Document:

exv10w24

Exhibit 10.24

Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith
omits the information subject to the confidentiality request. Omissions are designated as “***”. A
complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

RBS          

The Royal Bank of Scotland

FX PRIME BROKERAGE MASTER AGREEMENT

IN RESPECT OF THIRD PARTY TRADING PLATFORM

SERVICES

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page
	1. Interpretation
	 	 	3
	 
	2. Appointment of Customer as Agent of Prime Broker
	 	 	5	 
	3. Prime Broker Counterparty Transactions
	 	 	6	 
	4. Customer Transactions
	 	 	7	 
	5. Unauthorised Transactions
	 	 	7	 
	6. Representations and Undertakings
	 	 	8	 
	7. Indemnity and Exclusions of Liability
	 	 	8	 
	8. Commission
	 	 	9	 
	9. Material Interests
	 	 	10	 
	10. Confidentiality
	 	 	10	 
	11. Instructions
	 	 	10	 
	12. Notices
	 	 	11	 
	13. Termination
	 	 	11	 
	14. Conflict of Agreements and Inconsistency
	 	 	11	 
	15. Amendments
	 	 	12	 
	16. General
	 	 	12	 
	17. Governing Law
	 	 	13	 
	 
	 	 	 	 
	Schedule
	 	 	 	 
	 
	 	 	 	 
	1. Platform Provider
	 	 	14	 
	2. Eligibilty Criteria, Spread and Commission
	 	 	15	 

2

 

THIS AGREEMENT is made on the 6th day of December 2006

BETWEEN

	(1)	 	The Royal Bank of Scotland pIc, a company incorporated under the laws of Scotland, whose
registered office is 36 St Andrew Square, Edinburgh EH2 2YB acting through its Global Banking &
Markets division situated at 135 Bishopsgate, London EC3M 3UR (the “Prime Broker”); and
	 
	(2)	 	Gain Capital Group, LLC incorporated under the laws of Delaware whose registered
office/principal place of business is at 550 Hills Drive Bedminster, NJ 07921 (the “Customer”).

WHEREAS

	(A)	 	The Customer may utilise the Platform Trading Service (as defined below) subject to
compliance with the terms of the User Agreement, including having in place an FX Prime Brokerage
Master Agreement with the Prime Broker.
	 
	(B)	 	This Agreement is an FX Prime Brokerage Master Agreement.
	 
	(C)	 	The Prime Broker may establish dealing relationships with various Counterparties (as defined
below) setting out the basis upon which the Prime Broker may appoint an agent to engage in
Transactions on behalf of the Primer Broker with each Counterparty on the Platform Trading
Service.
	 
	(D)	 	The Prime Broker hereby wishes to appoint the Customer as its agent in respect of certain
Counterparties for the purposes set out in (C) above, and to trade with the Customer as principal,
strictly on the terms, conditions and limits expressly stated below.

IT IS AGREED THAT:

1. INTERPRETATION

In this Agreement:

“Affiliate” means, in relation to a party, any other entity which directly or indirectly Controls,
is Controlled by, or is under direct or indirect common Control with, that party from time to time.

“Agreement” means this FX Prime Brokerage Master Agreement.

“Authorised Counterparty Transaction” means a Counterparty Transaction:

	(i)	 	entered into by the Customer within its authority under clause 2; or
	 
	(ii)	 	in the case of a Prime Broker Counterparty Transaction, entered into in accordance with the
Customer’s undertakings under clause 3.3.

“Authorised Customer Transaction” means a Customer Transaction entered into under clause 4 pursuant
to an Authorised Counterparty Transaction.

3

 

“Business Day” means any day (other than a Saturday or a Sunday) on which banks in London are open
for business.

“Commission” means such commission as may be specified in Schedule 2, as amended from time to time.

“Confidential Information” has the meaning set out in clause 1 0.1.

“Control” means that a person possesses, directly or indirectly, the power to direct or cause the
direction of the management and policies of the other person, whether through the ownership of
voting shares, by contract or otherwise, and “Controls” and

“Controlled” shall be interpreted accordingly;

“Counterparty” means any person with whom the Customer may enter, enters or has entered into a
Counterparty Transaction (which may include the Prime Broker).

“Counterparty Master Agreement” means any master agreement governing Transactions between the Prime
Broker and a Counterparty, as amended and supplemented from time to time.

“Counterparty Transaction” means a Transaction entered into by the Customer as agent for the Prime
Broker pursuant to clause 2.

“Customer Master Agreement” means the International Foreign Exchange Master Agreement, ISDA Master
Agreement, Foreign Exchange and Options Master Agreement, any other master agreement, or any other
agreement entered into between the Prime Broker and the Customer for the purposes of governing
Transactions, as amended and supplemented from time to time and subject to the terms of this
Agreement

“Customer Transaction” means a Transaction between the Prime Broker and the Customer pursuant to
clause 4.1.

“Eligibility Criteria” means the criteria set out in Schedule 2, as amended by notice from the
Prime Broker to the Customer from time to time.

“Eligible Transaction” means a Transaction whose terms comply with the Eligibility Criteria.

“Offsetting Transaction” has the meaning set out in clause 5.1 (a).

“Platform Provider” means each third party specified in Schedule 1, as amended by notice from the
Prime Broker to the Customer from time to time.

“Platform Trading Service” means the electronic platform operated by or on behalf of the relevant
Platform Provider which facilitates the execution of Transactions on a prime brokerage basis.

“Settlement Transaction” has the meaning set out in clause 5.1 (b).

“Spread” means such spread payable in respect of a Customer Transaction as may be specified in
Schedule 2, as amended by notice from the Prime Broker to the Customer from time to time.

4

 

“Transaction” means a foreign exchange transaction and/or such other transaction type which may be
executed through the Platform Trading Service as the Prime Broker may notify to the Customer from
time to time.

“Unauthorised Counterparty Transaction” means a Counterparty Transaction other than an Authorised
Counterparty Transaction.

“Unauthorised Customer Transaction” means a Customer Transaction arising in accordance with clause
5.1 pursuant to an Unauthorised Counterparty Transaction.

“User Agreement” means all and any agreements between the Customer and Platform Provider relating
to the Platform Trading Service from time to time, each as amended from time to time and including
any rules, codes, or other requirements of the Platform Provider relating to the Platform Trading
Service, as may be applicable to the Customer’s participation on the Platform Trading Service from
time to time.

References to the plural shall include the singular and vice versa, and references to schedules and
clauses shall be references to schedules to, and to clauses of this Agreement

2. APPOINTMENT OF CUSTOMER AS AGENT OF PRIME BROKER

	2.1	 	Subject to its compliance with the terms of this Agreement, the Customer may from time to
time enter into Counterparty Transactions as agent of the Prime Broker.
	 
	2.2	 	The authorisation of the Customer under clause 2.1 is expressly limited as follows:

	 	(a)	 	the Customer shall only have authority to enter into Counterparty Transactions
fulfilling the following criteria:

	 	(i)	 	each Counterparty Transaction shall be with a Counterparty;
	 
	 	(ii)	 	each Counterparty Transaction shall be made utilising the Platform Trading Service;
	 
	 	(iii)	 	each Counterparty Transaction shall be entered into in accordance with such terms as
may be agreed between the Platform Provider and the Customer, if any; and
	 
	 	(iv)	 	each Counterparty Transaction shall be an Eligible Transaction and for the avoidance
of doubt, the Customer shall have no authority under this Agreement to enter into any transaction as agent for or in any way bind the Prime Broker, or to hold itself out as having
authority to enter into any transaction as agent for the Prime Broker or in any way bind the
Prime Broker other than in accordance with this sub-clause (a).

	 	(b)	 	the Customer shall not have authority (and shall not hold itself out as having
authority):

	 	(i)	 	to vary the terms of, terminate, novate, assign or otherwise amend a Counterparty
Master Agreement; or
	 
	 	(ii)	 	to vary the terms of a pre-existing Counterparty Transaction.

	 	(c)	 	the Customer’s authority shall be suspended if and for so long as the Customer is in
breach of the User Agreement or the Customer Master 

5

 

	 	Agreement; and

	 	(d)	 	the Prime Broker may suspend, limit or terminate, the Customer’s authority under this
clause at any time by notice to any of the Customer, the Platform Provider, or a Counterparty (in
respect of the Customer’s authority in respect of that Counterparty) provided that the Prime
Broker may dispense with the giving of such notice in case of emergency.

	2.3	 	The Customer shall not make any representation or warranty relating to the Prime Broker or
the Customer’s authorisation under this Agreement, or hold itself out as agent of the Prime
Broker:

	 	(a)	 	to any Counterparty (except to the extent such representation, warranty or holding out
accurately reflects the authority of the Customer under this Agreement in relation to such
Counterparty); or
	 
	 	(b)	 	to any other person

without the prior written consent of the Prime Broker.

	2.4	 	The Prime Broker may amend the Eligibility Criteria at any time. Any such amendment shall
take effect immediately irrespective of whether the Customer is aware of such amendment. If it is
reasonably practicable to do so, the Prime Broker shall use reasonable commercial endeavours to
notify the Customer in advance of any amendment to the Eligibility Criteria. If it is not
practicable to provide advance notification of an amendment, the Prime Broker shall notify the
Customer of the amendment as soon as reasonably practicable after the change is made.
	 
	3.	 	PRIME BROKER COUNTERPARTY TRANSACTIONS
	 
	3.1	 	In the course of dealing on certain Platform Trading Services, as advised to the Customer by
Prime Broker, the Customer may enter into Counterparty Transactions to which the Prime Broker is
Counterparty (a “Prime Broker Counterparty Transaction”).
	 
	3.2	 	Where the Customer enters into a Prime Broker Counterparty Transaction, the parties agree
that:

	 	(a)	 	the Customer acts as principal and not as agent for the Prime Broker in relation to the
negotiation and agreement of the Prime Broker Counterparty Transaction; and
	 
	 	(b)	 	the resultant Prime Broker Counterparty Transaction shall be deemed to be a Transaction
between the Prime Broker acting in its capacity as Prime Broker under this Agreement and the
Prime Broker acting in the capacity of Counterparty, and such Transaction shall constitute a
Counterparty Transaction for all purposes of this Agreement (including without limitation for
the purpose of forming the terms of a Customer Transaction pursuant to clause 4).

	3.3	 	The Customer undertakes that:

	 	(a)	 	each Prime Broker Counterparty Transaction shall be entered into in accordance with the
terms of the User Agreement; and

6

 

	 	(b)	 	each Prime Broker Counterparty Transaction shall be an Eligible Transaction.

	4.	 	CUSTOMER TRANSACTIONS

	4.1	 	On entry by the Customer into a Counterparty Transaction, a Customer Transaction shall arise.
	 
	4.2	 	The terms of a Customer Transaction shall be as follows:

	 	(a)	 	the Prime Broker shall undertake obligations to and rights against the Customer such
that the Prime Broker has rights and obligations equivalent to those of the Counterparty under
the Counterparty Transaction, subject to paragraphs (c) and (d);
	 
	 	(b)	 	the Customer shall undertake obligations to and rights against the Prime Broker such
that the Customer has rights and obligations equivalent to those of the Prime Broker under the
Counterparty Transaction, subject to paragraphs (c) and (d);
	 
	 	(c)	 	if any Spread is set out in Schedule 2, the Spread shall be added to the payment obligation of the Customer under paragraph (a), and the right to payment of the Prime Broker
under paragraph (b); and
	 
	 	(d)	 	the Customer Trans,action shall be subject to and governed by the terms of the Customer
Master Agreement.

	4.3	 	Notwithstanding the provisions of clause 4.2, if the Customer enters into an Unauthorised
Counterparty Transaction, the Unauthorised Customer Transaction which arises pursuant to such
Unauthorised Counterparty Transaction shall be subject to the terms of clause 5 (Unauthorised
Transactions), and the Prime Broker shall have all rights and remedies relating to the
Unauthorised Counterparty Transaction and the Unauthorised Customer Transaction set out in this
Agreement or otherwise arising at law or in equity.
	 
	5.	 	UNAUTHORISED TRANSACTIONS
	 
	5.1	 	If the Customer enters into an Unauthorised Counterparty Transaction, the Prime Broker may
(but shall not be obliged to) take such steps as it considers desirable or necessary acting in its
sale discretion to discharge, offset, cancel or hedge its rights and obligations under the
Unauthorised Counterparty Transaction. Such steps may include (without limitation):

	 	(a)	 	entering into one or more Transactions or other transactions with a third party to
reduce or offset its obligations under the Unauthorised Counterparty Transaction (an “Offsetting
Transaction”);
	 
	 	(b)	 	entering into an agreement with the Counterparty to compromise, settle or cancel (in
whole or in part) the Unauthorised Counterparty Transaction (a “Settlement Transaction”);
	 
	 	(c)	 	
amending the terms of or cancelling the Unauthorised Customer Transaction to which the
Unauthorised Counterparty Transaction relates; or
	 
	 	(d)	 	amending the terms of or cancelling any unsettled Authorised Customer Transaction.

7

 

	5.2	 	The Customer hereby gives its consent to the amendment or cancellation of any Customer
Transaction under clause 5.1.
	 
	5.3	 	This Clause 5 shall survive termination of this Agreement
	 
	6.	 	REPRESENTATIONS AND UNDERTAKINGS
	 
	6.1	 	Each party represents and warrants to the other that:

	 	(a)	 	it is duly authorised and empowered to enter into and perform its obligations under or
in connection with this Agreement, the Transactions contemplated hereby;
	 
	 	(b)	 	this Agreement is a legally binding obligation binding on it and enforceable in
accordance with its terms;
	 
	 	(c)	 	all necessary authorities and authorisations (including without limitation any
regulatory or governmental consents or approvals) to enable or entitle it enter into this
Agreement and to perform its obligations hereunder are in full force and effect and will remain
in full force and effect at all times during the term hereof;
	 
	 	(d)	 	all information supplied to the other party is true, complete and accurate in all
material respects and it will advise the other party forthwith of any material change to any
information previously provided; and
	 
	 	(e)	 	it will comply with all applicable legal and regulatory requirements in each
jurisdiction in which it carries on business.

	6.2	 	The representations and warranties set out in clause 6.1 shall be deemed to be repeated on
each occasion on which the Customer acts as agent of the Prime Broker under this Agreement.
	 
	6.3	 	The Customer undertakes that it will act as principal and not as agent for any other person
in performing its duties and obligations under this Agreement (including without limitation the
entry into and performance of Customer Transactions), except as provided in clause 2.
	 
	7.	 	INDEMNITY AND EXCLUSIONS OF LIABILITY
	 
	7.1	 	Neither the Prime Broker nor any of its directors, officers, employees, nominees, delegates
or agents will be liable for any loss suffered or for any action taken or not taken pursuant to or
in the course of this Agreement, any Transaction or in connection with the Platform Trading
Service unless the Prime Broker or such other person is negligent or guilty of willful misconduct
or fraud.
	 
	7.2	 	The Customer shall fully and promptly indemnify the Prime Broker and any of its directors,
officers, employees, nominees, delegates or agents and will keep the Prime Broker and each of them
indemnified from and against any claims, proceedings, expenses, costs, losses, damages and
liabilities of every description (including legal fees, accountant’s fees, fines and penalties),
direct or consequential in nature, which may be sustained or incurred by, or asserted against them
directly or indirectly in connection with or arising out of:

	 	(a)	 	any act or omission of the Prime Broker in accordance with a request from the Customer
under or in connection with this Agreement (including without

8

 

	 	 	 	limitation any act or omission
relating to the Prime Broker’s participation on the Platform Trading Service) unless the Prime
Broker is negligent or guilty of willful misconduct or fraud;
	 
	 	(b)	 	the negligence, willful default, intentional misconduct, or fraud of the Customer;
	 
	 	(c)	 	any breach of this Agreement (including the entry by the Customer into an Unauthorised
Counterparty Transaction or Unauthorised Customer Transaction) (including any use of the Platform
Trading Service in breach of applicable law) by the Customer; or
	 
	 	(d)	 	any liability or obligation of the Prime Broker to the Platform Provider arising by
virtue of or in connection with any of paragraphs (b) or (c).

	7.3	 	The Prime Broker shall not incur any liability for any loss, cost, expense or liability
suffered by the Customer resulting from any act or omission (including a default or misconduct) of
the Platform Provider or any participant on the Platform Trading Service (including any
Counterparty). In particular (but without limiting the generality of the foregoing) the Prime
Broker is not responsible for the operation of the Platform Trading Service, or the form, accuracy
or content of any data, notice, report, communication or material generated or communicated by the
Platform Trading Service.
	 
	7.4	 	The Prime Broker shall not incur any liability for failure to perform its obligations under
this Agreement or for any loss, cost, expense or liability suffered by the Customer as a result of
any act of God, war, riot, natural or other disaster, fire, industrial dispute, breakdown or
failure of transmission, communication or computer facilities, change in any law or regulation, or
any other cause beyond the reasonable control or anticipation of the Prime Broker.
	 
	7.5	 	For the avoidance of any doubt, it is agreed that the Prime Broker shall in no circumstances
be liable to the Customer for special, indirect and consequential damages arising as a result of
any breach by the Prime Broker of any proviSion of this Agreement
	 
	7.6	 	Nothing in this Agreement shall limit or exclude the liability of the Prime Broker for fraud,
death or personal injury or otherwise to the extent prohibited under applicable law or regulation.
	 
	8.	 	COMMISSION
	 
	8.1	 	This clause 8 shall apply if Schedule 2 specifies that Commission shall be payable.
	 
	8.2	 	The Customer shall pay the Commission in accordance with the terms of Schedule 2 as amended
from time to time.
	 
	8.3	 	The Customer shall pay the Commission to the Prime Broker within thirty (30) days after it
has received the relevant invoice from the Prime Broker in the place of the account specified by
the Prime Broker in freely transferable funds and in the manner customary for payments in the
required currency. If the Customer fails to make, when due, any payment under this Agreement the
Prime Broker shall be entitled to take any action necessary in its sole and absolute discretion,
including but not limited to deducting from any collateral or margin that Customer has pledged or
given to Prime Broker or debiting any account maintained with the Prime Broker, in the amount of
fees owed.

9

 

	8.4	 	All payments under this clause shall be exclusive of any applicable value added, sales, use,
withholding or other tax or duty (which tax or duty shall be paid by the Customer).
	 
	9.	 	MATERIAL INTERESTS

The Prime Broker may enter into Transactions with or for the Customer or otherwise provide services
to the Customer under this Agreement notwithstanding that it and/or an Affiliate may have an
interest, relationship or arrangement that is material in relation to the Transaction or service
concerned. In particular, the Prime Broker or its Affiliates may enter into Transactions as prime
broker to other participants on the Platform Trading Service and otherwise, provide advice,
discretionary investment management or any other service involving foreign exchange to other
customers, and participate in or operate other electronic trading systems relating to foreign
exchange.

	10.	 	CONFIDENTIALITY
	 
	10.1	 	Each party undertakes that it shall use all reasonable endeavours to keep private and
confidential (and to ensure that its officers, employees, professional and other advisers or
persons under its supervision keep private and confidential) during the continuance of this
Agreement and after its termination, any information relating to the contents of this Agreement,
information of a confidential nature supplied by the other party at any time (including prior to
the execution of the Agreement) and relating to the business, assets, finances or other affairs of
a confidential nature, and information relating to Transactions (“Confidential Information”),
	 
	10.2	 	Neither party shall use or disclose Confidential Information without the prior consent of
the other party, unless

	 	(a)	 	required to do so by any court, market or regulatory authority having jurisdiction over
the party or any applicable law or regulation;
	 
	 	(b)	 	such disclosure is necessary to carry out its obligations under this Agreement;
	 
	 	(c)	 	the Confidential Information so disclosed is already in the public domain; or
	 
	 	(d)	 	such disclosure is to, or use is by, the Platform Provider in accordance with the User
Agreement or any agreement between the Prime Broker and the Platform Provider.

	10.3	 	Notwithstanding clauses 10.1 and 10.2, the Prime Broker may disclose Confidential
Information to Affiliates. The Customer hereby consents to and authorises such disclosure of
Confidential Information and acknowledges that any duty of confidentiality owed by the Prime
Broker, howsoever arising, will not be regarded as being breached by any such disclosure.
	 
	11.	 	INSTRUCTIONS
	 
	11.1	 	The Prime Broker may rely conclusively on, and the Customer shall be bound by, any
communication received through the Platform Trading Service which purports to originate from the
Customer. For the purposes of this Agreement all such communications shall be deemed to be at the
Customer’s request for all purposes of this Agreement. The Prime Broker is not obliged to do
anything to establish the authority or identify of the person sending a communication through the
Platform Trading Service.

10

 

	11.2	 	The Prime Broker is not responsible for errors or omissions made by the Customer or the
Platform Provider in communicating instructions under this Agreement or resulting from fraud or
the duplication of any communication by the Customer.
	 
	12.	 	NOTICES
	 
	12.1	 	All written notices under this Agreement shall be delivered to the address of the recipient
set out below (or such other address as it may specify in writing from time to time) unless
otherwise specified by hand, courier, mail, facsimile or electronic means including where
available through the Platform Trading Service and subject to clause 12.2 shall be effective upon
receipt.
	 
	12.2	 	Any notice sent by first class post (air mail in the case of international communications)
shall be deemed to be received on the second day following the date of posting in the case of
communications within the United Kingdom and the seventh day following the date of posting in the
case of international communications.
	 
	12.3	 	The addresses for the sending of notices under this Agreement shall be as follows:

To the Prime Broker:

The Royal Bank of Scotland plc

135 Bishopsgate, 4th Floor

London EC2M 3UR

Attention: FOREIGN EXCHANGE Prime Brokerage Desk

Telephone No: +44 (0)20 7085 5441

Facsimile No: +44 (0)20 7085 5734

To the Customer:

Gain Capital Group LLC

550 Hills Drive

Bedminster, NL 07921

United States

Attention: Annette Baltgian, Esq.

Telephone No. (908) 212-3954

Facsimile No. (866) 646-3813

	13.	 	TERMINATION
	 
	13.1	 	This Agreement shall remain in effect until terminated in accordance with this clause 13.
	 
	13.2	 	Either party shall be entitled to terminate this Agreement at any time by written notice to
the other party.
	 
	13.3	 	Termination of this Agreement shall not affect any contractual provision intended to survive
termination and any Transaction or any obligation (including that of indemnity) which is then
outstanding, and the provisions of this Agreement shall continue to apply to each such Transaction
and each obligation until all the obligations and each such Transaction have been fully performed.
	 
	14.	 	 CONFLICT OF AGREEMENTS AND INCONSISTENCY
	 
	14.1	 	Subject to clause 14.2, this Agreement supersedes all previous terms and conditions 

11

 

	 	 	issued by the Prime Broker and relating to the matters covered by this Agreement, and in the event of any
conflict between this Agreement and the Prime Broker’s standard terms of business, this Agreement
shall prevail.

	14.2	 	This Agreement shall not be deemed to vary or amend the Customer Master Agreement and, in
the event of any inconsistency between this Agreement and the provisions of the Customer Master
Agreement, the provision of the Customer Master Agreement shall prevail.
	 
	15.	 	AMENDMENTS
	 
	15.1	 	The Prime Broker may amend this Agreement with immediate effect or such later date as it
determines if it is, or reasonably believes it is, obliged to do so under applicable law or
regulation.
	 
	15.2	 	In any other circumstance including where such amendments are required as a result of
amendments made by the Platform Provider to the terms upon which the Platform Trading Service is
provided to the Prime Broker or the Customer, the Prime Broker may amend this Agreement by sending
the Customer a written notice describing the relevant changes: such changes will become effective
on a date to be specified in the notice, which must be at least ten (10) Business Days after the
notice is sent to the Customer.
	 
	16.	 	GENERAL
	 
	16.1	 	Nothing in this Agreement shall be deemed to constitute a partnership between the parties,
nor constitute either party the agent of the other party, for any purpose except as set out in
clause 2.
	 
	16.2	 	This Agreement may be executed in any number of counterparts. This has the same effect as if
the Signatures on the counterparts were on a single copy of this Agreement.
	 
	16.3	 	The rights of each party under this Agreement:

	 	(a)	 	may be exercised as often as necessary;
	 
	 	(b)	 	are cumulative and not exclusive of rights or remedies provided by law; and
	 
	 	(c)	 	may be waived only in writing and specifically.
	 
	 	 	 	Delay in exercising or non-exercise of
any such right is not a waiver of that right. The rights and remedies provided under this
Agreement are cumulative and not exclusive of those provided by law. The Prime Broker shall be
under no obligation to exercise any right or remedy either at all or in a manner or at a time
beneficial to the Customer.

	16.4	 	If any term of this Agreement is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect:

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other term of this
Agreement; or
	 
	 	(b)	 	the legality, validity or enforceability in other jurisdictions of that or any other
provision of this Agreement.

	16.5	 	Each party shall pay the costs and expenses incurred by it in connection with the
entering
into of this Agreement.

12

 

	16.6	 	Any notice or other communication given in connection with this Agreement must be in
English.
	 
	16.7	 	A person who is not a party to this Agreement may not enforce any of its terms under the
Contracts (Rights of Third Parties) Act 1999.
	 
	16.8	 	This Agreement and the documents referred to in it contain the whole agreement between the
parties relating to the transactions contemplated by this Agreement and supersede all previous
agreements between the parties relating to those transactions.
	 
	16.9	 	Subject to clause 16.10, each party acknowledges that in entering into this Agreement it has
not relied on any representation, warranty, collateral contract or other assurance (except those
set out in this Agreement and the documents referred to in it) made by or on behalf of the other
party before the date of this Agreement. Each party waives all rights and remedies which, but for
this clause 16.9, might otherwise be available to it in respect of any such representation,
warranty, collateral contract or other assurance.
	 
	16.10	 	Nothing in clause 16.9 limits or excludes any liability for fraud.
	 
	16.11	 	Neither party may assign this Agreement or any right or obligation under it without the
prior written consent of the other.
	 
	16.12	 	Each Customer Transaction shall be subject to a written confirmation which shall be
delivered by the Prime Broker (and the Customer at its option) in accordance with the Prime
Broker’s standard confirmation procedure which shall include the use of electronic means,
including but not limited to SWIFT. All settlements in respect of Customer Transactions shall be
made to each party’s nostro account as specified in their respective standard settlement
Instructions.
	 
	17.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by and shall be construed in accordance with English law, and the
Customer hereby irrevocably submits to the non-exclusive jurisdiction of the English courts in
respect of any dispute arising out of this Agreement and each Transaction effected pursuant to the
Agreement.

IN WITNESS WHEREOF this Agreement has been signed by duly authorised representatives of each party
on the day and date first above written.

SIGNED for and on behalf of

The Royal Bank of Scotland plc

By:

Name:

Title:

	 	 	 	 	 
	SIGNED for and on behalf of

GAIN CAPITAL GROUP, LLC	 	 
	 
	 	 	 	 
	/s/
Glenn H. Stevens
	 	 	 	 
	 

	 

	 	 	 
	Glenn H. Stevens	 	 
	Managing Director	 	 

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SCHEDULE 1

PLATFORM PROVIDER

The Platform Provider(s) for the purposes of this Agreement shall be:

EBS Service Company Limited of Lavaterstrasse 40, PO Box 375, CH/S027’

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SCHEDULE 2

ELIGIBILITY CRITERIA, SPREAD AND COMMISSION

PART 1: ELIGIBILITY CRITERIA

Each Transaction must fulfill the following Eligibility Criteria in order to qualify as an Eligible
Transaction:

Settlement limits

The gross amount of all currency due to be settled by the Customer to the Prime Broker on any day
shall not exceed the amount advised by the Prime Broker to the Platform Trading Service.

Transactions Types

Spot FX

Spot Silver

Spot Gold

PART 2: SPREAD

The Spread that will be applied to each Customer Transaction shall be as follows:

N/A

PART 3: COMMISSION

The Commission shall be as follows:

For Spot FX: The Commission shall be *** of Counterparty Transactions.

For Spot Silver: The Commission shall be *** of Counterparty Transactions.

For Spot Gold: The Commission shall be *** of Counterparty Transactions.

Where the Customer has maintained an account with the Prime Broker, and sufficient funds exist for
such purpose, the commission will be deducted from such account 30 days after the date of the
invoice.

15exv10w25

Exhibit 10.25

Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith
omits the information subject to the confidentiality request. Omissions are designated as “***”. A
complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

FX PRIME BROKERAGE AGREEMENT

     This FX PRIME BROKERAGE AGREEMENT (“Agreement”), dated as of July 8, 2005, by and between UBS
AG (HUBS”) and Gain Capital, Inc. (“Customer”) sets forth certain terms and conditions relating to
the establishment of a facility (the “Facility”) through which Customer may trade foreign exchange
transactions with various Dealers.

     Scope of Agreement. The parties explicitly acknowledge and agree that whilst this Agreement
contains provisions governing a wide range of foreign exchange transactions, Transactions and
Authorized transactions (subject to any further limitations specified in any Dealer
notice/authorization) shall be limited to the following types of transactions only:

	 	(i)	 	FX Transactions;
	 
	 	(ii)	 	Currency Option Transactions
	 
	 	(iii)	 	Exotic Options.

UBS may, at its absolute
discretion, give notice to the Customer of any change, deletion or addition to this provision.

	1.	 	Definitions Capitalized terms used herein but not defined herein shall have the
meanings ascribed to them in the CP ISDA Master Agreement.
	 
	 	 	“Authorized Transactions” means foreign exchange transactions of a type that UBS has
authorized the Customer to enter into with Dealer.
	 
	 	 	“CP ISDA Master Agreement” means the ISDA Master Agreement dated October 19, 2000 by
and between Customer and UBS and the Credit Support Annex to the CP ISDA Master Agreement.
	 
	 	 	“Currency Option Transaction” shall have the meaning ascribed in the 1998 FX and
Currency Option Definitions, as amended from time to time (as published by the International Swaps
and Derivatives Association, Inc., the Emerging Markets Traders Association (“EMTA”) and The
Foreign Exchange Committee) (“FX Definitions”) and for the avoidance of doubt, shall not include
an option that would otherwise be deemed to be an Exotic Option.
	 
	 	 	“Dealer” means those banks and dealers authorized by UBS, pursuant to a Master FX
Give-Up Agreement, with whom Customer can enter into Authorized Transactions. Customer shall be
notified of such Dealers by UBS in writing from time to time, specifying the type of Authorized
Transactions and limits therefor.
	 
	 	 	“Deliverable Currency Option Transaction” shall have
the meaning ascribed in the FX Definitions.
	 
	 	 	“Deliverable FX Transaction” shall have the meaning ascribed in the FX Definitions.
	 
	 	 	“Delta” means, in respect of each Currency Option Transaction, the amount calculated
by UBS to be the change in option price for a change in the underlying price (as determined by
UBS) for such Currency Option Transaction.
	 
	 	 	“Delta Equivalent Position” means, for each Currency Option Transaction, the Delta
multiplied by the U.S. dollar equivalent (as calculated by UBS in a commercially reasonable
manner) of each currency to be received by UBS
if such Currency Option Transaction were exercised,
as calculated by UBS.

 

 

	 	 	“Exotics Net Open Position” shall be calculated in the manner specified in Attachment
1.
	 
	 	 	“Exotic Notional Limit” means the maximum notional quantity (calculated in the manner
specified in Attachment 1) of Exotic Options that Customer can trade with each Dealer on a trade
date, such limit to be advised to Customer by UBS from time to time.
	 
	 	 	“Exotic Options” means barrier options (and such other non-vanilla options as
approved by UBS from time to time).
	 
	 	 	“FX Transaction” shall have the meaning ascribed in the FX Definitions.
	 
	 	 	“Master FX Give-Up Agreement” means an agreement by and between UBS and each of the
various Dealers.
	 
	 	 	“Net Currency Position” means, for any value date, with respect to each currency of a
FX Transaction, the net U.S. dollar equivalent (as calculated by UBS in a commercially reasonable
manner) of the amount of such currency owed to UBS by the Customer as calculated by UBS in good
faith and in a commercially reasonable manner.
	 
	 	 	“Net Open Position” means for the aggregate amount owed to UBS by Customer, as
calculated by UBS in the manner specified in Attachment 1 hereto (which may be modified from time
to time by UBS in its reasonable discretion).
	 
	 	 	“Net Open Position Limit” means, the maximum Net Open Position and Exotic Net Open
Position, as an aggregate across all Tiers, that a Customer is authorized to have outstanding at
any time with UBS, as determined by UBS and advised to the Customer (such amount may be amended
from time to time by UBS upon reasonable notice to the Customer).
	 
	 	 	“Netted Option” means, a Currency Option Transaction sold by Prime Broker and owned
by the Customer which may be discharged and terminated together with a Currency Option Transaction
sold by the Customer and owned by Prime Broker upon satisfying the following criteria:

(i) each Currency Option Transaction being with respect to the same Put Currency and Call
Currency; 

(ii) each
having the same Expiration Date and Expiration Time; 

(iii) each being of the
same style, i.e. either both being American Style Options or both being European Style Options;

(iv) each having the same Strike Price; and

(v) neither of which shall have been exercised by
delivery of a Notice of Exercise (as defined below); and

(vi) the case of a partial discharge and
termination (Le., where the relevant Currency Option Transactions are for different amounts of the
Currency Pair), only the portion discharged and terminated shall be considered a Netted Option.

“Non-Deliverable Currency Option Transaction” shall have the meaning ascribed in the
FX Definitions.

2

 

“Non-Deliverable FX Transaction” shall have the meaning ascribed in the FX
Definitions.

“Notice of Exercise” means telex, telephonic or other electronic notification
(excluding facsimile transmission), given by the owner of an Option prior to or at the Expiration
Time on the Expiration Date as agreed to at the time the Option is entered into, as evidenced by
the Confirmation.

“Notice of Barrier Event” means telex, telephone or other electronic notification
(excluding facsimile transmission) given by the Dealer as the determination agent of an Exotic
Option immediately following a barrier event as agreed to at the time the Exotic Option is entered
into, as evidenced in a Confirmation.

“Options” includes Currency Option Transactions (Deliverable and Non-Deliverable) and
Exotic Options.

“Risk Add-On” means, for Exotic Options, such amount as determined by UBS in a
commercially reasonable manner taking each Currency Pair and determining the close-out risk on
such trade, in accordance with UBS’s internal model (based on the underlying volatility of
Currency Pairs as determined by UBS, having aggregated offsetting transactions on a value date
basis and across value dates where possible, in UBS’s sole and absolute discretion).

“Tier I Currencies” means those currencies determined by UBS, in its sole discretion,
to be of low volatility (such currencies to be advised to Customer by UBS from time to time and
subject to change by UBS at any time).

“Tier II Currencies” means those currencies determined by UBS, in its sole
discretion, to be of medium volatility (such currencies to be advised to Customer by UBS from time
to time and subject to change by UBS at any time).

“Tier III Currencies” means those currencies determined by UBS, in its sole
discretion, to be of high volatility (such currencies to be advised to Customer by UBS from time
to time and subject to change by UBS at any time).

“Tiers” means Tier I Currencies, Tier II Currencies and Tier III Currencies
collectively.

“Transactions” means Deliverable and Non-Deliverable FX Transactions, Deliverable and
Non-Deliverable Currency Options Transactions and Exotic Options.

	2.	 	The Facility
	 
	(a)	 	UBS may {in its sole discretion} establish and maintain dealing lines for use by Customer in
trading Transactions in the name of UBS with one or more Dealers. UBS will provide each Dealer
with such authorization and other agreements and instruments as it deems appropriate in order to
permit Customer to execute Authorized Transactions with the Dealers in the name of UBS in
accordance with the terms hereof.
	 
	(b)	 	Customer acknowledges and agrees that the establishment and maintenance of dealing lines by
UBS under the Facility is subject to UBS’s sole discretion, including but not limited to,
discretion regarding credit, documentation, available currencies, size or tenor of lines (which
may vary according to currency) and UBS’s line usage for business outside of the Facility.
Customer 

3

 

	 	 	further acknowledges and agrees that such dealing lines may be changed by UBS in its
sole discretion at any time without prior notice. UBS is not and shall not be responsible for and
does not warrant the sufficiency or availability of the dealing lines for any purpose. In the
event that UBS does not establish or maintain adequate dealing lines for the Facility, Customer’s
only remedy shall be to terminate this Agreement. In this respect, Customer waives all other
claims and remedies against UBS.
	 
	(c)	 	UBS will establish trading limits for each Dealer, and advise Customer of those limits.
Customer agrees to limit the Authorized Transactions with each Dealer in such a manner as UBS may
from time to time specify. Customer acknowledges and agrees that Transactions exceeding such
limits shall not be binding on UBS unless and until UBS accepts such Transactions. UBS maintains
the right to refuse to accept any Transactions which exceed the Net Open Position Limit, Notional
Exotic Limit or for which Customer has not satisfied all of the requirements of the Credit Support
Annex (including any obligation to deliver the Independent Amount relating to any Transaction) and
Customer will indemnify UBS for any claims by Dealer as a result of UBS’s exercise of its rights
under this clause 2(c), except to the extent that such claim results from the gross negligence,
willful misconduct or fraud of UBS. In the event that UBS accepts a Transaction which exceeded
the Net Open Position Limit or the Exotic Notional Limit, Customer agrees that UBS may, in its
sole and absolute discretion and without notice, liquidate all or part of the corresponding
Customer Contract (as defined below) for the account of the Customer, in order to reduce
Customer’s Net Open Position to below the agreed Net Open Position Limit or reduce Customer’s
utilization of Exotic Notional Limit.
	 
	(d)	 	Customer agrees to promptly pay UBS such commissions and other fees set forth in the attached
Fee Schedule (as such Schedule may be amended from time to time by UBS and Customer).
	 
	3.	 	Transaction Confirmations
	 
	(a)	 	When Customer enters into an Authorized Transaction with a Dealer in the name of UBS under
the Master FX Give-up Agreement, Customer and UBS will be deemed to have automatically entered
into a Transaction (the “Customer Contract”) on identical terms, except that UBS’s position as
buyer or seller of the Transaction will be the reverse of its position with Dealer. The foregoing
is subject to UBS’s right to refuse to accept a trade under the terms of this Agreement and any
Master FX Give-Up Agreement.
	 
	(b)	 	The Authorized Transactions made between Dealer(s) and UBS shall be subject to and be
governed by the ISDA Master Agreements entered into between the respective Dealers and UBS or if
any Dealers have not entered into an ISDA Master Agreement with UBS, such other master agreements
as such Dealers and UBS may agree from time to time.
	 
	 	 	The Customer Contracts shall be governed by the CP ISDA Master Agreement.
	 
	(c)	 	Customer agrees
to promptly respond to trade notices provided by Dealer via UBS’s online automated system. In the
event that such system is not available for any reason, Customer will notify UBS by Reuters Direct
Dealing or telephone, immediately after entering into a Transaction in UBS’s name with a Dealer.
Such notice shall be made in accordance with the procedures to be set forth in Schedule 2. By 5pm
(New York time) each New York business day, Customer will give electronic, telephone or other
acceptable notice to UBS of all Authorized 

4

 

	 	 	Transactions entered into that day in the name of UBS
or that no Authorized Transactions occurred on that day.

	(d)	 	Except as otherwise provided in clause 3(f), once an Authorized Transaction with a Dealer is
entered into in the name of UBS and accepted by UBS, Customer shall have no right to amend, cancel
or otherwise affect or interfere with any such transactions, which shall be the sole
responsibility of UBS.
	 
	(e)	 	Customer acknowledges and agrees that Dealer will be the calculation agent/determination
agent for Exotic Options and any dispute that Customer may have as to the occurrence of a barrier
event (e.g. knock-out, kick-in, binary, however described,) shall be solely between Customer and
Dealer and Customer acknowledges and agrees that Prime Broker shall have no role therein and
shall be entitled to act, and Customer shall not prevent in any way Prime Broker from taking
any action, upon the Notice of Barrier Event as if no dispute existed. Solely for the purpose of
calculation agent/determination agent as defined in a Confirmation for an Exotic Option
transacted between Customer and Dealer and given-up in accordance with this Agreement and
notwithstanding anything to the contrary stated in such Confirmation, the calculation
agent/determination agent shall be Dealer.
	 
	(f)	 	Notwithstanding any terms of a Confirmation or Master Agreement that may be to the contrary,
if Customer has entered into a transaction on behalf of UBS in which UBS is the buyer of an
Option, such Option may be exercised by delivery of a Notice of Exercise by Customer to Dealer
which executed such Option which shall constitute exercise by UBS. If Customer has entered into a
transaction on behalf of UBS in which UBS is the seller of an Option, such Option will only be
exercised by the simultaneous delivery of a Notice of Exercise by Dealer which executed such
Option to each of Customer and UBS.
	 
	(g)	 	For the purposes of Non-Deliverable FX Transactions and Non-Deliverable Currency Options
Transactions, the calculation agent for the transaction between UBS and Customer shall be as
detailed on the relevant Confirmation.

	4.	 	Representations
	 
	 	 	Each party represents to the other party (which representations will be deemed to be repeated
by each party on each date on which a transaction is entered into) that:

	 	(a)	 	It is duly organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good standing;
	 
	 	(b)	 	It has the power to execute this Agreement and any other documentation relating to
this Agreement to which it is a party, to deliver this Agreement and any other documentation
relating to this Agreement that is required by this Agreement to deliver and perform its obligations under this Agreement and has taken all necessary action to authorize such execution,
delivery and performance;
	 
	 	(c)	 	Such execution, delivery and performance do not violate or conflict with any law
applicable to it, any provision of its constitutional documents, any order or judgment of any
court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets;

5

 

	 	(d)	 	All governmental and other consents that are required to have been obtained by it with
respect to this Agreement have been obtained and are in full force and effect and all conditions
of any such consents have been complied with; and
	 
	 	(e)	 	Its obligations under this Agreement constitute its legal, valid and binding
obligations, enforceable in accordance with their respective terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights
generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

	5.	 	Indemnification
	 
	 	 	Customer agrees to indemnify, hold harmless and defend UBS, its affiliates and their
respective officers, directors, employees, agents, successors and assigns, from and against any
and all claims, damages, costs, losses and liabilities (including reasonable attorneys’ fees),
which may at any time be asserted against or incurred by UBS based upon, arising from or in
connection with this Agreement, the Facility and any action or inaction on the part of Customer
under this Agreement, including but not limited to, (i) any material breach of any representation,
warranty, covenant or agreement of Customer contained in this Agreement; (ii) any failure of
Customer to comply with applicable law; (iii) Customer’s negligence or willful misconduct; (iv)
any claim by a Dealer in respect of an Authorized Transaction; and (v) any indemnification which
UBS has given to a Dealer; except to the extent that the claim, damages, costs, losses and
liabilities are due to the gross negligence, willful misconduct or fraud by UBS.
	 
	6.	 	General Provisions
	 
	(a)	 	This Agreement shall continue to be effective or be reinstated, as the case may be, if at any
time any payment or performance of any liabilities is rescinded or must otherwise be returned or
unwound by UBS upon insolvency, bankruptcy, or reorganization of Customer, or otherwise, all as
though such payment had not been made.
	 
	(b)	 	This Agreement may be terminated by either party without cause, upon prior written notice.
Termination will not affect any outstanding rights and obligations under this Agreement or any
Transactions and such rights and obligations shall continue to be governed by this Agreement and
the particular terms agreed between UBS and Customer in relation to such Transactions until all
obligations have been fully performed.
	 
	(c)	 	No indulgence or concession granted by either party and no omission or delay on the part of a
party in exercising any right. power or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
	 
	(d)	 	The provisions of the FX Definitions are hereby incorporated in their entirety and shall
apply to all Transactions entered into or deemed to be entered into between (i) UBS and Dealers
and (ii) UBS and Customer, whether or not so stated in a confirmation of any such Transaction.
Authorized Transactions and Customer Contracts are Transactions under the relevant ISDA Master
Agreements and any trade confirmation is a Confirmation under such ISDA Master Agreements.

6

 

	(e)	 	Customer hereby consents to UBS effecting such disclosure as UBS may deem appropriate, to
enable UBS to transfer Customer’s records and information, to process and execute Customer’s
instructions.
	 
	(f)	 	In the event Customer is trading Non-Deliverable FX Transactions, Non-Deliverable Currency
Option Transactions and/or Exotic Options, Customer consents to the use of confirms substantially
in the form of the confirmation template for each such transaction as published by The Foreign
Exchange Committee (“FXC”), the Financial Markets Lawyers Group or EMTA, as appropriate. Customer
also agrees, hereby, to abide by such best practices as may be published by the FXC from time to
time, and such recommended market practice as may be published by EMTA from time to time.
	 
	(g)	 	In the event anyone or more of the provisions contained in this Agreement is held invalid,
illegal, or unenforceable in any respect under the law of any jurisdiction, the validity,
legality, and enforceability of the remaining provisions under the law of such jurisdiction, and
the validity, legality, and enforceability of such and any other provisions under the law of any
other jurisdiction, shall not in any way be affected or impaired thereby.
	 
	(h)	 	No amendment, modification, or waiver of this Agreement will be effective unless in writing
executed by each of the parties.
	 
	(i)	 	The parties agree that each party may electronically record all telephonic conversations
between them relating to the subject matter of this Agreement and that any such tape recordings
may be submitted in evidence in any suit, action, or other proceeding relating to this Agreement
(“Proceedings”).
	 
	7.	 	Notices

Except as otherwise provided in this Agreement, all notices, requests and other communications
hereunder shall be delivered in accordance with the notice provisions in the CP ISDA Master
Agreement.

	8.	 	Governing Law and Jurisdiction
	 
	(a)	 	This Agreement and the rights and obligations of UBS and of Customer hereunder shall be
governed by, and construed in accordance with the laws of the State of New York.
	 
	(b)	 	With respect to any suit, action or proceedings relating to this Agreement, each party
irrevocably 0) submits to the non-exclusive jurisdiction of the State and Federal courts located
in New York City, Borough of Manhattan and (ii) waives any objection which it may have at any time
to the laying of venue of any Proceedings brought in any such court, waives any claim that such
Proceedings have been brought in an inconvenient forum and further waives the right to object,
with respect to such Proceedings, that such court does not have jurisdiction over such party.
Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction nor will the bringing of Proceedings in anyone or more jurisdictions preclude the
bringing of Proceedings in any other jurisdiction.
	 
	(c)	 	Waiver of Jury Trial- Each party hereby irrevocably waives any and all right to trial by jury
in any suit, action or Proceeding arising our of or relating to this Agreement or any transaction
and acknowledges that this waiver is a material inducement to 

7

 

	 	 	the other party’s entering into this
Agreement.

IN WITNESS WHEREOF, the UBS and Customer have caused this Agreement to be duly executed by
their respective authorized officers as of the date first written above.

	 	 	 	 	 	 
	UBS AG

	GAIN CAPITAL, INC.
	 
	 	 	 	 
	By:
	/s/ Sandra M. Gutierrez	 	By:  	/s/ Glenn Stevens
	Name: Sandra M. Gutierrez

	 	Name: Glenn Stevens
	Title: Director and Counsel

	 	Title: Managing Director
	Region Americas Legal

	 	Date: 7/26/05
	Fixed Income Section
	 	 	 	 
	 
	 	 	 	 
	By:   
	/s/ Sam Hooker	 	 	 
	Name: Sam Hooker
	 	 	 	 
	Title: Director
	 	 	 	 
	Region Americas Legal
	 	 	 	 
	Fixed Income Section
	 	 	 	 

8

 

SCHEDULE 1

FEE SCHEDULE

From the Effective Date *** equivalent transacted with each Dealer will be charged. Invoices will
be sent to the Client on a monthly basis. Payment is due *** after the end of the relevant month.

Payment to be made as agreed between Customer and UBS.

No commission will be charged if Customer trades direct with UBS AG.

Effective Date: July 8, 2005.

9

 

SCHEDULE 2

PROCEDURES FOR NOTIFYING TRADES

	1.	 	Upon receipt of trade details from Dealer, Customer will accept or reject trade on UBS’s
Webpage. URL and password to be advised in separate mailing.
	 
	2.	 	If procedure 1 is unavailable, trade details to be communicated via Reuters;
	 
	 	 	UBPB — New York time-zone,
7:30am-7pm

UBPB — Singapore time-zone, 7am-6pm
 

UBPB — Zurich time-zone, 8am-6pm

	 
	3.	 	If Both 1 and 2 are unavailable, trade details to be communicated via telephone;
	 
	 	 	+ 203 719 4066 — New York time-zone, 7:30am-7pm

+ 01 6568365216 — Singapore time-zone, 7am-6pm

+ 41 1 239 5040 — Zurich time-zone, 8am-6pm

10

 

Attachment 1

	1) The Net Open Position shall be calculated by UBS in a commercially reasonable manner by
determining the sum of the following:

(i) For Transactions involving Tier 1 Currencies, the aggregate of the Net Currency Position for
each Tier 1 Currency, after making the following adjustments, to the extent applicable and to the
extent feasible at any time for UBS:

	 	(A)	 	for each Tier 1 Currency, UBS shall identify Transactions that have the same value
date, and:

(I) ***;

(II) ***; and

(III) ***.

	 	(B)	 	for Transactions involving Tier 1 Currencies that do not have the same value date,:

(I) ***;

(II) ***; and

(III) ***.

	 	(ii)	 	for Transactions involving Tier 2 Currencies, UBS shall:
	 
	 	(A)	 	***;
	 
	 	 	 	and
	 
	 	(B)	 	UBS shall aggregate the amounts calculated in clause (ii)(A).

	(iii)	 	for Transactions involving Tier 3 Currencies, UBS shall:

	 	(A)	 	***;
	 
	 	 	 	and
	 
	 	(B)	 	***.

2) Exotics
Net Open Position shall be calculated by summing (i) and (ii) below:

	(i)	 	***.
	 
	(ii)	 	***.

3) Maximum notional quantity for Exotic Notional Limit purposes shall be calculated as below, for
each trade date:

11

 

	(i)	 	***;
	 
	(ii)	 	***; and
	 
	(iii)	 	aggregate such notional quantities.

12

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