TERMS AND CONDITIONS

Choice Gaming Limited (the "Company") is a limited liability company registered in United Kingdom, number 5925053.

Our Registered Office is located at Sugar Quay, Lower Thames Street, London, EC3R 6DU.

We provide a betting service (the "Betting Service") including online financial fixed and floating odds and binary betting facilities.

http://www.choiceodds.com (the "Website") is wholly owned and operated by the Company. "ChoiceOdds" and the ChoiceOdds logo are registered trade marks of the Company.

This document (and the documents incorporated by reference below) comprise the terms and conditions that are relevant and applicable to our Betting Services and constitute a binding agreement between the Company ("we", "us") and the customer ("Client", "you"). All Client activities on the Betting Service are subject to these terms and conditions.

1. APPLICABILITY OF THESE TERMS AND CONDITIONS

1.1 The Betting Service is provided to the Client for their personal non-commercial use subject to these terms and conditions. By registering on the Website and/or by continued use of the Betting Service, the Client agrees to be bound by these terms and conditions. If there is any inconsistency between these terms and conditions and any document incorporated by reference, these terms and conditions will prevail.

2. AMENDMENTS TO THIS AGREEMENT

2.1 The Company reserves the right to amend these terms and conditions. However, the Company will ensure that the Client is notified of such amendment and that their consent to the amendment is requested the first time that they access their Account subsequent to any amendment. If the Client does not agree to the amendment of these terms and conditions, they will not be permitted to continue using the Betting Service.

2.2 It remains the Client's responsibility to periodically check the terms and conditions to ensure that they continue to agree with them and Clients are advised to check these terms and conditions each time they use the Betting Service. Any bet received (but not settled) prior to the time of amendment and notification of amended terms and conditions will be subject to the pre-existing terms and conditions.

3. REGISTRATION AND ACCOUNT USE

3.1 To access the Betting Service, the Client must first register on the Website and open an account (an "Account"). The Client will receive an email of confirmation to the email address they supplied on registration if their application for registration of an Account is successful. Registration is only available to persons aged 18 or over and is subject always to the previous and on-going compliance with these terms and conditions. Registration is carried out using SSL encryption.

3.2 The Client agrees to provide accurate information to the Company on registration and it is the Client's responsibility to ensure that their personal details are kept up-to-date on the Website, especially address, telephone number and payment/bank details. The Client authorises the Company to use any lawful means that it considers necessary to verify the information provided by the Client on registration.

3.3 The Account will be used by the Client only. The Company reserves the right to decline account opening for any reason. The Account is intended for administering the Client's funds, play and fees, as well as bets, refunds, winning payments, cash-outs and any applicable service fees (all in relation to the Betting Service) for the duration of this agreement.

3.4 A Client may open only one Account. Any additional accounts that are funded may be closed and the deposit amount returned to the Client or all such accounts may be treated as one joint Account, in either case at the Company's discretion.

3.5 The Client will be presented with a username and password on registration. It is the Client's responsibility to ensure that they keep such details confidential and the Client shall be fully responsible for any misuse of their password. In the event that a Client is concerned that their password has been disclosed to a third party, they should notify the Company immediately whereupon a new password may be given. The Company reserve the right to temporarily lock the Client's Account in such circumstances. Unless caused by the Company's negligence, any unauthorised use of the login and password shall be the Client's sole responsibility and be deemed as their use. The Client will therefore be liable for any such unauthorised use and the Client will not be refunded any resulting losses incurred on the Betting Service, regardless of whether or not the third party who participated had their consent.

3.6 The Company may require the Client to change their password or the Company may suspend the Client's Account if the Company has reason to believe that there is likely to be a breach of its security policies or misuse of the Betting Service or Website.

3.7 To maintain a high level of security to protect Client funds, the Company may perform random security checks. The Client hereby accepts that the Company retains the right to demand additional documentation from them in order to verify the Client as the Account holder or cardholder in the event of such a security check.

3.8 The Client should check their Account balance each time they access the Betting Service. In the event of any errors, it is the Client's responsibility to notify the Company at the earliest opportunity together with the Client's record of transactions since the balance was last verified in order for the Company to deal with such error in accordance with clause 8.5.

3.9 The Client will inform the Company as soon as reasonably possible if they believe that their Account information is being misused in any way by a third party so that the Company may suspend their Account. The Company will not be held responsible for any reasonable delay in such suspension. The Client will not allow any other person or third party (including, without limitation, any minor) to use their Account or accept any prize on their behalf.

3.10 The Company reserves the right, on providing notice to the client to close the Client's Account and refund the balance of their Account at its reasonable discretion without further explanation.

3.11 We do not offer credit facilities. Clients are not allowed to place a bet greater than the amount deposited in their Account.

3.12 The Client may withdraw money from their Account at any time provided that their balance has been confirmed.

3.13 The Client may cancel their Account at any time by informing the Company in writing at Customer Services, Sugar Quay, Lower Thames Street, London, EC3R 6DU. If the Client does so, they must stop using the Betting Service.

3.14 If an Account is inactive for 24 months or longer, the Company reserves the right to cancel the Account and refund the balance of the Account to the Client.

3.15 The Company or the Client may suspend or cancel the Client's Account immediately if the other breaches any of their respective obligations under these terms and conditions. Return of any outstanding balance to the Client will be subject to the provisions of these terms and conditions. The suspension or cancellation of the Client's Account shall not affect either party's statutory rights or liabilities.

3.16 The Company and its licensees, distributors, wholesalers, affiliates, and subsidiaries are not eligible to participate in the Betting Service. The Company's employees may only participate in the Betting Service in accordance with the Company policy as issued from time to time.

3.17 The Company reserves the right to refuse bets from, and close the accounts of, clients suspected of unauthorized activity. Unauthorized activity includes any money laundering, arbitrage, scalping or pip-hunting activities or any other activity which seeks to profit from a price discrepancy or price error.

3.18 The Company may from time to time credit the Client Account with funds as part of a promotion or client offer. These funds will only be available for the Client to withdraw if they have previously funded their Account and placed bets with their own money that exceed promotional money by a factor of three to one. The Company reserves the right to withhold payment to any Client who does not satisfy these criteria.

4. CLIENT REPRESENTATIONS

4.1 In accepting these terms and conditions, the Client either represents and warrants in accordance with the remaining sub-clauses in this clause 4 or agrees to be bound by obligations set out therein (as the case may be).

4.2 The Client is over the age of 18 and has the mental capacity to take responsibility for their own actions. The Company reserves the right to void any bets that have been placed (or it reasonably suspects have been placed) by minors.

4.3 A Client wishing to use the Betting Service should note that there may be specific laws in their country, place of residence or the place where the Client accesses the Betting Service which prohibit gambling. The Client warrants to the Company that they will not access the Website or Betting Service from within a jurisdiction that prohibits gambling. Further, the Client warrants to the Company that they will not access or register on the Website at any time if they are a citizen of a nation state that prohibits its citizens from participating in gambling (regardless of their location).

4.4 It is the Client's responsibility to ensure compliance with their applicable local or national laws before registering on the Website and/or before using the Betting Service. The Client is encouraged to seek legal advice before registering and/or placing any bets or depositing any money to verify that their proposed dealings with the Company are not contrary in any way to such laws. the Company does not accept any responsibility for a Client's breach of any applicable local or national laws.

4.5 Further to, and without limiting, clauses 4.4 and 4.5, the Client must not be resident in the United States of America ("US") and the Company will void any wagers that it receives or reasonably suspects have been received from the US.

4.6 The Client will not use funds in a Client's Account as a basis for obtaining any form of credit or exchange rate speculation. the Company reserves the right to return funds to a Client at the original exchange rate if the Company has reasonable suspicion that the intent of the Client's transactions has been primarily to speculate on exchange rates or for any purpose other than to participate in the Betting Service.

4.7 The Client understands that by using the Betting Service they may lose money on bets placed and they accept full responsibility for such loss. The Client also agrees that their use of the Website is at their sole risk.

4.8 The Client will not attempt to hack, make unauthorised alterations to or introduce any kind of malicious code to the Website. As such, the Client will not, without limitation, (a) reverse engineer or decompile (in whole or in part) any software available through the Website; or (b) make copies, modify, reproduce, transmit, alter or distribute all or any part of the Website or any material or information contained on it.

4.9 The Client will report any winnings, deposits or withdrawals to the proper authorities if they reside in a jurisdiction where such winnings, deposits or withdrawals are taxable or are otherwise required by law to be disclosed and pay any relevant taxes and duties as they fall due.

4.10 The Client agrees that the Company may (with notice) lock or close a Client's Account if:

• a Client breaches these terms and conditions or the Betting Rules and Procedures;
• a Client's funds are insufficient for the proposed use of the Betting Service;

the Company has reason to believe that the Client's dealings with the Company constitutes an illegal or fraudulent activity (and in this event the Company shall not (to the extent permitted by law) be liable to that Client for any such deposits, nor shall it incur any liability to any Client where it is required to give information or documentation relating to that Client to any relevant regulatory authority);

• the Company suspects that access to the Account may not be by an authorised person;
• legal or regulatory requirements require such locking or termination; or
• a security, disrepute or other issue deemed reasonably significant by the Company arises.

5. LICENCE

5.1 The Company grants the Client a personal, non-exclusive, non-transferable and revocable licence to use the Company software on the Website as required for the use of the Betting Service (the "Software"). The Client may use the Software solely for participation in the Betting Service on any computer at which the Client is the primary user.

5.2 The Betting Service and all pictures, graphics, photographs, animations, videos, music, audio and text on the Website, and the Software are and shall remain the property of the Company or its respective licensors and are protected by intellectual property laws, including copyright.

5.3 Except as permitted by these terms and conditions, the Client may not copy, use, modify, create derivative works from or distribute the Software or written materials associated with the Betting Service, decode, reverse engineer, dissemble, decompile or otherwise translate or convert the Software or any part of it or transfer, loan, lease, assign, rent or otherwise sublicense the Software or do any of the above to any copy, adaptation, transcription, or merged portion of the Software.

5.4 The content of the Website is protected by copyright, trade marks, database right and other intellectual property rights. You many retrieve and display the content of the Website on a computer screen, store such content in electronic form on disk (but not any server or other storage device connected to a network) or print one copy of such content for your own personal, non-commercial use, provided you keep intact all and any copyright and proprietary notice. You may not otherwise reproduce, modify, copy or distribute or use for commercial purpose any of the materials or content on the Website without written permission from the Company.

5.5 "ChoiceOdds" and the ChoiceOdds logo are registered trademarks and as such are the property of the Company. The same applies to the URL of the Company, www.choiceodds.com. We do not authorise any use of any of these trademarks without our specific prior written consent.

5.6 We may from time to time display or use intellectual property belonging to third parties. Unless otherwise indicated, use of such intellectual property by us should not be taken as any form of endorsement or recommendation by such third party of the Company or the Betting Services.

6. PAYMENT AND SECURITY

6.1 You can deposit funds into your Account by way of debit or credit card (subject to our acceptance of the relevant card) or other methods as described on our website.

6.2 Other methods of payment will be accepted at out discretion. If we accept payments by other means, the additional charges incurred by this payment may be payable to you. We will warn you of these charges before processing the payment.

6.3 Funds placed on your Account will be held and administered with us subject to these terms and conditions.

6.4 Upon request the available funds in your account will be paid to you. Your money can be returned to you either by bank transfer, cheque or credit/debit card. At our discretion, and should you require it, funds may be withdrawn using a different method to the one selected by you (provided this is permitted by law). Our payment service provider also imposes rules on withdrawing funds. See the "Withdraw Funds" section of our website and our "Card Policy" for comprehensive details. Deposits and withdrawals are made through the Betting Service's Customer Accounts Team.

6.5 Interest is not payable on Account balances.

6.6 Any winnings are placed into a Client's personal Account.

6.7 The maximum daily payout shall be limited to £20,000 per customer.

6.8 The Client accepts and authorises the Company to instruct its payment management company to handle Account deposits and withdrawals. Thereby the Client allows the Company to give such instructions on their behalf. The Company reserve the right to withhold payment of any funds if suspicion or evidence of manipulation of the Betting Service arises. The Company may take action against the Client or any other who manipulates, or tries to manipulate, the Betting Service or any part of it.

6.9 All wagers stand and no wager can be cancelled once confirmed by the Company.

6.10 Winnings will be credited to the Client's Account following confirmation of the Betting Service result by the Company.

6.11 The funds on the Client's Account are available for the Client during the opening hours of the Website. Upon request by the Client, the Company will action a transfer from the Client's Account to the Client's bank account or credit card or other payment method of part or whole of the Client's funds at the time of the transfer request, with deductions for eventual service fees, bank fees etc. By default, this will be to the bank account or credit/debit card or other payment method that the Client most recently registered on the Website. Transfers are administered only during working hours set out by the Company from time to time. Requests for transfers can be made at any time. Where a Client's Account has been closed at the discretion of the Company, the Company reserves the right to deduct from the Account all and any charges accrued from service fees, bank fees etc. over the lifetime of the Account.

6.12 We strongly advice that you disable any password memory devices on your web browser.

7. NO WARRANTY AND AVAILABILITY OF THE WEBSITE

7.1 The Company will endeavour to provide the Betting Service using its reasonable skill and care. Save where required by law, the Company makes no warranty or representation, whether express or implied, in relation to the Betting Service.

7.2 The Company makes no warranty that the Betting Service will meet the Client's requirements or will be uninterrupted, timely, secure or error-free, that defects will be corrected, or that the Betting Service or the server that makes it available are free of viruses or bugs, nor do the Company make any warranty as to the full functionality, accuracy, reliability of the materials supplied by the Company or results of the Betting Service or the accuracy of any information obtained by the Client through the Betting Service. If a fault occurs in the service you should report it to enquiries@choiceodds.com and we will attempt to correct the fault as soon as we reasonably can.

7.3 The Client's access to the Betting Service may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. In this event, the Company will attempt to restore the Betting Service as soon as it reasonably can.

8. COMPANY CONDUCT AND LIMITATION OF LIABILITY

8.1 The Client agrees that their use of the Betting Service is at their sole risk.

8.2 The Company shall not be responsible or liable to the Client for any loss of content or material uploaded or transmitted through the Betting Service and the Client confirms that the Company will not be liable to the Client or any third party for any modification to, suspension of or discontinuance of the Betting Service.

8.3 The Company reserves the right to refuse or limit any bet.

8.4 The Company reserves the right to withdraw the Betting Service or elements of the Betting Service at any time, and will not be liable to the Client as a result of any such action.

8.5 Should funds be credited to or debited from a Client's Account in error, the Client must notify the Company of the error without delay. Any sums credited to the Client due to the error must be returned to the Company immediately and any sums debited from a Client's account must be returned to the client immediately. Funds credited to an Account in error shall not be used for betting and the Company reserves the right to void any transaction involving such funds. The parties agree to indemnify each other for the return of any erroneously credited and /or debited funds.

8.6 The Company will not be held responsible for any typing, technical, or human error in the operation of the Betting Service. In the event of error, the Company reserves the right to either void any affected bets or to correct the error. Where a correction by the company changes the terms of the bet the client will be given an opportunity to once again accept the revised terms before the bet is deemed corrected.

8.7 Where the company is in breach of these terms & conditions, it will only be responsible for any losses suffered by the Client as a result of and to the extent that they are a foreseeable consequence to both the Company and the Client at the time the Client last accepted the terms and conditions.

8.8 The Company will under no circumstances be held liable for any damages or losses of an indirect nature, that are deemed or alleged to have resulted from or been caused by the Betting Service, the Website, Betting Service or their content including, without limitation, delays or interruptions in operation or transmission, communication line failure, any persons use or misuse of the Website, Betting Service or their content, any errors or omissions in content, damage for loss of business, loss of profits, business interruption, loss of business information, or any other pecuniary or consequential loss.

8.9 The Company's liability under clause 8.7 above shall be limited to the commission received by the Company in respect of the bet or bets which are the subject of any breach by the Company.

8.10 The Company does not exclude or limit liability for death, personal injury caused by negligence or for fraud.

8.11 The Company will not be responsible for any breach of these terms and conditions caused by circumstances beyond its reasonable control.

8.12 The Company reserves the right to withdraw the Website, the Betting Service or elements of either at any time, and save for any rights that the Client may have over deposited funds in its Account, will not be liable to the Client as a result of any such action.

9. SOCIALLY RESPONSIBLE GAMBLING

9.1 A Client may at any time apply to exclude themselves from participating in the Betting Service. If a client wishes to do so, he/she should contact Customer Services on +44 (0)20 7144 4710 or by email to cs@choiceodds.com

9.2 In line with UK gambling regulations, Customers may, by written notice to the Company, place a limit on their gambling activity on the Betting Service.

10. FRAUDULENT AND ILLEGAL USE OF THE BETTING SERVICE

10.1 If the Company has reason to believe that the Client's dealings with the Company constitutes an illegal or fraudulent activity and to the extent permitted by law, the Company shall not be liable to that Client for any such deposits, nor shall it incur any liability to any Client where it is required to give information or documentation relating to that Client to any relevant regulatory authority.

11. TRANSFER

11.1 The Client may not transfer any of their rights under these terms and conditions to any other person. The Company may transfer its rights under these terms and conditions to another business where its reasonably believes that its rights will not be affected.

12. THIRD PARTY RIGHTS

12.1 Except insofar as these terms and conditions expressly provide that a third party may in their own right enforce a term of these terms and conditions, a person who is not a party to these terms and conditions has no right under local law or statute to rely upon or enforce any term of these terms and conditions but this does not affect any right or remedy of a third party that exists or is available other than under local law or statute.

13. SETTLEMENT OF DISPUTES

13.1 If a dispute arises and is not covered by these terms and conditions, our customer service team will do their best to resolve it on a basis of good faith and fairness in accordance with our internal complaints procedures.

13.2 All disputed prices and/or bets must be contested within [3] working days of the settlement of the bet or the settlement will be deemed to have been accepted by the Client.

13.3 Any dispute that is not resolved to your satisfaction will, at your request, be referred by us to the Independent Betting Arbitration Service (IBAS).

14. NOTICES

14.1 If the Client has any dispute with regard to any outcome in the Betting Service or any other activity, the Client must submit their complaint to the Company in writing within fourteen (14) days of the incident by email to cs@choiceodds.com. The Client may also submit notices to the Company in writing at: Customer Services, Sugar Quay, Lower Thames Street, London, EC3R 6DU. Any notice the Company gives to the Client (save as otherwise set out herein) will be sent to the email address that the Client provided when the Client registered their Account.

15. GENERAL

15.1 These terms and conditions contain the entire agreement between the Client and the Company relating to the Betting Service. The Client confirms that, in agreeing to accept these terms and conditions, they have not relied on any representation save insofar as the same has expressly been made a representation in these terms and conditions. The Client agrees that they shall have no remedy in respect of any misrepresentation which has not become a term of these terms and conditions save that their agreement shall not apply in respect of any fraudulent or negligent misrepresentation whether or not such term has become a term of these terms and conditions.

15.2 If any part of these terms and conditions shall be deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed to be severable from these terms and conditions and shall not affect the validity and enforceability of any of the remaining provisions of these terms and conditions.

15.3 No waiver by the Company of any of these terms and conditions shall be construed as a waiver of any preceding or succeeding breach of any of these terms and conditions.

15.4 Nothing in these terms and conditions shall be construed as creating any agency, partnership or any other form of joint enterprise between the Client and the Company.

15.5 These terms and conditions are deemed to incorporate the Betting Rules and Regulations which govern, amongst other things, the Betting Services offered, the methods of play and the Company's settlement procedures and the Client confirms that they have read, understood and accept the Betting Rules and Regulations.

15.6 The Client confirms that they have read, understood and accept the Company privacy policy.

15.7 The Betting Service is subject to the laws and regulations of England and Wales and any dispute arising out of or relating to the Betting Service, prizes, Website, Software, the Company, the manufacturer of the Software, and/or the Company's payment management company shall be governed by the laws of England and Wales.

I, the Customer, have read, understood, and agreed with these terms and conditions governing the use of the Website.

BETTING RULES AND REGULATIONS

1. BETTING PROCEDURES - BINARIES

1.1 We will quote an electronic two-way price whenever possible during the bets designated period. The lower price being the price the client can sell at and the higher price being the price the client can buy at. When the website is not available we will quote two-way prices over the telephone for closing bets only, if and only if the system is still in an active state for pricing. The client does not have to trade on the prices offered.

1.2 Binary bets will always be opened and closed in a specific number of pounds, £, per point movement, if the system and a price is available.

1.3 Closing a bet - before expiry: Only floating binaries may be closed out before expiry. Closing out a bet before expiry is done by placing an equal and opposite bet in the same instrument that will fully or partly realise the extent of the winnings or losses, before the no betting period starts, as stated in the bets conditions, subject to acceptance by us. Bets can also be closed out by using the "Close Out" button on the Positions table. If multiple bets are open on the same instrument, clicking the "Close Out" button corresponding to a bet will close all or part of that specific bet only. This will fill in the betting slip. To close out a bet you must click "Confirm". The Company reserves the right to refuse or limit closing out bets (see Section 8.3). If multiple positions are open on the same instrument and bets are closed out manually (by filling in the betting slip rather than clicking the "Close Out" button) they will be closed out on a "first in, first out" basis whereby the positions will be closed in the order in which they were placed. Therefore using the "Close Out" button is the only way to close a specific bet where multiple positions are open on an instrument. When realising a profit (part or whole position being closed out) you will receive back the margin put down for the bet for the size closed out. When realising a loss on a position the loss will be taken out of the margin put down for the bet.

1.4 If you have bought a bet to open and you have closed out at a higher price, then you will receive an amount equal to the closing price minus the opening price, multiplied by the bet size.

1.5 If you have bought a bet to open and you have closed out at a lower price, then you will lose an amount equal to the closing price minus the opening price, multiplied by the bet size, which is taken from the initial margin put down by the client when opening the bet.

1.6 If you have sold a bet to open and you have closed out at a lower price, then you will receive an amount equal to the opening price minus the closing price, multiplied by the bet size.

1.7 If you have sold a bet to open and you have closed out at a higher price, then you will lose an amount equal to the opening price minus the closing price, multiplied by the bet size, which is taken from the initial margin put down the bet. This money will be taken from the initial margin put down by the client when opening the bet.

1.8 Closing a bet - at expiry: If a bet is left open up to the expiry time and we have ascertained the closing level of the market, the bet will be automatically settled. If the bet proposition occurs (as stated by the bet) then the bet will close at 100. If the bet proposition does not occur then the bet will close at 0. Please see (8) Betting Rules for more information.

2. BETTING PROCEDURES - ODDS (FRACTION AND DECIMALS)

2.1 We will quote an electronic "backing" price wherever possible during the bet's designated period. The price offered is for backing only. When the website is not available we will endeavour to quote a price but this might not be the case under the circumstances. The client does not have to trade on the prices offered.

2.2 Bets placed in the odds mode will be in the form of a stake. This stake is the maximum the client is prepared to risk on that bet.

2.3 Closing a bet - before expiry: Bets placed in odds mode can not be closed out before expiry. They are only closed out at expiry.

2.4 Closing a bet - at expiry: At the expiry time and when we have ascertained the closing level of the market the bet will be automatically settled. If the bet proposition occurs (as stated by the bet) then the bet will be deemed successful and thus pay out to the odds gained at the time of placing the bet. If the bet proposition does not occur then the bet will be unsuccessful, and the client will lose their stake. Please see (3) Betting Rules for more information.

3. BETTING RULES

Backing (in the case of fraction and decimal odds) or buying (in the case of binary products) a bet means that you are agreeing with the proposition set out by the instrument.

For all Fixed and Floating Odds bets: if, upon settlement, the bet proposition backed by the client occurs they will win the bet. If the bet proposition backed by the client does not occur they will lose the bet.

Selling (in the case of binary products) a bet means that you are disagreeing with the proposition set out by the instrument.

3.1 Floating Up/Down bets: When the fixed up/down market is open for betting, bets can be placed up until the no betting period. (Please see the product table for betting times).

3.1.1 Floating Binary Bets (Up):

At expiry an up bet will settle at 100 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is greater than the strike level the bet was placed at. It will settle at 0 if the underlying level at expiry is less than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake (margin) will be lost, and 50% of the bet size (per point) will be paid out as a winning bet at the binary price obtained when the bet was placed.

3.1.2 Floating Binary Bets (Down):

At expiry a down bet will settle at 100 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is less than the strike level the bet was placed at. It will settle at 0 if the underlying level at expiry is greater than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake (margin) will be lost, and 50% of the bet size (per point) will be paid out as a winning bet at the binary price obtained when the bet was placed.

3.1.3 Floating Odds Bets (Up):

At expiry an up bet will settle as a wining bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is greater than the strike level the bet was placed at. It will settle as a losing bet if the underlying level at expiry is less than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake will be lost, and 50% of the stake will be paid out as a winning bet at the odds chosen when the bet was placed.

3.1.4 3.1.4 Floating Odds Bets (Down):

At expiry a down bet will settle as a winning bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is less than the strike level the bet was placed at. It will settle as a losing bet if the underlying level at expiry is greater than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake will be lost, and 50% of the stake will be paid out as a winning bet at the odds chosen when the bet was placed.

3.2 Fixed Up/Down bets: When the fixed up/down market is open for betting, bets can be placed up until the no betting period. (Please see the product table for betting times).

3.2.1 Fixed Binary Bets (Up):

At expiry an up bet will settle at 100 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is greater than the strike level the bet was placed at. It will settle at 0 if the underlying level at expiry is less than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake (margin) will be lost, and 50% of the bet size (per point) will be paid out as a winning bet at the binary price obtained when the bet was placed.

3.2.2 Fixed Binary Bets (Down):

At expiry a down bet will settle at 100 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is less than the strike level the bet was placed at. It will settle at 0 if the underlying level at expiry is greater than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake (margin) will be lost, and 50% of the bet size (per point) will be paid out as a winning bet at the binary price obtained when the bet was placed.

3.2.3 Fixed Odds Bets (Up):

At expiry an up bet will settle as a wining bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is greater than or equal to the strike level the bet was placed at. It will settle as a losing bet if the underlying level at expiry is less than the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake will be lost, and 50% of the stake will be paid out as a winning bet at the odds chosen when the bet was placed.

3.2.4 Fixed Odds Bets (Down):

At expiry a down bet will settle as a winning bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is less than the strike level the bet was placed at. It will settle as a losing bet if the underlying level at expiry is greater than or equal to the strike level the bet was placed at.

If the market settles exactly on the strike price:

 - For all hourly, midday and daily markets, bets are settled as if the market closed above the strike price.
 - For all five minute markets, bets are settled on a split basis. 50% of the stake will be lost, and 50% of the stake will be paid out as a winning bet at the odds chosen when the bet was placed.

3.3 Floating Range bets: When a Range market is open for betting, bets can be placed up until the no betting period (see the product table for betting times).

3.3.1 Floating Binary Range Bets:

At expiry a range bet will settle at 100 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is within the stated range. A binary bet will settle at 0 if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is anywhere other than the stated range.

If the underlying level is exactly on a barrier then the instrument will be settled as being above the barrier i.e. if the Wall Street Index is down exactly 90 points at expiry then the Wall Street -60/-90 range bet will settle as having occurred. The -90/-120 range bet would settle at 0.

3.3.2 Floating Odds Range Bets (Ranges):

At expiry a range bet will settle as a winning bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is within the stated range. The bet will settle as a losing bet if the underlying level at expiry, according to the expiry rules (see the product table for expiry rules) is anywhere other than the stated range.

If the underlying level is exactly on a barrier then the instrument will be settled as being above the barrier i.e. if the Wall Street Index is down exactly 90 points at expiry then the Wall Street -60/-90 range bet will settle as having occurred, the bet will be settled as a winning bet. The -90/-120 range bet would settle as a losing bet.

3.4 Floating One Touch bets: When a One Touch market is open for betting, bets can be placed up until the no betting period (see the product table for betting times).

3.4.1 Floating Binary One Touch Bets:

If at any point in time, from the opening of the One Touch market to the expiry time, the underlying level of the bet touches or breaches the designated level the bet will expire and settle at 100. This is also the case at expiry. If the closing level of the underlying market for the bet touches or breaches the designated level then the bet will expire and settle at 100.

If the bet has not touched or breached the designated barrier level during the life time of the product the bet will expire and settle at 0.

3.4.2 Floating Odds One Touch Bets:

If at any point in time, from the opening of the One Touch market to the expiry time, the underlying level of the bet touches or breaches the designated level the bet will expire and settle as a winning bet. This is also the case at expiry. If the closing level of the underlying market for the bet touches or breaches the designated level then the bet will expire and settle as a winning bet.

If the bet has not touched or breached the designated barrier level during the life time of the product the bet will expire and settle as a losing bet.

3.5 Floating Tunnel bets: When a Tunnel market is open for betting, bets can be placed up until the no betting period (see the product table for betting times).

3.3.1 Floating Binary Tunnel Bets:

If at any point in time, from the opening of the Tunnel market to the expiry time, the underlying level of the bet touches or breaches either of the designated levels the bet will expire and settle at 0. This is also the case at expiry. If the closing level of the underlying market for the bet touches or breaches either of the designated levels then the bet will expire and settle at 0.

If the bet has not touched or breached the either of designated barrier levels during the life time of the product the bet will expire and settle at 100.

3.3.2 Floating Odds Tunnel Bets:

If at any point in time, from the opening of the Tunnel market to the expiry time, the underlying level of the bet touches or breaches either of the designated levels the bet will expire and settle as a losing bet. This is also the case at expiry. If the closing level of the underlying market for the bet touches or breaches either of the designated levels then the bet will expire and settle as a losing bet.

If the bet has not touched or breached the either of designated barrier levels during the life time of the product the bet will expire and settle as a winning bet.

4. PRODUCT TABLE

All instruments are based on the spot/cash price, or otherwise stated.

+ Official UK 100 future settlement price is typically disseminated 2 minutes after the close, and could be different to the 1630hrs price.

++ Official Wall Street Index auction price is typically disseminated 10 minutes after the close, and is usually different to the 2100hrs price.

** As spot FX is an OTC (over-the-counter) product there is no official 'price' as banks and major financial institutions trade currencies between themselves. As different data providers use difference banks for their feeds, there may be differences in prices to other providers.