Terms of service for high-leverage products for institutional investors (last updated: 5/15/2020)
These terms of service ("Terms") are intended for high leverage products for institutional customers and will be applied in conjunction with the Option Pool's general terms of service. ("General Terms") In case there is any collision or misinterpretation between the terms and the general terms, these terms shall prevail.
By accessing and using the website in any manner, including, but not limited to, using Option Pool's Application Program Interface ("API"), you acknowledge that you have read, understood, and agree to the Terms listed. Option Pool can change any terms listed in this agreement without prior notice. You agree that you will continue to be bound to the terms listed and all of the conditions and that Option Pool has no obligation to notify you of the changes. You understand this is your responsibility and that you have the ability to access and review these terms of service at any time and that you agree to do so.
The trading of high-leverage derivative products involves significant risk. Prices can and do fluctuate on any given second. Due to such price fluctuations, you may increase or lose value in your assets at any given moment.
You acknowledge and understand that it is very likely that your losses can exceed your deposits when the market price goes against your positions. You will be held responsible for such losses exceeding your deposits when the opponents of your positions are not Option Pool's market maker accounts.
You acknowledge that due to the high cost of hedging market maker's positions, it may be impossible to protect the market maker from the market risks. You agree to limit Option Pool's market maker's maximum liability for each transaction you make to the fees you have paid for the transaction.
Option Pool does not guarantee the completeness or flawless of its platform. OPTION POOL EXPRESSLY DISCLAIMS ANY AND ALL RESPONSIBILITY FOR ANY DIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM any such interference that prevents your access or use of the Website and the Service.
You acknowledge that you have understood these risks, and you will carefully assess whether your financial situation and tolerance for risk are suitable for buying, selling, or trading on the platform.
Option Pool may offer a significant discount on the trading fees based on the trading volume that you make. In case you would like to settle the trading fees based on a daily or weekly basis, you will pay such fees in ETH to the following address:
Option Pool reserves the right to change trading fees at any time without prior notice. The change in trading fee shall effective immediately unless agreed upon written agreement. Your continued using or accessing the service shall be construed as an acceptance for the change of the trading fees.
In case there is an unsettled trading fee, Option Pool reserves the right to refuse to provide services to your accounts. This includes the cancellation of your open orders and forced closures of your open positions.
You agree to indemnify and hold harmless Option Pool, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys' fees, arising out of your use of the Website, including but not limited to out of your violation this Agreement.
In no event will Option Pool, or its suppliers or licensors, be liable with respect to any subject matter of this agreement under any contract, negligence, strict liability or other legal or equitable theory for: (i) any special, incidental or consequential damages; (ii) the cost of procurement or substitute products or services; (iii) for interruption of use or loss or corruption of data; or (iv) for any amounts that exceed the fees paid by you to Option Pool under this agreement during the twelve (12) month period prior to the cause of action. Option Pool shall have no liability for any failure or delay due to matters beyond their reasonable control. The previous shall not apply to the extent prohibited by applicable law.
Any failure or delay by Option Pool to enforce any of the Terms or to exercise any right under the Terms will not be construed as a waiver to any extent of our rights.
5. Limited Liability
Except as permitted to the maximum extent by applicable laws, in no event shall Option Pool, our directors, employees, agents, suppliers, resellers, service providers, or other users be liable for any direct, special, indirect, incidental, consequential, exemplary or punitive damages, including but not limited to damages for loss of use, loss of profits, loss of information, business interruption, revenue, or goodwill, whether on the basis of contract, tort (including but not limited to negligence), or otherwise arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site or any information transmitted to Option Pool.
To the maximum extent permitted by applicable laws, in no event shall the aggregate liability of Option Pool, our directors, employees, agents, suppliers, resellers, service providers, or other users whether on the basis of contract, warranty, tort (including but not limited to negligence), product liability, strict liability, or other theory arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site, exceed the fees paid by you to Option Pool during the 6 months immediately preceding the date of any claim giving rise to such liability.
6. Breach of Terms
If any terms listed are violated, Option Pool reserves the right to seek any and all legal remedies allowable by law to remedy the violation. These may include any and all of the following, restricting any activity in the account, freeze, close an account and limit activity to the Option Pool website.
Option Pool has the right and authority to disclose your user identity and personal details if required or requested by a court of law, governmental agency or any other law enforcement authority in such circumstances as Option Pool in its sole discretion considers reasonably necessary or appropriate.
7. Changes of Terms
Option Pool reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. It is your responsibility to review the amended Terms. Your continued use of the Site signifies that you accept and agree to the changes and that all subsequent transactions by you will be subject to the amended Terms.
8. Governing Law and Exclusive Jurisdiction
All disputes or claims arising out of or in connection with these Terms including disputes relating to its validity, breach, termination or nullity, and any disputes or claims arising out of or in connection with the use of Website shall be finally settled under the Singaporean law. The language to be used in the arbitral proceedings shall be English.
You agree that any disputes between you and Option Pool may be heard only in the courts of Singapore, and you consent to venue and jurisdiction in those courts.