Advising third parties in respect of, dealing on behalf of such third parties in and arranging for such parties, trades in fixed income securities, instruments entitling to or representing securities, options and futures, contracts for differences and forex derivatives; such activities shall not involve the taking of proprietory positions in these or any contracts, on or off exchange, and shall exclude any activities relating to units in collective investment schemes, long-term insurance contracts, the management of investments and the establishing of collective investment schemes.;