INTERNET
ELECTRONIC TRADING AGREEMENT & RISK DISCLOSURE STATEMENT
This Agreement is between the Customer and Investtechfx
Technologies Inc. with respect to the electronic trading account (the
"Account") opened on behalf of Customer. This Agreement shall
govern all aspects of the Account as detailed below:
1. Customer acknowledges that this Agreement is an addendum
to the INVESTTECHFX Customer Agreement and applies to those trades
entered into by Customer through the use of INVESTTECHFX's proprietary
electronic order entry system (the "System") that provides
access to INVESTTECHFX through the electronic transmission medium
commonly known as the "Internet." This Agreement must be
executed and manually received by INVESTTECHFX prior to Customer's
commencement of electronic trading.
2. INVESTTECHFX 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 INVESTTECHFX through the System. 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 INVESTTECHFX are
Customer's sole responsibility. Customer will save, defend, indemnify
and otherwise hold INVESTTECHFX harmless of, 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
INVESTTECHFX immediately if Customer becomes aware of any loss, theft or
unauthorized use of Customer's User ID or Password. Customer agrees to
immediately notify INVESTTECHFX in the event of any third party use of
the User ID or Password.
3. All orders that Customer initiates are Customer's
responsibility are done at Customer's sole risk. If the Account is not
updated to note, or if Customer does not receive affirmative
notification that the order has been either accepted or rejected for
placement, it is the Customer's responsibility to notify INVESTTECHFX
immediately by calling the Customer's Account Executive. Investtechfx
does not accept funds for any trading account via a third party, unless
Power of Attorney is granted by the beneficiary of the funds to the depositor.
Restrictions on third party payments are set by banks and their respective
authorities, which have developed extensive procedures, regulations, and
laws to stop the transfer of illegal funds, commonly known as money
laundering.
4. It is Customer's duty, and not INVESTTECHFX's, to
monitor the System trading screen while open orders and positions are
pending. The System is designed to update the Customer's equity and
margin status in Customer's Account; however, INVESTTECHFX is not
responsible for delays or errors. It is Customer's obligation, and not
INVESTTECHFX's, 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.
5. INVESTTECHFX reserves the right to report acceptance,
rejection and execution of Customer's orders by updating Customer's
Account, by e-mail and/or by telephone, as determined by the sole
discretion of INVESTTECHFX.
6. Customer shall be responsible for monitoring all of
Customer's orders until execution is confirmed or cancellation is
acknowledged by INVESTTECHFX by updating the Account or in writing or by
e-mail. Customer must cause any email notification to be printed and
must retain a hard copy of said notification. INVESTTECHFX is not
responsible for any loss due to Customer's failure to cancel, replace or
cover a trade prior to the updating of Customer's Account or receipt of
INVESTTECHFX's written or e-mailed confirmation or cancellation.
7. INVESTTECHFX, 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
INVESTTECHFX in its sole discretion;
(d) Margin requirements imposed by INVESTTECHFX in its sole
discretion; or (e) Any other criterion as INVESTTECHFX may see fit.
Any orders that may cause the Customer's Account to exceed
the limits set by INVESTTECHFX will be rejected by the System.
8. Notwithstanding the foregoing, acceptance of an order
for placement does not constitute an agreement or representation by
INVESTTECHFX that there is sufficient margin in Customer's Account to
support the resulting position. Customer hereby acknowledges Customer's
responsibility to keep apprised of current margin requirements in
connection with all trading activities; to post all required margin for
trades ordered by Customer, and, that 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.
9. The System is a multi-functional electronic system
designed for order entry through the Internet. Numerous features have
been designed into the System to prevent system failure. However, as
with any electronic system it is possible that service could be
interrupted. In that event, depending on the type of failure, it may not
be possible to access the System to enter new orders, and/or modify or
cancel orders previously entered.
10. INVESTTECHFX 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 INVESTTECHFX does not
otherwise control.
11. Unless INVESTTECHFX expressly agrees otherwise, the
System cannot be used for any other orders that are not filled during
the day open outcry or electronic sessions.
12. 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
INVESTTECHFX. Customer agrees that INVESTTECHFX 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 agrees not to reproduce, retransmit,
disseminate, sell or distribute the information without the express
written consent of INVESTTECHFX.
13. INVESTTECHFX reserves the right to terminate Customer's
access to electronic trading at INVESTTECHFX's sole discretion, for any
reason whatsoever, including, but not limited to, the unauthorized use
of Customer's User ID or Password and/or the breach of this Agreement.
14. EXCEPT AS PROVIDED IN THE RULES OF THE VARIOUS
EXCHANGES, AND EXCEPT IN INSTANCES WHERE THERE HAS BEEN A FINDING OF
WILLFUL OR WANTON MISCONDUCT, IN WHICH CASE THE PARTY FOUND TO HAVE
ENGAGED IN SUCH CONDUCT CANNOT AVAIL ITSELF OF THE PROTECTIONS UNDER
SUCH RULES, NEITHER INVESTTECHFX NOR ANY OF THEIR RESPECTIVE. OFFICERS,
DIRECTORS OR EMPLOYEES SHALL BE LIABLE TO ANY PERSONS, INCLUDING BUT NOT
LIMITED TO CUSTOMER, FOR ANY LOSS, DAMAGE, COSTS OR EXPENSES (INCLUDING,
BUT NOT LIMITED TO, LOSS OF PROFITS, LOSS OF USE, OR DIRECT, INDIRECT,
INCIDENTAL OR CONSEQUENTIAL DAMAGES), ARISING FROM (1) ANY FAILURE OR
MALFUNCTION, INCLUDING BUT NOT LIMITED TO, ANY INABILITY TO ENTER OR
CANCEL ORDERS, OF THE SYSTEM OR SERVICES OR FACILITIES USED TO SUPPORT
THE SYSTEM, OR (2) ANY FAULT IN DELIVERY DELAY, OMISSION, SUSPENSION,
INACCURACY OR TERMINATION, OR ANY OTHER CAUSE IN CONNECTION WITH THE
FURNISHING, PERFORMANCE, MAINTENANCE, REPAIR, USE OF OR INABILITY TO USE
ALL OR ANY PART OF THE SYSTEM OR ANY SERVICES OR FACILITIES USED TO
SUPPORT THE SYSTEM. THE FOREGOING SHALL APPLY REGARDLESS OF WHETHER A
CLAIM ARISES IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR
OTHERWISE.
15. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OR
REPRESENTATIONS PROVIDED BY INVESTTECHFX (INCLUDING ITS SUBSIDIARIES AND
AFFILIATES) RELATING TO THE SYSTEM, THE INFORMATION, THE TRADING
SOFTWARE OR ANY INVESTTECHFX SERVICE OR FACILITY USED TO SUPPORT THE
SYSTEM, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND
WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE.
16. ANY DISPUTE ARISING OUT OF THE USE OF THE SYSTEM,
INVESTTECHFX'S SERVICES OR INVESTTECHFX'S FACILITIES USED TO SUPPORT THE
SYSTEM IN WHICH INVESTTECHFX, ITS SUBSIDIARIES OR AFFILIATES OR ANY
RESPECTIVE OFFICERS, DIRECTORS OR EMPLOYEES IS MADE A PARTY, SHALL BE
SUBJECT TO AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF
ONTARIO. ANY ACTIONS, SUITS OR PROCEEDINGS AGAINST ANY OF THE PARTIES
DESCRIBED IN THIS SECTION MUST BE BROUGHT WITHIN THE YEARS FROM THE TIME
THAT A CAUSE OF ACTION HAS ACCRUED, AND ANY PARTY TO SUCH ACTION SHALL
BRING SUCH ACTION IN, AND CONSENTS TO THE JURISDICTION OF ONTARIO
DISTRICT COURT.
17. NOTWITHSTANDING ANY OF THE FOREGOING PROVISIONS, THIS
AGREEMENT SHALL IN NO WAY LIMIT THE APPLICABILITY OF ANY PROVISION OF
THE EXCHANGE ACT OR THE RULES AND REGULATIONS OF ANY EXCHANGE.
18. Acknowledgment of Risks: Customer acknowledges that
trading in Forex, Indexes, CFDs and options is a highly speculative
activity involving high leverage and volatile markets. Despite these
risks, Customer assumes the financial and other known risks involved in
these investment vehicles. Customer understands that on certain specific
trading dates, trading may cease or expire and that when they are traded
outside the United States, trading days and hours 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 INVESTTECHFX, its employees, agents, officers and owners
harmless against agony such loss resulting from these risks.
19. The purpose of this Electronic Trading information and
Risk Disclosure Statement is to advise market participants of the
general features of the System and the principal risk factors related to
the use of the System as detailed herein. This brief Statement, however,
cannot describe all aspects of the System nor can it identify all of the
potential risk factors. Market users should review the full set of Risk
Disclosures in their Customer Agreements 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, the System.