Rules & Regulations
ConnexMarket

1. ConnexMarket
   ConnexMarket SPOT electronic market is a software system that allows real time negotiation, auction, or auto-matching price discovery processes among many buyers and sellers. ConnexMarket is a proprietary rights of Trade Connex Limited.
2. Responsibilities
   Buyers and Sellers who use the system must be responsible for all transactions and contracts they electronically sign. Trade Connex only provide a system that creates price discovery process and will not be a part of any contract nor made responsible for them whatsoever.
3. Markets and Their Properties
   Market means a marketplace where sellers bring their commodities to get inspected sorted weighed and delivered.
   • Market must be registered as a market in ConnexMarket SPOT Market System with a manager as a responsible person.
   • Market must provide a place and equipments for inspection sorted and weighing for commodities.
   • Market must provide inspectors who are capable of sorting and inspecting commodities for which the market is registered for.
   • Markets may charge fees for their services to sellers but they must clearly announce it beforehand.
4. Membership and Their Properties
   Member means a legal and non-legal entity such as a registered company, partnership cooperatives or a person who have registered on ConnexMarket SPOT Market System. Member must complete their profile on the ConnexMarket system and always keep it up to date. By using ConnexMarket system, users agree to use a bank or financial instruments provided by ConnexMarket system to assist in money transfer from and to their bank accounts for the transaction they commit on the system. Users agree to pay 1% of total transaction values commission to Trade Connex Limited. A member is prohibited to use other member’s login credential. If a member violates any rules, ConnexMarket reserves the right to revoke their membership and ban their login credentials.
5. Buyers’ Obligations
   • Buyers must deposit 10-20% of Contract Values within 2 hours after an agreement is reached or issue a Letter of Credit within 7 days of contract date to a seller’s bank.
   • Buyers must pay the total values of the contract at the agreed upon place of settlement before they can take delivery.
   • Buyers must complete their settlement obligations within agreed upon date and timeBuyers and their proxies must take legal responsibilities for all their actions throughout the auction, negotiation, auto-matching and settlement processes.
   • Buyers agree to pay Trading Fees to Trade Connex Limited. Trading Fees will be determined by Trade Connex Limited and Buyers will be informed of the rates and methods of payment.
6. Sellers’ Obligations
   • Sellers must submit weight (with less than 10% error) and quality of all the commodity they wish to sell 1 day before the auction or auto-matching date to the market.
   • Sellers must deliver a commodity for inspection at the agreed place and time
   • Sellers must pay fees to the market as needed according to each local market rules
   • Any seller who is unable to deliver as agreed upon will be subjected to inquiry by a Market and punishment may include temporary suspension or permanently ban from the market.
7. Inspectors
   Inspectors are qualified persons who are selected by a Market to inspect and sort a commodity in the market. Members may hire surveyors to help with inspections or gathering of commodities for their shipments.
8. Products and Symbols
   • A product is classified by its respective Symbol that is displayed on each auction or auto-matching board
   • Members must take responsibility to read and understand what each symbol means and must make or take settlements for them according to the contract.
9. SPOT and Forward Settlement dates
   • Auction - an auction is delivered in 3 days
   • Auto-Matching - auto-matching contract is settled in 3 or 7 days or on the date stated on top of the auto-matching boards and contract
   • Negotiation - is a forward contract freely negotiated by members and will be settled on the dates stated on each contract
10. Settlement Disputes
    • Settlement Disputes will be handled first by market operators and then by Market Committee that agreed upon by seller and buyer of the disputed case