LIVE CHAT
chat
CONTACT
chat

Order Execution Policy

1- Introduction

 

CFI Markets Ltd (“The Company”) whose registered office is at Gregori Afxentiou 10, Livadiotis Court 5, 5th floor, 6023, Larnaca, Cyprus is authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under N. 179/12.

 

Taking into consideration the Markets in Financial Instruments Directive (MiFID) as well as the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) and Directive DI144-2007-02 of the Cyprus Securities and Exchange Commission for the professional competence of investment firms and the natural persons employed by them, the Company is obliged to establish an Order Execution Policy (“The Policy”).

 

The said policy has to be reviewed annually from the concerned department and approved from all the Company Board of Directors members. Such review shall also be carried out whenever a material change occurs that affects the ability of the Company to continue to obtain the best possible result for the execution of its clients’ orders on a consistent basis using the venues included in its execution policy.

 

Under the above legislation, the Company is required to take all reasonable steps to obtain the best possible results (or “best execution”) on behalf of its clients either when executing clients’ orders or receiving and transmitting orders for execution. These rules require the Company to put in place an execution policy which sets out how it will obtain best execution for its clients and to provide appropriate information to its clients on its order execution policy.

 

2- Scope

 

This policy is applied whenever the Company executes orders on behalf of its clients, based on the client’s categorisation (retail, professional and eligible). It is hereby stated that while executing a client’s order, the Company will always act as counterparty and does not guarantee that the price will be more favourable than one which might be available elsewhere.

 

3- Execution Criteria and relevant factors

 

The Company is required to take several factors into consideration when executing an order for the client. The factors that the Company will consider are listed below as disclosed in section 38(1) of the law:

 

a)      the characteristics of the client including the categorization of the client as retail or professional.

b)      the characteristics of the client order.

c)      the characteristics of financial instruments that are the subject of that order.

d)      the characteristics of the execution venues to which that order can be directed.

 

 

When the Company executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs related to execution, which shall include all expenses incurred by the client which are directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.

 

For the purposes of delivering best execution where there is more than one competing venues to execute an order for a financial instrument, in order to assess and compare the results for the client that would be achieved by executing the order on each of the execution venues listed in the Company's order execution policy that is capable of executing that order, the Company's own commissions and costs for executing the order on each of the eligible execution venues shall be taken into account in that assessment.

 

The company should at any time  take all reasonable steps to obtain, when executing orders, the best possible result for its clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.

 

 

3.1– Price

 

The Client acknowledges and accepts that, regardless of any information which may be offered by CFI Markets Ltd, the value of investments may fluctuate downwards or upwards and it is even probable that the investment may become of no value. This is owed to the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value, so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on the Client’s trades and portfolio. If the underlying market movement is in the Client’s favor, the Client may achieve a good profit, but might lose amounts in excess of the Capital invested within CFI Markets Ltd. The financial instruments available for trading with CFI Markets Ltd are non-deliverable transactions giving an opportunity to make profit on changes in currency rates, commodity, CFD derivatives prices called the underlying instrument. If the underlying instrument movement is in the Client’s favor, the Client may achieve a good profit, but might lose amounts in excess of the Capital invested within CFI Markets Ltd. So, the Client must not enter into CFI Markets Ltd unless he/she is willing to undertake the risks of losing amounts even greater than all the money which he/she has invested and also be liable additional commissions and other expenses incurred.

 

CFI Markets Ltd deals in derivative securities, where their price is derived from the price of the underlying instrument in which the security refers to. Derivative securities / Markets can be highly volatile. The prices of the security and the underlying instrument and CFD derivatives may fluctuate rapidly and over wide ranges and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the Client or the CFI Markets Ltd. Under certain market conditions it can be impossible for a Clients order to be executed at declared prices.

 

The prices of CFI Markets Ltd will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, and commercial and trade programs and policies, national and international political and economic events and the prevailing psychological characteristics of the relevant market place. Therefore Stop Loss orders cannot guarantee the limit of loss as in certain cases, the best attainable price where the Stop Loss order will be executed might be much worst than where the Client has placed his Stop Loss order. The Client acknowledges and accepts when trading with CFI Markets Ltd.

 

3.2 – Orders

 

Should CFI Markets Ltd determine that a specific investment product or service is not appropriate or suitable, it shall undertake the measures that, at its discretion, it deems necessary in order to inform the Account Holder. In the absence of specific instruction from that Account Holder, CFI Markets Ltd is authorized, although it is not obligated, to execute the order at the best available resources offered by the company at the time of the execution, the company is not responsible for any negative or positive impact that might be resulted due to technical failures in the online or remote systems in any party. In this context, CFI Markets Ltd assumes no liability for damages that the Account Holder could incur as a result of the execution or non-execution of the instruction.

 

The Account Holder should also be aware that checks regarding the appropriateness or suitability of a specific investment product or service could result in delays in the execution of orders regarding financial instruments. The Company cannot be held liable for any such delays resulting from the duties stipulated and governed by these provisions, except in the case of fraud or gross negligence on the part of CFI Markets Ltd.

 

In the case of instructions regarding financial instruments transmitted to the Company by professional clients or external managers in accordance with the signatory power granted to them by the Account Holder, the Company shall not make an assessment of the appropriateness or suitability of the investment products or services requested.

 

 

In some occasions, orders executed on the online trading system may get executed at wrong prices. CFI Markets has the right to review the clients order's details in terms of price, time, volume and the validity of execution type whether they are in the form "pending" or "Market" orders  through the online trading system, in case of any discrepancies, the company - without prior notice- will take the proper actions to correct  the details of the given orders where and when possible. The Client acknowledges and accepts that seeing an order executed at a certain price on the system does not mean it was executed correctly and that the executed price may not be altered later on if a mistake is detected.

 

Any specific instructions from a client may prevent the company from taking the steps that have been designed and implemented in its execution policy to obtain the best possible result from the execution of those orders in respect of the elements covered by those instructions, Hence such orders are executed under the Client’s responsibility with no liability on the Company.  

 

The Client acknowledges that the online trading system is an alternative solution for executing  the orders, the company maintain its trading system on real time bases during the trading hours of the financial instruments offered by the company to its clients, the client understands that the trading system may not be available for trading, any trades which have been wrongly confirmed in the client's account might be reversed or corrected, this can happen in particular in the event of totally or partiality illiquid markets, failure of electronic or telecommunications systems or any force action (majeure) which might be applied on certain instruments by company  during abnormal market conditions.

 

The Client is eligible  to request an auditing process and or request a clarification for his auditing trades within a maximum of 2 working days. If the said time frame is exceeded the dealing or brokerage department are entitled to decline the client complaint or not to proceed accordingly

  

4- General information on the main risk involved in securities trading

 

Buying and selling financial instruments offers opportunities to make profits, but also entails exposure to various types of risk that could translate into financial losses for the Account Holder. In order to understand the different types of financial instruments, and to recognize and minimize the related risks, it is first necessary to learn their basic characteristics. It is also important to realize that there are inherent risks in all types of investment. Depending on the type of financial instrument, there may be more risks than those described in this section, with a resulting increase in the general level of risk assumed by the investor.

 

Specific risks connected to traditional investment instruments (e.g. CFD derivatives bonds, FX, investment funds, etc) and those connected to non –traditional instruments (e.g. options, futures, alternative instrument, etc) are not dealt with in detail here.

 

These Terms of Conduct do not cover the tax or legal consequences of executing transactions in financial instruments. We therefore recommend that you seek specialist professional advice of these issues before making an investment.

 

The contents of this website are not intended to describe all risks connected to individual financial instruments in a detailed and comprehensive manner. It seeks to provide sufficient basic information and to make clients aware of the issues. Clients are welcome to contact CFI Markets Ltd for further details if they have any question or are interested in specific financial instruments or related risks.

 

The Client should consider carefully whether trading in the financial instruments of CFI Markets Ltd  is suitable for him/her in the light of his/her circumstances and financial resources. In considering whether to engage in this form of trading, the Client should be aware of the following:

a) It is emphasized that for many members of the public dealings in CFI Markets Ltd will not be suitable.

b) The Client should not engage in any dealings directly or indirectly in CFI Markets Ltd unless he/she knows and understands the features and risks involved in them and that his losses may exceed his Capital invested.

 

5- Gearing and Leverage

 

Investing through CFI Markets Ltd entails the use of “gearing” or “leverage”. In considering whether to engage in this form of investment, the Client should be aware that the high degree of leverage that is obtainable in Foreign Exchange Trading can work against him/her as well as for him/her.

 

The use of leverage can lead to losses more than the invested Capital as well as gains. So, the Client should unreservedly acknowledge and accept that he/she runs the risk of incurring losses and damages as a result of the dealing in some Financial Instruments and accepts and declares that he/she is willing to undertake this risk.

 

CFI Markets has the right to apply what is the best interest to the company and/or to client and to adjust the account leverage without prior notice in the client account.

In compliance with the regulatory requirements of Polish Financial Supervision Authority (KNF), the maximum leverage for clients from Poland is 1:100

 

The standard leverage that CFI Markets Ltd offers to its valued clients is by default 1:50. If a Client wishes to be provided with a higher leverage, then he/she should fill and sign the Leverage Change Request Form. Retail Clients are entitled to ask for a higher leverage only if the appropriateness assessment test allows them to do so, based on their experience in the Forex market.

 

 

6- Margin

 

The Company’s Transactions have a contingent liability, and the Client should be aware of the implications of this in particular the margining requirements of CFI Markets Ltd.

 

FX and CFDs instruments are extremely volatile and the client should maintain an appropriate margin to cover the risk of losing the entire investments or be entitled to any deficit in his account, the company has the right to maintain the account margin in the absence of prior intervention by the client.

 

The Client may be called upon to deposit substantial additional margin, at short notice based on the margin level, to maintain his/her investment. If the Client does not provide such additional funds within the time required, his/her investment position may be closed at a loss and he/she will be liable for any resulting deficit. In case where the Client failed to meet the margin call within the set timeframe, the Company has the discretionary right to start closing positions starting from the one with biggest loss when margin decreases lower than the Margin Call level, and automatically close all positions at Market Prices if Stop Out level is reached.

 

The stop out level at CFI Markets is at 20%, for further explanation kindly refer to the FAQ.

 

We would like to draw the clients’ attention to the fact that CFI Markets Ltd reserves the right to further increase/decrease the margin requirements at its discretion at any time if such is considered  necessary.  Such will be decided upon the internal criteria set by the Company. CFI Markets Ltd will always follow an efficient approach in order to protect its clients’ interests and to act according the best execution policy. The clients will be informed via newsletters, emails, phone calls, Mt4 pop ups or any other means  about the changes and can at any time request further information. 

 

7- Reduced Demand for the Underlying Instrument

 

Some of the Company’s underlying instruments may not become immediately liquid as a result of reduced demand for the underlying instrument and the Client may not be able to obtain the information on the value of these or the extent of the associated risks.

 

Reliability on Previous Performance Information of the previous performance of the CFI Markets Ltd portfolio does not guarantee its current and/or future performance as well as a performance of the underlying instrument. The use of the historical data does not constitute safe forecast as to the corresponding future performance of the Company’s portfolio and underlying instrument to which that information refers.

 

8- Over the Counter Transactions

 

Transactions made through CFI Markets Ltd are not undertaken on a recognized exchange, rather they are undertaken through the Company’s Trading Platform whereby execution is effected via CFI Markets Ltd or other financial institutions. Accordingly, the Company may expose the Client to greater risks than the regulated exchange transactions. The terms and conditions and trading rules are established solely by the counterparty which may be CFI Markets Ltd or some financial institution to be disclosed to the Client.

 

The Client may be obliged to close an open position of any given Company’s product during the opening hours of the Company’s Trading Platform. Transactions are not to be undertaken on a recognized or designated investment exchange and, accordingly, they may expose the Client to greater risks than the exchange transactions. The terms and conditions and trading rules may be established solely by the counterparty. The Client may only be able to close an open position of any given contract during the opening hours of the trading platform.

 

The Client may also have to close any position with the same counterparty with whom it was originally entered into. In regard to transactions with the Company, the Company uses a Trading Platform for transactions which do not fall into the definition of a recognized exchange as this is not a Multilateral Trading Facility.

 

9- Swap Free Accounts

CFI Markets may offer to its Clients accounts whereby no Swap will be credited, debited to Clients whereas CFI Markets Ltd.

The Client acknowledges that in case he holds a position for more than two consecutive days on such an account, CFI Markets Ltd will have the right at its sole discretion to retroactively debit or credit Swap amounts that should have been otherwise debited or credited to the client account on these positions held. The Swap amounts debited or credited will be assessed by CFI Markets Ltd as per what its providers and/or competitors debit or credit to their clients’ accounts on similar positions.

 

10- Coverage

 

CFI Markets Ltd offers a wide range of currencies, Metals and CFD’s.

 

For further details kindly refer to http://www.cfimarkets.com/en/pages/99/account-types.

 

11- Managing Risk

 

Where exchange restrictions do not allow physical delivery of currency, the Company provides a means of negating foreign exchange risk.

 

12- Key Risks Opportunity loss

 

The client will forego any benefit of a favorable exchange rate movement between the time he/she enters into a transaction and the maturity date.

 

13- Variation / Early termination

 

Cancellations or a new execution order from the client whether by telephone, fax or email or adjustments may result in an additional cost to the client.

 

14- Cooling off period

 

There is no cooling off period.

 

15- Counterparty and operational risk

 

As is the case with most financial Markets products we enter into, CFI Markets Ltd has performance obligations under any transaction.

 

Our ability to fulfill our obligations is linked to our financial wellbeing and to the effectiveness of our internal systems, processes and procedures. The first type of risk (our financial wellbeing) is commonly referred to as credit or counterparty risk. Credit risk is the risk associated with a loss or potential loss from counterparties failing to fulfil their financial obligations.

 

The second type of risk (the effectiveness of our internal systems, processes and procedures) is commonly referred to as operational risk. Operational risk is the risk of loss resulting from inadequate risk can be derived from employee errors and system failures or failed internal.

 

The client must make his/her own assessment of our ability to meet our obligations. However, as a regulated Cyprus Investment Firm we are subject to prudential regulation which is intended to reduce the risk of us failing to perform our obligations.

 

16- What about confirmations?

 

The commercial terms of a particular CFI Markets Ltd service or transaction will be agreed at the time of dealing. This may occur over the phone or electronically. Once we reach an agreement, both the client and the Company are bound by the terms of the agreement. The Client is made aware that the online trading system may execute trades at wrong prices in some cases and the Client acknowledges and accepts that CFI Markets may correct such orders later even if they are already confirmed on his account.

 

17- Execution Venues

 

"Execution Venues" are the locations (with or without a physical presence) such as regulated markets, multilateral trading facilities, systematic internalizes, market makers, liquidity providers or any other entity that facilitates trading of Financial Instruments. For the purpose of transmitting orders for execution, the Company acts as an agent on behalf of the Client.  In that respect, the Company might disclose the client details to the execution venue in case of disputes related to trading issues. A list of some of the Execution Venues and intermediaries (third party brokers) used by the Company for the execution of client orders in respect to each class of financial instruments can be found below:

 

Swiss quote Bank SA, Swiss quote Group is Switzerland's leading provider of online financial and trading services. Listed on the Swiss Market Exchange (SIX Swiss Exchange, symbol: SQN) since May 29, 2000, the Swiss quote Group has its headquarters in Gland (VD) and offices in Zürich, Bern, Dubai, Malta, London and Hong Kong, IDE CHE-102.383.586.

 

Swiss quote holds a banking license and is submitted to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). Swiss quote Bank also is a member of the Swiss Bankers Association. As Switzerland's principal online bank, Swiss quote manages accounts in CHF, EUR and USD (and in virtually all other currencies on request), pays interest on CHF and foreign-currency accounts, acts as custodian for all types of securities, advances secured loans, advises on the investment of liquid funds in term deposits and money-market investment funds, keeps banking correspondence in safe custody and offers a choice of three credit cards. It operates a three-level access identification system. Swiss quote offers simple, rapid, electronic dealing in CFD derivatives, funds, options, warrants and bonds in the following markets: SIX Europe, Bern, Nasal, NYSE, NYSE ARCA, Amex, German Markets  (Extra, Euwax, Frankfurt, Stuttgart, Munich, Berlin-Bremen, Dusseldorf, Hamburg, Hannover), Euronext (Paris, Amsterdam, Brussels), Canada (Toronto and TSX Venture), and Scandinavian Markets  (Stockholm, Helsinki, Oslo, Copenhagen), London - not forgetting the foreign-exchange market and off-exchange trading (outside stock-exchange dealing hours) in derivative products.

 

In addition to Swissquote Bank SA, CFI Markets deals with Credit Financier Invest s.a.l. which is one of the leaders in financial services based in Beirut – Lebanon, founded by a team with an experience that dates back to the 1950s, the company is specialized in Online Trading services (Forex, CFDs, CFD derivatives, Futures, Options), Trading Desk services (Offline Trading), Investment Advisory, Portfolio Management and other financial services.

 

Credit Financier Invest is registered at the Register of Commerce (Beirut) under number 1019238. Credit Financier Invest is regulated by the Central Bank of Lebanon (Banque Du Liban) under number 40 on BDL’s list of regulated Financial Institutions.

The company currently has an international portfolio of clients that appreciate the company’s excellent financial services. Based in Beirut, Lebanon and targeting the World, Credit Financier Invest is a Financial Institution providing 24 hour trading services to investors in Forex (FX - Foreign Exchange), equities, futures and commodities.

 

CFI Markets Ltd is an Investment Firm incorporated under the Laws of the Republic of Cyprus, regulated by the Cyprus Securities and Exchange Commission under N. 179/12 and registered in FCA under N. 602588. Based on its licence, CFI Markets can be providing to its valued clients the below services:

 

Investment Services

  • (a) Reception and Transmission of orders in relation to one or more Financial Instruments
  • (b) Execution of orders on behalf of Clients   
  • (c)  Dealing on own account
     

 Ancillary Services

  • (a) Safekeeping and administration of Financial Instruments for the account of Clients, including custodianship and related services such as cash/collateral management
  • (b) Granting credits or loans to an investor to allow him to carry out a transaction in one or more Financial Instruments, where the firm granting the credit or loan is involved in the transaction
  • (c) Foreign exchange services where these are connected to the provision of investment services
  • (d) Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments

 

Derivatives' trading venues:

 

All transactions in derivative Financial Instruments are undertaken over the counter (OTC) and not on a recognized exchange. As a result, such transactions may expose the Client to greater risks than transactions executed on regulated markets. Although this list of Execution Venues and intermediaries (third party brokers) is not exhaustive, it comprises those which the Company places significant reliance. The Company reserves the right to use other Execution Venues where deemed appropriate in accordance with the execution policy and may add or remove any Execution Venues from this list. A complete list of Execution Venues included in the Order Execution Policy of the Company can be provided to the client, upon request or found on the Company’s website.

 

The Company’s obligation is to monitor on a regular basis the effectiveness of the Best Execution Policy and in particular, the execution quality of the entities identified in the said policy and, where appropriate, corrects any deficiency.

 

 

18- Aggregation and allocation of orders

 

The Company is not permitted to carry out a client’s order or a transaction for own account in aggregation with another client’s order unless the following conditions are met:

a)      It must be unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any client whose order is to be aggregated.

b)      It is disclosed to each client whose order is to be aggregated that the effect of aggregation may work to its disadvantage in relation to a particular order.

An order allocation policy is established and effectively implemented, providing in sufficiently precise terms for the fair allocation of aggregated orders and transactions, including how the volume and price of orders.

 

The Client is eligible  to request an auditing process and or request a clarification for his auditing trades within a maximum of 2 working days. If the said time frame is exceeded the dealing or brokerage department are entitled to decline the client complaint or not to proceed accordingly

 

19-Scalping

 

Scalping is a trading style specializing in taking profits on small price changes within a small and limited time frame, generally soon after a trade has been entered . It requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains that the trader has worked to obtain.

 

The client confirms that any scalping is strictly forbidden whether or not triggered from a price slippage, freezing in our internal online systems, hunting wrong prices, misprinting tickets from third parties acting as liquidity providers, news traders or others. Consequently CFI Markets Ltd has the full right to reverse the transactions, cancel or withdraw any profits resulting executed without the need to inform or to get the approval of the Client and the Client will be fully responsible of any loss resulting thereof.

20- Market Gap

 

A market gap is the difference between the closing price of one period and the opening price of the next period. Market gaps are most often created between trading sessions, such as during the night or over the weekend.

At CFI Markets, all Stop Loss orders will be confirmed at the best available price for trading, in the event of market gaps the requested price be adjusted by the company automatically by the trading system or manually.

  

 

21- Clients Obligation to seek information

 

The Client prior to entering into transactions with CFI Markets is required to familiarize himself with the products and services offered by CFI Markets and to ask for any clarifications where he is not certain.

The Client will not hold CFI Markets Ltd for any lack of such information or wrong information he may have

 

 22- Hedging Feature 

 

The Metatrader 4 system allows the feature of hedging; i.e. opening opposite direction positions on same pairs/trading instruments. The client understands that while having an opposite position on a same pair/trading instrument off sets the exposure on that pair/instrument and fixes the floating profit/loss on the part hedged at the moment it is hedged, the client will still have an exposure on some pairs if his floating profit/loss is in one currency and his account is denominated in another. Accordingly, and in such cases, his floating profit/loss will increase/decrease relevant to the fluctuation of the net floating profit/loss base currency amount vs the currency in which the account is denominated. For example, when hedged positions are opened in usd/jpy and the account is denominated in USD, his account equity will be subject to fluctuation according to the usd/jpy rate fluctuation on the floating profit/loss amount.

 

CFI Markets will have the option at its discretion to close hedged positions as defined in this paragraph that remain hedged for over a period of two weeks or at any time at its choice if clients equity (balance plus floating result) will approach zero level. 

 

 

 

 



 

Fx & CFDs trading involves a high level of risk

Market News
  • Forex
  • Feb 21
    Dollar rises, underpinned by higher Treasury yields
  • Feb 21
    Forex - Dollar gains in Asia after overnight lull, Aussie down
  • Feb 20
    Forex - Dollar edges lower in thin holiday trade
  • Stock Market
  • Feb 21
    Telefonica to sell up to 40 percent of Telxius to KKR for 1.3 billion euros
  • Feb 21
    Japan stocks higher at close of trade; Nikkei 225 up 0.71%
  • Feb 21
    Taiwan stocks higher at close of trade; Taiwan Weighted up 0.11%
  • Commodities
  • Feb 21
    U.S. crude prices rise as investors bet big on oil strength
  • Feb 21
    Gold prices edge down in Asia, but copper firm as supplies eyed
  • Feb 21
    Crude gains in Asia as markets look ahead to supply/demand cues
  • Economic Indicators
  • Feb 21
    Swiss Trade Balance 4.733B vs. 3.030B forecast
  • Feb 21
    Japan’s All Industries Activity Index -0.3% vs. -0.2% forecast
  • Feb 21
    Britons say economy their top concern, overtaking immigration - poll
CFI Markets Ltd.
Gregori Afxentiou 10 Avenue, Livadiotis Court 5
P.O.Box 6023 - Larnaca, Cyprus
Tel: + 357 24 400270
Fax: + 357 24 400271
info@cfimarkets.com
Trading Desk
Tel: + 357 24 400274
tradingdesk@cfimarkets.com
Risk Warning: Forex and CFDs are leveraged products that incur a high level of risk and a small adverse market movement may expose the client to lose the entire invested capital. The possibility exists that you could sustain a loss in excess of your deposited funds even if a stop loss is used and therefore, you should not speculate with capital that you cannot afford to lose and be aware of trading risks. CFI Markets provides general information that does not take into account your objectives, financial situation or needs. The content of this website must not be interpreted as personal advice. Please ensure that you understand the risks involved and seek independent advice if necessary. Read the full disclaimer here.
payment    payment    payment    payment    payment    payment