Due to the on-going negotiations between the United Kingdom and the European Commission, you will appreciate that the position that will apply after 29 March 2019 remains uncertain.

The amendments below (“Amendments”) introduce flexibility in relation to these circumstances should your contract (“Membership Documentation”) be novated from EuroMTS to MTS SPA. This includes permitting such a novation to be dependent upon the eventual conditions; for example, should it become illegal for EuroMTS to provide its services to you and/or illegal for you to receive such services. The Amendments also make clear that any such conditions may be satisfied during the notice period for a novation. A clarification is also made with respect to the notice period required if you wish to terminate the Membership Documentation rather than accept a novation or any related amendments.

Whilst we have summarised the key changes in the paragraph above, you should review the Amendments below and not rely on this summary.

Pursuant to paragraph 9.1 of The EuroMTS Markets Terms and Conditions (Effective as of January 1st 2018) (version 14/12/2017) (“Terms and Conditions”) and in consideration of the mutual agreements and undertakings set out in the Amendments and the sum of £1 paid by MTS to you (the receipt and sufficiency of which is acknowledged by you), MTS is amending the Terms and Conditions with effect from Monday 27 August by incorporating into the Terms and Conditions the following Amendments.

Amendments:

1. The definition of, “Relevant Territory” in paragraph 1.1 shall be amended as follows:

“Relevant Territory”: shall mean the country in which that MTS is elects from time to time required to be authorised to provide in, for the provision of the Services to the Participant;

2. Paragraph 3.6.d. shall be amended to add, “in the Relevant Territory when providing the Service” to the end of it.

3. Paragraph 8.3 shall be amended to: (i) add the words, “or related amendment” between, “or other transfer” and “pursuant to paragraph 15.2 below”; and (ii) replace, “paragraph 15.3” with, “paragraph 15.4”.

4. Paragraphs 13.3.a. and 13.3.b. shall be amended as follows:

“a. in case of amendments referred to in Clause paragraph 9 above and subject to paragraphs 13.3(b) and 15.2 below, the Participant may terminate the Membership Documentation in the manner specified in paragraph 13.2 8.3 above by giving MTS notice to terminate (with effect from the effective date of the relevant notice amendments) within the time established by MTS in the communication containing the text of the amendments referred to in paragraph 9.2 above. In case of amendments made pursuant to paragraph 9.3 above, the advance notice of termination may be communicated up to 1.00 p.m. on the trading day for MTS preceding the effective date of the amendment; and/or
b. in the case of assignment, novation or other transfer and/or related amendment pursuant to paragraph 15.2 below, the Participate Participant may terminate the Membership Documentation with effect from the effective date of assignment, novation or other transfer in the manner specified in paragraph 13.2 8.3 above by giving MTS the relevant notice notice to terminate (with effect from the effective date of such assignment, novation or other transfer) within the time established by MTS in the communication notifying the Participant of the relevant assignment, novation or other transfer and/or related amendment (as applicable) pursuant to paragraph 15.2 below.”

5. Paragraph 13.7 shall be deleted in its entirety.

6. Paragraph 14.1.c. shall be amended as follows:

“c. the Services are substantially transformed, or the relevant MTS Market is closed, as a consequence of legislative or administrative measures adopted by the competent authorities or , or by a decision of MTS the performance of the Service ceases. In case of a decision of MTS, adequate notice shall be provided to the Participant, if feasible or becomes illegal. In the case of such a decision by MTS, MTS shall use reasonable endeavours to give the Participant at least 5 Working Days’ notice in advance of such termination;

7. Paragraph 15.2 shall be amended to: (i) delete, “, such period being not less than 4 weeks”; and (ii) replace, “Clause” with “paragraph”.

8. The following text shall be inserted as a new paragraph immediately after paragraph 15.2:

“15.3 MTS and the Participant acknowledge and agree that any notice of assignment, novation or other transfer, and/or related amendment, given pursuant to paragraph 15.2 above may provide for such assignment, novation or other transfer and/or related amendment to be dependent upon one or more conditions and that any requirement for a minimum period of notice for such assignment, novation, transfer and/or related amendment will be met if the notice of assignment, novation, transfer or related amendment (as appropriate) is received (or deemed to be received) as required by paragraph 15.2 above, even if one or more of those conditions is only satisfied in the course of the minimum notice period required for such notice pursuant to paragraph 15.2. MTS.”

9. Each of the current paragraphs 15.3, 15.4, 15.5 and 15.6 (and all references to them) shall have their decimal increased by 1.

10. In the current paragraph 15.5, “15.5” shall be replaced with, “15.7”.

A redline version of the Terms and Conditions showing the Amendments can be found on the MTS website at General Terms and Conditions - MTS Markets under EuroMTS Terms and Conditions.

Please note that should you disagree with any of the Amendments, you may exercise your right in paragraph 13.3 of the Terms and Conditions to terminate the Membership Documentation until 5pm (UK time) on Friday 24 August 2018. If you should choose to exercise this right, the Membership Document will be terminated as of Monday 27 August 2018. Under these circumstances please be reassured that there is no need to provide 90 days notice in order to terminate the Membership agreement.

For any further clarification, contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com.

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