These terms govern the relationship between Ethio Fidelity Securities S.C. ("the firm", "we") and each client for whom we provide securities dealing services. They take effect when your account is opened and continue until the account is closed.
Our regulatory status
The firm is licensed as a Securities Dealer by the Ethiopian Capital Market Authority and is admitted as a Trading Member of the Ethiopian Securities Exchange. We provide dealing services in listed equities and fixed income securities. We do not provide underwriting or corporate finance advisory services.
The service we provide
We provide execution services. Unless we have separately agreed in writing to provide advice, we do not make personal recommendations, and you are responsible for deciding whether a transaction is appropriate for you. Any research or market commentary we publish is general information and does not take account of your individual objectives, financial situation or needs.
Your instructions
We act on instructions given by you or by a person you have authorised in writing. Instructions may be given by the methods notified to you. We may record telephone instructions and retain those recordings as a record of what was agreed. We may decline an instruction where acting on it would breach applicable law, exchange rules or our own regulatory obligations, and we will tell you if we do.
Execution
We execute orders in accordance with our Best Execution Policy, which forms part of these terms and is published on this site. Where you give a specific instruction as to price or handling, we will follow it, and that instruction may prevent us from taking the steps set out in that policy.
Charges
Our commission and the exchange, regulatory and depository fees applicable to your account are disclosed to you in writing before you trade. Each contract note itemises the charges deducted from that transaction. We will give you notice of any change to our charges.
Client assets
Securities purchased for you are recorded in your own account at the Central Securities Depository. Client money is held separately from the firm's own funds in accordance with applicable requirements.
Conflicts of interest
The firm deals on its own account as well as for clients. We maintain organisational and administrative arrangements to identify and manage conflicts between the firm's interests and yours, including separation of proprietary dealing from client order handling. Client orders are not subordinated to the firm's own positions.
Liability
We are liable to you for loss caused by our negligence, wilful default or fraud. We are not liable for losses arising from market movements, from the failure of a third party such as the exchange or the depository where we have exercised reasonable care in our dealings with them, or from events beyond our reasonable control.
Complaints
If you are dissatisfied with our service, our Complaints Handling Procedure explains how to raise the matter and how we will respond, including your right to escalate to the Ethiopian Capital Market Authority.
Amendment and termination
We may amend these terms by giving you written notice. Either party may terminate the relationship on written notice, subject to the settlement of any outstanding transactions.
Governing law
These terms are governed by the laws of the Federal Democratic Republic of Ethiopia.