This brief statement does not disclose all of the risks and other significant aspects of trading foreign exchange contracts. In light of these 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 foreign exchange contracts is not suitable for some customers. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

1. Effect of "Leverage" or "Gearing".
   Foreign exchange contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the foreign exchange 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. For example, an account with FXClearing permits you to trade foreign exchange contracts on a highly leveraged basis (up to approximately 400 times your account equity). The funds in an account trading at maximum leverage can be completely lost if the positions held in the account have a one-half percent adverse swing in market move.
   Change of leverage is directly connected with changes in the volume of equity on your trading account, thus this automatic change of leverage can influence open trades and margin leve or even lead to StopOut level. More detailed information is available in our "Trading Terms and Account types" section.
2. Risk-reducing orders or strategies.
   Placing contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily limit your losses to the intended amounts, since market conditions on the exchange where the order is placed 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.
3. Charges.
   Before you begin to trade, you should obtain a clear understanding of all charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
4. 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 risks 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 not executed at all. Since FXClearing does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading online (via Internet). In no event shall FXClearing be liable for speculative or expectancy damages for potential future lost profits.
5. Margin.
   FXClearing’s margin policies require that your account be properly margined at all times. In order to do so, it may be necessary to deposit substantial additional funds. Failure to meet margin requirements may result in the liquidation of any open positions with a resultant loss. FXClearing reserves the right to liquidate all positions, without notice or margin call, if an account falls below our minimum equity level.
6. Password protection.
   You are obligated to keep passwords secret and ensure that third parties do not obtain access to the trading facilities. You will be liable to FXClearing for trades executed by means of your password even if such use may be wrongful.
7. Quoting errors.
   Should quoting errors occur, which may include, but are not limited to, a mistype of a quote by FXClearing, a quote which is not representative of fair market prices, an erroneous price quote from an FXClearing employee, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feeds provided by third-party vendors, FXClearing will not be liable for the resulting errors in account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting error, FXClearing reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a currency at the time such an error occurred. In the event of a system error where interest is not charged as scheduled, FXClearing reserves the right to apply the missed interest to the account at any time.
8. Third-Party Authority.
   In the event that you grant trading authority or control over your account to a third-party (Trading Agent), whether on a discretionary or non-discretionary basis, FXClearing shall in no way be responsible for reviewing your choice of such Trading Agent or for making any recommendations with respect thereto. FXClearing makes no representations or warranties concerning any Trading Agent; FXClearing shall not be responsible for any loss to you occasioned by the actions of the Trading Agent; and FXClearing does not, by implication or otherwise, endorse or approve of the operating methods of any Trading Agent. If you give a Trading Agent authority to exercise any rights over your account, you do so at your own risk.
9. Compliance With Personal Information Protection of Electronic Documents Act (PIPEDA)
   FXCleaing carrying on business as an online Forex Exchange Dealer for foreign investors adheres to the Personal Information Protection of Electronic Documents Act (Canada) (hereinafter the “Act”).
   As a Foreign Exchange Dealer, FXClearing is required by law to collect from individuals personal information such as: name, date of birth, addresses, occupation, and a copy of federal documents. Personal information supplied to FXClearing is confidential and FXClearing will not sell or in any way distribute such information provided to FXClearing to any third parties unless authorized to do so by the individual or as required by the Financial Transactions and Reports Analysis Centre of Canada (“FinTRAC”) or other applicable regulations.
   FXClearing is also required by law to be sensitive to “suspicious activities” and “suspicious transactions” which activities and transactions FXClearing must report to FinTRAC and FXClearing must be sensitive to terrorist activities of individuals, entities, and countries identified by the United Nations and other national and international agencies.
   In order to comply with its ongoing record keeping and disclosure requirements, FXClearing has appointed a compliance officer who may be contacted for questions or complaints regarding FXClearing’s treatment of personal information at compliance@fxclearing.ca.

This is a legal contract between FX Clearing Group, Inc., (hereinafter referred to as FXClearing) a organized under the laws of the Province of Ontario, Canada, its successors and assigns, and the party (or parties) executing this document. In consideration of FXClearing agreeing to carry one or more accounts of the undersigned person or persons (hereinafter referred to as “Trader” or “Client”) and providing services to Trader in connection with the purchase and sale of foreign exchange contracts, Trader agrees as follows:

1. AUTHORIZATION TO TRADE.
   FXClearing will engage in foreign exchange contracts transactions with Trader in accordance with Trader’s oral, written or electronic instructions. FXClearing will act as the counter-party to the Trader in all such transactions.
2. COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES.
   All transactions under this Agreement shall be subject to the by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed. Trader acknowledges that all transactions under this Agreement are subject to the regulations and Trader shall not thereby be given any independent legal or contractual rights with respect to such requirements.
3. MARGINS AND DEPOSIT REQUIREMENTS.
   Trader shall provide to and maintain with FXClearing margin in such amounts and in such forms as FXClearing, in its sole discretion, may require. FXClearing may change margin requirements at any time. No previous margin requirement by FXClearing shall preclude FXClearing from increasing that requirement without prior notice. FXClearing retains the right to limit the amount and/or total number of open positions that Trader may acquire or maintain at FXClearing. FXClearing shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. For example, in volatile market conditions margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged due to currency conversion rate or daily interest.
4. CARRYING POSITIONS FORWARD.
   A position will be carried forward at the initial execution price until it is eventually closed by Trader or by FXClearing under the provisions of Paragraph 7 (Liquidation of Accounts). Consistent with FXClearing policy, a position that is carried forward may be credited or debited interest charges until the position is closed.
5. COLLATERAL.
   All funds, securities, currencies, and other property of Trader which FXClearing or its affiliates may at any time be carrying for Trader (either individually, jointly with another, or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by FXClearing as security and subject to a general lien and right of set-off for liabilities of Trader to FXClearing whether or not FXClearing has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Trader may have with FXClearing. Trader hereby also grants to FXClearing the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Traders, to itself as broker or to others, any securities or other property of Trader held by FXClearing as margin or security. FXClearing shall at no time be required to deliver to Trader the identical property delivered to or purchased by FXClearing for any account of Trader.
6. SETTLEMENT DATE AND ROLLOVERS.
   With respect to purchases or sales of Currencies through an OTCFX account, Trader agrees to instruct FXClearing as to the offset or rollover of a Currency position. Except as provided herein, during the term of the Currency position, Trader shall give FXClearing instructions for rolling the Currency position no later than two hours prior to the settlement of trading in the Currency contract on the day Trader intends to rollover a Currency position. In addition, Trader, by noon of the business day before the settlement date of the contract of the Currency contract, shall instruct FXClearing whether to deliver, offset or rollover the Currency position. In the absence of timely instructions from Trader, FXClearing is authorized, at FXClearing’ absolute discretion, to deliver, rollover or offset all or any portion of the Currency positions in the OTCFX account(s) for Trader’s Account(s) and at Trader’s risk. Trader’s account(s) shall be charged commissions, at broker’s rates, upon the rollover or offset of a Currency position.
7. FICTITIOUS TRADES
   FXClearing shall have the right to annul and/or reverse any trades which are deemed fictitious or opened at a fictitious price not existing on the market at the time of opening.
8. LIQUIDATION OF ACCOUNTS.
   In the event of (a) the death or judicial declaration of incompetence of Trader; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Trader; (c) the filing of an attachment against any of Trader’s accounts carried by FXClearing, (d) insufficient margin, or FXClearing’ determination that any collateral deposited to protect one or more accounts of Trader is inadequate, regardless of current market quotations, to secure the account; (e) Trader’s failure to provide FXClearing any information requested pursuant to this agreement; or (f) any other circumstances or developments that FXClearing deems appropriate for its protection, and in FXClearing’ sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation Trader may have to FXClearing, either directly or by way of guaranty of suretyship, out of any of Trader’s funds or property in its custody or control or in the custody or control of any FXClearing affiliate; (2) sell any or purchase any or all currency contracts, securities or other property held or carried for Trader; and (3) cancel any or all outstanding orders or contracts, or any other commitments made with Trader. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Trader, Trader’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Trader’s or held jointly with others. In liquidation of Trader’s long or short positions, FXClearing may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in FXClearing’ sole judgment may be advisable to protect or reduce existing positions in Trader’s account. Any sales or purchases hereunder may be made according to FXClearing’s judgment and at its discretion.
9. SETTLEMENT DATE OFFSET INSTRUCTIONS.
   Offset instructions on Currency positions open prior to settlement arriving at settlement date must be given to FXClearing at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of FXClearing within the same period described above. If neither instructions, funds nor documents are received, FXClearing may without notice, either offset Trader’s position or roll Trader’s positions into the next settlement time period or make or receive delivery on behalf of Trader upon such terms and by such methods deemed reasonable by FXClearing in its sole discretion.
10. CHARGES.
    Trader shall pay such charges (including, without limitation, markups and markdowns, statement charges, idle account charges, order cancellation charges, account transfer charges or other charges) arising out of FXClearing providing services hereunder. FXClearing may change its charges without notice. All such charges shall be paid by Trader as they are incurred, or as FXClearing in its sole and absolute discretion may determine, and Trader hereby authorizes FXClearing to withdraw the amount of any such charges from Trader’s account(s).
11. WIRE TRANSACTIONS.
    FXClearing shall neither receive nor disburse Trader’s funds in cash currency or cash equivalents. All transactions between Trader and FXClearing shall be performed by wire or other method in which the identities of both the sending and receiving parties can be verified by FXClearing and which FXClearing in its sole discretion shall deem appropriate. FXClearing shall not accept deposits from any third party to Trader’s account; FXClearing shall not withdraw any funds from Trader’s account to any third party. FXClearing shall perform wire transactions only between Trader’s FXClearing account and another account which is held in Trader’s name or of which Trader clearly demonstrates ownership to FXClearing.
12. STATEMENTS AND CONFIRMATION.
    Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after electronic transmittal to Trader. In lieu of sending trade confirmation via postal mail, FXClearing will provide Trader access to view Trader’s account at any time with an online login via Internet. Objections on Trader’s part shall be directed to FXClearing via email at claim@fxclearing.ca, and shall be deemed received only if actually sent via e-mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by FXClearing or FXClearing’ agents prior to Trader’s receipt of said reports. Trader’s failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein.
13. COMMUNICATIONS.
    Reports, statements, notices and any other communications will be transmitted to Trader electronically by posting to Trader’s online account or via e-mail to the e-mail address on Trader’s application, or to such other e-mail address as Trader may from time to time designate to FXClearing. All communications so posted or sent shall be deemed transmitted by FXClearing when posted or sent and deemed delivered to Trader personally, whether actually received by Trader or not.
14. FXCLEARING’S RESPONSIBILITIES.
    FXClearing will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond FXClearing’ control or anticipation. FXClearing shall not be liable for losses arising from the default of any agent or any other party used by FXClearing under this agreement.
15. CURRENCY FLUCTUATION RISK.
    If Trader directs FXClearing to enter into any foreign exchange transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Trader’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which FXClearing may choose to accept, in such amounts as FXClearing may in its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and (c) FXClearing is authorized to convert funds in Trader’s account for margin into and from such foreign currency at a rate of exchange determined by FXClearing in its sole discretion on the basis of the then prevailing money market rates.
16. RISK ACKNOWLEDGMENT.
    Trader acknowledges that investments in leveraged foreign exchange transactions are speculative, involve a high degree of risk, and is appropriate only for persons who can assume risk of loss of their margin deposit. Trader understands that because of the low margin normally required in trading foreign exchange contracts, price changes in foreign exchange contracts may result in the loss of Trader’s margin deposit. Trader warrants that Trader is willing and able, financially and otherwise, to assume the risk of foreign exchange contracts trading, and in consideration of FXClearing’ carrying his/her account(s), Trader agrees not to hold FXClearing responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Trader recognizes that guarantees of profit or freedom from loss are impossible of performance in foreign exchange contracts trading. Trader acknowledges that Trader has received no such guarantees from FXClearing or from any of its representatives or any introducing agent or other entity with whom Trader is conducting his/her FXClearing account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
17. TRADING RECOMMENDATIONS.
    (a) Trader acknowledges that (i) any market recommendations and information communicated to Trader by FXClearing or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any foreign exchange contract, (ii) such recommendation and information, although based upon information obtained from sources believed by FXClearing to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) FXClearing makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Trader. Trader acknowledges that FXClearing and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Trader, and that the market position of FXClearing or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Trader by FXClearing. Trader acknowledges that FXClearing makes no representations concerning the tax implications or treatment of foreign exchange contracts.
18. TRADER REPRESENTATIONS AND WARRANTIES.
    Trader represents and warrants that: (a) Trader is of sound mind, legal age and legal competence; and, (b) no person other than Trader has or will have an interest in Trader’s account(s); and, (c) Trader hereby warrants that regardless of any subsequent determination to the contrary, Trader is suitable to trade foreign exchange contracts, and, (d) Trader is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Trader becomes so employed, Trader will promptly notify FXClearing via e-mail of such employment; and, (e) all the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Trader will notify FXClearing promptly of any changes in such information.
19. DISCLOSURE OF FINANCIAL INFORMATION.
    Trader represents and warrants that the financial information disclosed to FXClearing in this document is an accurate representation of the Trader’s current financial condition. Trader represents and warrants that in determining Trader’s Net Worth, Assets and Liabilities were carefully calculated, then Liabilities were subtracted from Assets to determine the value that Trader has included in the financial information as Net Worth. Trader represents and warrants that in determining the value of Assets, the Trader included cash and/or cash equivalents, Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable Assets. Trader represents and warrants that in determining the value of Liabilities, Trader included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence) and other debts. Trader represents and warrants that in determining Trader’s Liquid Assets Trader included only those Assets that can be quickly (within one day’s time) converted to Cash. Trader represents and warrants that Trader has very carefully considered the portion of Trader’s assets which Trader considers to be Risk Capital. Trader recognizes that Risk Capital is the amount of money Trader is willing to put at risk and if lost would not, in any way, change Trader’s lifestyle. Trader agrees to immediately inform FXClearing if the Trader’s financial condition changes in such a way to reduce Trader’s Net Worth, Liquid Assets and/or Risk Capital.
20. NO GUARANTEES.
    Trader acknowledges that Trader has no separate agreement with Trader’s broker or any FXClearing employee or agent regarding the trading in Trader’s FXClearing account, including any agreement to guarantee profits or limit losses in Trader’s account. Trader understands that Trader is under an obligation to notify FXClearing’s Compliance Officer immediately in writing as to any agreement of this type. Further, Trader understands that any representations made by anyone concerning Trader’s account that differ from any statements Trader receives from FXClearing must be brought to the attention of FXClearing’s Compliance Officer immediately in writing. Trader understands that Trader must authorize every transaction prior to its execution unless Trader has delegated discretion to another party by signing FXClearing’s limited trading authorization, and any disputed transactions must be brought to the attention of FXClearing’s Compliance Officer pursuant to the notice requirements of this Trader Agreement. Trader agrees to indemnify and hold FXClearing harmless form all damages or liability resulting from Trader’s failure to immediately notify FXClearing’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to FXClearing at its home office. Furthermore, FXClearing shall make no guarantees that any order shall be executed with or without price gaps or not executed at all. The ability to execute an order is dependent upon FXClearing’s ability to offset the trade at FXClearing’s clearing houses, at FXClearing’s sole discretion.
21. CREDIT.
    Trader authorizes FXClearing or agents acting on behalf of FXClearing to investigate Trader’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as FXClearing shall deem appropriate to verify information regarding Trader. Trader further authorizes FXClearing to investigate Trader’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, and compliance data centers as FXClearing shall deem appropriate. Upon reasonable request made in writing by Trader to FXClearing, Trader shall be allowed to review any records maintained by FXClearing relating to Trader’s credit standing. Trader shall also be allowed, at Trader’s sole cost and expense, to copy such records.
22. JOINT ACCOUNTS.
    If this account is held by more than one person, all of the joint holders are jointly and severally liable to FXClearing for any and all obligations arising out of transactions in the account and agree to be bound by all terms and conditions of this Trading Agreement and other written agreements relating to the account. In addition, each person named on the account singly has authority: a) to trade for the account, b) to receive all correspondence and documents in respect to the account, c) To receive or withdraw money from the account, d) to execute agreements relating to the account, and e) to deal with FXClearing fully in all matters. FXClearing has the authority to require joint action by the parties of the account in matters of the account. FXClearing has possession over the security of the account individually or jointly. If this account is a joint account, in the event of the death of any of the tenants, the survivor(s) shall immediately give FXClearing written notice thereof, and FXClearing, before or after receiving such notice, may take such action, institute such proceedings, require such papers, retain such portion of the account, and restrict transactions in the account as FXClearing may deem advisable to protect FXClearing against any tax, liability, penalty, or loss under any present or future laws or otherwise. The estate(s) of any of the tenants who shall have died shall be liable, and the survivor(s) shall continue to be liable, to FXClearing for all obligations in the account in any way resulting from the completion of transactions initiated prior to the receipt of FXClearing of the written notice of the death of the decedent, or incurred in the liquidation of the account, or the adjustment of the interests of the respective parties. Each tenant is presumed to have equal share.
23. NO WAIVER OR AMENDMENT.
    No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an authorized officer of FXClearing. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by FXClearing or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
24. GOVERNING LAW AND JURISDICTION.
    This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the Province of Ontario, Canada(where FXClearing’s principal order execution facilities are located), without regard to choice of law principles.
25. BINDING EFFECT.
    This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with FXClearing irrespective of any change or changes at any time in the personnel of FXClearing or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of FXClearing and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Trader. Trader hereby ratifies all transactions with FXClearing effected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in respect thereto shall be governed by the terms of this Agreement.
26. TERMINATION.
    This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open position(s) and no liabilities held by or owed to FXClearing upon the actual receipt by FXClearing of written notice of termination via e-mail, or at any time whatsoever by FXClearing upon the transmittal of written notice of termination to Trader; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Trader of any obligations arising out of prior transactions entered into in connection with this Agreement.
27. INDEMNIFICATION.
    Trader agrees to indemnify and hold FXClearing, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by FXClearing arising out of Trader’s failure to fully and timely perform Trader’s agreements herein or should any of the representations and warranties fail to be true and correct. Trader also agrees to pay promptly to FXClearing all damages, costs and expenses, including attorney’s fees, incurred by FXClearing in the enforcement of any of the provisions of this Agreement and any other agreements between FXClearing and Trader.
28. CROSS TRADE CONSENT.
    The undersigned hereby acknowledges and agrees that a situation may arise whereby an officer, director, affiliate, associate, employee, bank, bank employee or dealer associated with FXClearing may be the opposing broker for a trade entered for the undersigned’s account. The undersigned hereby consents to any such transaction, subject to the limitations and conditions, if any, contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, and subject to the limitations and conditions, if any, contained in any applicable Regulations of any applicable regulatory agency.
29. TERMS AND HEADINGS.
    The term “FXClearing” shall be deemed to include FXClearing, its divisions, successors and assigns; the term “Trader” shall mean the party (or parties) executing the Agreement; and the term “Agreement” shall include all other agreements and authorizations executed by Trader in connection with the maintenance of Trader’s account with FXClearing regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
30. ACCEPTANCE.
    This Agreement shall not be deemed to be accepted by FXClearing nor become a binding contract between Trader and FXClearing until approved by FXClearing.
31. JURISDICTION, VENUE, WAIVER OF JURY TRIAL AND SHORTENING OF LIMITATIONS PERIOD.
    Trader agrees that any civil action, arbitration or other legal proceeding between FXClearing or its employees or agents, on one hand, and Trader on the other hand, arising out of or relating to this Agreement or Trader’s account shall be brought, heard and resolved only by a tribunal located in the Province of Ontario, Canada and Trader hereby waives trial by jury in any such action or proceeding and waives the right to have such proceeding transferred to any other location. No action, regardless of form, arising out of or relating to this agreement or transactions hereunder may be brought by Trader more than one year after the cause of action arose. Trader hereby submits and consents to personal jurisdiction in any court in the Province of Ontario, Canada and appoints and designates FXClearing (or any other party whom FXClearing may from time to time hereinafter designate) as Trader’s true and lawful attorney in-fact and duly authorized agent for service of legal process, and agrees that service of such process upon FXClearing or such other party shall constitute personal service of such process upon Trader; provided, that FXClearing or such other party shall, within five days after receipt of any such process, forward the same by air courier or by certified or registered mail, together will all papers affixed thereto, to Trader at Trader’s last known mailing address.
32. RECORDINGS.
    Trader agrees and acknowledges that all conversations regarding Trader’s account(s) between Trader and FXClearing personnel may be electronically recorded with or without the use of an automatic tone-warning device. Trader further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Trader or FXClearing. Trader understands that FXClearing destroys such recordings at regular intervals in accordance with FXClearing’ established business procedures and Trader hereby consents to such destruction.
33. SCALPING
    Trader agrees and acknowledges that the service provided by FXClearing to Trader hereunder is not adapted for trading techniques commonly known as "scalping" or "picking" ("Scalping"). In the event of Trader employing the Scalping techniques, Trader agrees and acknowledges that FXClearing may in FXClearing's sole discretion take one or more, or any portion of, the following actions: (i) close Trader's account; (ii) suspend Trader's account for an indefinite period of time; (iii) carry out an investigation on Trader's account for an indefinite period of time; (iv) charge a penalty fee to Trader in the same or greater amount of money that resulted from Trader using Scalping techniques.
34. EXPERT ADVISERS
    Automated trading systems, or “Expert Advisers” allow trade operations to be carried out without the Trader's participation.
    Most types of EAs are generally allowed, however, certain types of EAs exceed FXClearing's risk parameters may be prohibited. Trader agrees and acknowledges that FXClearing may in FXClearing's sole discretion disable Trader's ability to use Expert Advisers, without any prior notice. Trader agrees and acknowledges that no claims will be accepted for any loss directly or indirectly resulting from the disabling of EA use on Trader's account. FXClearing may, at FXClearing's sole discretion, reinstate EA privileges after an indefinite period of time;
35. PROTECTION OF PASSWORDS
    Trader is responsible for the protection of Trader’s Password that gives access to Trader’s trading account and online cabinet. Trader agrees that, in the event of the loss or misuse of Trader’s Password, FXClearing disclaims all liability for such loss.
    Tarder must not divulge Trader’s Password to anyone else, nor may Trader use anyone else’s Password. Trader agrees that FXClearing will treat any person accessing Trader`s account/cabinet using Trader’s Password as the Trader.