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Contract reading

What Renaissance Capital legally published, but does not want you to read

Every clause below is published by Renaissance Capital itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Renaissance Securities (Cyprus) Limited

sole discretionwithdrawalstitle transferclient categorisationclient moneydispute barrierfrozen assetshidden feemarketing gapregulatory context

Renaissance Securities (Cyprus) Limited still invites family offices and wealthy individuals to open a brokerage account. Its own 2025 capital report says turnover has fallen by over 99% and that the board would consider handing back its CySEC licence. Place one margin order and title to everything in your account passes to the firm. You get three working days to pay a close-out bill; it pays you when paying you stops being awkward for it.

Back to Renaissance Capital

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
45
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
2

How the 20 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning11
Notice1

section 62 of 69is where the deepest clause sits, 90% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 3 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical99%In the contract. Jump to the clause this comes from.The firm's own report weighs handing back its licenceCritical10 working daysWithdrawal limit. Jump to the clause this comes from.Ten working days to return assets, and returns can be refusedCritical1 working daysTime to complain. Jump to the clause this comes from.One working day to object to a contract note

What the documents say

20 clauses worth knowing about, worst first, each quoted from Renaissance Capital's own files

01

Renaissance Securities (Cyprus) Limited says its turnover has fallen by more than 99% in a year. Its 2025 capital report adds that the board would consider giving up the CySEC licence it trades under.

Why this matters

Your broker may stop being a broker. The same report says Russian countermeasures have restricted the firm's assets in Russia, so getting yours back depends on sanctions nobody at the firm controls.

Exhibit 1CriticalRarely seen99%

the Board of Directors is considering the options available to the Company in the context of the ongoing Ukrainian conflict and its impact on the Company's business activities, operations and assets, including the option of voluntarily surrendering the Company's operating license as per the provisions of CySEC Directive D187-05
Clause 1.2 in RESEC Pillar III Report 2025, p.8
Downloaded from the broker's site on Open the reference

What it costsA desk that turned over $100 million last year turns over under $1 million this year.

Our readingA regulated firm publishing that its own board may surrender its licence, and naming the directive it would use to do it, is not something a client normally reads in a capital disclosure.

  • Worse together with Exhibit 4The clause letting the firm refuse to return assets points at exactly the restrictions its capital report describes.
02

The prime brokerage page still invites family offices and wealthy individuals to set up a brokerage account with Renaissance Capital. The firm's own capital report says turnover has fallen by over 99% and that it is unwinding client and proprietary positions.

Why this matters

You would be opening an account at a desk that is closing its book. Nothing on the prime brokerage page tells you that, and nothing on it points to the report that does.

Exhibit 2Critical99%

The Boad has determined that it has a zero risk appetite to any potential sanctions risk hence the Company has solely focused on unwinding proprietary and clients' positions within the context of any regulatory approvals granted.
Clause 3.2 in RESEC Pillar III Report 2025, p.11
Downloaded from the broker's site on Open the reference
Our own capture of rencap.com, taken on Oct 9, 2026The claim, on Prime Brokerage page, opening lineVisit this page on the broker's siteDownload the full size image file
  • Only applies after Exhibit 1The invitation only misleads because the same company published the wind-down in a document a client is unlikely to open.
03

Placing a margin order passes title to everything in your account over to Renaissance. Clause 15.15 of the Investment Services Agreement then lets the firm sell, pledge, rehypothecate or commingle those assets, free of any claim by you.

Why this matters

Your cash and your shares stop being yours the moment you trade on margin. If Renaissance fails while holding them, clause 15.17 says you are a general creditor queuing behind everyone else.

Exhibit 3CriticalRarely seen

The Customer agrees that upon the Customer submitting an Order for a Margin Transaction all rights, title and interest in and to the Available Margin or other any other Assets which the Customer holds on the Account, shall vest in Renaissance.
Clause 15.15 in Customer Document Pack: Investment Services Agreement, p.21
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must keep retail client assets separate from their own and may not use them for their own account without express consent. This contract takes that consent in advance, for the whole account, and only from professional clients.

Renaissance Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingTitle transfer collateral is a wholesale funding device. Here it reaches every asset in the account rather than the margin alone, and it triggers on your own order rather than on a default.

  • Worse together with Exhibit 5One clause takes title on your order and the other lets your statement keep showing the assets as yours.
  • Worse together with Exhibit 9Assets the firm already holds title to are also caught by the lien that blocks withdrawals.
04

Ask for your assets back and Renaissance has ten working days to return them. Clause 12.17 makes the return conditional on every one of your obligations being discharged in full, and clause 12.18 drops the duty entirely where the firm alone decides return is forbidden or impracticable.

Why this matters

You cannot force the exit. The firm's own capital report describes Russian measures freezing assets of Cypriot institutions, which is the situation clause 12.18 is written for.

Exhibit 4CriticalHarder than usual10 working days

Any redelivery of Assets to the Customer shall be conditional upon Renaissance being fully satisfied that all of your obligations under this Agreement (including your obligations to provide all necessary information for the purpose of Renaissance complying with its obligations under the Applicable Laws and Regulations under, including but not limited to, relevant anti-money laundering, prevention of financial crime and terrorism financing laws and regulations) or any transaction with you have been discharged in full.
Clause 12.17 in Customer Document Pack: Investment Services Agreement, p.16
Downloaded from the broker's site on Open the reference

What it costsA request made on a Monday can be answered on the Friday of the following week, and only once the firm is satisfied nothing is owed.

05

Renaissance can sell, lend or use your securities for its own account and keep every fee and profit it earns. Clause 14.4 then lets your statement carry on showing those securities as yours, while your real right drops to an unsecured claim.

Why this matters

The holdings on your statement may no longer exist in your name. The clause warns in its own words that if the firm becomes insolvent you may not get them back or recover their full value.

Exhibit 5CriticalHarder than usual

Renaissance may retain for its own account all fees, profits, and other benefits received in connection with any such borrowing, loan, transfer or use.
Clause 14.1 in Customer Document Pack: Investment Services Agreement, p.18
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 13The statement hides both the lending and any third party charge, so neither shows up where you would look.
06

You get one working day from dispatch to object to a contract note or statement, or clause 16.2 makes it binding on you. The Investment Services Agreement allows two working days for its reports, so the window depends on which contract you signed.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A trade booked wrongly on Friday is your problem by Tuesday. The firm's public statement disclaimer tells you objections must be in writing but never prints the deadline on the page.

Exhibit 6CriticalHarder than usual1 working days

All contract notes, confirmations or statements issued by us shall bind you unless a detailed objection is received by us within one (1) Business Day of dispatch.
Clause 16.2 in Terms of Business (Professional Clients & Eligible Counterparties), p.9
Read from the broker's site on Open the reference

Where it sits: section 22 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), 32% of the way through.

What it costsA contract note sent out on Friday evening is binding on you by the close of Monday.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must give an eligible complainant at least six years from the event to take a complaint to the Financial Ombudsman Service. This contract treats a contract note as agreed and binding one working day after it was sent.

Renaissance Capital is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

The contract removes the duty to tell you what a trade cost

Clause 3.7 of the Renaissance Terms of Business lets the firm take payment from both sides of your trade and keep the mark-up, with no duty to account for it. The one promise to show charges on request specifically leaves out mark-up and mark-down. The Investment Services Agreement adds that no costs disclosure is required for a professional client at all.

Cost disclosure2 clauses flagged

Renaissance can put you on one side of a trade and another client on the other, take payment from both, and keep the mark-up. Clause 3.7 says it is not bound to account to you for that profit or even to tell you about it.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Remuneration means payments it receives.

Why this matters

You cannot work out what a trade cost you. The one promise to show charges on request specifically leaves out mark-up and mark-down, which is where the money sits.

Exhibit 7CriticalHarder than usual

If we do so, we or any Affiliate may charge, or otherwise take remuneration from, both clients, and retain any profit, charges or other remuneration (including without limitation dealer's turn, profit, mark-up or fees) and shall not be bound to account to you for, or to disclose to you, any profit, charges or other remuneration made or received by us or any Affiliate from, or any reason of, the transaction, or any connected transaction, except to the extent that disclosure is required by the Applicable Regulations.
Clause 3.7 in Terms of Business (Professional Clients & Eligible Counterparties), p.3
Read from the broker's site on Open the reference

Where it sits: section 7 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before that client trades. This contract removes the duty to account for mark-up, and the Investment Services Agreement says no costs disclosure is required for a professional client.

Renaissance Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 16The firm need not disclose the material interest behind the trade, and need not disclose what it made on it either.

Pay or deliver late and Renaissance can charge interest at a rate it picks in its absolute discretion. Your own cash earns you nothing, because clause 13.4 gives the firm any interest and any profit made on it.

Why this matters

You agree to a cost before anyone has told you what it is. The newer Investment Services Agreement at least requires the firm to act reasonably on a negative balance; the Terms of Business do not.

Exhibit 14WarningHarder than usual

We may, in our discretion, charge you (or, where you act as agent, your principal) interest if you (or, where you act as agent, your principal) are in default as a result of late payment or late delivery of investments, traded products, or cash. Interest shall be paid at a rate chosen in our absolute discretion.
Clause 8.4 in Terms of Business (Professional Clients & Eligible Counterparties), p.7
Read from the broker's site on Open the reference

Where it sits: section 17 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), near the start.

Every exit route runs through the firm's own judgement

Renaissance has ten working days to return your assets, and clause 12.18 removes that duty where it alone decides return is forbidden or impracticable. A lien blocks withdrawals while anything is owed, and set-off reaches across the whole group without notice. Where a close-out leaves the firm owing you, payment waits until paying you stops being prejudicial to itself.

Getting assets back4 clauses flagged

If a close-out leaves you owing money, clause 23.4 gives you three working days to pay, with interest after that. If the close-out leaves Renaissance owing you, it can postpone payment while paying you is detrimental or prejudicial to itself, and no interest is due.

Why this matters

The same event runs at two speeds. Your deadline is fixed and carries interest, and the firm's starts only once paying you stops being awkward for it.

Exhibit 8CriticalRarely seen3 working days

If the Liquidation Amount is a positive amount, the Customer shall pay it to Renaissance within three (3) Business Days after such Liquidation Amount was notified to the Customer.
Clause 23.4 in Customer Document Pack: Investment Services Agreement, p.29
Downloaded from the broker's site on Open the reference

What it costsA close-out bill notified on Monday is due from you by Thursday. The same close-out in your favour has no due date at all.

Our readingClose-out netting normally runs to one timetable for both sides. Here only the client's leg has a fixed date and an interest penalty attached to it.

  • Worse together with Exhibit 4Both clauses put the timing of money owed to you inside the firm's own judgement.

Renaissance holds a lien over all your cash, investments and other assets for anything you owe it. Clause 20.3 then stops you withdrawing that property, and clause 20.6 lets the firm sell it without notice and without answering for the price.

Why this matters

One disputed debt can freeze your whole account. If the firm sells your holdings to cover it, the contract says it owes you nothing over the price it accepted.

Exhibit 9WarningStandard wording

You agree that you will not withdraw or seek to withdraw any property which is subject to the lien described in clause 20.2 or in any way encumber, assign, transfer or deal with such property without our prior consent and until any outstanding liabilities are repaid.
Clause 20.3 in Terms of Business (Professional Clients & Eligible Counterparties), p.13
Read from the broker's site on Open the reference

Where it sits: section 32 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), 46% of the way through.

  • Worse together with Exhibit 10The lien holds the assets in place and the set-off clause decides which group company gets to take them.

Renaissance can combine any of your accounts with any Renaissance Capital company at any time and without notice, then set off whatever is owed either way. Clause 23.4 lets it decide what your assets are worth while doing it.

Why this matters

Money you hold with one group company can be taken to cover a debt at another. Debts owed by your own affiliates count too, in any currency, at a value the firm sets itself.

Exhibit 10WarningHarder than usual

Without prejudice to our other rights, we may, at any time and without notice, combine or consolidate any or all of your accounts with us or Renaissance Capital and set-off any and all amounts owed to, or by, us or Renaissance Capital in such manner as we may determine.
Clause 23.3 in Terms of Business (Professional Clients & Eligible Counterparties), p.14
Read from the broker's site on Open the reference

Where it sits: section 35 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), 51% of the way through.

Renaissance Capital Limited says it will deal with any of your money or investments so that the FCA custody and client money rules never apply. It also does not offer safe custody and does not hold client money at all.

Why this matters

The FCA rules that ring-fence client money from a failing firm are switched off by design. If money of yours is sitting there when something goes wrong, you are a creditor rather than an owner.

Exhibit 11WarningHarder than usual

If during the provision of the Services we come into possession of your investments or your funds, we will return them or otherwise deal with them in accordance with the Applicable Regulations, such that at no time will the FCA custody and client money rules apply.
Clause Annex II, 1.1 in Terms of Business (Professional Clients & Eligible Counterparties), p.25
Read from the broker's site on Open the reference

Buried at section 62 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), 90% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must hold client money in trust under its client money rules, so it stays protected if the firm fails. This contract is written so those rules never apply to money it comes to hold.

Renaissance Capital is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

The prime brokerage page invites clients the capital report is unwinding

Renaissance still invites institutional investors, corporates, family offices and high net-worth individuals to set up a brokerage account. Its own capital report, published in April 2026, says turnover has scaled down by over 99% and that the firm is unwinding client and proprietary positions. The exclusion of retail clients appears only as a footnote on a different page.

Invitation and reality1 clause flagged

The prime brokerage page says the platform is used by family offices and high net-worth individuals. The bar on retail clients appears as a footnote at the bottom of a different page.

Why this matters

An individual reading the prime brokerage page is not told they must first qualify as a professional client. That condition is published, but not where the invitation is.

Exhibit 19Warning

Under the terms of its operating licence, Renaissance Securities (Cyprus) Limited does not deal with Retail Clients.
Quoted in Legal Information
Read from the broker's site on Open the reference
Our own capture of rencap.com, taken on Oct 9, 2026The claim, on Prime Brokerage page, platform descriptionVisit this page on the broker's siteDownload the full size image file
Our own capture of rencap.com, taken on Oct 9, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

A margin order moves ownership of your account to Renaissance

Clause 15.15 of the Renaissance Investment Services Agreement vests title to every asset in your account in the firm the moment you place a margin order. Clause 14.1 lets it sell, lend or use your securities and keep the proceeds, while clause 14.4 lets your statement carry on showing them as yours. Orders can be restricted for any reason or for no reason at all.

Title and control2 clauses flagged

Somebody else's security interest can sit over your assets without ever appearing on your statement. Renaissance says it does not have to check whether that security interest is even valid before registering it.

Why this matters

You cannot tell from your own statement whether your holdings are free. The firm registers a third party's charge on the word of anyone it reasonably believes can bind you.

Exhibit 13WarningRarely seen

In recording or registering any Security Arrangement over your Assets, Renaissance is not obliged to verify the validity or enforceability of any such Security Arrangements, as long as the request to record or register such Security Arrangement has been provided to us by a person which is authorised to give Orders with respect to your Account or Customer Document Pack or any other person which we reasonably believe has, or had at the time of doing so, the authority to bind you or from any other source which we reasonably believe is reliable.
Clause 19.7 in Customer Document Pack: Investment Services Agreement, p.23
Downloaded from the broker's site on Open the reference

Our readingRegistering a charge over client assets without verifying it, and leaving it off the statement, is not something a client statement normally permits.

Renaissance can restrict trading on your account and cap your orders for any reason or for no reason at all. The Terms of Business add that it does not have to give you any reason for refusing or delaying an instruction.

Why this matters

You can be stopped from trading, or from closing a position, without being told why. Clause 24.5 also says the firm owes you nothing for losses caused by that refusal or delay.

Exhibit 15WarningHarder than usual

Without limiting the generality of the foregoing, the Customer understands and agrees that Renaissance may: (i) restrict trading and transactions in any Account (including for reasons based on any concern regarding compliance with the Applicable Laws and Regulations), (ii) set limits and/or parameters to control your ability to place Orders, for any reason or for no reason at all.
Clause 7.6 in Customer Document Pack: Investment Services Agreement, p.11
Downloaded from the broker's site on Open the reference

One working day to object, and then the trade is agreed

Renaissance treats a contract note as binding one working day after dispatch, and its Investment Services Agreement allows two working days for reports. An execution error is capped at the price difference alone. The risk warning statement goes further and excludes liability for claims of any nature, from any cause.

Challenging a trade1 clause flagged

The risk warning statement says Renaissance will not be liable for claims, losses, costs or damages of any nature, from any cause. The Investment Services Agreement caps an execution error at the price difference alone.

Why this matters

Everything that follows from a mistake is yours to carry. The widest exclusion sits in a risk notice rather than in the agreement, which is not where you would look for it.

Exhibit 18WarningRarely seen

Renaissance and its Associated Firms will not be liable for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys' fees and costs and expert witness fees and costs on the Client's behalf.
Clause 6.4 in Information Statements (Risk Warning), p.4
Read from the broker's site on Open the reference

Where it sits: section 28 of 98 in the Information Statements (Risk Warning), 29% of the way through.

Our readingA blanket exclusion of liability from any cause, placed inside a risk disclosure instead of the contract, is unusual drafting.

  • Worse together with Exhibit 6A one working day objection window matters more when the remedy behind it is capped at the price difference.

English law and courts, with arbitration only on the firm's call

The Renaissance Terms of Business choose the law of England and Wales and the exclusive jurisdiction of the English courts, even for the Cyprus company. Only Renaissance can move a dispute to arbitration in London. The website terms do not name which group company is providing them.

Where you would sue1 clause flagged

The Terms of Business put every dispute under the law of England and Wales and the exclusive jurisdiction of the English courts, even for the Cyprus company. Renaissance alone can move a dispute to arbitration in London, at its sole discretion.

Why this matters

You agree in advance that English courts are the most convenient place to sue, wherever you are. You cannot elect arbitration yourself, and on request you must appoint a process agent in England.

Exhibit 17WarningHarder than usual

You (and, where you are acting as agent on behalf of a principal, your principal) irrevocably agree that the English courts are the most convenient and appropriate court to settle any Dispute.
Clause 44.2 in Terms of Business (Professional Clients & Eligible Counterparties), p.21
Read from the broker's site on Open the reference

Buried at section 52 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), 75% of the way through.

Material interests need not be disclosed before your trade

Clause 9.1 of the Renaissance Terms of Business says material interests will not necessarily be disclosed to you before a transaction. Clause 3.8 lets the firm trade its own account in securities its research covers. The full conflicts of interest policy is not published and is available only on request.

Both sides of the trade1 clause flagged

Renaissance and people connected to it can hold a material interest in a transaction they carry out for you. Clause 9.1 says those interests will not necessarily be disclosed to you before the trade happens.

Why this matters

You may be dealing against the firm's own position without knowing it. Clause 3.8 also lets it trade its own account in the very securities its research covers.

Exhibit 16WarningHarder than usual

We or other persons connected to us may have an interest, relationship or arrangement that is material in relation to any transaction effected under these Terms. Such interests, relationships or arrangements will not necessarily be separately disclosed to you at or prior to the time of the transaction.
Clause 9.1 in Terms of Business (Professional Clients & Eligible Counterparties), p.7
Read from the broker's site on Open the reference

Where it sits: section 17 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must manage conflicts and, where their arrangements are not enough, disclose the conflict to the client before acting. This contract says material interests will not necessarily be disclosed before the transaction.

Renaissance Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Eighteen quiet months are enough to have the account blocked

Renaissance can close or block your account after 18 months with no activity. After six years with no movement, your unclaimed balance stops being treated as client money and leaves the designated client account. Charges and fees leaving the account do not count as movement for that clock.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Renaissance can close or block your account after 18 months with no activity. If nothing moves for six years, your unclaimed balance stops being treated as client money and leaves the designated client account.

Why this matters

Doing nothing is enough to lose the protection around your cash. Charges and fees going out do not count as movement under clause 6.6, so the clock keeps running.

Exhibit 12WarningHarder than usual

The Customer hereby consents to Renaissance ceasing to treat any unclaimed balance on the Customer's Account as Client Money and, accordingly release it from any designated client account, if there has been no movement on the Account for a period of at least six (6) years (notwithstanding any payments or receipts of charges, account maintenance, compliance and administration fees, interest or similar items) provided Renaissance has taken reasonable steps to trace and return the balance.
Clause 6.6 in Customer Document Pack: Investment Services Agreement, p.10
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 18 months of no activityRenaissance can close or block the account, after making reasonable efforts to contact you.6.7
After six years of no movementYour unclaimed balance stops being client money and is released from the designated client account.6.6

Renaissance Securities (Cyprus) says it may hand back its licence

The firm's 2025 Pillar III report says turnover has fallen by over 99% and that the board would consider voluntarily surrendering its CySEC licence. Renaissance Securities (Cyprus) Limited holds licence 053/04, and Renaissance Capital Limited answers to the FCA under reference 186891. Neither company deals with retail clients, and both say so on page one of every contract.

Who you contract with1 clause flagged

Renaissance Capital Limited answers to the FCA under firm reference 186891. Renaissance Securities (Cyprus) Limited holds CySEC licence 053/04. Both state in block capitals on page one that they do no business with retail clients.

Why this matters

If you were offered a retail trading account in this name, it did not come with these contracts. Check the legal entity and the licence number before you send any money.

Exhibit 20NoticeStandard wording

RENAISSANCE CAPITAL LIMITED AND RENAISSANCE SECURITIES (CYPRUS) LIMITED DO NOT OFFER SERVICES OR CARRY OUT ANY BUSINESS WITH RETAIL CLIENTS.
Quoted in Terms of Business (Professional Clients & Eligible Counterparties), p.1
Read from the broker's site on Open the reference

Where it sits: section 2 of 69 in the Terms of Business (Professional Clients & Eligible Counterparties), near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page invites new brokerage accounts while the firm's own capital report says almost all of its turnover has gone.

Said in public, in English

Prime brokerage allows access to all of our global markets capabilities plus additional benefits available exclusively to the clients, setting up a brokerage account with Renaissance Capital

Prime Brokerage page, opening line

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of rencap.com

In the contract · clause 3.2

Turnover has scaled down by over 99% year on year as a consequence of this.

02

Individuals are invited on the prime brokerage page, while the bar on retail clients sits in a footnote on the legal information page.

Said in public, in English

Our platform is suitable for and used by institutional investors, corporates, family offices and high net-worth individuals

Prime Brokerage page, platform description

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of rencap.com

In the contract

Under the terms of its operating licence, Renaissance Securities (Cyprus) Limited does not deal with Retail Clients.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of rencap.com

The documents this reading is based on

45 files, all published by Renaissance Capital. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Renaissance Capital publishes.

How this reading was done

Every clause above was read out of a document Renaissance Capital publishes itself

This reading was published on .

Documents
12 of 45downloaded from the broker's site, and 12 read in full
Pages opened
39pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Position measured
10clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Renaissance Securities (Cyprus) Limited

Two companies publish these documents. Renaissance Capital Limited answers to the UK Financial Conduct Authority under firm reference number 186891. Renaissance Securities (Cyprus) Limited holds CySEC licence 053/04 and is the company behind the February 2025 Investment Services Agreement. Both sit under Renaissance Financial Holdings Limited, which the Pillar III report names as a wholly owned subsidiary of Onexim Holdings Limited of Cyprus. The website adds that, since November 2024, Renaissance Capital is not related to Renaissance Capital in Russia. Neither company deals with retail clients.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Renaissance publishes 41 legal files, including its full capital report, its operating licence, both order execution policies and its UK tax strategy. That capital report discloses, against the firm's own interest, that turnover fell by over 99%, that its capital fell below the required level at the end of 2024, and that the board may surrender the licence. Clause 7.16 of the Investment Services Agreement puts your orders ahead of the firm's own proprietary trading. Clause 24.1 does not make you indemnify Renaissance for its own negligence or fraud. Every contract opens with a block-capital warning that the firm does no business with retail clients, on page one rather than in a footnote.

This review covers 8 of the 41 files in full. Those are both Terms of Business, four risk warning statements, the conflicts of interest summary and the UK tax strategy. The review covers part of two more, the February 2025 Investment Services Agreement and the 2025 Pillar III capital report. Both run longer than we could take in, so we report no clause depth from either. The other 31 are not covered. Those include both complaints handling policies, both order execution policies, the privacy notices, the account opening pack and the electronic trading addenda. We also opened four pages on rencap.com, and every quotation credited to them comes from those pages. No earlier version of any file is available for comparison.

How to check any of this yourself

Every quote above links to the Renaissance Capital file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Renaissance Capital publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Renaissance Capital on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 9, 2026.

If you represent Renaissance Capital and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Renaissance Capital. Whether its licence is real and current is a separate check on the broker profile.

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