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THIS AGREEMENT is made this

between International Business Services (IBS) (hereinafter “ICF”, International Clearing Firm) and

hereinafter known as “CLIENT”.

1. APPOINTMENT OF BROKER This Agreement constitutes the entire Agreement and understanding of the parties with respect to its subject matter and supersedes any and all prior oral communications and writings with respect thereto. CLIENT hereby appoints Plain Trading S.A as Introducing Broker, “IB” as CLIENT’S broker for CLIENT’S purchases and sales of Precious Metals, Foreign Currency and Energy options (hereinafter ‘’option” ) by and through an International Business Services IBS (hereinafter “ICF”), a firm organized under the laws of a country outside the United States, which is engaged in the business of options transactions. IB will introduce CLIENT’S account for the purchase and sale of options on a fully disclosed basis to the ICF pursuant to the terms and conditions which follow. CLIENT agrees to execute appropriate documents or account forms which the ICF might require for CLIENT to establish an account through them. CLIENT shall deliver all notices and any other communications to the offices of IB and/or ICF. All communications from IB and/or ICF to the CLIENT may be sent to CLIENT at the address indicated on the Customer Application or to such other address as CLIENT hereafter directs in writing.

2. DESCRIPTION OF PRODUCTS An option gives the Customer the right, but not the obligation, to sell (a “put”) or to buy (a “call”) a specified quantity of a particular product on or before a certain date (“expiration date”) for a particular price (“strike price”). The CLIENT purchases the option for a specified sum of money, which the ICF determines based upon prevailing rates in the international market or its own market which is known as the premium (in addition to fees, commissions, and other charges to be described hereinafter in the “OPTIONS FEE DISCLOSURE”). The premium is considered fully earned by the ICF at the time of payment and is therefore non-refundable. CLIENT may thereafter sell the option back to the ICF at any time prior to the expiration date for the price the ICF is then quoting, based upon prevailing rates. If on the date of expiration, the prevailing market price of the particular option does not exceed the strike price of the call option (or in the case of a put option, be less than the strike price), CLIENT will lose the entire premium, in addition to all fees and commissions. However, CLIENT will not be liable for any further fees, charges or commissions. The ICF will provide written specifications for options including the product, the amount of the option product, and the option expiration dates.

3. PROHIBITION OF DISCRETIONARY ORDERS The CLIENT is responsible for transmitting any and all orders for the purchase; sale or exercise of CLIENT’S options either orally or in writing to IB and/or ICF. Under no circumstances will IB and/or ICF or any of its officers, managers, agents, employees, or representatives exercise any form of discretion or control over CLIENT’S account, nor will IB and/or ICF accept any order for CLIENT’S account, other than by an authorized signatory whose name appears hereupon. CLIENT acknowledges that the trading in CLIENT’S account will be at the discretion and instruction of CLIENT ONLY. CLIENT further acknowledges CLIENT’S responsibility to monitor and control the trading in CLIENT’S account. CLIENT agrees and acknowledges that in entering into options transactions, CLIENT will rely solely on his/her own judgment. IB and/or ICF, their officers, agents, employees, or representatives, shall not have any responsibility with respect to any advice or views given to the CLIENT by IB and/or ICF in relation to options trading. IB and/or ICF shall not have any responsibility with respect to advice or views not given to the CLIENT regarding options trading. CLIENT acknowledges that market information and/or advice provided by IB and/or ICF may be based upon information which is incomplete and unverified and that IB and/or ICF makes no representation, warranty, or guarantee as to the accuracy of any such information. Further, CLIENT acknowledges that any market information or advice furnished to CLIENT by IB and/or ICF may not necessarily result in trading profits to CLIENT’S account even if followed.

4. PERMISSION TO TAPE-RECORD CLIENT hereby grants IB permission to tape record CLIENT’S placement of orders and such other of CLIENT’S telephone conversations as IB in its discretion determines to tape record; provided, however, that nothing herein shall require IB to make or to maintain any tape recordings of CLIENT’S orders or other telephone conversations.

5. FRACTIONAL PURCHASE OF PRECIOUS METALS OPTIONS PROHIBITED IB will not accept orders for and the ICF will not sell any fractional or partial interest in any option. However, IB will accept joint accounts established and indicated as such on the Account Agreement at the time of the opening of the account.

6. CONFIRMATION AND MONTHLY STATEMENTS When an option has been purchased or sold, ICF shall promptly confirm the terms of the transaction by completing and issuing to CLIENT a confirmation of the trade within twenty-four (24) hours of execution of the order, with a copy to IB. Unless the CLIENT notifies IB and/or ICF of any error or emission in such confirmation within two (2) business days of receipt of any such confirmation, the CLIENT shall be deemed to have ratified and accepted the contents of such document and shall not thereafter be entitled to dispute the contents of any such document and, in the absence of any manifest error, such document shall be conclusive evidence of the matters stated therein. Each option transaction will be governed by the conditions set forth in this Agreement and in the relevant confirmation. Each confirmation constitutes a supplement to and forms part of this Agreement. The ICF will provide a monthly statement of account to CLIENT with a copy to IB. All communications sent to client by IB and/or ICF to CLIENT’S address, whether by mail, telephone, email, telegraph, messenger or otherwise, shall be deemed given to CLIENT personally whether or not actually received by CLIENT, and CLIENT hereby waives all claims resulting from failure to receive such communications. Such communication shall be deemed delivered (a) in the case of messenger, telegraph, overnight delivery service, email, or facsimile, when delivered to CLIENT’S address, email address, or facsimile number given to ICF; (b) in the case of telephone, when the communication occurs; or (c) in the case of mail, three (3) days after posting.

7. DEPOSITS Prior to the purchase of any option, CLIENT shall pay to ICF in cleared funds sufficient amounts to cover the total costs of the transactions. Said funds will be held by ICF in a customer segregated account. CLIENT authorizes ICF to pay from said account all sums due and owing the IB and ICF including, but not limited to, option premiums, clearing fees, and commissions. Without limiting the CLIENT’S obligation to pay deposits, IB shall have no obligation to ensure deposit requirements have been satisfied by the CLIENT before placing an order with the ICF on CLIENT’S behalf and the CLIENT’S obligations with respect to an options contract will not be diminished by any failure by IB or ICF to require payments of outstanding deposits prior to entering the trade for the options contract. CLIENT acknowledges that ICF may deposit any CLIENT funds, together with funds from other clients, in banks or other financial institutions into accounts in the name of ICF or its affiliates and that such funds may earn interest. ICF shall not be liable to pay interest to the CLIENT with respect to any funds held by it on behalf of the CLIENT, irrespective of whether interest is earned.

8. RESERVATION OF RIGHT OF ACTION BY IB AND/OR ICF IN THE EVENT OF A DISPUTE OR DEFAULT; APPLICABLE LAW, JURISDICTION AND VENUE If at any time, a dispute arises between IB and/or ICF and the CLIENT relating to the existence or terms of any contract, or if CLIENT fails to make any required payment hereunder, dies, or becomes the subject of a bankruptcy or receivership, IB and/or ICF may, at any time, and in its absolute discretion without prior notice to, or any further authority from the CLIENT, take whatever action that it considers appropriate for the CLIENT’S account in relationship to the disputed contract. IB and/or ICF will notify the client, orally or in writing, as soon as is practical thereafter, of any action it has taken. However any failure by IB and/or ICF to give such notice will not prejudice the validity of such action. The liability of the party found to be at fault with respect to any disputed contract shall not exceed the amount of loss suffered by the other party. The reasonable costs and expenses of collection of such indebtedness and obligation, including reasonable attorneys’ fees incurred by IB and/or ICF in connection with any such dispute, shall be payable to IB and/or ICF. Interest at the rate of two percent (2%) above the then prevailing prime rate at Lloyds Bank, PLC, or such other bank or financial institution designated by IB and/or ICF shall also be due. This Agreement, and the interpretation, operation and construction thereof, shall be governed by the laws of the applicable country in which the ICF is incorporated. CLIENT IRREVOCABLY AGREES ANY JURISDICTION CHOSEN BY THE ICF SHALL HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES WHICH MAY ARISE OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THAT ANY PROCEEDING (COLLECTIVELY “PROCEEDINGS”) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL BE BROUGHT ONLY BEFORE SAID COURTS. CLIENT irrevocably waives any objection which it may have now or hereafter to the commencement or the venue of any proceedings in any forum referred to herein and any claim that any such proceeding has been brought in an inconvenient forum. CLIENT further agrees, irrevocably, that a judgment in any proceeding brought in any such forum shall be conclusive and binding upon it. If CLIENT commences any proceeding against IB and/or ICF, IB and/or ICF may, at any time prior to the conclusion of the proceeding, make an offer of settlement in writing to CLIENT. If CLIENT rejects such offer, and the amount awarded to CLIENT is equal to or less than the amount offered by IB and/or ICF, CLIENT shall be liable to IB and/or ICF for any legal fees and expenses incurred by IB and/or ICF after such offer is made. Further, if no such offer is made and CLIENT receives no award, CLIENT shall be liable to IB and/or ICF for the entire amount of legal fees and expenses incurred in defending against the proceeding brought by CLIENT.

9. CUSTOMER ACKNOWLEDGMENT OF RISK OF LOSS All transactions effected for CLIENT’S account, benefit and risk and all fluctuations in the market prices of the contracts purchased by CLIENT are at CLIENT’S risk and CLIENT shall be solely liable for any losses under all circumstances. CUSTOMER REPRESENTS AND WARRANTS THAT CLIENT IS WILLING AND FINANCIALLY ABLE TO SUSTAIN SUCH LOSSES, AND THAT THE TRADING OF OPTIONS IS A SUITABLE INVESTMENT VEHICLE FOR CLIENT. CLIENT FURTHER REPRESENTS AND WARRANTS THAT CLIENT HAS UNDERSTOOD THE RISK DISCLOSURE STATEMENT AND THAT CLIENT FULLY UNDERSTANDS THE NATURE AND EXTENT OF THE RISKS DESCRIBED THEREIN. CLIENT HEREBY ACKNOWLEDGES THAT CLIENT HAS NOT RECEIVED OR RELIED UPON ANY STATEMENT, EITHER WRITTEN OR ORAL, TENDING TO MINIMIZE THE RISKS INHERENT IN TRADING OPTIONS OR OTHERWISE GUARANTEEING OR ASSURING THAT SUCH TRANSACTIONS WILL BE PROFITABLE IN DECIDING TO OPEN AN ACCOUNT WITH ICF AND TO ENGAGE IN OPTION TRANSACTIONS.

10. OTHER CLIENT ACKNOWLEDGMENTS CLIENT agrees and acknowledges that in entering into option contracts, CLIENT will rely solely on his/her own judgment. IB and/or ICF not responsible for the obligations of the persons or entities with whom CLIENT’S transactions are effected, nor is IB and/or ICF responsible for delays in the communication facilities or other causes beyond IB’S and/or ICF’S reasonable control or anticipation. CLIENT represents that the information on the Customer Application is true and complete and that the representations in this Agreement and any applicable ancillary documents are accurate and that IB and/or ICF and their agents and assigns are entitled to rely on such information and representations for all purposes, unless IB and/or ICF receives notice in writing of any change. CLIENT shall notify IB and/or ICF of any material change in such Customer Application or other documents. If any provision of this Agreement shall be held invalid or unenforceable, the remainder of the Agreement shall nevertheless remain in full force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, that provision shall nevertheless remain in full force and effect in all other circumstances.

11. AMENDMENTS TO AGREEMENT The parties may make changes or amendments to this Agreement only by written documents, which must be agreed to and signed by both parties.

12. SUCCESSION AND ASSIGNMENT This Agreement shall inure to the benefit of and be binding on both IB and ICF and IB’S and ICF’s respective successors and assigns, provided that CLIENT may not assign any of his/her rights and obligations under this Agreement without ICF’s prior written consent.

13. NOTICES AND PAYMENTS Except as otherwise set out in this Agreement, any notice, demand or other communication to be given shall be in writing and delivered to the address indicated in the Account information by CLIENT and the ICF. CLIENT shall make all payments to ICF. CLIENT shall deliver all notices and any other communications to the offices of the ICF at the address indicated on the front of this document, or such other address as ICF informs the CLIENT from time to time. All communications from IB and/or ICF to the CLIENT may be sent to CLIENT at the address indicated on the Customer Application or to such other address as CLIENT hereafter directs in writing.

14. GENERAL This Agreement constitutes the entire Agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior written communication. Where more than one person is named as the CLIENT, the obligations of the CLIENT under this Agreement shall bind each of them, jointly and severally. The CLIENT represents and warrants that all sums by way of deposit are and shall remain unencumbered property of the CLIENT.

15. DISCLAIMER-Panamanian internal regulations prohibit residents of the country of Panama to apply or be allowed to open an Options Account. THE UNDERSIGNED ACKNOWLEDGES READING AND UNDERSTANDING THE FOREGOING AND AGREES TO ACCEPT THE FOREGOING RISKS INHERENT IN TRADING OPTIONS.

16. OPTIONS FEE DISCLOSURE

The following charges and expenses will be charged to CLIENT’S account in connection with the purchase and sale of all option contracts:

1. A commission of $75.00 per Option Contract.

2. A clearing fee of $25.00 per Option Contract.

ALL COMMISSIONS AND FEES are charged only at the time of the initiation of the contract. CLIENT ACKNOWLEDGES AND AGREES TO THESE COSTS AND CHARGES. Any dispute or questions regarding these costs and charges must be brought to the attention of IB and/or ICF in writing within two (2) business days of delivery to CLIENT of any statement including or referring to any such costs and charges. CLIENT’S failure to so notify IB and/or ICF shall be deemed conclusive ratification of such charges and costs.

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