ability to trade in a specific financial instrument in the client's account. Caveo is not responsible for any losses, missed opportunities, or increased commissions resulting from the client's inability to trade these financial instruments or products, or the client's failure to submit certain types of trading orders through electronic services or by phone, or resulting from the termination of this electronic services agreement or the closure of the account.

25. Agreements with Third Parties

The client acknowledges and agrees that access to the services of other suppliers may be immediately terminated if the agreement between Caveo and the relevant third-party supplier is terminated for any reason. The client acknowledges and agrees that they are a client of Caveo and not a third-party client or any other person with whom Caveo has a business relationship. The client acknowledges that Caveo is not responsible for the conduct and actions of the business identifier and/or its partners in managing the account or data or actions taken by the business identifier.

26. Transfer of Records and Electronic Communications

Caveo provides electronic confirmations of transactions, account data, records, and other communications in electronic format, collectively referred to as "Electronic Records and Communications." Electronic records and communications are transmitted through the platform to the client's account or sent to their email address.
The client must maintain a valid email address online and the necessary software to read, send, and receive emails to receive the electronic messages sent by Caveo. The client acknowledges that data, including electronic records and communications, may be accessed by unauthorized third parties when transmitted between the client and Caveo or any affiliated company via the Internet, other network communications centers, applications, phones, or any other electronic means. The client agrees to use third-party software, including, for example, browser software that supports data security systems transmitted over computer networks or wireless communication centers, including, for example, the Internet. Caveo assumes no responsibility and makes no representations or warranties regarding access to any internet service, the speed of such service, or its availability.
By entering into this agreement, the client agrees to receive records and electronic communications related to the agreement and all related business operations and transactions conducted with Caveo, including confirmations, account data, messages, notifications, and applications of any kind as required by the agreement.
The client also agrees that electronic records and communications and applications constitute original documents for purposes of any applicable law and agrees that electronic records and communications constitute valid evidence of the data contained in this agreement.
All communications sent to the client's email address are deemed to have been sent personally, whether received or not.
The client must immediately notify Caveo of any changes to their email address by using the change email address procedures through Caveo's electronic services. Contact Caveo's customer service department at the email address [email protected] for more information.

27. Client Responsibility for Identification Card

Caveo allocates one user identification card for each account, and the client must change the login password immediately upon receipt by selecting a single number, code, or other sequential phrase consisting of at least six digits as the login code. This allows access to the account referred to by the password and personal trading identification number. In the case of a joint account or a corporate account, all account holders are considered joint owners of the user identification card, password, and personal trading identification number. Each account holder is responsible for the use of the user identification card and maintaining its secrecy, as well as the use of the password, including, for example, responsibility for all orders entered the account by them or any authorized third party. The client acknowledges that Caveo cannot ascertain whether anyone other than the client has previously used or is currently using the user identification card, password, or personal trading identification number. Any use of the user identification card, password, and/or personal trading identification number is deemed authorized by the client for control over the assets in the account. The client is responsible for any unauthorized use and must store any information such as the user identification card or password on their personal computer or multiple personal computers and/or password and can report unauthorized access to their account by sending notifications via email to the customer service department at the following address: [email protected]. The client agrees to indemnify Caveo and other suppliers for any liabilities associated with authorized or unauthorized use of the user identification card, password, and/or personal trading identification number.

28. Account Monitoring and Accountability for Accuracy

The client agrees that Caveo may monitor and record any electronic communications or disputes that occur between the client and Caveo.
The client also explicitly agrees that the use of services and all communications between the client and Caveo may be monitored or recorded by Caveo using tracking technology, but it is not Caveo's obligation to monitor the account for credit purposes or other purposes.
The client authorizes Caveo to use the information obtained for monitoring and recording the client's activity with Caveo for any commercial purpose as Caveo deems necessary and as permitted by law (please refer to the " Privacy Policy"). The client accepts full responsibility for always monitoring their account and agrees to monitor every open order until Caveo confirms execution or cancellation to the client.
The client is required to reconcile their account and verify the accuracy of orders placed. The client must immediately notify Caveo by phone/email of any discrepancies discovered by themselves. The client also agrees to promptly notify Caveo by phone/email if:
- The client does not find accurate documentation in the trading platform, website, or software indicating that a certain order has been received, processed, and/or executed.
- The client does not receive accurate confirmation of execution.
- The client receives confirmation of an order and/or a report on the execution of a transaction that the client did not perform.
- The client finds inaccurate information in account balances, confirmations, asset positions, or transaction history.
Caveo is absolved of any obligation or liability for claims related to order management or losses if the client fails to promptly notify Caveo within a maximum of two business days in all circumstances via phone/email of any such occurrences. If Caveo mistakenly confirms execution or cancellation and the client unreasonably delays reporting the error, Caveo may, at its sole discretion:
1. Consider this mistaken execution or cancellation licensed by the client who accepts the trade.
2. Consider all account statements accepted and accurate after one month from the date of issue unless the client, within one month, investigates the accuracy of the account statement and provides Caveo with sufficient evidence supporting the claimed assumption.
3. The client acknowledges and agrees that Caveo may make adjustments to the account to correct any errors. The client agrees to promptly return to Caveo, without cost, any assets mistakenly recorded in the account and undeserved by the client.

29. Cancellation and Amendment Requests

The client agrees that Caveo cannot guarantee that their request to cancel or modify an order will be effective, regardless of whether this request is made before receiving notification of the execution or non-execution of the order.
The client acknowledges that the requested cancellation or modification of a prior order will not be effective unless Caveo has sufficient time to submit the request to the relevant market. Unless the market receives and matches the mentioned request with the order submitted by the client before executing it.
Caveo does not undertake to match the client's cancellation or modification request with the previous order submitted, regardless of whether the market itself received this request before executing the order.
The client acknowledges that the requested cancellation or modification of a prior order will not be effective, and it will not be assumed that their previous order has been canceled or modified unless they receive a notification of cancellation or modification from Caveo. If the client places orders, makes decisions, or engages in activity related to their cancellation or modification request before receiving notification of cancellation or modification from Caveo, the client shall do so at their own risk and agrees that Caveo or any of its affiliates shall not be liable for any expenses or losses incurred as a result of this action, including, but not limited to, damages for lost profits or lost trading opportunities.
The client agrees that if cancellation or modification of the order is not possible, they are obligated to execute their original order.
The client also acknowledges that attempts to modify, cancel, or replace the order may result in exaggerated execution of the order or execution of duplicate orders, and therefore, the client shall bear responsibility for all similar execution operations. Caveo's order-passing system is subject to protection and prevention measures.
When the order submitted by the client is logged in Caveo's system and forwarded for execution, the identity of the client remains anonymous.
The client acknowledges that Caveo has absolute discretion in adopting the order passing option to ensure the best execution for each order, as Caveo's system attempts to find the best available conditions for the order submitted by the client.
Caveo does not undertake or guarantee that every order submitted by the client will be executed at the best-advertised price.
Caveo may not have access to every market where a specific product is traded. Trading in other orders may occur before the client's order, and the available volume at the advertised price may be depleted. Exchanges or markets may fail to comply with advertised prices.

30. Caveo's Ability to Terminate Electronic Services

Caveo reserves the right to terminate the client's access to its electronic services or any part thereof, including information, at its sole discretion without prior notice and without limitation to any reason whatsoever.
Caveo may terminate the client's access to electronic services for reasons including, but not limited to, unauthorized use of user identification cards or passwords, violation of the agreement, interruption of Caveo's access to any other information or data provided by the information provider, or termination of one or more agreements between Caveo and its distributing parties. Caveo and/or the distributing parties bear no responsibility towards the client for terminating their access to Caveo's electronic services.

31. Software License and Related Restrictions

Caveo grants the client a non-exclusive, non-transferable license to use proprietary software provided by a third party and/or subsidiary solely for communication with the referred system (software) exclusively as stipulated in this agreement, and the client accepts the mentioned license. The legal right to the software belongs solely to the third party and/or subsidiary, including, but not limited to, all applicable patent rights and copyrights.
The client must secure and protect the software and is not obliged to sell, exchange, or transfer it to others. The client shall not copy, modify, translate, decompile, disassemble, or reduce it to any human-readable form or modify the software or use it to create derivative works. Any updates, replacements, revisions, enhancements, additions, or conversions to the software provided by Caveo to the client are subject to the agreement.

32. Amendments

The agreement may be amended by Caveo upon written notice provided to the client, provided that Caveo sends written notice with effective dates via email or notice to the client. Caveo is legally bound to the amendment regardless of whether:

The client received the email from Caveo.
The client consented to the amendment or received the email or notice issued by Caveo.
If the client agrees to the amendments made by Caveo, they must immediately notify Caveo via email at the customer service address [email protected] and immediately cease using Caveo's services except as necessary to close the account.

33. Privacy Statement and Information Protection

The company takes essential precautions to protect the information of current and former customers or those with whom it has transacted.

The company cannot sell customer information to third parties:
The company cannot sell customer information to third parties or license third parties to do so for the benefit of other companies. However, the company informs the customer in advance if data licensing to third parties is required.
Information protection is a priority for the company:
The company implements several policies and practices aimed at protecting the privacy of customer information, and the company regularly reviews these policies to protect customer information.
Collection of customer details through business channels:
The company collects customer data to facilitate customer operations with sufficient services and increase productivity. The company collects and records the following information about customers:
- Information recorded in the account opening application and other forms submitted by the customer to the company.
- Trading information provided by the customer through the company's website.
- Credit information for verifying customer information related to their identity and determining their credit position.
- Information related to the customer's business and place of residence.
Information sent to third parties:
Some information may be sent to regulatory/supervisory authorities as required by applicable laws.
Company's consideration for the highest accuracy standards:

The accuracy of customer details is equally important to both the company and its customers. For this purpose, the company provides customers with information about their accounts through trade notifications and account statements over the phone by customer relations employees or online through the company's website, if there are any inquiries about the accuracy of account statements, please contact the company immediately.

34. Risk Disclosure Statement

Dealing with the assets provided by Caveo Financial Brokerage (the "Products") entails a series of risks such as market risks, hedging risks, speculation risks including risks of selling borrowed securities, frequent trading known as day trading, trading for extended hours, execution and technology risks, product risks, currency risks, legal risks, accounting risks, credit risks, foreign country risks, regulatory oversight risks, financial leverage risks, and tax risks. Investing in assets requires understanding the nature of financial activities in general and a deep understanding of the nature of the assets and the risks associated with this investment, as well as the financial ability to bear the expected losses that may result from investing in the assets.

Before engaging in transactions with Caveo Financial Brokerage, the client must:

Be familiar with the nature of financial activities and investing in assets and the risks associated with them, and obtain appropriate advice regarding legal, financial, commercial, accounting, tax, and other considerations that should be considered when investing in assets.
Do Not rely on the advice provided by Caveo Financial Brokerage employees when investing in assets.
Not claim that the provisions contained in this statement and the provisions in the current exchange terms constitute a complete explanation of all the risks associated with investing in the Products.
rely solely on their assessment of the investment.
Acknowledge that Caveo Financial Brokerage does not guarantee the distribution of profits and/or returns on the capital invested in the assets.
Understand that some assets, such as derivatives, may be highly volatile, subjecting them to changes in the value of the underlying asset, and the client may also be required to deposit margin before engaging in transactions with Caveo Financial Brokerage.
Acknowledge that Caveo Financial Brokerage may adjust the margin on open trades as necessary to hedge against the risks of market volatility, and trading in derivative instruments may allow the client to leverage their investment by paying only a portion of the required capital while remaining fully exposed to fluctuations in the prices of the underlying asset.
Calculate the point at which the value of the underlying asset must reach for their position to become profitable, taking into account all trading costs.
Understand that the value of the derivative financial instrument may be affected by various factors such as interest rate levels and the price and volatility of the underlying asset. The client should therefore be familiar with these risks before entering into any derivative transaction.
Employ certain strategies to mitigate the risks associated with engaging in derivative transactions. These strategies may not be effective in certain circumstances, and strategies that use a combination of positions may be as risky as taking simple long or short positions. Risk management transactions may require continuous monitoring, and failure to adequately monitor risk management transactions may result in failure to cover the transaction or over-covering it, resulting in losses.
Monitor their transactions and not rely on Caveo Financial Brokerage to perform this task.
Acknowledge that a stop-loss order does not necessarily imply that the derivative instrument will be closed at that price or even that the derivative instrument will be closed.
Understand that selling or buying at market price or at a limited price order does not imply that the derivative instrument will be closed or executed at that price or even that it will be closed or executed.
Acknowledge below that they have received a copy of the Risk Disclosure Statement, read it, and understood its contents.
The currency used for accounts is the US dollar, and in the case of withdrawals and deposits, the value of the currency is evaluated at that time against the client's account currency. Caveo Financial Brokerage does not bear the risks of currency fluctuations and is not committed to converting the client's amount at the same exchange rate as the deposit. Caveo derives its exchange rate based on official bank rates within Kuwait with the possibility of a deviation of up to 3%.

35. Force Majeure

Clients acknowledge and agree that Caveo shall not be liable for any obligations, costs, damages, or losses directly or indirectly resulting from force majeure events, including but not limited to governmental restrictions, exchange regulations, or market suspensions, delays in or suspension of trading activities, an outbreak of war, civil unrest, earthquakes, strikes, equipment failures, communication line disruptions, device malfunctions, unauthorized access, theft, or any other issues, whether technical or otherwise, that may impede the client from executing any orders, canceling them, or making modifications thereto, or may prevent Caveo from operating by orders, electronic instructions, or any other circumstances or conditions beyond Caveo's control.

36. Indemnification

Clients agree to indemnify or compensate Caveo and/or its distributors against any claims, losses, liability costs, and expenses, including but not limited to attorney fees, arising from the client's breach of this agreement, governmental laws, or the rights of any third party, including but not limited to copyright infringement, interference with property rights, or violation of privacy rights. This obligation shall remain valid after the termination of this agreement.

37. System Failure

The client acknowledges and agrees that there are risks associated with malfunctions in the electronic trading system or any of its components. In the event of a system failure or malfunction, the client may not be able to execute new orders, modify or cancel existing orders for a certain period. Loss of orders or order execution priority may result from system failure or malfunction. The company shall not be held responsible, nor any related third party, in any form whatsoever, for any malfunction in its electronic trading system or any malfunctions in the system component and orders.

38. Disclaimer

Termination of this agreement does not exempt the account holder(s) from any liability or obligation related to executed transactions until the termination of the agreement, regardless of whether claims were submitted before or after termination.

39. Company's Liability Limits

The client agrees and acknowledges that the company shall not be liable for any damages, whether direct or indirect, resulting from the use of these services, including but not limited to damages resulting from loss of capital, loss of profit margin, realized or unrealized losses, financial market fluctuations, improper use of services, unauthorized access by third parties, incorrect order entry, or any other service-related matters.
Under no circumstances shall the company's liability exceed the highest commission and monthly fees paid by the client to the company during the dispute period, regardless of the client's compensation amount.

40. Applicable Law and Jurisdiction

This agreement and all non-contractual obligations arising from or related to it shall be governed and interpreted according to the laws of the State of Kuwait.
The client agrees that any dispute arising from this agreement between the company and the client shall be subject to the jurisdiction of the courts of the State of Kuwait.
If any dispute arises regarding the enforcement of this agreement, the client agrees to attempt to settle the dispute through amicable negotiations or designated mediation before resorting to any other means of dispute resolution.
If a legally binding settlement for such dispute is not reached through amicable negotiations or designated mediation within 2 months from the date of written notice of the dispute by either party, the dispute shall be subject to the jurisdiction of the courts of the State of Kuwait.

41. Taxes and Settlement of Obligations

The company shall not be responsible for any taxes or fees payable in or related to the client's assets or other assets, or for any increase or decrease in the value of the client's assets or other assets. All amounts paid by the client to the company under this agreement shall be free of any deduction or withholding for any tax unless the client is legally required to submit such amounts subject to withholding or tax reservation. In this case, the amount shall be payable by the client associated with the deduction or tax reservation to the extent necessary to ensure that after such deduction or reservation (including any additional amounts subject to withholding or reservation under this clause), the company shall receive and retain, without any obligation related to such deduction or reservation (with a net amount equal to the amount received and retained in this manner and if such deduction or reservation is not or not required to be made. Without prejudice to the foregoing, if the company is required to pay any amounts due to tax (other than net corporate profits tax (or calculation thereof by reference to any amount received or receivable under this agreement by the company, the client shall, upon request of the company, promptly compensate the company for such amount or obligation together with any interest, penalties, or expenses payable or incurred in connection therewith. The company is entitled to settle any obligation due from the client under this agreement or any other arrangements or contracts to the extent due beneficially for the company from the account and its assets, regardless of the place or currency of payment. If the obligations are in different currencies, the company is entitled to convert the obligation at the market exchange rate in its usual course of business for settlement. The company is also entitled to apply any amount received from or for the benefit of the client or any assets in the account as part of or towards the payment of any amount due from the client under this agreement or any other arrangements or contracts.

42. Assignment

This agreement shall be binding upon the successors of the company and may be assigned to them (whether by way of merger, acquisition, or otherwise). Clients hereby grant the company the right to transfer ownership of their accounts to any successor company or any other institution. The client shall not assign any rights, duties, or interests in this agreement or any interest in their account to any other party without the prior written consent of the company.

43. Severability of Provisions

If any provision of this agreement becomes invalid or unenforceable by a court decision or official or unofficial authority, such provision shall be ineffective only to the extent that such invalidity does not affect the validity of the remaining provision or provisions of this agreement.

44. Descriptive Headings

The heading of each provision of this agreement is for descriptive purposes only and shall not modify or qualify any rights or obligations outlined in each provision.

45. Client Details

The client acknowledges and undertakes the following:

That the account opening request submitted by them constitutes an integral part of this agreement.
That all information contained in the account opening request with the company is accurate and complete.
if any changes are required to be made to any information provided by the client in the account opening request, the client agrees to make the appropriate changes to the client's account by following the procedures available on the company's website or by contacting the company for further instructions.
That the client authorizes the company to make inquiries as it deems appropriate at any time to verify the accuracy of the client's information.

46. Partner Default

Caveo's trading system is unique in that it processes all trades without human intervention, ensuring clients a neutral trading policy. To successfully implement this, Caveo's trading system is linked to several financial institutions with which Caveo has agreements. Periodically, clients' funds are transferred to some of these partners and banks to directly cover clients' transactions. In the event of default by one of the banks or partners, Caveo discloses this directly to affected clients and, whenever possible, Caveo assumes the costs related to legal proceedings and international disputes regarding these amounts for the clients.

47. Email as Official Correspondence

Email is considered the method and destination of official correspondence, but not the only one, from the company to the client and from the client to the company. Therefore, it is the client's responsibility to regularly monitor email, trading application notifications, or the company's website for receiving company notifications. The client acknowledges that if they do not request to modify the email or add Caveo to the allowed email list, they have reviewed all correspondence from Caveo and are responsible for any actions resulting from such correspondence.

48. Confidentiality of Email Addresses

The company uses its clients' email addresses to provide them with information that facilitates their dealings with the company. The company also provides other services via email, such as newsletters and market-related announcements. The company may also use the client's email address to provide information about new products, services, or investment opportunities that may be of interest to the client.

49. Complaint Procedure

If a complaint must be filed against the company, please email [email protected].

50. Agreement Duration and Termination

This agreement shall remain in effect indefinitely unless terminated by either party upon written notice within three official working days directed to the other party. Termination of this agreement does not exempt the client from any obligation or liability related to any trades or transactions executed until the termination date. Upon termination of the contract, the company shall have the right to close all open product orders in the client's account and cancel all previously set automatic pending orders.

51. Entire Agreement

These terms and all other agreements concluded between the "Client" and "Caveo," along with any provisions or conditions specified in the platform or in account data and trade exchange declarations provided to the client, constitute the entire agreement between Caveo and clients who have not provided any other statements or guarantees other than those expressly stated in this agreement.

52. Representations and Warranties

The client hereby publicly declares and undertakes to "Caveo Financial Brokerage" from the effective date of these terms and each time the client enters into a transaction under these terms as follows:

The client currently and in the future has the authority to enforce their rights, perform their obligations, and fulfill or complete their obligations under these terms and any related agreements. The client takes all necessary steps to enable the exercise, performance, and execution of these terms and any related agreements and other documents associated with these terms where the client is a party.
The client's obligations under these terms are valid, binding, enforceable, and will not violate any laws, regulations, orders, or agreements, thereby binding the client.
Any financial statement or other information provided by the client to Caveo at any time is accurate, sound, and, to the best of the client's knowledge, not misleading in any material respect, and Caveo is entitled to rely on this financial information and information.
The client has obtained all necessary approvals, licenses, and permits to:
1. Enable the enforcement of their rights, exercise their rights, perform their obligations, and comply with these terms and any transaction, contract, or trade made under these terms.
2. Ensure that those obligations are legal, binding, and enforceable, and that all approvals, licenses, and permits remain valid and in force.
No default has occurred, as referred to in clause (9), or any potential default (meaning any circumstance that may constitute a default or continue concerning the client.
The client owns full ownership rights to all collateral and subordinated guarantees deposited with or transferred to Caveo, free from any prior interest other than the routinely imposed pledge on all securities in the debt settlement system where securities are held.
The client is aware that if the trade is not settled, they must comply with the delivery obligations under these terms, in accordance with the terms of the trade and applicable regulations.

53. Miscellaneous Provisions

Caveo shall not be liable to the client for any act, omission, or regulatory body for any reason whatsoever.
The client acknowledges and confirms that they have read and understood the contents of these terms and agreed to their terms and conditions in Arabic.
Caveo reserves the right to cease providing brokerage services to the client at any time.
The client may only close their account if all financial positions in the account are closed and all financial amounts due to Caveo are settled.
Funds will not be disbursed to the client until all client financial positions are settled.
Caveo's failure to enforce any of its rights or any legal remedy under these terms does not constitute a waiver of that right or remedy.
The client's financial positions deposited with Caveo are not transferable to a third party.
Investments in products offered by Caveo through the platform are not secured by any insurance program.
Caveo does not always guarantee coverage of client financial positions, and therefore investors are likely exposed to Caveo's credit risks.
All notifications provided under this agreement shall be sent to the client or to Caveo at the email address specified by Caveo for each party to the agreement.

54. Acknowledgment of the Account Opening Agreement Form

According to these terms and conditions, which are supplementary to the information provided in the electronic or printed real account opening statement and encompassing the client's details, I have read and understood them all. My signature on the Account Opening Agreement constitutes my acknowledgment and acceptance of those terms and conditions.