Scope of Agreement

All transactions and all contracts entered into between the Exchange and the customer, shall be governed by the terms of this customer agreement and the terms of any additional written statements of the Exchange trading regulations or the Exchange additional schedules which may from time to time be set forth or amended by the Exchange and which shall thereupon constitute a portion of this customer agreement, except to the extent (if any) that the Exchange shall agree or notify the customer in writing that other or additional terms apply.

Risk acknowledgements

Customer acknowledges and understands that trading and investment in leveraged OTC foreign currency contracts is highly speculative, involves an extreme degree of risk, and is generally appropriate only for persons who can assume risk of loss in excess of their margin deposit. Customer understands that because of the low margin/high leverage normally available in foreign currency trading, price changes in foreign currency contracts may result in significant losses. Such losses may substantially exceed customer’s investment and margin deposit. By customer directing the Exchange to enter into any foreign currency contract, any profit or loss arising as a result of a fluctuation in the Exchange rate affecting such currency will be entirely for the customer’s account and risk.

Customer’s representations and warranties

Customer is of sound mind, legal age (18 in the USA) and legal competence.Customer has full beneficial ownership of customer’s account. customer has not granted and will not grant a security interest in customer’s account with the Exchange (other than the security interest granted to the Exchange hereunder) to any person without the Exchange prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to the Exchange hereunder) without prior written consent of the Exchange.All information provided by customer to the Exchange , including information regarding customer’s trading experience and investment sophistication, is true, correct and complete, and customer will notify the Exchange promptly of any changes in such information.

Force Majeure

The Exchange shall not be liable to the customer for any loss, cost, damage or expense sustained or incurred by the customer, directly or indirectly, by reason of any cause beyond the Exchange ’s control, including but not limited to, natural disasters, acts of god, civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), market conditions, inability to communicate with any relevant person or entity or any breakdown or failure of any transmission or communication system or computer facility, whether belonging to the Exchange , customer or any market or any settlement or clearing system.

Binding effect

This agreement shall be continuous and shall cover, individually and collectively, all accounts of customer at any time opened or re-opened with the Exchange , irrespective of any change or changes at any time in the personnel of the Exchange or its successors, assigns, or affiliates. This agreement, including all authorizations, shall inure to the benefit of the Exchange and its successors and assigns, whether by merger, consolidation, or otherwise, and shall be binding upon customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of customer. Customer hereby ratifies all transactions with the Exchange affected prior to the date of this agreement, and agrees that the rights and obligations of customer in respect thereto shall be governed by the terms of this agreement.