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These terms are in force from January 1, 2023

General Business Terms and Conditions

These are the general conditions for trading in financial instruments etc through DNB Markets and DNB Bank ASA

Markets dnb.no

DNB Markets’ clients are assumed to have accepted these General Business Terms and Conditions as binding on themselves.

Based on a standard prepared by the Norwegian Securities Dealers Association. In force from January 1, 2023

About the General Terms

These general business terms and conditions (the "General Business Terms and Conditions") are based on Norwegian legislation and legislation in the EU and EEA which investment firms are obliged to comply with. These General Business Terms and Conditions supersede in their entirety earlier versions of the general business terms and conditions.

Our clients are assumed to have accepted these General Business Terms and Conditions as binding on themselves when, after having signed a client agreement or received a copy of the General Business Terms and Conditions, they submit orders to, or enter into contracts or carry out transactions with, DNB. 

The Norwegian Financial Contracts Act (Finansavtaleloven) does not apply to the services covered by the General Business Terms and Conditions when the client is not a consumer («Non-consumers»).

1. In brief about DNB Markets and DNB Bank ASA

1.1 Contact Information

DNB Markets is organised as a business area in DNB Bank ASA (the «Bank» or «DNB»). Our contact information are as follows: 

Street address:  

Dronning Eufemias gate 30 

0191 Oslo 

Telephone: +47 915 04800  

Internet: dnb.no 

Organisation number: 984 851 006  

1.2 Communication with DNB

The Client is assumed to have accepted that all communication with DNB regarding the services covered by the General Business Terms and Conditions can be made electronically. The Client may make reservations against electronic communication by written notice to DNB. If the Client has made such reservations, the Client will normally receive communication per post and notices and communication will be deemed to be effective when post has reached the Client’s address.

Electronic communication between DNB and the Client may take place via digital bank, e-mail, telephone, SMS or digital mailbox to the extent DNB have set this up. Digital bank means electronic communication channels where banking services are offered, like internet banking or mobile banking. The Client is obligated to update information about e-mail address and telephone number.

In cases where the Financial Contract Act requires a notice, the notice or a message of the notice shall be sent directly to the addressee.

The Client’s use of internet banking, applications or other forms of distance communication shall take place according to the Bank’s applicable agreements, as amended and supplemented from time to time, which the Client accepts when using such methods. This include accepting and following any requirements and instructions for use of systems for electronic signatures and authentication of clients.

Notices to Clients who have not made reservations against electronic communication will be deemed to be effective when the notices are delivered digitally.

Notices from the Client will be deemed to be received by DNB from the time notice in a safe manner is sent to and made available for the Bank. The Bank may set restrictions on how clients can send, receive and execute orders.

Notices of termination, cancellation, blocking, enforcement or similar matters it is of decisive importance for the addressee to get knowledge of, the Bank shall ensure that it comes to the knowledge of the addressee that the notice has been received.

The Client shall use the notice options made available by the Bank. Such notice is deemed to meet any requirement for direct notice where the Financial Contracts Act demands it.

The Client may use either Norwegian or English language when communicating with the Bank.

For Non-consumers any communication regarding the services covered by the General Business Terms and Conditions will made electronically. For notices of termination, cancellation, blocking, enforcement or similar matters the Bank shall ensure that it comes to the knowledge of the addressee that the notice has been received.

1.3 Tied Agents

The Bank does not use tied agents.

1.4 The services the Bank is permitted to provide, and which are covered by the General Business Terms and Conditions.  

Th Bank is permitted the following investment services: 

  1. receipt and transmission of orders on behalf of clients in connection with one or more financial instruments («receipt and transmission»),
  2. execution of orders on behalf of clients,
  3. purchase/sale of financial instruments for own account,
  4. investment advice,
  5. underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis,
  6. placing of financial instruments without a firm commitment basis.

The Bank will also offer the following ancillary services:

  1. safekeeping and management of financial instruments,
  2. credit provision
  3. advice on an undertaking’s capital structure, industrial strategy and related issues, as well as advice and services in connection with mergers and acquisitions,
  4. services related to foreign-exchange operations when these take place in connection with the provision of investment services,
  5. preparation and dissemination of investment recommendations, financial research and other forms of general recommendations relating to transactions involving financial instruments,
  6. services relating to underwriting,
  7. services relating to underlying commodity derivatives and derivatives when these services are linked to investment services or ancillary services as mentioned in this provision.

The Business Terms regulate investment services and ancillary services related to various financial instruments, including shares, bonds, deposits and different kinds of derivatives. Investment services related to UCITS funds and alternative investment funds are regulated by specific terms and conditions, and not covered by these Business Terms and Conditions for trading in financial instruments.

The Bank's investment advice is not to be regarded as independent investment advice according to the conditions stipulated in the legislation. Unless separately agreed with the Client the Bank will not offer ongoing investment advice, and the Bank will therefor not give the client a periodic suitability assessment.

These General Business Terms and Conditions apply to the Bank’s investment services, investment activities and ancillary services in so far as they are appropriate, as well as to services relating to transactions involving instruments that are related to financial instruments.

The General Business Terms and Conditions also apply to separate agreements entered into between the Bank and Client. In the case of any conflict between such agreements as mentioned in the last sentence and the General Business Terms and Conditions, the agreements are to take precedence.

A separate agreement or supplementary agreement may be entered into for the following:

  1. the trading in and clearing of standardised (listed) derivatives contracts
  2. the trading in and/or clearing of non-standardised (OTC) derivatives contracts,
  3. leveraged trading,
  4. services in connection with the underwriting of share issues or other public offerings, including the placement of share issues or offers and services in connection with corporate mergers and acquisitions,
  5. the borrowing and lending of financial instruments,
  6. the safekeeping and management of financial instruments,
  7. the conclusion of interest-rate and foreign-exchange contracts,
  8. the conclusion of contracts regarding charges and the provision of financial security/collateral,
  9. trading in commodity derivatives,
  10. trading and settlement, including clearing in foreign markets,
  11. online trading (web based trading), including the direct relay of orders to the Oslo Stock Exchange or another regulated market and algorithmic trading.

Trading and clearing may also be regulated by separate trading rules/standard terms and conditions at the individual execution venue and clearing houses where trading and settlement/clearing take place.

In the case of any conflict between these General Business Terms and Conditions and/or agreements/contracts mentioned in the previous paragraph and such trading rules/standard terms and conditions, the trading rules/standard terms and conditions at the execution venue or clearing house shall apply.

1.5 Supervisory authority and public register  

DNB is under supervision of Finanstilsynet (the Financial Supervisory Authority of Norway).

Finanstilsynet's contact details are as follows:  

Visiting address:  

Revierstredet 3  

0151 Oslo 

Postal address: 

Postboks 1187 Sentrum 

0107 Oslo 

Phone: +47 22 93 98 00 

Internet: www.finanstilsynet.no

Organisation number: 840 747 972 

An overview of The Bank’s permissions can be found at Finanstilsynets registry

The Bank has branches and subsidiaries in several countries. The branches are mainly supervised by the authorities in the country of the head office. Subsidiaries are mainly supervised in each country of incorporation. Additional information is available at the Bank’s website.

The Bank is also registered at the Brønnøysund Register Centre. Further information are available at www.brreg.no

2.0 Who may use the investment services

Individuals who have reached the legal age and are resident in Norway, and companies resident in Norway, may use the investment services regulated by the Business Terms.  

Individuals and companies resident outside Norway, or below the legal age, may on certain terms be given access to the investment services. The investment services are not offered to individuals or companies being citizens, resident or incorporated in the US or in any other way considered a US Person. 

3.0 Conflicts of Interest

The Bank is obliged to take suitable precautions in order to prevent conflicts of interest from arising between the Bank and clients, and from arising between clients. The Bank is obligated to use measures to identify and prevent or handle conflicts of interest between the Bank and Clients and between clients.  

The Bank has guidelines for handling and preventing conflicts of interest. A summary of the guidelines is available on our website.

The objective of the guidelines is to ensure that the Bank's business areas operate independently of each other so that the Client's interests are safeguarded in a satisfactory manner. The Bank will especially place emphasis on there being satisfactory information barriers between departments that provide advisory or corporate finance services and other departments, and between active/discretionary portfolio management and the Bank's ordinary brokering activities.

If such measures do not, with a reasonable degree of certainty, prevent the risk of harm to the Client’s interest, the Bank shall inform the Client of the conflicts of interest, and of the measures in place to reduce the risk. The Bank can not offer investment services or ancillary services to the Client unless such information have been provided.

The way in which the Bank is organised and the special duty of confidentiality provisions that apply may mean that the Bank's employees who are in contact with the Client are not aware of, or may be prevented from using, information which exists in the Bank even if the information may be relevant to the Client's investment decisions.

In some cases, the Client's contact person(s) in the Bank will not be permitted to provide advice on specific investments. In such cases, the Bank may not provide any reason for being unable to provide advice or carry out a specific order.

4.0 Voice recordings and other documentation of communication

The Bank makes mandatory recordings of telephone conversations in connection with the provision of investment advice and investment activities, or of telephone conversations that are meant to lead to investment services being provided or investment activities being carried out.

DNB will record all orders to buy, sell or subscribe for financial instruments that are placed by telephone. DNB is not allowed to carry out orders that are placed by calling telephones which are not linked to voice-recording equipment, including mobile phones. Voice recordings and other documentation will be stored by DNB.

The Bank may also record other conversations and other relationships if it has a legitimate interest of e.g. documenting other instructions and assignments from the Client, in relation to matters like internal control and security.

Recordings of conversations with the individual Client may be traced by searching, among other things, for the time of the call, the incoming and outgoing telephone numbers and the employee who took part in the call.

DNB may be ordered to hand voice recordings over to public authorities and others that may so demand pursuant to the law. In addition, voice recordings may be handed over to the the Norwegian Financial Services Complaints Board, the Ethics Council of the Norwegian Securities Dealers Association, among other things in connection with the handling of complaints by clients. Tied agents and other undertakings that cooperate with the Bank, if any, have a corresponding duty to record their conversations with clients to the extent that such investment services are provided by phone.

That described above in this item also applies to voice recordings on other communication channels, such as Teams, video conferences and similar electronic communication.

Documentation of communication through communication channels other than the telephone when investment services are provided will be stored by the Bank for the retention period stipulated by prevailing law.

If so requested by the Client, the Bank will make voice recordings and other documentation available to the Client. The Client can obtain further information on the procedure for doing so by contacting the Bank. The Bank is not obligated to store communication longer than for the retention period stipulated by law (five years), unless Finanstilsynet has requested storage for seven years.

5.0 Client Classification

DNB has a duty to classify its clients in the following client categories: retail clients, professional clients and eligible counterparties. The legislation contains provisions governing how this categorisation is to take place. DNB will inform all clients of the category in which they have been placed.

Further information on how DNB classify clients are available here

The classification is important for the extent of the protection afforded to the Client. The information and reports given to clients classified as retail clients are subject to more demanding standards than those given to clients classified as professional.

In addition, the Bank has a duty to obtain information on the Client in order to assess whether the service or financial instrument/product in question is suitable or appropriate for the Client, designated the suitability test and appropriateness test. The classification is important for the scope of these tests and for the assessment of what will be the “best execution” when carrying out trading for the Client.

Clients classified as professional are regarded as being particularly qualified to assess the individual markets, investment alternatives and transactions as well as the advice provided by the DNB. Professional clients cannot invoke rules and conditions that have been stipulated to protect retail clients.

A Client may request DNB to change its client classification. Should a professional client wish to be treated as a retail client, DNB must consent to this and the parties must enter into an agreement on this. Retail clients that want to be classified as professional clients must meet the conditions stipulated in the legislation. Further information on the re-classification procedure and conditions and on the consequences of re-classification may be obtained from DNB on request.

6.0 The client's responsibility for information given to DNB, authorisations etc.

In order to meet the requirements of "know your clients" stipulated in the Norwegian Money Laundering regulations and Securities Trading Act's provisions regarding suitability and appropriateness tests, DNB is obliged to obtain and update some information about the Client. Client information is also obtained to meet the information requirements for reporting transactions and for FATCA and CRS reporting in accordance with international agreements by which Norway is bound.

When establishing a business relationship, the Client must inform DNB of his/her national ID number/its organisation number/LEI, address, tax country, telephone number, any electronic addresses, owners or beneficial owners of legal persons, and persons with the authority to place orders. Natural persons must state their citizenship(s).

The Client must provide information about bank accounts and securities accounts in Euronext Securities Oslo (ES-OS) or another corresponding register. DNB must be notified of any changes to the information immediately and in writing.

The Client is also obliged to give DNB satisfactory, correct information on the Client’s own financial position, investment experience and investment goals that is relevant to the desired services and financial instruments. Such information is necessary for DNB to be able to act in the Client's best interests and advise on the financial instruments that it is suitable for the Client to buy, sell or continue owning. When providing investment advice, DNB must also send the Client a suitability declaration. The suitability declaration is to be sent to the Client after an order has been placed if the investment advice has been provided via remote communication. The Client also undertakes to inform DNB if there are any (major) changes to information that has previously been provided. The Client understands that DNB is entitled to conduct its own investigations to make sure that the information which has been obtained is reliable.

DNB is entitled to base its assessment of whether the service or financial instrument is suitable or appropriate for the Client on the information provided by the Client. The Client also understands that, if DNB is not given sufficient information, DNB will be unable to determine whether or not the service or financial instrument is appropriate or suitable for the Client. In the case of investment advice or portfolio management, the Client will in such case be informed that the service in question cannot be provided. In relation to the other investment services, the Client will in such case be informed that the information provided to DNB is insufficient and that the service or financial instrument is thus to be regarded as inappropriate. Should the Client, despite such a warning, still wish to have the service or financial instrument, this may nonetheless be provided. Information which is lacking or incomplete may thus reduce the investor protection to which the Client is otherwise entitled.

If, despite such a warning, the Client still wants the service or financial instrument, the assignment may nonetheless be carried out.

The Client undertakes to comply with the prevailing legislation, rules, terms and conditions that apply to the individual execution venue used for transactions. The same applies to settlement and clearing through the individual settlement or clearing houses.

Clients warrant that their own trading and settlements take place in accordance with and within the scope of any permits and authorizations that apply to their trading in financial instruments. If requested by DNB, the Client shall document such permits and authorisations. Should the Client be a foreign undertaking, DNB reserves the right to demand that the Client presents, at the Client’s expense, a reasoned legal opinion on the Client’s permits and authorisations to enter into the trade in question.

The Bank may request an overview of the person(s) that may place orders or enter into other agreements relating to financial instruments or that are authorized to accept trades on behalf of the Client. A trade or acceptance from these is binding on the Client unless the Bank did not act in good faith in relation to the individual’s authorisations. The Client is responsible for keeping DNB at all times up to date as regards who may place orders or accept a trade on behalf of the Client. The Bank will not accept authorisations which stipulate limits for the individual Client’s transactions unless this has been agreed on in writing in advance. The Client undertakes to ensure that the assets and financial instruments included in the individual assignment are free from liens, charges and encumbrances of any kind, such as a charge, security interest (possessory lien), attachment, etc. The same applies when the Client acts as a proxy for a third party.

When selling financial instruments, the Client must have access to same by virtue of either owning or having borrowed them. If requested by DNB, the Client undertakes to specify where the financial instruments in question are available.

If, when placing an order, the Client has stated that the money is to be registered to an ES-OS account which is linked to a share savings account (ASK), the Client is bound by this trade even if the financial instruments in question are not covered by the share savings account scheme and thus cannot be registered to the stated share savings account.

7.0 Risk

The Client understands and acknowledges that investing and trading in financial instruments and other related instruments entail a risk of loss. The invested capital may increase or decrease in value. The value of financial instruments depends, among other things, on fluctuations in the financial markets and may increase or decrease. Historical price developments and returns cannot be used as reliable indicators of future developments in and return on financial instruments.

The liquidity of financial instruments and other related instruments may vary. It is likely that the most liquid financial instruments can be traded without the price being affected to any great extent, but the opposite may be true for less liquid financial instruments. It may be difficult to sell some instruments. For more detailed information on the properties linked to the various financial instruments and on the risk linked to trading in various financial instruments, refer to the information published on the Investment Firm's website. If necessary, this material will be sent to the Client prior to DNB’s provision of services to the Client. The Client is responsible for evaluating the risk relating to the instrument and market in question.

The Client should refrain from investing and trading in financial instruments and other related instruments if the Client does not understand the risk relating to such an investment or trade. The Client is urged to seek the advice of the Bank and other relevant advisers and, if required, to search for additional information in the market before making a decision.

All trading carried out by the Client, whether advice has been obtained from the Bank or not, is the responsibility of the Client and takes place according to the Client’s own discretion and decision. The Bank does not guarantee any specific outcome of a Client’s trading.

The Client understands and agrees that all trades executed through DNB, irrespective of whether any information, advice or recommendation has been obtained from DNB, are carried out at the Client’s own risk and based on the Client's own judgement, and that the Client is fully responsible for the decision. DNB does not guarantee any specific outcome of a Client’s trading. The Client is aware that the investment services that are offered will depend on the client's dialogue with the broker/dealer. If, for example contact is sporadic and initiated by the Client, the service provided by DNB Markets will normally represent "order transmission/order execution". Analyses prepared by DNB Markets, and the broker’s general market view, are generic and do not constitute investment advice. Such general recommendations will not be adapted to individual clients and are not regarded as investment advice.

The rates that are posted on www.dnb.no/en for some products offered by DNB, e.g. currency exchange rates, are delayed. These rates are thus only indicative. Because they change constantly, the Client cannot count on trading at the rates quoted on the webpage.

8.0 Orders and assignments - Contract formation

8.1. Placing and acceptance of orders and formation of contracts

Orders from clients may be placed orally, in writing or electronically. Restrictions may apply to orders placed via electronic communication channels. Further information on this is available from DNB. The order is binding on the Client when it has been received by DNB unless otherwise separately agreed.

Regarding trading in non-standardised derivatives (OTC) and in currency and interest-rate instruments, including foreign exchange, a trading contract will be regarded as having been entered into with binding effect once the terms and conditions for the contract in question have been accepted by the Client.

DNB will normally act as the Clients counterparty in this type of transaction. DNB will not be obliged to carry out orders or enter into contracts that DNB assumes may lead to a breach of public legislation or rules stipulated for the regulated market(s) in question.

The Client undertakes to give information to DNB if the Client places an order to sell financial instruments that the Client does not own (short sale).

The Client may not engage in programme trading (using algorithms) against or via DNB unless this has been specifically agreed on.

Orders from a Client that normally trades for the account of a third party, i.e. for his/her employer or another natural or legal person, will be rejected if, when placing an order, the Client does not clearly state the party for whose account the order is being placed. If the Client simultaneously places orders for his/her own account and for the account of his/her employer or another natural or legal person, DNB will prioritise the party represented by the Client.

8.2 Assignment period for orders

Regarding orders linked to trading in financial instruments, the order applies on the assignment date or until the regulated market where the order has been placed closes, and it thereafter lapses unless otherwise agreed on or is apparent for the order type or order specification in question. For other assignments, the duration of the assignment is to be agreed on separately.

The assignment date is the date when the Client’s order to DNB to buy or sell financial instruments through or to/from another undertaking has been received by DNB. When DNB initiates a trade, the assignment date is to be regarded as the date when DNB contacts the Client and obtains acceptance of the assignment to purchase or sell the financial instruments in question.

The order may be cancelled to the extent that it has not been carried out by DNB. If, as part of carrying out the order, DNB has placed all or part of the order with other parties, the order may only be cancelled to the extent that DNB can recall cancelled the order it has placed with other parties.

8.3 Guidelines for executing orders

DNB is obliged to implement all measures necessary to secure the Client the best possible terms when carrying out received orders during the assignment period. In markets where DNB quotes a price and assumes market risk, DNB is obliged to document that the price is fair. DNB has prepared order execution guidelines that, among other things, state the trading systems in which transactions in various financial instruments may be carried out. Trading will be carried out in accordance with these guidelines unless the Client has given specific instructions on how the trade is to be carried out. The order will in such cases be carried out in accordance with the Client's instructions.

DNB reserves the right to aggregate the Client’s orders with orders from other clients, persons or undertakings that are or are not linked to DNB as described in the order execution guidelines. Orders may be aggregated if it is unlikely that aggregation in general will be disadvantageous to the Clients. However, the Client understands that the aggregation of orders may in individual cases cause drawbacks.

DNB also reserves the right to aggregate the Client’s order with transactions carried out for the Bank’s own account. If the total order is only partially carried out, the Client’s order will be given priority over the Bank’s order. However, an exception to this applies if DNB could not have carried out the trade on correspondingly favourable terms without the aggregation.

The prevailing order execution guidelines will be regarded as having been approved by the Client when the Client Agreement is entered into. In this agreement, the Client has expressly agreed that DNB may trade in financial instruments for the Client outside a marketplace.

8.4 Further details of special trading rules

When trading in financial instruments on execution venues, the trading rules at the execution venue also apply to the relationship between the Client and DNB in so far as they are appropriate. These rules normally deal with the registration of orders and trades in the trading system at the execution venue, including the order conditions that can generally be applied and the more detailed rules governing prioritisation and validity.

If there are questions related to individual trades, it is not unusual for the relevant market or supervisory authority to request details of the Client's identity. In such situations, DNB will forward such information, as well as perform mandatory transaction reporting, in accordance with prevailing rules. In certain markets, the marketplace or relevant supervisory authority may also demand to be informed of the end client's identity, even if this is not a client of DNB. In such situations, where transactions are executed on behalf of others, DNB Markets' clients must ensure that they can provide this customer information immediately through their client agreements. If necessary, they may be given the opportunity to send this information directly to the relevant market or supervisory authority instead of through DNB.

8.5 Cancellation of orders and sales

In accordance with the trading rules at the execution venue, the individual execution venue may, under certain circumstances, cancel orders and transactions. Such a cancellation will be binding on the Client.

9.0 Delivery and payment (settlement) of financial instruments of Norway

9.1 Transferable securities, mutual/securities fund units, standardised financial forward/futures contacts and options, and interest-bearing securities

For trading in Norway involving transferable securities in a regulated market, mutual/securities fund units, standardised financial forward/futures contracts and options to buy or sell financial instruments registered in Euronext Securities Oslo (ES-OS), as well as interest-bearing securities, the ordinary period allowed for settlement is three stock exchange days (T+2) unless otherwise agreed. By stock exchange day is meant any day on which the Norwegian stock exchange is open.

The period allowed for settlement is calculated as from and including the trading date and up to and including the settlement date.

Settlement is conditional on the Client making the necessary funds and financial instruments available to DNB on or before the settlement date. Unless otherwise agreed on separately, DNB has the Client’s permission and authority to, in accordance with the individual trade or transaction, debit the Client’s money or bank account or submit a request for such debiting of the Client’s money or bank account, unless the bank in question requires a separate written debit authorisation to have been provided by the Client.

The Client is regarded as having paid the purchase price to DNB once this has been credited to the DNBs money or bank account with value-dating on the settlement date at the latest.

The Client is to be regarded as having delivered financial instruments registered in ES-OS to DNB when the financial instruments have been received in one of the Bank’s securities accounts in ES-OS or in another securities account in ES-OS stipulated by DNB.

The Client undertakes to deliver the sold financial instruments to DNB or release the sold financial instruments in the Client’s securities account in ES-OS or another corresponding register by the settlement deadline. Unless otherwise agreed on in writing, the placing of an order to sell financial instruments or acceptance of a sales offer means that DNB is authorised to request the Client’s account operator to release the financial instruments in question. The delivery of physical financial instruments shall take place in accordance with a separate agreement with DNB.

For financial instruments that have been admitted for clearance in a central counterparty (CCP) or are registered in a central securities depository (CSD) or listed in a marketplace, a cover purchase will automatically be initiated if the financial instrument has not been delivered at the latest a certain number of days after the settlement deadline. This will normally be four days after the settlement deadline. This deadline may be extended to seven days for instruments that are traded in less liquid marketplaces, and to 15 days for financial instruments listed on an SME stock exchange.

The individual CCP, CSD or marketplace has its own publicly approved cover-purchase rules that are determined in accordance with the legislation relating to central securities depositories and settlement activities.

Cover purchases are to be initiated by the CCP if the instrument is cleared by the CCP. If the instrument is traded in a marketplace and is not cleared by a CCP, the cover purchase is to be initiated by the marketplace. In those cases where the instrument is neither cleared by a CCP nor traded in a marketplace, the cover purchase is to be initiated by a CSD. If this cover purchase fails, the buyer has an opportunity to choose between delayed delivery and cash compensation.

In the case of delayed delivery, a statutory sanction system applies. The CCP, CSD or marketplace will impose a fee/fine on the seller as a result of the breach of contract, irrespective of whether or not a cover purchase is carried out. The size of the fee/fine is standardised and irrespective of the seller's blame (strict liability). The size of the fee/fine is standardised in accordance with prevailing legal rules.

9.2 Foreign exchange (spot)

Regarding foreign exchange trading (spot), the ordinary period allowed for settlement is three banking days (T+2) (including the trading day), unless otherwise agreed. By banking day is meant days on which banks in the market in question are open. The settlement period is calculated as from and including the trading date and up to and including the settlement date.

9.3 Other financial instruments

Special settlement deadlines and settlement rules apply to other financial instruments. These settlement rules and settlement deadlines will be stated in the separate contracts. For trading in non-standardised derivatives (OTC) and in currency and interest-rate instruments, including curren