Dear DIF Broker Customer,

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Dear DIF Broker Customer,"

Transcription

1 Dear DIF Broker Customer, DIF BROKER SA ("DIF") is required by its regulators to provide you with certain disclosures on a periodic basis. Accordingly, we are delivering the following disclosures to you: 1) Disclosure of Risks of Margin Trading 2) Electronic Trading and Order Routing Systems Risk Disclosure Statement 3) After-Hours Trading Risk Disclosure Statement 4) Day Trading Risk Disclosure 5) Customer Consent to Accept Electronic Records and Communications 6) DIF Customer Information Policies and Procedures 7) DIF Financial Statements If you prefer, you may also view these documents on the DIF website at Customers should make sure to check the DIF website frequently for announcements about DIF's services and policies, and other news and regulatory information. As always, we thank you for using DIF Broker. DISCLOSURE OF RISKS OF MARGIN TRADING DIF BROKER ("DIF") is furnishing this document to you to provide some basic facts about purchasing CFDs and futures contracts on margin, and to alert you to the risks involved with trading in a margin account. Before trading stocks, futures or other investment products in a margin account, you should carefully review the margin agreement provided by DIF, and you should consult DIF regarding any questions or concerns you may have with your margin accounts. When you purchase CFDs, you may pay for the CFDs in full or you may borrow part of the purchase price from DIF. If you choose to borrow funds from DIF, you will open automatically a margin account with the firm. Likewise, if you trade futures through DIF, you will have a margin account. The securities CFDs and futures contracts purchased are

2 DIF's collateral for the loan to you. If the securities CFDs or futures contracts in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, DIF can take action, such as sell securities or other assets in any of your account held with DIF or issue a margin call, in order to maintain the required equity in the account. You should understand that pursuant to the DIF Margin Agreement, DIF generally will not issue margin calls, after falling below the second maintenance margin requirement, that DIF will not credit your account to meet intraday margin deficiencies, and that DIF generally will liquidate positions in your account in order to satisfy margin requirements without prior notice to you and without an opportunity for you to choose the positions to be liquidated or the timing or order of liquidation. In addition, it is important that you fully understand the risks involved in trading CFDs or futures contracts on margin. These risks include the following: You can lose more funds than you deposit in the margin account. A decline in the value of CFDs or futures contracts that are purchased on margin may require you to provide additional funds to DIF to avoid the forced sale of those CFDs or futures contracts or other assets in your account(s). DIF can force the sale of securities or other assets in your account(s). If the equity in your account falls below the maintenance margin requirements. You also will be responsible for any short fall in the account after such a sale. DIF can sell your securities or other assets without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities or other assets in their accounts to meet the call unless the firm has contacted them first. This is not the case. As noted above, DIF generally will not issue margin calls and can immediately sell your securities or futures contracts without notice to you in the event that your account has insufficient margin. You are not entitled to choose which securities or futures contracts or other assets in your account(s) are liquidated or sold to meet a margin call. Because the securities or futures contracts are collateral for the margin loan, DIF has the right to decide which positions to sell in order to protect its interests. DIF can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice. These changes in firm policy often take

3 effect immediately. Your failure to maintain adequate margin in the event of an increased margin rate generally will cause DIF to liquidate or sell securities or futures contracts in your account(s). If DIF chooses to issue a margin call rather than immediately liquidating under margined positions, you are not entitled to an extension of time on a margin call. ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS RISK DISCLOSURE STATEMENT Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchanges offering the system and/or listing the contract. You are responsible for directing your trading in accordance with the relevant policies, procedures and trading rules of the exchanges or systems to which your orders are routed. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchanges offering the system and/or listing the instruments you intend to trade. DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS: Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system's order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements, and, in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of Internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.

4 RISKS ASSOCIATED WITH SYSTEM FAILURE: Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority. SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING: Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed. LIMITATION OF LIABILITY: Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs and software and communication system vendors, and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchanges in order to understand these liability limitations. INTERNET SERVICES: To the extent that Customer or DIF use Internet services to transport data or communications, DIF disclaims any liability for interception of any such data or communications. DIF is not responsible, and makes no warranties regarding, the access, speed, availability or security of Internet or network services. AFTER-HOURS TRADING RISK DISCLOSURE STATEMENT There are special characteristics and unique risks associated with trading in securities, CFDs and futures at times that are outside the ordinary trading hours for the exchanges or markets upon which such products are traded ("After-Hours Trading"). Customers must familiarize themselves with these risks and determine whether After-Hours Trading is appropriate in light of such risks and Customer's objectives and experience.

5 Customers are responsible for familiarizing themselves with the hours of the relevant markets upon which they trade and for determining when to place orders for particular products or securities, how they wish to direct those orders, and what types of orders to use. During After-Hours Trading, DIF may provide quotations from and execute Customer trades through various Electronic Communications Networks ("ECNs"), exchanges or other trading systems ("After-Hours Trading Facilities"). Quotations provided during After- Hours Trading may be different than quotations provided during exchange trading hours. Prices and available quantities may be less favorable in After- Hours Trading and prices may fluctuate more widely. News stories, earnings and other company press releases and other information may be released during After-Hours Trading and may cause increased price volatility. Customers therefore should consider the use of limit orders. Markets may be substantially less liquid during After-Hours Trading and quotations may reflect only the pending orders of other After-Hours market participants, rather than prices at which exchange specialists, market makers or other professional liquidity providers are willing to trade with the public, and Customer acknowledges that it may not be possible to receive an execution for Customer's orders. Quotations may be inaccurate or untimely, there may not always be a current quotation for every product or security, and a quotation may represent only a single market participant that is ready to trade a limited quantity of a product or security at a particular price. The bid-ask spread (the difference in price between what the Customer can buy a product or security for and sell it for) may be wider in After-Hours Trading because of lower liquidity and higher volatility. DIF may not have access to every, or any, After-Hours Trading Facility. Thus, the bids and offers displayed by the CanalDIF or Canalbroker platform may not reflect the best bids and offers available on every After- Hours Trading Facility. Likewise, it is possible that the quotations displayed by DIF from After-Hours Trading Facilities on which DIF can execute Customer trades may be less favorable than those on other After-Hours Trading Facilities to which DIF does not have access. Last sale information provided by DIF may not reflect the prices of the most recent trades on all of the various After-Hours Trading Facilities.

6 DAY TRADING RISK DISCLOSURE STATEMENT You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a "day-trading strategy" means an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both purchase and sale transactions in the same security or securities. Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day-trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required to meet your living expenses. Further, certain evidence indicates that an investment of less than $50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of $50,000 or more will in no way guarantee success. Be cautious of claims of large profits from day trading. You should be wary of advertisements or other statements that emphasize the potential for large profits in day trading. Day trading can also lead to large and immediate financial losses. Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading. Day trading requires knowledge of a firm's operations. You should be familiar with a securities firm's business practices, including the operation of the firm's order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is halted due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to systems failures.

7 Day trading will generate substantial commissions, even if the per trade cost is low. Day trading involves aggressive trading, and generally you will pay commission on each trade. The total daily commissions that you pay on your trades will add to your losses or significantly reduce your earnings. For instance, assuming that a trade costs $16 and an average of 29 transactions are conducted per day, an investor would need to generate an annual profit of $111,360 just to cover commission expenses. Day trading on margin or short selling may result in losses beyond your initial investment. When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day-trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price in order to cover a short position. CUSTOMER CONSENT TO ACCEPT ELECTRONIC RECORDS AND COMMUNICATIONS In the interests of timeliness, efficiency and lower costs for our Customers, DIF provides electronic trade confirmations, account statements and other Customer records and communications (collectively, "Records and Communications") in electronic form. Electronic Records and Communications may be sent to Customer's Trader Workstation or to Customer's address. By entering into the DIF Customer Agreement, Customer consents to the receipt of electronic Records and Communications regarding all Customer transactions and dealings with DIF, including confirmations, account statements, messages, and notices of any kind. Customer may withdraw such consent at any time by addressed to DIF Customer Service at If Customer withdraws such consent, however, DIF reserves the right to require Customer to close Customer's account.

8 In order to trade using the CanalDIF or Canalbroker platform, and to receive Records and Communications through them, there are certain system hardware and software requirements, which are described on the DIF Website at Since these requirements may change, Customer must periodically refer to the DIF website for current system requirements. To receive electronic mail from DIF, Customer is responsible for maintaining a valid Internet address and software allowing customer to read, send and receive . Customer must notify DIF immediately of a change in Customer's address by: (i) using those procedures to change a Customer address that may be available on the DIF website or (ii) contacting DIF Customer Service at for further instructions. CUSTOMER INFORMATION POLICIES AND PROCEDURES This addendum provides Customers with information about DIF's Customer Information Policies and Procedures, and is intended to make it clear that prior Customer orders, of DIF, are to be executed on a "first come, first served basis. DIF does not engage in underwriting activities, nor do DIF account executives engage in verbal communications with Customers for the purpose of making recommendations or giving advice with respect to the purchase or sale of financial products. DIF Customer orders are ordinarily transmitted through DIF's automated order routing system. As such, DIF personnel have a limited role in relation to particular Customer orders. The policies and procedures described herein apply to all DIF Broker affiliates, and generally relate to the confidentiality and prevention of misuse of, or access to, Customer trading information, including Customer orders. Protections built into DIF's automated order routing system assure that when a Customer order is entered into the system and transmitted for execution (e.g., to an exchange's electronic system), the identity of DIF's Customer is anonymous. The integrity of these systems is tested by an audit trail which is maintained and which time stamps all proprietary and Customer orders.

9 FINANCIAL STATEMENTS The Securities and Exchange Commission requires that we make available to customers the annual and semi-annual statements of financial condition for DIF Broker SA. You may access such information for the most recent period by clicking on the site.

SIPC Information. Investor Education & Protection

SIPC Information. Investor Education & Protection SIPC Information ABN AMRO Clearing Chicago LLC is a member of the Securities Investor Protection Corporation ( SIPC ). SIPC currently protects the securities and cash in your account up to a maximum of

More information

JUNE 2002 SUGGESTED ROUTING INFORMATIONAL

JUNE 2002 SUGGESTED ROUTING INFORMATIONAL Notice to Members JUNE 2002 SUGGESTED ROUTING Legal & Compliance Operations Registration Senior Management INFORMATIONAL Margin Disclosure and Day-Trading Risk Disclosure Statements NASD Adopts Amendments

More information

Grace Master Disclosure Document- Risk, Margin, Day Trading, Futures, Extended Day, SIPC

Grace Master Disclosure Document- Risk, Margin, Day Trading, Futures, Extended Day, SIPC Grace Master Disclosure Document- Risk, Margin, Day Trading, Futures, Extended Day, SIPC Thank you for choosing Grace Financial Group LLC. Before you begin trading, please read this document carefully.

More information

Margin Account Disclosure Statement

Margin Account Disclosure Statement Margin Account Disclosure Statement COR Clearing ( COR ) is furnishing this document to you to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with

More information

Margin Account Agreement

Margin Account Agreement IMPORTANT TO READ This includes and incorporates by reference the Day-Trading Risk Disclosure Statement and the Truth-in-Lending Statement attached hereto (together, the Agreement ). Acknowledgments and

More information

Margin Agreement. Account Number: To: APEX CLEARING CORPORATION AND, To: FIRSTRADE SECURITIES INC.

Margin Agreement. Account Number: To: APEX CLEARING CORPORATION AND, To: FIRSTRADE SECURITIES INC. Margin Agreement To: APEX CLEARING CORPORATION AND, To: FIRSTRADE SECURITIES INC. Account Number: 1. I agree as follows with respect to the margin account I have opened with you for the purchase and sale

More information

Risk Disclosure Statement for CFDs on Securities, Indices and Futures

Risk Disclosure Statement for CFDs on Securities, Indices and Futures Risk Disclosure on Securities, Indices and Futures RISK DISCLOSURE STATEMENT FOR CFDS ON SECURITIES, INDICES AND FUTURES This disclosure statement discusses the characteristics and risks of contracts for

More information

GENERAL RISK DISCLOSURE

GENERAL RISK DISCLOSURE GENERAL RISK DISCLOSURE Prior to applying for an account the Client should consider carefully whether trading in the Foreign Exchange Markets and CFD's etc. offered by the Company, (Hereinafter: "Forex

More information

PENSON FINANCIAL FUTURES, INC.

PENSON FINANCIAL FUTURES, INC. PENSON FINANCIAL FUTURES, INC. TRACK DATA SECURITIES CORP. COMMODITY FUTURES RISK DISCLOSURE STATEMENT THE RISK OF LOSS IN TRADING COMMODITY FUTURES CONTRACTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE,

More information

Uniform Futures and Options on Futures Disclosures

Uniform Futures and Options on Futures Disclosures Uniform Futures and Options on Futures Disclosures TD Ameritrade Futures & Forex LLC 600 W. Chicago Ave. Suite 100 Chicago, IL 60654-2597 Phone: 773-435-3210 Fax: 773-435-3232 CROSS TRADE CONSENT TD Ameritrade

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT 1. Trading in margined FX involves a high degree of risk including the risk of loss of the Customer s entire Risk Capital deposited with PTFX. Losses, in some cases, have the

More information

Important matters for Securities CFD

Important matters for Securities CFD Provisional Translation for Reference Purpose Only Risk Disclosure for Securities CFD Transaction (This document is given by Interactive Brokers Securities Japan, Inc. in accordance with the regulation

More information

New Account Application Cover Page

New Account Application Cover Page New Account Application Cover Page Thank you for your interest in opening an account with Cobra Trading, Inc. The following outlines the information needed by Cobra Trading, Inc. and the steps you must

More information

RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS

RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS This disclosure statement discusses the characteristics and risks of standardized security futures contracts traded on regulated U.S. exchanges.

More information

BEST EXECUTION AND ORDER HANDLING POLICY

BEST EXECUTION AND ORDER HANDLING POLICY BEST EXECUTION AND ORDER HANDLING POLICY 1. Introduction 1.1. This Summary Best Execution and Order Handling Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance with

More information

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF OUR SMART ORDER ROUTING SYSTEM When an order is placed by the client who requires the order

More information

General Risk Disclosure

General Risk Disclosure General Risk Disclosure Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). This notice is provided

More information

BLACKWELL GLOBAL INVESTMENTS LIMITED. Risk Disclosure

BLACKWELL GLOBAL INVESTMENTS LIMITED. Risk Disclosure Risk Disclosure Introduction Blackwell Global Investments Limited (the Company ), is incorporated in the British Virgin Islands. The company is registered as a BVI Business Company under company number

More information

RISK DISCLOSURE AND ACKNOWLEDGEMENT

RISK DISCLOSURE AND ACKNOWLEDGEMENT RISK DISCLOSURE AND ACKNOWLEDGEMENT TeleTrade - DJ International Consulting Ltd May 2012 2011-2013 TeleTrade-DJ International Consulting Ltd. 1 Introduction TeleTrade-DJ International Consulting Ltd (hereinafter

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

Financial Instruments shall mean Forex, Contracts for Difference (CFD) or any other derivative product.

Financial Instruments shall mean Forex, Contracts for Difference (CFD) or any other derivative product. MaxFX is a trade name of TopFX Ltd, which is registered as a Cyprus Investment Firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under licence number 138/11 in accordance

More information

Easy Application Form

Easy Application Form Member FINRA/SIPC Easy Application Form INDIVIDUAL ACCOUNT APPLICATION FUNDING YOUR ACCOUNT Enclosed is my check for: $ ACCOUNT HOLDER Full Legal Name Make check payable to: Firstrade Securities Inc. SSN

More information

Order Execution Policy

Order Execution Policy Order Execution Policy Introduction Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). Following

More information

RISK DISCLOSURE AND WARNINGS NOTICE

RISK DISCLOSURE AND WARNINGS NOTICE RISK DISCLOSURE AND WARNINGS NOTICE Contents 1. Introduction... 3 2. Charges and Taxes... 3 3. Third Party Risks... 3 4. Insolvency... 3 5. Investor Compensation Fund... 4 6. Technical Risks... 4 7. Trading

More information

ELECTRONIC TRADING AND ORDER ROUTING. Electronic Trading and Order Routing

ELECTRONIC TRADING AND ORDER ROUTING. Electronic Trading and Order Routing ELECTRONIC TRADING AND ORDER ROUTING Electronic Trading and Order Routing Electronic trading and order routing systems differ from traditional manual order routing methods. Transactions using an electronic

More information

Plus500CY Ltd. Order Execution Policy

Plus500CY Ltd. Order Execution Policy Plus500CY Ltd. Order Execution Policy Order Execution Policy This Order Execution Policy forms part of the Client Agreements as defined in the User Agreement. 1. CONDUCTING BUSINESS 1.1. We have a general

More information

Risk Disclosure For Contracts For Difference & Non-Deliverable Forwards

Risk Disclosure For Contracts For Difference & Non-Deliverable Forwards Risk Disclosure For Contracts For Difference & Non-Deliverable Forwards FX Central Clearing (FXCC) Amorosa Centre, 2nd floor 2 Samou Street 4043 Yermasoyia, Limassol, Cyprus Tel: +357 25 870 750, Fax:

More information

Risk Disclosure. Market swings: swing is a sudden shift in the price of an underlying asset price from one level to another.

Risk Disclosure. Market swings: swing is a sudden shift in the price of an underlying asset price from one level to another. Risk Disclosure 1. Introduction This risk disclosure and warning notice is provided to you (our Client and prospective Client) in compliance to the Provision of Investment Services, the Exercise of Investment

More information

EOPTION ELECTRONIC ACCESS AND TRADING AGREEMENT

EOPTION ELECTRONIC ACCESS AND TRADING AGREEMENT EOPTION ELECTRONIC ACCESS AND TRADING AGREEMENT 1. Scope of Agreement. eoption, a division of Regal Securities, Inc. ( We ), agree to provide you, in accordance with this Agreement (the Agreement ), with

More information

Loan Disclosure Statement

Loan Disclosure Statement ab Loan Disclosure Statement Risk Factors You Should Consider Before Using Margin or Other Loans Secured by Your Securities Accounts This brochure is only a summary of certain risk factors you should consider

More information

EDR Financial LTD RISK DISCLOSURE POLICY EDR FINANCIAL LIMITED. CYSEC License Number 268/15

EDR Financial LTD RISK DISCLOSURE POLICY EDR FINANCIAL LIMITED. CYSEC License Number 268/15 RISK DISCLOSURE POLICY EDR FINANCIAL LIMITED CYSEC License Number 268/15 1 P a g e Contents 1. Introduction... 3 2. Scope of the Policy... 3 3. General Risk Warning... 3 4. Technical Risks... 4 5. Trading

More information

POLICY STATEMENT Q-22

POLICY STATEMENT Q-22 POLICY STATEMENT Q-22 DISCLOSURE DOCUMENT FOR COMMODITY FUTURES CONTRACTS, FOR OPTIONS TRADED ON A RECOGNIZED MARKET AND FOR EXCHANGE-TRADED COMMODITY FUTURES OPTIONS 1. In the case of commodity futures

More information

What You Should Know About Auto Trading

What You Should Know About Auto Trading How to Setup an Auto Trading Account 1. Complete the required eoption New Account Forms. 2. If applicable, please fill out the margin or option trading application. 3. Complete the A) eoption Auto Trade

More information

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction 1.1. This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance

More information

NASDAQ LISTING RULES 4000 Series This version of the 4000 series will not be operative until April 13, 2009.

NASDAQ LISTING RULES 4000 Series This version of the 4000 series will not be operative until April 13, 2009. 4000 Series This version of the 4000 series will not be operative until April 13, 2009. 4000. The Nasdaq Stock Market 4100. General 4110. Use of Nasdaq on a Test Basis Notwithstanding the listing standards

More information

WGM Services Ltd Authorisation No: 203/13

WGM Services Ltd Authorisation No: 203/13 [Type text] WGM Services Ltd Authorisation No: 203/13 February 2015 Order Execution Policy Table of Contents 1.0 INTRODUCTION... 2 2.0 SCOPE AND SERVICES... 2 3.0 ORDER TYPE DEFINITIONS... 3 Buy Stop...

More information

RISK DISCLOSURE. Version: 1.0. Date: April. 2014

RISK DISCLOSURE. Version: 1.0. Date: April. 2014 RISK DISCLOSURE Version: 1.0 Date: April. 2014 RISK DISCLOSURE. (, we, us, our ) is authorised and regulated by the New Zealand Financial Service Providers (NZFSP) under licence number 119/10 and registration

More information

RISK DISCLOSURE AND WARNINGS NOTICE

RISK DISCLOSURE AND WARNINGS NOTICE RISK DISCLOSURE AND WARNINGS NOTICE 1. Introduction 1.1. This risk disclosure and warning notice is provided to you (our Client and prospective Client) in compliance to the Provision of Investment Services,

More information

World Trading House Ltd. GENERAL RISK DISCLOSURE

World Trading House Ltd. GENERAL RISK DISCLOSURE World Trading House Ltd. GENERAL RISK DISCLOSURE 1 Risk Warning: Binary Option Trading is risky and you may lose all of your investment General Risk Disclosure 1. Introduction... 3 2. Risk Warnings...

More information

RISK WARNING. Retail transactions conducted with NatureForex are not insured by any deposit insurance of any kind.

RISK WARNING. Retail transactions conducted with NatureForex are not insured by any deposit insurance of any kind. RISK WARNING High Risk Investment Margined retail foreign exchange or currency ( forex ), commodities and financial derivatives transactions are extremely risky. Trading with Nature Forex Ltd. ( NatureForex

More information

BEST EXECUTION AND ORDER HANDLING POLICY

BEST EXECUTION AND ORDER HANDLING POLICY BEST EXECUTION AND ORDER HANDLING POLICY 1. INTRODUCTION 1.1 etoro (Europe) Ltd (the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission ( CySEC ) with license number

More information

Leverate Financial Services Ltd (Regulated by the Cyprus Securities and Exchange Commission License no. 160/11) WARNING AND RISK DISCLOSURES

Leverate Financial Services Ltd (Regulated by the Cyprus Securities and Exchange Commission License no. 160/11) WARNING AND RISK DISCLOSURES Leverate Financial Services Ltd (Regulated by the Cyprus Securities and Exchange Commission License no. 160/11) WARNING AND RISK DISCLOSURES 2014 WARNINGS AND RISK DISCLOSURES The Site and brand name RoyalPip

More information

RISK DISCLOSURE AND WARNINGS NOTICE

RISK DISCLOSURE AND WARNINGS NOTICE RISK DISCLOSURE AND WARNINGS NOTICE 1. Introduction 1.1 This risk disclosure and warning notice is provided to you (our Client and prospective Client) in compliance to the Provision of Investment Services,

More information

Atlas Capital Financial Services Limited. MT4 Order Execution Policy

Atlas Capital Financial Services Limited. MT4 Order Execution Policy Atlas Capital Financial Services Limited (Regulated by the Cyprus Securities & Exchange Commission) MT4 Order Execution Policy 11th of February 2015 1 P a g e Contents 1. Introduction:...3 2. Scope:...3

More information

Understanding Margin and Its Risks

Understanding Margin and Its Risks Understanding Margin and Its Risks www.siebertnet.com Before opening a margin account, you should have a clear understanding of the basic facts about margin and the risks of trading securities on margin.

More information

Morgan Stanley Online (ClientServ) Trading Agreement

Morgan Stanley Online (ClientServ) Trading Agreement Morgan Stanley Online (ClientServ) Trading Agreement This Agreement sets forth the terms and conditions under which Morgan Stanley Smith Barney LLC, Morgan Stanley & Co. Incorporated and/or as applicable,

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT 1. Purpose The purpose of this Statement is to provide to the Client appropriate guidance on the nature and risks of the specific type of financial instrument that are offered

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY General provisions 1. Forex Rally will take all reasonable steps and measures in order to obtain the best quality of service for its Clients. 2. The herein Order Execution Policy

More information

RISKS DISCLOSURE STATEMENT

RISKS DISCLOSURE STATEMENT RISKS DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

INSIDER TRADING POLICY. Guidelines with Respect to Certain Transactions in Company Securities

INSIDER TRADING POLICY. Guidelines with Respect to Certain Transactions in Company Securities INSIDER TRADING POLICY Guidelines with Respect to Certain Transactions in Company Securities This Policy provides guidelines to all employees, officers and directors of F5 Networks, Inc. and its subsidiaries

More information

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance

More information

Plus500CY Ltd. Risk Disclosure Notice

Plus500CY Ltd. Risk Disclosure Notice Plus500CY Ltd. Risk Disclosure Notice Risk Disclosure Notice CFD s can put your capital at risk if used in a speculative manner. CFD s are categorized as high risk by some regulatory authorities as there

More information

Our authorisation and permission details can be found on the FCA website at www.fca.gov.uk.

Our authorisation and permission details can be found on the FCA website at www.fca.gov.uk. is authorised and regulated by the Financial Conduct Authority (FCA), FRN: 595450. We are also regulated under the Market in Financial Instruments Directive (MiFID) in regards to other offices within the

More information

Client Acknowledgement. Risk Warning Notice for CFDs

Client Acknowledgement. Risk Warning Notice for CFDs Please read this document fully. IMPORTANT NOTICE Client Acknowledgement Clients (including account applicants) of CMC Markets Singapore Pte. Ltd. ( CMC Markets ) should be aware of the risks involved

More information

SuperTradingOnline Risk Disclosure. Version: 3.0 Date: May 2015 STO Cyprus

SuperTradingOnline Risk Disclosure. Version: 3.0 Date: May 2015 STO Cyprus SuperTradingOnline Risk Disclosure Version: 3.0 Date: May 2015 STO Cyprus RISK DISCLOSURE AFX Capital Markets Ltd. ( AFX, we, us, our ) trading as SuperTradingOnline (STO) is authorised and regulated by

More information

Reliance Securities A Reliance Capital Company

Reliance Securities A Reliance Capital Company Reliance Securities A Reliance Capital Company Risk Management Policy April 25, 2013 SEBI, vide its circular ref. no. SEBI/MRD/DoP/SE/Cir-07/2005 dated February 23, 2005 has advised the Stock Exchanges

More information

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm).

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm). Trading Hours A Client may execute a trade 24 hours a day beginning at 17:00 hours (5:00 pm) on Sunday, (17:30 hours for off-exchange options) and ending at 17:00 hours (5:00 pm) on Friday for all investment

More information

CMC Markets Stockbroking Limited Exchange Traded Options Product Disclosure Statement (PDS)

CMC Markets Stockbroking Limited Exchange Traded Options Product Disclosure Statement (PDS) CMC Markets Stockbroking Limited Exchange Traded Options Product Disclosure Statement (PDS) 16 May 2011 AFSL No. 246381 and ABN 69 081 002 851 Table of contents Table of contents Part 1 01 General introduction

More information

Suggested Answers to Discussion Questions

Suggested Answers to Discussion Questions Suggested Answers to Discussion Questions 1. One reason for the large initial returns is the significant amount of hype surrounding new issues. This was especially true in the late 1990s, during what is

More information

Supplemental Terms for Using Margin in Your IRA to Execute Options Spreads

Supplemental Terms for Using Margin in Your IRA to Execute Options Spreads Supplemental Terms for Using Margin in Your IRA to Execute Options Spreads You hereby acknowledge and agree that the following terms, conditions and disclosures relate to your account and are part of the

More information

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 Date of Issue: 12 February 2014 INDEX 1. GENERAL INTRODUCTION 4 1.1 Important Information 4 1.2

More information

INTERACTIVE BROKERS LLC DISCLOSURE DOCUMENTS FOR INSTITUTIONAL & HEDGE FUND ACCOUNTS

INTERACTIVE BROKERS LLC DISCLOSURE DOCUMENTS FOR INSTITUTIONAL & HEDGE FUND ACCOUNTS INTERACTIVE BROKERS LLC DISCLOSURE DOCUMENTS FOR INSTITUTIONAL & HEDGE FUND ACCOUNTS The documents in this package contain important information regarding the risks and characteristics of the securities,

More information

Answers to Concepts in Review

Answers to Concepts in Review Answers to Concepts in Review 1. (a) In the money market, short-term securities such as CDs, T-bills, and banker s acceptances are traded. Long-term securities such as stocks and bonds are traded in the

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for CONTRACTS FOR DIFFERENCE Halifax New Zealand Limited Financial Services Provider No. 146605

More information

CMC MARKETS UK PLC. Risk Warning Notice for CFDs. February 2014. Registered in England. Company No. 02448409

CMC MARKETS UK PLC. Risk Warning Notice for CFDs. February 2014. Registered in England. Company No. 02448409 CMC MARKETS UK PLC Risk Warning Notice for CFDs February 2014 Registered in England. Company No. 02448409 Authorised and regulated by the Financial Conduct Authority. Registration No. 173730 CMC Markets

More information

Risk Disclosure. Introduction. through Stofs.com falls under the CySEC licence.

Risk Disclosure. Introduction. through Stofs.com falls under the CySEC licence. Risk Disclosure Introduction AFX Capital and SuperTradingOnline (STO) are trading names of AFX Capital Markets Ltd. and AFX Markets Ltd. AFX Capital Markets Ltd. is authorised and regulated by the Cyprus

More information

Risk Disclosure Statement

Risk Disclosure Statement The purpose of this document is to advise you of the possible associated risks with trading Contracts For Difference (CFDs), and Foreign Exchange (Forex FX). By reviewing this Disclosure document, you

More information

Margin Trading. A. How Margin Works? B. Why Trading on Margin Can Be Very Risky and Is Not Suitable for Everyone? C. Conclusion

Margin Trading. A. How Margin Works? B. Why Trading on Margin Can Be Very Risky and Is Not Suitable for Everyone? C. Conclusion A. How Margin Works? B. Why Trading on Margin Can Be Very Risky and Is Not Suitable for Everyone? C. Conclusion 2 An investor who purchases securities may pay for the securities in full, from his own resources,

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS INVOLVE THE LEVERAGED TRADING OF CONTRACTS DENOMINATED IN FOREIGN CURRENCY CONDUCTED WITH A FUTURES COMMISSION MERCHANT OR A RETAIL

More information

Financial Markets and Institutions Abridged 10 th Edition

Financial Markets and Institutions Abridged 10 th Edition Financial Markets and Institutions Abridged 10 th Edition by Jeff Madura 1 12 Market Microstructure and Strategies Chapter Objectives describe the common types of stock transactions explain how stock transactions

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT Margin FX Contracts and CFDs Issuer: Goldland Capital Group Pty Ltd ABN 76 162 331 311 Australian Financial Services Licence No. 436416 Date: 8 September 2015 Page 1 TABLE

More information

FIRST BINARY OPTION SERVICE. Public offer agreement

FIRST BINARY OPTION SERVICE. Public offer agreement Public offer agreement Revision of 23 January, 2012 Contents 1. Terms and definitions....3 2. General clauses....4 3. Procedure of non-trading operations execution... 5 4. Procedure of trading operations

More information

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8 CONTENTS Section 1 Important Information... 2 Section 2 Regulatory Guide 227... 2 Section 3 Features... 3 Section 4 How to Trade... 8 Section 5 Significant Risks... 32 Section 6 Costs, Fees & Charges...

More information

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS We re here to help To find out more, call us on 1300 307 853, from 8am Monday to 6am Saturday, email us at cfds@commsec.com.au or visit our website at commsec.com.au.

More information

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1 CMC Markets NZ Limited Next Generation Platform Risk Warning Notice 31 May 2015 CMC Markets NZ Limited Risk Warning Notice 1 Significant risks of trading CFDs This document sets the major risks that can

More information

RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI- CURRENCY ACCOUNTS

RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI- CURRENCY ACCOUNTS RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI- CURRENCY ACCOUNTS Rules of the U.S. National Futures Association ("NFA") require Interactive Brokers ("IB") to provide you with the following Risk

More information

Brokerage Account Application (Non-IRA)

Brokerage Account Application (Non-IRA) Brokerage Account Application (Non-IRA) One Beacon Street Boston, MA 02108-3102 (800) 822-2021 brownco.com For BrownCo Use Only: Account Number Instructions: Please complete in full and print clearly in

More information

FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT

FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT FP MARKETS CONTRACTS FOR DIFFERENCES PRODUCT DISCLOSURE STATEMENT Issue Date: 14 January 2013 First Prudential Markets Pty Ltd ABN 16 112 600 281 AFSL 286354 1 FP Markets Contracts For Difference Product

More information

Advantages and disadvantages of investing in the Stock Market

Advantages and disadvantages of investing in the Stock Market Advantages and disadvantages of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money.

More information

Risk Warning Notice. Introduction

Risk Warning Notice. Introduction First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product

More information

RISK DISCLOSURE NOTICE

RISK DISCLOSURE NOTICE RISK DISCLOSURE NOTICE www.walbrookcapitalmarkets.com Equities Futures Options FX CFDs Fixed Income SECTION 1 / INTRODUCTION This Risk Disclosure Notice has been produced by Walbrook Capital Markets Limited

More information

3. OTC Leveraged Foreign Exchange Trading Experience Periods of Liquidity Risk.

3. OTC Leveraged Foreign Exchange Trading Experience Periods of Liquidity Risk. RISK DISCLOSURE Risk Disclosure Statement Trading in leveraged foreign Exchange involves a high degree of risk including the risk of loss of the Customer s entire Risk Capital. Losses, in some cases, have

More information

A guide to margin borrowing

A guide to margin borrowing A guide to margin borrowing Before you borrow on margin, it is important to review your financial situation, investment objectives, risk tolerance, time horizon, diversification needs, and liquidity objectives

More information

Goldman Sachs s Standard Spot Foreign Exchange Terms of Dealing

Goldman Sachs s Standard Spot Foreign Exchange Terms of Dealing Goldman Sachs s Standard Spot Foreign Exchange Terms of Dealing Although Goldman Sachs ( GS or the Firm ) believes its spot FX practices are well-known to its counterparties, the purpose of this letter

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

BEST INTEREST AND ORDER EXECUTION POLICY

BEST INTEREST AND ORDER EXECUTION POLICY Page 1 of 7 Leverate Financial Services Ltd. (Regulated by the Cyprus Securities & Exchange Commission) BEST INTEREST AND ORDER EXECUTION POLICY 2015 Page 2 of 7 BEST INTEREST AND ORDER EXECUTION POLICY

More information

Guggenheim Securities, LLC

Guggenheim Securities, LLC Guggenheim Securities, LLC General Information No one associated with Guggenheim Securities, LLC ( Guggenheim Securities ) is authorized to render tax or legal advice, and you should not rely upon such

More information

Sanlam itrade CFD Brochure

Sanlam itrade CFD Brochure Sanlam itrade CFD Brochure What are CFDs? In a nutshell a CFD (Contract For Difference) is an unlisted instrument that is an agreement between a buyer and a seller to exchange the difference in value of

More information

Terms and Conditions 2015/16

Terms and Conditions 2015/16 Terms and Conditions 2015/16 These are the terms and conditions according to which the customer's account will be opened and run in order to execute currency trading deals and other financial instruments

More information

Overview of the LOYAL3 Platform: How It Works + Specific Risks

Overview of the LOYAL3 Platform: How It Works + Specific Risks Dated September 2015 Subject to Change for Future Offerings Overview of the LOYAL3 Platform: How It Works + Specific Risks NOTE: THIS IS NOT THE PROSPECTUS. The Information Below is Specific to the LOYAL3

More information

Margin Call Grid. Description Call Meeting Methods Result if not met by deadline. Deposit of cash in the entire amount of the call.

Margin Call Grid. Description Call Meeting Methods Result if not met by deadline. Deposit of cash in the entire amount of the call. Margin Call Grid Call Type Daytrade Call Due Date in Business Days Equities: Description Call Meeting Methods Result if not met by deadline Created when 4:1 intraday buying power is exceeded. Deposit of

More information

BEST EXECUTION POLICY

BEST EXECUTION POLICY BEST EXECUTION POLICY TeleTrade - DJ International Consulting Ltd January 2015 2011-2015 TeleTrade-DJ International Consulting Ltd. 1 Introduction TeleTrade-DJ International Consulting Ltd (hereinafter

More information

When firms need to raise capital, they may issue securities to the public by investment bankers.

When firms need to raise capital, they may issue securities to the public by investment bankers. CHAPTER 3. HOW SECURITIES ARE TRADED When firms need to raise capital, they may issue securities to the public by investment bankers. Primary market is a market for new securities. Secondary market is

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY Table&of&Contents& 1.#INTRODUCTION# 2! 2.! SCOPE#AND#SERVICES# 2! 3.#BEST#EXECUTION# 2! PRICE! 3! COSTS! 3! CURRENCY!!CONVERSION! 3! SPEED!!OF!!EXECUTION! 4! LIKELIHOOD!!OF!!EXECUTION!

More information

Margin investing. A guide for Vanguard Brokerage clients

Margin investing. A guide for Vanguard Brokerage clients Margin investing A guide for Vanguard Brokerage clients Please read this brochure carefully before you apply for a margin account. This complex, high-risk strategy isn t appropriate for all investors.

More information

Strategic Research: Contracts For Difference

Strategic Research: Contracts For Difference Strategic Research: Contracts For Difference Ian Littlewood Contracts For Difference April 2007 Strategic Research reports from Thomson Financial are designed to enable strategic decision-making for investor

More information

2A. Investment Objective Definitions. Capital Preservation - a conservative investment strategy characterized by a desire to avoid risk of loss;

2A. Investment Objective Definitions. Capital Preservation - a conservative investment strategy characterized by a desire to avoid risk of loss; CUSTOMER ACCOUNT AGREEMENT This Customer Account Agreement (the Agreement ) sets forth the respective rights and obligations of Apex Clearing Corporation ( you or your or Apex ) and the Customer s (as

More information

Yes, you can. There are no assurances that a stock will increase in value. Several factors can affect the value of your stocks:

Yes, you can. There are no assurances that a stock will increase in value. Several factors can affect the value of your stocks: EBNY Financial, LLC Kevin Kautzmann, CFP Certified Financial Planner 80 Fifth Avenue #1403 New York, NY 212-269-2625 kevin@ebnyfinancial.com www.ebnyfinancial.com Investing in Stocks Page 1 of 5, see disclaimer

More information

FOREIGN EXCHANGE PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574

FOREIGN EXCHANGE PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 FOREIGN EXCHANGE PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 Date of Issue: 19 February 2014 INDEX 1. GENERAL INTRODUCTION 4 1.1 Important Information 4 1.2 Purpose

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information