Security

Risk disclosure and trading information

Any kinds of stock exchange transactions are always subject to opportunities to make profits and risks of making losses. The following text informs you extensively about liabilities and risks.

Risk Information & Protection Statement

 

This Statement is provided by Agora-Direct Ltd (registered in England with number 09349168) whose registered office is at 5 Prospective Place, Millennium Way, Pride Park, Derby, DE24 8MG and which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 706273).

This Statement intended to:

1              Make you aware of and disclose to you the risks associated with investment activity generally;

2              Make you aware of and disclose to you the nature and risk of certain investment types and day trading and the potential for risk and loss that will arise in respect of trading on the financial markets to inform your decision-making in terms of whether to open an account and the type of trading to undertake if you do open an account; and

3              Explain to you how your money and assets are protected.

 

4             Notes on this Statement

This Statement cannot disclose all the risks and other significant aspects of different investment types or trading strategies.  Before undertaking any trading you must familiarise yourself with the investment types that you propose to trade and the way in which the market operates. Please ensure that you read all the information on our Website that is relevant to the trading that you propose to undertake with us. You should not deal in these products unless you understand their nature and the extent of your exposure to risk.

The information in this Statement and on our website is not advice, it is provided solely to enable you to make your own investment decisions. The investments and/or investment services referred to may not be suitable for all investors. If you are unsure of the suitability of any investment, you must seek independent advice before taking any action.

If, after reading this Statement, you remain unclear about the risks associated with the different investment types and trading strategies, or you have any other questions as to whether opening an account with us will by appropriate for you,  you must seek independent advice before applying to open an account with us.

5              General investment risks

The following are risks that arise commonally in investment activity generally, they are not specific to any particular type of investment or investment strategy:

5.1         Capital at risk

5.1.1            Buying Investments can involve risk. The value of your Investments and the income from them can go down as well as up and is not guaranteed at any time. You may not get back the full amount of capital you invested.

5.1.2            The potential gains and losses that may arise from your investments will depend on your appetite for risk and how you manage your approach to risk. Placing all your money into one type of investment can be a high risk strategy. The value of your investment could increase significantly, but it could drop significantly too; there is a risk that you may lose the entire principal amount invested. A managed approach to risk may be to diversify your investments across different companies’ shares and different asset classes.

5.2         Past performance

5.2.1            Past performance should not be seen as an indication or any guarantee of future performance.

5.3         Market Risks

5.3.1            It is important that you understand that trading financial instruments on different markets has its own inherent risk. Some of such risks include:

5.3.2            Systemic risk: This is the risk of disruption to the financial system triggered by an event such as global or regional economic downturn or institutional failure that causes chain reactions resulting in price volatility, loss of investor confidence, significant losses and/or market failure. Such disruption can be unpredictable and difficult to mitigate against.

5.3.3            Volatility: Movements in the price of financial instruments can be volatile and unpredictable. 'Gapping' (a sudden shift in the price of an instrument up or down from one level to next, without trading at the prices in between) can occur and result in a significant loss.

5.3.4            Liquidity: Market conditions can change significantly in a very short time and this will impact the price, spreads and sizes at which your order is executed.

5.3.5            Currency and foreign markets: If you transact in an instrument denominated in a currency other than your account currency, you will be subjected to currency fluctuation which may ultimately impact the profit and loss of the transaction.

Foreign markets will involve different risks from UK markets and in some cases the risks will be greater. There may be different settlement, legal and regulatory requirements from those applying in the UK. The potential for profit or loss from transactions on foreign-denominated contracts will be affected by fluctuations in foreign-exchange rates.

5.4         Insolvency/Counterparty risk

5.4.1            The insolvency or financial default of the account holding broker, or other parties (“counterparties”) involved with your transaction, may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and you may have to accept any available payments in cash.

5.5         Non-readily realisable investments

5.5.1            Non-readily realisable investments are investments in which the market is limited or could become so. You may have difficulty selling this type of investment at a reasonable price and, in some circumstances, it may be difficult to sell it at any price. Do not invest in such investments unless you have carefully thought about whether you can afford to have capital potentially tied up in this way and whether such investments are right for you.

5.6         Suspensions of trading

5.6.1            Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a stop-loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.

5.7         Internet Trading Risks

5.7.1            There are risks associated with trading on an electronic internet-based deal execution trading system. If you undertake transactions electronically over the internet you will be exposed to risks associated with internet trading including, but not limited to, the failure of hardware, software and internet connection.The result of any system failure may mean that your order is either not executed according to your instructions or is not executed at all.

5.8         Effect of "Leverage" or "Gearing"

5.8.1            In relation to listed securities where gearing is involved, the gearing strategy used by the issuer may result in movements in the price of the securities being more volatile than the movements in the price of the underlying investments.  Your investment may be subject to sudden and large falls in value and you may get back nothing at all if there is a sufficiently large fall in your investment.

5.8.2            When trading in derivative products, the amount of initial margin required to open a position may be small, relative to the value of the derivative contract, this in effect will mean that you are trading using "leverage" or "gearing".

5.8.3            The effect of using leverage or gearing will mean that a relatively small market movement may have a proportionately larger impact on the funds you have deposited or will have to deposit in order to continue to maintain your position(s). This may work against you as well as for you and you may sustain a total loss of any funds used to cover any initial margin requirement as well as any additional funds deposited to maintain your position(s).

5.8.4            If the market moves against your position and/or margin requirements are increased, you may be called upon to deposit additional funds at short notice to maintain your position. It is important to note that it is your responsibility to ensure that you continuously monitor your account at all times, as the failure to maintain sufficient funds or collateral on your account may result in the account holding broker closing all your open margined position(s) and you will be liable for any resulting loss or deficit on the account.

5.9         Securities subject to stabilisation

5.9.1            We, may from time to time execute transactions on your behalf on your express order or you may execute transactions in securities directly through the account holding broker’s trading platform where the price of the securities may have been influenced by measures take n to stabilise it.

5.9.2            You should read the explanation below carefully. This is designed to help you judge whether you wish your funds to be invested at all in such securities.  Where we are executing a transaction on your behalf we will make you aware if the securities are subject to stabilisation:

5.9.3            What is stabilisation?

(a)          Stabilisation enables the market price of a security to be maintained artificially during the pe riod when a new issue of securities is sold to the public. Stabilisation may affect not only the price of the new issue but also the price of other securities relating to it (such as derivative products). In the UK the FCA allows stabilisation in order to help counter the fact that, when a new issue comes onto the market for the first time, the price can sometimes drop for a time before buyers are found.

(b)          Stabilisation is carried out by a stabilising manager(normally the firm chiefly responsible for bringing a new issue to market). As long as the stabilising manager follows a strict set of rules, he is entitled to buy back securities that were previously sold to investors or allotted to institutions, which have decided not to keep them. The effect of this may be to keep the price at a higher level than it would otherwise be during the period of stabilisation.

5.9.4            The stabilisation rules:

(a)          Limit the period when a stabilising manager may stabilise a new issue;

(b)          Fix the price at which the stabilising manager may stabilise (in the case of shares and warrants bu t not bonds); and

(c)          Require the stabilising manager to disclose that he may be stabilising but not that he is actually doing so.

5.9.5            The fact that a new issue or a related security is being stabilised should not be taken as any indication of the level of interest from investors , or of the price at which they are prepared to buy the securities.

5.10      Transaction costs

 

5.10.1          Transaction costs will reduce the returns you see on investments as stated investment prices (e.g. stock exchange pricing) will not build in the costs you will incur as a private investor.

5.10.2          The effect of transaction costs on investment returns will be amplified where a high number of transactions are carried out.

5.10.3          There is naturally a conflict of interest between financial services providers who charge commission on transactions and the investors who are carrying out transactions as it is in the interests of the providers for more transactions to be carried out.  You should be aware that this is true for us as much as it is for other financial service providers.

6              Risks associated with specific investment types

6.1         Securitised derivatives

6.1.1            Securitised derivatives may give you a time-limited right or an absolute right to acquire or sell one or more types of investment, which is normally exercisable against someone other than the issuer of that investment.  Or they may give you rights under a contract for difference, which allows for speculation on fluctuations in the value of the property of any description or an index, such as the FTSE 100 index.  In both cases, the investment or property may be referred to as the "underlying instrument".

6.1.2            Securitised derivatives often involve a high degree of gearing or leverage, so that a relatively small movement in the price of the underlying investment results in a much larger movement, unfavourable or favourable, in the price of the instrument.  The price of these instruments can therefore be volatile.

6.1.3            Securitised derivatives have a limited life, and may (unless there is some form of guaranteed return to the amount you are investing in the product) expire worthless if the underlying instrument does not perform as expected.

6.1.4            You should only buy this product if you are prepared to sustain and your financial position can absorb a total or substantial loss of the capital you have invested plus any commission or other transaction charges.

6.1.5            You should consider carefully whether or not this product is suitable for you in light of your circumstances and financial position, and, if you are in any doubt, please seek independent advice.

6.2         Futures

6.2.1            Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash.  They carry a high degree of risk.  The gearing or leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains.  It al so means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you.  Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margin requirements, which are discussed in section 3.5 below (“contingent liability investment risk”).

6.3         Options

6.3.1            There are many different types of options with different characteristics subject to the following conditions:

6.3.2            Buying options: This involves less risk than writing (selling) options because, if the price of the underlying asset moves against you, you can simply allow the option to lapse.  The maximum loss is limited to the premium, plus any commission or other transaction charges.  However, if you buy a call option on a futures contract and you later exercise the option, you will acquire the future.  This will expose you to the risks applicable to futures (set out in section 3.2.1 above) and the risks detailed in section 3.5 below (“contingent liability investment risk”).

6.3.3            Writing (selling) options: If you write an option, the risk involved is considerably greater than buying options.  You may be liable for margin to maintain your position and a loss may be sustained well in excess of the premium received.  By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you, however far the market price has moved away from the exercise price.  If you already own the underlying asset which you have contracted to sell (when the options will be known as “covered call options) the risk is reduced.

If you do not own the underlying asset (“uncovered call options”) the risk can be unlimited.  Only experienced investors should contemplate writing uncovered options, and then only after securing full details of the applicable conditions and potential risk exposure.

6.3.4            Traditional options: Certain London Stock Exchange member firms under special exchange rules write a particular type of option called a traditional option.  These may involve greater risk than other option s. Two-way prices are not usually quoted and there is no exchange market on which to close out an open position or to effect an equal and opposite transaction to reverse an open position.  It may be difficult to assess its value or for the seller of such an option to manage his exposure to risk.

6.3.5            Certain options markets operate on a margined basis, under which buyers do not pay the full premium on their option at the time they purchase it.  In this situation you may subsequently be called upon to pay margin on the option up to the level of your premium.  If you fail to do so as required, your position may be closed or liquidated in the same way as a futures position.

6.4         Contracts for difference

6.4.1            Futures and options contracts can also be referred to as contracts for difference.  These can be options and futures on the FTSE 100 index or any other index, as well as currency and interest rate swaps.  However, unlike other futures and options, these contracts can only be settled in cash.  Investing in a contract for difference carries the same risks as investing in a future or an option.

6.5         Contingent liability investment risk

6.5.1            Certain “contingent liability investment transactions“, such as trading in futures, CFDs etc., which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately.

6.5.2            If you trade in futures, contracts for difference or write options, you may sustain a total loss of the margin you deposit to establish or maintain a position.  If the market moves against you, you may be called upon to pay substantial additional margin at short notice to maintain the position.  If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit.

6.5.3            Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract.

6.6         Second-line stocks (e.g. penny stocks, AIM-listed stocks)

 

6.6.1            Generally these stocks relate to newer companies that do not have any history. The issuer risk is therefore higher as it is difficult to determine how successful a stock has been in the past.

 

6.6.2            Second-line stocks face restricted trading capacity, i.e. the market liquidity of second-line stocks is often so low that it is impossible to sell shares or only very difficult to do so.

 

6.6.3            Prices for second-line stocks are often only set based on bidding and asking. The spread between the purchase price (the so-called bid or bid price) and the sale price (the so-called ask or ask price) is often very high with these securities and is arbitrarily set by the so-called market makers. The spread represents an automatic loss. No fair price formation is guaranteed.

 

6.6.4            Second-line stocks face the risk of abuse/manipulation. The over-the-counter-markets (OTC/Pink sheet/Stuttgart etc.) have one thing in common: the price formation is strongly dependent on just a few participants. This situation provides an opportunity and increases the probability that prices will be manipulated to the detriment of investors.

 

6.6.5            There can often be a lack of information aor a monopoly on information as second-line stocks are often unknown and are rarely considered in the stock exchange press. It is often extremely difficult to assess the share and obtain information. Investors are largely dependent on the company itself to provide information.

 

6.6.6            Second-line stocks will often see high market price fluctuations and sudden slumps in prices.

 

6.7         Exchange Traded Funds (ETFs)

 

6.7.1            Risks in the development of the secondary market: Permanent listing of an ETF on a stock exchange is not guaranteed.

 

6.7.2            Investment goal risk: There can be no guarantees that the investment goal, for instance, tracking of a particular index, will be achieved. Firstly, management fees may cost a few base points and can therefore have a negative effect on the market price of the ETF. Secondly, providers might adopt different methods for tracking an index might be adopted, such as sampling of performance, which can give rise to variations in an ETF's performance as against the performance of the index as a whole.

 

6.7.3            Index risk: Index risk consists of two components:

 

(a)          There are no guarantees that the mapped indices will be computed in the same way in future too; and

 

(b)          The pooling of the index may pose a risk too. This could concern the selection of individual securities and the weighting of some sectors. On some indices, the companies involved are weighted according to market capitalisation; on others, the weighting is the same. The former is risky because of pro-cyclic behaviour by the index fund. Before a security is accepted into an index, it must have achieved a certain level of market capitalisation, which is a consequence of a company’s successful work. Success can therefore only be assessed when looking to the past and it is possible that the share’s high price will soon come to an end.

 

6.7.4            Correlation with sector ETFs: All the companies in a sector ETF are active in the same sector at the time when they are accepted. The share prices of these companies may therefore be more highly correlated than those of companies, which are selected according to a different investment strategy – e.g. according to their geographical region or a more widely spread division of sectors. The question about the correlation of sector indices plays a role that should not be underestimated. Because the range of investments is more restricted and therefore more volatile, the opportunities for yields – but also the risks – may be considerably greater. The diversification effect is largely neutralised by focusing on just one sector. This effect increases if some companies have a strong market position within one sector and their weighting within the index is therefore very high. For example, the weighting of the Finnish mobile phone giant Nokia accounted for more than 35 percent of just 23 securities in the DJ STOXX®600 Technology Index (in August 2007). The correlation would then have a negative effect if the Nokia shares gave ground by several percentage points for individual reasons. This change in market prices would have a negative effect on the whole index because of the strong weighting.

 

6.7.5            Risk of ETF closures: It is possible that an ETF may not be permanently listed on a stock exchange. It is possible that too few funds flow into an ETF. If the costs of the issuing company are no longer covered by the management fee, e.g. for marketing, administration and licence fees, it is possible that the issuer will close these ETFs. If a fund is closed, the capital, however, is in no way lost. Either the ETF is purchased back at its net inventory value and the current value is paid out in cash, or the invested amount is transferred to a different ETF in the same company at the request of the investor free of charge.

 

7              Particular risks associated with day trading

7.1         Day trading simply entails making several purchases and sales in the same market during one trading day. This kind of process contains considerable risks, which you need to be aware of:

7.1.1            Positions are held for a very short time: A position opened is closed on the same day. It is possible here that a corresponding position is opened again on the same day and traded several times during the day in the same market. In the case of overnight trades, purchased positions are closed on the next day. The key feature of this kind of trading is that the investor is only active in the market for a short time. Day trades or overnight trades, however, are not any less risky than futures transactions, which customers leave in the market place for longer.

7.1.2            High levels of commission: Necessarily this style of trading involves a large number of transactions. Commission is incurred for each transaction. The commission level will be high compared to the capital invested. If the market does not move sufficiently in favour of the investor, the net effect can be that the investor’s capital is eroded by commission payments.

7.1.3            Potential inbalance of knowledge:  By undertaking day trading you will be competing with professional and well-resourced market participants, who will also be attempting to make gains using day trading. You should only undertake day trading if you have an in-depth knowledge of securities markets, securities trading techniques, securities trading strategies and derivative financial instruments.

 

 

8              Protection of client money and assets

8.1         We will not, at any stage, hold any client money or assets.  At all times, the account holding broker, with whom you will have a customer agreement, will be responsible for the safekeeping of client money and assets.

8.2         Your money and assets are well secured by 5 pillars of security:

8.2.1            Pillar 1 - Segregated deposits: All customer assets are managed by the account holding broker as segregated (separated) assets. This means that monies, securities and other assets are, as required by regulators, separated and will be held separately from the assets belonging to the account holding broker. This is and will be documented continuously. By carefully separating client assets from broker assets in this way, client assets are ring-fenced in the event the broker encounters financial difficulties or enters any formal or informal insolvency process.

8.2.2            Pillar 2- FSCS Financial Services Compensation Scheme:  We are authorised in the UK by the FCA.  Your investment is therefore protected under the Financial Services Compensation Scheme(up to a maximum of GBP 50,000 per person or business).

8.2.3            Pillar 3- Professional Indemnity Insurance:  We have in place professional indemnity insurance with a limit of GBP 3 million per claim. Subject to the applicable terms and conditions, this insurance covers loss that has arisen due to the negligence or misconduct of  our employees.

8.2.4            Pillar 4 - Protection of accounts held by US-based entities:

(a)            Where the account holding broker is either based in the US or enters into an arrangement whereby your account is held by a US-based  broker –dealer that is also a member of the “Securities Investor Protection Corporation” or “SIPC”, SIPC will cover the first USD 500,000 per client (incl. cash up to USD 250,000) of securities and cash held by the broker-dealer. This includes stocks, bonds, government bonds, certificates of deposit, mutual funds, money market funds and other investments. The market value of shares, options, warrants, debt and cash (in any currency) is also protected.

 

(b)          SIPC offers protection in case of a broker-dealer’s misconduct, however, it does not protect from loss of market values of executed investments, e.g. losses due to market fluctuations.

(c)          The coverage provided by SIPC does not extend to Non-US index options and Non-US Index futures, and CFDs. To secure coverage for these products the account holding broker-dealer will ensure that each trading account is assigned a UK-regulated account to trade Non-US index options, Non-US Index Futures and CFDs. This results in a security for the UK-regulated account of a maximum of GBP 50,000.

(d)          SIPC explicitly does not cover commodity futures contracts (futures, options on futures and single stock futures). In order to benefit from maximum SIPC coverage, the broker-dealer will, periodically, transfer cash from the client’s futures commodity account into the securities account. Thus the client will benefit from SIPC protection in the best possible way.

8.2.5            Pillar 5 - Excess SIPC protection:  Where the account-holding broker is US-based or enters into an arrangement whereby your account is held by a US-based broker –dealer, your account will also be protected by an excess SIPC policy issued by certain Lloyd’s of London insurance underwriters, which provides an additional $30 million of cover (with a cash sublimit of $900,000) subject to an aggregate limit of $150 million.

AGORA direct Limited ("ADL") and Account-Holding Broker, Interactive Brokers (UK) Limited ("IB") Order Execution Policy

Approach

ADL’s order execution policy as introducing broker is premised upon the principle that, all orders are routed through the IB’s trading platform and that this platform has in place systems that automatically seek to  execute orders at the optimal price, at the greatest speed and with the highest levels of accuracy and certainty of completion (i.e. “best execution”) as orders are submitted via direct access to a fully automated market venue.

To the extent that an order is associated with a product listed on multiple market venues, “best execution” is achieved by IB‘s automated systems reviewing the bids and offers at each of those venues and directly routing the order to the venue having either the most favorable price or the most favorable price net of execution costs. While automatically executed orders may not have an opportunity to be executed at a price better than the execution venue’s posted bid or offer, they are not subject to being held by a market maker or specialist and executed at an inferior price or declined execution if the market moves in the client’s favor while the order is pending. IB’s order execution policy accords with this approach. For more information please regard IB’s order execution policy as well: https://www.interactivebrokers.com/en/?f=/en/accounts/legalDocuments/mifidExecPolicy.php?ib_entity=en

Given this background, IB offers Retail clients two primary methods of routing orders to the market for execution. First, IB‘s Retail clients may provide specific instructions to directly route their orders through the IB trading platform to the order book of a particular venue of their choice. When this method has been selected, IB will be deemed as having satisfied its best execution obligation to the client. Second, for products which are multiply listed, IB offers SmartRoutingSM a proprietary computerized routing algorithm which is designed to optimize both speed and price of execution by continuously scanning competing execution venues and automatically seeking to route the order to the best venue. Clients may select SmartRoutingSM based upon two criteria, the first being the most favorable price, and the second the most favorable price after taking into consideration execution costs. A general description of SmartRoutingSM including details as to how this execution method considers factors such as quote prices, speed and likelihood of execution, quote size, and nature of order along with the execution venues covered may be requested from the account-holding broker

Execution Venues

IB provides Retail clients with direct access to a number of execution venues which have been selected based upon the level of relevance they maintain within their particular region in addition to factors such as product breadth, liquidity, electronic access, costs and speed and likelihood of settlement. These considerations, in the aggregate, are intended to provide a range of execution venues most likely to provide clients with best executions. While these venues will typically fall into the classification of Regulated Markets, they may also include other exchanges, Multilateral Trading Facilities, Systemic Internalisers, and third-party investment firms, brokers and/or affiliates acting as a market maker or liquidity provider. IB continuously monitors for the emergence of new venues or changes to existing venues which are currently unavailable, with the objective of expanding product offerings as well as the number of competing venues. A list of execution venues accessible to Retail clients may be found at: https://www.interactivebrokers.com/en/index.php?f=1562.

ADL handling of telephone orders

Clients can place telephone orders with ADL.  Such orders can take two forms:

  1. Instructions for ADL to transmit client orders to IB by telephone for execution by IB; or
  2. Instructions for ADL to directly execute orders on IB’s trading platform via ADL’s master account with IB.

In both instances, IB’s automated systems will apply to ensure best execution once the order is either tranmitted to IB or executed by ADL.

Before orders are executed by ADL, ADL follows a rigorous process to ensure that orders are executed correctly:

  1. The call handler completes a paper order ticket making a note of the client’s necessary requirements (e.g. stock, exchange on which to purchase and desired purchase price, etc.).
  2. The call handler inputs the details from the paper order ticket into the order page of the IB system.  To reduce the risk of mistakes, the paper order ticket is in exactly the same format as the electronic order page.
  3. The call handler “submits” the order electronically.  At this stage the order is not transmitted to IB.
  4. Upon submitting the order, the an order confirmation window appears on the call handler’s screen.  The call handler reads the order details to the client.
  5. The client provides oral confirmation that the details of the order are correct.
  6. The call handler confirms the order through the IB system and orally confirms to the client that the order has been placed.

Monitoring & Review

IB will monitor the effectiveness of this order execution policy to identify and, when applicable, correct any deficiencies. A review of the policy will be conducted at least annually or whenever a material change takes place to ensure that Retail client orders continue to obtain the best possible results.

ADL will monitor the effectiveness of this order execution policy.  A review will be conducted at least annually.  ADL will notify clients of any material changes to this order execution policy.

Important Notice Regarding Best Execution

It should be noted that ADL cannot and does not warrant or guarantee that every Retail client order will be executed at the best posted price. Among other things: (a) IB may not have access to every market at which a particular product may trade; (b) other orders may trade ahead of a Retail client's order and exhaust available volume at a posted price; (c) execution venues or market makers may fail to honor their posted prices; (d) execution venues may re-route Retail client orders out of automated execution systems for manual handling (in which case, execution or representation of a Retail client's order may be substantially delayed); or (e) execution venue Rules or decisions or systems delays or failures may prevent a Retail client's order from being executed, may cause a delay in the execution of a Retail client's order, or may cause a Retail client's order not to be executed at the best posted price.

Our connected brokers or banks are required by regulators to periodically provide you with certain disclosures and other information. Accordingly, our connected brokers or banks, eg. Interactive Brokers, are delivering the following documents to you:

Regulatory Notices and Risk Disclosures
DisclosureDate last updated
After-Hours Trading Risk Disclosure02. June 2015
Agreement and Limited Power Of Attorney For Participation in Interactive Brokers Hong Kong Ltd Stock Yield Enhancement Program10. February 2016
Agreement and Limited Power Of Attorney For Participation in Interactive Brokers Stock Yield Enhancement Program09. April 2014
Arbitration Agreement (Futures)28. November 2012
ASX Explanatory Booklet: Understanding Options Trading25. January 2013
Australian Best Execution Policy - Retail Clients14. December 2011
Australian Best Execution Policy - Wholesale Clients14. December 2011
Canadian Client Consent of Electronic Delivery05. March 2004
Canadian Client Relationship Disclosure Information11. February 2016
Canadian Shareholders Communication Instruction Form12. February 2008
Certification Regarding Correspondent Accounts for Foreign Banks24. April 2009
CFTC Risk Disclosure Statement - Appendix A to Rule 1.5509. April 2014
CFTC Risk Disclosure Statement - Rule 1.55(b)09. April 2014
CFTC Rule 15.05 Notice to Non-U.S. Traders23. January 2013
Customer Consent to Receive Mutual Fund Information Electronically08. June 2010
Day Trading Risk Disclosure Statement05. May 2009
Disclosure Concerning Auto Trading Service Providers29. August 2013
Disclosure of Cash and Margin Account Trading Requirements, and Automatic Liquidation05. March 2004
Disclosure of Risks of Margin Trading10. March 2015
Disclosure Regarding IB's Business Continuity Plan09. May 2013
Disclosure Regarding IB's Procedures for Allocating Equity Option Exercise Notices31. May 2007
Disclosure Regarding Interactive Brokers Pre-Borrow Program02. October 2012
Distressed Bonds17. June 2010
Documents d'information du Québec sur les contrats à terme et les options - French05. March 2004
EMIR Notice22. January 2014
EMIR Overview22. January 2014
Euronext LIFFE Risk Disclosure15. April 2008
Financial Services Guide Interactive Brokers (U.K.) Limited12. January 2016
FINRA Investor Protection Information Resources07. January 2013
FINRA/NFA Standardized Risk Disclosure Statement for Security Futures Contracts26. August 2009
French Risk Disclosures21. February 2008
Hong Kong Acknowledgements12. February 2014
Hong Kong IB-HK Acknowledgements (for residents of Hong Kong)04. January 2016
Hong Kong Client Money Standing Authority01. June 2007
Hong Kong Client Standing Authority01. June 2007
Hong Kong Regulatory Info*09. May 2013
Hong Kong Risk Disclosure22. May 2012
IB Disclosure Pursuant to FINRA Rule 5350 Regarding Stop and Stop-Limit Orders in U.S. Listed Stocks and Warrants18. October 2013
IBUK Disclosure under the Capital Requirements IV Directive15. April 2015
IB UK Order Execution Policy31. October 2007
IIROC Arbitration Agreement23. April 2009
IIROC Risk Disclosure Statement23. April 2009
Important Characteristics and Risks of Participating in Interactive Brokers Fully-Paid Securities Lending Programs04. November 2015
Important Characteristics and Risks of Participating in Interactive Brokers Hong Kong Limited Fully-Paid Securities Lending Program10. February 2016
Interactive Brokers Group Cyber Security Notice24. March 2016
Interactive Brokers Group Privacy Notice16. January 2014
Interactive Brokers Hong Kong Limited Client Money Standing Authority03. June 2015
Interactive Brokers Hong Kong Limited Client Securities Standing Authority03. June 2015
Interactive Brokers Hong Kong Limited Disclosure of Risks Of Margin Trading03. June 2015
Interactive Brokers LLC Australian Financial Services Guide12. January 2016
Interactive Brokers LLC Australian Product Disclosure Statement for Exchange Traded Options12. February 2014
Interactive Brokers LLC Australian Product Disclosure Statement for Foreign Exchange Contracts11. April 2016
Interactive Brokers LLC Australian Product Disclosure Statement for Futures05. February 2015
Interactive Brokers LLC Firm Specific Disclosure Document pursuant to CFTC Rule 1.55(k) and NFA Rule 2-36(n)29. January 2016
Interactive Brokers LLC General Disclosure on Mutual Funds01. July 2015
Interactive Brokers Risk Disclosure for Bond Trading09. January 2013
Interactive Brokers (U.K.) Limited - Remuneration Policy18. March 2016
Interactive Brokers (U.K.) Limited MiFID Professional Client Notification and Order Execution Policy Consent17. April 2013
Interactive Brokers (U.K.) Limited MiFID Retail Client Notification and Order Execution Policy Consent17. April 2013
IRA Documents19. February 2016
ISE Disclosure for Option Orders Over 500 Contracts22. May 2012
Japanese Risk Disclosure24. February 2011
Maine Risk Disclosure05. March 2004
Master Securities Lending Agreement for Interactive Brokers Hong Kong Limited Fully-Paid Lending Program10. February 2016
MSRB Investor Brochure26. May 2010
Municipal Risk Disclosure16. June 2015
Notice of Clearing Arrangement for IB Canada Customers09. February 2010
Notice of Execution and Clearing Agreement and Description of Contractual Relationship Between IB UK and IB LLC17. April 2013
Notice Regarding NFA's BASIC System21. April 2009
Notice Regarding Pre-Arranged Trading On U.S. Futures Exchanges16. June 2015
Notice Regarding USA PATRIOT Act Section 31112. June 2015
OCC Risk Disclosure03. November 2014
Order Handling Policies & Procedures on Multiple Canadian Equities Marketplaces12. June 2015
Order Routing & Payment for Orders Disclosure02. June 2015
PAIB Agreement21. June 2006
Penny Stock Trading Risk Disclosure13. April 2015
Portfolio Margin Disclosure16. June 2015
Pricing Disclosure under the European Market Infrastructure Regulation ("EMIR")15. August 2014
Quebec Day Trading Risk Disclosure23. April 2009
Quebec Risk Disclosure05. March 2004
Recertification Regarding Corresponding Accounts for Foreign Banks24. April 2009
Risk Disclosure and Supplemental Agreement for Security Futures Trading at Interactive Brokers25. January 2013
Risk Disclosure Regarding Leveraged and Inverse Funds05. August 2010
Risk Disclosure Statement For Forex and Multi-Currency Accounts11. January 2016
Risk Disclosure Statement for Trading CFDs With Interactive Brokers (U.K.) Limited ("IB UK")10. March 2016
Risk Disclosure Statement for Trading OTC Precious Metals with Interactive Brokers (U.K.) Limited ("IB UK")14. January 2011
Risks of Trading Equity Options and Terms and Conditions for Trading Equity Options21. April 2009
Shortened (T+2) Settlement for Stock Purchases28. October 2014
Singapore Risk Disclosure21. February 2008
Spousal Consent Form07. August 2009
Supplemental Agreement & Disclosures for Trading on the Australian Stock Exchange Limited23. August 2007
Swiss Bankers Association Special Risks in Securities Trading17. February 2012
Trading on ASX 24 Customer Agreement22. August 2012
Trustee Certification07. July 2015
Advisor Disclosure Packages
DisclosureDate last updated
IB LLC Agreements and Disclosures Package22. January 2016
IB UK Agreements and Disclosures Package22. January 2016
Institutional Disclosure Packages
DisclosureDate last updated
IB LLC Agreements and Disclosures Package22. January 2016

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