Effective date: March 14, 2019.
1. Obligation of Credit Providers to Maintain the Confidentiality of Trades
The following restrictions shall apply to those Sponsors, the term Sponsor to include under the Operating Procedures any participant that (i) act as a liquidity provider/market maker and/or taker (remover of liquidity); or (ii) submit bids, offers, or orders on the DMALINK Platform:
(a) The Sponsor shall be obligated to keep the identities of all prime brokerage clients confidential. To the extent that a client of a Sponsor's prime brokerage business is trading on DMALINK, the identity of that client and all details relating to its trading activities shall not be provided to or made available to any other party, including but not limited to that Sponsor's own trading desk. For the purposes of these procedures, "identity" means the name of the client/legal entity name as well as any information that would allow a reasonably knowledgeable market participant to identify the client by its trading activities and/or style.
(b) Should a client of the Sponsor trade on the price provided by the Sponsor, the trade will only be identified to the Sponsor as a prime brokerage trade without naming the client or using a code-name. Information about any trade executed by the client of the Sponsor with another financial institution on the Platform shall only be made available to the prime brokerage area of the Sponsor (and not to the trading desk of the Sponsor).
2. Off Market Transactions Policy
An "Off Market" transaction is defined as the execution on an order (other than a Stop Loss Order, as described below) that was entered at a price substantially away from, or inconsistent with, the prevailing market for that currency pair at the time of execution.
DMALINK will review questionable transactions with the intent of preserving the integrity of the marketplace and facilitating a fair and orderly market and pursuant to this Policy and any Guidelines.
A client's use of DMALINK trading systems constitutes its express acceptance of DMALINK’s right to modify or to cancel transactions in accordance with this Policy and Guidelines.
3. Notification of Clear Error and Rules Applicable to All Off Market Requests and Stop Loss Order Disputes
If a client receives an execution of an order that was entered in error (e.g. in terms of price or quantity), the client may contact DMALINK by phoning +44 (0) 20 7117 2517 and request that the transaction be reviewed pursuant to the Off Market Transactions Policy. The client must further submit an electronic request by email to instructing DMALINK to review any such transaction.
Clients should submit phone and electronic requests to review transactions within 30 minutes of execution of such transaction. Requests received after such time period may be reviewed depending on the facts and circumstances surrounding such request, however, DMALINK reserves the right to decline to review any request submitted more than 30 minutes after execution.
Transaction Reviews Initiated by DMALINK
DMALINK reserves the right to initiate a review of a transaction, regardless of whether or not a client request has been submitted, if it determines in its sole discretion that circumstances warrant such a review. In such instances, DMALINK will notify clients that a transaction will be reviewed pursuant to the Off Market Transactions Policy.
DMALINK will use its good faith efforts to contact each of the Sponsor(s)/client(s) party to an Off Market Transaction. DMALINK will review data reasonably available to it to determine where the "correct" price for the applicable currency pair was at the time of the Off Market transaction. The data that DMALINK may consider includes, but is not limited to, pricing data from the DMALINK platform, an external ESMA registered and FCA authorised administrator of live spot FX benchmarks, which shall be disclosed, upon request, to each relevant party in connection with any off market transaction, and other electronic platforms and any market, oral conversations with the parties to the Off Market Transaction, and market professionals not involved in the Off Market Transaction. DMALINK will use its good faith efforts to assist the parties to the Off Market Transaction to arrive at a resolution which is reasonably acceptable to those parties and to DMALINK. Possible resolutions include, but are not limited to, an adjustment of the rate or voiding the Off Market Transaction entirely.
DMALINK will use commercially reasonable efforts to preserve the anonymity of the parties to the Off Market Transaction from each other during the period in which it is attempting to assist those parties to come to arrive at a resolution. In the event that after a reasonable period of time (generally not to exceed 60 minutes), the parties to the Off Market Transaction cannot agree on resolution, or if DMALINK is unable to reach one or more of the parties to the Off Market Transaction during such period of time, DMALINK reserves the right to, but is not obligated to, act unilaterally to void the Off Market Transaction or to modify one or more terms of the Off Market Transaction based on any external benchmark that DMALINK may, at its sole discretion, apply. The source of such benchmark rate shall be disclosed to each party of the Off Market Transaction upon request.
A final determination generally will be made quickly, typically within an hour of a request being submitted. DMALINK will promptly provide oral notification of a determination to the parties involved in a disputed transaction.
Each request will be considered on a case-by-case basis.
4. API Access
All users who use an application program interface (the "API") as the method to access the DMALINK Platform must (i) keep DMALINK fully informed at all times of the identity of each software program or system that directly or indirectly accesses the Platform via API and (ii) only provide such access to the API to those software programs and systems that have been previously approved by DMALINK in writing.
5. Stop Loss Orders
A Stop Loss Order is an order to sell or buy a currency pair at a spot rate that is less favourable to the party placing that order than the then-current spot rate.
Although a spot rate is specified upon entry of a Stop Loss Order, market conditions may often dictate that such orders to be filled at a substantially different spot rate, and client agrees to accept the rate at which such order is filled.
These Operating Procedures shall become effective automatically on the Effective Date set forth above, without further notice.