Disclaimer for "Trading Simulation on Property Index Derivatives" (below called Trading Simulation)
I. General, area of validity
1. "Trading-Simulation on Property Index Derivatives" is organized by the "Forum on Property Index Derivatives" (below called "FoPID") and presented on the Internet, technically converted and carried out by Microstep-IT AG. The simulation gives the participant the opportunity to trade with fictitious property index derivatives within a limited amount of time. The aim of this index exchange simulation is to gain simulated experiences on trading with property index derivatives. In no case will there be a legally binding transaction between the participants or the organizers and the participants.
2. The use of this offer is bound to the Terms of Use mentioned below, which the user agrees upon by the confirmation of the button "I have read and accepted the disclaimer and the Terms of Use" or by using the simulation for the first time.
3. The aim of the trading simulation is to gain simulated experiences by creating a course of trading as fair and realistic as possible for all participants. The organizers have the right to disqualify and exclude participants from the trading simulation, who have evidently or are under urgent suspicions of having or having tried to manipulate the participation process and/or the trading simulation and/or violated the Terms of Use and/or have or tried to influence the simulation in an unfair or dishonest way, without giving information about reasons.
II. Eligibility of participation, Registration
1. All persons, who have received a password for the trading simulation from FoPID are eligible to participate. Any participant can be excluded from the trading simulation without information of reasons at any time.
III. Object of the trading simulation
1. Course of the trading simulation
1.1 For the trading simulation registered participants can take part in trading simulation over the Internet. Within the simulation the participant can buy and sell fictitious property index derivatives. For every simulated completion he is involved in he receives a fictitious confirmation.
1.2 You can only trade with property index derivatives (contract maturites), which were added to the "Market-Overview-List"; the organizers reserve the right to take off and add property index derivatives from the "Market-Overview-List" according to their own judgment. If a property index derivative has been taken off the "Market-Overview-List" it will still be displayed and valued as long as it is in the depot of a participant. It cannot, however, be purchased.
1.3 Virtual trading underlies the following trading times Monday to Friday from 9am to 4pm Munich time. Not on the public holidays in Bavaria.
1.4 All the costs and credits within the course of the simulation are fictitious costs and fees displayed in the currency Euro.
1.5 The costs and fees coherent with the participation over the internet are to be carried by the participant alone.
2. Placing of order
2.1 Purchasing and selling orders can only be given during the trading times. The exchange rates of the respective property index derivative are in accordance with the order situation of the simulation. They do not however form a foundation for the trading in reality as this is a simulation. It does try to copy reality as close as possible, but it cannot be seen as identical with the real world. Participants can buy and sell property index derivatives within one trading day. Participants can also enter buying and selling limits. If an order cannot be carried out immediately due to restrictions, it stays in the system until it can be carried out within the limits.
IV. Guarantee, liability
1. The organizers do not have any influence on the transport of data via the internet or the World Wide Web. A liability of the organizers in cases of debt-free malfunctions and troubles of technical facilities the organizers use for processing (i.e. transfer and saving) of data is impossible. Therefore the organizers do not guarantee that the data of the receiver receive the organizers or reversely the receiver correctly. The organizers can especially not be held responsible for fault of the network operator provider or any other haulage firms.
2. The organizers are only liable for damages, which were evidentially caused through intentional or negligent breach of duty of the organizers, their assistants for implementation or performance or their representatives by law.
3. A liability for lightly intentionally behavior will only be assumed in case of substantive breach of duty or if pledged attributes are missing and if it is a typical damage within the predictable. Apart from that a liability in any other case of lightly intentionally behavior is impossible.
4. The liability for mediate damages, in particular consequential damages, is impossible.
5. As far as the organizers refer to contents of a third party (external websites), they do not do any checking in terms of these contents. They are not responsible or liable for these contents and/or the performances of a third party. The use of these external websites is exclusively the risk of the participant.
6. A claim on constant availability of the trading simulation does not exist. The organizers are not liable for damages caused by short-term outages of the simulation resp. for outages that are caused by maintenance works.
7. Every liability for debt-free administrative measurements, strikes, accidental damages and higher force is excluded. Also every liability for damages, which are caused through illegal actions of a third party, are excluded.
8. The limits of liability also apply for damages, which are caused by an assistant for implementation or performance or a representative by law.
V. Duties of the participant
1. The participant makes sure that he does not violate a valid legal provision or terms of use with the participation on the trading simulation. In particular the participant is obliged to: - give truthful and complete information to his person and - to inform the organizers at once of any changes to his person he made.
2. Every participant is responsible for all actions that happen under his username.
3. In case of violation of his duties according to these terms of right through a participant the organizers, reserving proceeding claims, are entitled to suspend the particular participant at any time.
VI. Data protection
1. For the participation at the trading simulation it is necessary to register yourself. A claim on registration, however, does not exist. With registration the participant in particular agrees with the organizer saving his needed data for the length of the simulation. The participant has the right to revoke his agreeing on saving his data and therefore withdrawing from his participation at any time.
2. With regard to the registers data of the participants the organizers commit to abide by the rules of data protection and media right. In particular the data will be handled confidential and will not be passed on.
VII. Changes of conditions of participation
The organizers have the right to complete or replace these conditions of participation at any time.
For the accuracy of the conveyed prices as for the claim of the implementation of orders the simulation management will not grant any guarantees. The simulation management reserves the right to fully or partially suspend or end the simulation.
VIII. End assignations
1. The laws of the federal republic of Germany apply exclusively.
2. Place of performance and area of jurisdiction of Munich.
3. Should a rule of these conditions of participation be or become invalid it does not affect the affectivity of the other rules. The invalid rule will be replaced by a clause, which is closest to the economically wanted. The same is valid respectively for possible loop holes, which may be found in these conditions of participation.
4. The organizers reserve the right to fully or partially suspend or end the simulation at any time without prior notice. This particularly applies when the simulation cannot run according to plan for some kind of reasons, i.e. infections from computers with viruses, errors in soft- and/or hardware and/or because of technical and/or legal reasons, which influence the administration, the security, the integrity and/or the proper performance of the simulation. In such cases the organizers have also the right to modify the simulation to their discretion.
5. The organizers reserve the right to correct the simulation rules if this seems necessary.
6. Intellectual property: The simulation and all websites, graphics, contents, data and codes involved underlay the copyright of the organizers. Duplication or unauthorized use of any content or trademarks without any written statements of agreement of the owner of rights is strictly forbidden.