We are pleased to offer you the facility to use Spectron Energy Services Limited's ("Spectron") electronic trading system. This system is currently only intended for, and may currently only be used by, established UK and Overseas customers of Spectron Energy Services Limited who are either professional clients or eligible counterparties for Financial Services Authority purposes.
Each time you use the System, a condition of use is that you agree to be bound by the following terms and conditions, and accept all responsibility for the selection and use of the System and for any trading and other decisions made by you based on its use. You will indemnify Spectron against any and all claims, losses, damages, costs or expenses suffered or incurred by Spectron arising out of any failure on your part to comply with any contract entered into by you through or in connection with the System (a "Contract"). Spectron shall not be party to, and shall have no obligations pursuant to or in connection with any Contract.
The prices and information quoted on the System and/or Spectron's website have been provided by potential counterparties to Contracts and Spectron cannot therefore guarantee that they are accurate or current, and they do not constitute an offer by Spectron to buy or sell any product and must not be relied on in connection with any investment decision.
The System is provided "as is" without any warranty or implied term or condition of any kind, including, but not limited to, title, fitness for a particular purpose, non-infringement, compatibility, or security. Spectron does not warrant that use of the system will be free from computer viruses or error-free. All such warranties and implied terms and conditions are hereby excluded.
Spectron accepts no responsibility or liability for any unauthorised use of your User ID, User Name or Passwords or unauthorised access to your account information. You agree to notify Spectron immediately on your becoming aware of any theft, loss of confidentiality or unauthorised use of your User ID, User Name or Passwords or of any errors or incorrect information contained in your account.
You agree that Spectron and any providers of telecommunications and network services will not be liable for any loss of profit, reputation or goodwill or any other direct, indirect or consequential loss arising from i) your use of the System and the information, files and material contained in Spectron's web-site; ii) your access to downloading of other material on the internet via web links from, or to the Spectron website; iii) your inability to use the System, or any interruptions in your use of it; iv) the actions or in-actions of any counterparties to a contract or any third parties who may provide content or offer services or the goods or services they provide; any you hereby waive any claims with respect thereto, whether based on contractual, tort or other grounds.
The above exclusions and limitations apply only to the extent permitted by applicable law and regulation and do not purport to exclude or limit the liability of Spectron for fraud or misrepresentation on its part.
The distribution of the information contained on this web-site in certain countries may be restricted by law and, accordingly, persons who access it are required to inform themselves about and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is not lawful to make such an offer or solicitation.
Persons interested in trading through the System should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence or domicile for such trading; (ii) any foreign exchange control requirement which they might encounter through such trading; and (iii) the income tax and other tax consequences which might be relevant to such trading.
Dispute Resolution
All disputes between you and any other parties arising out of or relating to the use of the System or any Contract where a party to the Contract wishes to dispute the validity of that Contract shall be dealt with in accordance with the dispute resolution procedures set out below:
1. A party may request that a Contract be put to Dispute Resolution only if:
- It was a counterparty to that Contract; and
- It believes a manifest error was made in the execution of the Contract; and
- It has attempted to resolve its dispute directly with the other party and failed; and
- If it is the only party requesting Dispute Resolution, it reasonably believes that the price at which the Contract was executed (the "Transacted Price") was more than the following scales above or below the average price prevailing in the market at the time when the Contract was executed (the "Market Price");
Underlying Price /MWh Percentage Vs Underlying
0 - £10.00 8%
£10.01 - £15.00 5%
£15.01 - £25.00 3%
£25.01 - £35.00 2%
£35.01 and above 1%
and
- The disputed transaction period is 7 days or longer.
2. Where only one party to the Contract requests Dispute Resolution, the Contract shall only be submitted to Dispute Resolution according to the Rules if Spectron, in its sole discretion, agrees that the Transacted Price may have been more than the scales above or below the Market Price. Where both parties to the Contract request Dispute Resolution, the Contract shall be submitted to Dispute Resolution in accordance with the Rules without any comparison between the Transacted Price and the Market Price.
3. Where a Contract goes to Dispute Resolution, Spectron shall contact both parties to the Contract and endeavour to reach a resolution acceptable to both parties. Where, in Spectron's sole discretion, this cannot be achieved promptly, Spectron shall poll a pricing committee (the "Pricing Committee") and the finding of the Pricing Committee shall be binding on both parties to the Contract. Spectron shall not be required to indicate how members of the Pricing Committee voted.
4. The Pricing Committee shall consist of five companies (other than the companies who were party to the Contract) selected by Spectron from the main market participants (in Spectron's view) at the time who are willing to act.
5. The decision of the Pricing Committee (the "Decision") shall be determined as follows:
- Where a majority of the Pricing Committee vote that the Contract should be unwound, the Contract shall be unwound; or
- Where a majority of the Pricing Committee vote that the Contract should be implemented as transacted on the System, the Contract shall be implemented as transacted on the System; or
- Where a majority of the Pricing Committee vote that the price of the Contract should be revised, the price of the Contract shall be revised to the arithmetic average of the prices proposed by the members of the Pricing Committee so voting; and
- Where a majority is not reached, Spectron shall cast the deciding vote.
6. If a majority is not reached after each member of the Pricing Committee has cast its first vote, Pricing Committee Members may revise their vote until such time as a majority is reached. Spectron may inform members of the Pricing Committee of the vote of other members of the Pricing Committee only if a majority is not reached after each Pricing Committee member has cast its first vote and provided it does not disclose the identity of the Pricing Committee members.
7. Having polled the Pricing Committee for its decision, Spectron shall advise the parties to the Contract thereof and the parties agree that the decision shall be final and binding upon them.
8. It is agreed that Spectron acts at all times only as a broker and that it can accordingly not be held liable in any way whatsoever for any resolution achieved according to the Rules.