We have also needed to revise our standard Terms and Conditions to reflect the changes brought about by the FMCA, and we have taken the opportunity to make a number of the Terms more balanced. We consider the main changes to our Terms are:
The requirement for HiFX to place NZ retail client Derivatives Investor Money (principally margin paid on forward contracts) in a statutory pooled client trust account called a Derivatives Investor Money Account
Addressing anti-money laundering issues surrounding clients providing information to HiFX and HiFX receiving payments and funds from parties other than you, our client
Emphasising that we do not accept cash or cheques
To incorporate our Privacy Policy by reference rather than repeating our Privacy Policy in our Terms
Adding Terms for same currency payments (for commercial purposes only)
To provide for HiFX to exercise your foreign exchange option on your behalf if the option is "In-The-Money" at the time of expiration, unless you notify us to the contrary. HiFX has made this change to ensure you do not miss out on value under your foreign exchange options
These new Terms and Conditions will be applicable to all transactions undertaken from 1 September 2015. Transactions prior to this date will be as under our old Terms.