The material changes we have made in our client agreement with you are:
Clause 12 (e) Special Handling for Large Transactions. If a Margin Closeout occurs or one or more Transactions in your Account result in the immediate closure of a Trade or series of Trades, in either case with an aggregate notional value that exceeds $100,000,000 USD equivalent in any major currency pair (e.g., a pair comprised of any two of AUD, CAD, CHF, EUR, GBP, JPY, USD), or $30,000,000 USD equivalent in any other instrument, then OANDA will use commercially reasonable efforts to execute your Trade(s). OANDA reserves the right to debit your Account for the difference between the price shown in fxTrade at the time of your Trades and an amount equal to 1.0-pip above OANDA’s actual volume-weighted cost of clearing those Trades.
Clause 15. Risk Acknowledgement. You acknowledge that trading in Foreign Currency Contracts and CFDs carries a high degree of risk and that you have familiarised yourself with the risks described in OANDA’s Risk Disclosure Statement. These risks include, without limitation, the following: (i) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the underlying currency to which the Trade relates remains unchanged; and (ii) you may sustain a total loss of the Margin Requirement in respect of your Account that you deposit with or pay to us to establish or maintain a position and, if the market moves against you, you may be required to pay substantial additional funds at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account.
OANDA Europe Limited has removed the following clause:
Clause 16 - Maximum Losses. OANDA warrants and represents that the fxTrade System has been designed so that your total aggregate Realised Loss can never exceed the sum of the total aggregate deposits made to your Account and your total aggregate Realised Profit.