The System is currently only intended for, and may currently only be used by a Professional Customer or Eligible Counterparties, as defined Article 24 of the Markets In Financial Instruments Directive (MiFID), accepted by COMMERG. The trading is conducted on an ‘arms length’ basis with Customers who do not rely on the advice of the broker.
Acceptance of Terms
Each time you use the System, a condition of use is that you agree to be bound by the following terms and conditions, and accept all responsibility for the election and use of the System and for any trading and other decisions made by you based on its use.
You will indemnify and hold harmless COMMERG and its principals against any and all claims, demands, proceedings, suits and actions against COMMERG and any and all losses, liabilities, damages, expenses and costs (including but not limited to reasonable attorneys’ fees and costs of investigation or preparation of defence suffered or incurred by COMMERG arising out of any breach of or failure on your part to comply with any agreement entered into by you through or in connection with the System (a “Transaction”). COMMERG shall not be party to, and shall have no obligations pursuant to or in connection with any agreement entered into between you and any other customers of COMMERG.
Information on System
The prices and information quoted on the System and any other platform operated by COMMERG(“Information”) have been provided by potential counterparties with the aim to possibly enter into a Transaction with other customers. Consequently, COMMERG cannot guarantee that the Information is accurate and current. Therefore, any Information displayed in the System does not constitute an offer by COMMERG to buy or sell any commodity or commodity derivative and must not be relied upon in connection with any business or investment decisions whatsoever.
The System is provided “as it is” without any warranty or implied term or condition of any kind, including, but not limited to, title, fitness for a particular purpose, non-infringement, compatibility, or security. COMMERG does not warrant that the use of the System will be free from computer viruses or error-free. All such warranties and implied terms and conditions are hereby explicitly excluded.
COMMERG accepts no responsibility or liability for any unauthorized use of your User ID, User Name or Passwords or unauthorized access to your account information. You agree to notify COMMERG immediately on your becoming aware of any theft, loss of confidentiality or unauthorized use of your User ID, User Name or Passwords or of any errors or incorrect information contained in your account.
Limitation of Liability
You agree that COMMERG and any providers of telecommunications and network or internet services will not be liable for any loss of profit, reputation or goodwill or any other direct, indirect or consequential loss arising from: – your use of the System and the Information, files and material contained in the System
Your access to downloading of other material on the internet via web links from, or to the COMMERG Website; Your inability to use the System, or any interruptions in your use of it;
The actions or in-actions of any counterparties to a contract or any third parties who may provide content or offer services or the goods or services they provide; any you hereby waive any claims with respect thereto, whether based on contractual, tort or other grounds.
The above exclusions and limitations apply only to the extent permitted by applicable law and regulation and do not purport to exclude or limit the liability of COMMERG for wilful intent or gross negligence.
Persons interested in trading through the System should inform themselves as to:
- The legal requirements within the countries of their nationality, residence or domicile for such trading:
- Any foreign exchange control requirement which they might encounter through such trading:
- The income tax and other tax consequences which might be relevant to such trading.
- Dispute Resolution Procedure
All disputes between you and any other parties arising out of or relating to the use of the System or any completed or alleged purchase or sale agreement between customers of COMMERG (a “Transaction”) where a party wishes to dispute the validity of that Transaction shall be dealt with in accordance with the Dispute Resolution Procedure as set out in Appendix 1 to the Terms.
Access and Jurisdiction
The System and any other parts of the COMMERG Website is not directed at or intended for any person in any jurisdiction where publication or distribution of the content of the COMMERG Website would constitute a contravention of any applicable law or regulation. The user of the COMMERG Website is responsible for his legal and regulatory position. This position may change as either the content or local legislation changes. COMMERG accepts no responsibility in these matters. The law of the Netherlands shall apply to these Terms and the Court of Rotterdam shall have exclusive jurisdiction in the case of a dispute with regard to these Terms, provided that in the event of dispute pursuant to Appendix 1 of the Dispute Resolution Procedure, this provision shall be applied first
COMMERG works only as a Name Passing Broker , its role is to provide quotes on request to counterparties in order that such counterparties may enter into a bilateral agreement with each other. Therefore, a Name Passing Broker does not ?execute? transactions or receives and transmits orders for execution, Best Execution is not applicable in these markets.
Based on the role of the name passing broker it is our understanding that whilst name passing brokers fall into the generic definition of ‘receiver and transmitter of order’, they are merely arrangers of transactions and under MiFID do not execute transactions or transmit orders for execution and therefore are not subject to the best execution requirements in article 21 of MiFID.