INTRODUCTION
RTFX Ltd (hereinafter “RTFX”) whose registered office is Level 2, Suite 2, The Cornerstone Complex 16th September Square, Mosta, MST1180, Malta – EU, which holds a Category 3 license issued by the MFSA, is organizing a competition on the foreign exchange market (hereinafter referred to as “Forex Championship”). The rules and regulations of the Forex Championship are defined below.
The Forex Championship is intended for people who are familiar with market operations and their corresponding rules, and are also aware of the rapid fluctuations that may occur in the currency markets and their speculative nature.
No investment or purchase is required to participate in Forex Championship.
ARTICLE 1 PRESENTATION OF FOREX CHAMPIONSHIP
The Forex Championship is a free competition, which requires participants (hereinafter the “Participants” or the “Participant”) to build, from 1st September 2011 at 0200hrs Central European Time (CET) to 31 August 2012 at 2245hrs CET, a financial portfolio managed on a virtual account specifically dedicated to Forex Championship opened in accordance with the rules defined in ARTICLE 2.
ARTICLE 2 PROCEDURES FOR REGISTRATION TO FOREX CHAMPIONSHIP
2.1 Persons authorized to participate in Forex Championship
2.1.1 Only individual entities of legal age and capable of making their own decisions are allowed to participate in the Forex Championship. The first 15,000 that register will be allowed to participate.
2.1.2 The following are excluded:
Collective participation: the participation to Forex Championship is on an individual basis only
Members of staff from RTFX Ltd and Realtime Financial Technologies SA and members of their families (ascendants,
collateral and direct descendants) and their spouses
2.1.3 US residents are allowed to participate in the Forex Championship. However, due to US Regulations, they are unable to claim any prizes (effective date 6th March 2012).
2.2 Account Activation “Forex Championship” by RTFX
2.2.1 Those individuals who wish to enroll and participate in the Forex Championship shall request a free virtual account “Forex Championship” (hereinafter referred to as “Dedicated Account”) with RTFX from the 1st of September 2011 to the 31st of August 2012, 2230hrs CET. The registration form can be found exclusively on the RTFX website www.rtfx.com.
2.2.2 The account allocated is a private account whose sole owner is the Participant of Forex Championship. It is not transferable. Only one account per household, computer and Participant is allowed. RTFX will carry out checks on potential winners and accounts considered suspicious will be immediately and permanently disabled and removed from the competition. Any registration made with false or incomplete information will be excluded.
The deletion of Participants with similar IP address is at RTFX’s sole discretion.
2.3 Acceptance of Regulations
These Regulations shall be deemed accepted once a Participant in Forex Championship connects to the dedicated account.
2.4 Username
Each Participant must choose a username on the registration form available on the website that will be displayed on the Dedicated Account and the various classifications of Forex Championship.
ARTICLE 3 FOREX CHAMPIONSHIP SETUP
3.1 Status of Dedicated Account
The starting balance on the virtual Dedicated Account which is to serve as a reference and a starting point of Forex Championship is that of 5,000,000 Euros. The commencement date of the Forex Championship is on the 1st of September 2011 at 0200hrs CET.
3.2 Placing of orders for the duration of Forex Championship
Participants may place orders on their Dedicated Account exclusively through an application available from the website and through its ID and Password.
3.3 Trading Hours
With the exception of market close on Fridays at 2145hrs, transactions will only be allowed from 0200hrs to 2245hrs CET every day. All open positions will be closed after the end of the trading hours. Pending orders whose price is reached outside of trading hours will be automatically cancelled.
3.4 Authorized transactions
Participants will conduct transactions over seven (7) currency pairs (EUR/USD, USD/CHF, EUR/CHF, USD/JPY, EUR/JPY, GBP/USD and EUR/GBP) on the online transaction system of RTFX. The ticket will be a minimum of one (1) unit of one (1) million. Each Participant will be entitled to a daily volume not exceeding EUR 50 million. RTFX might from time to time increase the daily volume. Each transaction will follow the procedures laid down in the general conditions of RTFX (Annex 1).
3.5 Available Balance
The Dedicated Account will be reset monthly with a balance of EUR 5,000,000.
ARTICLE 4 RATES APPLICABLE TO THE DEDICATED ACCOUNT
Transactions made by Participants on their Account will be submitted to the RTFX General Tariff (Annex 2). No fee is charged to the Participant. The costs of Internet connections, computer equipment, telephone charges and similar charges are not refunded.
ARTICLE 5 CLASSIFICATION
All classifications will be made on all contestants registered to all contests organized or co-organized by RTFX on the basis of similar rules.
5.1 Types of classification
Two types of classification will be drawn up: a monthly ranking with 15 winners each month during 12 month and a general ranking with 10 winners. From each of these two classifications the best positive six decimal percentage performances will be determined. In principle, only the first 2 decimal places are displayed. In the event of a tie, the winner will be determined by taking into account the following three decimal places.
5.2 Calculating the portfolio value
The value of each Dedicated Account will be converted each day at 2245hrs CET or 2145hrs CET on Fridays. The value of each Dedicated Account will be converted into Euros at applicable market rate(s).
5.3 Calculation and classification procedure
5.3.1 Monthly Ranking: A classification per month for 12 months (from September 2011 to August 2012) for the duration of Forex Championship. Performance enables us to establish a monthly ranking as follows: (Balance on the account in Euro at the monthly close – EUR 5,000,000) / EUR 5,000,000.
5.3.2 General Ranking: Only one (1) classification by adding the performances of each Participant during the twelve (12) months of the Forex Championship.
5.3.3 Best performance: Each month, the five (5) Participants with the best performance on one trading day will be awarded.
5.3.4 Forecasts: During the Forex Championship, Participants will be asked to forecast the mid weekly closing price of a currency pair under the following conditions:
- the forecast must be made prior to 2300hrs CET on Tuesday
- the forecast will be made on a currency pair defined by RTFX
- the forecast is based on the closing mid-price of the following Friday
RTFX might introduce other forecasts during the course of the Forex Championship
ARTICLE 6 AWARDS/PRIZES
All awards/prizes will be attributed based on the classifications of all contestants registered to all contest organized or co-organized by RTFX on the basis of similar rules.
6.1 Prize awarded
The prizes consist of specific “Silver” individual accounts, opened with RTFX whose value is shown below, where the winners will perform foreign exchange transactions. It is already made clear that the amount so made available to the winners does not belong to them but they can buy and sell currency pairs and withdraw only the capital gains realized, up to a maximum of 200% of the value of the prize(s). After a twelve month period starting from the attribution of the prize, the prize will be withdrawn. The account will be kept open if it shows capital gains. Potential losses will not be charged to the winner. The winners of the Forex Championship must first complete and submit to RTFX all documents necessary and required to open a real account and the documents certifying their identity within 30 days from the publication of monthly results, in order to be entitled to receive their prize. Failure to comply with these obligations will result in the loss of the right to receive the prize. In the event that a Participant wins multiple prizes, those prizes will be credited on the same account.
6.1.1 Monthly Classification:
1st prize: 5,000 Euros will be awarded to the Participant with the best positive performance achieved over the month
2nd prize: 3,000 Euros will be awarded to the Participant with the second best positive performance achieved over the month
3rd prize: 2,000 Euros will be awarded to the Participant with the third best positive performance achieved over the month
4th to 15th prize: 1,000 Euros will be awarded to the Participants with the fourth to the fifteenth best positive performance achieved over the month
6.1.2 General Classification:
1st prize: 20,000 Euros will be awarded to the Participant with the best cumulative performance achieved over the 12 months of the Forex Championship
2nd prize: 10,000 Euros will be awarded to the Participant with the second best cumulative performance achieved over the 12 months of the Forex Championship
3rd prize: 6,000 Euros will be awarded to the Participant with the third best cumulative performance achieved over the 12 months of the Forex Championship
4th to 10th prize: 2,000 Euros will be awarded to the Participants with the fourth to the tenth best cumulative performance achieved over the 12 months of the Forex Championship
6.2 Conditions of awarding and delivery of prizes
All monthly prizes will be confirmed at the end of each month (according to art. 5.1.) of the Forex Championship and will be transferred to the winners. The determination of winners and all decisions in relation to the Forex Championship shall be taken by RTFX. All decisions taken by RTFX related to Forex Championship are final and cannot be challenged.
The prizes will only be credited to a dedicated account opened in the name of the winner. They are valid for a twelve month period starting from their attribution. They may not be replaced, or withdrawn in cash. Only any subsequent capital gains in excess of the prize amount credited to the account of the prize winner may be withdrawn, up to a maximum of 200% of the value of the prize(s). According to the provisions of Article 3.1. of the General Rules and Conditions of RTFX in the account opening documents of RTFX, requests for withdrawals of earnings are made by fax or letter identifying the account holder. Account holders are entitled to one free withdrawal every quarter. Additional withdrawals during the same quarter are possible but are subject to a processing fee. Prize winners that have already won an account at one of the previous contests organized or co-organized by RTFX must regroup their prizes to one single account which will fall under the rules set above.
6.3 The Miles:
Each Participant is eligible to win Miles which will then be exchanged against a Prize under the following conditions
6.3.1 Attribution of the Miles:
Each Participant achieving a performance of 0.50% or more on one (1) trading day will gain 40 Miles
The Participant realizing the best performance on one (1) trading day during a month will gain 1000 Miles. The Participants realizing the second, third, fourth and fifth best performance on one (1) trading day during a month will gain 250 Miles (see Article 5.3.3).
Each Participant submitting an answer to the weekly forecast will gain:
- 250 Miles for the exact estimation of the mid price
- 100 Miles for an estimation within the 10 points range around the mid price
- 50 Miles for an estimation within the 20 points range around the mid price
- 10 Miles for an estimation within the 50 points range around the mid price
6.3.2 Conditions for exchanging the Miles:
The Miles gained are not transferable. A Participant can exchange 1000 Miles against a EUR 1000 Prize, as per Article 6.1 above. The Miles can only be exchanged by tranches of 1000.
All Miles not exchanged by the end of the Forex Championship will be void.
ARTICLE 7 DAILY PUBLICATION OF RESULTS AND FINAL STANDINGS
Throughout the Forex Championship, the Participants’ performances will be posted daily on RTFX website. All monthly Forex Championship’ results as well as the General classification results will be published on the website once the winners are determined. To be entitled to receive their prizes, the Participants authorize the organizers to publish during and after the duration of Forex Championship, their full names together with their performance, for promotion and/or information on RTFX website.
ARTICLE 8 CHANGES/ALTERATIONS
RTFX reserves the right and will not incur any responsibility in the event that Forex Championship should be modified, shortened or cancelled for any reason and without prior notice. RTFX reserves the unilateral and exclusive right to discontinue or modify the Forex Championship, to shift the period of withdrawal at any time without notice if such action is deemed necessary and/or reasonable. Any prizes that are unclaimed or not awarded to the winners may not be reclaimed. Participants are solely responsible for their own conduct and release RTFX, its branches, subsidiaries, directors, officers, employees and representatives, from all liability for any loss or damage of any kind arising out of or in connection with the Forex Championship or prizes won. Winners are solely responsible for the payment of any taxes due. RTFX cannot be held responsible for typographical or other errors resulting from the printing of the offer or the announcement of the prizes.
RTFX cannot be held responsible for any lost, late delivery, misdirected, poor delivery, incomplete, undelivered or illegible registration, transfer or e-mail. RTFX cannot be held responsible for any delay in the receipt or transmission of orders caused by a failure or defect in transmission equipment or communication regardless of the circumstances affecting, disrupting, distorting Forex Championship in any manner whatsoever, including but not limited to when receiving confirmation of registration, the transmission of orders, notification to the winner or the response to such notification. RTFX may exclude the Participant in cases of suspected fraud or violation of the Regulations with no notice or justification from the Forex Championship; such Participant cannot claim anything.
ARTICLE 9 USE OF INTERNET
Participation to the Forex Championship is conducted through the Internet. It implies knowledge and acceptance of the characteristics and limitations of the Internet, particularly as regards technical performances, connections, load times and routing of responses, lack of protection of data and the risk of contamination by viruses circulating on the network. RTFX accordingly, may not be held responsible but not limited to the cases below:
For all information provided by advisory services
Of data transmission
Any interruption of servers
In case of failure in equipment or telephone lines
In case of loss of data
For the consequences of any virus or bug
Any technical failure that prevented or limited the opportunity to participate in Forex Championship, especially in case of unavailability of one of the various features and services.
ARTICLE 10 FREEDOM OF INFORMATION LAW
Participants authorize RTFX to use the information collected for commercial purposes. The regulations may also be found on the Site. The amendment of the regulations will be deemed accepted as of the date of entry into force of the amendment by the Participants simply because of their continuing participation. In the case of express refusal, the Participant shall cease to participate in Forex Championship.
ARTICLE 11 COMPLAINTS
Any request regarding the management of “Forex Championship”, the transfer of prizes, and any demand or claim on the organization of the Forex Championship and allocation of prizes must be sent in writing to RTFX to following address:
RTFX Ltd, Forex Championship, The Cornerstone Complex, 16th September Square, Mosta, MST1180 Malta – EU
Legal recourse is excluded.
Annexe 1 : RTFX General Terms and Conditions
Annexe 2 : RTFX Trading conditions