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Risk Disclosure Statement

This brief statement does not disclose all of the risks and other significant aspects of trading in financial markets. In light of the risks, you should undertake such transactions only if you ("Trader" or "Client") fully understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading 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.

1. Common Risks

1.1. General Investment Risk: All investments come with the risk of losing money. Investing involves substantial risks, including complete possible loss of principal plus other losses and may not be suitable for many members of the public. Investments, unlike savings and checking accounts at a bank, are not insured by the government to protect against market losses. Different market instruments carry different types and degrees of risk and you should familiarize yourself with the risks involved in the particular market instruments you intend to invest in.

1.2. 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 is not executed at all.

1.3. Suspension or Restriction of Trading and Pricing Relationships: Market conditions (e.g. liquidity) and / or the operation of the rules of certain markets and market makers (e.g. market hours, dealing hours, suspension of trading, etc.) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate / offset positions.

1.4. Off-Exchange Transactions: Company that you are effecting off-exchange transactions with may often act as your counterparty. 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 are generally less regulated and / or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

1.5. Transactions in Foreign Jurisdictions: Transactions on markets in foreign 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. 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 obtain details about the types of redress available and rules applicable in both your home jurisdiction and other relevant jurisdictions before you start to trade.

1.6. 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 insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific foreign legislation or other non-domestic rules. In some jurisdictions, property, which has 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.

1.7. Terms and Conditions of Contracts: You should obtain details about the terms and conditions of the specific market instruments which you are trading and associated obligations (e.g. the margin requirements and the terms of their change, order execution limitations, circumstances under which you may become obligated to make or take delivery, expiration dates and restrictions on the time for exercise, etc.).

1.8. 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.

1.9. 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.

1.10. 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 clearing house and / or member firms. Such limits may vary. Therefore, you should obtain a clear explanation of all details in this respect.

1.11. Trading Strategies and Signals: Positive trading signal performance in the past does not guarantee the trading signal will be profitable in the future. There are various reasons why your trading performance is unlikely to be the same as trading performance results presented by a trading signal provider, including but not limited to: varying levels of market liquidity; varying sizes of market spreads; discontinuation of credit lines and trading lines; the imposition of regulatory or governmental authority over buy-side and sell-side market participants including your counterparty; human error; dealing error; varying levels and speeds of connectivity; delays in generating, transmitting, routing, and accepting orders; a lack of following every single trading signal as it is generated; the effects of other positions that you maintain that were not placed in accordance with signals or strategies offered by the trading signal provider; varying margin requirements; varying stop-loss, limit acceptance, and margining-out provisions; public or market holidays; one-time or infrequent exogenous market events; temporary inability of the trading signal provider to generate or transmit trading signals or strategies; lack of trading experience, etc.

2. Forex-Specific Risks

2.1. Sophisticated High-Risk Trading: Because the risk factor is high in Forex trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital you can afford to lose, you should not trade in the Forex markets. Trading in Forex is suitable only for those sophisticated institutions or sophisticated participants financially able to withstand losses that may substantially exceed the value of margins or deposits.

2.2. Effect of "Leverage" or "Gearing": Transactions in Forex carry a high degree of risk. The amount of initial margin is small relative to the value of the Forex 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 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 immediately or on a very 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.

2.3. Risk-Reducing Orders or Strategies: The placing of certain orders (e.g. "exit-stop", "stop-loss", etc.) 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 "hedged" and "straddle" positions, may be as risky as taking simple "long" or "short" positions.

3. CFD-Specific Risks

3.1. High-Risk, Leverage and Risk-Reducing: Because the risk factor is high in CFD (Contract for Difference) future and spot trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital you can afford to lose, you should not trade CFDs. Trading in CFDs is suitable only for those sophisticated institutions or sophisticated participants financially able to withstand losses that may substantially exceed the value of margins or deposits. CFD transactions carry a high degree of risk. The amount of initial margin is small relative to the value of underlying instrument 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 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 immediately or on a very 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. The placing of certain orders (e.g. "exit-stop", "stop-loss", etc.) 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 "hedged" and "straddle" positions, may be as risky as taking simple "long" or "short" positions.

3.2. After-Hours Trading: During regular trading hours, buyers and sellers can trade readily. During after-hours trading, there may be less trading volume, making it more difficult to execute some of your trades. Less trading activity could also mean wider spreads between the bid and ask prices. As a result, you may find it more difficult to get your order executed or to get as favorable a price as you could have during regular market hours. You may also find greater price fluctuations than you would have seen during regular trading hours. News stories announced after-hours may have greater impacts on prices. Prices quoted during after-hours sessions may not reflect the prices quoted during regular hours, either at the end of the regular trading session or upon the opening of regular trading the next business day.