FXCM AUTOMATED TRADING CHALLENGE CONTEST RULES
NO PURCHASE NECESSARY. VOID WHERE PROHIBITED.
In order to enter the FXCM Automated Trading Challenge (the "Contest"), you must agree to the following terms and conditions set forth on this page (the "Rules"). Because you will be bound by these Rules and these Rules will form a legally binding agreement with respect to this Contest, please read them carefully. You may not submit an entry to the Contest and you will not be eligible for the prizes described in these Rules unless you agree to these Rules. You agree that registration for this Contest and/or a submission of an entry in the Contest constitutes your agreement to these Rules.
ELIGIBILITY
Any person, 18 years of age or older, may participate in the Contest, regardless of his/her citizenship, gender, and professional affiliation. All former and current employees of Forex Capital Markets, LLC, and each of its affiliates (collectively, "FXCM") and such employees' immediate family members and persons with whom such employees are domiciled are prohibited from participating in the Contest. This Contest is void where prohibited.
CONTEST TRADING PERIOD
The contest trading period will begin at the open of FXCM's trading day (5:15 PM ET) on Sunday, October 17, 2010 and will cease at the end of FXCM's trading day on Friday, December 3, 2010 (4:00 PM ET).
HOW TO ENTER/TRADING RULES
In order to participate in the Contest, entrants must use FXCM's Strategy Trader Free Demo Account (the "Demo Account") available through the Contest website at http://www.fxcm.co.uk/automated-forex-trading-contest.jsp. Entrants are permitted to open more than one Demo Account throughout the Contest. Only automated trades generated by using a coded Strategy Trader Expert Advisor (stEA) will be accepted. No manual trading is allowed.
Entrants in the Contest must trade a minimum of ten (10) trades during the contest trading period. Entrants are prohibited from receiving a margin call. All of the entrant's trades will be made with "virtual" money only.
CONDUCT
By entering the Contest, you agree to comply with and be bound by these Rules. Failure to comply with these Rules may result in disqualification from the Contest. You further agree to comply with and be bound by the decisions of the judges, which are final and binding in all respects. FXCM reserves the right in its sole discretion to disqualify any entrant it finds to be: (1) tampering or attempting to tamper with the entry process or the operation of the Contest; (2) violating the Rules; (3) violating the terms of service, conditions of use or general rules or guidelines of any FXCM product or service; or (4) acting in an unsportsmanlike or disruptive manner, or with the intent to annoy, abuse, threaten or harass any other person. Any false information provided within the context of the Contest by any entrant concerning identity, postal address, ownership of right or non-compliance with the Rules may result in the immediate elimination of an entrant from the Contest. FXCM further reserves the right to disqualify any entrant that it believes in its sole and unfettered discretion infringes upon any law or otherwise does not comply with these Rules. CAUTION: ANY ATTEMPT BY AN ENTRANT OR ANY OTHER INDIVIDUAL TO DELIBERATELY UNDERMINE THE LEGITIMATE OPERATION OF THE CONTEST MAY BE A VIOLATION OF CRIMINAL AND CIVIL LAWS. SHOULD SUCH AN ATTEMPT BE MADE, FXCM RESERVES THE RIGHT TO SEEK DAMAGES FROM ANY SUCH PERSON TO THE FULLEST EXTENT PERMITTED BY LAW.
SELECTION OF WINNERS
On December 3, 2010, each entrant's Demo Account will be marked to market at the close of the trading day (4:00 PM ET) in order to determine the entrant's ending ledger balance. Open positions need not be liquidated for purposes of determining the winners. The three entrants with the highest gross profit, including floating profits and losses, will be used to determine the winners. For purposes of the Contest, gross profit means the amount greater than the initial deposit. If none of the entrants have a gross profit, the Contest will be considered to have no winners. Each entrant can only win one (1) prize during the contest trading period regardless if such entrant opens multiple Demo Accounts and obtains the highest gross profits in each of those Demo Accounts. In such event, FXCM will select the next Demo Account with the highest gross profit to award the prize.
The three potential winners will be required to submit to FXCM the entire source code of their winning strategy along with any parameters used. FXCM will examine the code and perform a backtest to see that the backtested results closely match the trading history of the Demo Account during the contest trading period. FXCM reserves the right to disqualify any entrant if, in FXCM's sole determination, there exists any significant disparity between the entrant's ending ledger balance and trading history.
Any potential winner who cannot be contacted within one (1) week of attempted first notification may result in disqualification and selection of an alternate winner. Potential prize winners may be required to sign an affidavit of eligibility and liability release and, where permitted, a publicity release, and provide any additional information that may be required by FXCM.
FXCM will announce the official winners within ten (10) days following the end of the contest trading period. The winners will be awarded cash prizes totaling $20,000 ($10,000 for first place, $7,000 for second place, and $3,000 for third place). By accepting a prize, each winner agrees that they are responsible for all applicable taxes associated with such prize. Where applicable, the winners agree to provide tax filing information (such as a W-9 and social security number, or related foreign tax filing information) within one (1) week of notification.
Upon acceptance by each winner, FXCM will deposit the prize money into the winners' FXCM live trading account. If a winner does not have a live account at such time, FXCM shall create a live trading account for such winner. Upon deposit, the prize money will be immediately available to the winner for trading or withdrawal.
GENERAL CONDITIONS
If you are a winner, you agree that the code of your trading strategy shall be the property of FXCM and the intellectual property rights of such strategy shall be assigned to FXCM without any additional compensation to you. FXCM shall have the right to use, copy, modify and make available to the public (with or without attribution to you) your trading strategy for any purpose, such as, but not limited to, press and media communications, without further compensation. If you are a winner, you agree to participate in any media or promotional activity regarding the Contest. If you are a winner, you agree that FXCM may use your name and likeness to administer and promote the Contest and to conduct media interviews and promotional events.
By participating in this Contest, you agree that we can collect your personal information, and that if we cannot collect the required data, you may not be eligible to participate in the Contest. Any personal information collected during the course of the competition by FXCM will only be used for administering this Contest and for other purposes as outlined in these Rules.
REPRESENTATIONS AND WARRANTIES
Entrant represents and warrants that he/she will not participate in the Contest in any manner that might (1) infringe any third-party proprietary, intellectual property, industrial property, personal rights or other rights, including without limitation, copyright, trademark, patent, trade secret or confidentiality obligation; or (2) otherwise violate applicable law in any countries in the world. Entrant acknowledges that nothing herein shall constitute an employment, joint venture, or partnership relationship between Entrant and FXCM. In no way is Entrant to be construed to be acting as a FXCM agent in any respect.
NO RECOURSE TO JUDICIAL OR OTHER PROCEDURES/GOVERNING LAW
To the extent permitted by law, the rights to litigate, to seek injunctive relief or to any other recourse to judicial or any other procedure in case of disputes or claims resulting from or in connection with this Contest are hereby excluded, and you expressly waive any and all such rights. Notwithstanding the foregoing, unless otherwise agreed, these Rules and their enforcement are governed by the laws of the state of New York, without regard to principles of conflicts of law, and shall inure to the benefit of FXCM's successors and assigns, whether by merger, consolidation, or otherwise.
LIMITATIONS OF LIABILITY
To the maximum extent permitted by law, you indemnify and agree to keep indemnified FXCM at all times from and against any liability, claims, demands, losses, damages, costs and expenses resulting from any act, default or omission by you and/or a breach of any representation and warranty by you set forth herein. To the maximum extent permitted by law, you indemnify and agree to keep indemnified FXCM at all times from and against any liability, actions, claims, demands, losses, damages, costs and expenses for or in respect of which FXCM will or may become liable by reason of or related or incidental to any act, default or omission by you under these rules including without limitation resulting from or in relation to any breach, non-observance, act or omission whether negligent or otherwise, pursuant to these Rules by you. To the maximum extent permitted by law, you agree to hold FXCM, its directors, officers, employees and assigns harmless for any injury or damage caused or claimed to be caused by your participation in the Contest and/or use or acceptance of any prize won.
AMENDMENTS TO THESE RULES
FXCM reserves the right, in its sole discretion, to amend these Rules, including to extend the trading period, postpone the starting date, add prizes, add bonuses, and/or cancel or suspend part or all of this Contest at any time by posting such amendments to these Rules online. If Entrant does not wish to accept any amendment to these Rules, Entrant's sole remedy is to withdraw from the Contest.
SEVERABILITY
If any provision(s) of these Rules are held to be invalid or unenforceable, all remaining provisions hereof will remain in full force and effect.