What is the policy regarding client passwords at Tradejini?

Trading system provides the following authentication mechanism:
– For encryption of passwords we use 128bit encryption key with a proprietary logic, also have an option of storing it with 128bit encryption key and AES Encryption method.
– The system requests an ID & Password for logging in.
– The password is encrypted before transmission.
– The password is stored in an encrypted format in the database.
– Change of password is mandatory for the first time user.
– Change password cannot be the same as of the last 3 password.
– User cannot login after THREE consecutive wrong passwords & the user can login only after resetting the password by the administrator.
– The password should be of minimum 8 characters & maximum 12 characters in length.
– The password will be checked against log-in ID. The login id & password cannot be the same.
– Space is not a valid character in the password.
– Password expires automatically after 14 trading days forcing the user to choose a new password.
– Password can be changed by the users at any time; the user will receive a pop up on the application when the password has expired and the user can update the password instantaneously.
-Your password must contain at least one number, one each lower case and upper case character, one special character (!@#S&*) and minimum 8 digits long.