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Intrade Rules

1.THE AGREEMENT

1.1 These Rules set out the basis on which Intrade The Prediction Market (also referred to below as 'Intrade') provides its services to you and governs your use of these services.

In addition, special terms (Market Rules, Market Specifications, and Exchange Announcements) apply for each market and also constitute part of these Rules, together with the Disclaimer, Privacy Policy and Data Protection Consent.

1.2 Intrade provides various services to its registered members including real money and play money prediction market trading and social networking opportunities with other members. Intrade enables its members to trade the future outcome of various events between themselves. Intrade provides order matching, account opening and account facilities to its account holders via its website which is located HERE. Intrade provides all services on an "as-is" basis. Intrade is not a bookmaker nor is it involved in the business of betting or wagering. Intrade charges a monthly fee to all members.

1.3 Intrade the Prediction Market is a limited company registered in Ireland with company registration number 436732.

1.4 Intrade may vary these Rules at its sole discretion at any time. Notification of any changes will be posted on the Intrade website for at least one week. Intrade does not have obligation to contact you directly about a change to these Rules. All changes will apply to all outstanding trades, orders and financial transactions. You agree that should you object to these Rules or any subsequent modification, or are dissatisfied with the service; your only recourse is to close your account (See Section 2.6).

1.5 It is your responsibility to remain apprised of any changes made to these Rules by reviewing the Intrade website on a regular basis.

1.6 Unless explicitly stated by Intrade, any new services or features made available by Intrade to its members that enhance or are additional to the current service shall be subject to these Rules.

1.7 All notices that Intrade is required to send to you regarding the service shall be made via e-mail to the e-mail address provided by you. Notices served by you on Intrade pursuant to these Rules shall be sent to Intrade at the e-mail address given on Intrade's website. Communications shall be deemed to have been received at the time of transmission.

1.8 Intrade will use its reasonable endeavours to provide you with support via the telephone or by e-mail, limited to addressing problems experienced with accessing and using the service, and uploading, downloading and viewing website pages. Intrade does not have a minimum response time to any particular query nor does it guarantee to provide answers for any query. Any requests for support should be directed to Intrade using the details provided in the "Contact Us" page of the website (or such other details as Intrade may from time to time notify you) in the first instance, but in the event that you are dissatisfied with the response you may contact our offices at the address stated on Intrade's website.

1.9 This agreement comes into effect when a prospective account holder submits the required details to open an Intrade account and agrees online to be bound by Intrade Rules, Market Rules, Privacy Policy, Disclaimer and Data Protection Consent. The agreement ceases when the account is closed (See Section 2.6 for details).

2. OPENING AN ACCOUNT

2.1 Conditions

To open an account you must meet the following conditions:

2.1.1 You must carefully read and agree to these Rules, the Market Rules, Privacy Policy, Disclaimer and Data Protection Consent.

2.1.2 You must be aged 18 years old or over.

2.1.3 You must not already hold an Intrade account or have had an account that has been closed by Intrade.

2.1.4 You have not filed for personal bankruptcy.

2.1.5 You are not an employee of Intrade.

2.1.6 You are not prohibited from using the services of Intrade for any reason whatsoever, and your use will not cause Intrade to violate any law from any jurisdiction from which you use the service.

2.1.7 You are not a resident of the United States.

2.2 Acceptance

By opening an account with Intrade you recognize and warrant that:

2.2.1 All transactions are contracted and settled on Intrade's servers and are governed by Irish law.

2.2.2 You are solely responsible for meeting any requirements of your local tax authorities.

2.2.3 Trading on Intrade is an activity predominantly based on skill, not of chance. You undertake that, when using Intrade's services, you will not rely predominantly on chance and you will not make any offer or series of offers that would, if matched, be considered an illegal activity.

2.2.4 You may lose money trading on Intrade.

2.2.5 You agree to keep your account username, account number and password confidential and accept that you are fully liable for all trading losses, orders and payment transactions on your account, even if you are acting on behalf of a syndicate.

2.2.6 You must provide and, where appropriate, update Intrade with all information that it requires to meet its anti-money laundering obligations (See Section 6).

2.2.7 All information provided by you must be a true, accurate, current and complete description of your circumstances. You are responsible for informing Intrade via email of any changes to the account information provided. Intrade is not responsible if you incur any losses because it was unable to contact you.

2.2.8 Any attempt by you to interrupt the operation of Intrade, disrupt the operation of Intrade website, to manipulate Intrade market prices or act in a manner that may be injurious to Intrade may result in the immediate closure of your account, and/or unwinding of your trades and/or being prevented from accessing all or any part of Intrade or the website in future.

2.3 Assessment of Information Provided

2.3.1 Intrade will handle all information provided by you on a confidential basis and in accordance with Intrade's Privacy Policy, and Data Protection Consent, which you should view.

2.3.2 In applying to open an account, you agree that Intrade:

a) may conduct checks on the information that you have provided to ensure that it is correct and that you meet the conditions for becoming an Intrade account holder. You authorize Intrade to use any means necessary to verify your registration details and check your creditworthiness.

b) is held harmless against any falsehood or inaccuracy contained in the information you provide when registering as a member.

2.4 Application Process

2.4.1 You may apply to open an account using the application process on the Intrade website.

2.4.2 When Intrade has accepted your application it will prepare an account and send you an e-mail confirmation containing login instructions.

2.4.3 Before you may trade you must deposit funds into your account (see Section 4).

2.4.4 Intrade is entitled to reject your application without giving you a reason.

2.5 Misuse of Account

2.5.1 You agree to disable automatic password memory features in your browser and ensure that you exit from your account at the end of each session.

2.5.2 If you suspect that someone else is using your account you agree to immediately change your password and inform Intrade by e-mail. When Intrade is informed it will suspend your account and investigate.

2.6 Account Suspension and Closure

2.6.1 Intrade has the right to suspend or close your account at any time without giving you a reason, without further obligation or liability to you resulting from these actions.

2.6.2 If your account is suspended by Intrade you cannot enter new orders to buy or sell shares, make deposits or withdrawals and your open orders to buy or sell shares will be cancelled. You may still log in to your account and view your account details.

2.6.3 You will be unable to access your account if you fail to log in correctly on ten consecutive occasions. To reset your account you must email Intrade for help getting logged into your account again.

2.6.4 You may only request to close your account by contacting Intrade using the details described in the "Contact Us" section of the website.

2.6.5 You may only close your account when there are no open orders to buy or sell shares, no open predictions and all payments into your account have fully cleared.

2.6.6 If Intrade closes your account then it may, at its sole discretion, choose to take any or all of the following actions:

a) cancel any or all of your outstanding orders to buy or sell shares and/or trade out of any open predictions in your account;

b) open predictions or positions in other similar, but not necessarily Intrade-traded, markets in order to hedge exposures created by your open predictions;

c) offset any money in your account to cover losses made on all of your transactions, instigated either by you or Intrade, and any costs incurred by Intrade in determining and handling your breach of these Rules, including, without limitation, legal costs;

2.6.7 In closing your account you recognize that Intrade's priority is to protect itself, the integrity of its markets and the interests of its other members. Intrade neither has any obligation to minimize your losses nor to consult with you over its actions.

3.0 YOUR ACCOUNT

3.1 Once you have successfully opened an account you may deposit and withdraw funds as described in Sections 4 and 5.

3.2 You are only allowed to hold money in your account to cover your likely future trading requirements. Intrade is not a bank and does not provide any banking facilities. If it appears to Intrade that the amount of money you have deposited is excessive in relation to your trading requirements then you will be required to withdraw money.

3.3 Details of your transactions over the previous 60 days may be viewed on the "My Intrade" page of the website once you have logged into your account.

3.4 Intrade at its sole discretion may pay you interest on the cash in your account. The criteria are that you must have maintained a minimum cleared balance of US$25,000 for the entire calendar quarter to be entitled to interest for that quarter. The interest rate applicable will be as published on or about the last day of the relevant quarter on the WSJ as typically taken from Bankrate for interest accruing checking accounts (as your funds at Intrade are immediately withdrawable). Interest will be calculated on a quarterly basis and paid to the members account within 10 business days following the end of the quarter. Method of Calculation: Sum of ((Rate of Interest/365)*total funds at end of each day)

3.5 You can see up-to-date details of your account on the website. This shows the following:

3.5.1 Available Funds - this is the amount of money and value of non-cash balances (such as promotional offers) in your account that can be used to meet the requirements for covering any potential losses from new orders to buy or sell shares (see Section 9).

3.5.2 Frozen Funds - this is money in your account that is being used to cover the maximum potential losses that will result from your current orders to buy and sell shares and your open predictions (see Section 9).

4.0 DEPOSITING FUNDS TO YOUR ACCOUNT

4.1 General Information

4.1.1 On opening an Intrade account you must firstly deposit a minimum of USD 25 to be able to trade.

4.1.2 All Intrade accounts are denominated in US Dollars. You may deposit funds in any other currency and our banking partner will convert your funds into USD at their foreign currency rates. Intrade has no control over the exchange rate used by our banking partner and may not be able to advise the rate in advance of a transaction.

4.1.3 Deposits may only be made using bank transfers, MasterCard and Visa cards (debit or credit), personal check, cashier's check or such other methods that may be approved from time to time by Intrade.

4.1.4 While every effort is made to process your deposit in a timely manner Intrade is not responsible for any delays that may occur.

4.1.5 Normally there are no fees charged by Intrade to process your deposit, however where Intrade incurs costs as a result of your funds being deposited to your account with Intrade your account will be debited accordingly.

4.1.6 Intrade may require proof of identity before it credits your deposit to your account. If such proof is not received within a timely manner Intrade will return your deposit to you subject to Section 6 below

4.1.7 Intrade reserves the right to withdraw any or all methods of depositing from any member of Intrade without further explanation.

4.1.8 Should the processing of your deposit be delayed or inaccurate in any way please contact us by referring to the Contact Us section of our platform. Intrade reserves the right to correct processing errors in the unlikely event that they should ever occur at any stage.

4.2 Credit and Debit Cards

4.2.1 Deposits will show as "Intrade Deposit Txn" on your card statement.

4.2.2 All credit and debit card deposits must be made using the "My Intrade" page of the website. We cannot process credit card transactions over the phone or by email.

4.2.3 Intrade only accepts MasterCard and Visa cards and all transactions are processed using 3D verification (Verified by Visa and MasterCard SecureCode). If your card is not activated for 3D verification please contact your bank to get your card activated.

4.2.4 Intrade reserves the right to reject any card deposit or hold a deposit pending until it is satisfied that processing such a deposit is in the best interests of Intrade.

4.2.5 Your first card deposit is limited to a maximum of USD 250.

4.3 Bank Wire Transfers

4.3.1 You may deposit funds into your account by sending a US Dollar bank wire to the Intrade member funds account. Transfer information is available under the "My Money" option found in the menu down the left side of the "My Intrade" page of the website.

4.3.2 There is no specific limit on the amount that you may deposit by bank wire.

4.3.3 Intrade does not charge for receiving a US Dollar bank wire but your bank and any intermediary bank the transfer is routed through may charge you for making the transfer.

4.3.4 Deposits by bank wire will be credited to your account immediately on confirmed receipt from our banking partners. You will be emailed when your funds are received.

4.3.5 Members wishing to deposit funds in any other currency should be aware that it is our bank who converts the funds on receipt of the foreign currency to US Dollars and therefore we do not have any control over the exchange rate that is applied.

4.3.6 Members sending funds by bank wire to their account with Intrade usually need to visit their own bank to arrange. Some members may have this facility available as part of their online banking service.

4.3.7 Members must include the exact bank wire instructions as detailed on the My Intrade page of the website. Your name and Intrade account username or account number must also be included. If you do not include all relevant details we may be unable to apply the funds to your account and they will be returned to your bank. We cannot accept any charges that are applied to the payment by any financial institution.

4.4 Checks (personal and cashiers)

4.5.1 You may deposit funds using a US Dollar check or a US Dollar cashier's check (sometimes known as a banker's draft). There is no specific limit to the sum you may deposit by check.

4.5.2 You may deposit funds using a check denominated in another currency. Our bank will convert your funds into USD at their own Intrade rate. Intrade does not have any control over the exchange rate that is applied.

4.5.3 Depositing money by personal check or cashier's check drawn on a US bank is free of charge. Additional banking costs, including the handling of non-US bank checks that may be incurred by Intrade in handling your check will be debited from your account balance.

4.5.4 Checks deposits must be in the name of the Intrade account holder. Third party checks will not be accepted. This includes business checks, checks written by spouses, friends or relatives or checks that have been written to you and then endorsed to Intrade.

5.0 WITHDRAWING FUNDS

5.1 General

5.1.1 Intrade will make every effort to process withdrawals as quickly as possible. You may withdraw at any time your Withdrawable Cash (which is your Available Funds less any non-cash credits added to your account) from your account by check, bank wire, or such other method as Intrade may add from time to time

5.1.2 For security reasons Intrade will only accept a request to withdraw funds made using the "My Intrade" page of the website. We cannot accept withdrawal requests made by email or telephone. The withdrawal request will be processed on receipt of all requested information and documentation.

5.1.3 There is a minimum withdrawal amount of USD25, unless you are closing your account and withdrawing your final account balance.

5.1.4 Intrade may require evidence of your identity before processing a withdrawal request to comply with anti-money laundering laws (see Section 6). If Intrade requires evidence of your identity and it is not received within a reasonable time Intrade may suspend your account until such proof is received. No withdrawal will be processed until receipt of requested information.

5.1.5 Intrade does not accept any liability or responsibility if it makes a payment in accordance with your instructions but there was an error in your instructions.

5.1.6 If an account has been funded by credit or debit card Intrade may request proof of identity, address and credit card ownership (copy of front and back of credit card) before processing any withdrawal request received. If this information is requested then receipt is required before any withdrawal can be processed.

5.1.7 Intrade reserves the right to hold any withdrawal request pending the completion of any investigation relating to market manipulation or any suspected act that is not in the best interests of Intrade.

5.1.8 In the course of processing member's deposits and withdrawals Intrade may incur banking charges. Where the members funds and account activity do not generate sufficient account fees and to cover incurred banking charges prior to withdrawing funds, Intrade reserves the right to deduct any negative difference between fees received and banking charges incurred from any withdrawal request.

5.2 Bank Wire Transfer

5.2.1 Withdrawals will only be paid to the member's bank account or to a brokerage account held in the name of the member. You cannot send a bank wire withdrawal to someone else's bank account.

5.2.2 There is a $20.00 charged by Intrade for processing a bank wire transfer withdrawal. All fees charged for processing the wire by the sending bank, the receiving bank or any intermediary bank the transfer is routed through are payable by the receiver of the transfer (i.e. the member requesting the withdrawal). These fees will not be covered or refunded by Intrade.

5.2.3 Withdrawals will be processed by Intrade as soon as possible, which is typically within one business day of the request. Bank wires can only be processed by our Banking Department during normal banking hours which are Monday to Friday between the hours of 9:00am and 4:00pm Irish time (ET +5 hours).

5.3 Checks

5.3.1 You may withdraw funds by requesting a US Dollar check.

5.3.2 To help minimize the clearing times when you receive your withdrawal check we send you banker's drafts, which are similar to cashier's checks. This process should normally save you up to 5 days on clearing times. Checks will be mailed to the address you registered on Intrade, normally within three working days of your withdrawal request.

5.3.3 The cost of issuing a withdrawal check is payable by the receiver (i.e. the Intrade member requesting the withdrawal) and will be deducted from the withdrawal amount requested. This will be done by the issuing bank and not by Intrade. Details of the cost of issuing the check will be attached to the check itself when it is received. The current cost of issuing a check is €4.00.

5.3.4 You may request that the check is sent by FedEx with a tracking number supplied. Such requests must be received by midday Irish time (EST +5 hours) on a working day. This service will incur an additional charge. Further details of timings and cost are available from Intrade.

5.3.5 It may be possible to withdraw funds using a banker's draft drawn in a currency other than US Dollars. Further details are available from Intrade

5.3.6 Due to the vagaries of the postal systems it can take up to 15 business days from date of request for the check to be received. If you have not received your check within 20 business days of request please contact us immediately.

5.3.7 Checks will only be made payable to the name of the Intrade account holder. Intrade cannot issue checks to a third party.

5.3.8 Checks can only be processed by our Banking Department during normal banking hours which are Monday to Friday between the hours of 9:00am and 4:00pm Irish time (ET +5 hours).

5.3.9 For your first check withdrawal per calendar month you will incur only the cost of issuing the check (see Rule 5.4.3). Any further check withdrawals in the same calendar month will incur a $10.00 admin fee from Intrade in addition to the cost of issuing the check.

6.0 ANTI-MONEY LAUNDERING PROVISIONS

6.1 Intrade as an Irish resident company applies Irish anti-money laundering regulations.

6.2 All members agree to provide proof of identity, address and, if appropriate, proof of ownership of your registered bank account or credit or debit card. If the requested documents are not received as requested, your account will be suspended and may subsequently be closed.

7.0 TRADING

7.1 General

7.1.1 Intrade recommends that all members view available demonstrations and or read relevant FAQ's and guides prior to trading on Intrade.

7.1.2 Intrade accepts no responsibility for any losses incurred due to a member's inability or delay in accessing or using the website. You are reminded that the Market Rules contain additional specific regulations relating to trading a market, while they do not contain any information specific to Intrade or member downtime.

7.1.3 Intrade forbids trading based on Inside Information unless the trader discloses the information to Intrade. Intrade may then in its absolute right disclose the Inside Information on the Intrade platform for the benefit of the general public. This will be done for informational purposes only and without guarantees regarding the validity of the information. Intrade will not under any circumstances reveal the identity of the disclosing trader.

Inside Information is defined as material information about an event market that is the sole knowledge of a single person or a select few (such as a company's board of directors, management, agents, counterparties, employees or similar) but not by the public generally. Intrade reserves the right to reverse any trades it suspects have been executed by a member in possession of Inside Information. Other sanctions such as account suspension or account closure may be applied.

7.1.4 Intrade provides an order book for all listed markets. Members may enter orders to this book to buy or sell shares or cancel orders to buy or sell shares through Intrade website.

7.2 Trading Hours

7.2.1 Trading hours, during which orders to buy or sell shares may be entered and matched, are normally from 8:45am until 8:00am the following morning Irish time (EST +5 hours).

7.2.2 Where possible, changes to the published trading hours will be published on the "Exchange News" section of the website.

7.2.3 Intrade reserves the right to amend trading hours at short notice.

7.2.4 Trading services may be temporarily suspended to permit scheduled system maintenance and enhancements, after all markets have been suspended (paused).

7.2.5 To ensure an orderly market, Intrade retains the right to pause trading in any market for any period, at any time and for any duration. While a market is paused, no new orders to buy or sell shares may be added but open orders may be cancelled.

7.2.6 For a short period each day, outside of trading hours, Intrade updates accounts. During this daily maintenance period requests to cancel orders to buy or sell shares and deposit or withdraw funds will be delayed. Otherwise, even when Intrade is closed, you may cancel open orders to buy or sell shares, view account information, initiate payments and request withdrawals.

7.2.7 Trading services may be temporarily unavailable for any number of non-scheduled technical reasons including but not limited to hardware or software failures or failures related to the Internet.

In such situations Intrade will endeavour on a best efforts basis to follow the procedure detailed below. However, if for whatever reason Intrade is unable to follow its procedure, any claimed or actual loss suffered by a member for any reason will not be the liability of Intrade in compliance with 7.1.2 above.

If trading services become unavailable to all due to hardware, software or other problem, Intrade will endeavour on a best efforts basis to pause all in-running markets and cancel all open orders to buy or sell shares before trading services are made available again to members. This procedure is designed as far as possible to protect members who had left orders to buy or sell shares open in the market from a loss caused by the movement of a market during the downtime.

If orders to buy or sell shares entered by a member on an in-running market before the trading services became unavailable to all, are matched after trading services become available Intrade will look at the underlying market and determine if the order was executed at an unrepresentative price at the time the order was matched. In such a case certain trades may be reversed in the interest of maintaining an orderly market.

For the avoidance of doubt all predictions entered into before any downtime will stand.

7.3 Entering Orders to Buy or Sell Shares

To trade on Intrade you must first enter an order to buy or sell shares. A trade is executed when either your new order is entered and another member subsequently matches all or part of your order or your new order immediately matches all or part of another member's open order.

7.3.1 All order prices must be higher than the markets minimum possible settlement price and lower than the markets maximum possible settlement price.

7.3.2 Orders are limited in quantity to the maximum order size.

7.3.3 Your order will be rejected if you have insufficient Available Funds to cover the new margin requirement (see Section 9).

7.3.4 To protect the interests of Intrade and its members Intrade may restrict a member to entering closing orders only.

7.3.5 Orders may be permitted via automated order entry practices with prior agreement with Intrade and by using Intrade's application programmable interface (API). Intrade reserves the right to prohibit automated order entry, and/or to prohibit small-automated orders (9 shares or less) immediately ahead of non-automated orders.

7.3.6 Orders on certain events and markets may be held for a period (e.g. 1 second) prior to being made live and available to trade against. This delay may be changed from time to time depending on the event or underlying circumstances.

The rationale behind this feature is to reasonably protect members who enter orders on a market from potentially losing money as a result of access to slower information over which they have no control e.g. a delayed TV signal or a delayed data feed.

7.3.7 Orders on in-running Financial Markets are currently held for 0.5 seconds. This delay may be changed from time to time depending on the event or underlying circumstances.

7.3.8 When a member cancels an existing order the cancellation is processed immediately.

7.4 Cancelling Orders to Buy or Sell Shares

7.4.1 When you enter an order to buy or sell shares on any market the order will remain live in the market until it is matched, until the market is settled or until you cancel the order.

7.4.2 You may cancel orders to buy or sell shares that have not been matched at any time before the settlement of the market.

7.4.3 If the minimum or maximum possible settlement price of a market change, orders with prices below the minimum possible settlement price or above the maximum possible settlement price will automatically be cancelled.

7.6 Trades

When your order to buy or sell shares is matched with an order entered by another member a trade occurs.

7.6.1 Matching occurs when an order to buy/sell shares is placed at a higher/lower price than any order already open in the market.

7.6.2 Where the quantity of the new order is less than the order already open in the market, the smaller quantity will be matched and the remaining quantity of the order will remain open in the market to be matched later.

7.6.3 When matching orders Intrade gives priority first by price and then by the time that the order was received by Intrade.

7.6.4 Members are notified of new trades in the Notifications section of the My Intrade page of the website. Additionally you may set up a notification where Intrade automatically sends you an email with details of the trade.

7.6.5 A trade cannot be withdrawn or cancelled by the member and Intrade cannot guarantee that the resulting open prediction may be closed with a new trade (see Section 7.8).

7.6.6 It is possible that you may enter an order to buy or sell shares which appears to match against an existing order but that order may either have been withdrawn or matched by another member before Intrade receives your order.

7.7 Open Predictions

An open prediction represents the net result of your previous trading activity.

7.7.1 Each time you trade your open prediction in that market is updated. Although your trade has been executed with another member, your open prediction shows your effective net prediction against Intrade.

7.7.2 A positive open prediction indicates that you have bought more shares than you have sold. A negative open prediction indicates that you have sold more shares than you have bought.

7.8 Closing Out Predictions

"Closing out" occurs when you had previously bought shares and have now sold the same shares, or you had previously sold shares and have now bought the same shares. In such circumstances your open prediction is always reduced.

7.8.1 You may close out your prediction by trading on Intrade with any other member.

7.8.2 Intrade does not guarantee that you will be able to close out an open prediction at any given time.

7.8.2 When the prediction is closed out Intrade:

a) calculates your profit or loss from the closing trade and applies this to your account balance (see Section 8.3);

b) re-calculates your margin requirements based on any remaining prediction (see Section 9.0).

7.9 Market Settlement

7.9.1 Intrade settles a market and sets the settlement price after the conclusion of the relevant event(s). Where a market has expired after 9:00pm Irish time (EST +5 hours) the market may not be settled until the following morning.

7.9.2 Unless the relevant rules state otherwise Intrade has the right to settle a market early if the end result of the underlying event is clear and not subject to change

7.9.3 Rules governing specific markets are contained in and supplemented by the Market Specific Rules. If you are unsure about any rules you must contact Intrade before you trade.

7.9.4 When Intrade settles a market it takes the following actions:

a) closes the market to prevent further trading

b) cancels any outstanding orders to buy or sell shares

c) sets a settlement price

d) reconciles all open positions with an automatic counter trade at the settlement price

e) calculates the Expiry Profit or Loss and applies this to your account balance

f) re-calculates your margin requirements based on any remaining prediction (see Section 9.0).

7.9.5 The settlement price is determined by the outcome of the underlying event in accordance with the Market Specific Rules published on the website for that particular market.

7.9.6 The settlement price will not exceed the market's maximum price or be less than the market's minimum price.

7.9.7 Where there is uncertainty over the settlement of a market Intrade reserves the absolute right to determine how a market will be settled (when and at what price). Intrade also reserves the right to wait for further information before settling any market.

8.0 SETTLEMENT

8.1 General

8.1.1 Intrade credits/debits your account with trading profits and losses and freezes your funds to cover margin requirements for open orders and open predictions in order to protect itself and its members against a member failing to pay any losses that arise on open positions.

8.1.2 Trading profits and losses are applied to your account in two ways:

a) Trade P&L (profit & loss)

b) Expiry P&L (profit& loss)

8.2 Trade P&L

8.2.1 Each time a trade reduces your open prediction in a market Intrade calculates the profit and loss on the closing trade. This amount is known as Trade P&L (profit & loss).

8.2.2 Trade P&L is calculated by multiplying the number of shares traded in your closing trade by the difference in price between the open prediction's average price and the price of the closing trade.

8.2.3 The resulting amount is immediately added (profits) to or deducted (losses) from your account balance.

8.2.4 The average price of the open prediction remains unchanged unless all of the open prediction has been closed out.

8.3 Expiry P&L

8.3.1 At the settlement of each market (see Section 7.9) Intrade applies Expiry P&L (profit & loss) to your account balance.

8.3.2 Expiry P&L is calculated by multiplying the number of shares in the open prediction by the difference between the open predictions average price and the settlement price.

8.3.3 The resulting amount is immediately added (profits) to or deducted (losses) from your account balance.

9.0 MARGIN

Margin is the funds required to cover your open orders to buy or sell shares and the your open predictions.

9.1 Intrade requires you to cover your maximum future potential losses on your open orders and open predictions. The funds required to cover these potential losses will be 'frozen' in your account. These frozen funds are displayed on the My Intrade page of the website as funds "Already Invested".

9.2 Margin is calculated and frozen funds amended each time you enter or cancel an order to buy or sell shares or execute a trade. On entering an order to buy or sell shares if you have insufficient funds to cover the margin requirement your order will be rejected.

10.0 MARGIN CALLS

10.1 If you have insufficient funds in your account to cover the required margin Intrade may issue a Margin Call by e-mailing you to deposit more funds.

10.2 If within two working days of the margin call you fail to deposit the required funds or reduce your open predictions to a level whereby you have sufficient margin, Intrade has the right to take any or all of the following actions:

a) immediately terminate this agreement and close your account in accordance with section 2.6;

b) cancel some or all of your open orders to buy or sell shares and reduce your open prediction without further notice to you.

10.3 In taking action under Section 10.2, Intrade does not have any obligation to trade at any particular price when it liquidates your predictions, to minimize any losses you may incur as a result of Intrade liquidating your account or consult with you about the actions it is taking.

10.4 All members are responsible for monitoring their accounts and ensuring that they have sufficient funds in their account.

10.5 Intrade may choose not to make a margin call if it deems the amount to be too small. Such a decision does not affect your liability to Intrade.

11.0 FEES

11.1 Intrade charges a monthly fee of $4.99 to each member with an open account with a cash balance of $10.00 or more. This fee is charged on the first day of each calendar month.

11.2 The monthly fee is debited from the cash balance of the member's account (not the available funds balance).

11.3 Where a funded account is inactive for 18 months or more a $5.00 dormant account fee will be charged. The account holder will receive an email prior to the first fee being charged.

11.4 Any changes to the fees charged by Intrade will be advertised on the website at least four weeks in advance of the change. Intrade has no obligation to contact you directly regarding any such changes.

12.0 GENERAL LEGAL

12.1 The failure of a party to take action in respect of any breach of these Rules shall not constitute a waiver of any other breach of the same or any other provisions of these Rules and no waiver shall be effective unless made in writing.

12.2 If any part of this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such part shall either be interpreted in a way which can be enforced and is near to the original intent or be severed from the remainder of this Agreement, the remainder of this Agreement continuing to be valid and enforceable to the fullest extent permitted by law.

12.3 These Rules (incorporating all Market Rules and Market Specific Rules) constitute the entire agreement between you and Intrade and supersede all prior oral or written agreements, understandings, representations or arrangements (unless fraudulent).

12.4 These Rules and the agreement they create between you and Intrade is personal to you and you may not transfer or assign the agreement or any part to any third party.

12.5 These Rules shall be construed and governed by the laws of Ireland and you hereby irrevocably submit to the non-exclusive jurisdiction of the Irish courts. Irrespective of the foregoing, you agree to comply with any local laws that may apply to your ability to access, use and deal with the services in any manner.

12.6 Intrade shall not be liable for any breach of its obligations hereunder resulting from causes beyond its reasonable control including, without limitation, fires, flood and strikes (of its own or other employees), technology, network or power supply failures.

12.7 You agree that your telephone calls made to Intrade may be recorded for member service or security purposes.

12.8 This website is owned and operated by Intrade The Prediction Market Limited, Units 9 & 10, The Village Centre, Lucan, Co. Dublin, Ireland.

13.0 LIMITATIONS ON INTRADE'S LIABILITY

13.1 The service is subject to availability. Intrade will use its reasonable endeavours to provide you with a continuous service but Intrade makes no warranty or representation that the service will be uninterrupted or error free, nor is any warranty given that the content contained on the website does not contain viruses or may otherwise impact your computer. You acknowledge that neither Intrade nor any other party has any control over the internet.

13.2 Services are provided on an "as is" basis and Intrade make no warranties or representations of any kind either express or implied in relation to the service including but not limited to warranties or conditions of completeness, accuracy, timeliness, quality (satisfactory or otherwise), merchantability and fitness for a particular purpose.

13.3 No advice or information whether oral or written obtained by you from Intrade or through or from the service shall create any warranty not expressly stated in these Rules.

13.4 Save as expressly set out in these Rules, all conditions and warranties which may be implied or incorporated into these Rules by law or otherwise are hereby expressly excluded to the extent permitted by law.

13.5 Except for death and personal injury arising from Intrade's negligence, Intrade shall not be liable for any indirect, incidental, special, punitive or consequential loss or damages arising from or in connection with these Rules or your use of any Intrade provided services.

13.6 Intrade's maximum aggregate liability under these Rules for any direct loss or damage that you may suffer shall be limited to the aggregate amount on deposit by you with Intrade for the purposes of your use of the service.

13.7 If any exclusion, disclaimer or other provision contained in these Rules is held invalid for any reason and Intrade becomes liable for loss or damage that could otherwise be limited, such liability, whether in contract, negligence or otherwise, will not exceed the aggregate amount deposited by you with Intrade for the purposes of your use of the service

13.8 Intrade accepts no liability for any defamatory, obscene or offensive material published on the service, whether on the website, by e-mail or otherwise and you agree to fully indemnify Intrade for all liability, as defined in Section 14, incurred through your use of Intrade and incurred by Intrade in relation to any publication by you. Intrade accepts no liability for the content of any other sites linked to Intrade's website.

13.9 Some jurisdictions do not permit the limitation or exclusion of liability for loss or damage or the limitation or exclusion of certain implied warranties. Accordingly some of the limitations and exclusions specified in these Rules may not apply to you.

14.0 INDEMNITY

You agree to fully and effectively indemnify and keep indemnified at all times Intrade and its officers, directors, employees, affiliates and agents, immediately on demand against all and any liability (which liability shall include, without limitation, all losses, costs, claims, expenses, demands, actions, damages, legal and other professional fees and expenses on a full indemnity basis) which Intrade or any of those individuals may suffer or incur as a result of access to and/or use of the service by you, any information, data or material produced by you or any breach by you of any of the provisions of these Rules (or of any law, code or regulation relating thereto or otherwise to the service).

15.0 INTELLECTUAL PROPERTY AND RIGHTS TO USE

15.1 Intrade hereby grants to you and you hereby accept a non-exclusive and non-transferable license to use any software provided by Intrade for the sole purpose of enabling you to use the service. You acknowledge and agree that the title to all copyright, trademarks and all other intellectual property rights in any software or other material which you are able to use as part of the service is and shall at all times remain vested in Intrade or its third party licensors.

15.2 You acknowledge that you are permitted to use any such software or materials only as expressly authorized by Intrade or its licensors and may not copy, reproduce, disassemble, reverse compile, adapt, transmit, distribute, sell or sub-license content or create derivative works of such software or other material without express authorization, except for your own personal, non-commercial use.

15.3 You agree that you are not permitted to reproduce, copy, sell, resell or exploit the service (or any part thereof) and use of and access to the services for any commercial purposes. You agree that you will not create any links to the website without the prior consent of Intrade.

15.4 You agree not to take any action or use any device, software or routine that imposes an unreasonable or disproportionately large load on our infrastructure or which may jeopardize or prejudice the operation, quality or integrity of the website and the service.

These rules were last updated 29 December 2012.

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