CONTAINER FREIGHT FUTURES TRADING COMPETITION ("BANDS Cup") TERMS AND CONDITIONS ("Terms")

BANDS Financial Limited ("BANDS") hosts a complimentary simulated electronic trading competition on container freight index futures ("CoFIF") exclusive to individuals and companies in the container shipping industry. The Contestants will use the Esunny trading software application ("Esunny App") to execute trades and access market data and technical analysis tools in a simulated market mirroring that of the live CoFIF listed on the Shanghai International Energy Exchange ("INE"). BANDS will provide user training before and during the 6-month-long competition. The participants in the BANDS Cup ("Contestants") may choose to compete either in the company or the individual league ("Company League" or "Individual League"). At closure, the [three] companies with the highest equity balance in the Company League and the [three] individuals with the highest equity balance in the Individual League will be the winners of the BANDS Cup ("Winners").

Prizes for the Winners will be (1) the BANDS Cup award, and (2), for those qualified to trade live CoFIF through BANDS, one fully paid lot of the INE CoFIF contract for each Winner in Company League or one lot of initial margin-paid INE CoFIF contract for each Winner in Individual League.

ADMISSION, TRADING IN AND WINNING OF THE BANDS CUP DO NOT GUARANTEE A CONTESTANT ACCESS TO THE COFIF CONTRACTS AS PRIZES. WINNERS WILL ONLY RECEIVE THESE COFIF CONTRACTS AFTER THEY OPEN ACCOUNTS AT BANDS AND ARE APPROVED BY THE CHINESE MARKET REGULATORS AND EXCHANGES FOR ACCESS TO THE CHINESE FUTURES MARKET.

By participating in the BANDS Cup, Contestants agree to these Terms, which are final and binding in all respects.

Please refer to https://bands.financial/cofif-competition-2024/index.html (the "BANDS Cup Page") for further details applicable to the BANDS Cup.

Eligibility

The BANDS Cup is complimentary and open to executives or companies which are

  • involved in the container shipping industry, e.g. container liners, freight forwarders, ocean shipping departments of beneficial cargo owners, or containership owners;
  • resident in and have citizenship of a country located in the eligible territories, e.g. Africa, Asia, Europe, Latin America, Middle East and Oceania ("Eligible Territories");
  • not on any sanction list;
  • not associated with BANDS.

BANDS reserves the right to disqualify any Contestant if it is demonstrated on reasonable grounds that the Contestant's participation in any form would violate local law or these Terms and Conditions or cause material damage to the reputation of the BANDS Cup, BANDS and/or any other party or otherwise contravene the spirit of fair competition.

For the avoidance of doubt, it is expressly stated, understood and accepted by each Contestant that the BANDS Cup requires a high degree of skill and is not in any way intended or considered to be a game of chance and nor does it meets the definition of gaming or gambling.

The Competition

Format

  • Two leagues: Companies or Individuals
  • Quota: 5-20 Companies and 50-200 Individuals ("Quota")
  • If the number of companies or individuals registered exceeds the Quota, BANDS reserves the right to select the most desirable Contestants considering (1) geographic diversity; (2) industry sector diversity; (3) a company or individual's proximity to the sales or procurement of container shipping slots in the Asia-North Europe route.
  • If the number of companies or individuals registered is below the minimum level of the Quota, BANDS reserves the right to cancel both or the respective Leagues that could not meet the Quota minimum.

Registration

  • Registration opens on 1 May 2024 at 09:00 Hong Kong Time ("HKT)
  • Registration closes on 31 May 2024 at 15:00 HKT
    • Late Registrations: Registration will remain open throughout the competition period. However, to ensure fairness, late registrants will be considered to have been inactive in accordance with the "Minimum Deployment Level" rules. Their initial funds will be reduced accordingly.
  • Registration page: Register here
  • The following is the minimum information required for registration purposes:
    • First Name (Eng):
    • Surname (Eng):
    • User Name (may be shown publicly):
    • Nationality:
    • League: Company/Individual
    • Competition Correspondence Email Address:
    • Contact Number:
    • Competition Correspondence Email Address:
    • Work Email Address (for one-off employment validation if different from the correspondence email address):
    • Company/Employer:
    • Role at Company/Employer:
    • Sector of Company/Employer: Liner/Freight Forwarder/BCO/Ship Owner
    • Company/Employment Office Address:
    • Investment Experience
      • FFAs / Freight Futures & Options: Y/N; If Y, year(s) of Experience
      • Other Futures & Options: Y/N; If Y, year(s) of Experience
      • Forex & Commodities: Y/N; If Y, year(s) of Experience
      • Stocks: Y/N; If Y, year(s) of Experience
      • Bonds: Y/N; If Y, year(s) of Experience
      • Short Selling: Y/N; If Y, year(s) of Experience

Personal Data

Personal data and data concerning an individual's employment or professional experience will be collected, held and processed by BANDS to comply with these Terms. By participating, the Contestant agrees to the processing of their data by BANDS, and that personal data provided may be used, distributed, and maintained in accordance with BANDS' Privacy Policy. Your personal data will not be passed on to any third parties. Contestants' User Names may be published in the League Tables, information for the awards ceremony and related announcements. You have the right to access, modify and delete your personal data by contacting us at bands-cup-2024@bandsfinancial.com.

By participating, each Contestant agrees that his/her submission is gratuitous and made without restriction and will not place BANDS under any obligation.

  • A Contestant will enter a User Name, which could be its/his/her real name or a pseudonym. The User Name will be shown in the League Tables.
  • BANDS reserves the right to verify the identity and accuracy of the submitted information of the Winners prior to awarding a prize.
  • FURTHER INFORMATION ON AND AN ELIGIBILITY ASSESSMENT OF EACH WINNER WILL BE REQUIRED FOR ACCOUNT OPENING AT BANDS UNLESS THE WINNER ELECTS TO FORFEIT ITS/HIS/HER COFIF PRIZE.

Competition Period

  • The BANDS Cup begins on 3 Jun 2024 at 08:55 HKT.
  • The BANDS Cup ends on 29 Nov 2024 at 15:00 HKT (the "BANDS Cup Period").

Trading

  • Contestants will be able to trade all EC contracts listed on the International Energy Exchange ("INE") through the Esunny App.
  • The Esunny App is a trading software application that allows Contestants to directly enter their own trades and participate in the trading process.
  • A simulated marketplace mirroring the live CoFIF market and applying all product specifications of the EC contracts will be provided by Esunny. Please refer to the INE EC product website for details about the EC contract.
  • Beginning account balances are set at a virtual cash amount of RMB 80,000,000 for Company Contestants; or RMB 8,000,000 for Individual Contestants.
  • Teams are required to deploy at least 75% of the virtual cash ("Minimal Deployment Level") no later than the end of June and maintain the Minimal Deployment Level throughout the BANDS Cup. Undeployed cash will not earn any interest.
  • An account's deployment level is calculated as follows using the account data on Fridays at market close: (Account Initial Margin / Minimum INE EC Initial Margin Level) / Account Equity Balance
  • A virtual penalty to the amount of RMB 4,000,000 for Company Contestants or RMB 400,000 for Individual Contestants per week will be applied to Contestants who fail to meet the Minimal Deployment Level by the market close at the end of every trading week during the BANDS Cup Period.
  • Algorithmic trading is not permitted.
  • Contestants who completely deplete their account funds will not receive additional account funds.
  • BANDS and Esunny are not responsible for any trading errors.
  • BANDS reserves the right to cancel any trades or disqualify any Contestant if it is demonstrated on reasonable grounds that a trade or a Contestant's trading activities amount to violations of the applicable trading rules of the INE or a trade or a Contestant's trading activities cause material damage to the reputation of the BANDS Cup.

League Table and Winner Selection

  • Each team's account equity balance will be updated live in the Esunny App.
  • Two league tables ("League Tables") will be published and reported once a week on the close of the CoFIF market each Monday. If the reporting day falls on a public holiday in China, the weekly report will be provided on the working day following the public holiday.
  • The League Tables will provide rankings of top Company Contestants and Individual Contestant respectively, determined by the account equity balance in RMB at the end of each reporting period.
  • The League Table and winners' list, together with any analysis, may disclose Contestants' User Name, Sector of Company/Employer and Nationality.
  • The top 3 Company Contestants and top 3 Individual Contestants, determined by the highest final account equity balance in RMB at the conclusion of the BANDS Cup, are shortlisted as winners ("Winners").
  • Each Contestant hereby expressly consents that their User Name, Sector of Company/Employer and Nationality may be publicly available in the League Tables or winners' list together with any analysis and that the Winners' real names may be published after the conclusion of the BANDS Cup.

Potential Winners will be contacted by email within three (3) calendar days from the last day of the BANDS Cup Period using the competition Competition Correspondence Email Address provided at the time of registration. If the Winner email notification is returned as undeliverable, the prize may be forfeited. BANDS is not responsible for any change in email, mailing address and/or telephone number of Contestants. Unclaimed prizes will not be awarded.

Each Winner is required to return:

  • the Affidavit of Eligibility within seven (7) calendar days from receipt of the winner email notification to receive the BANDS Cup trophy;
  • further information for the account opening at BANDS in order to claim its/his/her CoFIF prize unless the Winner elects to forfeit its/his/her CoFIF prize. A Winner is considered to have forfeited its/his/her CoFIF prize if its/his/her account opening submission is incomplete or deemed unsatisfactory by BANDS thirty (30) calendar days after the last day of BANDS Cup Period.

Prize Details

The Winners will receive:

  • BANDS Cup;
  • For Company Contestants, one lot of fully paid EC 2510 provided that the Winner is eligible and willing to open an account at BANDS and approved by the Chinese regulators and exchanges to access the Chinese futures market; or For Individual Contestants, one lot of initial margin-paid EC 2510 provided that the individual is eligible and willing to open an account at BANDS and approved by the Chinese regulators and exchanges to access the Chinese futures market (the "Prizes").

ADMISSION TO THE BANDS CUP AND WINNING DO NOT GUARANTEE A CONTESTANT ACCESS TO THE COFIF CONTRACTS AS PRIZES. WINNERS WILL ONLY RECEIVE THESE COFIF CONTRACTS AFTER THEY OPEN ACCOUNTS AT BANDS AND ARE APPROVED BY THE CHINESE MARKET REGULATORS AND EXCHANGES FOR ACCESS TO THE CHINESE FUTURES MARKET.

In the event EC 2510 contracts are not available, a similar EC contract will be used as Prizes at the discretion of BANDS.

Winners will be solely responsible for all federal, state, provincial, territorial and/or local taxes, and for any other fees or costs associated with the prize they receive, regardless of whether it, in whole or in part, is used. Winners will be solely responsible for complying with any tax, tax related obligations in relation to the reception of the Prizes.

Withdrawal

Each Contestant may withdraw their consent and hence their participation in the BANDS Cup at any time by sending an email to bands-cup-2024@bandsfinancial.com.

General Terms and Conditions

  • BANDS is not responsible for incorrect or inaccurate entry information due to a cause beyond its reasonable control, which may occur in the processing of the registrations or trades.
  • BANDS is not responsible for computer system, phone line, hardware, software malfunctions, or other errors, failures or delays in computer transmissions or network connections that are human or technical in nature beyond its reasonable control.
  • BANDS reserves the right to disqualify any individual who tampers with the registration and/or trading process.
  • BANDS reserves the right to cancel or suspend one or both Leagues of this BANDS Cup in case fraud, viruses, bugs, participation not reaching the minimum Quota, or other causes beyond the control of BANDS corrupt the administration, security or proper operation of the BANDS Cup.
  • In the event of a cancellation on or before 30 Jun 2024, the BANDS Cup will be cancelled without prizes being presented.
  • In the event of a cancellation after 30 Jun 2024, BANDS will award the prizes to eligible Contestants who have completed all necessary steps for registration prior to the cancellation and whose trading activities have resulted in them having one of the top three highest account equity balances based on the RMB value at the latest available settlement time at the time of the cancellation of the BANDS Cup.
  • By participating, Contestants grant to BANDS for a period of five (5) years, a non-exclusive, free of charge authorisation to use, copy, sublicense, transmit, distribute, publish, edit, delete, display, create derivatives works of, and otherwise exploit Contestants' BANDS Cup trading accounts, or any portion thereof, together with other materials, edited or altered as BANDS sees fit, in any manner, in any media now known or hereafter devised, without compensation for the purposes of managing, operating, further developing and promoting the BANDS Cup and the results thereof.
  • Strictly to the extent permitted by applicable law, the Contestants hereby waive (or agree not to enforce) any moral rights they may have in and to the BANDS Cup trading account and their entries. To the extent that the rights of any such trading account do not automatically vest in BANDS, then the Contestants hereby agree to take any such action required to formally assign said rights to BANDS at BANDS' direct request.

Governing Law and Jurisdiction

These Terms shall be governed by and constructed in accordance with the Laws of the Hong Kong Special Administration Region of China.

Contact

Inquiries should be sent to bands-cup-2024@bandsfinancial.com.

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