PRIVACY POLICY NOTICE

IFX Markets, Inc. (“IFX”) believes that the privacy and security of an individual’spersonal financial information is important.Our most valued assets are our relationships with our customers, and, therefore, we take your privacy concerns very seriously. As a result, we adhere to the privacy and security standards that are prescribed by the Commodity Futures Trading Commission (“CFTC”), which apply to us as a CFTC-registered futures commission merchant. We apply the following policies with respect to all of our customers who are individuals, even though we are only required to apply them to individuals who use our services for personal, family or household purposes.

1. INFORMATION COLLECTION

To serve our customers better, IFX collects certain financial information on our customers. In the case of individuals, IFX may collect nonpublic personal financial information about you from the following sources: * Application and Registration Information: Information that we
receive from you on the customer account application that you complete and other account opening documents, including but not limited to, account name, mailing address, phone number(s),
banking information, e-mail address, annual income, net worth, social security number, etc.
* Transaction History : Information about your transactions with IFX, with our affiliate(s) and with nonaffiliated third parties in connection with opening or servicing your account, such as bank references. * Credit Information: Information from a consumer reporting agency.

2. INFORMATION DISCLOSURE

IFX does not disclose any of your nonpublic personal information to nonaffiliated third parties except as permitted by law. The law permits disclosure of your nonpublic personal information to nonaffiliated third parties in certain situations generally with respect to effecting, administering, enforcing, or servicing a transaction or financial product that you request or authorize. From time to time, IFX and our affiliate(s) may share your nonpublic personal
information with one another in order for each of us to better serve you as our customer. The nonpublic personal information that we may disclose to one another as affiliates includes, but is not limited to: * Application and Registration Information: Information that we receive from you on your account application form and other account opening documents, such as account name, mailing address, phone number(s), banking information, e-mail address, annual income, net worth, social security number, etc. * Transaction History : Information about your transactions with us or about your transactions with nonaffiliated third parties that we receive in connection with opening or servicing your account. * Credit Information: Information we receive from a consumer
reporting agency.

3. DISCLOSURE OF FORMER CUSTOMER INFORMATION

IFX does not disclose any nonpublic personal information of former customers, except as permitted by law. Thus, should you close your account and become an inactive/former customer, we will adhere to the measures delineated in this privacy policy.

4. INFORMATION SAFEGUARDS

IFX maintains physical, electronic and procedural safeguards to guard your nonpublic personal information. As a result, only authorized employees who need to know your information in order to provide you with products or serviceswill have access to your nonpublic personal information. We restrict the access of authorized employees to nonpublic personal information for business purposes only. These safeguards are used by all IFX affiliates.

5. ADVANCE NOTICE OF PROPOSED CHANGES

If at any time in the future our privacy policy should change, we will give you advance notice of the proposed policy change, before it is implemented, and will explain your legal right to opt out of any such additional or changed disclosures.

CONSENT TO DELIVERY OF STATEMENTS
BY ELECTRONIC MEDIA
You may choose to receive your client account statements (monthly and daily statements) by e-mail or internet access. If you request a hard copy of any of the client statements there may be an additional charge. By receiving your account statements electronically, you agree to promptly
review and communicate to us any discrepancies on such statements. You acknowledge your statement is deemed received when made available to you by IFX Markets, Inc., regardless of whether you actually accessed the statement. You also acknowledge that you are responsible for alerting IFX Markets, Inc. to any change in your e-mail address, in which event you must
complete a new consent form with the new information. This consent shall be effective until revoked by you in writing and received by IFX Markets, Inc., 419 Boylston Street, Suite 700, Boston, MA, 02116, USA. By your signature below, you represent that the delivery and execution of this consent has been duly authorized and are within your powers. All account statements and other information transmitted electronically shall be conclusive and binding upon you unless you object in writing or by electronic communication immediately upon receipt thereof (see section 9 of the Client
Agreement).
6
IMPORTANT! ANY PERSON OR ORGANIZATION ACCESSING OR ATTEMPTING TO ACCESS THE ONLINE OR ELECTRONIC TRADING SERVICES OF IFX MARKETS LTD, IFX MARKETS INC. OR ITS AFFILIATES (COLLECTIVELY REFERRED TO HEREIN AS “IFX”) MUST FIRST AGREE TO THE TERMS OF THIS AGREEMENT. SUCH SERVICES SHALL INCLUDE ALL STATEMENT REVIEWS, NEW ACCOUNT ORIGINATION, INTERNET TRADING AND ELECTRONIC ORDER ENTRY AND REPORTS, MARKET, TRADING AND GENERAL INFORMATION, INCLUDING QUOTES, CHARTS,
NEWS, AND SYSTEM INFORMATION, ALL CLEARING AND BACK OFFICE FUNCTIONS AND SERVICES, ALL SOFTWARE PROVIDED BY IFX TO USER (“SOFTWARE”), THE IFX WEB SITE, AS WELL AS ANY OTHER SERVICES
THAT MAY BE ADDED FROM TIME TO TIME (“COLLECTIVELY REFERRED TO HEREIN AS “THE SYSTEM”). THIS AGREEMENT SHALL APPLY TO ANY PERSON OR ORGANIZATION WHO ACCESSES OR ATTEMPTS TO ACCESS
THE SYSTEM, AS WELL AS ANY PERSON OR ORGANIZATION WHO BENEFITS FROM SUCH USE, INCLUDING BUT NOT LIMITED TO, USERS WHO BENEFIT FROM THE USE OF THE SYSTEM BY BROKERS ACTING ON THEIR BEHALF (“USER”). ALL LIMITATIONS OF LIABILITY AND DISCLAIMERS CONTAINED HEREIN SHALL APPLY TO THE SYSTEM REGARDLESS OF WHETHER OR NOT THE SYSTEM, OR ANY PART THEREOF, WAS DEVELOPED OR IS SERVICED OR SUPPORTED BY IFX. USE OF THE SYSTEM, OR USER’S SIGNED ACKNOWLEDGEMENT,
INDICATES USER’S UNQUALIFIED ACCEPTANCE OF ALL OF THE TERMS OF THIS AGREEMENT. IF USER FINDS THIS AGREEMENT UNACCEPTABLE, IT SHALL NOT USE THE SYSTEM.IFX IS WILLING TO PROVIDE THE SYSTEM TO USER ONLY IF USER AGREES TO BE BOUND BY THE FOLLOWING TERMS.
1. Some of the information available on the System will be provided by IFX, and some will be provided by various independent sources (“Information Providers”). User acknowledges that the accuracy, completeness, timeliness, and correct sequencing of the information concerning User’s
trading and account activity, the quotes, market and trading news, charts, trading analysis and strategies, and other information that may be added from time to time (collectively referred to as the “Information”), is not guaranteed by either IFX or the Information Providers. User agrees that in no event shall IFX, any of its affiliates, or the Information Providers, have
any liability for the accuracy, completeness, timeliness or correct sequencing of the Information, or for any decision made or taken by User in reliance upon the Information or the System, or for any interruption of any Information provided by the System, or for any aspect of the System. In addition, some of the Information may be supplied by exchanges through Information Providers, and this material is for informational purposes only. The exchanges do not represent that the Information selected for display is comprehensive, complete, certified or accurate; do not intend to, and do not, in any country, directly or indirectly, solicit
business or offer any contract to any person through the medium of this Information; or accept any responsibility or liability for enabling the user to link to another site on the World Wide Web, for the contents of any other site, or for any consequence which results from acting upon the contents of another site.
2. User understands that technical problems or other conditions may delay or prevent User from entering or canceling an order on the System, or likewise may delay or prevent IFX from executing or clearing an order on the System. Neither IFX, nor any of its affiliates, shall be liable for, and User agrees not to hold or seek to hold IFX, or any of its affiliates, liable
for, any technical problems, system failures and malfunctions, communication line failures, equipment or software failures and malfunctions, system access issues, system capacity issues, high Internet traffic demand or other Internet related problems, security breaches, theft
and other unauthorized access, and any other similar computer problems and defects, as well as severe weather, earthquakes, floods and strikes or other labor problems in connection with the use or attempted use of the System. IFX does not represent, warrant or guarantee that User will be able to access or use the System at times or locations of User’s choosing, or that IFX will have adequate capacity for the System as a whole or in any particular geographic location. IFX does not represent, warrant or guarantee that the System will provide uninterrupted and error free service. IFX does not make any warranties or guarantees, express or implied, with respect to the System or its content, including without limitation, warranties of quiet enjoyment, noninfringement, title, merchantability or fitness for a particular purpose, and merchantability for computer problems and for informational content. IFX does not guarantee or warrant that the System will be free from infection, viruses, worms, trojan horses or other code that manifest contaminating or destructive properties. Neither IFX, nor any of its affiliates, shall be liable to User for any loss, cost, damage or other injury, whether in contract or tort, arising out of or caused in whole or in part by IFX’s or User’s use of, or reliance on, the System or its content, or in otherwise performing its obligations under or in connection with this Agreement. In no event will IFX, or any of its affiliates, be liable to User or any third party for any punitive, consequential, incidental, special, indirect (including lost profits and trading osses and damages) or similar damages, even if advised of the possibility of such damage. If some jurisdictions do not allow the exclusion or limitation of liability for certain damages, in such jurisdictions the liability of IFX shall be limited in accordance with this Agreement to the
extent permitted by law. IFX reserves the right to suspend service and deny access to the System without prior notice during scheduled or unscheduled system maintenance or upgrading.

3. User acknowledges that all orders placed through the System are at User’s sole risk. User further acknowledges that User’s orders may be sent directly to the trading floors of the various exchanges (or to an electronic trading system, if applicable), that there may be minimum equity requirements and limits set by each contract as to the maximum number of allowable contracts for orders processed through the System, that current limits are subject to change, that contingency orders may not be accepted, and that the online direct order placement service may be suspended on a contract’s last trading day. User understands that orders that it sends directly to the trading floors or an electronic trading system may be reviewed by an order desk, and if User fails to meet the requirements, User’s order may be refused. User further understands that it may be restricted from use of or refused access to the System at any
time, and that IFX reserves the right to require a margin deposit prior to the execution of any order placed through the System, or as otherwise required by IFX’s margin policy. In the event that there is a restriction on User’s account, or that User fails to make a margin deposit as required, neither IFX, nor any of its affiliates, shall be responsible for any delay or failure to provide the System, including the ability to execute an order.

4. Although the System may provide access to numerous recommendations about how to invest and what to buy, none of these recommendations shall be deemed to be endorsed by IFX. IFX does not recommend any investment advisory service or product, nor does IFX offer any advice regarding the nature, potential value, or suitability of any particular transaction or investment strategy. NOTHING IN THIS AGREEMENT
SHOULD BE CONSTRUED AS A SOLICITATION OR
RECOMMENDATION TO BUY OR SELL ANY INSTRUMENT OR
ENGAGE IN ANY TRANSACTION.

5. (a) Upon approval of User’s account, IFX will provide User with an individual password and user identification code (“Access Codes”). The Access Codes are intended to enable User to access User’s account and to enter buy and sell orders for User’s account through the System, and therefore, User must maintain the confidentiality, and prevent the unauthorized use, of the Access Codes at all times. User accepts full responsibility for the use and protection of the
Access Codes, which includes, but is not limited to, all orders entered into the System using the Access Codes and changes in User account information that are entered through use of the
Access Codes. User hereby authorizes IFX and any party claiming through IFX to rely upon any information or instructions set forth in any data transmission using the assigned Access Codes, without making further investigation or inquiry, and regardless of the actual identity of the individual transmitting the same, in connection with the operation of the System.
(b) User accepts full responsibility for monitoring User’s account(s) with IFX. In the event that User becomes aware of any loss, theft or unauthorized use of User’s Access Codes, User shall notify IFX IMMEDIATELY. In addition, User shall notify IFX IMMEDIATELY upon discovering that User has failed to receive any statement, confirmation or other communication from IFX. Such notifications shall be made to IFX’s Compliance Department at IFX’s office in Boston, USA, via e-mail at compliance@cbfx.com, or phone at +1-
617-357-0682.
(c) IFX grants to User, and User accepts from IFX, a nonexclusive and non-transferable license to use the System solely for the purposes provided herein and subject to any other agreements in effect between User and IFX. User agrees that it shall take reasonable steps to protect, and shall not use, publish or disseminate, the information made available or accessible through the use of the System, including without limitation the Information, Access Codes, and Software, using methods at least substantially equivalent to the steps it takes to protect its own proprietary information, but not less than a reasonable standard, during the term of this Agreement and for a period of five (5) years following the expiration, termination, discontinuance or cancellation of this Agreement and shall prevent the duplication or disclosure of such information, other than by or to its employees who must have access to the information to perform User’s obligations hereunder, provided that User shall make such employees aware of the restrictions of this Section 5 and provided that User shall be solely responsible for such information. Any and all materials that IFX provides to User in connection with the
System, including without limitation all Information, Access Codes, and Software, together with all modifications and revisions thereto, and all copyrights, trademarks, patents, trade secret rights and other intellectual and proprietary rights, title and interest relating thereto are the property of IFX, IFX’s licensors, its successors and ONLINE SERVICES AND ELECTRONIC TRADING AGREEMENT

assigns, the Information Providers, or other third parties, and are intended for User’s sole and individual use. User shall not reproduce, modify, prepare derivative works of, retransmit,
disseminate, sell or distribute such materials in any manner without the express written consent of both IFX and the relevant owner. In addition, User shall not permit any other person access to the System. User further agrees not to delete any copyright notices or other indications of protected intellectual property rights from materials that User prints or downloads from the System. All such materials are provided “AS IS”, without any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose, non infringement and title.

(d) User agrees that its use of the System is at User’s own risk. User shall be responsible for providing and maintaining the means by which it accesses the System, which may include,
without limitation, personal computer, modem and telephone, or other access line. User shall be responsible for all access and services fees necessary to connect to the System and assumes all charges incurred in accessing the System. User further assumes all risks associated with the
use and storage of information on User’s personal computer.

(e) User hereby assumes sole responsibility and liability for the accuracy and adequacy of information entered in connection
with the use of the System. User shall indemnify and hold harmless IFX and its affiliates from any and all consequential, incidental, special, punitive, or indirect damages (including lost profits, trading losses and damages) resulting from, arising out of or relating to such information, whether authorized or unauthorized. In the event any inaccurate, incomplete or incorrect information relating to User is communicated to IFX, whether or not through the System, or in the event the User determines that the System includes inaccurate, incomplete or incorrect information relating to User, User covenants that it shall notify IFX
IMMEDIATELY, at IFX’s office in Boston, USA, via email, compliance@cbfx.com, or phone at +1-617-357-0682. User also covenants that it shall notify IFX IMMEDIATELY, as provided herein, if (a) an order has been placed through the System and User has not received an order number; (b) an order has been placed through the System and User has not received an accurate acknowledgement (whether through hard copy, electronic, or oral means) of the order or of its
execution; or (c) User has received acknowledgement (whether through hard copy, electronic or oral means) of an execution for any order which User did not place; or any other conflict similar to those stated herein. User agrees and acknowledges that IFX shall be entitled to rely upon any oral, written or electronic communications, whether in tangible or intangible form, received from User, including from any of User’s officers, partners, principals or employees.
(f) User hereby covenants and agrees that User: (i) shall use the System only for the purpose of placing orders for futures contracts and options thereon, receiving fills and for receiving on-line User statement reviews and new User account origination. In addition, User shall not directly or indirectly transact any business using the System with any of its countering any offer made by any of its affiliates; and in connection therewith, User agrees that IFX may
take actions, determined in its sole discretion, to prevent such transactions from occurring (but no such actions by IFX shall relieve User of its obligations as described in this sentence); (ii) shall perform the obligations arising in connection with any transaction completed using the System, in accordance with the terms and conditions of such completed transaction.

6. User agrees to indemnify and hold IFX, its affiliates, and the Information
Providers harmless from and against any and all claims, demands,
proceedings, suits and actions, as well as all losses, liabilities, damages,
costs and expenses (including but not limited to attorneys’ fees) suffered
by IFX, resulting from or relating to any claims, proceedings, suits and
actions against IFX arising from User’s violation of this Agreement or any
third party’s rights, including but not limited to copyright, proprietary and
privacy rights. IFX shall have the exclusive right to defend, settle or
compromise any claim or demand instituted by any third party against IFX,
or against IFX and User, arising out of User’s breach of this Agreement.
User hereby waives any and all rights User may have independently to
defend, settle or compromise any such claims or demands and agrees to
cooperate to the best of User’s ability with IFX with respect thereto, but
IFX may, in its sole discretion, authorize and require User to defend, settle
or compromise any such claim or demand as it deems to be appropriate at
User’s cost, expense and liability. This indemnification and hold-harmless
obligation shall survive the termination of this Agreement.
7. IFX reserves the right to terminate User’s access to the System in its sole
discretion, without notice and without limitation, for any reason
whatsoever, including but not limited to, the unauthorized use of User’s
Access Codes and/or account number(s), breach of this Agreement, or
breach or termination of any agreements User has entered into with IFX.
Upon termination, cancellation or discontinuance of this Agreement, all
rights granted in this Agreement will terminate immediately and revert
back to IFX, and User shall discontinue use of the System, and if
applicable, shall return or destroy, as requested by IFX, all software
(including all copies thereof).
8. User agrees to pay all subscription, service, and user fees, if any, and
commissions, for any orders executed through the System, and agrees
that such fees may be changed without notice. User agrees to pay all
costs (including attorneys’ fees), if any, incurred by IFX in collecting
overdue fees from User.
9. This Agreement is made in User’s personal capacity and not on behalf of
any firm, corporation, or other entity, unless User’s account is designated
as such. User agrees to use the Information solely in connection with
User’s investment activities and not in connection with any trade or
business activities.
10. All express or implied conditions, warranties or undertakings, whether oral
or in writing, in law or in fact, including warranties as to satisfactory quality
and fitness for a particular purpose, regarding the Information or any
aspect of the System (including but not limited to Information access and
order execution), are excluded to the extent permitted by law.
11. User agrees that IFX may hold and process, by computer or otherwise,
any information it obtains pertaining to User as a result of User’s use of
the System (“Personal Data”), and IFX may access and use such
information for operational purposes, credit assessment, statistical,
including behavioral analysis, and to identify and provide User with
information concerning products and services (including those supplied by
third parties) which may be of interest to User or IFX. User agrees that
IFX may disclose Personal Data to licensed credit reference agencies and
to any of IFX’s subcontractors, agents or Information Providers where
necessary to provide User with the Service, or in the event that IFX has
the right or duty to disclose or is otherwise permitted or compelled to do so
by law. Personal Data will be deleted from the System as soon as is
reasonably possible after User ceases to use the System, subject to
applicable record keeping requirements. User’s Personal Data may be
electronically transmitted or transferred throughout the world. User may
inspect its Personal Data, and have incomplete or inaccurate information
rectified. These companies acting on our behalf are required to keep your
personal information confidential. IFX MAY PROVIDE USER WITH
ANNUAL PRIVACY NOTICES AND ANY OPT OUT NOTICES (IF
APPLICABLE) REGARDING ITS PRIVACY POLICIES AND USE OF
PERSONAL DATA, ON IFX’s WEB SITE AT www.ifxmarketsinc.com.
12. By either signing this Agreement, or using the System, User represents
that it has read and understands the foregoing terms and conditions, and
that User agrees to be bound by them. This Agreement supplements any
other agreements User has entered into with IFX and disputes hereunder
are subject to the terms of the Arbitration Agreement, if executed by User.
If any provision of this Agreement is invalid or unenforceable under
applicable law, such provision shall be, to that extent, deemed omitted,
and the remaining provisions shall continue in full force and effect. This
Agreement and performance hereunder will be governed by and
construed in accordance with the internal laws of the Commonwealth of
Massachusetts, including conflict of laws principles. The terms and
conditions of this Agreement shall remain in full force and effect and shall
survive termination, discontinuance or cancellation of this Agreement. IFX
may modify the System or change the terms of this Agreement, in whole
or in part, upon notice through the System, electronically and/or in writing.
8
RISK DISCLOSURE STATEMENT
This brief statement does not disclose all of the risks and other significant
aspects of trading foreign exchange currency contracts or options thereon
("Forex Contracts") through the Interbank or dealer markets. 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 Forex Contracts may not be suitable for
many members of the public. You should carefully consider whether trading
Forex Contracts is appropriate for you in light of your experience, objectives,
financial resources and other relevant circumstances. In considering whether to
trade Forex Contracts, you should be aware of the following:
LEVERAGED FOREX TRADING
1. Effect of “Leverage” or “Gearing”
Transactions in Forex Contracts carry a high degree of risk. The amount of initial
margin is small relative to the value of the Forex Contract so that transactions are
“leveraged” or “geared”. A relatively small market movement will have a
proportionately larger impact on the funds you have deposited or will have to
deposit; this may work against you as well as for you. You may sustain a total
loss of initial margin funds and any additional funds you deposit 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 deposit substantial additional
funds on short notice in order 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 in your account.
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) that are intended to limit losses to certain amounts
may not be effective because market conditions may make it impossible to
execute such orders. At times, it may also be difficult or impossible to liquidate a
position without incurring substantial losses. Strategies using combinations of
positions, such as “spread” and “straddle” positions, may be as risky as taking
simple “long” or “short” positions.
CURRENCY OPTIONS, INCLUDING OVER-THECOUNTER
(OTC) 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 would have to increase for your
position to become profitable, taking into account the premium and all
transactions 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 a
leveraged foreign exchange transaction, the purchaser will acquire a leveraged
foreign exchange position with associated liabilities for margin (see the section
on Leveraged Forex Trading 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-outof-
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 the 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
leveraged foreign exchange transaction, the purchaser will acquire a futures
position or leveraged foreign exchange position, as the case may be, with
associated liabilities for margin (see the section on Leveraged Forex Trading
above). If the option is “covered” by the seller holding a corresponding position
in the underlying leveraged foreign exchange transaction or another option, the
risk may be reduced. If the option is not covered, the risk or loss can be
unlimited.
Certain exchanges, banks or financial institutions 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 FOREX CONTRACTS
AND OPTIONS
4. Terms and conditions of contracts
You should ask the firm with which you conduct your transactions and which acts
as your counterparty or agent about the terms and conditions of the specific
leveraged foreign exchange transaction or options which you are trading and the
associated obligations (e.g. the circumstances under which you may become
obligated to make or take delivery of the full currency value 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, bank, dealer or financial
institution which acts as your counterparty or agent 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, government intervention or reasons beyond the
counterparty’s control) 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
currency, and the underlying interest and the option may not exist. This can
occur when, for example, the currency 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 the trading of Forex contracts, particularly in the event of
your counterparty’s 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 that 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, markups, markdowns and other charges for which you will be
responsible. These charges will affect your net profit (if any) or increase your
loss.
8. Currency risks
The profit or loss in transactions in foreign currency contracts 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.
9. Principal’s market
Forex Contracts are not traded on a regulated market and therefore do not
require open outcry. Instead, Forex Contracts are traded in the over-the-counter
dealer market. IFX Markets, Inc. (“IFX”) is a dealer in foreign currency and Forex
Contracts and, as such, may be a counterparty to your Forex transaction. You
will therefore transact at prices established by IFX. Even though IFX’s quotations
and prices are assisted by many computer-based component systems, its
quotations and prices may vary due to market liquidity and may not be as
favorable as those of other dealers. IFX’s trading facilities are supported by
computer-based component systems for the order-routing, execution or matching
of trades. As with all facilities and systems, they are vulnerable to temporary
disruption or failure. Your ability to recover certain losses is subject to limits on
liability set forth in the IFX Client Agreement and the Online Services and
Electronic Trading Agreement and the agreements of other dealers, banks or
financial institutions which may at times act as your counterparty.
10. Electronic trading
Trading on an electronic trading system may differ not only from trading in the
open outcry market or the interbank 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.
11. Off-exchange transactions
In Forex transactions, firms are not restricted in effecting off-exchange
transactions. IFX will generally act 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 of a Forex
position. For these reasons, these transactions may involve increased risks.
Off-exchange transactions, although subject to rules of the National Futures
Association (i.e., Compliance Rule 2-36), are less regulated than futures
transactions on or subject to the rules of a contract market or national
commodities exchange. Before you undertake Forex transactions, you should
familiarize yourself with applicable rules and attendant risks and the policies,
procedures and agreements of the counterparty and attendant risks.

-------------中文翻译，以英文原版为准。-------------------------

隐私规定声明
IFX市场公司坚信私人财务信息的隐私与安全是十分重要的。客户资源
是我们的最大财富，所以我们十分慎重的对待您对隐私的需求。因此
我们，作为在期货交易委员会（CFTC）注册的期货交易商，严格遵守
CFTC规定的隐私与安全标准。并且虽然该标准仅要求我们对以私人与
家庭目的投资的客户实施，我们坚持对所有客户实施以下方针：
1． 信息收集
为了提供更好的服务，IFX收集客户某些财务信息。对于个人客户，我
们将通过以下渠道收集其私人财务信息。
□ 申请表格与注册信息：我们从顾客的账户申请表及其它开户文件得
到的信息，包括姓名、通讯地址、电话、银行资料、电子邮箱、年收
入、净资产、社会保险号码及其它信息。
□ 交易记录：您在IFX、IFX联营机构的交易信息，以及您在与开设和
服务您的账户相关的第三方机构的交易信息，如银行资料。
□ 信用信息：消费者报告代理商提供的信息。
2． 信息透露
除法律规定的情况外，IFX不向任何非联营第三方透露您隐秘的个人信
息。在欲管理、执行、或服务您要求的交易，及其它特定情况下，法
律允许向非联营第三方透露您的私人信息。
IFX保持与联营机构相互交流客户个人信息以便提供更好的服务。我们
相互交流的客户信息包括：
□ 申请表与注册信息：我们从您的账户申请表及其它开户文件得到的
信息，包括姓名、通讯地址、电话、银行资料、电子邮箱、年收入、
净资产、社会保险号码及其它信息。
□ 交易记录：您在IFX、IFX联营机构的交易信息，以及您在与开设和
服务您的账户相关的第三方机构的交易信息，如银行资料。
□ 信用信息：消费者报告代理商提供的信息。
3． 以往客户信息透露
除法律规定的情况以外，IFX不公开任何以往的客户的隐秘私人信息。
即使您关闭您的账户或因不使用账户而成为静止客户，我们也将恪守
本规定。
4． 信息保护
IFX使用物理、电子与制度手段来确保您隐秘私人信息的安全。因此，
只有被授权的IFX员工可以在需要相关信息以为您提供服务的情况下
读取您的个人资料。我们公司禁止员工以一般商业目的读取您的个人
资料。以上规定同样适用于所有IFX联营机构。
5． 条例修改预先通知
如果在未来的某一时间我们需要修改隐私条例，我们将在修改实施之
前预先通知您，并且同时说明您在选择反对公开某些信息方面的法律
权利。
您可以选择通过电子邮件或网上查询的方式查看客户账户对账单（月
结清单或日结清单）。
如果您选择使用打印的对账单，则您可能须支付相关的额外费用。如
果您选择使用电子对账单，则同时表示您同意及时查对并就任何异议
与我们联系。您确认，任何IFX市场公司准备好并可供查阅的对账单都
将被视为您已接收，无论您实际上是否阅读过。您同时确认，您有责
任及时通知IFX任何电子邮箱的变更，并且同时重新填写一份带最新资
料的同意声明。
在您以书面形式声明废除，并寄至IFX Markets, Inc., 419 Boylston
Street, Suite 700, Boston, MA, 02116, USA. 之前，这份确认声明将一
直有效。签署本声明将同时表明您对本声明的送达与执行赋予正当的
授权，而且该授权是在您的控制能力范围内。
除非在收到后及时以书面或电子形式声明否定，任何通过电子媒介传
递的对账单与其它信息都为最终结果，具备合同效力。（参阅客户协
议第9节）
在线服务与电子交易协议
重要声明！任何使用或尝试使用IFX 市场有限公司、IFX 市场公司、或
其联营机构（以下合称IFX）之在线或电子交易服务的个人或机构都必
须先同意本协议条款。上述服务包括所有对账单查询、新账号开设、
互联网交易电子指令的输入与报告、市场交易信息与其它一般信息（包
括报价、图表、新闻与系统信息）查询、所有清算与内部服务、所有
IFX 提供之软件的使用、IFX 网站的访问、以及所有其它可能在未来被
添加的服务（合称“系统”）。本协议适用于所有使用或欲使用本系
统的个人或机构，以及所有通过使用本系统获利（包括通过经纪人间
接获利）的个人或机构。本协议中的所有责任限制和免责声明适用于
本系统，不论该系统的全部或部分是否由IFX 开发、运营或支持的。
使用本系统或签署本协议将表明用户无条件接受本协议的所有条款。
如果用户无法接受本协议，则不得使用本系统。IFX 仅向接受以下条款
的用户提供本系统的使用与服务。
1． 本系统的部分信息将由IFX 提供，其余由独立来源（信息提
供商）提供。用户确认，IFX 和信息提供商无法保证用户账号交易信息、
报价、市场与交易新闻、图表、交易分析与策略、及其它可能添加的
信息（以下合称“信息”）的准确性、完整性、及时性和顺序性。用
户同意IFX、IFX 联营机构和信息提供商将不对上述信息准确性、完整
性、及时性、顺序性、或任何受该信息影响的决定负责。同时，系统
部分信息乃通过与信息提供商交换得来，仅供信息参考。且该信息交
换不表明相关信息的全面性、完整性、合格性、与准确性；同时，不
论在任何国家，不论间接或直接地，都请勿通过该信息与信息中批露
的人物进行商务活动；并且请勿接受任何从信息中链接到的其它网站
上的资料的附带条件与责任、或根据该内容所作行为的后果与责任。
2． 用户明白技术故障及其它特殊情况可能会使用户延误或无
法发出交易指令；或同样的使IFX 无法及时执行或结算交易。不论是
IFX 或其联营机构皆不为技术故障、系统故障错误、通讯线路故障、设
备或软件故障错误、系统网络连接故障、系统容量不足、网络拥挤与
其它网络相关问题、网络安全破坏/盗窃/非法入侵、其它电脑问题或故
障、严重气象灾害、地震、洪水、罢工与其它劳工问题所造成的系统
使用问题负责，且用户同意不要求或不试图要求IFX 或其联营机构为
上述问题负责。IFX 从未表示或保证用户一定能在其选择的时间地点使
用本系统，或本系统一定有足够容量让用户登录。IFX 从未表示或保证
将提供不间断、无差错的服务。IFX 从未作出任何关于系统或内容的保
修或保用承诺，不论是明确地或暗示地。IFX 不保证系统绝不包含任何
受病毒、蠕虫、木马或其它恶意破坏性代码感染的内容。不论从合同
同意接受电子对账单声明
6
或民事角度，IFX 都不对因本系统的内容或本协议规定的服务而导致的
损失和伤害负责。若有司法机构不允许对某些伤害的责任免除或限制，
则应在法律可以接受的最大范围内，依据本协议处理。IFX 保留在系统
的例行或特别升级维护活动中暂停服务并禁止用户登录的权力，并且
无须事先通知。
3． 用户确认，将对其通过系统发出的交易指令所引致的交易风
险负全部责任。用户同时确认，用户的交易指令将被直接发送到交易
大厅（或电子交易系统）；通过系统交易的指令有最低金额与每笔最
高交易数目限制；且当前的限额将可能在未来被更改；候选交易指令
将不被接受；在交易项到期的最后一日，在线直接交易服务将停止接
受相应交易指令。用户清楚其发出的交易指令将被交易工作人员复核，
且如果该指令未满足任何相关规定，则交易指令可能被拒绝接受。用
户同时清楚自己可能被拒绝登录本系统，并且IFX 保留在执行交易指
令之前要求用户支付相应保证金的权力。在用户账号被禁止或用户未
能支付相关保证金的情况下，IFX 或其联营机构将不为任何因交易指令
的延迟或拒绝所造成的后果负责。
4． 虽然系统提供交易或投资方面的建议信息，但决不表示IFX
示意用户遵行。IFX 并未向用户推荐任何投资顾问，也不对用户进行任
何交易或投资顾问服务。本协议中任何条款亦都不应被视为推荐或鼓
动任何投资或交易。
5． （a）在用户账户批复下来后，IFX 将向用户提供用户ID 和
密码（”登录码”）。登录码被用于登录系统并通过系统进行交易，所以
用户须在任何时候都确保登录码的隐密性，并防止任何非授权使用。
用户承担所有在登录码的使用与保护上的责任，包括以登录码登录后
所进行的交易与用户信息修改。因此用户授权IFX 及相关机构在收到
通过登录码发出的交易指令或信息修改指令后无须经过调查或询问便
进行相应操作，不论实际上是否用户本人发出该信息或指令。
(b)用户对其账户的监察负全责。在发觉任何登录码丢失、盗
用或非授权使用，用户须立即通知IFX。同时，在发现没有收到IFX 对
账单、交易确认单、或其它讯息时，用户亦须立即报告IFX。上述报告
须通过E-mail 或电话发送到IFX 位于美国波士顿的办公室合规部。
E-mail: compliance@cbfx.com 电话：+1-617-357-0682
（c）IFX 授予用户非独家、不可转让的系统使用权，并仅限用于与本
协议及其它IFX 与用户之间的协议所规定的用途，且用户同意接受此
授权。用户须在协议期间以及协议终止、过期、解除的五年之内采取
适当的手段保护所有从系统获得的信息，包括交易信息、登录码、及
软件。所采用手段的程度须不低于保护用户隐秘私人信息，且不低于
公认的合理标准。如果企业用户须向其员工透露此类信息以便使用本
系统，则须保证员工知晓本协议第5 条款，且用户将为此负所有相关
责任。IFX 通过系统提供的所有资料，包括交易信息、登录码、软件及
其升级包、版权、商标、专利、商业机密、及其它知识与物质产权，
皆为IFX、IFX 的授权者、其继承者、其指定代理、信息提供商，及其
它第三方机构的资产，并仅供用户本身单独使用。在没有得到IFX 的
明确书面同意，用户不得擅自转发、发表、出售或分发上述资料或上
述资料的加工、衍生版本。不仅如此，用户不得让其他人使用自己的
账号。用户亦不得把从系统下载的材料上的商标、标识删去。
系统提供所有资料仅供参考并不保证适用于用户或适用于某种特定情
况。
（d）用户须承担所有系统使用的相关风险，用户须自行购买并维护与
联接系统相关的设备，如电脑、调制解调器、电话线或其它线路等，
并自行承担所有相关费用，同时，用户须自行承担其电脑上数据资料
的安全的相关风险。
（e）用户须自行承担与系统所提供资料的充足性与准确性相关的所有
责任。如因用户输入的信息而造成IFX 及其联营机构的直接的、间接
的、特殊的、意外的损失（包括利润上的损失或交易中的损失），用
户须负责全面赔偿。当用户发现自己已经以任何方式向IFX 发送了不
准确、不完整、或不正确信息时，或用户发现系统包含有关于自己的
不准确、不完整、或不正确信息时，用户须立即通知IFX 仅次于美国
波士顿的办公室， E-mail: compliance@cbfx.com ， 电话：
+1-617-357-0682。用户并承诺在以下情况下立即通知IFX：（1）当
用户在系统输入指令后却没有收到指令记录号码；（2）当用户在系统
输入指令后却没有收到指令或执行确认（无论是电子的、打印的或口
头的）；（3）用户收到交易指令确认，却发现自己并未发出该指令，
或其它类似的情况时。用户同意并确认，对其本人、其配偶、或其员
工向IFX 表达的陈述负责，不论该陈述是经由口头、书面或电子形式。
（f）用户同时同意并承诺如下：
（1）用户仅将系统用于外汇交易、在线对账单查询、及新账户开户用
途。用户不得利用系统间接或直接 地与任何联营机构交易，IFX 将有
权独立决定并采取行动预防或制止此类行为发生。
（2）用户须按规定在交易成交之后完成相应义务。
6．如因用户违反本协议或侵犯第三方的权益，用户须对任何针对IFX
及其联营机构的索赔、起诉、及其它纠纷所造成的损失（包括律师费
用）作完全的赔偿。如因用户违反本协议而造成任何针对IFX 或针对
IFX 与用户的索赔或起诉，IFX 有权独立进行辩护、和解、或协议。用
户放弃独立进行辩护、和解、协议的权力，并同意尽力对IFX 的相关
行动给予全力合作与支持。但，IFX 有权在其认为合适的时候授权或要
求用户进行其力所能及的辩护、和解、协议。本条款规定的赔偿与补
偿义务将有效直到协议终止。
7．IFX 保留可以自主决定无须通知地无条件地因任何理由（包括用户
账号非授权使用、或用户违反或终止与IFX 之间的任何协议）终止用
户账号的使用。从本协议终止、废除或过期之时起用户从本协议获得
的一切权益皆立即终止，并归还IFX。用户须立即停止使用本系统，并
在IFX 要求的情况下归还或销毁所有相关软件（包括所有复制份）。
8．用户同意为通过本系统进行的交易支付佣金及它一切相关费用，并
且同意相关收费标准可以在不通知的情况下改变。用户同意支付因逾
期未缴费而引致所有相关追缴费用（包括律师费）。
9．除非相应账号种类指明，本协议将被视为用户以个人名义签署，而
非代表任何企业、公司、或其它团体。用户同意仅将系统信息作其本
人的投资用途，而非任何贸易或商业用途。
10．本协议所有条款、承诺、及责任，不论是明文或暗示的，不论口
头或书面上的，不论在法律或事实上（包括质量满意和用途适宜承诺）、
关于信息或系统其它方面（包括信息获得与指令执行），皆为法律所
规定权责的额外增加。
11．用户同意IFX 有权保存或处理用户在系统留下的信息（“个人资
料”），且IFX 可以使用这些资料以完成业务运作、信用评估、统计
（包括行为分析）、以及提供用户可能感兴趣的产品或服务（包括由
第三方提供的）。用户同意IFX 可以将用户资料透露给合法信用记录
机构，以及IFX 的分承包方、代理、必要的相关信息提供商；并且在
法律规定或要求的情况下可以公开该资料。除了按规定须记录保存的
部分，所有用户资料在用户停止使用本系统之后将被立即删除。用户
资料将被通过互联网传输，可能途经世界各地网络。用户可以查看其
个人资料，并指出任何不完整或不准确部分。所有通过IFX 获得用户
个人资料的机构均将被要求为该资料保密。IFX 将在其网站－
www.ifxmarketsinc.com向用户提供年度隐私通告及与隐私规定相关
的用户拒绝权力通告。
12．签署本协议或使用本系统将表示用户已经阅读并理解所有相关条
款，并同意受该条款约束。本协议为用户与IFX 之间其它协议的补充，
用户执行时如发现任何相抵触之处，须根据仲裁协议解决。如本协议
任何部分根据适用法规被认定为无效，则该部分将被略过，而其它部
分将继续保持全部效力。本协议及其执行将依据美国马萨诸赛州共和
联邦内政法进行规范与解释。本协议的条款将具有法律效力，即使在
协议终止、过期、或取消之后亦是如此。IFX 有权在以书面或是电子方
式通知之后，部分或全部地修改本系统或本协议的条款。
7
风险揭示声明
本项简要声明并不披露关于现汇与期权交易(合称为’外汇’)的所有风险
及其它重要方面。鉴于有关风险，您在开始进行此类交易之前，应该
了解有关交易性质和您所面临的风险程度。外汇交易并不适于许多公
众成员。您必须根据您的经历、目的、财力和其它相关情形仔细考虑
这类交易是否适合于您自己。在考虑过程中，您应该明白以下几点：
杠杆化的外汇交易
1。 “杠杆”或“齿轮”效应
外汇交易带有很高的风险。相对于外币的价值而言，初始保证金的金
额可比较小的，这样交易就被“杠杆”或“齿轮”扩大化了。即使市
场上出现比较小的变动也会对您已经或将要存入的资金产生相对大的
影响：这对您也许有利也许不利。您可能会为了保持您的头寸而在您
存入本人公司的初始保证金及任何追加资金上承受损失。如果市场变
动对您不利或者保证金水平提高了，您有可能接到电话要您在短时间
内支付相当数量的追加资金以便维持您的头寸。如果您不能在规定的
时间内遵从追加资金的要求，您的头寸可能会在亏损的情况下被清盘，
而您将必须对由此造成的亏空额负责。
2。 降低风险的指令或策略
下达某些旨在将损失限制在特定金额的指令(例如当地法律许可下的
“止损”指令，或者“止限”指令)有可能并不见效，因为市场情形也许致使
上述指令难以执行。而一些使用头寸合并（如约期套购或套期图利）
的策略或许与单纯做“多头”或“空头”一样有风险。
期权 （包括场外期权）
3。 变动的风险等级
外汇期权交易带有很高的风险。外汇期权的购买者与出售者均须了解
他们有意交易的期权类别（例如，卖出或买入期权)以及相应的风险。
您必须根据期权价格和所有交易成本来计算，当期权的价值增加到何
种程度您的头寸才能变得有利可图。
期权的购买者可以对冲或行使期权，或者让期权过期根据买下期权的
性质和类型。行使期权会带来现金交割。一些情况下购买者可能需要
购入一项现货头寸以及相应的保证金义务（参阅上述杠杆化的外汇交
易部分）。如果购买的头寸过期，您遭受的损失将是您的投资，包括
期权价格外加交易成本。如果您考虑购买深度贴水期权，您必须明白
这类期权变得有利可图的机会通常是很小的。出售（“拟写”或“授予”）
期权一般具有比买入期权更大的风险。尽管出售者收取的期权价格是
固定，他仍可能承受远远超出保费数额的损失。如果市场变动对他不
利，他有义务增加保证金来维持他的头寸。出售者还将面临这样的风
险，即购买者行使了期权，因此出售者必须或用现金交割该期权，或
购入或提交标的商品。一些情况下，出售者可能需要购入一项现货头
寸及相应的保证金义务(参阅上述杠杆化的外汇交易部分)如果期权已
经通过出售者持有相关的货币或另一种期货的方式被套期保值起来
（covered)了，风险也许会被降低。如果期权没有被套期保值，遭受损
失的风险可以是无限制的。。购买者仍然有损失期权价格和交易成本
的风险。当期权被行使或过期了，购买者有责任偿清届时未支付的期
权价格。
其它现货外汇交易与期权共有的常见风险
4。 现货外汇交易合同的条款
您必须向您的交易公司询问您买卖的特定外汇、期权的条款，以及相
应义务。（例如，在何种情况下您将须要支付相关货币的完全价值，
以及对于期权而言，到期日和行使时间的限制。）在某些情况下，作
为您的代理或交易对象的交易所、银行、交易商、或金融机构可能实
现其自身的潜在利益而修改相关条款的细节（包括期权执行价格）。
5。交易和定价间关系的暂停与限制
市场状况（例如不流动性）以及、或某些市场的运作条例（例如由于
价格限制、政府干预、或其它不可控原因所造成的任何外汇交易暂停）
有可能增加损失的风险，因为完成交易或平清/对冲头寸已经变得很困
难或不可能。如果您出售了期权，这会增加损失的风险。再者，基础
利益与外币，已经基础利益与期权的正常价格关系可能不复存在。这
种情况可能发生在当外币期权的期货受到价格限制但期权本身并不受
价格限制。缺乏基础的相对价格可能使得评判“公允”价格难以进行。
6。 存放的现金与财物
您必须熟悉各种有关您为进行当地或外地交易而存放的金钱与财物的
保护措施，特别是在公司资不抵债或破产的时候。特定的立法或当地
条规可能规定了您可收回现金与财物的程度。在有些辖区，当清偿出
现亏空时，特地标明为您所有的财物将与现金一起被按比例的加以分
配。
7。 交易佣金与其它收费
您在开始交易之前，应该了解清楚您将支付的所有佣金、费用及其它
收费。这些收费将会影响您可能有的盈利或增加您的损失。
8。货币风险
在以外国货币交易（如果交易是在您当地的或其它辖区)中，如果有必
要进行货币兑换的话，您的盈利或损失将受到汇率变动的影响，
9。 货主间交易
外汇交易不是在常规的市场内进行，所以并不需要大声叫嚷。相反的，
外汇交易是在场外交易商市场进行的。IFX市场公司（“IFX”）是外
汇交易商，可以作为您外汇交易的代理交易对象。因此您将在IFX的报
价上进行交易。虽然IFX的报价是以电脑系统作支持的，但是由于其报
价会跟随市场价格波动而变动，有时IFX的报价可能与其它交易商的报
价并不完全一样。IFX的电子交易设施是由以计算机为基础的系统作支
持来进行交易下单、执行、匹配，登记和清算的。与所有设施和系统
一样，他们易受到临时故障的影响。您挽回某些损失的可能将受IFX客
户协约、在线服务与电子交易协议、和其它作为您的代理交易对象的
交易商/银行/金融机构的协约的责任限制条款的限制。
10。 电子交易
在某一电子交易系统的交易可能不仅不同于公开喊价市场的交易，也
不同于在其它电子系统的交易。如果您在某一电子市场从事交易，您
将面临与该系统相关的风险，包括硬件和软件的故障。系统故障可能
造成您的定单难以按照您的指示执行或根本不能执行。
11。 场外交易
在某些辖区，且仅在限定的情形下，公司可被允许开展场外交易。您
的公司可能是您的交易对手。IFX是您外币的直接交易人。IFX有权拒
绝接受或保证任何定单。 所以平清一项已有的头寸，评估价值，确
定公平价格或评估风险暴露可能很困难或不可能。鉴于这些原因，交
易可能涉及更大的风险。场外交易可能受到较少的监管或受管于单独
的监管体系。在开始交易之前，您应该了解适用的规定和伴随的风险。

回到顶端