IntroductionTrading Point of Financial Instruments Ltd operating under the trading name XM.com is a CypriotInvestmentFirm("CIF")registeredwiththeRegistrarofCompaniesinNicosiaundernumber:HE251334,andregulatedbytheCyprusSecurities&ExchangeCommission("CySEC")underlicensenumber120/10(hereinaftercalledthe“Company”).TheCompanyisoperatingunderDirective2004/39/ECoftheEuropeanParliamentandoftheCouncilof21April2004onmarketsinfinancialinstrumentsamendingCouncilDirectives85/611/EECand93/6/EECandDirective2000/12/ECoftheEuropeanParliamentandoftheCouncilandrepealingCouncilDirective93/22/EEC,asthesamemaybeinforcefromtimetotimeandmodifiedoramendedfromtimetotime(the“MarketsinFinancialInstrumentsDirective(2004/39/EC)”or“MiFID”).FollowingtheimplementationoftheMarketsinFinancialInstrumentsDirective(MiFID)intheEuropeanUnionandinaccordancewiththeInvestmentServicesandActivitiesandRegulatedMarketsLawof2007(Law144(I)/2007)inCyprus,theCompanyisrequiredtoprovideitsclientsandpotentialclientswithitsOrderExecutionPolicy(hereinafterthe“Policy”).Under the above legislation, the Company is required to take all reasonable steps to obtain the bestpossible result (or “best execution”) on behalf of its clients either when executing client orders orreceivingandtransmittingorders forexecution.Theserulesrequire firmstoput inplaceanexecutionpolicy which sets out how it will obtain best execution for its clients and to provide appropriateinformationtoitsClientsonitsorderexecutionpolicy.ThisPolicyformspartofourTermsandConditionsofBusinessandisincorporatedthereinbyreference.Therefore, by agreeing with our Terms and Conditions of Business, which is a contractually bindingagreementbetweenyouandtheCompany,youarealsoagreeingtothetermsofthePolicysetforthinthisdocument.ScopeandServicesThePolicyappliestoretailandprofessionalclients.Therefore,iftheCompanyclassifiestheClientasaneligiblecounterparty,thisPolicydoesnotapplytotherespectiveClient.ThisPolicyapplieswhenexecutingtransactionswithyoufortheFinancial InstrumentsprovidedbytheCompany.TheFinancialInstrumentsprovidedbytheCompanyarederivativesofanunderlyingfinancialinstrument,and it isuptotheCompany’sdiscretiontodecidewhichtypesofFinancial Instrumentstomake available and to publish the prices at which these can be traded. The Company is always thecounterparty(orprincipal)toeverytrade;thereforeiftheClientdecidestoopenapositioninaFinancialInstrumentwiththeCompany,thenthatopenpositioncanonlybeclosedwiththeCompany.

The Client is given the option to place with the Company the following orders for execution in thefollowingways:• The Client places a “MarketOrder”which is an order instantly executed against a price that the

Companyhasprovided.TheclientmayattachtoamarketorderaStopLossand/orTakeProfit.StopLossisanordertolimitClient’sloss,whereasTakeProfitisanordertolimitClient’sprofit.

• TheClientplacesa“PendingOrder”,which isanordertobeexecutedata latertimeatthepricethattheClientspecifies.TheCompanywillmonitorthependingorderandwhenthepriceprovidedbytheCompanyreachesthepricespecifiedbytheClient,theorderwillbeexecutedatthatprice.The following typesofpendingordersareavailable: ‘Buy Limit’ (anorder topurchasea FinancialInstrumentatorbelowaspecifiedprice),‘BuyStop’(anordertobuyaFinancialInstrument,whichisenteredatapriceabovethecurrentofferingprice;itistriggeredwhenthemarketpricetouchesorgoesthroughthebuystopprice),‘SellLimit’(anordertosellaFinancialInstrumentataspecifiedpriceorbetter), and ‘Sell Stop’ (anorder to sell a Financial Instrumentwhen it reachesa certainprice).Youmayattachtoany‘PendingOrder’a‘StopLoss’and/or‘TakeProfit’.In the case that the Client has no balance and no activity (trading/withdrawals/deposits) in histradingaccountforthirty(30)calendardays,anypendingorder(s)maybedeleted.

• You may hold up to 200 positions simultaneously (considered as summary of “Market” and“PendingOrders”per“Client”).

TheClientmaymodifyanorderbeforeitisexecuted.TheClienthasnorighttochangeorremoveStopLoss,TakeProfitandPendingOrdersifthepricehasreachedtheleveloftheorderexecution.

BestExecutionFactorsTheCompanyshalltakeallreasonablestepstoobtainthebestpossibleresultforitsclientstakingintoaccountthefollowingfactorswhenexecutingClientsordersagainsttheCompany’squotedprices:1. Price:

a. Bid–AskSpread: ForanygivenFinancial Instrument theCompanywillquote twoprices: the

higherprice(ASK)atwhichtheclientcanbuy(golong)thatFinancialInstrument,andthelowerprice(BID)atwhichtheclientcansell(goshort)thatFinancialInstrument;collectivelytheyarereferredtoastheCompany’sprice.ThedifferencebetweenthelowerandthehigherpriceofagivenFinancialInstrumentisthespread.

b. PendingOrders:SuchordersasBuyLimit,BuyStopandStopLoss/Takeprofitforopenedshortposition are executed at ASK price. Such orders as Sell Limit, Sell Stop and Stop Loss / TakeprofitforopenedlongpositionareexecutedatBIDprice.

c. Company’s price: The Company’s price for a given Financial Instrument is calculated byreference to the price of the relevant underlying financial instrument, which the Company

obtainsfromthirdpartyexternalreferencesources.TheCompany’spricesareconstructedwithreferencetothegivenFinancialInstrumentSpreadsandConditions,whichcanbefoundintheCompany’s website. The Company updates its prices as frequently as the limitations oftechnologyandcommunicationslinksallow.TheCompanyreviewsitsusedthirdpartyexternalreference sources at least once a year, to ensure that the data obtained continue to becompetitive. The Companywill not quote any price outside Company’s operations time (seeExecutionVenuebelow)thereforenoorderscanbeplacedbytheClientduringthattime.

2. Costs:ForopeningapositioninsometypesofFinancialInstrumentstheClientmayberequiredtopaycommissionorfinancingfees,ifapplicable,theamountofwhichisdisclosedintheSpreadsandConditionsintheCompany’swebsite.a. Commissions:Commissionsmaybechargedeither in the formofapercentageof theoverall

valueofthetradeorasfixedamount.b. Financing Fee: In the case of financing fees, the value of opened positions in some types of

FinancialInstrumentsisincreasedorreducedbyadailyfinancingfee“swap”throughoutthelifeof thecontract. Financing feesarebasedonprevailingmarket interest rates,whichmayvaryover time. Details of daily financing fees applied are available under Spreads and ConditionssectionintheCompany’swebsite.

ForalltypesofFinancial InstrumentsthattheCompanyoffers,thecommissionandfinancingfeesare not incorporated into the Company’s quoted price and are instead charged explicitly to theClientaccount.

3. SpeedofExecution:As it isexplained intheExecutionVenuesectionof thisPolicy, theCompany

acts as principal and not as agent on the Client’s behalf; therefore, the Company is the soleExecutionVenuefortheexecutionoftheClient’sordersfortheFinancialInstrumentsprovidedbythe Company. The Company places a significant importance when executing Client’s orders andstrives toofferhigh speedofexecutionwithin the limitationsof technologyandcommunicationslinks.If the Client undertakes transactions on an electronic system, he/she will be exposed to risksassociatedwiththesystemincludingthefailureofhardwareandsoftware(Internet/Servers).Theresult of any system failure may be that your order is either not executed according to yourinstructionsoritisnotexecutedatall.TheCompanydoesnotacceptanyliabilityinthecaseofsucha failure. The use of wireless connection or dial-up connection or any other form of unstableconnection at the Client’s end, may result in poor or interrupted connectivity or lack of signalstrengthcausingdelaysinthetransmissionofdatabetweentheClientandCompany’swhenusingtheCompany’sElectronicTradingPlatform.ThisdelaymayresultinsendingtotheCompanyoutofdate“marketorders”.InthiscasetheCompanywillupdatethepriceandexecutetheorderatthemarketpriceavailable.

TheClientmayrequesttheCompanytoexecuteuponreceiptinstructionsconveyedbytelephone,facsimile,e-mailoranyotherwrittenororalmeansofcommunicationthateachofthepresentandfutureaccountholders,attorneysanddulyauthorizedrepresentativesshallgiveindividuallytotheCompany, even if these instructions are not followedby a confirmation inwriting. TheCompanydoesnotacceptany liability incaseofmisunderstanding,error in the identificationof thepersongiving the instruction or other errors on its part related to suchmethod of communication andwhichmay involve lossesorother inconveniences for theClient.TheCompany reserves the rightnot to execute instructions transmitted by telephone or fax. Telephone conversations may berecorded, and you will accept such recordings as conclusive and binding evidence of theinstructions.

4. Likelihood of Execution: As it is explained in the Execution Venue section of this Policy, theCompanyactsasprincipalandnotasagenton theClient’sbehalf; therefore, theCompany is thesoleExecutionVenuefortheexecutionoftheClient’sordersfortheFinancialInstrumentsprovidedby theCompany.AlthoughtheCompanyexecutesallordersplacedby theClients, it reserves therighttodeclineanorderofanytypeorexecutetheorderatthefirstavailablemarketprice.Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on Financial InstrumentcontractsareexecutedatthedeclaredbytheClientpriceonthefirstcurrentpricetouch.Butundercertaintradingconditionsitmaybeimpossibletoexecuteorders(StopLoss,TakeProfit,BuyLimit,Buy Stop, Sell Limit, Sell Stop) on any Financial Instrument contract at the declaredprice. In thiscasetheCompanyhastherighttoexecutetheorderatthefirstavailableprice.Thismayoccur,forexample,atthefollowingcases:

a. TradingSessionstartmoments,b. Duringnewstimes,c. During volatile markets where prices may move significantly up or down and away from

declaredprice,d. Wherethereisrapidpricemovement,ifthepricerisesorfallsinonetradingsessiontosuchan

extentthatundertherulesoftherelevantexchange,tradingissuspendedorrestricted,e. Ifthereisinsufficientliquidityfortheexecutionofthespecificvolumeatthedeclaredprice,TheCompany strives toprovide thebestpossibleprice to its clients, andmakeseveryeffortandnecessaryarrangementstodoso;howeveritmaybeimpossibletoguaranteetheexecutionofanyorallofthependingordersatthedeclaredprice.Theminimumlevel forplacingStopLoss,TakeProfit,BuyLimit,BuyStop,SellLimitandSellStopordersisbetween1to5timesthespreadforagivenFinancialInstrument.

5. Likelihood of settlement: The Company shall proceed to a settlement of all transactions uponexecutionofsuchtransactions.

6. Sizeoforder:Theminimumsizeofanorder is0.01 lots.A lot isaunitmeasuringthetransactionamount and it is different for each typeof Financial Instrument. Please refer to the Spreads andConditionsintheCompany’swebsiteforthevalueofeachlotforagivenFinancialInstrumenttype.The Company reserves the right to decline an order as explained in the terms and conditionsenteredwiththeClient.TheCompanymakeseveryefforttofilltheorderoftheClientirrespectiveofthevolume.However,ifthis isachieved, itmaybeatabestavailableprice,differentfromdeclaredprice,asthemarketliquiditymayallowatthetimeofexecution.(Seelikelihoodofexecution)

7. Market Impact: Some factorsmayaffect rapidly thepriceof theunderlying financial instrumentsfromwhich thequotedCompanyprice for itsFinancial Instruments isderived.These factorsmayinfluencesomeofthefactorslistedabove.TheCompanywilltakeallreasonablestepstoobtainthebestpossibleresultforitsClients.TheCompanydoesnotconsidertheabovelistexhaustiveandtheorderinwhichtheabovefactorsare presented shall not be taken as priority factor. Nevertheless, whenever there is a specificinstruction fromtheclient theCompanyshallmakesure that theClient’sordershallbeexecutedfollowingthespecificinstruction.

BestExecutionCriteriaThe Company will determine the relative importance of the above factors by using its commercialjudgmentandexperienceinthelightoftheinformationavailableonthemarketandtakingintoaccountthecriteriadescribedbelow:

a. thecharacteristicsoftheclientincludingthecategorizationoftheclientasretailorprofessionalb. thecharacteristicsoftheclientorderc. thecharacteristicsoffinancialinstrumentsthatarethesubjectofthatorderd. thecharacteristicsoftheexecutionvenuestowhichthatordercanbedirected

For retail clients, the best possible result shall be determined in terms of the total consideration,representingthepriceofthefinancialinstrumentandthecostsrelatedtoexecution,whichshallincludeall expenses incurredby the clientwhicharedirectly related to theexecutionof theorder, includingexecutionvenuefees,clearingandsettlementfeesandanyotherfeespaidtothirdpartiesinvolvedintheexecutionoftheorder.

ExecutionVenue(s)Venue:ExecutionVenuesare theentitieswithwhich theordersareplacedor towhich theCompanytransmitsordersforexecution.ForthepurposesofordersfortheFinancialInstrumentprovidedbytheCompany,theCompanyactsasprincipalandnotasagentontheClient’sbehalf;thereforetheCompanyisthesoleExecutionVenuefortheexecutionoftheClient’sorders.TheCompanydoesnottransmittheClientorderintheexternalmarketiftheorderisforthefinancialinstrumentprovidedbytheCompany.

Operatinghours:TheCompany’soperationhoursareasfollows:

a. Round-the-clock:from00.00.01A.M.CyprusTime(GMT+2)Mondaythrough00.00.00P.M.CyprusTime(GMT+2)Friday.

b. Non-working periods: from 00.00.01 A.M. Cyprus Time (GMT +2) Saturday through 00.00.00

P.M.CyprusTime (GMT+2)Sunday. Holidayswillbeannouncedthroughthe internalmailofthetradingterminalsuppliedbytheCompany.

Best Execution: TheCompanyplaces significant reliance to the aboveExecutionVenuebasedon theabovementioned factors and their relevant importance. It is the Company’s policy tomaintain suchinternalproceduresandprinciples inordertoactforthebest interestof itsClientsandprovidethemthebestpossibleresult(or“BestExecution”)whendealingwiththem.Off-exchange transactions: The Client acknowledges that the transactions entered in FinancialInstruments with the Company are not undertaken on a recognized exchange, rather they areundertaken through theCompany’sTradingPlatformand,accordingly, theymayexpose theClient togreaterrisksthanregulatedexchangetransactions.ThereforetheCompanymaynotexecuteanorder,or itmaychangetheopening(closing)priceofanorder incaseofanytechnical failureofthetradingplatform or quote feeds. The terms and conditions and trading rules are established solely by thecounterpartywhichinthiscaseistheCompany.TheClient isobligedtocloseanopenpositionofanygiven Financial Instruments during the opening hours of the Company’s Trading Platform. The Clientalsohastocloseanypositionwiththesamecounterpartywithwhomitwasoriginallyenteredinto,i.e.theCompany.MonitorandReviewThe Company will monitor on a regular basis the effectiveness of this Policy and, in particular, theexecutionqualityoftheproceduresexplainedinthePolicyand,whereappropriate,reservestherighttocorrectanydeficiencies.Inaddition,CompanywillreviewthePolicyatleastannually.AreviewwillalsobecarriedoutwheneveramaterialchangeoccursthataffectstheabilityoftheCompanytocontinuetothebestpossibleresultfortheexecutionofitsclientordersonaconsistentbasisusingthevenuesincludedinthisPolicy.TheCompanywillnotifyitsaffectedclientsonanychangesinitsPolicy.ClientConsentWhenestablishingabusiness relationwith theClient, theCompany is required toobtain theClient’spriorconsenttothisPolicy.TheCompany isalsorequiredtoobtaintheClient’spriorexpressconsentbefore it executes or transmits its order for execution outside a regulated market or an MTF(MultilateralTradingFacility).

TheCompanymayobtaintheaboveconsents in the formofageneralagreementwheretheClient isinformed that any orders placed with the Company for the Financial Instruments offered by theCompany,theCompanyactsastheprincipalandtheCompany isthesoleExecutionVenuewhich isanon-regulatedmarket.The Company reserves the right to review and/or amend its Policy and arrangements, at its solediscretion,wheneveritdeemsfitorappropriate.