Principal”: Royal acts as Principal when it is the sole execution venue with respect to the execution of Client orders; “Principal” may refer to “Risk-Less” Principal.
“Risk-Less Principal”: Royal acts as Risk-Less Principal when it receives a Client order for execution and immediately executes an identical order in the market, while taking on the role of Principal in order to fill the Client’s order.

5.8. In relation to any Transaction, Royal acts as Principal for any duly-regulated counterparty, according to applicable legislation.

EXECUTION OF ORDERS
1. The Company acts as the sole Execution Venue to the Client and the Client agrees, transacts and deals only with the Company; the Company therefore has the ultimate responsibility towards the Client regarding execution of client orders.
2. The Clients’ orders do not get transmitted to a “Liquidity Provider” (LP) / Counterparty, the Company orders the execution(back-to-back through an automated system) of a set-off transaction to the LP / Counterparty.

NEGATIVE BALANCE PROTECTION
The Company ensures that losses will never exceed the total available funds across the Clients’ portfolio and/or account (negative balance protection)

11.2. Royal shall not be obliged to, but may, at its absolute discretion, execute, as Principal, the Client’s Requests and Instructions in respect of any Instrument out of normal trading hours, specified in the Contract Specifications for that particular Instrument. In such a case, all the trades executed will be reported and submitted to the Client if required and/or requested.

v8. CONFLICTS OF INTEREST AND MATERIAL INTERESTS
8.1. When Royal deals with or for the Client, Royal, an associate or some other person connected with Royal, may have an interest, relationship or arrangement that is material in relation to the Transaction concerned or that conflicts with the Client’s interest. By way of example only, when Royal deals with a Transaction for or on behalf of the Client, Royal may be:
(a) dealing in the Instrument concerned as Principal for Royal’s account by selling to or buying the Instrument from the Client;
(b) matching the Client’s Transaction with that of another Client by acting on both their behalves