Pippodrome

Terms of Service

Version 1.1 · 2026-11-04

These Terms are the agreement between SOUSEKI LIMITED, a company registered in Cyprus under number HE442002 (“we”, “us”), and the business that subscribes to or trials Pippodrome (“you”).

1. What these Terms cover

1.1 These Terms govern your use of Pippodrome: each trading platform we host for you (a “Platform”), The Clubhouse at clubhouse.pippodrome.com, our support, and anything else we provide under these Terms (together, the “Service”).

1.2 Our Data Processing Agreement (the “DPA”) is part of these Terms. So is any order form we both sign. If an order form says something different from these Terms, the order form applies to the subscriptions it covers.

1.3 You accept these Terms when you tick the box accepting them in The Clubhouse, sign an order form that refers to them, or use the Service. The person who accepts confirms that they may bind your business.

2. Business customers only

2.1 The Service is for businesses. You confirm that you use it in the course of your business, not as a consumer. Rules that protect only consumers, such as the right to withdraw from a distance contract, do not apply.

3. What we do, and what you do

3.1 We provide software and hosting: a trading server, a management workstation, a client terminal and a client portal for each Platform, and The Clubhouse for your subscriptions and billing.

3.2 We are a technology provider only. We are not a broker, dealer, market maker, payment service provider or investment adviser. We do not hold anyone’s money, trade for our own account, act as your agent, or give investment, legal or tax advice. We have no contract with your clients.

3.3 You run your business, and you alone are responsible for:

  1. holding every licence, registration and authorisation your business needs, wherever you or your clients are;
  2. identifying and checking your clients, preventing money laundering, and complying with sanctions;
  3. your client agreements, risk disclosures and privacy notices, and obtaining your clients’ acceptance of them;
  4. your clients’ money and every payment to or from them;
  5. everything you set up in a Platform — instruments, groups, prices, markups, spreads, swaps, commissions, margin and Stop Out levels, routing rules, data feeds, liquidity providers, payment methods and the like — and the results of every trade decided under it; and
  6. your contracts with the third parties you connect to a Platform, such as price feeds, liquidity providers, payment gateways and reporting databases. We are not a party to those contracts and are not responsible for those third parties.

3.4 A Platform’s prices come from the data feeds you choose. We do not check that any price is correct, current or fair.

3.5 You may let your staff, your clients and your introducing brokers use your Platform. You are responsible for what they do there.

4. Access and security

4.1 Keep your Clubhouse sign-in and every Platform password secret. You are responsible for everything done with them. If you think one has been compromised, tell us at once at [email protected].

4.2 Our staff access a Platform and its data only to provide, secure and support the Service, as the DPA says.

5. Acceptable use

5.1 You must not use the Service:

  1. for anything that is illegal where you or your clients are, including running a business that needs a licence you do not hold;
  2. to defraud or deceive your clients, for example by manipulating prices or trade results in ways your clients have not been told about;
  3. for, or on behalf of, anyone subject to sanctions, or in breach of any sanctions that apply to you, to us or to our payment providers, including those of the European Union, the United Nations, the United Kingdom and the United States;
  4. to attack, probe, overload or get around the security of the Service or of anyone else;
  5. to copy, resell, sublicense or reverse-engineer the Service, or to build a competing product from it, except where the law allows this despite these Terms; or
  6. to store or send malware or unlawful content.

6. Subscriptions, prices and billing

6.1 Each Platform is a subscription of its own. Its price is the one shown at our checkout or in your order form.

6.2 Each subscription is billed on the 1st of every month, by the UTC calendar. Each invoice charges (a) the base fee for the month ahead, which includes the number of account units your price names, and (b) every account unit of the month just ended beyond those included. Your first invoice charges the base fee for the days from the start of your subscription to the next 1st.

6.3 An account is active in a month if it opened or closed at least one order in that month. Each active live account is one account unit. Active demo accounts — accounts that were only ever in a group whose name begins with “demo” — count as one unit for every 20, or part of 20. We count from your Platform’s own trading history, and show you the count on request.

6.4 If you pay at our online checkout, you buy through Stripe’s Managed Payments service, shown as “Sold through Link”. For that purchase, the Stripe company named on your receipt is the seller of record: it takes the payment, issues the receipts and invoices, charges the taxes due, and handles payment questions, refunds and disputes under its own terms. These Terms still govern the Service and everything else between you and us.

6.5 If we invoice you directly, we are the seller. Our invoices are in US dollars and are due 14 days after the invoice date. You pay all bank charges, so that we receive the full amount.

6.6 Prices exclude VAT and other taxes unless they say otherwise. On our own invoices we add VAT where the law requires it; if you are a business in another EU country and give us a valid VAT number, the reverse charge applies. If the law makes you withhold tax from a payment to us, you increase the payment so that we receive what we would have received without the withholding.

6.7 We may change prices by telling you by email at least 30 days before the change takes effect. A new price applies from the first billing month that starts after the notice period ends. If you do not accept it, cancel before then (clause 12.1).

6.8 Fees are not refundable, except where the law requires a refund or the seller of record refunds a payment under its own terms (clause 6.4).

7. Late payment

7.1 If a payment at our checkout fails, the payment provider tries again for a time. Meanwhile your Platforms work normally.

7.2 We may restrict a Platform when its subscription stops being paid: when the payment provider stops trying, or when one of our invoices is still unpaid 14 days after its due date and we have reminded you by email. A restricted Platform opens no new accounts, takes no new clients and opens no new positions; every instrument becomes close-only, so your clients can still close their positions. The restriction ends once everything due is paid.

7.3 If everything due is still unpaid 30 days after a restriction began, the subscription ends, and clause 12.5 applies with its 30 days of close-only trading counted from the start of the restriction.

8. Support, availability and maintenance

8.1 Support is by email at [email protected].

8.2 A “business day” is Monday to Friday, 09:00 to 18:00 Cyprus time, except public holidays in the Republic of Cyprus. “Within one business day” means by the same time on the next business day. A message we receive outside a business day counts as received at the start of the next one.

8.3 We reply to each support request within one business day.

8.4 A Platform is “down” when its management workstation or client terminal cannot be reached, or it does not accept trade requests. When a Platform is down, we start restoring it within one business day of your report or of our own alert, whichever comes first. We also work on it outside business days when we reasonably can.

8.5 Clauses 8.3 and 8.4 are our only commitments on support and availability. We do not promise that the Service will be uninterrupted or free of errors, and we give no uptime percentage and no service credits.

8.6 We update the Service when needed. An update may stop a Platform briefly, and we try to update outside market hours. “Market hours” are from 16:00 on Sunday to 18:00 on Friday, New York time. We tell you by email at least 24 hours in advance of any planned downtime longer than 15 minutes during market hours. An urgent security fix may be made without notice.

9. Your data

9.1 The data you and your users put into a Platform is yours. We use it only to provide, secure and support the Service, as the DPA says.

9.2 We may use technical data about how the Service runs — performance, errors, and counts of activity — to operate and improve it, and we may publish statistics that identify neither you nor any person.

9.3 While your subscription runs, and until its data is deleted under clause 12.5, we give you a copy of a Platform’s data on request, in the formats the Platform keeps it in (its databases and log files). Exports are free; we may charge our reasonable costs for more than one export a month.

9.4 We keep backups so that we can restore the Service. They are not an archive for your own records: keep your own exports of the records the law requires you to keep, for example under anti-money-laundering rules.

10. Our intellectual property

10.1 We own the Service, its software and its documentation. While your subscription runs, we give you a non-exclusive, non-transferable right to use the Service for your business. You get no right to the software itself or its source code.

10.2 We may use any suggestion you make about the Service freely and without paying for it.

10.3 Open-source components in the Service remain under their own licences.

11. Publicity

11.1 We may name you as a customer of Pippodrome, with your name and logo, on our website and in our materials. If you do not want this, tell us at [email protected] and we stop within 30 days. We say nothing else about you without your permission.

12. Cancellation, suspension and the end of a subscription

12.1 You may cancel a subscription at any time, under Manage billing in The Clubhouse or by email to [email protected]. The cancellation takes effect when the billing month you have already paid for ends, at 00:00 UTC on the 1st, and the Platform works normally until then. A subscription bought at our online checkout can also be cancelled in your Link account at link.com. A cancellation made there takes effect when Link says it does, which may be at once; any refund is then for the seller of record to decide (clause 6.4).

12.2 We may end a subscription by telling you by email at least 90 days in advance.

12.3 Either of us may end a subscription at once by notice if the other seriously breaches these Terms and does not put the breach right within 14 days of being told about it, or if the other becomes insolvent.

12.4 We may suspend a Platform, or any part of the Service, at once and without notice:

  1. if a court, regulator or other authority orders it, or the law requires it;
  2. if it threatens the security or integrity of the Service or of others;
  3. if it is needed to comply with sanctions;
  4. if we have clear evidence that you are defrauding your clients; or
  5. if we receive complaints that we judge credible that you are defrauding your clients.

We tell you why we suspended it, unless the law forbids us to. We end a suspension once its reason has gone. Where the law allows, we may keep a suspended Platform close-only instead of stopping it, so that your clients can close their positions. A suspension under (d) or (e) also entitles us to end the subscription at once. Fees remain due during a suspension caused by you.

12.5 When a subscription ends, for any reason:

  1. the Platform stays close-only for 30 days, so that your clients can close their positions;
  2. we then shut it down;
  3. we keep its data for 30 more days, so that you can ask for an export (clause 9.3); and
  4. we then delete its data, including all its backups, unless the law requires us to keep it.

If you ask us in writing to delete a Platform’s data earlier, we delete it on the date you name, or within 7 days of your request if that is later.

12.6 Clauses that by their nature continue after a subscription ends — such as fees owed, confidentiality, liability, your indemnity and governing law — continue.

13. Free trials

13.1 We may give you a free trial of a Platform. We agree its length and conditions with you by email. These Terms apply to a trial, except that there is no fee, clauses 8.3 and 8.4 do not apply, and we have no liability for the trial except liability that the law does not allow us to exclude.

13.2 When a trial ends without a paid subscription, we shut the Platform down and delete its data, including its backups, 30 days after the trial ends.

14. Confidentiality

14.1 Each of us keeps the other’s non-public information confidential and uses it only for the purposes of these Terms. Each of us may share it only with staff and advisers who need it and are bound to keep it confidential.

14.2 This does not apply to information that is or becomes public through no fault of the receiver, that the receiver already had or developed independently, or that the law requires the receiver to disclose. In the last case the receiver tells the other first, where the law allows.

14.3 This duty lasts while any subscription runs and for 3 years after the last one ends.

15. Warranties

15.1 We provide the Service with reasonable skill and care. Apart from that, and as far as the law allows, we provide the Service as it is, and we make no other promise about it, express or implied, including about its fitness for a particular purpose.

16. Liability

16.1 Nothing in these Terms limits or excludes liability that the law does not allow to be limited or excluded, such as liability for fraud.

16.2 We are not liable for:

  1. any trading loss — yours, your clients’ or anyone else’s — including losses arising from prices, quotes, markups, executions, rejections, delays, Stop Outs, swaps, commissions or your settings;
  2. loss of profit, revenue, business, goodwill or anticipated savings, or any indirect or consequential loss;
  3. loss or corruption of data, beyond our duty to restore it from our most recent backup;
  4. anything caused by the third parties you connect to a Platform, by failures of the internet or of networks we do not control, or by events beyond our reasonable control; or
  5. any loss caused by your breach of these Terms, your settings, or your users.

16.3 Our total liability for all claims together, however they arise — under these Terms, the DPA, data protection law, in tort or otherwise — is limited to the fees you paid us in the 3 months before the event that gave rise to the first claim.

17. Your indemnity

17.1 You will defend us and compensate us, and our staff, for every claim, fine, loss and reasonable cost (including legal fees) that arises from:

  1. a claim by any of your clients, introducing brokers or other users of your Platforms;
  2. an investigation, fine or claim by a regulator or other authority concerning your business;
  3. your breach of clause 3.3 or clause 5; or
  4. a third party you connect to a Platform,

except to the extent that it was caused by our breach of these Terms. We tell you promptly of any such claim and let you conduct its defence; we may take part at our own cost.

18. Changes

18.1 We may change these Terms by telling you by email at least 30 days before the change takes effect, and by publishing the new version on this page with its date. If you cancel before the change takes effect, the previous version continues to apply to you until your subscription ends.

18.2 A change that the law, a regulator, or the security of the Service requires may take effect sooner, with as much notice as we reasonably can give.

18.3 We improve the Service all the time and may change its features. If a change significantly reduces what a Platform does for you, we tell you by email at least 30 days in advance, and you may cancel.

19. Notices

19.1 Send notices to us at [email protected]. We send notices to the email address of your Clubhouse account, or to the address in your order form. An email notice is received when it is sent, unless the sender gets a message that it was not delivered.

20. General

20.1 You may not transfer your rights or duties under these Terms without our written consent. We may transfer ours to a company of our group, or to whoever takes over the Service, by telling you.

20.2 These Terms, the DPA and any order form are the whole agreement between us about the Service. If the DPA and these Terms conflict on the protection of personal data, the DPA applies.

20.3 If a court finds part of these Terms invalid, the rest stays in force. Not enforcing a right is not giving it up. Nothing in these Terms makes either of us the other’s partner or agent. No one else has rights under these Terms, except those the DPA gives.

20.4 These Terms are written in English. If they are translated, the English version prevails.

20.5 How a subscription is made online: in The Clubhouse you choose your Platform’s name, give your company’s name and accept these Terms; at checkout you review the price and can correct every detail before you pay; you pay; and we confirm by email. We keep each version of these Terms and send you the version you accepted on request; you can save or print this page. We follow no code of conduct.

20.6 These Terms, and any dispute about them or the Service, are governed by the laws of the Republic of Cyprus. The courts of Limassol, Cyprus, have exclusive jurisdiction, except that we may also claim unpaid fees in the courts of the place where you are established.