Foreign Exchange and any other Over-the-Counter (“OTC”) derivative product (“Traded Contracts”) trading is highly speculative and is only suitable for customers who understand and are willing to assume the economic, legal and other risks involved, and are financially able to assume losses up to a margin or deposit. The customer hereby certifies that the customer understands these risks and that the customer is willing and able financially and otherwise to assume the risks of traded contracts. The loss of the customer’s entire trading account balance will not result in a negative change to the customer’s life-style. Opening a trading account in order to speculate or assume risk of any sort on traded contracts and other products through the over‐the‐counter (“OTC”) market provided by “ITG Investing LTD” on a ”Spot” basis means assumptions of the following risks:

1. Leverage

High leverage and low margin can result in significant losses due to small price fluctuations in the traded products. High leverage allows the customer to assume more risk, magnifying both losses and profits, which can result in loss of up to and in excess of deposits and margin. The customer must consider that, if the trend in the market is against him/her, the customer may sustain a total loss of the initial margin funds and any additional funds deposited to maintain open positions. The customer is responsible for all of his/her risks, all of the financial resources he/she uses, and for the chosen trading strategy.

2. Quotes and Margin

Quotes and Margins are determined by ITG Investing LTD and may differ from other firms. ITG Investing LTD will exercise discretion in setting and collecting margin. ITG Investing LTD is authorized to convert funds in the customer’s trading account for margin into and from such foreign currency at a rate of exchange as determined by ITG Investing LTD at its sole discretion and on the basis of prevailing money market rates. The customer must maintain the minimum margin level requirement on customer’s open positions at all times. The customer assumes the responsibility to monitor the customer’s required margin. ITG Investing LTD has the right to liquidate any or all open positions whenever the minimum margin requirement is not maintained. To avoid a margin call, it is highly recommended to maintain a margin level of 1000% or greater.

3. Risk Reduction

Stop loss orders or stop limit orders, which are intended to limit losses, may reduce the losses incurred by price fluctuations; however such orders may not be executable under certain abnormal market conditions.

4. Product Risks

The profit and loss in any given transaction may be affected by a currency rate that is used to convert to the account’s base currency. Accounts will be opened in USD, as stated by the customer, and accepted by ITG Investing LTD.

5. Technical

The Customer is responsible for any technical issues sustained on the customer’s side. These issues include but are not limited to:

  1. Failure of the Customer’s hardware, software or internet connection.
  2. Improper operation of the customer’s equipment.
  3. Improper settings on the customer’s terminal.
  4. Delay of the customer’s terminal updates.
  5. MetaTrader failure on customer’s computer.

The customer acknowledges that at the moment of peak load there may be some difficulties in getting telephone communication with the duty operator, especially on the fast market (for example, when key economic indicators are released).

6. Transmission

The customer acknowledges that once a transmission is made from the client terminal and enters the execution queue and begins being processed, it cannot be cancelled. Any other instruction pertaining to the transmission will be ignored until the transmission is completed. The customer should always verify thoroughly the details of volume, product and price level prior to submitting any transaction. All transactions are performed on a first-In-first-Out basis.

7. Trading Agents

In the event that the customer grants trading authority to a third party, the “Trading Agent”, whether on a discretionary or non‐discretionary basis, ITG Investing LTD shall in no way be responsible for reviewing the customer’s choice of such a trading agent. ITG Investing LTD is in no way liable for any losses incurred by such a party and any disputes that may arise will be resolved between the customer and trading agent. In case of an unnamed trading agent on the customer’s account, ITG Investing LTD is not liable for rejecting any instruction from a non-authorized party on the customer’s trading account.

8. Phone Communication

The customer understands that during peak trading hours the customer may experience some difficulties in contacting ITG Investing LTD due to high volume. ITG Investing LTD cannot be held liable for any disruptions in service due to any force majeure.

9. Human Errors

The customer understands that any error that is made by a ITG Investing LTD employee that results in any position opened at an “untraded” price cannot be honored and will subsequently be deleted.

10. Bankruptcy

In case of bankruptcy, creditors retain priority. All transactions entered into with ITG Investing LTD by the customer are not traded on an exchange. Therefore, under the regulating code of law, the customer’s funds may not receive the same protections as funds used to guarantee exchange-traded futures or options contracts. If the company becomes insolvent, the customer’s claim for deposits and profits may not receive priority. The customer is a general creditor and will be paid as such from any funds still available after priority claims are paid.

11. Force Majeure

In case of force majeure the customer shall accept the risk of financial losses.