Meridian is not available in the United States. You’re welcome to browse, but Meridian cannot offer its services to residents of the United States.

Legal

Terms of Service

The terms that govern your access to and use of the Meridian platform.

Last updated: 2 September 2026

These Terms of Service (these "Terms") govern your access to and use of the website, application and order-routing interface made available at www.trademeridian.co (the "Platform") by Meridian LLC, a company incorporated in Saint Vincent and the Grenadines with company number 4403 LLC 2026 and its registered office at Euro House, Richmond Hill Road, Kingstown, Saint Vincent and the Grenadines (the "Operator", "we", "us" or "our").

IMPORTANT — PLEASE READ CAREFULLY. These Terms contain provisions that limit our liability to you, require you to make representations as to your eligibility, and confirm that we provide technology only and do not provide investment advice or any recommendation. By accessing or using the Platform you agree to be bound by these Terms, the Risk Disclosure, the Privacy Notice and the Fee and Compensation Disclosure, each of which is incorporated by reference or supplements these Terms. If you do not agree, you must not access or use the Platform.

1. Definitions and interpretation

1.1 In these Terms, unless the context requires otherwise:

  • "Affiliate" means, in relation to a person, any entity that controls, is controlled by, or is under common control with, that person;
  • "Instrument" means any perpetual futures contract, synthetic exposure or other product made available for trading through the Platform from time to time;
  • "Introducing Broker" means any person who introduces or refers users to the Platform under an introducing-broker, affiliate or similar arrangement with the Operator or its group;
  • "official channels" means the Platform, the Operator's website at www.trademeridian.co, and any other channel expressly identified by the Operator on the Platform as an official channel;
  • "Restricted Jurisdiction" means each jurisdiction listed in Schedule 1 and any other jurisdiction in which the Operator determines from time to time that access to the Platform is not permitted;
  • "Restricted Person" means any person who is (a) resident, located or established in a Restricted Jurisdiction, (b) the target of any Sanctions, or (c) otherwise prohibited from accessing or using the Platform under any applicable law;
  • "Sanctions" means any economic or trade sanctions administered or enforced by the United Nations, the United States (including by OFAC), the United Kingdom, the European Union or any other relevant authority;
  • "Trading Venue" means any exchange, protocol, liquidity provider or other venue through which order instructions submitted via the Platform are executed or filled; and
  • "User Wallet" means the digital-asset wallet you connect to the Platform.

1.2 In these Terms: headings are for convenience only and do not affect interpretation; the singular includes the plural and vice versa; "including" and "in particular" are without limitation; a reference to a person includes any body corporate or unincorporated; and a reference to any document is to that document as amended, supplemented or replaced from time to time.

2. Nature of the Platform; technology only

2.1 The Platform is a software application and order-routing technology layer. It provides a software interface that enables you to connect a User Wallet and to submit or route order instructions in respect of Instruments. Execution of those order instructions occurs through the relevant independent third-party Trading Venue, and not by the Operator itself. The Platform provides technology and connectivity only.

2.2 We do not, and the Platform does not: (a) provide investment, financial, legal, tax or other advice; (b) make any recommendation, or offer any opinion, as to the merits of any Instrument, transaction or strategy; (c) manage any account, or exercise any discretion, on your behalf; (d) solicit or induce you to enter into any particular transaction; or (e) act as your broker, dealer, adviser, fiduciary or agent.

2.3 Custody. Your assets remain in your User Wallet at all times unless and until you allocate collateral to a trade. When you allocate collateral to a trade, that collateral is transferred to, or held through, smart-contract or account infrastructure controlled by the relevant Trading Venue, and not by the Operator. The Operator does not take custody or control of your assets and does not hold client money or client assets. Custody and control of any assets so transferred rest with the relevant Trading Venue, and not with the Operator, and you bear all associated risk. Nothing in these Terms creates any custodial, banking or deposit relationship with the Operator.

2.4 Any information, data, default setting, market display, list or interface element made available through the Platform is provided for general information and convenience only, is not advice or a recommendation, and must not be relied upon as such. All decisions to access, trade, hold or dispose of any Instrument are made by you alone, on your own judgment and at your own risk.

2.5 You acknowledge that the Operator's function is technological and does not extend to any view on, or responsibility for, the performance, returns, suitability or outcome of any Instrument or transaction.

2.6 No counterparty; conflicts. Under the execution model described in these Terms, the Operator does not act as counterparty to your trades and does not profit from your trading losses. Other participants on a Trading Venue, including market makers, may take positions opposite to yours; the Operator is not responsible for, and does not control, the conduct or positions of such participants.

2.7 Third-party and affiliate content. Content published by Introducing Brokers, affiliates, influencers or other third parties — whether or not they are compensated by, or hold an interest in, the Operator or its group — is not the advice or recommendation of the Operator. Such content may be promotional, and may be compensated or affiliate content. It does not represent the views of the Operator (except for content expressly approved and published by the Operator through its official channels), is not a basis on which you should trade, and must not be relied upon. The Operator does not endorse, adopt or accept responsibility for any such content, and any reliance is at your own risk.

2.8 Official communications only. You should rely only on disclosures and communications made by the Operator through the Platform and its official channels. Communications via Telegram, Discord, Instagram, YouTube, other social media, private messages, screenshots, or influencer or other third-party posts are not official statements of the Operator and must not be relied upon as such, unless expressly confirmed by the Operator through its official channels.

2.9 No obligation; changes. The Operator is under no obligation to provide, continue or maintain the Platform, any feature or any Instrument, and may add to, modify, suspend, discontinue, restrict or remove the Platform, any feature or any Instrument, in whole or in part, at any time, with or without notice and without liability to you.

3. Eligibility; representations

3.1 By accessing or using the Platform you represent and warrant, on each occasion of access, that:

(a) you are at least 18 years of age and have full legal capacity to enter into these Terms;

(b) you are not resident, located, established or incorporated in, and are not accessing the Platform from, any Restricted Jurisdiction;

(c) you are not a Restricted Person and are not subject to any Sanctions, and you are not acting on behalf of any such person;

(d) you are acting on your own judgment and decision, and are not relying on the Operator, or on any Affiliate, Introducing Broker, affiliate, influencer or third-party marketing content, for any investment, financial, legal or tax advice or recommendation;

(e) you are responsible for determining the legality of your access to and use of the Platform in your jurisdiction, and your use does not contravene any law or regulation applicable to you; and

(f) any assets you use are lawfully owned by you and are not the proceeds of any unlawful activity.

3.2 No circumvention. You must not access or attempt to access the Platform from any Restricted Jurisdiction, and must not use any VPN, proxy, false declaration or other means to circumvent any geographic or eligibility restriction. The Operator makes no representation that the Platform is appropriate or available for use in any particular location; access from territories where use is prohibited is at your sole risk and is a breach of these Terms.

3.3 The representations in this clause 3 are a condition of access and are deemed repeated each time you access or use the Platform.

3.4 Assumption of risk; release. You acknowledge and accept all risks of accessing and using the Platform and of trading any Instrument, including the risks set out in the Risk Disclosure, and you agree that you do so entirely at your own risk and on your own judgment. To the fullest extent permitted by law, you release the Indemnified Parties from, and agree not to bring any claim against them in respect of, any loss arising out of or in connection with: (a) any market movement, price, volatility or liquidity; (b) any act, omission, default, insolvency or failure of any Trading Venue or other third party; (c) any blockchain, network, smart-contract, oracle or User Wallet event; and (d) any other risk described in the Risk Disclosure. You acknowledge that the Operator provides the Platform in reliance on this clause and would not do so otherwise.

3.5 Identity verification (KYC). The Platform operates on a non-custodial basis and the Operator does not currently collect identity documents or carry out identity verification ("KYC") as a condition of access. Access is controlled through the geographic restrictions in Schedule 1, the technical geo-blocking described in clause 9, and the representations in this clause 3, which you repeat each time you access the Platform. The Operator reserves the right, at any time and without prior notice, to require you to provide information or documents to verify your identity, residence, source of assets or eligibility where the Operator considers this necessary or desirable to comply with applicable law, Sanctions, a request of a competent authority or a requirement of a Trading Venue, and to suspend or restrict your access under clause 9.2 pending such verification. Any information you provide is handled in accordance with the Privacy Notice.

4. Acceptance, evidence and amendment

4.1 Active acceptance. Access requires that you scroll through and affirmatively accept these Terms, the Risk Disclosure and the Privacy Notice. Acceptance is given by your confirmation that you have read and understood each document and agree to be bound, followed by signature from your User Wallet. No box is pre-selected on your behalf, and each confirmation is a separate, deliberate act.

4.2 Evidence. Your acceptance, and the version of each document accepted, are recorded, and your wallet signature is retained on-chain as evidence that you read, understood and agreed to them. You acknowledge that this record may be relied upon as evidence, and absent manifest error, as conclusive evidence, of your acceptance.

4.3 Periodic re-acceptance. We may require you to re-confirm acceptance of the then-current documents from time to time, and in any event not less frequently than quarterly. Continued access is conditional on such re-acceptance.

4.4 Amendment. We may amend these Terms at any time by posting an updated version. Material changes will be notified through the Platform. Your continued use, and/or your re-acceptance under clause 4.3, constitutes acceptance of the amended Terms.

5. Access and the User Wallet

5.1 Access to the Platform requires you to connect a User Wallet. You may be required to provide a signature from your User Wallet to confirm acceptance of these Terms and to access or use certain features.

5.2 You are solely responsible for the security, custody and operation of your User Wallet, including your private keys, seed phrases and credentials. The Operator does not hold, store or have access to your keys and cannot recover, reset, reverse or intervene in any transaction.

5.3 You are responsible for all activity conducted through your User Wallet. Any transaction signed from your User Wallet is deemed to be authorised by you.

5.4 The Operator does not maintain an account on your behalf save to the extent necessary to operate the interface, and operates on a non-custodial basis as described in clause 2.3.

Withdrawal policy

5.5 No deposits with the Operator; no custody. The Operator is a technology layer only. You never deposit funds with the Operator, and the Operator never holds, pools, controls or has access to your funds. Collateral you allocate to a trade is transferred from your User Wallet to, and held by, the relevant Trading Venue (for example, Hyperliquid) under that Trading Venue's own rules and smart contracts, as described in clause 2.3. The Operator imposes no minimum deposit and no minimum or maximum withdrawal.

5.6 No ability to block withdrawals. Withdrawals are initiated by you and executed by the relevant Trading Venue directly to your User Wallet, without any approval, action or involvement by the Operator. The Operator has no technical ability whatsoever to approve, delay, freeze, limit, reverse or block any withdrawal, does not operate any withdrawal process of its own, and cannot intervene if a Trading Venue delays or prevents a withdrawal.

5.7 No benefit from funds held. The Operator does not earn interest, yield or any other benefit from funds held at a Trading Venue or in your User Wallet, and receives no benefit of any kind if a withdrawal is delayed or prevented. The Operator's compensation is described in clause 8 and does not depend on whether, when or how much you withdraw.

5.8 Trading Venue withdrawal rules. Each withdrawal is processed by the relevant Trading Venue in accordance with its own published rules, which may include withdrawal or network fees, processing times, supported assets and networks, and the requirement that sufficient margin remain for any open positions. Withdrawals from Hyperliquid are processed on-chain by the Hyperliquid protocol, typically within minutes, subject to the fee and conditions published in Hyperliquid's documentation, which you should review before trading. The Operator does not set, control or receive any part of those fees, and the risks described in clause 6 and the Risk Disclosure apply.

6. Third-party Trading Venues

6.1 Order instructions submitted through the Platform are executed or filled through one or more independent third-party Trading Venues, which may include the Hyperliquid protocol from time to time. We are not a party to, and have no responsibility for, any transaction so executed or filled, nor for the solvency, conduct, availability, pricing, liquidity or performance of any Trading Venue.

6.2 We do not endorse any Trading Venue or Instrument. Your dealings with any Trading Venue are solely between you and that venue and are subject to that venue's own terms, and we act as a technology layer routing order flow to independent third parties. The basis on which we are compensated is addressed in clause 8.

7. Platform features and curation

7.1 To support a usable experience, the Platform may apply default settings that affect which Instruments are displayed and how order instructions are handled, including (without limitation): (a) not displaying Instruments below a liquidity threshold; and (b) declining partial fills in certain conditions.

7.2 These are default conveniences, not judgments about merit, suitability or value. They do not constitute advice or a recommendation, and the availability or unavailability of any Instrument through the default interface implies nothing about that Instrument.

7.3 You control these settings. Where the Platform provides the option, you may disable such defaults — including by electing to view and trade lower-liquidity Instruments or to permit partial fills. By doing so you confirm that you are an informed user and you accept all risks and consequences of trading on that basis, including the liquidity and execution risks described in the Risk Disclosure.

7.4 We have no liability for the operation, configuration, availability, modification or withdrawal of any feature or setting, for any Instrument being available or unavailable, or for any order instruction executed, not executed or partially executed in accordance with the settings then in effect.

8. Fees and compensation

8.1 Fees, charges and discounts. You may incur fees, charges and other transaction costs in connection with your use of the Platform and your trading activity, including fees charged by a Trading Venue or protocol. The applicable fees, charges, discounts and compensation arrangements are disclosed through the Platform, the relevant Trading Venue or protocol, at or before the point of use, and/or in the Fee and Compensation Disclosure. The fees, charges and discounts so disclosed apply to your transaction. We may introduce, vary or remove fees, charges or discounts from time to time, with any change taking effect when disclosed. The Fee and Compensation Disclosure supplements this clause 8 and may be updated from time to time.

8.2 Our compensation. We do not currently charge a separate direct platform fee to users. We currently receive compensation in connection with users' access to the Platform and trading activity from Trading Venues, protocols or referral, builder, affiliate or similar arrangements. This may include builder fees, routing or facilitation fees, referral fees, rebates, revenue share or similar economics. Such compensation may be calculated by reference to trading volume, may be paid out of fees charged by a Trading Venue or protocol, and may not appear as a separate charge to you.

8.3 Referral and affiliate arrangements. Where you access the Platform through, or participate in, a referral, affiliate, introducing-broker or similar arrangement, you may receive a discount on applicable Trading Venue or protocol fees, and the referring participant may receive a share of amounts earned in connection with your trading. Any such discount or referral payment applies on the terms disclosed through the Platform, the relevant Trading Venue or protocol, or the applicable referral arrangement.

8.4 Our incentives. Because our compensation may be calculated by reference to trading volume, we may benefit when users trade more. This does not mean that we act as counterparty to your trades, and we do not profit from whether your trades are profitable or loss-making. We may in future introduce a direct platform fee, including a volume-based fee, provided that the applicable fee is disclosed at or before the point of use.

8.5 Taxes. You are solely responsible for determining, reporting and paying any taxes applicable to your use of the Platform and any Instrument. The Operator does not withhold, collect, report or account for any tax on your behalf, except to the extent required by law, and all fees are exclusive of any taxes. This clause survives termination.

9. User obligations; prohibited use; suspension

9.1 You must use the Platform only for lawful purposes and in accordance with these Terms. You must not, and must not attempt to or permit any person to:

(a) use the Platform in connection with money laundering, terrorist financing, or the evasion of Sanctions, or otherwise in breach of any anti-money-laundering, counter-terrorist-financing or sanctions law;

(b) engage in fraud, market abuse, market manipulation, wash trading, spoofing, or other abusive or manipulative trading;

(c) provide any false, inaccurate or misleading information, or make any false representation, including as to your eligibility, identity, location or source of assets;

(d) circumvent any geographic, eligibility or access restriction, including by use of a VPN, proxy or false declaration (clause 3.2);

(e) breach the terms of any Trading Venue, or any applicable law or regulation; or

(f) infringe the Operator's or any third party's intellectual property or other rights, or interfere with, compromise or disrupt the Platform or its security.

9.2 Suspension and blocking. The Operator may suspend, restrict, block or terminate your access at any time, with or without notice, including where it considers this necessary or desirable to manage legal, regulatory, sanctions, compliance, reputational or operational risk, or to comply with any law or the request of a competent authority. The Operator has no liability for any such action.

10. Intellectual property

10.1 All intellectual property rights in and to the Platform and the underlying technology are owned by the Operator, its Affiliates or its licensors. Nothing in these Terms transfers any such rights to you.

10.2 Subject to your compliance with these Terms, you are granted a limited, revocable, non-exclusive, non-transferable and non-sub-licensable licence to access and use the Platform for your own use, solely for the purpose of accessing the Platform in accordance with these Terms.

10.3 You must not copy, modify, reverse-engineer, decompile, distribute, frame, scrape or create derivative works of the Platform or any part of it, or remove or obscure any proprietary notice.

11. No warranties

11.1 The Platform is provided "as is" and "as available", without warranty of any kind, whether express, implied or statutory, including any implied warranties of merchantability, fitness for a particular purpose, accuracy, availability or non-infringement, all of which are excluded to the fullest extent permitted by law.

11.2 We do not warrant that the Platform will be uninterrupted, error-free, secure or free from delay, or that any data, price or display is accurate, complete or current.

11.3 Without limiting clause 11.1, the Operator does not warrant or represent that the Platform or any Instrument is suitable or appropriate for you, that access to or use of the Platform is lawful in your jurisdiction, that any Trading Venue, blockchain, oracle or other third party will perform, or that the Platform is free from viruses, malicious code or other harmful components. You assume all risk arising from these matters.

12. Limitation of liability

12.1 Nothing in these Terms excludes or limits any liability that cannot lawfully be excluded or limited.

12.2 Subject to clause 12.1, and to the fullest extent permitted by law, the Operator shall not be liable to you for any loss or damage arising out of or in connection with the Platform or these Terms, including any loss arising from: (a) any trading decision or transaction, or any Instrument's performance, returns or outcome; (b) any act, omission, insolvency, conduct, pricing or liquidity of any Trading Venue; (c) any market condition, including volatility, liquidity drying up, or the inability to enter or exit a position; (d) the operation or effect of any feature, setting or curation (clause 7), or any Instrument being available or unavailable, or any order instruction executed, not executed or partially executed; (e) any unavailability, interruption, delay, error or security incident affecting the Platform; or (f) any loss of, or unauthorised access to, your User Wallet, keys or assets.

12.3 Subject to clause 12.1, the Operator shall not be liable for any indirect, consequential, special, incidental, punitive or exemplary loss, or for any loss of profit, revenue, opportunity, goodwill or data, in each case howsoever arising.

12.4 Subject to clause 12.1, the Operator's aggregate liability arising out of or in connection with these Terms and the Platform shall not exceed the greater of (i) the fees paid by you to the Operator in the preceding twelve (12) months and (ii) US$1,000.

12.5 You acknowledge that the allocation of risk in these Terms is reasonable having regard to the technology-only, non-advisory nature of the Platform and the fees charged.

12.6 Further exclusions. Subject to clause 12.1, and without limiting clause 12.2, the Operator shall not be liable for any loss or damage arising out of or in connection with: (a) any congestion, failure, fork, reorganisation, delay, downtime or fee of any blockchain or network; (b) any smart-contract defect, oracle failure or failure of any third-party technology; (c) any phishing, fraud, malware or unauthorised access affecting you, your User Wallet, device, keys or credentials; (d) any reliance by you on any information, data, price, valuation or default setting; (e) any de-pegging, loss of value, illiquidity, freezing or issuer failure affecting any collateral or settlement asset; or (f) any tax.

12.7 Time limit for claims. Subject to clause 12.1, any claim you may have against the Operator arising out of or in connection with these Terms or the Platform must be commenced, by the issue of formal proceedings, within twelve (12) months after the date on which the event giving rise to the claim first occurred; any claim not so commenced is irrevocably waived and barred to the fullest extent permitted by law.

12.8 No liability for permitted action. Subject to clause 12.1, the Operator shall have no liability for any suspension, restriction, blocking or termination of access, for any rejection, delay or non-execution of any order instruction, or for any other act or omission taken in accordance with these Terms or with any applicable law, Trading Venue rule or request of a competent authority.

13. Indemnity

13.1 You agree to indemnify and hold harmless the Operator and its Affiliates, and their respective directors, officers, employees and agents (the "Indemnified Parties"), from and against any and all claims, demands, proceedings, losses, liabilities, damages, costs and expenses (including reasonable legal fees) arising out of or in connection with: (a) your access to or use of the Platform; (b) your breach of these Terms or of any representation or warranty in clause 3; (c) your violation of any applicable law, regulation, Sanctions or Trading Venue terms; or (d) any transaction you enter into.

13.2 This indemnity survives termination and is in addition to, and not in limitation of, any other right or remedy of the Indemnified Parties.

13.3 Without limiting clause 13.1, you also agree to indemnify and hold harmless the Indemnified Parties from and against any and all claims, losses, liabilities, costs and expenses (including reasonable legal fees) arising out of or in connection with: (a) any tax payable in connection with your use of the Platform or any Instrument; (b) any claim by a third party arising out of your access to or use of the Platform; (c) your infringement or misappropriation of any intellectual property or other right; (d) any false, inaccurate or misleading information or representation provided by you; (e) your access to or use of the Platform from, or in connection with, any Restricted Jurisdiction or otherwise in breach of clause 3.2; and (f) your breach of the Risk Disclosure or the Privacy Notice.

14. No forward-looking or returns representation

14.1 Nothing on the Platform or in any related material is a promise, projection or representation as to returns. Trading involves significant risk of loss. Past performance is not indicative of future results. Any forward-looking statement is inherently uncertain and must not be relied upon.

15. Privacy

15.1 The processing of personal data in connection with the Platform is governed by the Privacy Notice, which is incorporated into these Terms by reference.

16. Term, suspension and termination

16.1 These Terms take effect on your acceptance and continue until terminated.

16.2 You may cease using the Platform at any time.

16.3 The Operator may suspend, restrict or terminate your access in accordance with clause 9.2, at any time and with or without notice.

16.4 Termination does not affect any rights or liabilities accrued before termination. Clauses 1, 2, 3, 6, 8, 9, 11, 12, 13, 14, 17 and 18, and any provision which by its nature is intended to survive, continue in effect after termination.

17. Governing law and disputes

17.1 These Terms, and any non-contractual obligations arising out of or in connection with them, are governed by and construed in accordance with the laws of the Cayman Islands. The choice of Cayman law is a choice of governing law only and does not subject the Operator to regulation, licensing or supervision in the Cayman Islands or any other jurisdiction.

17.2 The courts of the Cayman Islands have exclusive jurisdiction to settle any dispute arising out of or in connection with these Terms.

17.3 Individual proceedings; class and jury waiver. To the fullest extent permitted by law, and without prejudice to clauses 17.1 and 17.2: (a) any dispute shall be brought in an individual capacity only, and not as a claimant or member in any purported class, collective or representative proceeding; and (b) each party waives any right to a trial by jury. These provisions are intended to apply if, notwithstanding clauses 17.1 and 17.2, any proceeding is brought in a forum that would otherwise permit class or jury proceedings.

17.4 Notice of dispute. Before commencing any proceedings, you must first give the Operator written notice of the dispute through the official channels, including reasonable details of the claim, and allow a period of at least thirty (30) days for the dispute to be resolved. This clause does not prevent either party from seeking urgent injunctive or interim relief.

18. Miscellaneous

18.1 Entire agreement. These Terms, together with the Risk Disclosure and the Privacy Notice, constitute the entire agreement between you and the Operator and supersede any prior understanding.

18.2 No reliance. You confirm that you have not relied on any statement or representation not expressly set out in these Terms. Nothing in this clause limits any liability for fraud or fraudulent misrepresentation.

18.3 Severability. If any provision is held to be invalid or unenforceable, the remaining provisions continue in full force, and the invalid provision is modified to the minimum extent necessary to make it valid and enforceable.

18.4 No waiver. No failure or delay in exercising any right operates as a waiver of it.

18.5 Assignment. The Operator may assign, transfer or novate its rights and obligations under these Terms. You may not assign or transfer any of your rights or obligations without the Operator's prior written consent.

18.6 Third-party rights. Save that the Indemnified Parties and the Operator's licensors may enforce the provisions expressed to benefit them, a person who is not a party to these Terms has no right to enforce any of them.

18.7 Notices. The Operator may give notice to you through the Platform or by any other means it considers appropriate.

18.8 Force majeure. The Operator is not liable for any failure or delay in performance resulting from events beyond its reasonable control, including any network, blockchain, infrastructure or Trading Venue failure, any cyber-attack or denial-of-service, and any change of law or action of any governmental or regulatory authority.

Schedule 1 — Restricted Jurisdictions

Access to the Platform is not permitted from, and is not offered to any person resident, located or established in, any of the following jurisdictions, together with any further jurisdiction the Operator determines from time to time:

United States; Cuba; Iran; North Korea (the Democratic People's Republic of Korea); Syria; the Crimea region of Ukraine; the Donetsk (DNR) region of Ukraine; the Luhansk (LNR) region of Ukraine; Russia; Belarus; Venezuela; Myanmar (Burma); Sudan; Zimbabwe; Nigeria; and Somalia.

Schedule 2 — Pre-IPO / private-company synthetic exposure

This Schedule applies to any Instrument providing synthetic exposure to the value of shares or securities of a private or pre-IPO company (a "Pre-IPO Instrument"). It supplements, and does not limit, the remainder of these Terms, and is to be read with Part B of the Risk Disclosure.

S2.1 Synthetic exposure only. A Pre-IPO Instrument provides synthetic price exposure only. You do not acquire, own or have any right to acquire any share, security or other interest in any underlying company.

S2.2 No issuer relationship; no shareholder rights. You have no relationship with, and no claim against, any underlying company or any issuer. You have no voting, information, dividend, pre-emption or other shareholder rights, and no entitlement in respect of any corporate action.

S2.3 Reference price. The reference price of a Pre-IPO Instrument is determined by the relevant Trading Venue and may differ materially from any actual or estimated private-market value of the underlying company. There may be no reliable, current or public valuation of the underlying, and any reference value may be opaque, stale, infrequently updated or derived from limited information.

S2.4 Venue rules. Pricing, margin, funding, settlement and liquidation for each Pre-IPO Instrument are governed by the rules of the relevant Trading Venue, which may differ from those applying to other Instruments and may differ between Pre-IPO Instruments.

S2.5 Liquidity. Liquidity in a Pre-IPO Instrument may be limited and may disappear, and you may be unable to enter or exit a position when you wish, or at all.

S2.6 Risk; total loss. Pre-IPO Instruments carry the risks set out in Part B of the Risk Disclosure, including the risk of total loss of the collateral you commit.

S2.7 Eligibility. The Operator may make Pre-IPO Instruments available only to persons who satisfy such eligibility criteria as the Operator may determine from time to time, and may withdraw or restrict access to any Pre-IPO Instrument at any time.