9. Execution Venues: Execution Venues are the entities with which the orders are placed. For the purposes of orders for the financial instrument of Forex instruments or CFDs, the Company may act either as a principal (therefore, the Company is the sole Execution Venue for the execution of the Client’s orders). or as an agent (therefore some third financial institution will be the Execution Venue).

The use of trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays and/or by generating high volumes of transactions targeting tick fluctuations (rather than price movements) where trades are opened and closed very quickly, altogether commonly known as "latency arbitrage”, "sniping” or "scalping” hereinafter, collectively, referred to as "arbitrage not related to market inefficiencies” or “prohibited trading techniques”, is explicitly prohibited by the Company.