Swiss Capital & Trade Management

Swiss Capital & Trade Management

SWISS Forex Trading-Online Currency Trading Services-Best Forex Broker Switzerland-Forex Market

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Will this account be traded on your behalf by anyone other than you?
(If YES complete Managed Account Addendum)
Are you the only beneficial owner of the assets engaged in the business relationship with Swiss Capital?

If NO, the beneficial owner of the above mentioned assets is/are (Name, date of birth, nationality and address or complete company name and address)

Is there currently pending or has there ever been any litigation, disputed accounts or other unresolved matters between commodity or securities brokers, exchanges, or federal or state regulatory bodies and you or your officers or directors if a corporate customer)?

If YES, please describe


Note: Pleaes be aware that giving false indications about the beneficial owner in this form is considered to be a creation of a false document falling within the meaning of Article 251 of the Swiss Penal Code.

Terms and Conditions
CUSTOMER AGREEMENT This Agreement Is A Legal Contract Please read carefully and sign where indicated on page 13. 1. INTRODUCTION. This Agreement sets forth the terms and conditions governing your Account at Swiss Capital & Trade Management S.A.. ("Swiss Capital") and all Contracts and other transactions in this Account with Swiss Capital. In this Agreement, the undersigned customer is referred to as "Customer" or "You." The term "Agreement" includes, among other things, any addenda hereto, the Risk Disclosure Statement, and the Trading Policies and Procedures as amended from time to time, and all references to provisions of this Agreement include provisions contained in the body of the Agreement and any addenda hereto, the Risk Disclosure Statement, and the Trading Policies and Procedures . 2. SERVICES PROVIDED. Subject to the terms and conditions of this Agreement and acceptance of Customer's application to open an Account with Swiss Capital, Swiss Capital will effect cash settled and physically settled transactions with and for Customer in the international Over-the-Counter Foreign Currency (foreign exchange) markets on a spot basis, as instructed by Customer, and provide such other services and products as Swiss Capital may, in its sole discretion, determine from time to time in the future. For that purpose, Swiss Capital shall open in its own name one or more global accounts for its Customers with one or more bank(s) of its choice and will deposit Customer’s assets on such global account(s). Furthermore, Swiss Capital shall keep records in its books of Customer’s assets and positions (herein referred to as the "Customer Account(s)". For the avoidance of doubt, Swiss Capital will not open individual bank accounts for its Customers, but hold, in its sole discretion, one or more global accounts for several Customers together. Unless expressly stated otherwise in writing, all Contracts and other transactions entered into between Swiss Capital and Customer shall be governed by the terms of this Customer Agreement, including any Addenda hereto, as amended from time to time including, without limitation, Swiss Capital's Trading Policies and Procedures. Customer acknowledges that it will take its investment decisions on its own and under its sole responsibility; Swiss Capital does not provide investment advice to Customer, nor does Swiss Capital act as Customer’s asset manager. 3. PROFESSIONAL SECRECY Swiss capital is a Swiss company and as such subject to the Swiss laws and regulations. As a consequence of the applicable Swiss law, Swiss Capital is obliged to observe the strictest secrecy regarding its business relationship with its Customers, even after this relationship has ended. 4. SWISS REGULATIONS ON MONEY LAUNDERING According to Swiss law on money laundering, Swiss Capital is entitled to request any and all information from the Customer regarding its personal and financial background as well as the circumstances and the background of a particular transaction. In such an event, the Customer shall provide this information immediately. As long as such information has not been received, Swiss Capital is not entitled to enter into a business relationship with the Customer or to carry out any order or instruction received from the Customer, nor to follow any instruction regarding the transfer of assets. If Swiss Capital considers the information to be unsatisfactory or incomplete, it may, at its own discretion, immediately terminate the business relationship with the Client and forbid any further withdrawal of assets. Furthermore, according to the applicable law, Swiss Capital must also report any justified suspicion of money laundering to the Swiss federal authorities which could freeze the suspicious assets. The Customer shall bear any loss arising from the delay or the non performance of an order or instruction resulting from the above-mentioned regulations, respectively their application by or to Swiss Capital. 5. REPRESENTATIONS AND WARRANTIES. 5.1 As of the date hereof, the date of each Contract and other transaction in Customer's Account and any date on which Swiss Capital's Risk Disclosure Statement or Trading Policies and Procedures are revised, updated or amended and delivered to customer. Customer represents and warrants to Swiss Capital and agrees for the benefit of Swiss Capital that: a. if Customer is a natural person, Customer is of sound mind, legal age (18 years old ) and legal competence. b. if Customer is not a natural person, (i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all Contracts and other transactions contemplated hereunder have been duly authorized by Customer; and (iii) each person executing and delivering this Agreement and all Contracts and other transactions contemplated hereunder on behalf of Customer performing the obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so. c. execution and delivery by Customer of this Agreement and all Contracts and other transactions contemplated hereunder, and performance of all of Customer's obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer, including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements. d. Customer has full beneficial ownership of Customer's Account. Customer has not granted and will not grant a security interest in Customer's Account with Swiss Capital (other than the security interest granted to Swiss Capital hereunder) to any person without Swiss Capital's prior written consent. Customer has full beneficial ownership of all Collateral and will not grant any security interest in any Collateral to any person (other than the security interest granted to Swiss Capital hereunder) without Swiss Capital's prior written consent. e. Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as Swiss Capital. in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of Swiss Capital or to protect Swiss Capital's interests with respect to any Collateral. f. Customer has read and understands the risk disclosures contained in this Agreement, including, without limitation, Swiss Capital's Risk Disclosure Statement. Customer will review Swiss Capital's risk disclosures, including, without limitation, Swiss Capital's Risk Disclosure Statement, each time they are amended. Customer will not effect any Opening Transaction in Customer's Account unless Customer understands Swiss Capital's risk disclosures, as amended from time to time and Customer agrees that in effecting any Opening Transaction it is deemed to represent that it has read and understands Swiss Capital's risk disclosures, as amended from time to time, as in effect at the time of such Opening Transaction. g. Customer has read and understands the trading policies and procedures contained in this Agreement, including, without limitation, Swiss Capital's trading policies and procedures. Customer will review Swiss Capital's trading policies and procedures, including, without limitation, Swiss Capital's trading policies and procedures each time they are amended. Customer will not effect any Opening Transaction in Customer's Account unless Customer understands Swiss Capital's trading policies and procedures, and Customer agrees that in effecting any Opening Transaction it is deemed to represent that it has read and understands Swiss Capital's trading policies and procedures, as amended from time to time, as in effect at the time of such Opening Transaction. The above warranties and representations shall be deemed to be repeated each time the Customer provides instructions to Swiss Capital in the course of the contractual relationship. 5.2 The Customer agrees and acknowledges that : a. Swiss Capital will, in general, not provide any advice to the Customer. If Swiss Capital effects a transaction with or for the Customer this shall not be taken to mean that Swiss capital recommends, or concurs on the merits of, the transaction or that the transaction is suitable for the Customer; b. dealing in foreign currencies and precious metals carries a high degree of risk and adverse market movements can give rise to losses exceeding the Customer’s original deposit and consequently the Customer can afford to lose the sums which it remits to Swiss capital as deposit and otherwise satisfy any losses resulting from a Contract; c. Swiss Capital will not be responsible for advising the Customer as to any taxation liabilities that may arise in relation to services provided by Swiss Capital hereunder; d. the foreign exchange market is unregulated and although all Contracts are executed in accordance with applicable laws, the Customer will not benefit from any statutory or other compensation scheme in respect of its foreign exchange trading through Swiss Capital; e. Swiss Capital is not subject to any licence or other regulatory requirements. 6. TRADING. 6.1 Authorizations. Customer authorizes Swiss Capital to purchase and sell physically settled and cash settled Foreign Exchange Contracts, including options and Cross Currency Contracts on a spot basis for Customer's Account in accordance with Customer's instructions received through the Swiss Capital Online Trading System, ("Trading System") or via telephone to the Swiss Capital Trading Desk, subject to the terms of this Agreement, including any Addenda hereto and the Customer Account Application, including any applicable addenda thereto. Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer's password and Account number and for any electronic, oral and written instruction (including, but limited to, any Order) to Swiss Capital from persons Swiss Capital. in its sole judgment, believes are apparently authorized by Customer. If Customer's Account is titled as a joint account, Swiss Capital is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the Account and the disposition of any and all assets in the Account. Swiss Capital shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by Swiss Capital in reliance on any such instructions or on the apparent authority of any such persons. 6.2 Pricing Information. Swiss Capital will make available, by posting on the Swiss Capital Online Trading System or by telephoning the Swiss Capital Trading Desk, Bid Prices and Ask Prices at which Swiss Capital is prepared to enter Foreign Currency Contracts or Cross Currency Contracts with Customer. Each Bid Price or Ask Price shall be for a Spot Contract with a specified Value Date and shall specify each Eligible Foreign Currency or tradable U.S. dollar-based currency pairs involved. Swiss Capital expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time for similar transactions, but a number of factors, such as communication system delays, high volume or volatility can result in deviations between prices quoted by Swiss Capital and other sources. Swiss Capital makes no warranty, express or implied, that Bid Prices and Ask Prices represent prevailing bid prices and ask prices. In addition, these Bid and/or Ask Prices may reflect, at the direction of the Introducing Broker named above, additional pips added to the Bid and/or Ask price that may result in an increase of the dealable spread available for the Customer’s account as well as a per trade or per lot commission. 6.3 Order Execution. Swiss Capital will attempt to execute all Orders that it may, in its sole discretion, accept from Customer in accordance with Customer's instructions received through the Trading System or via telephone to the Swiss Capital Trading Desk. All Contracts made and entered into by Swiss Capital hereunder will be entered into by Swiss Capital as principal. Customer acknowledges, understands and agrees that Swiss Capital is not acting as a broker, intermediary, agent, advisor or in any fiduciary capacity. Notwithstanding the provisions of this Paragraph, Customer acknowledges, understands and agrees that all non-market orders such as Limit Orders, Stop/Loss Orders, One Cancels the Other Orders, Day Only Orders, and Good till Cancelled Orders, are accepted by Swiss Capital and undertaken on an "best-efforts basis" in accordance with the relevant provisions of the Trading Policies and Procedures, as amended from time to time. Swiss Capital or its affiliates may, at a future date, establish a trade matching system or determine to route Customer's orders to a trade matching system operated by third parties. In that event, Swiss Capital. and/or any one or more of its affiliates, shall have the right (but not the obligation), in the sole discretion of Swiss Capital or any such affiliate, to act for its own account, and as a counter party or as a broker to Swiss Capital customers, in the making of markets and the purchase and sale of Foreign Exchange Contracts and Cross Currency Contracts via any medium, including without limitation, over any trade matching network in use by Swiss Capital customers and/or the general public. Swiss Capital shall have no responsibility for delays in the transmission of orders due to disruption, failure or malfunction of communications facilities and shall not be liable for any claims, losses, damages, costs or expenses, including attorneys' fees, to any person or entity arising other than as a direct result of Swiss Capital's gross negligence or willful misconduct. 6.4 Position and Trading Limits. Swiss Capital reserves the right to limit the number of Open Positions that Customer may enter or maintain in Customer's Account. Swiss Capital reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position. 6 7. MARGIN REQUIREMENTS. Customer shall provide to and maintain with Swiss Capital Margin in such amounts, in cash or other such forms, and within such limits as Swiss Capital. in its sole discretion, may, from time to time require. Customer's Account will be under the control of Swiss Capital. Swiss Capital may change Margin requirements at any time, without prior notice to Customer, and may call for additional Margin ("Margin Call") at any time Customer's Margin Balance falls below Swiss Capital's Initial Margin Requirements or Maintenance Margin Requirements as applied to that Account; and any time Swiss Capital. in its sole discretion, believes that it is prudent to do so. Swiss Capital may at any time liquidate Customer's Account in accordance with Paragraph 11. The title of such account will reflect that it is a Swiss Capital Margin account and that Swiss Capital has a security interest in such account. Swiss Capital may withdraw funds from the Customer's account without notice, to ensure that Posted Margin equals or exceeds Required Margin, and to satisfy any payment obligation to Swiss Capital. including fees and charges in respect of Customer's Account. In the event that Customer directs Swiss Capital to sell any Margin, Collateral, Contract or other property and Swiss Capital is unable to deliver such Margin, Collateral, Contract or other property to a purchaser because Customer fails to deliver it to Swiss Capital. Swiss Capital may borrow or purchase any Margin, Collateral, Contract or property necessary to make such delivery, and Customer hereby agrees to guarantee and hold Swiss Capital harmless from any liability, claim, loss, damage, cost or expense, including attorneys' fees, that Swiss Capital may sustain. 8. SECURITY AGREEMENT. In order to secure any indebtedness or other obligations at any time owing from Customer to Swiss Capital. including, without limitation, (i) indebtedness or other obligations under any Account, Contract or other transaction with Swiss Capital; or (ii) any indebtedness or other obligations resulting from any guarantee by Customer of any Account, Contract or other transaction with Swiss Capital. Customer hereby assigns, pledges and grants to Swiss Capital a security interest in and right of setoff to, (i) all of Customer's Accounts with Swiss Capital; (ii) all Contracts, cash, securities and other property in Customer's Account at Swiss Capital or delivered or otherwise provided by Customer to secure its indebtedness or other obligations to Swiss Capital or in Swiss Capital's possession or control for any purpose (including safekeeping); and (iii) all products and proceeds of the foregoing (collectively, (i), (ii) and (iii) are referred to as "Collateral"). At any time, in Swiss Capital's sole discretion and without prior demand or notice, Swiss Capital may apply any or all cash (or sell or buy in any such Contracts, securities or other property and apply the proceeds there from) to any such indebtedness or other obligations, notwithstanding that such indebtedness or other obligations arise in an Account other than the Account in which the cash, Contracts, securities or other property were held or generated. Swiss Capital shall have the right to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use any Collateral it holds (including, but not limited to, using the Contracts as collateral for a loan to Swiss Capital) free from any claim or right of any nature whatsoever of the Customer, including any equity or right of redemption by the Customer and to register any Collateral in the name of Swiss Capital, its custodian or a nominee for either. Any failure by Swiss Capital to enforce its rights hereunder shall not be deemed a future waiver of such rights by Swiss Capital. Swiss Capital is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that Swiss Capital deems necessary or desirable to evidence or to protect Swiss Capital's interest with respect to any Collateral. In the event that the Collateral deemed acceptable to Swiss Capital ("Eligible Collateral") is at any time insufficient to satisfy Customer's indebtedness or other obligations to Swiss Capital, including obligations to provide Margin in accordance with Paragraph 7 hereof, Customer shall promptly pay upon demand the entire amount of such deficit in accordance with Paragraph 11 hereof. 9. NOVATION OF OPPOSING CONTRACTS. Whenever there may exist in any Customer Account two or more open and opposite Contracts providing in whole or in part for the purchase and sale of the same Foreign Currency or Cross Currency Pairs on the same Value Date, such Contracts shall automatically be canceled and replaced by an obligation to settle only the net difference between amounts payable in respect of the relevant currencies under the relevant Contracts, and/or the net difference between the quantities of the relevant currency deliverable thereunder. 10. SETTLEMENT DATE; ROLLOVERS; DELIVERY. In cases where transactions are executed for physical delivery, instructions on the settlement of Open Positions must be given to Swiss Capital at least two (2) Business Days prior to the Value Date. In the absence of instructions from Customer directing Swiss Capital to deliver, offset, or roll over Open Positions, Swiss Capital is authorized, in Swiss Capital's sole discretion, to deliver, roll over or offset all or any portion of the Open Positions in Customer's Account at Customer's risk. Delivery of Foreign Currency shall be made to the bank specified by the purchaser in a major city in the country in which the Foreign Currency is the legal tender. Unless otherwise agreed by Swiss Capital and Customer in writing, the Foreign Currency shall be deliverable by wire transfer. Swiss Capital may require payment of amounts due from Customer to Swiss Capital prior to 16:30 EST on any day prior to payment of amounts due and payable by Swiss Capital to Customer on that day. Swiss Capital and Customer shall exchange, make use of, and periodically update and confirm any standing payment instructions. Sufficient funds to take delivery or the necessary delivery documents must be in the possession of Swiss Capital. If instructions, funds and documents are not received by Swiss Capital by the specified time, Swiss Capital may, in its sole discretion and without notice to Customer, offset Customer's Open Positions, roll over Customer's Open Positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by Swiss Capital, in its sole discretion. 11. LIQUIDATION OF ACCOUNTS AND DEFICIT BALANCES. In the event of: (a) an Event of Default; (b) insufficient Margin, or Swiss Capital's determination that any Collateral deposited to protect Customer's Account is inadequate, regardless of current market quotations, to secure Customer's Account; or (c) any other circumstances or developments that Swiss Capital, in its sole discretion, deems appropriate for its protection, Swiss Capital may, in its sole discretion, take one or more, or any portion, of the following actions: (1) satisfy any obligation Customer may have to Swiss Capital (either directly or by way of guarantee or surety ship) out of any of Customer's funds or property in the custody or control of Swiss Capital and it’s parent or affiliates; (2) sell or purchase any or all Contracts and any securities or other property held or carried for Customer; and (3) cancel any or all outstanding Orders or Contracts or other transactions or commitments made by or on behalf of Customer. Any of the above actions may be taken without demand for Margin or additional Margin, without prior notice of sale or purchase or other notice to Customer, Customer's legal representatives, heirs, executor, administrator, trustee, legatee, successors or assigns and regardless of whether the ownership interest is held individually or jointly with others. Any prior demand or notice of sale or purchase shall not be considered a waiver of Swiss Capital's right to sell or buy at any time in the future without demand or notice as provided above. In liquidation of Customer's Long Positions and Short Positions, Swiss Capital may, in its sole discretion, offset in the same settlement or it may initiate new Long Positions or Short Positions in order to establish a spread or straddle that in Swiss Capital's sole judgment may be advisable to protect or reduce existing positions in Customer's Account. Any sales or purchases may be made according to Swiss Capital's judgment and in its sole discretion in any inter-bank, Over-the-Counter or other market where such business is then usually transacted or at a public auction or private sale, and Swiss Capital may purchase the whole or any part thereof free from any right of redemption. Customer shall at all times be liable for the payment of any deficit balance in Customer's Account upon demand by Swiss Capital and in all cases, Customer shall be liable for any deficiency remaining in Customer's Account in the event of the liquidation thereof in whole or in part by Swiss Capital or by Customer. In the event the proceeds realized pursuant to liquidation are insufficient for the payment of all liabilities of Customer due to Swiss Capital, Customer shall promptly pay upon demand the entire amount of any such deficit, together with all other deficits and all unpaid liabilities of Customer, including, but not limited to, all costs of enforcement and collection, such as, but not limited to, attorneys' fees, witness fees and travel expenses, interest on any such deficit and liabilities at a rate equal to three (3) percentage points above the then prevailing prime rate at Swiss Capital's principal bank or the maximum interest rate allowed by law, whichever is lower. In the event Swiss Capital incurs expenses other than for the collection of deficits, with respect to Customer's Account, Customer agrees to pay such expenses. 12. CHARGES. Swiss Capital may charge brokerage fees and/or commissions or mark-ups. Swiss Capital may charge for incidental banking related fees such as wire charges for deposits/withdrawals and returned check fees. Swiss Capital reserves the right to change its fee structure at any time without notice. Fees do not now but may in the future include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any inter-bank agency, bank, market or other regulatory or self-regulatory organization, arising out of Swiss Capital's provision of services hereunder. Customer may incur additional fees for the purchase of optional, value added services offered by Swiss Capital. 11. INTRODUCED ACCOUNTS. If an introducing agent introduces Customer to Swiss Capital. Customer under- stands that its Introducer may charge Customer for Customer’s trading activity and that compensation will be in the form of fees charged on a per trade or other basis. Customer agrees that Swiss Capital is authorized to deduct pips, fees and/or commissions on a per trade or other basis from Customer’s account on behalf of Introducer. It is the Customer’s responsibility to inquire with Customer’s Introducer as to what such compensation may be. Customer understands that if Introducer also exercises trading control over Customer’s Account such per trade compensation could create a potential conflict of interest for Introducer in that Introducer may have an incentive to make trades to generate compensation. Customer understands and accepts this potential conflict of interest and waives any claims against Swiss Capital or its affiliates arising out of such compensation. Customer acknowledges and agrees that: (i) any such introducing broker acts either as an independent intermediary or as an agent for Customer; (ii) unless Customer has been expressly advised other- 7 wise in writing by Swiss Capital, no such person is an employee or agent of Swiss Capital; and (iii) no such persons are authorized to make any representations concerning Swiss Capital or the services to be provided by Swiss Capital hereunder. 14. STATEMENTS AND CONFIRMATIONS. Trades executed online will be confirmed online via Trading System at the time of the trade and trades entered into by telephone will be confirmed verbally and online by 17:30 EST on the day of execution. Monthly statements will be available online in the reports section of the system, and if requested Customer will receive monthly statements by posted mail. Reports of the confirmation of orders and statements of Accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer the sooner of: (x) three (3) Business Days after transmittal to Customer by posted mail; or (y) immediately with respect to Orders confirmed via the Trading System. All objections shall be made in writing or by e-mail and shall contain sufficient information to identify the error. Customer may object to confirmations and statements by telephone within the time frames identified above, but any such objection must be confirmed by e-mail to support@sctm.com or in writing [INSERT ADDRESS] (which confirmation shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested to Swiss Capital at such address). Failure to object shall be deemed ratification by Customer of all actions taken by Swiss Capital or Swiss Capital's agents prior to Customer's receipt of such reports. Customer's failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein. Customer agrees to immediately call to Swiss Capital's attention any oral information that Customer has reason to believe is inconsistent with Customer's own information. Customer understands, acknowledges and agrees that errors, whether resulting in a profit or loss to Customer, shall be corrected, and Customer's Account will be credited or debited in such manner and extent as to place Customer's Account in the same position in which it would have been had the error not occurred. 15. COMMUNICATIONS. Reports, statements, notices and any other communications from Swiss Capital may be transmitted to Customer by (x) placement on Swiss Capital's Website with an e-mail alert; or (y) mail or other delivery service to Customer's current address as reflected on Swiss Capital's records. Customer shall notify Swiss Capital immediately of any change in Customer's address by e-mail to support@sctm.com or by mail or other delivery service to Swiss Capital. [INSERT ADDRESS]. All communications sent by Swiss Capital shall be deemed effective when received by the Customer by deposited by mail or with another delivery service, or when received by a transmitting agent (such as an Internet service provider) for transmission to Customer, whether actually theCustomer has acknowledged of it or not. All communications sent by Customer shall not be deemed effective until received by Swiss Capital. 16. SWISS CAPITAL RESPONSIBILITIES. Swiss Capital shall not be liable to Customer for any claims, losses, damages, costs or expenses, including attorneys' fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys' fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to Swiss Capital, Customer, any market, or any settlement or clearing system. Further, for the extent permitted by law, all liability of Swiss Capital shall be excluded. 17. TRADING RECOMMENDATIONS. Any trading or market recommendation communicated to Customer by Swiss Capital does not constitute an offer to sell or the solicitation of an offer to buy any Contracts. Any such recommendation and information, although based upon information obtained from sources believed by Swiss Capital to be reliable, may be based solely on opinion and such information may be incomplete and unverified. Swiss Capital makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any trading recommendation or other information furnished to Customer. 18. INTELLECTUAL PROPERTY AND CONFIDENTIALITY. All copyright, trademark, trade secret and other intellectual property rights in the Trading System shall remain at all times the sole and exclusive property of Swiss Capital and Customers shall have no right or interest in the Trading System except for the right to access and use the Trading System as specified herein. Customer acknowledges that the Trading System is confidential to Swiss Capital and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of Swiss Capital, and, if Customer is an entity, will do so by allowing access to the Trading System only by its employees and agents on a need to access basis. Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading System. Customer will not copy, modify, decompile, reverse engineer, make derivative works of the Trading System or in the manner in which it operates. 19. INDEMNIFICATION. Customer agrees to indemnify and hold Swiss Capital, its affiliates, employees, agents, successors and assigns harmless from any and all liabilities, claims, losses, damages, costs and expenses, including attorneys' fees, incurred by Swiss Capital arising out of: (i) Customer's failure to fully and timely perform its obligations hereunder; (ii) any other material breach of this agreement and (iii) any of Customer's representations and warranties made that may at any time be untrue or incorrect. Customer also agrees to pay promptly to Swiss Capital any and all claims, losses, damages, costs and expenses, including attorneys' fees, incurred by Swiss Capital in the enforcement of any of the provisions of this Agreement, any Contracts and other transactions hereunder, and any other agreements between Swiss Capital and Customer and the collection of any amounts due hereunder and thereunder. 20. PRIVACY: DISCLOSURE OF CUSTOMER INFORMATION. Swiss Capital will not share or sell information regarding its customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of Swiss Capital's business conducted on behalf of customers, including, but not limited to, Swiss Capital's banking or credit relationships. Swiss Capital may also disclose to federal or Canton regulatory agencies and law enforcement authorities information regarding Customer and Customer's transactions in response to a request for such information and may disclose information regarding Customer and Customer's transactions in response to a court order. 21. JOINT ACCOUNTS AND/OR TRUST ACCOUNTS. If more than one natural person executes this Agreement as Customer, all such natural persons agree to be jointly and severally liable for the obligations assumed in this Agreement. If this Agreement is executed by a trust, unincorporated association, partnership, custodian or other fiduciary, each person acting on behalf of such entity hereby agrees to indemnify, defend, save and hold free and harmless Swiss Capital for any liabilities, claims, losses, damages costs and expenses, including attorneys' fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorneys' fees. 22. AMENDMENTS. Customer understands, acknowledges and agrees that Swiss Capital may amend or change this Agreement, including any Addenda hereto, at any time. Customer agrees to be bound by the terms of such amendment or change . In the event that Customer objects to any such change or amendment, Customer agrees to liquidate Customer's Open Positions and instruct Swiss Capital regarding the disposition of all assets in Customer's Account within ten (10) Business Days after notice of the amendment or change has been posted to the Website. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by Swiss Capital or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. 23. TERMINATION. This Agreement shall continue and be in effect until termination by Customer or Swiss Capital. Customer may terminate this Agreement if: (i) Customer has no open Foreign Currency positions and no liabilities held by or owed to Swiss Capital; and (ii) Customer has provided three (3) days' written notice to Swiss Capital Operations Group by e-mail to "support@sctm.com" or by mail or other delivery service to Swiss Capital & Trade management SA [INSERT ADDRESS]. as provided in Section 15 hereof; and (iii) Swiss Capital has received accepted the notice as provided in Section 15 hereof. Swiss Capital may, in its sole discretion, terminate this Agreement at any time, effective as of the close of business on the day notice is sent to Customer. Termination by either party shall not affect any Contracts or other transactions previously entered into and shall not relieve either party of any obligations set out in this Agreement, nor shall it relieve Customer of any obligations arising out of any deficit balance. Swiss Capital is entitled to deduct all amounts due to it before transferring any credit balance to the Customer and is entitled to postpone such transferring until any and all contracts between Swiss Capital and the Customer are closed. Furthermore, Swiss Capital is entitled to require advance payment of any charges incurred in transferring the Customer’s investments. The termination of the Agreement automatically and immediately terminates the Customer’s right to use any and all of Swiss Capital software and systems it has made available to the Customer during the Agreement, in particular the Trading System. 24. ENTIRE AGREEMENT. This Agreement, including any Addenda hereto, and together with the Customer Account Application and all applicable Addenda thereto, embodies the entire agreement of the parties, superseding any and all prior written and oral agreements. 25. RECORDINGS. Customer acknowledges and agrees that any and all conversations between Customer and Swiss Capital principals, agents, employees or associates, including the Swiss Capital Trading Desk and customer service and operations desks may, at the option and in the sole discretion of Swiss Capital, be recorded electronically with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or Swiss Capital. 8 26. BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all Accounts of Customer at any time opened or reopened with Swiss Capital, irrespective of any change or changes at any time in the personnel of Swiss Capital or its successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of Swiss Capital and its successors and assigns, whether by merger, consolidation, or otherwise and shall be binding upon Customer and/or the personal representatives, heirs, executor, administrator, trustee, legatees, legal representative, successors and assigns of Customer. 27. HEADINGS. The paragraph headings in this Agreement are inserted for convenience of reference only and do not limit the applicability or affect the meaning of any of its provisions. 28. LAW AND JURISDICTION; SEVERABILITY. This Agreement is governed by, and shall be construed in accordance with Swiss law as the sole and exclusive governing law, without regard to any conflict of laws provision. With respect to any suit, action or proceeding ("Proceeding") relating to this Agreement, Customer irrevocably (i) submits to the exclusive jurisdiction of the ordinary courts of Geneva, Switzerland; (ii) waives any objection which it may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding have been brought in an inconvenient forum; and (iii) further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party. Alternatively, at the option of Swiss Capital and in its sole discretion, any Proceeding hereunder may be submitted for arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force on the date when the Notice of Arbitration is submitted in accordance with these Rules. The number of arbitrators shall be one. The arbitration is to take place in Geneva in the English language unless otherwise agreed by the parties. Voiding of any clause of this Agreement by a court of competent jurisdiction shall not void the entire agreement and shall apply only to the specific clause. 29. ACCEPTANCE. This Agreement shall not be deemed to be accepted by Swiss Capital or become a binding contract between Customer and Swiss Capital until the signed Customer Account Application, including all addenda thereto, has been approved by Swiss Capital and signed by its authorized representative. 30. COUNTERPARTS. This agreement may be executed in any number of counterparts and each such executed counterpart shall be deemed an original, and all of such counterparts shall constitute the same agreement. 31. PRIVACY POLICIES. Swiss Capital. I("Swiss Capital") collects nonpublic information about you from the following sources: - Information we receive from you on applications or other forms; and - Information about your transactions with us or others. We do not disclose any non-public personal information about you to anyone, except as permitted by law. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice. Swiss Capital restricts access to your personal and account information to those employees who need to know that information to provide products or services to you. Swiss Capital maintains physical, electronic, and procedural safeguards to guard your nonpublic personal information. RISK DISCLOSURE STATEMENT Please read carefully and sign where indicated on page 13. In consideration of Swiss Capital. ("Swiss Capital") agreeing to e