Order Execution Policy


Global Derivative Capital Markets NZ Limited (referred as “GDMFX”) is committed to treat our clients fairly by executing orders on terms most favourable to our clients. As such, GDMFX has implemented this Order Execution Policy (hereinafter referred to as the ‘Policy’) aimed to obtain the best possible result for our clients, taking into account factors listed below.

The Policy is aimed to provide our clients with a general overview on the how trade orders are executed and the various factors that can affect the execution of the financial instruments offered by GDMFX.

Scope and Application

GDMFX will always act as principle when executing transactions for the clients. The Policy will apply whenever GDMFX execute transactions on behalf of professional and retail clients.

GDMFX will take all reasonable steps to obtain the best possible result for the clients as accordance to the Policy. The Policy takes into account factors such as the size of the order, liquidity of the underlying market, and the priorities of the client with the purpose to provide the best outcome in the interest of the client.

GDMFX does not however guarantee that execution at our price will be more favourable than one which might have been available elsewhere.

The Policy forms part of our terms of business and is effective from the 2nd of October 2014. By agreeing to the terms of our Customer Agreement, clients are also agreeing to the terms of GDMFX Order Execution Policy.

Best Execution Criteria and Relevant Elements


GDMFX receive price feeds from some of the world’s leading liquidity providers to ensure our clients receive the best possible price quotes. Trade orders accepted by GDMFX will be executed at the price requested by the client and at no other price, assuming there are no “slippage” and that the required price is still available.


Opening a position in some types of Financial Instruments provided by GDMFX may require the client to pay commission and/or other fees if applicable. These charges are disclosed in Terms of Business.


All orders submitted by the clients to GDMFX are subjected to size consideration. The minimum size of an order is 1000 units of base currency. Although there is no maximum size for an order which can be submitted by the client, GDMFX reserves the right to decline an order if the requested size is larger than GDMFX is able to trade in the underlying market, at the requested price, at that particular point of time. Greater liquidity may be offered to the client by GDMFX at its own discretion.

Speed and likelihood of execution

GDMFX will act as the principle for all orders submitted by the client. GDMFX is committed to offer our client the best possible execution speed and strives to improve within the limitations of information and communication technology. Under all normal circumstances orders will be filled at the requested price within seconds. If the price requested is not available in the market, the order will not be filled. However, the use of any form of unstable or slow internet connection at the client’s end may result in interrupted and/or delayed connectivity to our platforms; as a result, re-quoting may occur from the delayed or interrupted data transmission between the client and GDMFX.

In certain circumstances due to poor connection speed, abnormal market volatility or in the case of intentional manipulation of our quoted price or other related data, the client’s order may be declined by GDMFX if the price requested by the client is not representative of the market price received by GDMFX. Internet, connectivity delays, and price feed errors sometimes create a situation where the price displayed on the Trading Platform does not accurately reflect the market rates. The concept of latency arbitrage, or taking advantage of these internet delays, cannot exist in an OTC market where the Client is buying or selling directly from the principal. The Company does not permit the practice of arbitrage on the Trading Platform. Transactions that rely on price latency arbitrage opportunities shall be revoked, without prior notice. Please, consult the “Allowed Trading Methods” Paragraph for more information!


The client’s orders may at the discretion of GDMFX be aggregated/split with GDMFX own orders, orders of any of GDMFX associates and/or other clients. Orders will only be aggregated or split where GDMFX reasonably believes it to be unlikely that the aggregation or split generally will be unfavourable to any client. However, such aggregation may in abnormal circumstances work to the client’s disadvantage.

Allowed Trading Methods

Generally speaking, GDMFX allows all types of trading methods and styles. The Company reserves the right, however, to close, suspend or recoup any closed profit and loss from an account it deems is engaging in unethical or questionable trading styles including, but not limited to, latency arbitrage, the act of “flooding” of our servers with an excessive amount of pending orders and / or pending order modification requests, excessive logins, or the use of certain automated trading systems or Expert Advisors, without notice. GDMFX will usually (but is not obligated to always) attempt to initially express its concern to Customer or associated parties via email or telephone in the form of a formal warning. If the Customer or associated party does not modify trading style within a reasonable amount of time following the warning, GDMFX reserves the right to liquidate all or some open positions, close, suspend or recoup any closed profit or loss from account, and return any remaining proceeds to Customer according to Company account closing procedures or any combination thereof.


GDMFX aims at all times to provide clients with the best execution possible and to fill all orders at their requested price. However, there are times when, due to abnormal market conditions, orders may be subject to slippage. GDMFX hereby advises all customers that slippage is likely to occur when orders are being executed on the foreign exchange market under conditions such as, but not limited to lack of liquidity and abnormal volatility due to economic events, news announcements, and market opening. GDMFX shall not be held liable for losses suffered by the client as a result of slippage. Furthermore, customers are specifically warned that if slippage occurs during the process of a Stop-Out, the affected account might be driven into Negative Balance, or in other words, the loss materialized in the account might be bigger then all of the capital held within. The Negative Balance accumulated in any Trading Account constitutes an obligation from the Customer to GDMFX. The Company shall reserve the right to waive such liabilities partially or fully at its discretion on a case per case basis. The aforementioned, however, shall not in any way constitute an ongoing commitment or obligation on behalf of GDMFX to cover Negative Balance at its expense. Furthermore, all clients are specifically warned that GDMFX will not remove Negative Balances at its expense in all cases when it deems the Trading Style of the Customer relies on forcing one or more of its Trading Accounts into Negative Balance or if the occurrence of Negative Balance within the Customer's Trading Accounts becomes systematic. Please note, this policy will apply to manual and software trading alike.

GDMFX reserves the right to void any positions opened and subsequently closed within 1 minute. Any profit, loss, and/or commission fees made through these transactions may be deemed invalid.

General Terms for Bonus Accounts

The volume and total number of opposite positions opened on the same instrument at the same or nearly the same time, shall not be counted towards the trading requirement of the bonus schemes.

Furthermore, customers are explicitly warned that all trading patterns which aim to primarily generate trading volume in accounts where any type of bonus is present shall be considered a serious violation of the Terms and Conditions of GDMFX. Therefore there is the risk that the trading style of a customer might be incompatible with a specific type of bonus offered by GDMFX. It shall be the sole responsibility of the customer to assess whether a trading style or pattern would be permissible under these terms. 

Contract Expiration


The CFDs of Oil, Gas and Index trading products of GDMFX do not expire. GDMFX does not require clients to provide rollover instructions. The underlying assets of the said instruments offered by GDMFX , however, have an expiration date and/or delivery date. As a result GDMFX has to rollover the trading instrument from the price feed of the expiring underlying forward/future contract to the price feed of its successive forward/future contract. The Company will not automatically close client positions when the underlying asset of the traded instrument is expiring and a rollover to a new price feed has to occur. In all cases when the client has open positions and there is a GAP between the old and new price feeds, the Client's balance will be modified in order to compensate for the profit or loss caused by the rollover GAP. In other words the Company will deposit funds into the Client's Trading Account equal to the loss caused by the rollover GAP, or if the rollover GAP has resulted in a profit, an amount equal to that profit will be withdrawn from the Client's Trading Account.  GDMFX reserves the right to decline opening of new positions and to cancel all active Stop and Limit orders, including Stop Loss and Take Profit orders on open positions in the period of price feed rollover. All Clients are specifically warned that canceled Stop and Limit orders will not be restored by GDMFX after the rollover is complete.





 Five business days prior to the 25th calendar day of the month preceding the delivery month


 Five business days prior to the 1st calendar day of the delivery month

 CAC 40 – France

 3rd Friday of the contract month

 DAX 30 – Germany 

 Two days before 3rd Friday in March, June, September, and December

 Dow Jones – United States

 3rd Friday in March, June, September, and December

 FTSE 100 – United Kingdom

 Two days before 3rd Friday in March, June, September, and December

 Nasdaq 100 – United States

 3rd Friday in March, June, September, and December

 Nikkei 225 - Japan

 Two days before 2nd Friday in March, June, September, and December

 S&P 500 – United States

 3rd Friday in March, June, September, and December


GDMFX will provide our clients with a secondary quote (Re-quote) in the event that the price specified in the instant order submitted to GDMFX is not available. The secondary quote provided to our clients is the next best price given by our liquidity providers. The client must agree to accept the secondary quote in order for the re-quote to be executed.

Monitor and Review 

GDMFX will monitor on a regular basis the effectiveness of our order execution arrangements and execution policy to deliver the most favourable result to our clients and to identify and correct any problem. GDMFX reserves the right to correct any deficiencies in the policy and to make improvement to its execution arrangements wherever deemed necessary by GDMFX.

Pending Orders

GDMFX reserve the rights to disable pending order function on major news release without prior notice.