WEBSITE USER AGREEMENT

FuturePath Trading makes available information, materials, products and services on this website subject to the following terms and conditions and the terms and conditions of all applicable account and other 3rd party vendor agreements, disclaimers and the legal notices that appear on this website and/or must be agreed by you in the account opening process with an FCM. By accessing this site, you agree to the terms and conditions as outlined below, in addition to those contained in such agreements, disclaimers and legal notices. FuturePath Trading and the vendors offered retain the right to change these terms and conditions from time to time at its sole discretion. The prices, fees, costs and other terms of all products and services offered on this website are subject to change at any time and from time to time without notice.

This site is presented solely for informational purposes and to provide access to certain electronic products or services. No offer to buy or sell futures, securities derivative products or foreign exchange of any kind, or any type of investment or trading advice or strategy is made, given or in any manner endorsed by FuturePath Trading. You are fully responsible for any investment or trading decisions you make, and such decisions should be based solely on your evaluation of your financial circumstances, investment or trading objectives, risk tolerance and liquidity needs.

RISKS OF ELECTRONIC TRADING

Account access, trade executions and system response and performance may be adversely affected, including delays and failures, as a result of: market volatility, trading volumes, illiquidity, quote delays, system and software errors, data or server outages, Internet traffic and capacity and other market conditions or factors. One or more of these factors may occur before or after you place a trade, resulting in a delayed or failed order placement, order cancellation, trade execution and/or acknowledgement of any of those actions. You are solely responsible for such risks.

WEBSITE LINKS

This website contains or may contain references and links to other companies and/or their websites, none of which is under the control of FuturePath Trading. FuturePath Trading makes no representations, warranties or endorsements whatever about any other websites to which you may have access through the FuturePath Trading website or any products or services of those other companies even if the products or services of those other companies or their websites are described or offered on FuturePath Trading website or integrated with any of the products or services offered by an FCM.

DISCLAIMERS

Except as expressly provided in an agreement between you and an FCM selected by FuturePath Trading, all products, services, information, software and system performance offered or provided in this site are offered and/or provided “as is” without warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability and fitness for a particular use or purpose.

You use this site and all products and services at your own risk. In no event shall FuturePath Trading be liable for any special, incidental, indirect or consequential damages of any kind, or any financial losses or damages whatever, including, without limitation, those resulting from loss of (or errors in) service, software, data, whether or not we have been advised of the possibility of such damages and regardless of the theory of liability.

ONLINE TRADING RISK DISCLOSURE

The purpose of this Online Trading Risk Disclosure Statement is to advise market participants of the general features of Online Trading and the principal risk factors related to the use of the Online Trading, either directly or as alternative order entry method. However, FuturePath Trading, LLC cannot describe all aspects of Online Trading risk or can it identify all of the potential risk factors. Market users should review the full set of Risk Disclosures in their Commodity Customer Agreement Account forms and contact their brokers for any further information which may be needed in order to evaluate the possible uses of, and the risks associated with Online Trading.

With respect to electronic trading Accounts, FuturePath Trading, LLC or the third party provider will assign the Customer a unique confidential user identification name (“User ID”) and password (“Password”) which must be used solely by Customer in order to access their Online Trading Account. Customer agrees that the User ID and Password may not be disclosed to, or used by, any other person or party, for any purpose whatsoever. Customer hereby agrees that all orders placed through and instructions given to FuturePath Trading, LLC are Customer’s sole responsibility. Customer will indemnify and otherwise hold FuturePath Trading, LLC harmless from and against any and all liability, costs or damages of any kind arising by virtue of any unauthorized use of Customer’s User ID or Password. Customer will notify FuturePath Trading, LLC immediately if a customer becomes aware of any loss, theft or unauthorized use of customer’s User ID or Password.

All orders that customer initiates, irrespective of mode of order entry, are customer’s responsibility and are done at customer’s sole risk. If a customer does not receive notification that an order has been either accepted or rejected for placement, it is the Customer’s responsibility to notify FuturePath Trading, LLC immediately by calling the Customer’s Account Executive.

It is customer’s duty, and not FuturePath Trading, LLC, to monitor their trading activity while open orders and positions are pending. FuturePath Trading, LLC is not responsible for delays or errors. Whether electronic or “voice”, it is customer’s obligation, and not FuturePath Trading, LLC, to monitor the account’s status and the status of any open orders or positions in the account and to take appropriate action to minimize loss or maximize gain.

Customer shall be responsible for monitoring all of the customer’s orders until execution is confirmed or cancellation is acknowledged by FuturePath Trading, LLC by updating the Account electronically, in writing or by telephone and/or e-mail. FuturePath Trading, LLC is not responsible for any loss due to customer’s failure to cancel, replace or cover a trade.

FuturePath Trading, LLC, in its sole discretion, may establish limits on the maximum number of contracts per order, the maximum number of contracts per position, and/or any other type of trading limit based upon:
(a) Government or exchange imposed position limits; (b) Exchange margin requirements; (c) Position limits imposed by FuturePath Trading, LLC in its sole discretion; (d) Margin requirements imposed by FCMs in their sole discretion; (e) Market conditions or (F) Risk of accounts going debit or under-margined. (G) Any other criterion as FuturePath Trading, LLC may see fit will be reviewed by upper management and in most cases discussed with the customer first.

Any orders that may cause the customer’s account to exceed the limits set by FuturePath Trading, LLC will be rejected by the System. Acceptance of an order for placement does not constitute an agreement or representation by FuturePath Trading, LLC that there is sufficient margin in Customer’s account to support the resulting position. Customer hereby acknowledges it is the customer’s responsibility to keep current margin requirements in connection with all trading activities and, that the customer remains liable for the losses incurred on all customer’s trades, regardless of whether there is sufficient margin posted at the time the trade is ordered.

As with any electronic system it is possible that service could be interrupted. In that event, depending on the type of failure, it may or may not be possible to access the Trading Platform to enter a new orders, and/or modify or cancel orders previously entered. FuturePath Trading, LLC shall not be liable for any loss resulting from system failure, breakdown of electronic or mechanical equipment or communication lines, telephone or other interconnection problems, unauthorized access to customer’s User ID or Password, customer’s operating errors or any other condition over which FuturePath Trading, LLC does not otherwise control.
Customer acknowledges that the accuracy, completeness, timeliness and correct sequencing of the real-time information concerning customer’s trading and Account activity, quotes and market information (the “Information”) are not guaranteed by FuturePath Trading, LLC. Customer agrees that FuturePath Trading, LLC shall not have any liability for the accuracy, completeness, timeliness or correct sequencing of the Information or for any decision made or action taken by customer in reliance upon the information or for any interruption of any data or Information.
Customer assumes the financial and other known risks involved in online trading and the products traded through the different platforms offered by FuturePath Trading, LLC. Customer understands that on certain specific trading dates, trading in options or futures may cease to trade when the contract expires. Online trading on exchanges outside the United States, may result in trading days and hours that may not coincide with domestic trading days or hours and that these factors may result in financial disadvantage to the customer. Customer freely assumes these risks and holds FuturePath Trading, LLC, its employees, agents, officers and owners harmless against any such loss resulting from these risks mentioned in this Online Trading Disclosure section of the Website.

PRIVACY

At FuturePath Trading we value our customers, and maintaining customer trust and confidence is our highest priority. While it is necessary that we and the FCM of your choice obtain accurate and current information about our customers in order to provide the highest level of customer service, we are dedicated to protecting the privacy and confidentiality of our customers’ information.

FuturePath Trading and its FCM’s will never sell your personal information to anyone. We will not use or distribute your personal information in any way without prior notification to you. We promise that we will uphold the privacy policies and procedures as set forth below.

Information we collect about our customers

The personal information we collect from you comes from information you supply to your FCM in account opening applications (whether written or electronic), or in other forms you may provide.. This information may include your name, address, social security number or tax identification number, and financial information about you.

Information regarding your transactions including your trading history, your history of meeting margin calls or your use of the various services and products that we provide.

Information about your credit history and information we may receive from your broker or associated person and other consumer reporting agencies.

“Cookies” are small text files consisting of encrypted information assigned to a computer’s browser. Cookies do not collect or transmit your personal information. For users of the non-public areas of our website or electronic trading platforms that require a User ID or password, FuturePath Trading may use cookies to identify you so that you do not have to input your password multiple times as you navigate our site. FuturePath Trading may also use cookies for administrative purposes, such as to maintain security on our site.

Information we may share about our customers

FuturePath Trading and its FCM’s will not sell personal information regarding our current or former customers.

FuturePath Trading and its FCM’s may share personal information about our current and former customers with our affiliated companies and service providers around the world. Your personal information will remain subject to the strictest confidentiality protections.

To the extent that we may engage unaffiliated companies to assist in providing services on our website, such providers will be subject to stringent contractual requirements to maintain the confidentiality of any personal information they may obtain in connection with the performance of their services for us. We will make every effort to make sure that they receive the minimum amount of personal information necessary and will be allowed to retain that information only for as long as necessary in order to provide such services. Such service providers will be allowed to use personal information only in the course of providing services to FuturePath Trading, FCM’s and only for the purposes that we authorize.

Information we may disclose

We may disclose information about current or former customers in order to cooperate with legal or regulatory authorities or pursuant to a court order or subpoena.

We may also disclose personal information as necessary to perform credit checks, collect debts, enforce our legal rights or otherwise protect our interests and property.

Security

FuturePath Trading is committed to the protection of your personal information and of your privacy.

Only authorized FuturePath Trading and it’s FCM’s employees or agents will have access to your personal information. All of our employees, affiliates and service providers are held to the highest standards of privacy and security.

If this privacy policy changes you will be notified through the FuturePath Trading website or in other appropriate ways. If you have questions relating to this policy, please contact your FuturePath Trading representative.

RISK DISCLOSURE 

FOR FUTURES AND OPTIONS

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

FUTURES

1. Effect of ‘Leverage’ or ‘Gearing’

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss, and you will be liable for any resulting deficit.

2. Risk-reducing orders or strategies

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions, may be as risky as taking simple ‘long’ or ‘short’ positions

OPTIONS

3. Variable degree of risk

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable is ordinarily remote.

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller also will be exposed to the risk of the purchaser exercising the option, and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.

ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

4. Terms and conditions of contracts

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearinghouse to reflect changes in the underlying interest.

5. Suspension or restriction of trading and pricing relationships

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.

6. Deposited cash and property

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

7. Commission and other charges

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

8. Transactions in other jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

9. Currency risks

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

10. Trading facilities

Most open outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearinghouse and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.

11. Electronic trading

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.

12. Off-exchange transactions

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

DEFINITION OF ELIGIBLE CONTRACT PARTICIPANT

(Section 1a (18) of the Commodity Exchange Act, 7 U.S.C. 1a (18))

(18) Eligible contract participant

The term ―eligible contract participant means—

(A) Acting for its own account—

(I) A financial institution;

(II) An Insurance company that is regulated by a State, or that is regulated by a foreign government and is subject to comparable regulation as determined by the [Commodity Futures Trading] Commission, including a regulated subsidiary or affiliate of such an insurance company;

(III) An investment company subject to regulation under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the investment company or the foreign person is itself an eligible contract participant);

(IV) A commodity pool that—

(I) That has total assets exceeding $5,000,000; and

(II) is formed and operated by a person subject to regulation under this Act or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the commodity pool or the foreign person is itself an eligible contract participant) provided however, that for purposes of section 2(c)(2)(B)(vi) and section 2(c)(2)C)(vii), the term ‗eligible contract participant‘; shall not include a commodity pool in which any participant is not otherwise an eligible contract participant;

(v) A corporation, partnership, proprietorship, organization, trust, or other entity—

(I) that has total assets exceeding $10,000,000;

(II) the obligations of which under an agreement, contract, or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by an entity described in sub-clause (I), in clause (i), (ii), (iii), (iv), or (vii), or in subparagraph (C); or

(III) that—

(aa) has a net worth exceeding $1,000,000; and

(bb) enters into an agreement, contract, or transaction in connection with the conduct of the entity‘s business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entity‘s business;

(VI) An employee benefit plan

subject to the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.), a governmental employee benefit plan, or a foreign person performing a similar role or function subject as such to foreign regulation—

(I) that has total assets exceeding $5,000,000; or

(II) the investment decisions of which are made by—

(aa) an investment adviser or commodity trading adviser subject to regulation under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) or this Act;

(bb) a foreign person performing a similar role or function subject as such to foreign regulation;

(cc) a financial institution; or

(dd) an insurance company described in clause (ii), or a regulated subsidiary or affiliate of such an insurance company;

(VII)

(I) A governmental entity (including the United States, a State, or a foreign government) or political subdivision of a governmental entity;

(II) A multinational or supranational government entity; or

(III) An instrumentality, agency, or department of an entity described in sub-clause (I) or (II);

except that such term does not include an entity, instrumentality, agency, or department referred to in sub-clause (I) or (III) of this clause unless (aa) the entity, instrumentality, agency, or department is a person described in clause (i), (ii), or (iii) of paragraph (17)(A); (bb) the entity, instrumentality, agency, or department owns and invests on a discretionary basis $50,000,000 or more in investments; or (cc) the agreement, contract, or transaction is offered by, and entered into with, an entity that is listed in any of sub-clauses (I) through (VI) of section 2 (c)(2)(B)(ii);

(VII)

(I) A broker or dealer subject to regulation under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the broker or dealer or foreign person is a natural person or proprietorship, the broker or dealer or foreign person shall not be considered to be an eligible contract participant unless the broker or dealer or foreign person also meets the requirements of clause (v) or (xi);

(II) An associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–5 (b), 78q (h));

(III) An investment bank holding company (as defined in section 17(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78q (i));

(ix) A futures commission merchant subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the futures commission merchant or foreign person is a natural person or proprietorship, the futures commission merchant or foreign person shall not be considered to be an eligible contract participant unless the futures commission merchant or foreign person also meets the requirements of clause (v) or (xi);

(X) A floor broker or floor trader subject to regulation under this Act in connection with any transaction that takes place on or through the facilities of a registered entity (other than an electronic trading facility with respect to a significant price discovery contract) or an exempt board of trade, or any affiliate thereof, on which such person regularly trades; or

(XI) An individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of—

(I) $10,000,000; or

(II) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual;

(B)

(i) A person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), acting as broker or performing an equivalent agency function on behalf of another person described in subparagraph (A) or (C); or

(ii) An investment adviser subject to regulation under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], a commodity trading adviser subject to regulation under this Act, a foreign person performing a similar role or function subject as such to foreign regulation, or a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), in any such case acting as investment manager or fiduciary (but excluding a person acting as broker or performing an equivalent agency function) for another person described in subparagraph (A) or (C) and who is authorized by such person to commit such person to the transaction; or

(C) Any other person that the Commission determines to be eligible in light of the financial or other qualifications of the person.