By accessing this web site, you are agreeing to be bound by these web site Terms and Conditions of Use, all applicable laws and regulations, and agree that you are responsible for compliance with any applicable local laws. If you do not agree with any of these terms, you are prohibited from using or accessing this site. The materials contained in this web site are protected by applicable copyright and trade mark law.
2. Use License
a. Permission is granted to temporarily download one copy of the materials (information) on Novature Group’s web site for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license you may not:
i. modify or copy the materials
ii. use the materials for any commercial purpose, or for any public display (commercial or non-commercial);
iii. remove any copyright or other proprietary notations from the materials; or
iv. transfer the materials to another person or “mirror” the materials on any other server.
b. This license shall automatically terminate if you violate any of these restrictions and may be terminated by Novature Group at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format.
The materials on Novature Group’s web site are provided “as is”. Novature Group makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties, including without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Novature Group does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its Internet web site or otherwise relating to such materials or on any sites linked to this site.
In no event shall Novature Group or its associates be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption,) arising out of the use or inability to use the materials on Novature Group’s Internet site, even if Novature Group or a Novature Group authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you.
- Hours of Operation. Customer may place orders as and when permitted by Novature Group for execution outside of regular trading hours except for official exchange and market holidays and those days on which Novature Group chooses not to accept orders outside of regular trading hours. Novature Group may, at any time and without notice, change or modify its hours of operation (including the hours during which it accepts orders outside of regular trading hours). If Novature Group chooses to make such changes or modifications, this disclosure will also apply to the changed or modified hours. Novature Group may, at any time and without notice, amend the terms that apply to orders accepted outside of regular trading hours.
- Risk Factors. Purchases and sales of securities outside of regular trading hours may entail special risks, including the following:
- Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for customers to buy or sell securities, and as a result, customers are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular market hours. As a result, customers order may only be partially executed or not executed at all.
- Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, customers order may only be partially executed, or not at all, or customer may receive an inferior price in extended hours trading than customer would during regular market hours.
- Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours or upon the opening of the next morning. As a result, customer may receive an inferior price in extended hours trading than customer would during regular market hours.
- Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hour system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, customer may receive an inferior price in one extended hours trading system than customer would in another extended hours trading system.
- Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
- Risk of Wider Spreads. The spread refers to the difference in price between what customer can buy a security for and what customer can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.
- Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”). For certain derivative securities products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, a customer who is unable to calculate implied values for certain derivative securities products in those sessions may be at a disadvantage to market professionals.
- Risk of exposure. The customer understands and agrees that based on the long-term business relationship principle he is limited to refund prior to achieving a minimum of 5 (five) trades.
- Eligible Securities. Most Nasdaq and certain other exchange-listed securities are eligible for trading outside of regular trading hours, although the individual markets may vary with respect to the availability of certain securities. It is possible, at any time, that trading in any number of these securities may not be available due to a lack of trading interest. Novature Group reserves the right, at any time and without notice, to suspend trading in any or all securities outside of regular trading hours, with or without pending customer orders. If Novature Group exercises that right, any outstanding orders that customer has entered will be cancelled, unless customer and Novature Group have previously specifically agreed that they will be carried over to the next day.
- Order Types. Novature Group will not accept market orders for trading outside of regular trading hours. Customer must enter all orders in round lots. Novature Group is under no duty to accept odd or mixed lot orders.
- Orders. Orders entered for execution outside of regular trading hours must be specifically designated as such and, unless customer and Novature Group specifically agree to the contrary, orders will not carry over from regular trading sessions. Orders not executed by the close of the extended hours trading session, on the day that Novature Group receives them, will be cancelled, unless customer and Novature Group specifically agree to the contrary.
- Handling of Orders. Novature Group will attempt to have all orders received by it for execution outside of regular trading hours executed in a timely manner. However, because the bid and offer prices of orders reflected in quotations outside of regular trading hours are subject to change, there is no guarantee that customer’s orders will be executed. In addition, delays or failures in communications or other computer system problems may cause delays in, or prevent, the execution of orders. As with orders entered during regular trading sessions, Novature Grou pmay route customer’s order to an electronic communication network or other alternative trading system that, although operated independently of Charles van Deursen, may be an entity in which Novature Group or one of its affiliates is an equity investor or has other financial interests. In addition, Novature Group or one or more of its affiliates may decide to display orders or to trade with limit orders displayed by Novature Group on customer’s behalf. These affiliates may or may not operate independently of Novature Group.
- Cancellation or Change Requests. Customer may attempt to change or cancel orders placed outside of regular trading hours at any time so long as they have not been executed. Due to the risk of communication delays, it is possible that all or a portion of such orders may be executed before customer’s change or cancellation request is processed. Unless customer and Novature Group specifically agree to the contrary, customer cannot change all or the unexecuted portion of customer’s order entered outside of regular trading hours to a regular trading session order, and all unexecuted orders placed outside of regular trading hours will be cancelled at the close of the trading session, on the day that Novature Group receives such orders.
- Trade Settlement. The trade date for orders entered outside of regular trading hours will be the date of order execution. Such trades will normally settle in accordance with the customary settlement time applicable to the market in which orders were executed.
6. Revisions and Errata
The materials appearing on Novature Group’s web site could include technical, typographical, or photographic errors. Novature Group does not warrant that any of the materials on its web site are accurate, complete, or current. Novature Group may make changes to the materials contained on its web site at any time without notice. Novature Group does not, however, make any commitment to update the materials.
Novature Group has not reviewed all of the sites linked to its Internet web site and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Novature Group of the site. Use of any such linked web site is at the user’s own risk.
9. Governing Law
Any claim relating to Novature Group’s web site shall be governed by the laws of the Hong Kong S.A.R. without regard to its conflict of law provisions.