- Internet Site User Agreement
- Regulatory Disclosures
Disnat classic internet site user agreement
- Information Source
- Disclosure and Acknowledgement
- Use of Password
- Trade Orders
- Trademarks and Copyright
- Limits of Liability
- General Provisions
- Information on Multiple Marketplaces
- Alpha Trading Systems Limited Partnership (Alpha)
- Unclaimed Property
Whereas Desjardins Online Brokerage Disnat (hereinafter “Disnat”) , a division of Desjardins Securities Inc., is offering you the use of its online brokerage service (hereinafter, "Internet Services"), subject to your acceptance of each and every term and condition stipulated herein, and of each and every term and condition set forth in the appropriate account agreements, and subject to Disnat reserving its right to terminate the present agreement and discontinue its Internet Services, at any time, either in general or for one particular customer, you accept as user of these services (hereinafter the "User"), and consequently agree to each of the following terms and conditions:
- “Password” means the User's personal password, as selected and/or subsequently modified by the User.
- “Transaction Order” means any order to buy, sell or short sell securities which is transmitted by the User to Disnat, using the Internet Services.
- “Securities” include any stock, any debt equity, any option, any unit of a mutual fund or any other securities.
- “Computer” includes any type of computer or instrument from which the user can access its brokerage account or online information, including amongst others any similar device such as Blackberry, Palm and other types of smart phones, etc.
The information, facts and data provided by the Internet Services, including those provided to Disnat by any third party have been obtained from generally reliable sources. These information, facts and data are provided for information purposes only. Disnat or Desjardins Securities inc. does not represent or warrant, explicitly or implicitly, the timeliness, accuracy, quality or completeness of said information, facts and data. The User agrees and acknowledges that the information, facts and data provided by Disnat's information suppliers may include views and general recommendations but that Disnat does not endorse such advice or recommendations, nor does it provide investment recommendations or give tax, accounting or legal opinions, nor does it recommend the purchase and/or sale of any Securities.
Disnat, Desjardins Securities Inc. and its information suppliers shall not be liable to the User for the unavailability, interruption, delay, incompleteness or inaccuracy of information, facts and data.
Under no circumstances may Disnat, Desjardins Securities Inc. and its suppliers be held responsible, in any manner whatsoever, either by the User or a third party, for direct or indirect, special, punitive, consequential or incidental damages, including interest, notably, and without limiting the generality of the following, any loss of revenue or any loss of prospective economic advantage, due to the interruption of the Internet Services or an increase in operating costs, or any other damage or all other loss, costs or fees or damages stemming from any cause whatsoever, even if Disnat, Desjardins Securities Inc., and its suppliers have been informed about the possibility of such damages, including interest, costs or fees.
Disclosure and Acknowledgment
Disnat is merely providing an order-execution only service. Disnat does not and will not provide any recommendations to the User nor any of its other clients, and will not be responsible for making a suitability determination of trades when accepting orders from a User. The User acknowledges and agrees that he alone is responsible for his investment decisions and that Disnat does not and will not consider his financial situation, investment knowledge, investment objectives and risk tolerance when accepting orders from him. The User represents and warrants to Disnat that he has the required investment knowledge and appropriate experience in order to make his own investment decisions, and the financial capacity and risk tolerance to sustain any trading losses or loss of anticipated profits that may arise from his investment decisions.
In using the Internet Services and, particularly, in giving transaction orders, the User acknowledges that Disnat operates a discount brokerage service that does not provide any advice or recommendation to its customers, and the User represents and warrants to Disnat that he has all the required knowledge and the pertinent experience to make his own choices regarding his investments, and that he has consulted or will consult, every time it was or will be either necessary or appropriate, his own investment, tax, accounting or legal advisors.
Use of Password
The User agrees not to select an obvious Password, such as his date of birth and to change his password on a regular basis to reduce the potential for unauthorized use.
The User agrees to be the sole user of his computer or similar device and not to divulge his Password to anyone, in any manner and for any reason whatsoever, nor to record it on any documentation that is readily accessible. In all cases, the User is solely responsible for all the infractions and omissions of security measures and is solely responsible for all the costs and fees generated and for any operations and transactions made using his Password and for any associated charges and fees. Neither Disnat nor Desjardins Securities Inc. may be held responsible for any loss, charges, fees, operations or transactions made following the use of the User’s Password by the User himself, or by any unauthorized person.
The User agrees to immediately notify Disnat and to immediately change his Password by accessing the platform of the Disnat’s main Web site from the moment he becomes aware of the use of his Password by an unauthorized person, or suspect that another party knows of it and wishes to use it fraudulently and as soon as he is aware of the theft or loss of his computer or similar device or of documentation on which is inscribed the Password.
The User agrees not to let a third party use his computer or similar device or leave his computer or similar device unattended after he has entered his password, unless he first logs off in a secured way from the Internet Services.
The User agrees and acknowledges that all transaction orders are subject to verification of his Disnat account, which includes, the sufficiency of funds. The User acknowledges the right of Disnat to refuse to execute any transaction orders, at its sole discretion, in accordance with the applicable regulations.
Notwithstanding the above, the User hereby authorizes Disnat to execute any transaction order submitted using the Internet Services, and agrees to be solely responsible for any instructions communicated to Disnat using the Internet Services.
The User accepts that it is not possible to change, via the Internet Services or otherwise, a transaction order that has already been executed by Disnat.
The User agrees and acknowledges that, with respect to subsequent changes to a transaction order that has not yet been executed, Disnat is required only to act on a "best efforts" basis, according to the circumstances.
The User agrees that in the case of any inconsistency between the data generated by the User and the data registered by Disnat's systems, the latter shall prevail.
Disnat cannot guarantee the User the privacy and confidentiality of its Internet Services. Any instructions or messages sent by the User or Disnat can be lost, intercepted or modified. The User agrees that he is using the Internet Services at his own risk and that neither Disnat nor Desjardins Securities Inc. will be responsible for any damages the User may suffer by the loss of confidential information or transaction orders sent by the User or information that Disnat, Desjardins Securities inc. or its suppliers may transmit to the User.
The User also agrees and acknowledges that Disnat and Desjardins Securities Inc. will not be responsible for any damages that the User may incur when Disnat transmits confidential information to the User.
Trademarks and Copyright
The User acknowledges that all information, facts and data conveyed through the Internet Services are proprietary to Disnat, Desjardins Securities Inc. and/or to its information suppliers, and are protected by applicable copyright laws, trademarks laws, device marks law and any other applicable intellectual property laws. The User agrees not to download, retransmit, reproduce or modify the information supplied through the Internet Services, under penalty of a legal proceeding for damages, without the prior consent of Disnat and its information suppliers, unless such reproduction is made for the User's personal use only.
The User agrees that he shall receive information, facts and data solely for his own use.
In no case shall the User retransmit or otherwise furnish information to any other person. The User acknowledges that said information, facts and data are and shall remain the property of Disnat and/or of its information suppliers.
Any names, services, words, phrases, icons or others that are used may constitute trade names, trademarks or service marks of their respective owners, the use of which may have been licensed to them. The display of trade names, trademarks or service marks does not imply that license of any kind has been granted to anyone.
Limits of Liability
A. Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents may, at their discretion, use the Internet Services to act in all matters on instructions or transaction orders given or purporting to be given by the User, or on his behalf, and Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents shall not incur any liability, by reason of acting or not acting on such instructions or transaction order. Neither Disnat, nor Desjardins Securities Inc., nor their directors, officers, employees or agents, nor any information supplier may be held liable for :
- any inaccuracy, error, delay, interruption or omission of any information;
- any loss or injury caused, in whole or in part, by contingencies beyond their control in procuring, interpreting, compiling, writing, editing, reporting or delivering any information or other services through the Internet Services;
- technical hardware or software failures of any kind, lost or unavailable network connections, or failed, incomplete, scrambled or delayed computer transmissions, whether caused by the User, Disnat or a third party, or by any of the equipment or programming associated with or utilized by the Internet Services, or by any technical or human error that may occur in processing a transaction order.
- any decision made or any action taken by the User in response to information provided through the Internet Services.
B. Notwithstanding the foregoing, the User agrees that Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents and its information suppliers shall not be responsible for any kind of legal claim for any loss or damage (whether it be contractual, extra-contractual or otherwise) in any way connected with the Internet Services unless it is caused by intentional or gross fault.
C. The User agrees that Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents and its information suppliers will not be liable for any loss or damage resulting from any cause over which Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents and its information suppliers have no control, including but not limited to, acts or omissions, failure of electronic or mechanical equipment or communication lines, telephone or other inter-connect problems, unauthorized access, theft, power failure, labour disputes or government intervention.
D. The User agrees to accept full responsibility for any loss caused as a result of the submission of a transaction order.
E. Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents and its information suppliers do not warrant the accuracy, completeness, quality, adequacy or content of any information supplied by the Internet Services. Such information is provided "as is" without warranty or condition of any kind, either express or implied, including, without limitation, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. The Internet Services could include inaccuracies or typographical errors.
F. In no case shall Disnat, Desjardins Securities Inc. and their directors, officers, employees or agents and its information suppliers be held liable for any special, direct, indirect, incidental or consequential damages, including without limitation, lost revenues, lost profits or loss of prospective economic advantage, resulting from the use or misuse of the Internet Services, of the information, documents, software or content thereof, even if advised of the possibility of such damages, or for any claim by another party.
Disnat, Desjardins Securities Inc. and their information suppliers offer no guarantees of any kind, express, implied or statutory, with regard to the Internet Services, including the information provided by their information suppliers. In particular, though without limitation, Disnat, Desjardins Securities Inc. and their information suppliers offer no guarantees as to the timely, truthful, sequential, complete, accurate, or continuous nature of the information, facts and data transmitter or shared, nor are any implied warranties given arising from trade usage, course of dealing, course of performance, nor are there any implied warranties of merchantability or compliance for a particular practice or use regarding these information or data.
A. Modifications of provisions: The User agrees that Disnat may, at its sole discretion and without delay, modify any provision of this Agreement and inform the User via the Internet Services.
B. Interruption of the Internet Services: The User agrees and acknowledges that the Internet Services may be interrupted for any cause of any kind and the User agrees to undertake all the risks and suffer all the consequences of all interruptions for any cause of any kind.
C. Non Solicitation clause: The information, facts and data provided by the Internet Services do not constitute in any way a solicitation or an offer to buy or sell any securities.
D. Nullity of Provision: The invalidity or unenforceability of a provision or a condition shall attach only to such provision or condition and shall not affect the remainder of the Agreement.
E. Governing Law: This Agreement shall be governed and construed in accordance with the Canadian province where the User resides.
F. The parties acknowledge that they have required the original agreement and all related documents to be prepared exclusively in English. Les parties reconnaissent avoir exigé que la présente convention et tous les documents connexes soient rédigés exclusivement en anglais.
The User expressly acknowledges having read the Disnat Internet Services User Agreement, and agrees to abide by its provisions. The User acknowledges that he was given sufficient time and opportunity to obtain satisfactory explanations and clarifications of the nature and scope of the terms and conditions of the Disnat Internet Services User Agreement, by consulting the appropriate sections on the web site, or by contacting Disnat by phone at 1-866-873-7103, or in writing at 1170 Peel Street, Suite 105, Montreal, QC, H3B 0A9; as a result, the User declares that he understands and accepts all of the provisions of this Agreement.
Information on Multiple Marketplaces
Over the last few years, new Exchanges have been established in Canada. With the availability of multiple marketplaces (such as Alpha, Pure and Chi-X), new circumstances come into play in the trade order execution process, which is no longer limited to the Toronto Exchange exclusively. Desjardins Securities and Disnat (VMD) therefore prepared an informative document describing the changes applying to various trade types.
For any question, please contact your Desjardins Securities Investment Advisor.
Please note that the trade order execution process may differ for the Disnat Online Brokerage division. We suggest you consult the user guides on www.disnat.com or contact a Disnat representative for additional information.
Hours of Operation for Trading in Listed Canadian Securities
VMD’s trading staff is available for order execution between the hours of 9:30 a.m. and 4:00 p.m., Eastern Time ("ET"), Monday through Friday, not including statutory Canadian holidays. Staff may be further available before and after these hours; however VMD cannot guarantee any order taking and/or trade execution outside of the hours noted above. For Disnat Online Brokerage, the trading service is generally available from 8 a.m. to 5 p.m. ET.
Please be advised that unless otherwise stated, or unless otherwise agreed to between an Investment Advisor or Registered Representative of VMD and the client:
- an order received prior to 9:30 a.m. ET will route into the opening sequence of the marketplace for execution on the opening; and
- an order received after 4:00 p.m. ET can be entered to the after-hours trading of markets where this feature is available, if the trade characteristics allow. If received after “extended-hours” trading becomes unavailable, the order will route the next business day to the pre-opening of the marketplaces.
For those securities listed on the Toronto Stock Exchange ("TSX") and trading on other alternative marketplaces, the principal marketplace will be the TSX unless notified otherwise by VMD.
The “Best market” is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where VMD feels the order has the highest probability of being executed.
A Day Order is an order that is only valid during the market opening hours on and for the day it is entered. A Day Order received after the opening of the principal marketplace will be entered into the "best market" at the time of entry. From there, the order will trade on any marketplace VMD has access to and/or can access for the purpose of best execution. The order will expire, if not filled in full, on the market where the last portion of the order remains live and will expire at 4:00 p.m. ET, or at the time after-hours market activities cease on that market.
Special Terms Orders
Special Terms Orders are orders with specific terms that are not executable in the regular marketplace. Special Terms Orders will only post to the Special Terms Market of the principal marketplace, currently the TSX, unless they are immediately executable on an alternative marketplace at the time of entry and they will only be live between 9:30 a.m. and 4:00 p.m. ET.
Good-Til-Cancelled Orders are orders that the client wants to remain open until a specified date of expiry. These orders will be sent to a marketplace determined by VMD’s established routing map. The order will remain in the principal marketplace until executed or expired, whichever comes first. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their Investment Advisor/Registered Representative on the expiry date should they wish the order to be re-instated.
Note: The TSX no longer accepts “All-or-None” orders.
Retail All-or-None Orders are orders that must be executed in full; no partial fills are to be executed or booked pending a complete fill. In the multiple marketplace environments, an All-or-None order may not be executed due to limited volume on more than one marketplace. While the total volume on all marketplaces might complete the order, the All-or-None terms apply only to the individual marketplace where entered. An All-or-None order received after the opening of the principal marketplace will be booked to the "best market" at the time of entry.
Institutional All-or-None orders are orders that must be executed for large block volume in full, and do not book to the marketplace unless they can be filled in full for their entire volume at the time of receipt. These can be executed on any marketplace as agreed to between both parties at the time of receipt.
An order is considered a “Market Order” when the client has instructed a dealer to buy or sell at whatever prices are available in the marketplace to help ensure a complete and full fill. These orders require immediate completion. A market order received after the opening of the principal marketplace will be entered into the "best market" at the time of entry. From there, the order will trade on any marketplace VMD has access to and/or can access for the purpose of best execution. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes.
A limit order has a specific minimum sale price or maximum purchase price provided by the client. On or after 9:30 a.m. ET, if a limit order is not immediately executable on any marketplace, the order will be sent to a marketplace determined by VMD’s established routing map. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes.
Disclosure of Marketplace
An order executed using one or more marketplaces or alternative marketplaces in either Canada or the United States will be reported to the client using a trade confirmation that will read (not limited to the following); "we confirm the following purchase/sale for your account traded on a North American Marketplace". If multiple prices or marketplaces were used in the completion of the order, a further disclaimer will be provided which reads; "multiple marketplaces and/or average prices used, details available on request". Should you receive such a confirmation, you are free to contact your Investment Advisor/Registered Representative to obtain further information.
Alpha Trading Systems Limited Partnership (Alpha)
Alpha Trading Systems Limited Partnership (Alpha) is a marketplace in Canada for the trading of securities.
Desjardins Securities Inc. is a limited partner of Alpha Trading Systems Limited Partnership (registered as Alpha ATS L.P.) and a shareholder of Alpha Trading Systems Inc. (the general partner of Alpha Trading Systems Limited Partnership). The ownership interest of Desjardins Securities Inc. and certain other limited partners of Alpha is subject to a re-determination agreement which provides that the ownership interest of certain limited partners (including Desjardins Securities Inc.) will be adjusted on the first and second anniversary date of the launch of Alpha based on the market share of trades executed by the limited partner on Alpha.
Desjardins Securities Inc. may execute trades on your behalf on Alpha and may enter orders which are not immediately tradable into Alpha’s order book. Notwithstanding the ownership interest of Desjardins Securities Inc. in Alpha or any of its rights under the re-determination agreement referred to above, Desjardins Securities Inc. is subject to a number of regulatory obligations, including the requirement to diligently pursue best price and best execution of each client order on the marketplace, obligations which override any interest of Desjardins Inc. in Alpha.
At Desjardins Online Brokerage, we make reasonable efforts to locate and notify owners of unclaimed property in our possession, including but not limited to:
- contacting the owner at his or her last known address;
- locating the owner using a local telephone directory or the Canada 411 online directory assistance service;
- using online search tools.
What is unclaimed property?
Due or payable amounts, cash, securities (i.e. stocks, bonds, mutual funds) or other property held in client accounts become unclaimed property in certain circumstances, including:
- when written communications with clients are returned to Desjardins Online Brokerage marked "undeliverable";
- when no claims or transactions have been made nor instructions given in respect of the property for a period of time established by legislation;
- when certain periods of time established by provincial laws expire.
In these circumstances, and after reasonable efforts have been made to find and notify the owners of this property, it is deemed to be unclaimed.
Questions or comments
In Quebec, unclaimed property must be delivered to Revenu Québec, which administers unclaimed property and keeps a public register of this property. For more information, please go to the Revenu Québec website at: http://www.revenuquebec.ca/en/bnr/registre/
In Alberta, unclaimed property must be delivered to the Tax and Revenue Administration (TRA), which administers unclaimed property and keeps a public register of this property for the residents of that province. For more information, please go to the TRA website at: http://www.finance.alberta.ca/business/unclaimed_property/index.html
For residents of other Canadian provinces, if you believe that Desjardins Online Brokerage holds unclaimed property of which you are the owner, or for any question concerning unclaimed property, we invite you to contact our customer service at:
one, eight six six, eight seven three, seven one o three. By email: email@example.com
By mail: 1170 Peel Street, Suite 105, Montreal, QC, H3B 0A9