Account Opening Request Form - Macquarie

MACQUARIE FUTURES USA LLC 

CORPORATE / ENTITY ACCOUNT DOCUMENTATION

MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION 

IMPORTANT INFORMATION 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

IN ACCORDANCE WITH GOVERNMENT REGULATIONS, FINANCIAL INSTITUTIONS ARE REQUIRED TO OBTAIN, VERIFY, 

AND RECORD INFORMATION THAT IDENTIFIES EACH PERSON OR ENTITY THAT OPENS AN ACCOUNT. 

WHAT THIS MEANS FOR YOU: 

WHEN YOU OPEN AN ACCOUNT, WE WILL ASK FOR YOUR NAME, ADDRESS, IDENTIFICATION NUMBER AND OTHER 

INFORMATION THAT WILL ALLOW US TO IDENTIFY THE CUSTOMER. WE MAY ALSO ASK TO SEE GOVERNMENT-ISSUED 

IDENTIFYING DOCUMENTS. 

In addition to completing the New Account Information Form and Customer Agreement, please provide the following: 

ENTITIES: 

NK açÅìãÉåí~íáçå= ÉîáÇÉåÅáåÖ= íÜÉ= ÉñáëíÉåÅÉ=çÑ=íÜÉ=ÅìëíçãÉê=Éåíáíó=EáKÉK=^êíáÅäÉë=çÑ=fåÅçêéçê~íáçåI=m~êíåÉêëÜáé= 

^ÖêÉÉãÉåíI=léÉê~íáåÖ=^ÖêÉÉãÉåíI=qêìëí=^ÖêÉÉãÉåíI=lÑÑÉêáåÖ=jÉãçê~åÇìãI=mêçëéÉÅíìëI=pí~íìíÉëI=ÉíÅKF= 

OK açÅìãÉåí~íáçå= Éëí~ÄäáëÜáåÖ= ~ìíÜçêáíó= íç= ÉåÖ~ÖÉ= áå= ÑìíìêÉë= íê~åë~Åíáçåë= EáKÉK= fåíÉêå~ä=áåîÉëíãÉåí= éçäáÅóI= mêçëéÉÅíìëI= 

qêìëí=^ÖêÉÉãÉåíI=_ç~êÇ=ÅÉêíáÑáÉÇ=ãáåìíÉëLêÉëçäìíáçåëI=ÉíÅKF= 

PK 

QK 

RK 

SK 

TK 

INDIVIDUALS: 

NK 

OK 

páÖå~íìêÉ=~ìíÜçêáíó=çÑ=áåÇáîáÇì~ä=ëáÖåáåÖ=íÜÉ=ÉåÅäçëÉÇ=ÇçÅìãÉåíë=çå=ÄÉÜ~äÑ=çÑ=íÜÉ=`ìëíçãÉê=Éåíáíó= 

dçîÉêåãÉåí=áëëìÉÇ=áÇÉåíáÑáÅ~íáçå=åìãÄÉê= 

fåíÉêå~ä=oÉîÉåìÉ=pÉêîáÅÉ=í~ñ=ÑçêãI=tJU=çê=tJVI=~ë=~ééäáÅ~ÄäÉ= 

`ìêêÉåí=Ñáå~åÅá~ä=áåÑçêã~íáçå=EáKÉK=cáå~åÅá~ä=ëí~íÉãÉåíëI=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåíI=ÉíÅKF=~åÇ= 

cçê= ~ÅÅçìåíë= ã~å~ÖÉÇ= Äó= ~åçíÜÉê= é~êíóI= ~= Åçéó= çÑ= íÜÉ= áåîÉëíãÉåí= ã~å~ÖÉãÉåí= ~ÖêÉÉãÉåíI= ïáíÜ= áåîÉëíãÉåí= 

ÖìáÇÉäáåÉëK= 

`ÉêíáÑáÉÇI=íêìÉ=Åçéó=çÑ=aêáîÉêë=äáÅÉåëÉI=é~ëëéçêí=çê=çíÜÉê=ÖçîÉêåãÉåí=áëëìÉÇ=áÇÉåíáÑáÅ~íáçå=Å~êÇX=~åÇ= 

pçÅá~ä=ëÉÅìêáíó=åìãÄÉê=çê=ÖçîÉêåãÉåí=áëëìÉÇ=áÇÉåíáÑáÅ~íáçå=åìãÄÉêK=

MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 3 

TABLE OF CONTENTS 

TABLE OF CONTENTS ....................................................................................................................................................................... 3 

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c) & NON-CASH MARGIN 

DISCLOSURE – CFTC 190.10 (C) ....................................................................................................................................................... 4 

PART 1 - NEW ACCOUNT INFORMATION ........................................................................................................................................ 7 

PART II - PRINCIPALS / BENEFICIAL OWNERS ............................................................................................................................. 11 

PART II - PRINCIPALS / BENEFICIAL OWNERS ............................................................................................................................. 12 

FORM OF CORPORATE AUTHORIZATION CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND DELIVERY OF A 

FUTURES AND OPTIONS ACCOUNT AGREEMENT ....................................................................................................................... 13 

FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES 

AND OPTIONS ACCOUNT AGREEMENT ........................................................................................................................................ 14 

FORM OF PARTNERSHIP AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS 

ACCOUNT AGREEMENT .................................................................................................................................................................. 15 

CUSTOMER AGREEMENT ............................................................................................................................................................... 16 

ADDITIONAL TERMS APPLICABLE TO the PROVISION OF DMA FACILITIES .............................................................................. 21 

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT ............................................................ 27 

HEDGE ACCOUNT AGREEMENT .................................................................................................................................................... 28 

ELECTRONIC STATEMENT DISCLOSURE ...................................................................................................................................... 29 

TRADING AUTHORIZATION ............................................................................................................................................................. 30 

ADVISOR AGREEMENT ................................................................................................................................................................... 31 

NON-SOLICITATION AGREEMENT ................................................................................................................................................. 32 

INTRODUCING BROKER ................................................................................................................................................................. 32 

FUTURES CROSS TRADE CONSENT .............................................................................................................................................. 33 

TRANSFER OF FUNDS ..................................................................................................................................................................... 33 

ARBITRATION AGREEMENT ........................................................................................................................................................... 34 

ACCOUNT TRANSFER FORM .......................................................................................................................................................... 35 

TRUST INFORMATION AND TRUSTEE CERTIFICATION ............................................................................................................... 36 

MFUSA BANKING INFORMATION ................................................................................................................................................... 37 

TAX FORMS ...................................................................................................................................................................................... 38


CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS 

– CFTC RULE 1.55 (C) & NON-CASH MARGIN DISCLOSURE – CFTC 

190.10 (C) 

qÜáë=ÄêáÉÑ=ëí~íÉãÉåí=ÇçÉë=åçí=ÇáëÅäçëÉ=~ää=çÑ=íÜÉ=êáëâë=~åÇ=çíÜÉê=ëáÖåáÑáÅ~åí=~ëéÉÅíë=çÑ=íê~ÇáåÖ=áå=ÑìíìêÉë=~åÇ=çéíáçåëK==få=äáÖÜí=çÑ=íÜÉ=êáëâëI= 

óçì=ëÜçìäÇ=ìåÇÉêí~âÉ=ëìÅÜ=íê~åë~Åíáçåë=çåäó=áÑ=óçì=ìåÇÉêëí~åÇ=íÜÉ=å~íìêÉ=çÑ=íÜÉ=Åçåíê~Åíë=E~åÇ=Åçåíê~Åíì~ä=êÉä~íáçåëÜáéëF=áåíç=ïÜáÅÜ=óçì= 

~êÉ=ÉåíÉêáåÖ=~åÇ=íÜÉ=ÉñíÉåí=çÑ=óçìê=ÉñéçëìêÉ=íç=êáëâK==qê~ÇáåÖ=áå=ÑìíìêÉë=~åÇ=çéíáçåë=áë=åçí=ëìáí~ÄäÉ=Ñçê=ã~åó=ãÉãÄÉêë=çÑ=íÜÉ=éìÄäáÅK==vçì= 

ëÜçìäÇ= Å~êÉÑìääó= ÅçåëáÇÉê= ïÜÉíÜÉê= íê~ÇáåÖ= áë= ~ééêçéêá~íÉ= Ñçê= óçì= áå= äáÖÜí= çÑ= óçìê= ÉñéÉêáÉåÅÉI= çÄàÉÅíáîÉëI= Ñáå~åÅá~ä= êÉëçìêÅÉë= ~åÇ= çíÜÉê= 

êÉäÉî~åí=ÅáêÅìãëí~åÅÉëK= 

FUTURES 

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’ 

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures 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. If the market moves against your position or margin 

levels are increased, you may be called upon to pay substantial additional funds on 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. RISK-REDUCING ORDERS OR STRATEGIES 

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) 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 ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions. 

OPTIONS 

3. VARIABLE DEGREE OF RISK 

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of 

option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of 

the options must increase for your position to become profitable, taking into account the premium and all transaction costs. 

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a 

cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire 

a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, 

you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating 

purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is 

remote. 

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium 

received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to 

maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option 

and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a 

future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position 

is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be 

reduced. If the option is not covered, the risk of loss can be unlimited. 

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin 

payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction 

costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.


ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS 

4. TERMS AND CONDITIONS OF CONTRACTS 

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and 

associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying 

interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain 

circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange 

or clearing house to reflect changes in the underlying interest. 

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS 

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or 

contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect 

transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. 

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not 

exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The 

absence of an underlying reference price may make it difficult to judge ‘fair’ value. 

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 a firm insolvency or bankruptcy. The extent to which you may recover your money or property 

may be governed by specified legislation or local rules. In some jurisdictions, property which had 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. 

7. 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. 

8. TRANSACTIONS IN OTHER JURISDICTIONS 

Transactions on markets in other 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. Before you trade should 

inquire about any rules relevant to your particular transactions. 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 ask the 

firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions 

before you start to trade. 

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. 

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; you should ask the firm with which you deal for details in this respect. 

11. 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 risk 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.


12. OFF-EXCHANGE TRANSACTIONS 

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with 

which you deal may be acting as your counterparty to the transaction. 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 may be less regulated or subject to a separate regulatory regime. Before you undertake 

such transactions, you should familiarize yourself with applicable rules and attendant risks. 

DISCLOSURE STATEMENT RELATING TO NON-CASH MARGIN – CFTC RULE 190.10 (C) 

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING 

COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL 

CONDITION. 

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY, 

INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR 

DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL 

PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS. 

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY 

WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION. 

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND 

AT 17 CODE OF FEDERAL REGULATIONS PART 

This Risk Disclosure Statement was adopted by the Commodity Futures Trading Commission, 

an Agency of the Federal Government. The CFTC requires that you acknowledge your 

understanding of this statement before you open an account. Therefore, we urge you to read 

the statements carefully. 

I hereby acknowledge that I have read and understand the Foregoing Risk Disclosure 

Statements Pursuant to CFTC Rules 1.55(c) and 190.10(c). 

___________________________________________________________________ 

Authorized Individual - Print Name 

________________________________________ 

Date 

___________________________________________________________________ 

Authorized Individual - Signature 

___________________________________________________________________ 

Authorized Individual - Print Name (if two signatures required) 

________________________________________ 

Date 

___________________________________________________________________ 

Authorized Individual – Signature (if two signatures required)


PART 1 - NEW ACCOUNT INFORMATION 

Type of Account: 

Trading Objective 

Corporation 

Speculative 

Limited Liability Company Hedging – If Hedging, please complete Hedge Agreement on page 17 

General Partnership 

Managed - If Managed, please complete the Trading Authorization and 

Limited Partnership Advisor Agreement on pages 19 and 20 

Other (please explain): _________________________ 

1. Account Owner Information / Primary Address (No P.O. Boxes accepted) 

Name: _________________________________________________________________________ Tax ID: __ __ - __ __ __ __ __ __ __ 

Street: ______________________________________________________________________________________________________________ 

City, State, ZIP: ________________________________________________________________ 

Country:_____________________________ 

2. Mailing Address (if different from above) 

Street: ______________________________________________________________________________________________________________ 

City, State, ZIP: ________________________________________________________________ 

Country:_____________________________ 

3. Primary Contact Information 

Name: _______________________________________________________ 

Business Phone: ______________________________________________ 

Title: ________________________________________________ 

Fax Number: _________________________________________ 

E-Mail: ______________________________________________________________________________________________________________ 

4. Formation Information 

Date of Formation / Incorporation: ___________________________ 

State / Country of Formation / Incorporation: __________________ 

Principle Place of Business: ____________________________________________________________________________________________ 

Ownership Structure: Private ________________ 

Public; Ticker symbol and Exchange: ____________________________________ 

If a subsidiary, please list ultimate parent:_________________________________________________________________________________ 

Parental Ownership Structure: Private ____________ 

Public; Ticker symbol and Exchange: ____________________________________ 

5. Commodity Exchange Membership: 

Is the Account Owner a Corporate Member or Trading Participant of any commodity exchange? 

NO 

YES: Exchange: __________________________________ 

Type: ______________________________________


6. Current / Previous Clearers 

Futures: ________________________________________________ Account Still Active: YES NO 

Stocks / Mutual Funds: ___________________________________ Account Still Active: YES NO 

7. Trading / Investment Experience (please note your investment experience in the following areas): 

Futures: 

Futures Options: 

Stocks: 

8. Reporting Information 

< 1 yr. 1-5 yrs. 6-10 yrs. 10+ yrs. 

(a) Does the account owner or any of its principals have trading authorization on any additional accounts maintained at MFUSA? 

NO 

YES; Acct. Name: ________________________________________ Acct. #: ____________________________________________ 

(b) Does the account owner or any of its principals have a financial interest greater than 10% in any additional accounts maintained at 

MFUSA? 

NO 

YES; Acct. Name: ________________________________________ Acct. #: ____________________________________________ 

(c) Does any other person / entity have a financial interest in this account greater than 10%? 

NO 

YES; Please Explain ___________________________________________________________________________________________ 

(d) Does any other person / entity guarantee this account? 

NO 


9. Account Owner Information 

(a) Is any principal of the account owner related to any broker associated with MFUSA? 

NO 


(b) Is any principal of the account owner related to any commodity salesperson? 

NO 


(c) Is any principal of the account owner related to any broker, member, lessee, partners, officers or employee of a commodity 

exchange or clearing organization? 

NO 


(d) Does the account owner or any of its principals have a professional relationship with any bank, trust company or entity dealing in 

commodities or securities? 

NO 

YES; Please Explain ___________________________________________________________________________________________


10. Bankruptcy Information 

(a) Is there currently pending, or has there ever been, any litigation, disputed accounts, debit balances or other unresolved matters 

between commodity or securities brokers, exchanges, or federal or state regulatory bodies and the account owner? 

NO 


(b) Has the account owner ever been subject to bankruptcy proceedings, receivership or similar proceedings in the United States or 

any other country? If YES, please provide Discharge of Debtor notice. 

NO 


11. Statement of Financial Condition 

***Audited Financials may be submitted in lieu of completing this worksheet*** 

BALANCE SHEET 

CURRENT ASSETS: 

CURRENT LIABILITIES: 

Liquid Cash _____________________ Accounts Payable _____________________ 

Marketable Securities _____________________ Short-Term Notes Payable _____________________ 

Accounts Receivable _____________________ Accrued Liabilities _____________________ 

Prepaid Expenses _____________________ Other Current Liabilities _____________________ 

Other Current Assets _____________________ 

NON-CURRENT ASSETS: 

NON-CURRENT LIABILITIES: 

PP&E _____________________ Deferred Income Taxes _____________________ 

Long Term Investments _____________________ Long Term Debt _____________________ 

Other Non-Current Assets _____________________ 

Other Non-Current Liabilities _____________________ 

TOTAL ASSETS: _____________________ TOTAL LIABILITIES: _____________________ 

INCOME STATEMENT 

Annual Revenue 

_____________________ 

Annual Costs & Expenses _____________________ 

Annual Net Income 

_____________________


12. Standing Instruction for Payment of Funds (select one) 

Check to Mailing Address 

Wire Transfer to Bank 

Institution: 

Account Number: 

ABA: 

__________________________________________________________________ 

__________________________________________________________________ 

__________________________________________________________________ 

Other (please specify): __________________________________________________________________ 

qÜÉ=ìåÇÉêëáÖåÉÇ=ÅìëíçãÉêEëF=êÉéêÉëÉåíë=~åÇ=ï~êê~åíë=íç=j~Åèì~êáÉ=cìíìêÉë=rp^=ii`=íÜ~í=íÜÉ=ÑçêÉÖçáåÖ=áåÑçêã~íáçåI=áåÅäìÇáåÖ=íÜÉ= 

cáå~åÅá~ä=pí~íÉãÉåíI=áë=íêìÉ=~åÇ=ÅçêêÉÅíK==få=íÜÉ=ÉîÉåí=~åó=çÑ=íÜÉ=áåÑçêã~íáçå=Åçåí~áåÉÇ=áå=íÜáë=~ÅÅçìåí=áåÑçêã~íáçå=Ñçêã=ÅÜ~åÖÉëI=íÜÉ= 

ÅìëíçãÉê=~ÖêÉÉë=íç=áããÉÇá~íÉäó=åçíáÑó=j~Åèì~êáÉ=cìíìêÉë=rp^=ii`=áå=ïêáíáåÖK==qÜÉ=ìåÇÉêëáÖåÉÇ=~ìíÜçêáòÉë=jcrp^=íç=ã~âÉ=ïÜ~íÉîÉê= 

ÅêÉÇáí=áåèìáêáÉë=íÜ~í=áí=ÇÉÉãë=åÉÅÉëë~êó=áå=ÅçååÉÅíáçå=ïáíÜ=íÜáë=~ÅÅçìåí=~ééäáÅ~íáçåI=çê=áå=ÅçååÉÅíáçå=ïáíÜ=íê~åë~Åíáçåë=áå=íÜÉ= 

ìåÇÉêëáÖåÉÇÛë=~ÅÅçìåí=ïáíÜ=jcrp^K== 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



PART II - PRINCIPALS / BENEFICIAL OWNERS 

To be completed by ALL Customers: (please select the entity type for which you are opening an account and complete the following 

sections A and B as indicated) 

Account Type *Principals/ 

Beneficial Owner(s) 

*Bank Senior Officers (CEO/President, CFO/Treasurer) and 

owners of 25% or more of entity 

Sections to be 

Completed 

A and B 

 

Broker/Dealers, Futures Commission Merchants, 

Foreign Brokers 

Senior Corporate Officers (CEO/President, 

CFO/Treasurer), General Partners and owners of 25% 

or more of entity 

A and B 

Limited Liability Company Manager or Managing Member(s) A and B 

Hedge Funds and Commodity Pools Fund Manager, Officers/Directors and General Partner A and B 

Mutual Fund Officers and Trading Advisor A and B 

Partnership General Partner, Managing General Partner A and B 

Pension Plan (ERISA) N/A 

Pension Plan (non-ERISA) Trustee, Plan/Corporate Sponsor A and B 

Private Corporation Chairman of the Board, Senior Officers (CEO/President, 

CFO/Treasurer), General Partners and owners of 25% 

of more of entity 

A and B 

Public Corporation Stock Symbol: ________ Senior Officers (CEO/President, CFO/Treasurer) A and B 

 

**OTHER: 

*Non-U.S. banks must complete a "foreign bank certification"; if applicable please contact your MFUSA sales/marketing contact. 

Senior Political Figure: 

Is any beneficial owner or principal of this entity or their immediate family member a senior political figure, defined as a current or 

former senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), 

a senior official of a political party, a senior executive of a government-owned enterprise, corporation, business or entity formed by or 

for the benefit of such individual? 

NO 

YES. Please Explain _____________________________________________________________________________________________


PART II - PRINCIPALS / BENEFICIAL OWNERS 

pb`qflk=^W=qç=ÄÉ=ÅçãéäÉíÉÇ=Äó=mêáåÅáé~äëW= 

mêáåÅáé~äEëF=Ó=ÉKÖK=`Ü~áêã~åI=pÉåáçê=lÑÑáÅÉêë=E`blI=`clI=`llI=qêÉ~ëìêÉêI=pÉÅêÉí~êóI=dÉåÉê~ä=m~êíåÉêëI=j~å~ÖáåÖ=jÉãÄÉêëI=ÉíÅKF= 

PRINCIPALS: 

_____________________________________________________ _________________________ __________________ 

Name Title Country of Domicile 

_____________________________________________________ _________________________ __________________ 


_____________________________________________________ _________________________ __________________ 


_____________________________________________________ _________________________ __________________ 


= 

_____________________________________________________ _________________________ __________________ 


= 

= 

= 

pb`qflk=_W=qç=ÄÉ=ÅçãéäÉíÉÇ=Äó=_ÉåÉÑáÅá~ä=lïåÉêëW= 

_ÉåÉÑáÅá~ä=lïåÉêEëF=Ó=ÉKÖK=ÄÉåÉÑáÅá~êáÉëI=íêìëíÉÉëI=çïåÉêë=çÑ=ORB=çê=ãçêÉ=çÑ=Éåíáíó= 

BENEFICIAL OWNERS: 

_____________________________________________________ _________________________ __________________ 

Name Date of Birth Country of Domicile 

_____________________________________________________ _________________________ __________________ 


_____________________________________________________ _________________________ __________________ 


_____________________________________________________ _________________________ __________________ 


_____________________________________________________ _________________________ __________________ 

Name Date of Birth Country of Domicile


FORM OF CORPORATE AUTHORIZATION 

CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND 

DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT 

The undersigned, being the duly constituted Secretary of __________________________________________________, a corporation duly 

organized and existing under the laws of _________________________________________, (the “Corporation”) does hereby certify to 

Macquarie Futures USA LLC (“MFUSA”) as follows: 

1. That a meeting of the Board of Directors of the Corporation was held at which a quorum was present and acting throughout, the 

following resolutions were duly adopted and are still in full force and effect: 

RESOLVED, that it is in the best interests of this Corporation to enter to a Customer Agreement with MFUSA with respect to the 

purchase and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting; 

FURTHER RESOLVED, that each of the below listed officers of the Corporation are hereby authorized and empowered to execute and 

deliver on behalf of this Corporation the Customer Agreement, together with any and all other agreements or documents which are 

required by MFUSA in connection therewith; 

Name of Authorized Individual 

______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

Title 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

FURTHER RESOLVED, that said officers be and each is hereby authorized and empowered to authorize persons to act on behalf of this 

Corporation in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Corporation pursuant to the 

Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or 

appropriate to implement these resolutions; 

FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Corporation be and each hereby is authorized, empowered and 

directed to certify to MFUSA a true copy of these resolutions, a certificate that this Corporation is duly organized and existing, that it is 

empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in 

conflict with the Corporation’s certificate of incorporation or by-laws or of any statute, rule, regulation, judgment, order, decree 

agreement or undertaking to which this Corporation is subject or by which it is bound. 

2. That the signature or signatures of any of the officers listed above on the Customer Agreement are the genuine signatures. 

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Corporation. 

IN WITNESS WHEREOF, I have executed this certificate: 

______________________________________________ ______________________________________________ 

Secretary Name (printed) 

Date 

______________________________________________ 

Secretary Signature 

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to 

sign the Customer Agreement or to give instructions under the Customer Agreement.


FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION 

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND 

OPTIONS ACCOUNT AGREEMENT 

The undersigned, being the duly constituted Secretary of __________________________________________________, a limited liability 

company duly organized and existing under the laws of _________________________________________, (the “Company”) does hereby 

certify to Macquarie Futures USA LLC (“MFUSA”) as follows: 

1. That a meeting of the Board of Directors of the Company was held at which a quorum was present and acting throughout, the 

following resolutions were duly adopted and are still in full force and effect: 

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase 

and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting; 

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to 

execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents 

which are required by MFUSA in connection therewith; 


______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

Title 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of 

this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the 



FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Company be and each hereby is authorized, empowered and 

directed to certify to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is 

empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in 

conflict with the Company’s operating agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking 

to which this Corporation is subject or by which it is bound. 

2. That the signature or signatures of any of the individuals listed above on the Customer Agreement are the genuine signatures. 

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Company. 


______________________________________________ ______________________________________________ 

Secretary Name (printed) 

Date 

______________________________________________ 

Secretary Signature 

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to sign the 

Customer Agreement or to give instructions under the Customer Agreement.


FORM OF PARTNERSHIP AUTHORIZATION 

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND 

OPTIONS ACCOUNT AGREEMENT 

The undersigned, being the General Partner of __________________________________________________, a partnership duly organized 

and existing under the laws of _________________________________________, (the “Company”) does hereby certify to Macquarie 

Futures USA LLC (“MFUSA”) as follows: 

1. That a meeting of the partners of the Company was held at which a quorum was present and acting throughout, the following 

resolutions were duly adopted and are still in full force and effect: 

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase 

and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting; 

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to 

execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents 

which are required by MFUSA in connection therewith; 


______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

______________________________________________________ 

Title 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

________________________________________________________ 

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of 

this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the 



FURTHER RESOLVED, that the General Partner of this Company be and each hereby is authorized, empowered and directed to certify 

to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is empowered to enter 

into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in conflict with the 

Company’s partnership agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking to which this 

Corporation is subject or by which it is bound. 

2. That the signature or signatures of any of the individuals listed above on the Customer Agreement are the genuine signatures. 

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Company. 


______________________________________________ ______________________________________________ 

General Partner Name (printed) 

Date 

______________________________________________ 

General Partner Signature 

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to sign the 

Customer Agreement or to give instructions under the Customer Agreement.


CUSTOMER AGREEMENT 

In consideration of Macquarie Futures USA LLC ("MFUSA") accepting and carrying one or more accounts (collectively referred to as the 

“Account”) for the undersigned (“Customer”) as its broker for the execution of orders and the carrying and clearance of positions in 

commodities, commodity futures contracts, and options on the foregoing (each referred to individually as a "Contract" and collectively 

as "Contracts") on or subject to the rules of various commodity futures exchanges, markets and their associated clearing houses (each 

referred to as an “Exchange”), Customer is executing this Customer Agreement (this “Agreement”) with MFUSA. 

1. TRADING AUTHORIZATION 

MFUSA is authorized to purchase and sell Contracts for the Account at Customer’s risk and in accordance with Customer’s 

instructions. MFUSA is entitled to assume the genuineness of any instructions given or purportedly given by or on behalf of Customer 

and Customer instructs MFUSA to act upon any instructions reasonably believed by MFUSA to be genuine. MFUSA is also authorized, 

in its discretion, to utilize third-party clearing members, floor brokers and other agents, including without limitation affiliates of MFUSA 

(each of MFUSA and such affiliates referred to individually as an “MFUSA Entity” and all collectively as the “MFUSA Entities”), in 

connection with the execution, clearance, carrying, delivery and settlement of any such transactions. Absent a separate written 

agreement with Customer with respect to give-ups, MFUSA, in its sole discretion, may, but shall not be obligated to, accept from other 

brokers Contracts executed by such brokers to be given up to MFUSA for clearance or carrying in any account. 

2. TRANSACTIONS SUBJECT TO STATUTES AND RULES 

All transactions in the Account shall be subject to (a) the terms of this Agreement and any applicable ancillary agreements, disclosures 

or schedules to this Agreement, (b) the laws, regulations, rules and interpretations of any applicable governmental, regulatory or selfregulatory 

authority or Exchange, and (c) to the extent not inconsistent with (a) or (b), the custom and usage of the trade, all as in force 

from time to time (collectively referred to as “Applicable Law”). MFUSA shall not be liable to Customer as a result of, and Customer 

agrees to hold MFUSA harmless for, any action taken by MFUSA, the MFUSA Entities or their agents, or failure to so act, in each case 

to comply with Applicable Law. This Agreement may only be amended with the prior written consent of both parties, provided, however, 

that MFUSA may amend this Agreement or any ancillary agreements, disclosures or schedules by notice in writing to Customer, where 

MFUSA in its discretion determines that such amendment is necessary to comply with Applicable Law. 

3. CUSTOMER REPRESENTATIONS AND WARRANTIES 

Customer represents and warrants that: 

(a) it possesses the necessary authority to enter into and comply with the terms of this Agreement and all Contracts and the person 

executing this Agreement on behalf of Customer is authorized to do so; 

(b) no legal limitation in any way restricts or prevents Customer from entering into or complying with this Agreement or any Contract; 

(c) if applicable, all necessary action has been taken by Customer to enter into and comply with this Agreement and all Contracts; 

(d) when executed by Customer, this Agreement and all Contracts will be legal, valid and binding obligations of Customer, enforceable 

against Customer in accordance with their respective terms; 

(e) no other person or entity has an interest in the Account; 

(f) 

since the date of Customer’s most recent audited or unaudited financial statements, there has been no material adverse change in 

the business, financial condition, results, operations or prospects of Customer; 

(g) all financial information, investment objectives or other information provided by Customer to MFUSA is accurate in all material 

respects; 

(h) it is an eligible contract participant within the meaning of Section 1a(12) of the Commodity Exchange Act, as amended. 

4. MARGINS 

Customer agrees at all times to deposit and maintain such margins and premium payments with MFUSA as MFUSA may from time to 

time request (orally or in writing). Customer shall make margin and premium deposits by wire transfer of immediately available funds or 

in other form acceptable to MFUSA. 

5. SECURITY INTEREST 

Customer grants MFUSA a general lien and a continuing first priority security interest in all funds, negotiable instruments, commodities, 

commodity futures contracts, securities, options or other property, including all proceeds and distributions from all of the foregoing, and 

any contract and other intangible rights and entitlements in all of the foregoing (all of the foregoing referred to collectively as “Property”) 

in the Account as security for the payment and performance of any and all obligations, liabilities or indebtedness of Customer to MFUSA 

under this Agreement or under any other agreement or other instrument. MFUSA may borrow, pledge, repledge, hypothecate,


rehypothecate, loan or invest any of the Property in the Account without any obligation to pay or to account for any interest, income or 

benefit that may be derived, except as may be required by Applicable Law or as may be separately agreed to in writing by MFUSA and 

Customer. For the avoidance of doubt, any such separate agreement between MFUSA and Customer will be subject to the provisions 

of and governed by the terms of this Agreement, including Section 24. Any conflict between the separate agreement and this 

Agreement will be resolved in favor of this Agreement. All Property delivered to MFUSA shall be free and clear of any liens, security 

interests, claims, mortgages or encumbrances of any nature other than the security interest created in MFUSA’s favor (each referred to 

individually as an “Encumbrance” and all collectively as “Encumbrances”). Customer will not use or allow any Property that is held by 

MFUSA, whether now owned or hereafter acquired, to be or become subject to an Encumbrance. Customer shall execute such 

documents and take such other action as MFUSA shall reasonably request in order to perfect its rights with respect to any Property. 

Customer appoints MFUSA as Customer’s attorney-in fact to act on Customer’s behalf to sign, seal, execute and deliver all documents 

and do all such acts as may be required to enable MFUSA to realize upon all rights in the Property. In the case of a breach by Customer 

under this agreement or any other agreement with MFUSA, MFUSA shall have all rights and remedies available to a secured creditor 

under any applicable law in addition to the rights and remedies provided herein. 

6. REMEDIES 

If at any time (a) the Account does not contain the margin required by MFUSA, (b) Customer terminates, dissolves, becomes bankrupt 

or is inaccessible, (c) a petition for insolvency, bankruptcy, assignment for the benefit of creditors or receivership is filed by or against 

Customer, (d) Customer defaults in its obligations to MFUSA under any agreement or instrument, or (e) MFUSA in its reasonable 

discretion considers it necessary for its protection, MFUSA may in its sole discretion, after MFUSA has notified, or attempted in good 

faith to notify, Customer of its intentions, terminate, liquidate and/or accelerate any and all Contracts, close out the Account or any open 

positions of Customer in whole or in part, cancel any or all pending orders, terminate Customer’s right to trade in the Account, or take 

any other action it deems necessary to protect itself, and Customer will be liable for any deficiency in the Account that may result from 

such actions. Subject to applicable law, MFUSA is authorized to withhold, transfer, use and apply any Property of Customer in its 

possession as a set off whenever MFUSA deems it necessary to pay amounts or discharge obligations owing to it by reason of this 

Agreement or any other agreement or instrument. The above remedies are solely for MFUSA’s protection, and any non-resort or partial 

resort to those remedies shall not relieve Customer of any of its obligations under this Agreement or give rise to any claim against 

MFUSA by Customer. 

7. CHARGES PAYABLE BY CUSTOMER 

Customer agrees to pay MFUSA’s customary and reasonable brokerage, commissions, interest charges and other charges as may be 

in effect from time to time, and agrees that such charges may be changed by MFUSA from time to time without notice to Customer. If 

MFUSA advances funds on behalf of the Account, or if the Account carries a debit balance, MFUSA may charge interest commencing 

on the first day of such advancement of funds or debit balance. Interest shall be charged monthly or when the debit balance is paid in 

full. MFUSA may at any time demand that all outstanding balances in the Account be paid in full. The annual rate of interest charged 

shall not exceed 2% over the U.S. prime rate, as published by the Federal Reserve Bank from time to time. 

8. DELIVERY AND EXERCISE 

Customer shall provide MFUSA with instructions to close-out or make or take delivery of Contracts, or close-out, exercise or abandon 

futures options contracts pursuant to the following timetable: (a) at least three business days prior to the first notice day in the case of 

“long” or “short” positions in Contracts. Customer will deliver to MFUSA sufficient funds and/or any documents required in connection 

with any such instruction. If, at any time, Customer is unable to deliver any Property previously sold by MFUSA on Customer’s behalf 

(under a Contract or otherwise), Customer authorizes MFUSA in its sole discretion to borrow or purchase and deliver the necessary 

Property at the then current market price for the Account at Customer’s risk. 

9. OPTIONS ASSIGNMENTS 

MFUSA uses a random options assignment procedure. Additional information concerning this method of allocation will be provided to 

Customer upon request. MFUSA will notify Customer of any material changes in its assignment methods. 

10. TRADING LIMITATIONS 

MFUSA may limit the number of transactions and positions MFUSA executes, clears or carries for Customer. Customer agrees not to 

violate, either alone or in concert with others, position and exercise limits established by MFUSA or pursuant to Applicable Law. 

11. STATEMENTS AND CONFIRMATIONS 

All written and oral reports related to the Account (including but not limited to monthly statements, confirmations of transactions and 

purchase and sale statements provided to Customer) shall be conclusive and binding on Customer unless Customer notifies MFUSA of 

any objection as follows: (a) in the case of any verbal communication, at the time such report is given to Customer, and (b) in the case of 

any written communication, before the opening of trading on the business day immediately following the trade date.


12. RECORDINGS 

Customer consents to the recording of conversations between Customer and MFUSA (or any of their respective agents, representatives 

or employees), without any obligation on the part of MFUSA to make such recordings. Customer agrees to the use of such recordings 

as evidence by either party in any disputes between Customer and MFUSA. 

13. TRADING RECOMMENDATIONS 

Customer acknowledges that any recommendations made and market information or price quotes provided by MFUSA, while based 

upon information from sources that MFUSA believes to be reliable, may be incomplete, inaccurate or unverified. MFUSA makes no 

representation, warranty or guarantee as to the accuracy of such information. Customer acknowledges that recommendations made to 

Customer at any given time may be different from recommendations made to other customers of any MFUSA Entity, and that such 

recommendations may not be consistent with the investments of the MFUSA Entities or their officers, directors, employees, agents, 

representatives or independent contractors. 

14. LIMITATION OF LIABILITY 

MFUSA shall not be responsible for any delays in transmission, delivery or execution of Customer’s orders or reporting of trades due to 

breakdown or failure of transmission or communication facilities, or for any other cause or causes beyond MFUSA’s reasonable control 

or anticipation, nor shall MFUSA be responsible for any loss, damage or liability arising out of the failure or delay by any Exchange to 

enforce its rules or pay to MFUSA or its agents any amounts due in respect to Account. 

15. USE OF AUTOMATED SYSTEMS 

Customer consents to the MFUSA Entities’ use of automated systems or service bureaus in conjunction with the Customer’s Account 

with the MFUSA Entities, including, but not limited to, automated order entry and execution, record keeping, reporting, account 

reconciliation and risk management systems (collectively, “Automated Systems”). Customer understands that the use of Automated 

Systems entails risks, including, but not limited to, interruption or delays of service, system or communications failure, and errors in the 

design or functioning of such Automated Systems (collectively, a “System Failure”), that could cause substantial damage, expense or 

liability to Customer. 

MFUSA AND THE OTHER MFUSA ENTITIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, 

WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION, TITLE OR NON-INFRINGEMENT OF ANY 

AUTOMATED SYSTEM, AND MAKE NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A 

PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, MFUSA AND THE OTHER 

MFUSA ENTITIES EXPRESSLY DISCLAIM ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE 

UNINTERRUPTED OR WILL BE ERROR-FREE. 

Customer understands and agrees that the MFUSA Entities and their respective officers, directors, employees and agents will have no 

liability whatsoever for any claim of loss, cost, expense, damage or liability of Customer or any third person arising out of or relating to 

any System Failure, regardless of whether such claim is based on contract, tort, strict liability or any other theory. The MFUSA Entities 

and their respective officers, directors, employees and agents will not have any liability for the actual or alleged insufficient exercise of 

care in selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in informing 

Customer of any System Failure or in taking action to prevent or correct any such System Failure. In no event will the MFUSA Entities 

and their officers, directors, employees or agents have any liability for any incidental, special or consequential damages, including, but 

not limited to, loss of profits or loss of use, even if the MFUSA Entities were aware of the likelihood of such damages. The MFUSA 

Entities have no responsibility to inform Customer of (i) any decision to use, not use or cease using any Automated System, (ii) the 

characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System. 

16. INDEMNIFICATION 

Customer agrees to indemnify, defend and hold harmless the MFUSA Entities and their agents, directors, officers, stockholders, 

employees, agents and successors and assigns, from and against any and all losses, claims, actions, demands, suits, proceedings, 

damages, costs, fines, premiums or expenses (including but not limited to reasonable attorney’s fees and costs) arising out of, or 

directly or indirectly resulting from (a) any failure of Customer to perform its obligations under this Agreement, including, without 

limitation, any failure to meet any margin call or pay any amount due to MFUSA; (b) MFUSA’s accepting or making delivery of Property 

on behalf of Customer; (c) any inability of Customer to deliver any Property previously sold by MFUSA on Customer’s behalf, and in 

such event, any inability of MFUSA to borrow or purchase the delivery Property; and (d) any failure by Customer to comply with 

Applicable Law. 

17. ASSIGNMENT


MFUSA shall have the right, in its sole discretion and upon notice to Customer, to assign this Agreement (and the Account) to any 

successor entity or to another futures commission merchant. 

18. LEGAL ACTIONS 

All proceedings regarding disputes under this Agreement shall be brought only in New York, New York. This paragraph shall apply even 

if Customer has related disputes with other parties that cannot be resolved in New York. Each party irrevocably waives any right it may 

have to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 

19. GOVERNING LAW 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles 

of choice of law. 

20. ADEQUATE ASSURANCES 

If at any time MFUSA has reasonable grounds for insecurity with respect to Customer’s performance of any obligations, liabilities or 

indebtedness of Customer under this Agreement, MFUSA may demand, and Customer shall give, adequate assurances of due 

performance within 24 hours, or within any shorter period of time MFUSA reasonably demands. If demanded by MFUSA, such 

adequate assurance shall include, but will not be limited to, delivery by Customer of additional Property. 

21. CONDITIONS PRECEDENT 

Customer agrees that the fulfillment of any obligation or liability of MFUSA under this Agreement is contingent upon there being no 

breach, repudiation, misrepresentation or default by Customer under this Agreement or under any Contract. MFUSA shall have the right 

at any time to set off any and all of its obligations and liabilities under this Agreement against any and all obligations, liabilities or 

indebtedness of Customer under this Agreement or under any Contract. 

22. SEVERABILITY 

If any provision of this Agreement is or becomes inconsistent with, or unenforceable under, any Applicable Law, such provision will be 

deemed modified or, if necessary, rescinded in order to comply with the relevant Applicable Law. All other provisions of this Agreement 

will remain in full force and effect. If this Agreement is or becomes unenforceable with respect to any Contract, this Agreement shall 

remain in full force and effect and shall be enforceable in accordance with its terms as to all other Contracts. 

23. CURRENCY CONVERSIONS 

MFUSA shall have the right to convert currencies in connection with the exercise of its rights under this Agreement in such a manner as 

it may reasonably determine. 

24. TAXATION 

If MFUSA is required by law to withhold or deduct any taxes (including any penalties or interest payable in connection with any failure to 

pay or any delay in paying any taxes, and including any taxes under FATCA) on any payment to the Customer, MFUSA may deduct 

such taxes and MFUSA shall not be required to increase any payment in respect of which it makes such withholding. The Customer 

shall be treated for all purposes of this Agreement as if it had received the full amount of the payment, without any deduction or 

withholding. For purposes of this Agreement, “FATCA” shall mean (i) sections 1471 to 1474 of the US Internal Revenue Code of 1986 

(the "Code") or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in 

any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) 

facilitates the implementation of the legislation or guidance referred to in (i) above; and (iii) any agreement pursuant to the 

implementation of the legislation or guidance referred to in (i) or (ii) above with the US Internal Revenue Service, the US government or 

any governmental or taxation authority in any other jurisdiction. Further, the parties agree that any taxes withheld by MFUSA pursuant to 

FATCA are taxes the deduction or withholding of which is required by law. Customer shall provide MFUSA such additional 

documentation reasonably requested by MFUSA to determine the amount to deduct and withhold from such payment. 

25. TERMINATION 

This Agreement may be terminated at any time by Customer or MFUSA by written notice to the other; provided, however, that such 

termination shall not relieve either party of any obligation in connection with any debit or credit balance in the Account or other liability or 

obligation arising or accruing prior to such termination.


The parties have caused this Agreement to be duly executed and delivered 

as of the day and year first written above 

ACCEPTED BY MFUSA 

________________________________________________ _______________ ____________________________________ 

Authorized Individual - Print Name Date Authorized Individual – Print Name 

________________________________________________ 

Authorized Individual – Signature 

___________________________________ 

Authorized Individual – Signature 

________________________________________________ _______________ _______________ 

Authorized Individual - Print Name Date Date 

________________________________________________ 

Authorized Individual - Signature


ADDITIONAL TERMS APPLICABLE TO THE PROVISION OF DMA 

FACILITIES 

These Additional Terms Applicable to the Provision of DMA Facilities (“Additional Terms”) apply where you and your Authorized Users 

access and use DMA Facilities for the purpose of placing orders for futures contracts pursuant to the Customer Agreement. These 

Additional Terms are to be read with, and form part of, the Customer Agreement. Where there is any conflict between these Additional 

Terms and the Customer Agreement, these Additional Terms will prevail. For the purpose of these Additional Terms, the following 

definitions apply: 

“Authorized User” means a representative or client of yours who accesses the DMA Facilities. 

“DMA Facilities” means the direct market access facilities provided to you by us. 

“Functionality” means an order type, specification or condition including, but not limited to, ‘limit’, ‘limit BC’, ‘limit FAK’, ‘limit FK’, ‘limit 

FOK’, ‘fill/kill’, ‘I.O.C’, ‘market’, ‘market FK’, ‘mkt limit’, ‘MIT’, and ‘RFQ’. 

Charges 

1. In addition to any commissions, fees or other expenses you are required to pay under or in connection with the Customer 

Agreement, you will pay any telecommunications charges and other expenses billed to you by us in relation to your access 

and use of the DMA Facilities. 

Access to and use of DMA Facilities 

2. Subject to clause 3, you will use the DMA Facilities solely to transmit orders for your own account and for the account of your 

clients and only for the purposes, and subject to the terms of, these Additional Terms and the Customer Agreement. 

3. Where requested in writing by you, we may, in our absolute discretion and on such conditions as we may impose, authorize 

you to sub-license your client to access and use the DMA Facilities. Your client will use the DMA Facilities solely to transmit 

orders for its own account and only for the purposes, and subject to the terms of, these Additional Terms. Where we provide 

such authorization, your client will be an Authorized User for the purposes of these Additional Terms. 

Client’s responsibilities 

4. You are responsible for ensuring that: 

(a) each Authorized User uses the DMA Facilities only to place orders in accordance with all applicable laws, governmental, 

regulatory, self-regulatory, exchange or clearing house rules, regulations, interpretations, protocols and the customs and 

usages of the exchange or clearing house on which they are executed and cleared (“Applicable Law”); 

(b) access to the DMA Facilities is appropriately secured by the use of user names and unique passwords and that you have 

in place adequate internal security, filters and protection measures to ensure that, as far as reasonably possible, no 

person other than Authorized Users obtains access to the DMA Facilities; 

(c) only Authorized Users access and use the DMA Facilities and, in relation to each of your Authorized Users, you provide us 

with all information reasonably requested by us, including: 

(i) 

details of all persons who have been Authorized; and


(ii) 

details of all persons who are no longer Authorized, 

by you to access the DMA Facilities; 

(d) each Authorized User keeps his/her unique identification code and password to access the DMA Facilities strictly 

confidential and does not disclose them to any other person; 

(e) all Authorized Users are familiar with these Additional Terms, the Customer Agreement and any Applicable Law, have 

been given suitable training and are qualified and competent to access the DMA Facilities and place orders in accordance 

with any Applicable Law; and 

(f) you and your Authorized Users have received, understood and will comply with any user guide, procedures manual, 

notification or advice relating to the use of the DMA Facilities that may be provided from time to time by us to you. 

Client warranties 

5. Each time you or an Authorized User uses the DMA Facilities for the transmission of an order, you represent and warrant that: 

(a) these Additional Terms constitute legal, valid and binding obligations of you, enforceable against you in accordance with 

their terms; 

(b) you and all your Authorized Users satisfy all regulatory and other considerations that may be relevant to your and their use 

of the DMA Facilities and that the DMA Facilities are appropriate and suitable for your and their particular purposes; 

(c) you will not use, and will ensure that your Authorized Users do not use, the DMA Facilities in a way that is contrary to 

Applicable Law; 

(d) you have in place adequate internal security measures to ensure that as far as reasonably possible, no person other than 

an Authorized User accesses the DMA Facilities; and 

(e) each order placed through the DMA Facilities is placed in accordance with any Applicable Law. 

6. You agree that: 

(a) you and your Authorized Users may only place orders through the DMA Facilities for contracts approved by us on 

exchanges approved by us; 

(b) we may close out any contract resulting from an order placed through the DMA Facilities that, in our reasonable opinion, 

constitutes, or may constitute, a breach of any Applicable Law; 

(c) we may, but are not obliged to, provide on-going support services in relation to the DMA Facilities whether by way of 

provision of advice, training, error correction, modifications, updates or otherwise; 

(d) you will provide evidence on request to show that adequate business operating procedures are in place to ensure the 

safe use and security of the DMA Facilities; 

(e) you will notify us as soon as reasonably practicable of any breach of any internal security measures or any failure in any 

computer or related system used in connection with the DMA Facilities; 

(f) 

you will fully co-operate with us in immediately supplying when requested any information and documentation required by 

an exchange, clearing house or regulatory body regarding you, your Authorized Users or orders placed by Authorized 

Users through our DMA Facilities;


(g) you authorize us to, without further notice to you, provide any information or documentation to an exchange, clearing 

house or regulatory body regarding you, your Authorized Users or orders placed by Authorized Users through our DMA 

Facilities; and 

Limits 

(h) upon receipt of reasonable notice, you will allow (and will procure agreement from your Authorized Users to allow) us or 

an exchange, clearing house or regulatory body to have access to any premises where the DMA Facilities are being used 

to inspect the Authorized Users’ use of the DMA Facilities and ensure that it is in accordance with these Additional Terms. 

7. You agree that: 

(a) all orders are subject to acceptance by us and the limits and parameters established by us or an exchange, clearing 

house or regulatory body (if any); 

(b) we will impose pre-determined order and/or position limits, including, but not limited to, volume per order limit, an 

aggregate loss limit and an aggregate net session limit (the “Limits”) and that orders sent by you to us through the DMA 

Facilities may not exceed the Limits; 

(c) any Limits imposed by us are solely for our protection and we have no responsibility for monitoring or ensuring 

compliance with the Limits by you or your Authorized Users; 

(d) you and we may mutually agree to increase the Limits, and we may at any time and in our absolute discretion decrease 

such Limits. Any increase or decrease in the Limits will be confirmed in writing upon request after the change; 

(e) the Limits are not a guide or recommendation of acceptable trading levels for you or your Authorized Users and you agree 

that you rely on your own financial and risk assessments to determine trading limits. It is your sole responsibility to monitor 

trading and to prevent trades in excess of the Limits; and 

(f) 

Execution. 

trading in excess of the Limits is a breach of these Additional Terms and the Customer Agreement. 

8. In the event that any person who is not an Authorized User accesses the DMA Facilities through a breach of your obligations 

under clause 4(b), you will be liable for the conduct of such person as if such person were an Authorized User, whether or not 

such access and/or use is authorized by you. 

9. You are solely responsible for the accurate placement, execution and monitoring of all orders placed by your Authorized Users 

through the DMA Facilities. We will not be responsible for errors resulting from inaccurate placement of such orders by your 

Authorized Users. 

10. You are liable as principal for all orders placed by Authorized Users through the DMA Facilities including for any trading losses, 

commissions, costs or other obligations resulting from such orders. 

11. You agree that the collective positions of all Authorized Users will be treated by us as principal positions of yours and that such 

collective positions may not exceed any Limit imposed by us. 

12. You acknowledge and agree: 

(a) that orders placed through the DMA Facilities will be routed directly to the relevant exchange, or where applicable to a 

third party execution service utilised by us, without any intervention by us or any other person (other than through the 

application of any credit or other electronic filters we may impose for our own risk management purposes) and that there 

is no assurance that any such orders will be executed at any particular price or time, or that they will be executed at all;


(b) that Functionalities available through the DMA Facilities, including synthetic order types, may not be recognized by an 

exchange and order types and terminology employed by one exchange may not correspond with the order types and 

terminology employed by another exchange or the Functionalities available through the DMA Facilities; 

(c) that you are solely responsible for: 

(i) 

satisfying yourself that any orders you or your Authorized Users place using the Functionalities available through the 

DMA Facilities on an exchange will be recognized by that exchange and correspond to an order type that may be 

executed on that exchange; 

(ii) 

ensuring that any orders placed through the DMA Facilities and any resulting contracts are in compliance in all 

respect with Applicable Laws; and 

(iii) any model based trading devised and implemented, and any order generated by, you or your Authorized Users 

through the use of the DMA Facilities and any external system or program. 

Synthetic orders 

13. Where requested by you, we may, in our absolute discretion, make available through the DMA Facilities synthetic order types. 

You acknowledge that synthetic order types are triggered by market data received through the DMA Facilities from an 

exchange and that any interruption in receipt of such market data may affect the way in which a synthetic order is triggered. 

Limitation of liabilities 

14. Without prejudice to any rights you may have at law which cannot legally be excluded or restricted, in no event will we or our 

third party providers be liable for any loss, cost, damage, liability or expense whether caused in whole or in part by us or any of 

our third party providers’ negligence or otherwise suffered by you or any other person as a result of or in connection with: 

(a) the proper functioning or use of the DMA Facilities or any related software, programs, hardware, telecommunications 

equipment, manuals and other materials, including, without limitation, the correctness, quality, accuracy, security, 

completeness, reliability, performance, timeliness, pricing of the DMA Facilities, any delays, interrupted service or 

suspension of access to or service of the DMA Facilities, any omission, malfunction, breakdown or failure of the DMA 

Facilities, any inability to effect or cancel orders communicated through the DMA Facilities, any inaccuracy or loss of data 

transmitted through the DMA Facilities or interruption of such transmission, or any erroneous communications through the 

DMA Facilities; 

(b) any support services provided in relation to the DMA Facilities, should we provide such services; 

(c) any failure by an exchange to recognize Functionalities, including synthetic order types, available through the DMA 

Facilities; 

(d) any failure of a synthetic order type to be triggered by the DMA Facilities; 

(e) any connection to DMA Facilities by you or an Authorized User of software which is used to automatically generate orders 

for placement on exchanges; or 

(f) 

any decision made or action taken in reliance upon information to which you or any of your Authorized Users had access 

through the DMA Facilities or which arise out of the use or inability to use the DMA Facilities, 

whether suffered in contract, in tort (including negligence) or otherwise (including, without limitation, damages for loss of 

business profits, business interruptions, loss of business information or data, loss of goodwill, special, indirect or consequential 

or other pecuniary loss or a third party claim) even if we or our third party providers have been advised of the possibility of such 

damages.


Indemnification by you 

15. Without limiting any indemnity in the Customer Agreement you irrevocably indemnify and agree to keep us and any of our third 

party providers indemnified and to hold us and such third party providers harmless to the fullest extent permitted by law for all 

loss, cost, damage, liability and expense of whatsoever nature arising out of or in connection with: 

(a) any breach, whether by act or omission of these Additional Terms; 

(b) the use, provision or distribution of information or any part of the DMA Facilities by you or your Authorized Users; 

(c) any claim or demand by a third party which is related to access to or use of the DMA Facilities by you or your Authorized 

Users or which is related to any decision or advice arising out of such access or use; 

(d) any security breach in relation to the DMA Facilities, including without limitation, unauthorized access to the DMA Facilities 

through your or an Authorized User’s loss, disclosure or misuse of security access details whether caused directly or 

indirectly by you, the Authorized User, and any of their directors, partners, officers, affiliates, employees, agents, clients or 

third parties, except to the extent caused by our own negligence or willful misconduct; and 

(e) any connection to the DMA Facilities by you or an Authorized User of software which is used to automatically generate 

orders for placement on exchanges. 

Exclusion of warranties 

16. THE DMA FACILITIES, ALL RELATED SERVICES AND INFORMATION, AND ANY SOFTWARE, PROGRAMS, HARDWARE, 

TELECOMMUNICATIONS EQUIPMENT, MANUALS AND OTHER MATERIALS USED BY US TO MAKE THE DMA FACILITIES 

AND RELATED SERVICES AND INFORMATION AVAILABLE TO YOU ARE PROVIDED BY US “AS IS”. NEITHER WE NOR 

ANY OF OUR THIRD PARTY PROVIDERS GIVE ANY WARRANTIES IN RELATION TO THE DMA FACILITIES AND ALL 

WARRANTIES, CONDITIONS, OR REPRESENTATIONS. EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING 

BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE 

OR USE ARE EXPRESSLY EXCLUDED. The entire risk as to the quality and performance of the information, software, 

programs, hardware, telecommunications equipment, manuals and other materials and services is with you. Neither we nor 

any of our third party providers expressly warrant or give any assurance that the information, software, programs hardware, 

telecommunications equipment, manuals and other materials and services, in whole or in part, will meet your requirements, be 

error free, or operate without interruption. No warranties are given that the DMA Facilities will be compatible with any hardware 

or software. 

Intellectual Property 

17. You acknowledge that all intellectual property rights in the DMA Facilities, any data derived from the DMA Facilities 

(“Information”) and any related documentation are proprietary to us and/or our third party providers and agree that you will not 

and will ensure that your Authorized Users will not: 

(a) modify, alter, copy or otherwise reproduce, reverse engineer, decompile or disassemble the DMA Facilities, Information or 

any related documentation provided by us; 

(b) adapt or create any derivative works based upon such intellectual property or otherwise incorporate such intellectual 

property into any of your or an Authorized User’s own intellectual property; 

(c) assign, rent, sub-license, lease, transfer or otherwise provide the DMA Facilities, the Information or related documentation 

(whether in whole or in part) to any third party unless otherwise Authorized in writing by us; 

(d) engage in any other form of data stripping, infringe any intellectual property rights that we or any third party have in the 

DMA Facilities or incorporate any part of the DMA Facilities into its own inventions or other intellectual property for which it 

may claim for legally protected proprietary rights.


Termination. 

Upon our request, you will destroy or return all materials associated with the DMA Facilities to us, including any expressions or 

copies of intellectual property in the DMA Facilities, related documentation or Information. 

18. Access to the DMA Facilities may be terminated: 

The parties have caused this Agreement to be duly executed and delivered 

(a) by you or by us at will by notice in writing to the other party; 

as of the (b) day by and us immediately year first written without above notice upon the happening of any of the following: 

(i) termination of the Customer Agreement by either party; 

ACCEPTED BY MFUSA 

________________________________________________ (ii) breach by you of any warranty or undertaking contained _______________ in these Additional Terms; ____________________________________ 

Authorized Individual - Print Name Date Authorized Individual – Print Name 

(iii) any use by you or any of your Authorized Users of software in conjunction with the DMA Facilities which is identified by 

a third party as allegedly infringing that third party’s intellectual property rights; or 

________________________________________________ 

___________________________________ 

Authorized Individual (iv) upon – a Signature request by an exchange, clearing house or regulatory body or a change Authorized in the Individual rules or – Signature regulations of an 

exchange, clearing house or regulatory body such that we are required to terminate your access to the DMA 

Facilities. 

________________________________________________ Any such termination will have no effect upon any party’s rights _______________ arising out of orders placed _______________ through the DMA Facilities prior to 

Authorized such Individual termination. - Print Name Date Date 

For the avoidance of doubt, either party terminating access to DMA Facilities in accordance with clause 18(a) or 18(b)(ii), (iii) or 

________________________________________________ 

(iv) may elect to terminate access to the DMA Facilities without effecting the duration of the Customer Agreement. 

Authorized Individual - Signature


ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS 

DISCLOSURE STATEMENT 

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. 

Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the 

contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the 

exchanges(s) offering the system and/or listing contracts you intend to trade. 

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS 

Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules 

and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among 

other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error 

trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for 

termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk 

factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying 

response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, 

varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail. 

RISKS ASSOCIATED WITH SYSTEM FAILURE 

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the 

event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute 

existing orders, or modify or cancel orders that were previously entered. System or component failure may also result n loss of orders 

or order priority. 

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING 

Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading 

hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how 

orders that do not designate a particular process will be executed. 

LIMITATION OF LIABILITY 

Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, 

the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure 

and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the 

relevant exchange(s) in order to understand these liability limitations. 

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some 

exchanges’ relevant rules are also available on their respective websites. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Electronic Trading and Order Routing 

Systems Disclosure Statement. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



HEDGE ACCOUNT AGREEMENT 

*** To Be Completed by Hedge customers only*** 

This notification is a continuing one and shall remain in force until canceled in writing by the undersigned. Commodity Futures 

Trading Commission Regulation 190.06(d) requires that a commodity broker must provide an opportunity for each customer to 

specify when undertaking its first hedging contract whether, in the event of the commodity broker’s bankruptcy, such customer 

prefers that open commodity contracts held in a hedging account be liquidated by a Trustee. Accordingly, please indicate below 

your preference for open contracts in your account if such an event were to occur. 

In the unlikely event of MFUSA’s bankruptcy, Customer prefers that the trustee (Customer to check on choice): 

Liquidate Positions 

Transfer Positions to another Futures Commission Merchant 

If neither alternative is selected, Customer will be deemed to have elected to have all positions liquidated. Customer may change this 

election at any time by written notice. 

Customer warrants that each order by Customer to buy or sell any Futures Contracts or Options Contracts in the Account or subaccount, 

in the below listed commodities, unless otherwise designated in writing to MFUSA, will be a hedging, arbitrage, spreading or 

risk management transaction not subject to speculative position limit rules and speculative margin requirements under applicable 

exchange rules. 

__________________________________________________ 

____________________________________________________ 

__________________________________________________ 

____________________________________________________ 

__________________________________________________ 

____________________________________________________ 

If Customer gives MFUSA an order to buy or sell a Futures Contract or Options Contract that does not constitute a transaction 

described above, Customer shall so advise MFUSA in advance. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Hedge Account Agreement 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



ELECTRONIC STATEMENT DISCLOSURE 

This notification is to indicate how and where you wish to receive confirms and statements. The CFTC requires FCMs to provide 

customers confirms and statements. 

Please indicated your preferred method of receiving confirms and statements: 

Faxed copies to the following fax numbers: 

_________________________________________________________________________________ 

_________________________________________________________________________________ 

_________________________________________________________________________________ 

E-Mails to the following e-mail addresses: 

_________________________________________________________________________________ 

_________________________________________________________________________________ 

_________________________________________________________________________________ 

Electronic Statements – Customer agrees to receive its monthly statements, daily confirmation statements and purchase 

and sale statements (collectively, the “account statements”) electronically via telefax or email as indicated above, rather 

than by regular mail. There will e no charge to Customer for this service. Customer may revoke its consent to receive the 

account statements electronically at any time by giving written notice to MFUSA, and upon receipt of such written notice 

from Customer, MFUSA will deliver the account statements via regular mail. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 

Authorized Individual – Signature (if two signatures required) 

Customer does not wish to receive account statements electronically. Customer chooses to have hard copy account 

statements mailed to the listed “Mailing Address” in Part I.


TRADING AUTHORIZATION 

This trading authorization relates to the Customer Agreement entered into between Macquarie Futures USA LLC (“MFUSA”) and the 

customer identified below (“Customer”). 

Customer hereby authorizes ________________________________________________ (“Advisor”) as its agent and attorney in fact to 

purchase and sell futures contracts and/or options on futures contracts traded on exchanges (collectively, “Contracts”), to transfer or 

arrange for the transfer of money, securities or other property to or from any and all accounts carried by you on behalf of Customer (the 

“Accounts”) and to make or receive delivery of the commodities underlying the Contracts traded by Advisor on Customer’s behalf, all in 

accordance with your terms and conditions as set forth in the Customer Agreement, for Customer’s account and risk and in 

Customer’s name. You are authorized and instructed to follow the instructions of the Advisor in every respect concerning the Accounts, 

as set forth in the Customer Agreement and to act or refrain from acting in accordance with such instructions to the same extent and 

with the same force and effect as if such instructions were given by Customer directly. 

Customer hereby ratifies and confirms any and all transactions with you heretofore or hereafter made by Advisor for the Accounts. 

Customer acknowledges that: (i) Customer has given Advisor the authority to exercise any of Customer’s rights over its Accounts at 

Customer’s risk, and MFUSA is authorized to act, or omit to act, upon any communication or instruction of Advisor as though given by 

Customer; (ii) any communication or notice given to Advisor by MFUSA or received from Advisor by MFUSA shall be deemed to have 

been given to, or received from, Customer, as the case may be, and any instruction or action of Advisor shall be deemed to constitute 

the instruction or action of Customer; and (iii) it has received and read a copy of Advisor’s current disclosure document or a written 

statement from Advisor that Advisor is exempt from the requirement to provide such a disclosure document. 

This authorization (a) shall be continuing and shall remain in full force and effect until your receipt of written notice of Customer’s 

revocation thereof (provided, however, that such revocation shall not be effective with respect to open positions or outstanding orders 

submitted by the Advisor but not yet executed); (b) shall inure to the benefit of you and your successors; (c) shall be binding upon 

Customer, its successors and legal representatives; and (d) is in addition to (and in no way limits or restricts) any rights which you may 

have under the Customer Agreement or any other agreement or agreements between Customer and you. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Trading Authorization. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



ADVISOR AGREEMENT 

If Customer has appointed an Advisor in relation to the Accounts, Advisor makes the representations and warranties set forth below, 

which are applicable to, and for all purposes shall constitute a part of, the Customer Agreement to which this Appendix is attached (the 

“Agreement”), and all capitalized terms used by not defined in this Appendix shall have the respective meanings assigned to such terms 

in the Agreement: 

(a) Advisor has been duly and properly authorized to exercise any of Customer’s rights with respect to its Account, including but not 

limited to the right to provide trading instructions for Contracts to be executed, cleared and/or carried for Customer’s Account and 

to provide and receive notices and other communications with respect to such Account. 

(b) Advisor is registered with the CFTC as a commodity trading advisor or is not required to be so registered. 

(c) Advisor has provided and will continue to provide Customer with an explanation of the nature and risks of the strategies to be used 

in connection with transactions to be executed for any Account. 

(d) Advisor shall cause Customer to take such action in respect of any Account as is required of Customer under this Agreement. 

(e) Advisor has provided Customer with a copy of Advisor’s current disclosure document or written statement that Advisor is exempt 

from the requirement to provide such disclosure document. 

***If Advisor is not required to provide a disclosure document, please identify the reasons below: 

_____ 

_____ 

_____ 

I have provided advice to 15 or fewer persons during the past 12 months and do not hold myself out generally to the public as 

a CTA. 

I am registered as an Associated Person and my advice is issued solely in connection with my employment as an Associated 

Person. 

I am a relative of the account holder. My relationship to the account holder is: _____________________________ 

_____ 

I (We) am (are) a foreign based entity, located outside the United State, and I (we) only solicit non-U.S. persons. 

_____ 

I am operating under a 4.7 exemption. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Advisor Agreement. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 

Advisor Name 

________________________________________ 

Date 

___________________________________________________________________ 

Title of Authorized Individual - Advisor 

___________________________________________________________________ 

Signature of Authorized Individual - Advisor


NON-SOLICITATION AGREEMENT 

*** To Be Completed by NON-US customers only*** 

Please allow my signature to serve as my testimony to the fact that at no time have I been solicited by MFUSA or any of its Associated 

Persons in regards to opening a commodities account. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Non-Solicitation Agreement. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


INTRODUCING BROKER 

*** To Be Completed if account is being introduced by an Introducing Broker*** 

If account is being introduced to MFUSA by an Introducing Broker, please fill in the contact details of the Introducing Broker below: 

***To Be Completed by Introducing Broker*** 

___________________________________________________________________ 

IB Name 

___________________________________________________________________ 

Address 

___________________________________________________________________ 

Signature of Authorized Party at IB 

___________________________________________________________________ 

Printed Name & Title


FUTURES CROSS TRADE CONSENT 

***THE FOLLOWING AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER *** 

Customer agrees that without prior consent and without prior notice to Customer, the MFUSA entities and their directors, employees, 

agents or floor brokers acting on Customer’s behalf in any futures transaction for the Account may take the opposite side of Customer’s 

transaction, subject to Applicable Law. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Futures Cross-Trade Agreement. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


TRANSFER OF FUNDS 

***THE FOLLOWING AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER *** 

By signing below, Customer authorizes MFUSA to transfer funds, securities or other property to, between or among any of Customer’s 

segregated or secured futures account(s), sequestered account(s) or non-regulated account(s) when, in MFUSA’s judgment, a transfer 

of any excess funds in such account(s) may be necessary to satisfy margin calls, debit balances or for such other reasons as MFUSA 

deems appropriate. Promptly following such transfer, MFUSA will confirm the transfer in writing to Customer. All such transfers shall be 

made in compliance with the Commodity Exchange Act and the applicable regulations promulgated thereunder. 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Transfer of Funds Agreement. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



ARBITRATION AGREEMENT 

***THE FOLLOWING ARBITRATION AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER *** 

PLEASE REVIEW THESE PROVISIONS CAREFULLY BEFORE SIGNING. 

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT 

THE COMMODITY FUTURES TRADING COMMISSION (CFTC) AND ARBITRATION CONDUCTED BY A SELF-REGULATORY 

OR OTHER PRIVATE ORGANIZATION. 

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES 

PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL 

RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH 

CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS 

ARBITRATION AGREEMENT BE VOLUNTARY. 

BY SIGNING THIS AGREEMENT YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW; AND (2) ARE 

AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR FCC MAY SUBMIT TO 

ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO 

PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE 

ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A 

DISPUTE ARISES, YOU WILL BE NOTIFIED IF MFUSA INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU 

BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION 

14 “REPARATIONS” PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN 

WHICH TO MAKE THAT ELECTION. 

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH MFUSA; SEE 17 CFR 166.5 

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Arbitration Agreement 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



ACCOUNT TRANSFER FORM 

Date: _______________________ 

To: Transferring Firm 

(Please provide the name and address of Firm from which you are transferring) 

Firm Name: 

Firm Address: 

Account Number(s): 

Account Title: 

Account Address: 

_______________________________________________________________________________ 

_______________________________________________________________________________ 

_______________________________________________________________________________ 

_______________________________________________________________________________ 

_______________________________________________________________________________ 

If applicable, name of Introducing Broker: __________________________________________________________________ 

= 

oÉÅÉáîáåÖ=cáêãW=== = j~Åèì~êáÉ=cìíìêÉë=rp^=ii`= 

= = ===== N=NoríÜ=t~ÅâÉê=aêáîÉ=Ó=9th cäççê = 

= = ===== `ÜáÅ~ÖçI=fi==SMSMS= 

= = ==== EPNOF=TPMJVUMM= 

IN ACCORDANCE WITH NATIONAL FUTURES ASSOCIATION COMPLIANCE RULE 2-27 PLEASE TRANSFER IMMEDIATELY 

ALL OF THE CASH BALANCES, OPEN POSITIONS, AND TREASURY BILLS OR ANY COLLATERAL IN MY (OUR) ACCOUNT TO 


Each of the undersigned hereby agrees to the terms and conditions as set forth in this Account Transfer Form. 

___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 


___________________________________________________________________ 


________________________________________ 

Date 

___________________________________________________________________ 



TRUST INFORMATION AND TRUSTEE CERTIFICATION 

If opening a TRUST account, the following certification must be completed and the applicable trust document must be submitted. 

1. The official name of the TRUST: ______________________________________________________________________ 

2. The TRUST formation date: ______________________________________________________________________ 

3. The TRUSTEE(s) of the TRUST: ______________________________________________________________________ 

______________________________________________________________________ 

______________________________________________________________________ 

4. The GRANTOR(s) of the TRUST: ______________________________________________________________________ 

______________________________________________________________________ 

______________________________________________________________________ 

5. I/We being the TRUSTEE(s) of the above referenced trust warrant and represent that trading in futures contracts and options on 

futures contracts is a proper purpose of the TRUST and such activity will in no manner contravene the provisions of the above 

mentioned TRUST, any statutes, rules or regulations, judgments, orders or decrees or agreements to which the TRUST is bound or 

subject. 

6. I/We being the TRUSTEE(s), acknowledge receiving account documentation, agreements and risk disclosure forms including the 

Customer Agreement and consent to the terms of such agreements. 

7. I/We being the TRUSTEE(s), jointly and severally indemnify and hold MFUSA harmless from any liability arising, directly or indirectly, 

from effecting any transactions pursuant to instructions given by any of the TRUSTEE(s) listed above. 

8. I/We being the TRUSTEE(s), agree to inform MFUSA in writing of any amendment to the TRUST, any change in the composition of 

TRUSTEE(s) or any other event which would materially alter the certifications made above. 

ALL TRUSTEE(s) MUST SIGN 

_____________________________________________________ 

Trustee Name (Printed) 

________________________________________________________ 

Trustee Name (Signature) 

_____________________________________________________ 


________________________________________________________ 


_____________________________________________________ 


________________________________________________________ 


_____________________________________________________ 


________________________________________________________ 

Trustee Name (Signature)


MFUSA BANKING INFORMATION 

ALL CHECKS SHOULD BE MADE PAYABLE TO MACQUARIE FUTURES USA LLC 

NO THIRD PARTY CHECKS OR WIRES WILL BE ACCEPTED 

Wire Instructions: 

Institution: 

Harris Bank 

ABA Number: 071000288 

Account Number: 3095320 

Account Name: Macquarie Futures USA LLC – Customer Segregated Funds 

Swift Code: 

HATRUS44

Form W-9 Request for Taxpayer 

(Rev. October 2007) 

Identification Number and Certification 

Department of the Treasury 

Internal Revenue Service 

Name (as shown on your income tax return) 

Give form to the 

requester. Do not 

send to the IRS. 

Print or type 

See Specific Instructions on page 2. 

Business name, if different from above 

Check appropriate box: Individual/Sole proprietor Corporation Partnership 

Limited liability company. Enter the tax classification (D=disregarded entity, C=corporation, P=partnership) 

Other (see instructions) 

Address (number, street, and apt. or suite no.) 

City, state, and ZIP code 

List account number(s) here (optional) 

Exempt 

payee 

Requester’s name and address (optional) 

Part I 

Taxpayer Identification Number (TIN) 

Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoid 

backup withholding. For individuals, this is your social security number (SSN). However, for a resident 

alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is 

your employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3. 

Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose 

number to enter. 

Part II Certification 

Under penalties of perjury, I certify that: 

Social security number 

or 

Employer identification number 

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and 

2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal 

Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has 

notified me that I am no longer subject to backup withholding, and 

3. I am a U.S. citizen or other U.S. person (defined below). 

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup 

withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. 

For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement 

arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you must 

provide your correct TIN. See the instructions on page 4. 

Sign 

Here 

Signature of 

U.S. person 

General Instructions 

Section references are to the Internal Revenue Code unless 

otherwise noted. 

Purpose of Form 

A person who is required to file an information return with the 

IRS must obtain your correct taxpayer identification number (TIN) 

to report, for example, income paid to you, real estate 

transactions, mortgage interest you paid, acquisition or 

abandonment of secured property, cancellation of debt, or 

contributions you made to an IRA. 

Use Form W-9 only if you are a U.S. person (including a 

resident alien), to provide your correct TIN to the person 

requesting it (the requester) and, when applicable, to: 

1. Certify that the TIN you are giving is correct (or you are 

waiting for a number to be issued), 

2. Certify that you are not subject to backup withholding, or 

3. Claim exemption from backup withholding if you are a U.S. 

exempt payee. If applicable, you are also certifying that as a 

U.S. person, your allocable share of any partnership income from 

a U.S. trade or business is not subject to the withholding tax on 

foreign partners’ share of effectively connected income. 

Note. If a requester gives you a form other than Form W-9 to 

request your TIN, you must use the requester’s form if it is 

substantially similar to this Form W-9. 

Date 

Definition of a U.S. person. For federal tax purposes, you are 

considered a U.S. person if you are: 

● An individual who is a U.S. citizen or U.S. resident alien, 

● A partnership, corporation, company, or association created or 

organized in the United States or under the laws of the United 

States, 

● An estate (other than a foreign estate), or 

● A domestic trust (as defined in Regulations section 

301.7701-7). 

Special rules for partnerships. Partnerships that conduct a 

trade or business in the United States are generally required to 

pay a withholding tax on any foreign partners’ share of income 

from such business. Further, in certain cases where a Form W-9 

has not been received, a partnership is required to presume that 

a partner is a foreign person, and pay the withholding tax. 

Therefore, if you are a U.S. person that is a partner in a 

partnership conducting a trade or business in the United States, 

provide Form W-9 to the partnership to establish your U.S. 

status and avoid withholding on your share of partnership 

income. 

The person who gives Form W-9 to the partnership for 

purposes of establishing its U.S. status and avoiding withholding 

on its allocable share of net income from the partnership 

conducting a trade or business in the United States is in the 

following cases: 

● The U.S. owner of a disregarded entity and not the entity, 

Cat. No. 10231X 

Form W-9 (Rev. 10-2007)

Form 

W-8BEN 

Certificate of Foreign Status of Beneficial Owner 

for United States Tax Withholding 

(Rev. February 2006) 

OMB No. 1545-1621 


Section references are to the Internal Revenue Code. See separate instructions. 


Give this form to the withholding agent or payer. Do not send to the IRS. 

Do not use this form for: 

Instead, use Form: 

● A U.S. citizen or other U.S. person, including a resident alien individual W-9 

● A person claiming that income is effectively connected with the conduct 

of a trade or business in the United States 

W-8ECI 

● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions) 

W-8ECI or W-8IMY 

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, 

foreign private foundation, or government of a U.S. possession that received effectively connected income or that is 

claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions) 

W-8ECI or W-8EXP 

Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only to 

claim they are a foreign person exempt from backup withholding. 

● A person acting as an intermediary 

W-8IMY 

Note: See instructions for additional exceptions. 

Part I Identification of Beneficial Owner (See instructions.) 

1 Name of individual or organization that is the beneficial owner 

2 

Country of incorporation or organization 

3 

4 

Type of beneficial owner: Individual Corporation Disregarded entity Partnership Simple trust 

Grantor trust 

Complex trust 

Estate 

Government 

International organization 

Central bank of issue 

Tax-exempt organization Private foundation 

Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address. 

City or town, state or province. Include postal code where appropriate. 

Country (do not abbreviate) 

5 

Mailing address (if different from above) 



6 U.S. taxpayer identification number, if required (see instructions) 

7 

SSN or ITIN EIN 

8 Reference number(s) (see instructions) 

Foreign tax identifying number, if any (optional) 

Part II Claim of Tax Treaty Benefits (if applicable) 

9 I certify that (check all that apply): 

a The beneficial owner is a resident of 

within the meaning of the income tax treaty between the United States and that country. 

b If required, the U.S. taxpayer identification number is stated on line 6 (see instructions). 

c The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if 

applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions). 

d The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a 

U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions). 

e The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will file 

Form 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000. 

10 Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article 

of the 

treaty identified on line 9a above to claim a % rate of withholding on (specify type of income): . 

Explain the reasons the beneficial owner meets the terms of the treaty article: 

Part III Notional Principal Contracts 

11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively 

connected with the conduct of a trade or business in the United States. I agree to update this statement as required. 

Part IV Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I 

further certify under penalties of perjury that: 

1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates, 

2 The beneficial owner is not a U.S. person, 

3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but is 

not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and 

4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or 

any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. 

Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY) 

Capacity in which acting 

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z Form W-8BEN (Rev. 2-2006) 

Printed on Recycled Paper


W-8ECI 


Certificate of Foreign Person’s Claim That Income Is 

Effectively Connected With the Conduct of a Trade or 

Business in the United States 

OMB No. 1545-1621 

 

Department of the Treasury Section references are to the Internal Revenue Code. See separate instructions. 



Note: Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectively 

connected with a U.S. trade or business (see instructions). 



● A beneficial owner solely claiming foreign status or treaty benefits 

W-8BEN 

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private 

foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) 

W-8EXP 

Note: These entities should use Form W-8ECI if they received effectively connected income (e.g., income from commercial activities). 

● A foreign partnership or a foreign trust (unless claiming an exemption from U.S. withholding on income effectively 

connected with the conduct of a trade or business in the United States) 

W-8BEN or W-8IMY 


W-8IMY 




2 Country of incorporation or organization 

3 

4 

Type of entity (check the appropriate box): Individual Corporation 

Partnership 

Simple trust 

Complex trust 

Government 

Grantor trust 


Private foundation 


Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box. 

Disregarded entity 

Estate 

Tax-exempt organization 



5 

Business address in the United States (street, apt. or suite no., or rural route). Do not use a P.O. box. 

City or town, state, and ZIP code 

6 U.S. taxpayer identification number (required—see instructions) 

7 




9 Specify each item of income that is, or is expected to be, received from the payer that is effectively connected with the conduct of a trade 

or business in the United States (attach statement if necessary) 

Part II 

Sign 

Here 

Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, 

and complete. I further certify under penalties of perjury that: 

● I am the beneficial owner (or I am authorized to sign for the beneficial owner) of all the income to which this form relates, 

● The amounts for which this certification is provided are effectively connected with the conduct of a trade or business in the United States 

and are includible in my gross income (or the beneficial owner’s gross income) for the taxable year, and 

● The beneficial owner is not a U.S. person. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the 

beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. 

Signature of beneficial owner (or individual authorized to sign for the beneficial owner) 

Date (MM-DD-YYYY) 


For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25045D Form W-8ECI (Rev. 2-2006)


W-8EXP 




Certificate of Foreign Government or Other Foreign 

Organization for United States Tax Withholding 

(For use by foreign governments, international organizations, foreign central banks of 

issue, foreign tax-exempt organizations, foreign private foundations, and governments of 

U.S. possessions.) 




● Any foreign government or other foreign organization that is not claiming the applicability of section(s) 115(2), 501(c), 

892, 895, or 1443(b) 


● A foreign partnership or a foreign trust 

● A person claimimg that income is effectively connected with the conduct of a trade or business in the United States 


Part I Identification of Beneficial Owner (See instructions before completing this part.) 

1 Name of organization 

OMB No. 1545-1621 


W-8BEN or W-8ECI 

W-8BEN 


W-8ECI 

W-8IMY 


3 Type of 

Foreign central bank of issue 

Foreign government 

International organization Foreign tax-exempt organization 

(not wholly owned by the 

entity 

Government of a U.S. possession 

foreign sovereign) 

Foreign private foundation 

4 Permanent address (street, apt. or suite no., or rural route). Do not use a P.O. box. 



5 Mailing address (if different from above) 

City or town, state or province. Include postal or ZIP code where appropriate. 



7 


8 

Reference number(s) (see instructions) 

Part II 

Qualification Statement 

9 

a 

b 

c 

10 

11 

For a foreign government: 

I certify that the entity identified in Part I is a foreign government within the meaning of section 892 and the payments 

are within the scope of the exemption granted by section 892. 

Check box 9b or box 9c, whichever applies: 

The entity identified in Part I is an integral part of the government of . 

The entity identified in Part I is a controlled entity of the government of . 

For an international organization: 

I certify that: 

● The entity identified in Part I is an international organization within the meaning of section 7701(a)(18) and 

● The payments are within the scope of the exemption granted by section 892. 

For a foreign central bank of issue (not wholly owned by the foreign sovereign): 


● The entity identified in Part I is a foreign central bank of issue, 

● The entity identified in Part I does not hold obligations or bank deposits to which this form relates for use in 

connection with the conduct of a commercial banking function or other commercial activity, and 


(Part II and required certification continued on page 2) 

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25401F 

Form W-8EXP (Rev. 2-2006)


W-8BEN 

Certificate of Foreign Status of Beneficial Owner 

for United States Tax Withholding 


OMB No. 1545-1621 







● A U.S. citizen or other U.S. person, including a resident alien individual W-9 

● A person claiming that income is effectively connected with the conduct 

of a trade or business in the United States 

W-8ECI 

● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions) 

W-8ECI or W-8IMY 


foreign private foundation, or government of a U.S. possession that received effectively connected income or that is 

claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions) 

W-8ECI or W-8EXP 

Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only to 

claim they are a foreign person exempt from backup withholding. 


W-8IMY 




2 

Country of incorporation or organization 

3 

4 

Type of beneficial owner: Individual Corporation Disregarded entity Partnership Simple trust 

Grantor trust 

Complex trust 

Estate 

Government 



Tax-exempt organization Private foundation 

Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address. 



5 





7 




Part II Claim of Tax Treaty Benefits (if applicable) 

9 I certify that (check all that apply): 

a The beneficial owner is a resident of 

within the meaning of the income tax treaty between the United States and that country. 

b If required, the U.S. taxpayer identification number is stated on line 6 (see instructions). 

c The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if 

applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions). 

d The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a 

U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions). 

e The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will file 

Form 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000. 

10 Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article 

of the 

treaty identified on line 9a above to claim a % rate of withholding on (specify type of income): . 

Explain the reasons the beneficial owner meets the terms of the treaty article: 

Part III Notional Principal Contracts 

11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively 

connected with the conduct of a trade or business in the United States. I agree to update this statement as required. 

Part IV Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I 

further certify under penalties of perjury that: 

1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates, 

2 The beneficial owner is not a U.S. person, 

3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but is 

not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and 

4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or 

any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. 

Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY) 


For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z Form W-8BEN (Rev. 2-2006) 

Printed on Recycled Paper


W-8ECI 


Certificate of Foreign Person’s Claim That Income Is 

Effectively Connected With the Conduct of a Trade or 

Business in the United States 

OMB No. 1545-1621 

 

Department of the Treasury Section references are to the Internal Revenue Code. See separate instructions. 



Note: Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectively 

connected with a U.S. trade or business (see instructions). 




W-8BEN 

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private 

foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) 

W-8EXP 

Note: These entities should use Form W-8ECI if they received effectively connected income (e.g., income from commercial activities). 

● A foreign partnership or a foreign trust (unless claiming an exemption from U.S. withholding on income effectively 

connected with the conduct of a trade or business in the United States) 



W-8IMY 





3 

4 

Type of entity (check the appropriate box): Individual Corporation 

Partnership 

Simple trust 

Complex trust 

Government 

Grantor trust 


Private foundation 


Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box. 

Disregarded entity 

Estate 

Tax-exempt organization 



5 

Business address in the United States (street, apt. or suite no., or rural route). Do not use a P.O. box. 

City or town, state, and ZIP code 

6 U.S. taxpayer identification number (required—see instructions) 

7 




9 Specify each item of income that is, or is expected to be, received from the payer that is effectively connected with the conduct of a trade 

or business in the United States (attach statement if necessary) 

Part II 

Sign 

Here 

Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, 

and complete. I further certify under penalties of perjury that: 

● I am the beneficial owner (or I am authorized to sign for the beneficial owner) of all the income to which this form relates, 

● The amounts for which this certification is provided are effectively connected with the conduct of a trade or business in the United States 

and are includible in my gross income (or the beneficial owner’s gross income) for the taxable year, and 

● The beneficial owner is not a U.S. person. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the 

beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. 

Signature of beneficial owner (or individual authorized to sign for the beneficial owner) 



For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25045D Form W-8ECI (Rev. 2-2006)


W-8EXP 




Certificate of Foreign Government or Other Foreign 

Organization for United States Tax Withholding 

(For use by foreign governments, international organizations, foreign central banks of 

issue, foreign tax-exempt organizations, foreign private foundations, and governments of 

U.S. possessions.) 




● Any foreign government or other foreign organization that is not claiming the applicability of section(s) 115(2), 501(c), 

892, 895, or 1443(b) 


● A foreign partnership or a foreign trust 

● A person claimimg that income is effectively connected with the conduct of a trade or business in the United States 


Part I Identification of Beneficial Owner (See instructions before completing this part.) 

1 Name of organization 

OMB No. 1545-1621 



W-8BEN 


W-8ECI 

W-8IMY 


3 Type of 

Foreign central bank of issue 

Foreign government 

International organization Foreign tax-exempt organization 

(not wholly owned by the 

entity 

Government of a U.S. possession 

foreign sovereign) 

Foreign private foundation 

4 Permanent address (street, apt. or suite no., or rural route). Do not use a P.O. box. 



5 Mailing address (if different from above) 

City or town, state or province. Include postal or ZIP code where appropriate. 



7 


8 

Reference number(s) (see instructions) 

Part II 

Qualification Statement 

9 

a 

b 

c 

10 

11 

For a foreign government: 

I certify that the entity identified in Part I is a foreign government within the meaning of section 892 and the payments 

are within the scope of the exemption granted by section 892. 

Check box 9b or box 9c, whichever applies: 

The entity identified in Part I is an integral part of the government of . 

The entity identified in Part I is a controlled entity of the government of . 

For an international organization: 


● The entity identified in Part I is an international organization within the meaning of section 7701(a)(18) and 


For a foreign central bank of issue (not wholly owned by the foreign sovereign): 


● The entity identified in Part I is a foreign central bank of issue, 

● The entity identified in Part I does not hold obligations or bank deposits to which this form relates for use in 

connection with the conduct of a commercial banking function or other commercial activity, and 


(Part II and required certification continued on page 2) 

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25401F 

Form W-8EXP (Rev. 2-2006)

Form W-8EXP (Rev. 2-2006) Page 2 

Part II Qualification Statement (continued) 

12 For a foreign tax-exempt organization, including foreign private foundations: 

If any of the income to which this certification relates constitutes income includible under section 512 in computing the 

entity’s unrelated business taxable income, attach a statement identifying the amounts. 

Check either box 12a or box 12b: 

a I certify that the entity identified in Part I has been issued a determination letter by the IRS dated 

that is currently in effect and that concludes that it is an exempt organization described in section 501(c). 

b I have attached to this form an opinion from U.S. counsel concluding that the entity identified in Part I is described in 

section 501(c). 

For section 501(c)(3) organizations only, check either box 12c or box 12d: 

c If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section 

501(c)(3), I certify that the organization is not a private foundation described in section 509. I have attached an affidavit 

of the organization setting forth sufficient facts for the IRS to determine that the organization is not a private foundation 

because it meets one of the exceptions described in section 509(a)(1), (2), (3), or (4). 

d If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section 

501(c)(3), I certify that the organization is a private foundation described in section 509. 

13 For a government of a U.S. possession: 

I certify that the entity identified in Part I is a government of a possession of the United States, or is a political 

subdivision thereof, and is claiming the exemption granted by section 115(2). 

Part III Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and 

belief it is true, correct, and complete. I further certify under penalties of perjury that: 

● The organization for which I am signing is the beneficial owner of the income to which this form relates, 

● The beneficial owner is not a U.S. person, 

● For a beneficial owner that is a controlled entity of a foreign sovereign (other than a central bank of issue wholly owned by 

a foreign sovereign), the beneficial owner is not engaged in commercial activities within or outside the United States, and 

● For a beneficial owner that is a central bank of issue wholly owned by a foreign sovereign, the beneficial owner is not 

engaged in commercial activities within the United States. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income 

of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I 

am the beneficial owner. 

Sign 

Here 

Signature of authorized official 


Capacity in which acting

Form W-8IMY 




Certificate of Foreign Intermediary, 

Foreign Flow-Through Entity, or Certain U.S. 

Branches for United States Tax Withholding 



OMB No. 1545-1621 




W-8BEN 

● A hybrid entity claiming treaty benefits on its own behalf 

W-8BEN 

● A person claiming that income is effectively connected with the conduct of a trade or business in the United States 

W-8ECI 

● A disregarded entity. Instead, the single foreign owner should use 



foreign private foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) 

W-8EXP 

Part I Identification of Entity 

1 Name of individual or organization that is acting as intermediary 


3 

4 

Type of entity—check the appropriate box: 

Withholding foreign trust. Complete Part V. 

Qualified intermediary. Complete Part II. 

Nonwithholding foreign partnership. Complete Part VI. 

Nonqualified intermediary. Complete Part III. 

Nonwithholding foreign simple trust. Complete Part VI. 

U.S. branch. Complete Part IV. 

Nonwithholding foreign grantor trust. Complete Part VI. 

Withholding foreign partnership. Complete Part V. 

Permanent residence address (street, apt. or suite no., or rural route). Do not use P.O. box. 



5 




6 U.S. taxpayer identification number (if required, see instructions) 

7 

SSN or ITIN 

EIN 

QI-EIN 



Part II Qualified Intermediary 

9a (All qualified intermediaries check here) I certify that the entity identified in Part I: 

● Is a qualified intermediary and is not acting for its own account with respect to the account(s) identified 

on line 8 or in a withholding statement associated with this form and 

● Has provided or will provide a withholding statement, as required. 

b 

(If applicable) I certify that the entity identified in Part I has assumed primary withholding responsibility 

under Chapter 3 of the Code with respect to the account(s) identified on this line 9b or in a withholding 

statement associated with this form 

c 

(If applicable) I certify that the entity identified in Part I has assumed primary Form 1099 reporting and 

backup withholding responsibility as authorized in its withholding agreement with the IRS with respect to 

the account(s) identified on this line 9c or in a withholding statement associated with this form 

Part III Nonqualified Intermediary 

10a (All nonqualified intermediaries check here) I certify that the entity identified in Part I is not a qualified 

intermediary and is not acting for its own account. 

b 

(If applicable) I certify that the entity identified in Part I is using this form to transmit withholding certificates 

and/or other documentary evidence and has provided or will provide a withholding statement, as required. 

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25402Q 

Form W-8IMY (Rev. 2-2006)

Form W-8IMY (Rev. 2-2006) Page 2 

Part IV Certain United States Branches 

Note: You may use this Part if the entity identified in Part I is a U.S. branch of a foreign bank or insurance company 

and is subject to certain regulatory requirements (see instructions). 

11 I certify that the entity identified in Part I is a U.S. branch and that the payments are not effectively 

connected with the conduct of a trade or business in the United States. 

Check box 12 or box 13, whichever applies: 

12 I certify that the entity identified in Part I is using this form as evidence of its agreement with the 

withholding agent to be treated as a U.S. person with respect to any payments associated with this 

certificate. 

13 I certify that the entity identified in Part I: 

● Is using this form to transmit withholding certificates or other documentary evidence for the persons for 

whom the branch receives a payment and 


Part V Withholding Foreign Partnership or Withholding Foreign Trust 


● Is a withholding foreign partnership or a withhholding foreign trust and 


Part VI Nonwithholding Foreign Partnership, Simple Trust, or Grantor Trust 


● Is a nonwithholding foreign partnership, a nonwithholding foreign simple trust, or a nonwithholding foreign 

grantor trust and that the payments to which this certificate relates are not effectively connected, or are not 

treated as effectively connected, with the conduct of a trade or business in the United States and 

● Is using this form to transmit withholding certificates and/or other documentary evidence and has 

provided or will provide a withholding statement, as required. 

Part VII 

Certification 

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. 

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income for which I am providing this form or 

any withholding agent that can disburse or make payments of the income for which I am providing this form. 

Sign Here Signature of authorized official Date (MM-DD-YYYY) 

Form W-8IMY (Rev. 2-2006)


RISK DISCLOSURE STATEMENTS AND DISCLAIMERS

MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 2 

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS 

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS ............................................................. 2 

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c)........................................... 3 

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT ................................................... 6 

FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT .... 7 

LME GUIDELINES .................................................................................................................................................................... 8 

NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS AND LARGE POSITION RULES ............................. 11 

NOTICE REGARDING AVERAGE PRICING ........................................................................................................................... 13 

FOREIGN CUSTOMER AGENT DESIGNATION .................................................................................................................... 13 

UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA ............................................................................... 14 

NOTICE TO ONTARIO-BASED CLIENTS .............................................................................................................................. 15 

NOTICE TO URUGUAY-BASED CLIENTS ............................................................................................................................ 16 

NOTICE TO BRITISH COLUMBIA-BASED CLIENTS ............................................................................................................ 17 

PERMITTED CLIENT CERTIFICATE ...................................................................................................................................... 18 

DISCLOSURE FOR BRITISH COLUMBIA-BASED CLIENTS: BC FORM 91-903F ............................................................... 23 

DISCLOSURE FOR CLEARED SWAPS CUSTOMERS ......................................................................................................... 25 

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - 2 -


CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS 

– CFTC RULE 1.55 (C) 

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the 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 futures and options 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. 

FUTURES 

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’ 

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures 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. If the market moves against your position or margin 

levels are increased, you may be called upon to pay substantial additional funds on 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. RISK-REDUCING ORDERS OR STRATEGIES 

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) 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 ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions. 

OPTIONS 

3. VARIABLE DEGREE OF RISK 

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of 

option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of 

the options must increase for your position to become profitable, taking into account the premium and all transaction costs. 

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a 

cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire 

a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, 

you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating 

purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is 

remote. 

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium 

received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to 

maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option 

and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a 

future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position 

is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be 

reduced. If the option is not covered, the risk of loss can be unlimited. 

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin 

payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction 

costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time. 



ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS 

4. TERMS AND CONDITIONS OF CONTRACTS 

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and 

associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying 

interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain 

circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange 

or clearing house to reflect changes in the underlying interest. 

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS 

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or 

contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect 

transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. 

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not 

exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The 

absence of an underlying reference price may make it difficult to judge ‘fair’ value. 

6. DEPOSITED CASH AND PROPERTY 


transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property 

may be governed by specified legislation or local rules. In some jurisdictions, property which had 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. 

7. 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. 

8. TRANSACTIONS IN OTHER JURISDICTIONS 

Transactions on markets in other 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. Before you trade should 

inquire about any rules relevant to your particular transactions. 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 ask the 

firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions 

before you start to trade. 

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. 

10. TRADING FACILITIES 


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; you should ask the firm with which you deal for details in this respect. 

11. 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 risk 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. 



12. OFF-EXCHANGE TRANSACTIONS 

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with 

which you deal may be acting as your counterparty to the transaction. 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 may be less regulated or subject to a separate regulatory regime. Before you undertake 

such transactions, you should familiarize yourself with applicable rules and attendant risks. 

DISCLOSURE STATEMENT RELATING TO NON-CASH MARGIN – CFTC RULE 190.10 (C) 

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING 

COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL 

CONDITION. 

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY, 

INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR 

DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL 

PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS. 

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY 

WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION. 

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND 

AT 17 CODE OF FEDERAL REGULATIONS PART 



ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS 

DISCLOSURE STATEMENT 

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. 

Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the 

contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the 

exchanges(s) offering the system and/or listing contracts you intend to trade. 

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS 

Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules 

and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among 

other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error 

trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for 

termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk 

factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying 

response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, 

varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail. 

RISKS ASSOCIATED WITH SYSTEM FAILURE 

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the 

event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute 

existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders 

or order priority. 

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING 

Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading 

hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how 

orders that do not designate a particular process will be executed. 

LIMITATION OF LIABILITY 

Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, 

the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure 

and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the 

relevant exchange(s) in order to understand these liability limitations. 

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some 

exchanges’ relevant rules are also available on their respective websites. 



FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER 

TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT 

This statement applies to the ability of authorized customers* of Macquarie Futures USA LLC (“MFUSA”) to place orders for foreign 

futures and options transactions directly with non-US entities (each an “Executing Broker”) that execute transactions on behalf of 

MFUSA’s foreign futures and options customer omnibus accounts. 

Please be aware of the following should you be permitted to place the type of orders specific above. 

The orders you place with an Executing Broker are for MFUSA’s foreign futures and options customer omnibus account maintained with 

a foreign clearing broker. Consequently, MFUSA may limit or otherwise condition the orders you place with an Executing Broker. 

You should be aware of the relationship of the Executing Broker and MFUSA. MFUSA may not be responsible for the acts, omissions, 

or errors of the Executing Broker, or its representatives, with which you place your orders. In addition, the Executing Broker may not be 

affiliated with MFUSA. If you choose to place orders directly with an Executing Broker, you may be doing so at your own risk. 

It is your responsibility to inquire about the applicable laws and regulations that govern the foreign exchanges on which transactions will 

be executed on your behalf. Any orders placed by you for execution on a foreign exchange will be subject to such exchange’s rules 

and regulations, its customer and usages, as well as any local laws that may govern transactions on that exchange. These laws, rules, 

regulations, customs and usages may offer different or diminished protection from those that govern transactions on US exchanges. In 

particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds 

received to margin futures transactions on US exchanges. Before you trade, you should familiarize yourself with the foreign rules which 

will apply to your particular transaction. United States regulatory authorities may be unable to compel the enforcement of the rules of 

regulatory authorities or markets in non-US jurisdictions where transactions may be effected. 

It is your responsibility to determine whether the Executing Broker has consented to the jurisdiction of the courts in the United States. In 

general, neither the Executing Broker nor any individuals associated with the Executing Broker will be registered in any capacity with the 

Commodity Futures Trading Commission (the “Commission”). Similarly, your contacts with the Executing Broker may not be sufficient 

to subject the Executing Broker to the jurisdiction of courts in the United States in the absence of the Executing Broker’s consent. 

Accordingly, neither the courts of the United States nor the Commission’s reparations program may be available as a forum for 

resolution of any disagreements you may have with the Executing Broker, and your recourse may be limited to actions outside the 

United States. 

Unless you object within five (5) days, by giving notice as provided in your customer agreement after receipt of this disclosure, MFUSA 

will assume your content to the aforementioned conditions. 

* You should contact your Customer Representative regarding your eligibility to participate in the direct foreign order transmittal process. 



LME GUIDELINES 

INTRODUCTION AND PURPOSE 

This document is designed to provide customers of the London Metal Exchange (LME) with an overview of the structure of the LME, 

market terminology, and a guide to how its members execute orders. It is not a comprehensive trading guide, nor a complete guide to 

market terminology. Customers should always ensure that their requirements are explained in detail to the member responsible for order 

execution. 

THE LME 

Principal Nature 

There are two types of contracts traded on the LME - Exchange Contracts and Client Contracts. Exchange Contracts are contracts 

between clearing members of the LME. Client Contracts are contracts between customers and ring dealing members (RDM), or 

associate broker clearing members (ABCM), or associate broker members (ABM) 1. Only RDMs, ABCMs and ABMs may issue Client 

Contracts. Statements that they issue to clients must state clearly ‘THIS IS AN LME REGISTERED CLIENT CONTRACT’ . Contract 

criteria pertaining to LME contracts, including metal specification, acceptable currencies, prompt dates, option strike prices etc are 

detailed in the LME rulebook and appropriate notices. 

Exchange Contracts are traded between members, matched in the LME matching and clearing system (LMEMS) and margined by the 

London Clearing House (LCH). Client Contracts are registered at the LCH but margining arrangements are left to members to agree 

with their customers (subject to LME rules). 

All LME contracts are between parties acting as principals. This prevents any party entering into an LME Contract as agent for someone 

else but does not prevent an agent effecting a contract between two parties if the resulting LME contract is between disclosed parties, 

each acting as a principal. It is an essential requirement of an LME Client Contract that one party must be an RDM, ABCM or ABM. A 

list of members is available from the LME. A principal relationship does not mean that members do not take on quasi-fiduciary 

responsibilities when they effect trades for customers. In particular, if a member undertakes to deliver a particular service, for example 

deal a specific number of lots ‘in the Ring’ (see below), then it should take care to ensure that it complies with all the terms of such a 

transaction. 

In respect of Exchange Contracts, an LME broker buying metal under an Exchange Contract from another LME broker cannot do so as 

agent for his customer. Where an LME broker buys metal under an Exchange Contract with a view to selling that metal to his customer, 

this is achieved by entering into a back-to-back Client Contract with the customer. Brokers and customers can agree the conditions 

that apply to their Client Contracts. For example, a customer may make it a condition of his Client Contract that the broker must enter 

into a back-to-back Exchange Contract for the metal being bought or sold. This does not make the customer a party to the Exchange 

Contract but does create additional duties and obligations owed by the broker under the Client Contract. Customers should be clear 

about conditions that apply to their Client Contracts and about the obligations and duties that the broker owes as a result of those 

conditions. 

1 For the purposes of this document these categories of members will be referred to as LME members, members or by the appropriate 

abbreviation. 

Brokers should be clear about the duties and obligations they owe as a result of conditions attaching to their Client Contracts. They 

should also be clear about the duties they owe to their customers under the FSA’s conduct of business rules. 

Dual Capacity 

LME members may act both in the capacity of market maker and broker. They may act in a particular manner depending on a number 

of circumstances, including the size of the order, the liquidity of the market at the time the order was placed, and, not least, the 

customer’s instructions. Customer orders may be filled directly from a member’s ‘book’ or filled by the member after it has bought/sold 

metal in the LME market. Furthermore, customer orders may be offset, amalgamated, broken-up or netted for execution. These 

methodologies apply equally to orders whether any resulting exchange contract is effected in the ring, in the inter-office market, or on 

LME Select. 

Customers with specific order requirements must make these known to the member at the time the order is placed. Customers wishing 

to know how their order was executed should request such information from the member. 



Trading on the LME 

Trading takes place on the LME by open outcry in the rings and kerbs, between members in the interoffice, and over the Exchange’s 

electronic trading system LME Select. 

Open Outcry 

Historically, during ring and kerb sessions, the majority of customer business reflects prices traded in the open outcry sessions. 

Customers can follow the market activity by monitoring quoted and traded prices disseminated via the LME market data system (MDS), 

or by listening to the simultaneous floor commentary provided by member(s). The MDS publishes prices traded during ring and kerb 

times on price vendor information services such as Reuters. 

Members can continue to ‘make a market’ on request to a customer whilst the ring and kerb sessions are in operation, although this is 

entirely at the member’s discretion. Alternatively, the customer can decide whether to place an order using the ‘order styles’ mentioned 

below. 

Inter-office 

Inter-office trading is conducted between members by telephone or by electronic means. On contacting an LME member, customers 

will usually be provided, on request, with the member’s current bid-ask quote. The customer may trade on this quote, or call another 

member in an attempt to improve the quote, or wait and monitor prices on the LME market data system, or leave an order with a 

member. If an order is left with a member for execution and not taken on its own book, it may be executed via a ‘back to back’ 

Exchange Contract agreed via a telephone deal with another member or executed via an electronic trading system. 

LME Select 

LME Select allows members to trade all LME Metal Contracts, Index Contracts, Exchange Metal Options or Traded Average Price 

Option contracts, for all prompt dates and carries, and for all series. All trading on LME Select is in US dollars. 

LME Select replaces neither inter-office trading nor trading in the ring. Depending on the time of day, it is possible for members to deal 

by telephone or electronically in the inter-office market, by LME Select, or in the rings. Customers should specify which mechanism they 

prefer where they have a preference. 

Firm prices of the best bid and offer available on LME Select, the total volumes available at these prices, and the price and volume of 

each trade transacted are distributed to and displayed in real time by information vendors. Only LME Select prices are displayed, not 

those of other third party electronic trading system providing LME prices. Only RDMs and ABCMs are eligible to become LME Select 

Participants and to have direct access to the system. Customers may effect ‘back to back’ client contracts based upon prices available 

on LME Select via such members. 

ORDER STYLES 

Ring 

Customer orders are not traded in the rings or kerbs, so an order using the term ‘in/on/during the ring/kerb’ will be executed on the 

basis of the prices traded/quoted during the particular session. If a customer requires their order to be ‘shown’ or traded across the 

ring/kerb then they should make this requirement known to their executor, who may or may not accept this as a term of the order. The 

equivalent Exchange Contract for a customer order may not replicate its terms. As the customer is not a party to any Exchange 

Contracts i.e. those traded in open outcry between members in the ring/kerb sessions, in specifying ring/kerb, the customer is merely 

identifying a pricing mechanism. A member which undertakes to match a price traded in the ring/kerb is not necessarily undertaking 

that it will trade during that ring/kerb, only that it may do so. However, a customer may place an order with the specific request that the 

member trades an Exchange Contract replicating its order in the ring. In such circumstance the RDM can only trade this order by open 

outcry in the ring. 

If a customer trades at the prevailing market quote proffered in the ring/kerb, their executor is not necessarily obliged to effect an 

Exchange Contract at the same price. This can lead to situations where the customer has traded at the prevailing market quote, without 

that same price trading in open outcry across the floor of the Exchange. However, if the instructions from the customer are to achieve a 

specific price i.e. close of ring 2, then this is the price that should be given, if that specific order is accepted. 



Market 

In normal circumstances a market order is one executed on a timely basis at the prevailing market price. As mentioned above, at certain 

times of the business day, trading is taking place simultaneously in the ring or kerb, on LME Select, and in the inter-office market. 

Traditionally, when open outcry trading is in course, the market is defined by activity within the ring/kerb. At other times, the market is 

split between inter-office trading and trading on LME Select. During inter-office sessions, indicative quotes are available on the MDS and 

firm prices available on LME Select and the LME Select page on information vendors’ systems. The indicative prices might not be 

available to all parties. 

Best 

Order styles on the LME using the word ‘best’ confer some discretion upon the members when executing the order, requiring them to 

use their ‘best endeavours’ on the customer’s behalf. The extent of the discretion is fixed by the terms of the order. This type of order is 

distinct from ‘best execution’ as defined by the FSA, which most non-private LME customers waive as part of their overall agreement 

with their executor. 

Best orders may be executed both in rings/kerbs, inter-office and on LME Select. Inter-office trades rely upon the members’ skill in 

determining the level of the market at any particular time. Best orders received during ring/kerb times may not result in the customer 

receiving the ‘best’ price achieved during the session if the price improves after the member has booked the metal intended to fill the 

order. At any given time, the best price on LME Select will be displayed on the system and by the information vendors. Customers 

should be aware that depending on market conduct the best price may move during the period from them placing their order and the 

members executing. 

Close 

Most orders placed ‘on the close’ are for either the close of the second ring (official LME prices) or the second kerb (closing prices). 

Both these prices are demonstrable because of the publication of official and closing prices. Closing prices of other sessions are harder 

to determine, although the LME does also publish unofficial prices, which are established at the close of the fourth ring. In all 

circumstances, customers and members need to agree the style of execution i.e. bid/ask, mean or traded price. Members may not 

always be able to guarantee execution (price or volume) due to prevailing market conditions. A closing price on LME Select is the last 

price traded before the system closes at 19:30. 

Open 

Customers placing orders to trade on the opening of a market session must provide clear instructions to the LME member which 

indicate how this order should be activated i.e. basis the opening bid/ask or basis the first trade in the session. Customers will also need 

to inform their executor of their requirements if the executor is unable to fill the order basis the ‘opening’ price in its entirety due to 

market constraints such as insufficient supply/demand. Customers may place orders with members for LME Select that can be placed 

into the system for activation when the market opens at 07:30. 

Resting Orders 

When placing resting orders such as ‘good’ til cancelled’ (‘GTC ', or any derivations thereof) or stop loss orders, customers should 

ensure that they are in agreement with their executor’s definition of the ‘trigger’ point of the order. Usually, this is interpreted as being 

the point when the order price is seen to be trading in the market, but it is possible to request the order be activated when the order 

level is either bid or asked as appropriate, via the prevailing market quote. Stop loss orders become market orders when a trade, or a 

bid or an offer triggers the stop, with members then executing the order at the current market price. 

It is possible for a customer not to receive a ‘fill’ on a resting order despite the ‘trigger’ point being ‘touched’. This could be due to a 

number of circumstances such as order priority, illiquidity, prevailing market conditions etc. Whatever the reason, the executor should 

be able to provide the customer with a full explanation of why it was unable to fill the order. 

Customers should be aware that resting orders might be activated during periods of illiquidity in the market. As previously mentioned 

this could result in the trade not being filled. For ‘stop’ orders this could result in a worse fill than anticipated (‘slippage’). Customers 

should ensure the executor is fully aware of their requirements regarding the execution and adheres to any limitations, especially if the 

customer is not in contact with the market/member when the trigger point is reached. 

It is possible for customers to ask members to place resting orders in LME Select. The system accepts GTC and Good for Day (DAY) 

orders. DAY orders are automatically deleted from the system at 19:30. 

Conclusion 

The above order styles do not represent all possible methods of order execution on the LME. Members and customers should ensure 

that orders are communicated in meaningful. 



NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS 

AND LARGE POSITION RULES 

Effective April 1, 2003, new requirements were introduced in Hong Kong in relation to the position limit and reportable position 

requirements for stock options and futures contracts traded on the Stock Exchange of Hong Kong and on the Hong Kong Futures 

Exchanges. 

These requirements are set out in the Hong Kong Securities and Futures (Contracts Limits and Reportable Positions) Rules (the "Rules") 

made by the Securities and Futures Commission ("SFC") under the Securities and Futures Ordinance. The Rules impose monitoring and 

reporting obligations with regard to large open positions. Where you are holding a reportable position for your client, you must disclose 

the identity of the client. For the purposes of the Rules, a client is the person who is ultimately responsible for originating instructions you 

receive for transactions – i.e., the transaction originator. 

Further guidance on the Rules and what they require is set out in the SFC’s Guidance Note on Position Limits and Large Open Position 

Reporting Requirements. Copies of the Rules and Guidance Note can be downloaded from the SFC’s website (www.hksfc.org.hk). 

Purpose of the Rules 

The purpose of the Rules is to avoid potentially destabilizing market conditions arising from an overconcentrationof futures/options 

position accumulated by a single person or group of persons acting in concert, and to increase market transparency. 

Some of the major requirements of the Rules and Guidance Note are summarized below. However, you should review the Rules and 

Guidance Note in their entirety, and consult with your legal counsel in order to ensure that you have a full understanding of your 

obligations in connection with trading in Hong Kong. Please note that the Rules make you responsible for ensuring that you comply 

with the Rules. Section 8 of the Rules makes it a criminal offence not to comply (subject to a maximum fine of HK$100,000 and 

imprisonment for up to 2 years). 

Position Limits 

You may not hold or control futures contracts or stock options contracts in excess of the prescribed limit, unless you have obtained the 

prior authorization of the Hong Kong regulators. For example, the prescribed limit for Hang Seng Index futures and options contracts 

and Mini-Hang Seng Index futures and options contract is 10,000 long or short position delta limit for all contract months combined, 

provided the position delta for the Mini-Hang Seng Index futures contracts or Mini-Hang Seng Index options contracts shall not at any 

time exceed 2,000 long or short for all contact months combined. For many futures contracts and stock options contracts, the position 

limit is set at 5,000 contracts for any one contract/expiry month. The prescribed limit for each contract traded on the Hong Kong 

exchanges is set out in the Rules. 

Reportable Positions 

If you hold or control an open position in futures contracts or stock options contracts in excess of the specified level, the Rules require 

you to report that position in writing to the relevant Hong Kong exchange (i) within one day (ignoring Hong Kong public holidays and 

Saturdays) of first holding or controlling that position, and (ii) on each succeeding day on which you continue to hold or control that 

position. The specified reporting level for each contract traded on the Hong Kong exchanges is set out in the Rules. Please note that 

the reportable position limits for certain contracts have changed. For example, the reportable limits for Hang Seng Index futures and 

options contracts have been increased from 250 open contracts to 500 open contracts. The report must state: 

the number of contracts held or controlled in respect of the position in each relevant contract month; and if the position is held or 

controlled for a client, the identity of the client. 

Scope of the Rules 

You should note: 

The prescribed limits and reportable position requirements apply to all positions held or controlled by any person, including positions in 

any account(s) that such person controls, whether directly or indirectly. (Section 4 of the Rules and Para. 2.6 of the Guidance Note) If a 

person holds or controls positions in accounts at more than one intermediary, the Rules require him to aggregate the positions for the 

purposes of applying the prescribed limits and reportable position requirements. (Para. 6.1 of the Guidance Note) 



The person holding or controlling a reportable position in accounts at more than one intermediary has the sole responsibility to notify the 

relevant exchange of the reportable position. The person may request its intermediary to submit the notice of the reportable position. If a 

firm agrees to submit the notice on his behalf, the person should provide to the firm its total positions held at other intermediaries so 

that the firm can submit the notice of the reportable position. Alternatively, the person should ask all of his intermediaries to report the 

positions in each of the accounts separately to the exchange, even if the positions in the individual accounts do not reach the reportable 

level. (Paras. 4.6 and 6.2 of the Guidance Note) 

Where you are holding a reportable position for your client, the Rules say that you must disclose the identity of the client. The SFC’s 

view is that, for the purposes of the Rules, a client is the person who is ultimately responsible for originating the transaction instructions 

– i.e., the transaction originator. (Para. 6.3 of the Guidance Note). 

The Rules apply to the aggregate positions held in an omnibus account and to the positions held by each of the underlying clients of an 

omnibus account. Positions held by an intermediary (other than an exchange participant) in its proprietary accounts and customer 

accounts must be aggregated by the intermediary for position limit purposes. (Para. 6.7 of the Guidance Note) 

Please contact your Customer Representative if you have any questions regarding this Notice and the requirements discussed herein. 



NOTICE REGARDING AVERAGE PRICING 

You should be aware that certain US and non-US exchanges may permit Macquarie Futures USA LLC (“MFUSA”) and/or its 

correspondent clearing brokers to confirm trades executed on such exchanges on an average price basis regardless of whether the 

exchanges have average price systems of their own. Average prices that are not calculated by an exchange system will be calculated 

by MFUSA or its correspondent clearing brokers. In either case, trades that are confirmed to you at average prices will be designated 

as such on your daily and monthly account statements. 

FOREIGN CUSTOMER AGENT DESIGNATION 

***Applicable to Foreign Traders and Foreign Brokers*** 

The Commodity Futures Trading Commission (“CFTC”), the United States government agency which regulates futures trading, has 

adopted a regulation (17 C.F.R. 15.05) which provides that if you are a foreign broker, a customer of a foreign broker or a foreign trader, 

you must have an agent in the United States to accept delivery and service of any communication directed to you from the CFTC. 

Upon receipt of any such communication your agent must immediately forward the communication to you. According to this Regulation, 

service or delivery of any such communication to your agent constitutes valid and effective service or delivery to you. However, any reply 

you may be required to make to the CFTC is to be made directly to the CFTC, not through your agent. This Regulation is intended to 

apply only to CFTC communications, not those of other federal agencies. 

Under the terms of the law, unless you designate an alternate agent located within the United States, Macquarie Futures USA LLC 

(“MFUSA”) is deemed to be your agent for CFTC communications when they relate to transactions executed for your commodity futures 

trading account with MFUSA. As your agent, MFUSA is required to accept and forward any such communication to you. 

If you wish to designate another agent for this purpose, you must execute an agency agreement with a person or entity located in the 

United States. The agreement must authorize that person or entity to accept delivery and service of all CFTC communications directed 

to you and must also specify an address in the United States where the agent will accept delivery and service of communications for the 

CFTC. This agreement must be sent to MFUSA to be filed with the CFTC by MFUSA. MFUSA will presume you do not wish to 

designate some other person or entity as your agent for purposes of the Regulation, if you fail to provide MFUSA with this and other 

required documents. As stated above, MFUSA will be deemed to be your agent for the purpose of the Regulation, unless MFUSA has 

filed an agency agreement for you. 



UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA 

As a market user you may obtain access to Market Data available through an electronic trading system, software or device that is 

provided or made available to you by a broker or an affiliate of such. Market Data may include, with respect to products of an exchange 

("Exchange") or the products of third party participating exchanges that are traded on or through the Exchange’s electronic trading 

platform ("Participating Exchange"), but is not limited to, "real time" or delayed market prices, opening and closing prices and ranges, 

high-low prices, settlement prices, estimated and actual volume information, bids or offers and the applicable sizes and numbers of 

such bids or offers. 

You are hereby notified that Market Data constitutes valuable confidential information that is the exclusive proprietary property of the 

applicable exchange, and is not within the public domain. Such Market Data may only be used for your firm’s internal use. You may not, 

without the written authorization of the applicable exchange, redistribute, sell, license, retransmit or otherwise provide Market Data, 

internally or externally and in any format by electronic or other means, including, but not limited to the Internet. Further, you may not, 

without the written authorization of the applicable exchange, use Exchange Market Data for purposes of determining any price, 

including any settlement price, for any 

futures product, options on futures product, or other derivatives instrument traded on any exchange other than an Exchange or a 

Participating Exchange; or in constructing or calculating the value of any index or indexed product. Additionally, you agree you will not, 

and will not permit any other individual or entity to, (i) use Exchange Market Data in any way so as to compete with an Exchange or to 

assist or allow a third party to compete with an Exchange; or (ii) use that portion of Exchange Market Data which relates to any product 

of a Participating Exchange in any way so as to compete with that Participating Exchange or to assist or allow a third party to compete 

with such Participating Exchange. 

You must provide upon request of the broker through which your firm has obtained access to Market Data, or the applicable exchange, 

information demonstrating your firm’s use of the Market Data in accordance with this Notification. Each applicable exchange reserves 

the right to terminate a market user’s access to Market Data for any reason. You also agree that you will cooperate with an exchange 

and permit an exchange reasonable access to your premises should an exchange wish to conduct an audit or review connected to the 

distribution of Market Data. 

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE MEMBERS, 

SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, GUARANTEE THE TIMELINESS, SEQUENCE, ACCURACY 

OR COMPLETENESS OF THE DESIGNATED MARKET DATA, MARKET INFORMATION OR OTHER INFORMATION FURNISHED NOR 

THAT THE MARKET DATA HAVE BEEN VERIFIED. YOU AGREE THAT THE MARKET DATA AND OTHER INFORMATION PROVIDED 

IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE 

PURCHASE OR SALE OF ANY SECURITY OR COMMODITY. 

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE MEMBERS, 

SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON, 

FIRM OR CORPORATION WHATSOEVER FOR ANY LOSSES, DAMAGES, CLAIMS, PENALTIES, COSTS OR EXPENSES (INCLUDING 

LOST PROFITS) ARISING OUT OF OR RELATING TO THE MARKET DATA IN ANY WAY, INCLUDING BUT NOT LIMITED TO ANY 

DELAY, INACCURACIES, ERRORS OR OMISSIONS IN THE MARKET DATA OR IN THE TRANSMISSION THEREOF OR FOR. 

NON-PERFORMANCE, DISCONTINUANCE, TERMINATION OR INTERRUPTION OF SERVICE OR FOR ANY DAMAGES ARISING 

THEREFROM OR OCCASIONED THEREBY, DUE TO ANY CAUSE WHATSOEVER, WHETHER OR NOT RESULTING FROM 

NEGLIGENCE ON THEIR PART. IF THE FOREGOING DISCLAIMER AND WAIVER OF LIABILITY SHOULD BE DEEMED INVALID OR 

INEFFECTIVE, NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE 

SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL BE LIABLE IN ANY EVENT, INCLUDING 

THEIR OWN NEGLIGENCE, BEYOND THE ACTUAL AMOUNT OF LOSS OR DAMAGE, OR THE AMOUNT OF THE MONTHLY FEE 

PAID BY YOU TO BROKER, WHICHEVER IS LESS. YOU AGREE THAT NEITHER AN EXCHANGE, NOR ANY PARTICIPATING 

EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES 

OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY 

INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, COSTS OF DELAY, OR 

COSTS OF LOST OR DAMAGED DATA. 



NOTICE TO ONTARIO-BASED CLIENTS 

Macquarie Futures USA LLC (“MFUSA”) is not registered in Ontario to trade, as principal or agent, commodity futures contracts or 

commodity futures options that trade on one or more organized exchanges located outside of Canada and are cleared through one or 

more clearing corporations located outside of Canada. MFUSA’s head office located in New York, New York, United States of America. 

All or substantially all of MFUSA’s assets may be situated outside of Canada. As a result of the foregoing, there may be difficulty 

enforcing legal rights against MFUSA. The name and address of MFUSA’s agent for service of process in Ontario is: Macquarie Canada 

Services Limited, 181 Bay Street, Suite 3100, M5J 2T3, Attention: RMG Compliance. 



NOTICE TO URUGUAY-BASED CLIENTS 

No transaction conducted in connection with this agreement constitutes a public offering. Neither this agreement, nor any transaction 

relating hereto has been registered with the Central Bank of Uruguay. 



NOTICE TO BRITISH COLUMBIA-BASED CLIENTS 

Macquarie Futures USA LLC (“MFUSA”) is not registered under the Securities Act (British Columbia) (the “Act”) and, accordingly, the 

protection available to clients of a dealer registered under the Act will not be available to clients of MFUSA. MFUSA’s head office is 

located in New York, NY, United States. There may be difficulty in enforcing any legal rights against MFUSA or any of its directors, 

officers or employees because they are resident outside of Canada and all or substantially all of their assets are situated outside of 

Canada. The name and address of the agent for service in British Columbia is Blakes Extra-Provincial Services Inc., Suite 2600, Three 



PERMITTED CLIENT CERTIFICATE 

Permitted Client Certificate 

The undersigned client understands that in order to conduct business with you, we must be classified as a “Permitted Client” for an 

exempt international adviser pursuant to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Obligations. 

By signing this certificate, the undersigned client confirms that it is classified as a Permitted Client, by virtue of satisfying the criterion 

indicated in Appendix 1 to this certificate, and acknowledges that you will be relying upon this confirmation. We agree to notify you in 

writing if we should cease at any time to be a Permitted Client. 

The undersigned client is resident in or is subject to the laws of the Province or Territory of (check one): 

Alberta British Columbia Manitoba 

New Brunswick Newfoundland and Labrador Northwest Territories 

Nova Scotia Nunavut Ontario 

Prince Edward Island Québec Saskatchewan 

Yukon 

CLIENT: 

SIGNED: 

DATE: 



Appendix 1 

“Permitted Client” means any of the following: 

(Please check applicable category) 

(All underlined words have the meanings set forth in Appendix 2.) 

 

 

 

 

 

(a) a Canadian financial institution or an authorized foreign bank named in Schedule III of the Bank Act 

(Canada); 

(b) the Business Development Bank of Canada incorporated under the Business Development Bank of 

Canada Act (Canada); 

(c) a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns 

all of the voting securities of the subsidiary, except the voting securities required by law to be owned by 

directors of the subsidiary; 

(d) a pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions 

or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned 

subsidiary of such a pension fund; 

(e) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs 

(a) to (d); 

(f) the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or whollyowned 

entity of the Government of Canada or a jurisdiction of Canada; 

 

 

(g) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, 

or any agency of that government; 

(h) a municipality, public board or commission in Canada and a metropolitan community, school board, the 

Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in 

Québec; 

(i) a trust company or trust corporation registered or authorized to carry on business under the Trust and 

Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign 

jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, 

as the case may be; 

(j) a person or company acting on behalf of a managed account managed by the person or company, if the 

person or company is registered or authorized to carry on business as an adviser or the equivalent under 

the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; 

 

(k) an investment fund if one or both of the following apply: 

i. the fund is managed by a person or company registered as an investment fund manager under 

the securities legislation of a jurisdiction of Canada; 

ii. 

the fund is advised by a person or company authorized to act as an adviser under the securities 

legislation of a jurisdiction of Canada; 

(l) a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser or an 

adviser registered under the securities legislation of the jurisdiction of the registered charity; 

 

(m) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes 

but net of any related liabilities, exceeds $5 million; 



 

 

 

(n) a person or company that is entirely owned by an individual or individuals referred to in paragraph (q), 

who holds the beneficial ownership interest in the person or company directly or through a trust, the 

trustee of which is a trust company or trust corporation registered or authorized to carry on business 

under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of 

Canada or a foreign jurisdiction; 

(o) a person or company, other than an individual or an investment fund, that has net assets of at least $25 

million as shown on its most recently prepared financial statements; 

(p) a person or company that distributes securities of its own issue in Canada only to persons or companies 

referred to in paragraphs (a) to (o). 



Appendix 2 

“Canadian financial institution” means 

(a) 

(b) 

“eligibility adviser” means 

(a) 

(b) 

Definitions 

an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society 

for which an order has been made under section 473(1) of that Act, or 

a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse 

populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a 

jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada; 

a person that is registered as an investment dealer and authorized to give advice with respect to the type of security 

being distributed, and 

in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law society 

of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of 

chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada 

provided that the lawyer or public accountant must not 

(i) 

(ii) 

have a professional, business or personal relationship with the issuer, or any of its directors, executive 

officers, founders, or control persons, and 

have acted for or been retained personally or otherwise as an employee, executive officer, director, 

associate or partner of a person that has acted for or been retained by the issuer or any of its directors, 

executive officers, founders or control persons within the previous 12 months; 

“control person” means any person that holds or is one of a combination of persons that holds 

(a) 

(b) 

a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or 

more than 20% of the outstanding voting securities of an issuer except where there is evidence showing 

that the holding of those securities does not affect materially the control of the issuer; 

“executive officer” means, for an issuer, an individual who is 

(a) 

(b) 

(c) 

(d) 

a chair, vice-chair or president, 

a vice-president in charge of a principal business unit, division or function including sales, finance or 

production, 

an officer of the issuer or any of its subsidiaries and who performs a policy-making function in respect of the 

issuer, or 

performing a policy-making function in respect of the issuer; 

“founder” means, in respect of an issuer, a person who, 

(a) 

(b) 

“financial assets” means 

(a) 

(b) 

(c) 

cash, 

securities, or 

acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the initiative 

in founding, organizing or substantially reorganizing the business of the issuer, and 

at the time of the trade is actively involved in the business of the issuer; 

a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities 

legislation; 

“investment fund” means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes an 

employee venture capital corporation and a venture capital corporation as provided in National Instrument 81-106 Investment Fund 

Continuous Disclosure; 

“managed account” means an account of a client for which a person or company makes the investment decisions if that person or 

company has full discretion to trade in securities for the account without requiring the client's express consent to a transaction; 



“person” includes 

(a) 

(b) 

(c) 

(d) 

“related liabilities” means 

(a) 

(b) 

an individual, 

a corporation, 

a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether 

incorporated or not, and 

an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal 

representative; 

liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or 

liabilities that are secured by financial assets; 

“subsidiary” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary. 

Affiliated Entities, Control and Subsidiaries 

1. A person or company is deemed to be an affiliate of another person or company if one is a subsidiary of the other, or if both 

are subsidiaries of the same person or company, or if each of them is controlled by the same person or company. 

2. A person or company is deemed to be controlled by another person or company, or by two or more persons or companies, if 

(a) 

(c) 

(c) 

the first person or company, directly or indirectly, beneficially owns or exercises control or direction over securities of 

the second person or company carrying votes which, if exercised, would entitle the first person or company to elect a 

majority of the directors of the second person or company, unless that first person or company holds the voting 

securities only to secure an obligation, 

the second person or company is a partnership, other than a limited partnership, and the first person or company 

holds more than 50% of the interests of the partnership, or 

the second person or company is a limited partnership and the general partner of the limited partnership is the first 

person or company. 

3. A person or company is considered to be a subsidiary entity of another person or company if 

(a) 

(b) 

it is controlled by, 

(i) 

(ii) 

(iii) 

that other, or 

that other and one or more persons or companies each of which is controlled by that other, or 

two or more persons or companies, each of which is controlled by that other; or 

it is a subsidiary entity of a person or company that is the other’s subsidiary entity. 



DISCLOSURE FOR BRITISH COLUMBIA-BASED CLIENTS: BC FORM 

91-903F 

CONTENTS OF FORM 

The Risk Disclosure Statement (Exchange Contracts) must contain the following statements: 

"Risk Disclosure Statement for Futures and Options 

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the 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 futures and options 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. 

Futures 

Options 

1. Effect of "Leverage" or "Gearing" 

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures 

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. If the market 

moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on 

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. Risk-reducing Orders or Strategies 

The placing of certain orders (e.g. "stop-loss" order, where permitted under local law, or "stop-limit" orders) 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 "spread" and "straddle" positions may be as risky as taking 

simple "long" or "short" positions. 

3. Variable Degree of Risk 

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the 

type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to 

which the value of the options must increase for your position to become profitable, taking into account the premium and all 

transaction costs. 

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results 

either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the 

purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the 

purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus 

transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance 

of such options becoming profitable ordinarily is remote. 

Selling ("writing" or "granting") an option generally entails considerably greater risk than purchasing options. Although the 

premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for 

additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the 

purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the 

underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin 

(see the section on Futures above). If the option is "covered" by the seller holding a corresponding position in the underlying 

interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited. 

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for 

margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium 

and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium 

outstanding at that time. 



Additional Risks Common to Futures and Options 

4. Terms and Conditions of Contracts 

You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are 

trading and associated obligations (e.g., the circumstances under which you may become obligated to make or take delivery 

of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for 

exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) 

may be modified by the exchange or clearing house to reflect changes in the underlying interest. 

5. Suspension or Restriction of Trading and Pricing Relationships 

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any 

contract or contract month because of price limits or "circuit breakers") may increase the risk of loss by making it difficult or 

impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. 

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option 

may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the 

option is not. The absence of an underlying reference price may make it difficult to judge "fair" value. 

6. Deposited Cash and Property 


transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or 

property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically 

identifiable as your own will be prorated in the same manner as cash for purposes of distribution in the event of a shortfall. 

7. 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. 

8. Transactions in Other Jurisdictions 

Transactions on markets in other 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. Before 

you trade you should enquire about any rules relevant to your particular transactions. 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 ask the firm with which you deal for details about the types of redress available in 

both your home jurisdiction and other relevant jurisdictions before you start to trade. 

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. 

10. Trading Facilities 


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; you should ask the firm with which you deal for 

details in this respect. 

11. 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. Your ability to recover certain losses which 

are particularly attributable to trading on a market using an electronic trading system may be limited to less than the amount of 

your total loss. 

12. Off-exchange Transactions 

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off- exchange transactions. The 

firm with which you deal may be acting as your counterparty to the transaction. 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 may be less regulated or subject to a separate regulatory 

regime. Before you undertake such transactions, you should familiarize yourself with applicable rules." 



DISCLOSURE FOR CLEARED SWAPS CUSTOMERS 

Default of a Non-Clearing Futures Commission Merchant 

DISCLOSURE FOR CLEARED SWAPS CUSTOMERS 

Macquarie Futures USA LLC (“MFUSA”) may not be a clearing member of the derivatives clearing organization that you have selected to 

clear the Cleared Swaps that you may enter into. In such circumstances, MFUSA will enter into an agreement with a clearing member of 

such derivatives clearing organization that is registered with the CFTC as a futures commission merchant (“Clearing Broker”), pursuant 

to which MFUSA will maintain an omnibus account of behalf of all of its Cleared Swaps Customers (“Omnibus Account”). 

In compliance with CFTC Rule 22.16, we are advising you that, in the event of MFUSA’s default, the agreement between the Clearing 

Broker and MFUSA provides that Clearing Broker, in its sole discretion, may terminate, liquidate and/or accelerate any and all Cleared 

Swaps, close out the Omnibus Account or any open positions of MFUSA in whole or in part, cancel any or all pending orders, and/or 

terminate MFUSA’s right to trade in the Omnibus Account. Further, the Clearing Broker may, but is not required to, transfer all nondefaulting 

customer positions to another futures commission merchant. Any such action that Clearing Broker may take will be in 

accordance with Applicable Law, including but not limited to the CFTC’s rules governing the protection of Cleared Swaps Customer 

Collateral. Therefore, in the event MFUSA’s default is caused by the default of one or more customers that are part of the Omnibus 

Account, Clearing Broker may not use the funds of non-defaulting customers to satisfy the obligations of the defaulting customers. 

Default of a Clearing Futures Commission Merchant 

Each derivatives clearing organization is required to have rules that govern the use of Cleared Swaps Customer Collateral, and the 

transfer, neutralization of risks, and liquidation of Cleared Swaps in the event of a default by a clearing futures commission merchant 

relating to a Cleared Swaps Customer Account. 

In further compliance with CFTC Rule 22.16 (17 CFR 22.16), we are providing you with the URL links to the rules of the relevant 

derivatives clearing organizations. Please note that such rules and the URL links are susceptible to change. If you encounter difficulty 

accessing these rules, please contact your MFUSA Representative for an updated URL link. 

http://www.cmegroup.com/rulebook/CME/index.html 

https://www.theice.com/publicdocs/clear_credit/ICE_Clear_Credit_Rules.pdf 

http://www.lch.com/rules_and_regulations/ltd/default.asp 

THE INCLUSION OF A DERIVATIVES CLEARING ORGANIZATION ON THIS LIST DOES NOT MEAN THAT YOUR ACCOUNT IS 

ELIGIBLE TO CLEAR ANY OR ALL PRODUCTS ON THAT DERIVATIVES CLEARING ORGANIZATION. SHOULD YOU REQUIRE 

ADDITIONAL INFORMATION OR HAVE ANY QUESTIONS CONCERNING THE ABOVE, PLEASE CONTACT YOUR MFUSA 

REPRESENTATIVE.

Account Opening Request Form - Macquarie

Create successful ePaper yourself

Delete template?

Save as template?