Exchange Rules

















Assessment of Information Provided



Application Process



Misuse of Account



Account Suspension and Closure













Bank Wire






Checks & Money Orders







ACH / e-Check









Bank Wire
















Trading Hours



Entering Orders



Types of Order



Canceling Orders






Open Positions



Closing Out Positions



Contract Expiry








Variation Margin




Official Closing Prices




Revaluation Process



Trade P&L



Expiry P&L








Margin Rates




















These Rules set out the basis on which Trade Exchange Network Ltd (the "Exchange", the owner and operator of the platform) provides its services to you and governs your use of the service. In addition, special terms (Contract Rules, Contract Specifications, and Exchange Announcements) apply for each market and also constitute part of these Rules, together with the Disclaimer, Privacy Policy and Data Protection Consent.


The Exchange provides various services to its registered members including real money and play money prediction market trading and social networking opportunities with other members. The Exchange enables its members to trade the future outcome of various events between themselves. The Exchange provides order matching, account opening and account facilities to its account holders via its website which may be located here.


The Exchange provides all services on an "as-is" basis.


The Exchange is not a bookmaker nor is it involved in the business of betting or wagering. The Exchange collects fees from its account holders on trade execution and contract expiry.


Trade Exchange Network Ltd is a limited company registered in Ireland with company registration number 35224. In these Rules, the terms 'The Exchange' and 'Exchange' refer to Trade Exchange Network Ltd or any subsidiary company or any website it operates.


Terms used in this document are defined in the full Glossary on the Exchange website. Margin examples are also available from the website.


The Exchange may vary these Rules at its sole discretion at any time. Notification of any changes will be posted on the Exchange website for at least one week. All changes will apply to all outstanding trades, orders and financial transactions. You agree that should you object to these Rules or any subsequent modification, or are dissatisfied with the service; your only recourse is to close your account (See Section 2.6).


It is your responsibility to remain apprised of any changes made to these Rules by reviewing the Exchange website on a regular basis.


Unless explicitly stated by the Exchange, any new services or features made available by the Exchange to its members that enhance or are additional to the current service shall be subject to these Rules.


All notices that the Exchange is required to send to you regarding the service shall be made via e-mail to the e-mail address provided by you. Notices served by you on the Exchange pursuant to these Rules shall be sent to the Exchange at the e-mail address given on the Exchange's website. Communications shall be deemed to have been received at the time of transmission.


The Exchange will use its reasonable endeavors to provide you with support via the telephone or by e-mail limited to addressing problems experienced with accessing and using the service, and uploading, downloading and viewing website pages. The Exchange does not have a minimum response time to any particular query nor does it guarantee to provide answers for any query. Any requests for support should be directed to the Exchange using the details provided in the "Contact Us" page of the website (or such other details as Exchange may from time to time notify you) in the first instance, but in the event that you are dissatisfied with the response you may contact our offices at the address stated on the Exchange's website.


This agreement comes into effect when a prospective account holder submits the required details to open an Exchange account and agrees online to be bound by the Exchange Rules, Contract Rules, Privacy Policy, Disclaimer and Data Protection Consent. The agreement ceases when the account is closed (See Section 2.6 for details).


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



You must carefully read and agree to these Rules, the Contract Rules, Privacy Policy, Disclaimer and Data Protection Consent.



You must be aged 18 or over.



You must not already hold an Exchange account or have had an account that has been closed by the Exchange.



You have not filed for personal bankruptcy.



You are not an employee of the Exchange.



You are not prohibited from using the services of the Exchange for any reason whatsoever, and your use will not cause the Exchange to violate any law from any jurisdiction from which you use the service.




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



All transactions are contracted and settled on the Exchange's servers in Ireland and are governed by Irish law.



You are solely responsible for meeting any requirements of local tax authorities.



Trading on the Exchange is an activity predominantly based on skill, not of chance. You undertake that, when using the Exchange's services, you will not rely predominantly on chance and you will not make any offer or series of offers that would, if matched, be considered an illegal activity.



You may lose money on Exchange trades.



You agree to keep your account number and password confidential and accept that you are fully liable for all trading losses, orders and payment transactions on your account, even if you are acting on behalf of a syndicate.



You must provide and, where appropriate, update the Exchange with all information that it requires to meet its anti-money laundering obligations (See Section 6)



All information provided by you must be a true, accurate, current and complete description of your circumstances. You are responsible for informing the Exchange via the website of any changes to the account information provided. The Exchange is not responsible if you incur any losses because it was unable to contact you.



Any attempt by you to interrupt the operation of the Exchange, disrupt the operation of the Exchange website, to manipulate exchange prices or act in a manner that may be injurious to the Exchange may result in the immediate closure of your account, and/or unwinding of your trades and/or being prevented from accessing all or any part of the exchange or the website in future.



Assessment of Information Provided



Exchange will handle all information provided by you on a confidential basis and in accordance with Exchange' Privacy Policy, and Data Protection Consent which you should view.



In applying to open an account, you agree that the Exchange:



may conduct checks on the information that you have provided to ensure that it is correct and that you meet the conditions for becoming an account holder of the Exchange. You authorize the Exchange to use any means necessary to verify your registration details and check your creditworthiness.



is held harmless against any falsehood or inaccuracy contained in the information you provide when registering as a member.


Application Process



You may apply to open an account using the application process on the website.



When the Exchange has accepted your application it will prepare an account and send you an e-mail with your confirmation code. When you first access your account quoting this confirmation code, it will be opened.



Before you may trade, you must deposit funds into your account (See Section 4) if you wish to trade real money markets. All members automatically get 5,000 play money to use in play money markets.



The Exchange is entitled to reject your application without giving you a reason.


Misuse of Account



You agree to disable automatic password memory features in your browser and ensure that you exit from your account at the end of each session.



If you suspect that someone else is using your account, you agree to immediately change your password and inform the Exchange by e-mail.


When the Exchange is informed it will suspend your account. .


Account Suspension and Closure



The Exchange has the right to suspend or close your account at any time without giving you a reason, without further obligation or liability to you resulting from these actions.



If your account is suspended by the Exchange you cannot enter new orders or make deposits/withdrawals and your open orders will be cancelled. You may still login to your account and view your account details.



You will be unable to access your account if you fail to login correctly on ten consecutive occasions. To reset your account you must access "Login Help" and apply for a new confirmation code to be e-mailed to you.



You may only request to close your account by contacting the Exchange using the details described in the "Contact Us" section of the website.



You may only close your account when there are no open orders or positions and all payments have cleared.



If the Exchange closes your account then it may, at its sole discretion, choose to take any or all of the following actions:

a) cancel any or all of your outstanding orders and/or trade out of any open positions in your account;

b) open positions in other similar, but not necessarily Exchange-traded, contracts in order to hedge exposures created by your open positions;

c) offset any money in your account to cover losses made on all of your transactions, instigated either by you or the Exchange, and any costs incurred by the Exchange in determining and handling your breach of these Rules, including, without limitation, legal costs;

d) recover any losses resulting from the close out of positions by charging to your registered card.



In closing your account, you recognize that the Exchange's priority is to protect itself, the integrity of its markets and the interests of its other members. The Exchange neither has any obligation to minimize your losses nor to consult with you over its actions.


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Once you have successfully opened an account you may deposit and withdraw funds as described in Sections 4 and 5.


You are only allowed to hold money in your account to cover your likely future trading requirements. The Exchange is not a bank and does not provide any banking facilities. If it appears to the Exchange that the amount of money you have deposited is excessive in relation to your trading requirements then you will be required to withdraw money.


Details of your transactions over the previous 60 days may be viewed in the "My Account" section of the website once you have logged in.


The Exchange in its sole discretion may pay you interest on the cash in your account.

The criteria is that you must have maintained a minimum cleared balance of US$20,000 for the entire calendar quarter to be entitled to interest for that quarter.

The interest rate applicable will be as published on or about the last day of the relevant quarter on the WSJ as typically taken from Bankrate for interest accruing checking accounts (as your funds at Intrade are immediately withdrawable).

Interest will be calculated on a quarterly basis and paid to the members account within 190 business days following the end of the quarter.

Method of Calculation: Sum of ((Rate of Interest/365)*total funds at end of each day)


You can see up-to-date details of your account on the website. This shows the following:



Available Funds - this is the amount of money and value of non-cash balances (such as promotional offers) in your account that can be used to meet initial margin requirements on new orders. (See Section 9)



Frozen Funds - this is money in your account that is being used to cover the initial margin requirement on your orders and open positions. (See Section 9)


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On opening a real money trading account, you must firstly deposit a minimum of USD 25 to be able to trade. However we recommend that you deposit USD 100 as this seems to be the minimum to fully appreciate the trading experience.



All accounts are denominated in US Dollars however you may deposit funds in any other currency and the Exchange will convert your funds into USD at commercially available foreign currency rates.



Deposits may only be made using bank transfers, MasterCard and Visa cards, checks, cashiers check, Firepay or such other methods that may be approved from time to time by the Exchange.



While every effort is made to process your deposit in a timely manner, the Exchange is not responsible for any delays that may occur.



Normally there are no fees charged by the Exchange to process your deposit, however where the Exchange incurs costs as a result of your funds being deposited to your account with the Exchange your account will be debited accordingly



The Exchange may require proof of identity before it credits your deposit to your account. If such proof is not received within a timely manner the Exchange will return your deposit to you subject to Section 6 below



The Exchange reserves the right to withdraw any or all methods of depositing from the member, without further explanation



Should the processing of your deposit be delayed or inaccurate in anyway please contact us by referring to the Contact Us section of our platform. The Exchange reserves the right to correct processing errors in the unlikely event that they should ever occur at any stage.






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

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



The Exchange only accepts MasterCard and Visa cards.



Each member may use no more than three cards.



The Exchange reserves the right to reject any card, deposit or hold a deposit pending until it is satisfied that processing such a deposit is in the best interests of the exchange.



You must be the authorized holder of any card listed on your account.



Your first Credit Card deposit is limited to a maximum of USD 250 until your account has been verified by the Exchange.



Upon account verification, the deposit limit may be increased to USD 1,000 per 30days.



While it is possible to have an increased deposit limit of USD 4,000 in a 30 day period, this limit is available to experienced traders who have been members of the Exchange for at least 6 months and where we are in receipt of proof of identity, address and card ownership.



Withdrawals, at the discretion of the Exchange, can be paid back onto the deposit source (e.g. the Visa card), where possible, up to the value of deposits in the previous 6 months. Withdrawal amounts in addition to the above will normally be processed by an alternative method selected by the member.



Due to MasterCard regulations we will be unable to process withdrawals back to MasterCards. If you have deposited funds with MasterCard please select an alternative method of withdrawal to receive your funds.





Bank Wire




You may deposit funds into your account by making a US Dollar bank wire to the Segregated Member Account. Details are available on the "Deposit - Bank Wire" page to be found on the "My Account" tab on each page of the website. The Exchange also allows members the option of an individual segregated member account. Contact the exchange for more details.



There is no specific limit on the amount that you may deposit by bank wire.



The Exchange does not charge for receiving US Dollar bank wires but your bank and any intermediary bank may charge you for making the transfer.



Deposits by bank wire will be credited to your account immediately on confirmed receipt from our Bankers. You will be emailed when your funds are received.



Members wishing to deposit funds in any other currency should be aware that it is our bank who convert the funds on receipt of the foreign currency to US Dollars and therefore we do not have any control over the Exchange rate that is applied.



Members sending funds by bank wire to their account with the Exchange usually need to visit their own bank to arrange. Some members may have this facility online from their bank.




Members must include the exact bank wire instructions as detailed on the My Account/Deposit/Bank Wire page our bank and include your membership number. If you do not include all relevant details we maybe unable to apply the funds to our account and they will be returned to your bank.  We cannot accept any charges that are applied to the payment by any financial institution.


NETeller (currently not available as a funding option)




You may deposit into your account using the NETeller service that may be accessed via the link on the Exchanges Deposits page. More details are available on the "Deposit - NETeller" page to be found on the "My Account" tab on each page of the website.



You can only deposit funds from the same email address as the one registered with the Exchange.



You can only deposit to one account on the Exchange using one Neteller account



The Exchange reserves the right to reject any NETeller payment.



Deposits made using NETeller will normally be credited to your account immediately on receipt.



We may not pass on the charges we incur in receiving your Neteller deposit.






You may deposit funds using a US Dollar check or a US Dollar banker's draft. There is no specific limit to the sum you may deposit by check or draft.



Funds will be credited to your account once the check has cleared. Typically this will be 10 days after the check has been received.



Depositing money by check or banker's draft drawn on a US bank is free of charge. Additional banking costs, including the handling of non-US bank checks, that may be incurred by the Exchange in handling your check will be debited from your account.




Checks deposits must be in the name of the Intrade account holder. Third party checks will not be accepted.
























ACH (currently not available as a funding option)



Automated Clearing House ("ACH") deposits are a highly reliable and efficient electronic funds transfer system governed by The Federal Reserve and Electronic Payments Network. To use ACH you need to first register for the facility. To do this complete the form which you can download from the ACH page under My Account and fax it to us or scan and email it to us along with a voided blank check.



This method of deposit can only be used from checking accounts held in the US.



The maximum possible single ACH deposit is USD1,500.



Deposits are processed by our Banking Department from Monday to Friday from 3am ET to 1pm ET.




Deposits take between 3 to 4 business days to clear from your bank account.



As soon as the Exchange is notified by our processor that the funds have cleared, they are added to your account and you will be emailed.



Trade Exchange Network Ltd will appear on your paper bank statement. If you use on-line banking it may not be able to carry a full description of the debit.



Amounts deposited via ACH will be sent back to your checking account before another method of withdrawal can be used, where possible.



The Exchange reserves the right to withdraw the ACH facility from any member without further explanation.



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The Exchange is determined to process Member withdrawals as quickly as possible. You may withdraw at anytime your Withdrawable Cash (which is Trading Funds less any Trading Credits) from your account by check, bank wire, Neteller, Visa Card or such other method as the Exchange may add from time to time. 





For security reasons the Exchange will only accept a request to withdraw funds made using the "Withdraw" pages to be found on the "My Account" tab on each page of the website and will process the withdrawal on receipt of all requested information and documentation.



There is a minimum withdrawal amount of USD25, unless you are closing your account.



The Exchange may require evidence of your identity before processing a withdrawal request to comply with anti-money laundering laws. (See Section 6). If the Exchange requires evidence of your identity and it is not received within a reasonable time the Exchange may suspend your account until such proof is received and no withdrawal will be processed until the said receipt.



The Exchange does not accept any liability or responsibility if it makes a payment in accordance with your instructions but there was an error in your instructions.



The Exchange will not be obliged to process a withdrawal by the method requested if it believes that by so doing there is any possibility of fraud.



If deposits are from a Visa Card, or such other method, all withdrawals may be processed in the first instance to the deposit method by which the funds were received up to the value of the deposits.




If an account has been funded by credit card the Exchange may request proof of identity, address and credit card ownership (copy of front and back of credit card) before processing any withdrawal request received. If this information is requested then receipt is required before any withdrawal can be processed.




The Exchange reserves the right to hold any withdrawal request pending the completion of any investigation relating to market manipulation or suspected act that is not in the best interests of the Exchange.




In the course of processing members' deposits and withdrawals, the Exchange incurs banking charges. Where members deposit funds and their trading does not generate sufficient trade and/or expiry fees to cover incurred banking charges prior to withdrawing funds, the Exchange reserves the right to deduct any negative difference between fees received and banking charges incurred from any withdrawal request.



Bank Wire




Withdrawals by bank transfer are limited only by the member's Withdrawable Cash.



Withdrawals will only be paid to the member's bank account or to a brokerage account held by the member



There is a $20.00 charged by the Exchange for processing a bank wire transfer withdrawal. All fees charged for processing the wire by the sending bank, the receiving bank or any intermediary bank the transfer is routed through are payable by the receiver of the transfer (i.e the exchange member requesting the withdrawal). These fees will not be covered or refunded by the Exchange.



Withdrawals will be processed by the Exchange as soon as possible, which is typically within one business day of the request. Bank Wires can only be processed by our Banking Department during normal banking hours which are Monday to Friday between the hours of 2am ET and 10am ET


NETeller (currently unavailable as a withdrawal method)




You may only withdraw money to a NETeller account with the same e-mail address as your member registration.



Withdrawals cost USD 10. The first two each month are free.



Withdrawals are normally processed within 30 minutes of receipt of request between the hours of 2am ET and 4:30pm ET. Withdrawals are not processed outside these times.



To protect the Member and the Exchange, as far as possible, the Exchange reserves the right to refuse to process a NETeller withdrawal request where the circumstances of the receiving account are unclear.



A Neteller withdrawal request may be rejected for many reasons. For example you may have outstanding credit card deposits to be refunded; you may have insufficient funds; the funds you wish to withdraw may be frozen. However it is not limited to these reasons.



We reserve the right to pass on a 3% charge and deduct this from your NETeller withdrawal if funds deposited by NETeller are being withdrawn without having being traded at least once.






You may withdraw funds by requesting a US Dollar check.



The cost of issuing a withdrawal check is payable by the receiver (i.e the exchange member requesting the withdrawal) and will be deducted from the withdrawal amount requested. This will be done by the issuing bank and not by the Exchange. Details of the cost of issuing the check will be attached to the check itself when it is received.



To minimize the clearing times when you receive your withdrawal check we send you banker's drafts, which are similar to cashiers checks. This process should normally save you up to 5 days on clearing times. Checks will be mailed to the address you registered on the Exchange, normally within three working days of your withdrawal request.



You may request that the check is sent by express delivery (E.g. FedEx with tracking number supplied). Such requests must be received by noon Dublin time (EST+5hours) on a working day. This service will incur an additional charge. Further details of timings and cost are available from the Exchange.



It may be possible to withdraw funds using a banker's draft drawn in a currency other than US Dollars. Further details are available from the Exchange



Due to the vagaries of the postal systems it can take up to 10 business days from date of request for the check to be received. In some unusual cases it may take longer, however we seek to minimize this time. If you have not received your check within 15 business days of request please contact us immediately.



Checks will only be made payable to the name of the individual or institution on your account.



Checks are only processed by our Banking Department Monday to Friday between the hours of 2am ET and 10am ET



For your first check withdrawal per calendar month you will incur only the cost of issuing the check (see Rule 5.4.2). Any further check withdrawals in the same calendar month will incur a $10.00 admin fee from the Exchange, in addition to the cost of issuing the check.













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

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




If the requested documents are not received within 14 days of the initial request, your account will be suspended and may subsequently be closed.




You may be required to provide the information for example if:

a) the funds in your account exceed USD 10,000;

b) you deposit over USD 5,000 in a three month period;

c) you deposit funds and attempt to withdraw the funds without trading the funds through at least once;

d) if the Exchange deems that your trading or account activity contravenes money laundering laws;






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The Exchange recommends that all members view available demonstrations and or read relevant FAQ's and guides prior to trading on the Exchange.



The Exchange provides an order book for all listed contracts. Members may enter orders to this book or cancel orders through the Exchange website.



The Exchange accepts no responsibility for any losses incurred due to a member's inability or delay in accessing or using the website. You are reminded that the Contract Rules contain additional specific regulations relating to trading on contracts, while they do not contain any information specific to Exchange or member downtime.



Inside Information is defined as material information about an event market that is the sole knowledge of a single person or a select few (such as a company's board of directors, management, agents, counterparties, employees or similar) but not by the public generally.

Intrade forbids trading based on Inside Information unless the trader discloses the information to Intrade. Intrade may then in its absolute right disclose the Inside Information on the Intrade platform for the benefit of the general public. This will be done for informational purposes only and without guarantees regarding the validity of the information. Intrade will not under any circumstances reveal the identity of the disclosing trader.

Inside Information is defined as material information about an event market that is the sole knowledge of a single person or a select few (such as a company's board of directors, management, agents, counterparties, employees or similar) but not by the public generally. The exchange reserves the right to reverse any trades it suspects have been executed by a member in possession of Inside Information. Other sanctions such as account suspension or account closure may be applied.


Trading Hours



Trading hours, during which orders may be entered and matched, are normally between 8:15am and 7:15am Dublin time (EST+5hours) the following morning.



Where possible, changes to the published trading hours will be published on the "Exchange News" section of the website.



Trading hours may be amended at short notice.



Trading services may be temporarily suspended to permit scheduled system maintenance and enhancements, after all contracts have been paused.



To ensure an orderly market, the Exchange retains the right to pause trading in a contract for any period, at any time and for any duration. While a market is paused, no new orders may be added but open orders may be canceled.



For a short period each day, outside of trading hours, the Exchange updates accounts. During this daily maintenance period, requests to cancel orders and deposit/withdraw funds will be delayed. Otherwise, even when the Exchange is closed, you may cancel open orders, view account reports, initiate payments and request withdrawals.



Trading Services may also be temporarily unavailable for any number of non-scheduled technical reasons including but not limited to hardware or software failures, or failures related to the Internet.

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

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

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

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



Entering Orders

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



All order prices must be higher than the contract's minimum possible expiry price and lower than the contract's maximum possible expiry price.



Orders are limited in quantity to the maximum order size.



Your order will be rejected if you have insufficient "Available Funds" to cover the new initial margin requirement (See Section 9).



To protect the interests of the Exchange and its members, the Exchange may restrict a member to entering closing orders.



Orders may be permitted via automated order entry practices with prior agreement with the Exchange and by using the Exchanges application programmable interface (API). The Exchange reserves the right to prohibit automated order entry, and/or to prohibit small-automated orders (9 lots or less) immediately ahead of non-automated orders.


Orders on certain events and markets may be held for a period (e.g. 1 second) prior to being made live and available to trade against. This delay may be changed from time to time depending on the event or underlying circumstances (see rationale below).

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

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

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

Any attempt to manipulate a market or circumvent any rule may result in loss of trading privileges. To check the order delay time check the contract specification or contact the Exchange for additional details.


Types of Orders


There are four types of order you may use, as well as specifying whether an order is a Good Till Cancelled Order or Good For Session:-



Limit Buy/Sell Order: A limit buy (sell) order is a request to buy (sell) a specified number of contracts at a price at or below (above) a specified price limit that you set. A buy (sell) order matches the lowest offers (highest bids) in a price-time priority sequence until the order is filled, or until there are no more offers (bids) at or below (above) the limit price. If any part or all of the order remains unfilled, it remains posted as a limit buy for the remaining quantity with the same original limit price.



Stop Limit Buy/Sell Order: This order is specified as a buy or sell with an activate price and a limit price. It is invisible to other members until it is activated by a trade at or above (for a buy order) or below (for a sell order) the specified activation price. When this order is activated, it behaves as a standard limit buy/sell with time priority based on its activation time.



Fill Or Kill Order: A fill or kill order will only be executed if the full order quantity may be matched immediately. Otherwise, the whole order will be cancelled.



Custom Time Order: This type of order allows you to place an order for a specific time period. Once the system time reaches the time you specified any unfilled part of your order will be cancelled.



When entering an order, it must be marked either as one of the above or as Good For Session (GFS) or as Good Till Cancel (GTC).


Canceling Orders



When you enter a Good For Session (GFS) order, any remaining, unexecuted quantity of a GFS order is automatically cancelled at either the end of the trading day or the expiry of the contract, whichever is earlier. GFS:



When you entered a GTC order it will remain on the order book until you cancel it, the contract expires or it has been matched.



You may cancel orders that have not been matched at any time before the expiry of that contract.



If the minimum and maximum possible prices change, orders with prices below the minimum possible expiry price or above the maximum possible expiry price will automatically be cancelled.



When the Exchange matches your order with another member's order it becomes a trade.



Matching occurs when a bid/offer is placed on a contract's order book at a higher/lower price than an order already on the order book.



Where the quantity of the new order is less than the order already on the order book, the smaller quantity will match and the remaining quantity will remain on the order book. This is known as a "partial fill".



When matching orders, the Exchange gives priority first by price and then by the time that the order was received by the Exchange, or in the case of a stop limit buy/sell, the time that the order is activated.



Members are notified of new trades in the "Messages" section of the "Trading Screen".Additionally you may set up a notification where the exchange automatically sends you an email with details of the trade.



A trade cannot be withdrawn or cancelled "by the member" and the Exchange cannot guarantee that the resulting open position (See Section 7.7) may be closed. .



It is possible that you may enter an order, which appears to match against an existing order but that order may either have been withdrawn or matched by another member before the Exchange receives your order.


Open Positions

Your open position represents the net result of your previous trades.



Each time you trade, your open position in the contract is updated. Although your trade has been executed with another member, your open position shows your effective net position against the Exchange.



A positive open position indicates that you have bought more of a contract than you have sold. A negative open position indicates that you have sold more of a contract than you have bought.


Closing Out Positions

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



You may close out your position by trading on the Exchange with any other member.



When a position is closed out, the Exchange:

a) calculates your trade profit/loss (See Section 8.3) and adds/subtracts this amount to your account;

b) re-calculates your initial margin based on any remaining position.


Contract Expiry



The Exchange expires a contract and sets its expiry price after the conclusion of the relevant event(s). Where a contract has expired after 8pm Dublin time (EST+5 hours), the contract may not be expired until the following morning.



Unless the relevant Rules state otherwise, the Exchange has the right to expire the contracts early if the end result of the contract is clear and not subject to change.



Rules governing specific markets and contracts, are contained and supplemented by the Contract Specification and Exchange News announcements. If you are unsure about any rules you must contact the exchange before you trade.



When the Exchange expires a contract, it takes the following actions:

a) closes the contract to prevent further trading;

b) cancels any outstanding orders;

c) sets an expiry price (See Section 8.4.4)

d) closes any open positions by inserting an opposite trade at the expiry price;

e) calculates the expiry profit/loss (See Section 8.4) and amends your account;

f) re-calculates initial margin on your remaining open positions and orders.



Where there is doubt over the amount of an expiry price, the Exchange will delay the setting of that expiry price until a price may be set and, as part of the variation margin calculation, re-value any expired prices at the Exchange's best estimate of the expiry price.


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The Exchange credits/debits your account with trading profits and losses and freezes your funds to cover initial margin on orders and open positions in order to protect itself and its members against a member failing to pay any losses that arise on open positions.



Trading profits and losses are credited and debited to your account in three ways:

a) Variation Margin

b) Trade P&L

c) Expiry P&L


Variation Margin

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



Official Closing Prices

The official closing prices are determined by the Exchange to reflect the market value of the contract. Recent trade prices and open orders are usually taken into account but the Exchange is not obliged to do so.

Official closing prices will never be higher than the maximum price for the contract, or lower than the minimum price.

There is no right of appeal by members against an official closing price except in the case of manifest and significant error. In such circumstances, the Exchange should be notified by e-mail at by noon Dublin time (EST+5hours) the following day.



Revaluation Process

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

calculates the day's profit or loss on your open position as the net open position multiplied by the tick size and by the difference between the open position's average price (in ticks) and the official closing price (in ticks).

adds the profit to or deducts the loss from your account, marking this amount as 'variation margin'.

updates your open position's average price to be the official closing price.


Trade P&L



Each time a trade reduces your open position in a contract (See Section 7.8) the Exchange calculates the session's profit and loss on the closing trade. This amount is known as "trade profit/loss".



Trade P&L is calculated by multiplying the quantity of the closed position by the tick size and by the difference between the open position's average price (in ticks) and the price of the closing trade (in ticks).



The resulting amount is immediately added (profits) to or deducted (losses) from your account.



The average price of the open position remains unchanged, unless all of the open position has been closed out.


Expiry P&L



At the expiry of each contract (see Section 7.9) the Exchange credits or debits expiry profit/loss from your account



Expiry P&L is the day's profit/loss on the expiring position, calculated by multiplying the expiring position by the difference between the open position's average price and the expiry price.



The resulting amount is immediately added (profits) to or deducted (losses) from your account.



Expiry Prices

The expiry price is determined by the outcome of the underlying event in accordance with the Rules for the market.

The expiry price will not exceed the contract's maximum price or be less than the minimum price for the contract.

If you disagree with the expiry price that the Exchange has established, you must inform the Exchange by e-mail within 2 days, setting out your reasons. The Exchange Pricing Committee will consider your argument and may then, at its sole discretion, amend the expiry price.


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The Exchange normally requires you to deposit funds to cover your worst case future potential losses on your open orders and positions.

Members may apply to trade on margin where you will be required to deposit funds to cover your probable future potential losses on your open orders and positions.

The amount of funds frozen is also known as "initial margin" and may be impacted by whether you trade on margin or now.



Initial margin is calculated and frozen funds amended each time you enter/cancel an order or execute a trade and at the end of each trading day. On entering an order, if you have insufficient funds to cover the initial margin requirement, your order will be rejected.



The Exchange uses an initial margin model to calculate the initial margin requirement for margined members. For non-margined members the exchange freezes the worst case loss on all open orders and positions.
Detailed examples may be found on the Exchange



Typically but not always for short-term contracts, such as those based on an individual contest , the initial margin will be the maximum possible trading loss on the event. Before you trade any market you must check the detailed specifications of that market.



For longer-term contracts, usually those based on a season, the Exchange uses margin rates to determine initial margin requirements.



The Exchange may change from freezing funds based on published margin rates at the individual contract level before the market moves to worst case loss to freezing funds based on the worst case loss at the group level.



Members remain liable for losses in excess of initial margin requirements. Members who opt to trade on margin are obligated to meet margin calls as detailed hereunder.


Margin Rates



The main margin rates are either expressed as a price change (e.g. 5 points or $0.50 per contract lot) and are based upon the Exchange's judgment of the future price movements and volatility.



Margin rates applicable to an individual market are published on the website in the contract specification page for each particular market



The Exchange will notify members of any changes to margin rates by publishing an announcement on the exchange All margin rate changes are applicable to all outstanding open positions and orders in applicable markets.



Margin rates must not be used as an indicator of future trading losses.



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If you have insufficient funds in your account to cover the required margin, the Exchange may make a "margin call" by e-mailing you to deposit more funds.



If, within 2 working days of the margin call, you fail to deposit the required funds or reduce your open position to a level whereby you have sufficient margin, the Exchange has the right to take any or all of the following actions:-



a) immediately terminate this agreement and close your account in accordance with section 2.6;




b) cancel some or all of your open orders and reduce your open positions without further notice to you.




In taking action under Section 10.2, the Exchange does not have any obligation to trade at any particular price when it liquidates your positions, to minimize any losses you may incur as a result of the Exchange liquidating your account or consult with you about the actions it is taking.



All members are responsible for monitoring their accounts and ensuring that they have sufficient funds in their account. Members are strongly recommended to deposit additional funds if they are unable to monitor their account for a period of time (e.g. vacations).



The Exchange may choose not to make a margin call if it deems the amount to be too small. Such a decision does not affect your liability to the Exchange.



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Exchange Fees





The Exchange charges Exchange fees for trading on real money contracts.



Current fees are displayed in "Rates and Fees" and by clicking on the contract symbol.


Account Fees





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





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The failure of a party to take action in respect of any breach of these Rules shall not constitute a waiver of any other breach of the same or any other provisions of these Rules and no waiver shall be effective unless made in writing.



If any part of this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such part shall either be interpreted in a way which can be enforced and is near to the original intent or be severed from the remainder of this Agreement, the remainder of this Agreement continuing to be valid and enforceable to the fullest extent permitted by law.



These Rules (incorporating contract specific rules or related Exchange Announcements) constitute the entire agreement between you and the Exchange and supersede all prior oral or written agreements, understandings, representations or arrangements (unless fraudulent) between you and the Exchange relating to the provisions of the service under these Rules.



These Rules and the agreement they create between you and the Exchange is personal to you and you may not transfer or assign the agreement or any part to any third party.



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The Exchange shall not be liable for any breach of its obligations hereunder resulting from causes beyond its reasonable control including, without limitation, fires, flood and strikes (of its own or other employees), technology, network or power supply failures.



You agree that your calls made to the Exchange may be recorded for member service or security purposes.



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The service is subject to availability. The Exchange will use its reasonable endeavors to provide you with a continuous service but the Exchange makes no warranty or representation that the service will be uninterrupted or error free, nor is any warranty given that the content contained on the website does not contain viruses or may otherwise impact your computer. You acknowledge that neither the Exchange nor any other party has any control over the internet.



Services are provided on an "as is" basis and the Exchange make no warranties or representations of any kind either express or implied in relation to the service including but not limited to warranties or conditions of completeness, accuracy, timeliness, quality (satisfactory or otherwise), merchantability and fitness for a particular purpose.



No advice or information whether oral or written obtained by you from the Exchange or through or from the service shall create any warranty not expressly stated in these Rules.



Save as expressly set out in these Rules, all conditions and warranties which may be implied or incorporated into these Rules by law or otherwise are hereby expressly excluded to the extent permitted by law.



Except for death and personal injury arising from the Exchange's negligence, the Exchange shall not be liable for any indirect, incidental, special, punitive or consequential loss or damages arising from or in connection with these Rules or your use of any Exchange provided services.



The Exchange's maximum aggregate liability under these Rules for any direct loss or damage that you may suffer shall be limited to the aggregate amount on deposit by you with the Exchange for the purposes of your use of the service.



If any exclusion, disclaimer or other provision contained in these Rules is held invalid for any reason and the Exchange becomes liable for loss or damage that could otherwise be limited, such liability, whether in contract, negligence or otherwise, will not exceed the aggregate amount deposited by you with the Exchange for the purposes of your use of the service.



The Exchange accepts no liability for any defamatory, obscene or offensive material published on the service, whether on the website, by e-mail or otherwise and you agree to fully indemnify the Exchange for all liability, as defined in Section 14, incurred through your use of the Exchange and incurred by the Exchange in relation to any publication by you. The Exchange accepts no liability for the content of any other sites linked to the Exchange's website.



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You agree that you are not permitted to reproduce, copy, sell, resell or exploit the service (or any part thereof) and use of and access to the services for any commercial purposes. You agree that you will not create any links to the website without the prior consent of the Exchange.



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Last Updated: October 18, 2007