Tiger Vault and Auto-Sweep Service Agreement
1. Overview
To use Tiger Vault and its Auto-Sweep services, you as a Tiger Fintech (NZ) Limited (hereinafter referred to as "Tiger Brokers") wholesale client (hereinafter referred to as "you") acknowledge that you have read, understood, and agreed to this Tiger Vault and Auto-Sweep Service Agreement (hereinafter referred to as this “Agreement") between you and Tiger Brokers, and this Agreement shall govern your relationship with Tiger Brokers for Tiger Vault and its Auto-Sweep services.
You shall not use Tiger Vault and its Auto-Sweep services unless you accept all of the terms of this Agreement.
You acknowledge that Tiger Brokers may from time to time modify this Agreement, and that your continued use of Tiger Vault and its Auto-Sweep services after any modification to this Agreement will be deemed to have been understood and accepted by you.
This Agreement is to be read in conjunction with the "Client Service Agreement", and "Risk Disclosure Statement for Tiger Vault and its Auto-Sweep Service".
2. Definitions
2.1 You: The Client who is given access to Tiger Vault and its Auto-Sweep services.
2.2 Auto-Sweep: Have the meaning thereto in Clause 5.
2.3 Auto-Redemption/auto-redeem: Have the meaning thereto in Clause 6.
2.4 Available Cash: Unencumbered cash balance in your Tiger Broker account's securities segment ("securities segment") that is of the same denomination as your pre-selected fund(s).
2.5 Funds: Managed fund products that Tiger Vault has made available to you, managed by fund companies and sold by cooperative fund sales agencies. According to the different funds you subscribe to, please refer to the details of each fund for their specific information.
2.6 T: The day of your transaction whether it is a subscription or redemption, taking into consideration the holidays of the corresponding fund’s fund manager.
2.7 T+n: The nth business day from T.
2.8 T – n: The nth business day before T.
2.9 Tiger Vault: A way for Tiger Brokers' wholesale clients to manage their idle cash.
2.10 Manual redemption: Refers to the act that you apply to redeem fund units from a fund product grouped under the Tiger Vault category (“Tiger Vault product”) that is not an enduring automated redemption instruction (Auto-Redemption).
3. Enrolling in Auto-Sweep Services
3.1 Qualifications
You need to be a wholesale investor who complies with the requirements of Financial Markets Conduct Act 2013 and other applicable laws and regulations relating to the transactions hereunder.
3.2 Enrolment
3.2.1 You agree that for the purpose of this Agreement, all transactions shall be credited into or debited from your existing securities segment opened and maintained with Tiger Brokers.
3.2.2 The Account shall be governed by Tiger Broker’s prevailing Client Service Agreements. In the event of any inconsistency between the Client Service Agreements and this Agreement, this Agreement shall prevail to the extent of such inconsistency.
3.2.3 It is assumed that all instructions received for your account through the trading platform “Tiger Trade” are instructions given by you to Tiger Brokers, and therefore Tiger Brokers shall not be liable for any legal consequences arising from the execution of such instructions. Such instructions include the Auto-Sweep instructions and all subsequent transactions performed through the Auto-Sweep service.
3.2.4 When you turn on or suspend the Auto-Sweep function, you will receive a prompt from the system for authentication purposes and other validation actions, and Tiger Brokers will process your transaction based on successful validation of the results.
4. The currencies supported within Tiger Vault for its Auto-Sweep service
You agree that Tiger Brokers defines Tiger Vault services based on the following currency: 【USD only】.
The auto-sweep facility will only check on the availability of the said currency.
5. Auto-Sweep
5.1 If you, at any time enrol and opt in for Tiger Vault’s Auto-Sweep service offered by Tiger Brokers, you shall be subject to the terms and conditions under this Clause 5 and/or any other terms and conditions as may be imposed by Tiger Brokers.
5.2 You agree and acknowledge that the Auto-Sweep facility authorise Tiger Brokers to invest your available cash of the specified denomination in your pre-selected funds. Your account will be evaluated on each business day and auto subscription to your pre-selected funds shall happen if your available cash is in surplus.
5.3 If you, at any time, perform manual redemption on a Tiger Vault product, auto subscription will be temporarily suspended for 3 business days. Auto subscription will resume automatically after the 3rd business day.
5.4 Enrolling in the Auto-Sweep facility will also activate the Auto-Redemption function that is irrevocable, detailed in Clause 6.
6. Auto-Redemption
6.1 When the available cash in your securities segment is in deficit, you agree and acknowledge that Tiger Brokers will automatically redeem the corresponding fund units per your enrolment to the Auto-Sweep facility. Checks are conducted on business days for Auto-Redemption.
6.2 You acknowledge that the Auto-Redemption function cannot be terminated once you have enrolled in the Auto-Sweep function and Auto-Redemption will continue regardless of the status of Auto-Sweep or your wholesale client status.
6.3 You should be aware that in the event of any abnormalities in the course of the transaction, the specific handling will be subject to the confirmation of the fund management company of the Tiger Vault product. For example, if a large redemption limit set by the fund company is triggered, it will be handled by the fund manager in accordance with the agreement in the fund contract. In general, the fund manager will handle the liquidity risk that may be caused by large redemptions by, but not limited to, postponing the processing of large redemption applications, suspending the acceptance of redemption applications, delaying the payment of redemptions, charging mandatory redemption fees, and other measures approved by local regulation. You are responsible for any fluctuation in net asset value and possible expenses arising from the failure of withdrawal due to large redemptions.
6.4 In a forced liquidation of your securities segment, Tiger Brokers will prioritise the liquidation of your Tiger Vault products’ fund units if you have enrolled in the Auto-Sweep function.
7. Risk warning
There could be a partial/total loss of your principal amount. The historical data of any investment does not guarantee its future performance and return. In addition, there are special trading risks outside normal trading hours, including low liquidity risk, high volatility risk, price change risk, unconnected markets, news announcements and larger spreads. You fully comprehend and are aware of the risks associated with this investment, and before enrolling with Auto-Sweep services, and made an objective judgment on your financial status, investment objective and investment amount.
You recognized and accept the risk of the transaction with Auto-Sweep services.
8. Non-provision of Advice on Investment, Taxation or Transaction
Tiger Brokers and any of its representatives do not, have not and will not be providing any product advice, solicitation or otherwise.
9. Default Events
9.1 "Default" occurs automatically, without notice upon: (i) your breach/repudiation of any agreement with Tiger Brokers; (ii) your failure to provide assurance satisfactory to Tiger Brokers of performance of an obligation, after request from Tiger Brokers; (iii) proceedings by/against you under any bankruptcy, insolvency, or similar law; (iv) assignment for the benefit of your creditors; (v) appointment of a receiver, trustee, liquidator or similar officer for you or your property; (vi) your representations being found to be untrue or misleading when made or later becoming untrue; (vii) you are legal incompetence; (viii) proceeding to suspend your business or license by any regulator or organization; (ix) Tiger Brokers having reason to believe that any of the foregoing is likely to occur imminently.
9.2 You unconditionally agree that, upon a Default, Tiger Brokers may terminate any or all its's obligations to you and shall have the right in its discretion, but not the obligation, without prior notice, to freeze all or any part of your funds, at any time and any manner. You shall reimburse and hold Tiger Brokers harmless for all actions, omissions, costs, fees (including, but not limited to, attorney's fees), or liabilities associated with any Default or any transaction undertaken by Tiger Brokers upon Default.
10. Suspicious Acts
If Tiger Brokers at its sole discretion believes that you have been involved in any fraud or crime or violation of laws or regulations, or has been accessed unlawfully, or is otherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), it may suspend or freeze the account or any privileges of the account, may freeze or liquidate funds or assets, or may utilize any of the remedies in this Agreement for a "Default".
11. Disclaimer
11.1 Tiger Brokers has no obligation of investigating the truthfulness of the identity of the registered mobile phone number’s owner and will not take any responsibility for any loss arising from registering an account on Tiger Brokers’ platform with stolen, fraudulently used or misuse of individual mobile phone number.
11.2 All Clients registering and opening an account at Tiger Brokers should obey the relevant laws and regulations and the rules for using Tiger Brokers’ platform and should not release politics-related information, pornographic contents, false advertisement, bloodiness and violence, insulting or slandering comments, disclosure of individual privacy and any other information against the laws and regulations, nor should they engage in activities which infringe a third party’s intellectual property right and other legal rights and interests. Otherwise, you shall bear all the losses arising therefrom and indemnify Tiger Brokers for any losses. Tiger Brokers reserves the right to demand compensation for all direct and indirect losses as a result of your actions causing damage to Tiger Brokers.
11.3 Under any circumstances, Tiger Brokers is not liable for any punitive, indirect, occasional, special or associated loss or damage, including but not limited to indirect personal damage, loss of business profit, interruption in trade, loss of business information, or loss of any other financial interests.
11.4 Since investment in securities or financial products has a risk of loss, Tiger Brokers will not be responsible for the profit and loss and risk related to your investment.
11.5 Tiger Brokers and its affiliates cannot guarantee the absolute reliability and accuracy of such information they provide as market quotation, diagram, and comment, and Tiger Brokers and its affiliates shall not be liable for the loss arising from the inaccuracy or omission of any contents of the market.
11.6 Tiger Brokers shall not be liable for interruption, pause, delay, or data fault of trading instructions which might occur due to malfunction, break-off, delay, or other factors of Internet data transmission.
11.7 Tiger Brokers shall not be liable if your trading account and password are let out or its identity is counterfeited due to its neglect.
11.8 As there is the possibility of malicious hacks on the Internet and the web server may have malfunction and other unpredictable factors, the market information and other securities-related information may be faulted or delayed, Tiger Brokers shall not be liable for these situations.
11.9 Your IT system may suffer from an illegal attack or virus infection, leading to failure of order for commission or commission fault, Tiger Brokers shall not be liable for these situations.
11.10 When your IT system is incompatible with Tiger Brokers’ online transaction system, it could cause failures of order for commission or commission fault. In this case, you may call Tiger Brokers’ to report such circumstances and acquire technical support but not Tiger Brokers’ economic compensation.
11.11 Tiger Brokers shall not be liable for failures of commission or commission faults caused by your improper operation.
11.12 Tiger Brokers shall not be liable for the loss arising from any circumstances where your account and password, personal information, or trading information are let out or its identity is counterfeited due to its personal reasons.
11.13 Tiger Brokers shall not be liable for your uses of the service provided by Tiger Brokers to conduct any illegal activity or any act infringing other’s rights and interests, thus causing loss to you and a third party.
11.14 Tiger Brokers shall not be liable for the emergency caused by the major change of law and policy or the factors unpredicted and uncontrolled by Tiger Brokers.
11.15 Tiger Brokers shall not be liable if the functions of Tiger Brokers’ platform fail due to force majeure such as war, communication fault, natural disaster, strike, and the actions taken by the government department, leading to your economic loss.
11.16 Tiger Brokers’ designated website and products will publish or transport such contents as news and information provided by its cooperating corporation, with the information provider being noted. Tiger Brokers does not carry out substantive censoring or revision of the contents provided by its cooperating corporation and does not guarantee the authenticity thereof, which should be judged by you and for which Tiger Brokers is not responsible.
12. Miscellaneous
12.1 This Agreement is governed by New Zealand Law and the terms hereof in confliction with the law provisions will be void. High Court of New Zealand has the exclusive right of jurisdiction over the dispute related to this Agreement, except regulated by arbitration rules. In the resolutions to all judicial acts, arbitrations or disputes, the parties hereto waive any right of being indemnified against damage.
12.2 Dispute Resolution: Upon agreeing by both parties in consensus, the dispute arising from your use of the trading services on Tiger Brokers’ platform should be solved through negotiation in priority.
12.3 Tiger Brokers may terminate this Agreement or terminate providing services to you at any time.
12.4 You authorize Tiger Brokers directly or through a third party to inquire you about the information required as held by Tiger Brokers for carrying out business activities with you. The inquiry may include a credit report and other credit examination requested when you breach this Agreement or break the obligation hereunder or verification of the information provided by you to the third-party database.
12.5 Tiger Brokers enjoys the right of interpreting and modifying this Agreement. In case of any terms hereof being fully or partially ineffective or unenforceable due to whatever reason, the other terms hereof shall remain valid and binding.
【Version 1.0.0】