MACQUARIE FUTURES · PDF fileINTRODUCING BROKER AGREEMENT This Introducing Broker Agreement...

MA

CQ

UA

RIE

FUTU

RE

S U

SA

LLC

DO

ME

STIC

INTR

OD

UC

ING

BR

OK

ER

AG

RE

EM

EN

T

INTRODUCING BROKER AGREEMENT

This Introducing Broker Agreement (“Agreement”) is entered into this ____ day of ___________ 2010 by and between Macquarie Futures USA LLC, a company organized under the laws of Delaware (“MFUSA”) and _________________________________, a __________________________ (type of company) organized under the laws of _____________________________ (“Introducing Broker”).

RECITALS

A. MFUSA is registered with the Commodity Futures Trading Commission (“CFTC”) as a futures commission merchant pursuant to the provisions of the Commodity Exchange Act (“CEA”) and is engaged in the business of executing and clearing transactions in commodities (as such term is defined in the CEA), contracts for the future delivery of commodities, and options on futures (collectively referred to as “Futures Contracts”);

B. MFUSA and Introducing Broker desire to enter into an agreement under which Introducing Broker will introduce customers (each, a “Customer” and collectively, the “Customers”) to MFUSA for the purpose of obtaining from MFUSA clearing and other services relating to transactions in Futures Contracts for the accounts of such Customers (“Accounts”) subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements set forth below, the parties agree as follows:

1. Services Provided by MFUSA with Respect to Accounts

(a) MFUSA will maintain the Accounts in accordance with Applicable Law. As used herein, “Applicable Law” means all statutes, rules and regulations of applicable governmental authorities and self-regulatory organizations, including the constitution, by-laws and rules of any applicable foreign or domestic exchange or clearing organization, and relevant trade customs and usages, as in effect from time to time and applicable to an Account, either of the parties hereto, and the transactions entered into hereunder. MFUSA reserves the right to refuse to carry or to close an Account for any reason or no reason.

(b) MFUSA will receive and execute orders for any Account in accordance with instructions transmitted directly by the applicable Customer, or by the Introducing Broker if agreed by MFUSA where Introducing Broker has appropriate authorization from the Customer.

(c) MFUSA will settle and clear Futures Contracts in the Accounts.

(d) MFUSA will prepare and transmit to Customers reports of execution, margin calls, monthly statements, and such other documents as may be required by Applicable Law.

(e) MFUSA will hold cash, securities, and other property received from or on behalf of Customers in segregation in accordance with Applicable Law. MFUSA will not be obligated to pay interest on any cash held in segregation for customers. Nothing in the preceding sentence will prevent MFUSA from paying interest with respect to certain Customer deposits at the rate agreed to by MFUSA and a Customer.

(f) MFUSA will perform all cashiering functions for the Accounts including, without limitation, making and receiving payments for transactions in Futures Contracts, and transmission of margin calls directly to Customers.

(g) MFUSA will maintain all original Account-related documents and agreements, and MFUSA will not be obligated to provide copies of such documents to Introducing Broker.

2. Services Not Performed by MFUSA with Respect to Accounts

(a) MFUSA will not perform any of the following services or functions, and will have no liability to either the Introducing Broker or third parties with respect to these services or functions:

(i) Preparation of Introducing Broker’s general accounting and payroll

records, financial statements, or regulatory reports. (ii) Payment of sums due and owing by Introducing Broker to any Customer,

regardless of whether such sums arise from or are attributable to any (A) financial transactions between Introducing Broker and such Customer; (B) funds borrowed by Introducing Broker from such Customer; and (C) judgment rendered against Introducing Broker by a court of competent jurisdiction or applicable regulatory authority (including, but not limited to, the CFTC) or market governing organization (including, but not limited to, the futures and options exchanges), an arbitration decision rendered against Introducing Broker or a settlement of any lawsuit or other dispute.

(iii) Payment of Introducing Broker’s general business expenses, except as

incurred on MFUSA’s behalf under this Agreement. (iv) Payment of commissions to Introducing Broker’s associated persons. (v) Verification of information and instructions provided to MFUSA by

Introducing Broker or by Customers. Introducing Broker acknowledges that MFUSA will be entitled to rely upon any such information or instructions which MFUSA, in its sole discretion, believes to be correct and bona fide.

(vi) Compliance supervision of Introducing Broker or of Introducing

Broker’s associated persons (e.g., salespersons and supervisory personnel) and employees or agents.

(b) MFUSA will not be required to make any investigation into the facts surrounding

any transactions that it may receive from a Customer or regarding any transactions between Introducing Broker and any Customer or other persons, nor will MFUSA be responsible for compliance by Introducing Broker with any laws, rules or regulations which may be applicable to Introducing Broker.

(c) MFUSA will not be responsible for Introducing Broker’s compliance with anti-money laundering obligations pursuant to any Applicable Law.

3. Obligations of Introducing Broker with Respect to Accounts

(a) Introducing Broker will not make any representations to Customers regarding MFUSA that are inconsistent with or in addition to the terms and conditions contained in this Agreement or in any other documents (i) supplied by MFUSA to Introducing Broker or Customer or (ii) approved by MFUSA for use in connection with the services provided hereunder.

2

Introducing Broker will not issue any advertisement, market letter or sales literature naming or referring to MFUSA or any of its affiliates without the prior written consent of MFUSA.

(b) Introducing Broker will make no report or statement (whether orally or in writing) to any Customer with respect to any transaction, position or other matter relating to a Customer’s Account that is not in conformity with statements, reports and information furnished by MFUSA pursuant to this Agreement.

(c) Subject to Section 1(g) above, Introducing Broker will keep and maintain such records and will file such reports and notices as are required by Applicable Law.

(d) Introducing Broker will notify MFUSA in writing, immediately upon receipt or obtaining knowledge of any Customer complaint or any investigation, inquiry or pending or threatened action by a regulatory or self-regulatory organization to a Customer or an Account. MFUSA at its discretion will have the exclusive right to respond, adjust, settle or reconcile any Customer complaint, and any such remedial action taken by MFUSA will be binding upon Introducing Broker. MFUSA will make all reasonable efforts to advise and consult with Introducing Broker concerning any actions taken by MFUSA pursuant to this paragraph (d).

(e) Introducing Broker will maintain or cause to be maintained in full force and effect any registration required of it and its employees under Applicable Law. Introducing Broker will diligently supervise the activities of its employees.

(f) Introducing Broker will not guarantee any Customer against loss or a margin call in an Account or in respect of any transaction effected with or for such Customer.

(g) Introducing Broker will not hold itself out as the agent of MFUSA, or as being associated with MFUSA in any manner other than in the relationship established pursuant to this Agreement.

(h) Introducing Broker will, upon request, provide MFUSA with any information in Introducing Broker’s possession with respect to any Customer.

4. No Joint Venture, Partnership or Agency Relationship

Introducing Broker acknowledges and agrees that nothing in this agreement will be construed to create a joint venture, partnership or agency relationship between MFUSA and Introducing Broker. Introducing Broker will be responsible and liable for all normal and usual business expenses incurred on its own behalf.

5. Services Not Performed by Introducing Broker with Respect to Accounts

(a) Introducing Broker agrees that it will not accept or hold in its name any money, securities or property (or extend credit in lieu thereof) to margin, guarantee or secure any trades, contracts or positions effected or carried in any Account.

(b) Introducing Broker will not be responsible for handling and resolving Customer inquiries and complaints relating to the Accounts and will immediately refer any such inquires or complaints to MFUSA.

3

6. Disclosure to Customers

MFUSA will inform Customers of the nature of the relationship between MFUSA and Introducing Broker in accordance with Applicable Law (including, but not limited to, 17 CFR §§1.33(f) and 1.46(a)(4)).

7. Confidentiality

Each party will exercise reasonable care to prevent access to information regarding any other party, any of their respective directors, officers or employees, or Customers by unauthorized persons and will keep confidential any information it has concerning the foregoing or the business of the parties or any Customer. Notwithstanding the foregoing, each party will be held harmless for complying with any request for such information or documents by the CFTC, National Futures Association (“NFA”), any contract market or other regulatory or self-regulatory organization or pursuant to any court order or other legal process that such party, in its sole discretion, believes to be valid and effective. The party disclosing such information will give the party subject to such disclosure prompt notice of the receipt of any such request for information, court order or other legal process.

8. Indemnification

(a) Introducing Broker will fully indemnify, protect and hold harmless MFUSA, its directors, officers and employees from and against any and all manner of claims, demands, proceedings, suits or actions (whether in law or in equity) and liabilities, losses, expenses and costs (including reasonable accountants’ and attorneys’ fees) (collectively, “Loss”) relating to or arising out of:

(i) Introducing Broker’s failure to perform its obligations under any agreement with MFUSA;

(ii) Any dishonest, fraudulent, negligent or criminal act or omission on the part of any of Introducing Broker, or any person acting on its behalf, with respect to the Accounts;

(iii) Introducing Broker’s breach of any warranty made by him under any agreement with MFUSA; or

(iv) The institution of any investigation, claim, suit, action or other proceeding against MFUSA relating to or arising out of this Agreement by a Customer, any governmental authority or regulatory or self-regulatory organization;

(v) A Customer fails to satisfy any margin requirement or to pay any amount due to MFUSA;

provided, however, that MFUSA will not be entitled to indemnity in any matter described in paragraphs (i)-(v) above if the Losses for which MFUSA seeks indemnification are found to have been caused by MFUSA’s willful misconduct or gross negligence in the performance of its services under this Agreement.

(b) Upon notice from MFUSA, Introducing Broker will promptly pay to MFUSA any amount owed to MFUSA under this Section 8. Introducing Broker further agrees that, if any person or entity has instituted a claim, suit, action, arbitration or other proceeding, or threatened

4

to do so, against MFUSA which reasonably could expose MFUSA to Loss and that is related to an obligation of Introducing Broker under this Agreement, MFUSA may withhold an amount equal to the amount of any such claim from sums owed to Introducing Broker by MFUSA or from any other funds, securities or other property owned by Introducing Broker and on deposit with MFUSA for any purpose (including, without limitation, funds, securities or other property in any account of Introducing Broker) until such claim, suit, action, arbitration or other proceeding has been fully resolved to the satisfaction of MFUSA.

9. Compensation

(a) MFUSA will compensate Introducing Broker solely with respect to Customers that are introduced to MFUSA by Introducing Broker. Introducing Broker agrees that it will not share those commissions with any third party or reimburse any third party for services provided in respect of the Accounts or any Customer.

(b) MFUSA will pay to Introducing Broker commissions for Futures Contracts cleared in Customer Accounts, as agreed from time to time by MFUSA. MFUSA will pay such commissions to Introducing Broker monthly on or about the 10th of each month, after deducting any amounts payable to MFUSA under this Agreement.

10. Introducing Broker Customers

In the event this Agreement is terminated for any reason (other than a termination by MFUSA pursuant to Section 13 (b)), the parties agree that, for a period of six (6) months following such termination, MFUSA, its agents, employees, officers, directors, or representatives may not (i) in any way prohibit, delay or interfere with the transfer at the request of the Customer of any Customer Account introduced to MFUSA by Introducing Broker to a futures commission merchant or clearing firm other than MFUSA; or (ii) induce any of the Customer Accounts introduced to MFUSA by Introducing Broker to continue such Account’s relationship with MFUSA (it being understood that the provision of services by MFUSA in the ordinary course of business will not in itself constitute inducement except when offered by MFUSA in response to a Customer’s decision to transfer all or part of its Account to another futures commission merchant or clearing broker with which Introducing Broker has established an introducing broker or other customer referral relationship).

11. Representations, Warranties, and Covenants of Introducing Broker and MFUSA

(a) Introducing Broker represents, warrants and covenants as follows:

(i) Introducing Broker is, and during the term of this Agreement will remain, in compliance with Applicable Law, including all applicable requirements of the CFTC and each contract market or other self-regulatory organization of which it is a member.

(ii) Introducing Broker has all requisite authority, whether arising under applicable federal or state laws and rules and regulations or the rules and regulations of any contract market or other self-regulatory organization to which Introducing Broker is subject, to enter into this Agreement. Other than its registration as an introducing broker and its membership in NFA, Introducing Broker is not required to provide notice to, file with, obtain the authorization of or any exemption or consent from any governmental

5

authority, regulatory or self-regulatory organization to perform his obligations under this Agreement.

(iii) Introducing Broker is not, and during the term of this Agreement, will not with respect to any customer be, a fiduciary as such term is defined in the Employee Retirement Income Security Act of 1974, as amended, and regulations promulgated thereunder.

(iv) Introducing Broker has policies and procedures in place to comply with its anti-money laundering obligations under Applicable Law.

(v) In the event that Introducing Broker, subject to agreement by MFUSA, transmits any order or instructions to MFUSA on behalf of a Customer, Introducing Broker has been duly and properly authorized by the Customer to transmit, and is responsible for the accurate transmission of, such order or instruction.

(b) MFUSA represents, warrants and covenants as follows:

(i) MFUSA is, and during the term of this Agreement will remain, a member in good standing of the contract markets of which it is presently a member and the NFA.

(ii) MFUSA is, and during the term of this Agreement will remain, duly registered as a futures commission merchant with the CFTC and a member in good standing of the NFA. Other than its registration as a futures commission merchant and its membership in NFA, MFUSA is not required to provide notice to, file with, obtain the authorization of or any exemption or consent from any governmental authority, regulatory or self-regulatory organization to perform his obligations under this Agreement.

(iii) MFUSA is, and during the term of this Agreement will remain, in compliance with all the applicable requirements of the CFTC, NFA, and each contract market or other self-regulatory organization of which it is a member.

(iv) MFUSA has all requisite authority, whether arising under applicable federal or state laws or under the rules and regulations of any contract market or other self-regulatory organizations to which MFUSA is subject, to enter into this Agreement.

6

12. Non-Exclusivity

During the term of this Agreement, MFUSA or Introducing Broker may, or may cause any entity controlled directly or indirectly by either of them, to enter into agreements with other persons for services that are the same as or similar to the services provided by MFUSA or Introducing Broker under this Agreement.

13. Termination

(a) Unless otherwise mutually agreed by the parties, this Agreement may be terminated by either party upon not less than thirty (30) days written notice.

(b) Notwithstanding paragraph (a) above, this Agreement may be terminated immediately by any party if any of the representations or warranties or covenants of the other party cease to be true or if any material duties, responsibilities or obligations are not duly and substantially performed by the other party during the term of this Agreement. Should any party choose not to exercise its right to terminate this Agreement when such right is first available, such action will not be deemed a waiver of such right, and its legal or equitable remedies for any breach of the Agreement will remain in full force and effect.

(c) The indemnification and payment obligations of the parties will survive termination of this Agreement.

14. Notices

For the purpose of delivery of any notice hereunder, the current address of MFUSA and Introducing Broker, are set forth below. Either party may change its address for notice purpose by giving written notice of the new address to the other party.

To MFUSA: Macquarie Futures USA LLC125 West 55th Street, 22nd Floor New York NY 10019 Attention: Legal Services, Treasury & Commodities Group Telephone: 212 231 1000 Facsimile: 212 231 2177 with a copy to: Macquarie Bank Limited 1 Martin Place Sydney NSW 2000 Australia Attention: Legal Risk Management, Treasury & Commodities Group Telephone: (+612) 8232 3333 Facsimile: (+612) 8232 4540

7

To Introducing Broker: Name of IB: _______________________________________ Attention: _______________________________________ Address Line 1: _______________________________________ Address Line 2: _______________________________________ City/State/ZIP: _______________________________________ Country: _______________________________________ Telephone: _______________________________________ Facsimile: _______________________________________

Notice will be given in writing and sent by registered or certified mail, personal delivery or facsimile, and will be deemed sent when actually received.

15. Miscellaneous

(a) The internal laws of the State of New York will govern this Agreement. Any dispute between the parties arising under this Agreement or any claim for enforcement of any rights under this Agreement will be bought only in the United States District Court of the Southern District of New York or in a state court of competent jurisdiction located in New York County, New York. For purpose of any action or proceeding involving any matter arising out of or relating to this Agreement, the parties expressly consent and submit to the jurisdiction of any federal and state courts located in New York County, New York and consent that any process or notice of motion or any other application to such courts may be served within or without such court’s jurisdiction by registered or certified mail or by personal service. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Agreement.

(b) This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective permitted successors, assigns and transferees. No assignment or amendment will be valid unless the other party consents to such assignment or amendment in writing.

(c) This Agreement contains the entire agreement and understanding to the parties and supersedes all prior arrangements, agreements and communications, whether oral or written. Captions appearing in this agreement are for convenience only and will not be deemed to explain, limit or amplify the provisions hereof. The invalidity or unenforceability of any particular provision of this Agreement will be constructed in all respects as if the invalid or unenforceable provision had been omitted.

(d) This Agreement is being entered into solely for the benefit of the parties to the Agreement, and their permitted successors, assigns and transferees. It may not be relied upon by any other person as the basis for any claim or dispute against one or both parties to this Agreement with respect to such other person.

8

IN WITNESS WHEREOF, the parties have each caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

MACQUARIE FUTURES USA LLC By: Its:

INTRODUCING BROKER

By: Its:

9

MA

CQ

UA

RIE

FUTU

RE

S U

SA

LLC

CO

RP

OR

ATE

/ EN

TITY A

CC

OU

NT D

OC

UM

EN

TATIO

N

MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 2

TABLE OF CONTENTS

TABLE OF CONTENTS .......................................................................................................................................................................2 CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c) & NON-CASH MARGIN DISCLOSURE – CFTC 190.10 (C).......................................................................................................................................................3 IMPORTANT INFORMATION..............................................................................................................................................................6 NEW ACCOUNT INFORMATION – PART I.........................................................................................................................................7 PART II - PRINCIPALS / BENEFICIAL OWNERS.............................................................................................................................11 PART II - PRINCIPALS / BENEFICIAL OWNERS.............................................................................................................................12 FORM OF CORPORATE AUTHORIZATION CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT ............................13 FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT ............................14 FORM OF PARTNERSHIP AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT...................................................................................15 CUSTOMER AGREEMENT...............................................................................................................................................................16 ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT............................................................20 HEDGE ACCOUNT AGREEMENT ....................................................................................................................................................21 ELECTRONIC STATEMENT DISCLOSURE......................................................................................................................................22 TRADING AUTHORIZATION.............................................................................................................................................................23 ADVISOR AGREEMENT ...................................................................................................................................................................24 NON-SOLICITATION AGREEMENT .................................................................................................................................................25 INTRODUCING BROKER .................................................................................................................................................................25 FUTURES CROSS TRADE CONSENT..............................................................................................................................................26 TRANSFER OF FUNDS.....................................................................................................................................................................26 ARBITRATION AGREEMENT ...........................................................................................................................................................27 ACCOUNT TRANSFER FORM..........................................................................................................................................................28 TAX FORMS ................................................................................................................................................................................29-35 TRUST INFORMATION AND TRUSTEE CERTIFICATION ...............................................................................................................36 MFUSA BANKING INFORMATION...................................................................................................................................................37


CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC RULE 1.55 (C) & NON-CASH MARGIN DISCLOSURE – CFTC 190.10 (C)

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

FUTURES

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared.’ A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

2. RISK-REDUCING ORDERS OR STRATEGIES

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.

OPTIONS

3. VARIABLE DEGREE OF RISK

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.


ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

4. TERMS AND CONDITIONS OF CONTRACTS

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.

6. DEPOSITED CASH AND PROPERTY

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

7. COMMISSION AND OTHER CHARGES

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

8. TRANSACTIONS IN OTHER JURISDICTIONS

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

9. CURRENCY RISKS

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

10. TRADING FACILITIES

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.

11. ELECTRONIC TRADING

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.


12. OFF-EXCHANGE TRANSACTIONS

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

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

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL CONDITION.

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY, INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS.

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION.

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND AT 17 CODE OF FEDERAL REGULATIONS PART

This Risk Disclosure Statement was adopted by the Commodity Futures Trading Commission, an Agency of the Federal Government. The CFTC requires that you acknowledge your understanding of this statement before you open an account. Therefore, we urge you to read the statements carefully.

I hereby acknowledge that I have read and understand the Foregoing Risk Disclosure Statements Pursuant to CFTC Rules 1.55(c) and 190.10(c).

___________________________________________________________________ ________________________________________ Authorized Individual - Print Name Date ___________________________________________________________________ Authorized Individual - Signature ___________________________________________________________________ ________________________________________ Authorized Individual - Print Name (if two signatures required) Date ___________________________________________________________________ Authorized Individual – Signature (if two signatures required)


IMPORTANT INFORMATION

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

IN ACCORDANCE WITH GOVERNMENT REGULATIONS, FINANCIAL INSTITUTIONS ARE REQUIRED TO OBTAIN, VERIFY, AND RECORD INFORMATION THAT IDENTIFIES EACH PERSON OR ENTITY THAT OPENS AN ACCOUNT.

WHAT THIS MEANS FOR YOU:

WHEN YOU OPEN AN ACCOUNT, WE WILL ASK FOR YOUR NAME, ADDRESS, IDENTIFICATION NUMBER AND OTHER INFORMATION THAT WILL ALLOW US TO IDENTIFY THE CUSTOMER. WE MAY ALSO ASK TO SEE GOVERNMENT-ISSUED IDENTIFYING DOCUMENTS.

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

ENTITIES:

NK açÅìãÉåí~íáçå= ÉîáÇÉåÅáåÖ= íÜÉ= ÉñáëíÉåÅÉ= çÑ= íÜÉ= ÅìëíçãÉê= Éåíáíó= EáKÉK= ^êíáÅäÉë= çÑ= fåÅçêéçê~íáçåI= m~êíåÉêëÜáé=^ÖêÉÉãÉåíI=léÉê~íáåÖ=^ÖêÉÉãÉåíI=qêìëí=^ÖêÉÉãÉåíI=lÑÑÉêáåÖ=jÉãçê~åÇìãI=mêçëéÉÅíìëI=pí~íìíÉëI=ÉíÅKF=

OK açÅìãÉåí~íáçå=Éëí~ÄäáëÜáåÖ=~ìíÜçêáíó= íç=ÉåÖ~ÖÉ= áå= ÑìíìêÉë= íê~åë~Åíáçåë= EáKÉK= fåíÉêå~ä= áåîÉëíãÉåí=éçäáÅóI=mêçëéÉÅíìëI=qêìëí=^ÖêÉÉãÉåíI=_ç~êÇ=ÅÉêíáÑáÉÇ=ãáåìíÉëLêÉëçäìíáçåëI=ÉíÅKF=

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

QK dçîÉêåãÉåí=áëëìÉÇ=áÇÉåíáÑáÅ~íáçå=åìãÄÉê=

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

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

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

INDIVIDUALS:

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

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


NEW ACCOUNT INFORMATION – PART I

Type of Account: Trading Objective

Corporation Speculative

Limited Liability Company Hedging – If Hedging, please complete Hedge Agreement on page 21

General Partnership Managed - If Managed, please complete the Trading Authorization and

Limited Partnership Advisor Agreement on pages 23 and 24

Other (please explain): _________________________

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

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

Street: ______________________________________________________________________________________________________________

City, State, ZIP: ________________________________________________________________ Country:_____________________________

2. Mailing Address (if different from above)

Street: ______________________________________________________________________________________________________________

City, State, ZIP: ________________________________________________________________ Country:_____________________________

3. Primary Contact Information

Name: _______________________________________________________ Title: ________________________________________________

Business Phone: ______________________________________________ Fax Number: _________________________________________

E-Mail: ______________________________________________________________________________________________________________

4. Formation Information

Date of Formation / Incorporation: ___________________________ State / Country of Formation / Incorporation: __________________

Principle Place of Business: ____________________________________________________________________________________________

Ownership Structure: Private ________________ Public; Ticker symbol and Exchange: ____________________________________

If a subsidiary, please list ultimate parent:_________________________________________________________________________________

Parental Ownership Structure: Private ____________ Public; Ticker symbol and Exchange: ____________________________________

5. Commodity Exchange Membership:

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

NO

YES: Exchange: __________________________________ Type: ______________________________________


6. Current / Previous Clearers

Futures: ________________________________________________ Account Still Active: YES NO

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

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

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

Futures:

Futures Options:

Stocks:

8. Reporting Information

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

NO

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

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

NO

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

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

NO

YES; Please Explain ___________________________________________________________________________________________

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

NO


9. Account Owner Information

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

NO


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

NO


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

NO


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

NO



10. Bankruptcy Information

(a) Is there currently pending, or has there ever been, any litigation, disputed accounts, debit balances or other unresolved matters between commodity or securities brokers, exchanges, or federal or state regulatory bodies and the account owner?

NO


(b) Has the account owner ever been subject to bankruptcy proceedings, receivership or similar proceedings in the United States or any other country? If YES, please provide Discharge of Debtor notice.

NO


11. Statement of Financial Condition

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

BALANCE SHEET

CURRENT ASSETS: CURRENT LIABILITIES:

Liquid Cash _____________________ Accounts Payable _____________________

Marketable Securities _____________________ Short-Term Notes Payable _____________________

Accounts Receivable _____________________ Accrued Liabilities _____________________

Prepaid Expenses _____________________ Other Current Liabilities _____________________

Other Current Assets _____________________

NON-CURRENT ASSETS: NON-CURRENT LIABILITIES:

PP&E _____________________ Deferred Income Taxes _____________________

Long Term Investments _____________________ Long Term Debt _____________________

Other Non-Current Assets _____________________ Other Non-Current Liabilities _____________________

TOTAL ASSETS: _____________________ TOTAL LIABILITIES: _____________________

INCOME STATEMENT

Annual Revenue _____________________

Annual Costs & Expenses _____________________

Annual Net Income _____________________


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

Check to Mailing Address

Wire Transfer to Bank

Institution: __________________________________________________________________

Account Number: __________________________________________________________________

ABA: __________________________________________________________________

Other (please specify): __________________________________________________________________

The undersigned customer(s) represents and warrants to Macquarie Futures USA LLC that the foregoing information, including the Financial Statement, is true and correct. In the event any of the information contained in this account information form changes, the customer agrees to immediately notify Macquarie Futures USA LLC in writing. The undersigned authorizes MFUSA to make whatever credit inquiries that it deems necessary in connection with this account application, or in connection with transactions in the undersigned’s account with MFUSA.



PART II - PRINCIPALS / BENEFICIAL OWNERS

To be completed by ALL Customers: (please select the entity type for which you are opening an account and complete the following sections A and B as indicated)

Account Type *Principals/

Beneficial Owner(s)

Sections to be Completed

= *Bank Senior Officers (CEO/President, CFO/Treasurer) and owners of 25% or more of entity

A and B

= Broker/Dealers, Futures Commission Merchants, Foreign Brokers

Senior Corporate Officers (CEO/President, CFO/Treasurer), General Partners and owners of 25% or more of entity

A and B

= Limited Liability Company Manager or Managing Member(s) A

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

= Mutual Fund Officers and Trading Advisor A

= Partnership General Partner, Managing General Partner A

= Pension Plan (ERISA) N/A

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

= Private Corporation Chairman of the Board, Senior Officers (CEO/President, CFO/Treasurer), General Partners and owners of 25% of more of entity

A and B

= Public Corporation Stock Symbol: __________ Senior Officers (CEO/President, CFO/Treasurer) A

= GGlqeboW=

======================== == =

=

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

Senior Political Figure:

fë=~åó=ÄÉåÉÑáÅá~ä=çïåÉê=çê=éêáåÅáé~ä=çÑ=íÜáë=Éåíáíó=çê=íÜÉáê=áããÉÇá~íÉ=Ñ~ãáäó=ãÉãÄÉê=~=ëÉåáçê=éçäáíáÅ~ä=ÑáÖìêÉI=ÇÉÑáåÉÇ=~ë=~=ÅìêêÉåí=çê=ÑçêãÉê=ëÉåáçê=çÑÑáÅá~ä=áå=íÜÉ=ÉñÉÅìíáîÉI=äÉÖáëä~íáîÉI=~Çãáåáëíê~íáîÉI=ãáäáí~êó=çê=àìÇáÅá~ä=Äê~åÅÜÉë=çÑ=~=ÖçîÉêåãÉåí=EïÜÉíÜÉê=ÉäÉÅíÉÇ=çê=åçíFI=~=ëÉåáçê=çÑÑáÅá~ä=çÑ=~=éçäáíáÅ~ä=é~êíóI=~=ëÉåáçê=ÉñÉÅìíáîÉ=çÑ=~=ÖçîÉêåãÉåíJçïåÉÇ=ÉåíÉêéêáëÉI=Åçêéçê~íáçåI=ÄìëáåÉëë=çê=Éåíáíó=ÑçêãÉÇ=Äó=çê=Ñçê=íÜÉ=ÄÉåÉÑáí=çÑ=ëìÅÜ=áåÇáîáÇì~ä\=

=kl=

=vbpK==mäÉ~ëÉ=bñéä~áå=|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||=


PART II - PRINCIPALS / BENEFICIAL OWNERS

SECTION A: TO BE COMPLETED BY PRINCIPALS:

Principal(s) – e.g. Chairman, Senior Officers (CEO, CFO, COO, Treasurer, Secretary, General Partners, Managing Members, etc.)

PRINCIPALS:

_____________________________________________________ _________________________ __________________ Name Title Country of Domicile





=

SECTION B: TO BE COMPLETED BY BENEFICIAL OWNERS:

Beneficial Owner(s) – e.g. beneficiaries, trustees, owners of 25% or more of entity

BENEFICIAL OWNERS:







FORM OF CORPORATE AUTHORIZATION

CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT

The undersigned, being the duly constituted Secretary of __________________________________________________, a corporation duly organized and existing under the laws of _________________________________________, (the “Corporation”) does hereby certify to Macquarie Futures USA LLC (“MFUSA”) as follows:

1. That a meeting of the Board of Directors of the Corporation was held at which a quorum was present and acting throughout, the following resolutions were duly adopted and are still in full force and effect:

RESOLVED, that it is in the best interests of this Corporation to enter to a Customer Agreement with MFUSA with respect to the purchase and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;

FURTHER RESOLVED, that each of the below listed officers of the Corporation are hereby authorized and empowered to execute and deliver on behalf of this Corporation the Customer Agreement, together with any and all other agreements or documents which are required by MFUSA in connection therewith;

Name of Authorized Individual Title

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

FURTHER RESOLVED, that said officers be and each is hereby authorized and empowered to authorize persons to act on behalf of this Corporation in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Corporation pursuant to the Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or appropriate to implement these resolutions;

FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Corporation be and each hereby is authorized, empowered and directed to certify to MFUSA a true copy of these resolutions, a certificate that this Corporation is duly organized and existing, that it is empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in conflict with the Corporation’s certificate of incorporation or by-laws or of any statute, rule, regulation, judgment, order, decree agreement or undertaking to which this Corporation is subject or by which it is bound.

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

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

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to sign the Customer Agreement or to give instructions under the Customer Agreement.

IN WITNESS WHEREOF, I have executed this certificate:

______________________________________________ ______________________________________________ Secretary Name (printed) Date ______________________________________________ Secretary Signature



______________________________________________ ______________________________________________ Secretary Name (printed) Date ______________________________________________ Secretary Signature

FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT

The undersigned, being the duly constituted Secretary of __________________________________________________, a limited liability company duly organized and existing under the laws of _________________________________________, (the “Company”) does hereby certify to Macquarie Futures USA LLC (“MFUSA”) as follows:

1. That a meeting of the Board of Directors of the Company was held at which a quorum was present and acting throughout, the following resolutions were duly adopted and are still in full force and effect:

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents which are required by MFUSA in connection therewith;


______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or appropriate to implement these resolutions;

FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Company be and each hereby is authorized, empowered and directed to certify to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in conflict with the Company’s operating agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking to which this Corporation is subject or by which it is bound.

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

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




______________________________________________ ______________________________________________ General Partner Name (printed) Date ______________________________________________ General Partner Signature

FORM OF PARTNERSHIP AUTHORIZATION

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT

The undersigned, being the General Partner of __________________________________________________, a partnership duly organized and existing under the laws of _________________________________________, (the “Company”) does hereby certify to Macquarie Futures USA LLC (“MFUSA”) as follows:

1. That a meeting of the partners of the Company was held at which a quorum was present and acting throughout, the following resolutions were duly adopted and are still in full force and effect:

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents which are required by MFUSA in connection therewith;


______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

______________________________________________________ ________________________________________________________

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or appropriate to implement these resolutions;

FURTHER RESOLVED, that the General Partner of this Company be and each hereby is authorized, empowered and directed to certify to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in conflict with the Company’s partnership agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking to which this Corporation is subject or by which it is bound.

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

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



CUSTOMER AGREEMENT

In consideration of Macquarie Futures USA LLC ("MFUSA") accepting and carrying one or more accounts (collectively referred to as the “Account”) for the undersigned (“Customer”) as its broker for the execution of orders and the carrying and clearance of positions in commodities, commodity futures contracts, and options on the foregoing (each referred to individually as a "Contract" and collectively as "Contracts") on or subject to the rules of various commodity futures exchanges, markets and their associated clearing houses (each referred to as an “Exchange”), Customer is executing this Customer Agreement (this “Agreement”) with MFUSA.

1. TRADING AUTHORIZATION

MFUSA is authorized to purchase and sell Contracts for the Account at Customer’s risk and in accordance with Customer’s instructions. MFUSA is entitled to assume the genuineness of any instructions given or purportedly given by or on behalf of Customer and Customer instructs MFUSA to act upon any instructions reasonably believed by MFUSA to be genuine. MFUSA is also authorized, in its discretion, to utilize third-party clearing members, floor brokers and other agents, including without limitation affiliates of MFUSA (each of MFUSA and such affiliates referred to individually as an “MFUSA Entity” and all collectively as the “MFUSA Entities”), in connection with the execution, clearance, carrying, delivery and settlement of any such transactions. Absent a separate written agreement with Customer with respect to give-ups, MFUSA, in its sole discretion, may, but shall not be obligated to, accept from other brokers Contracts executed by such brokers to be given up to MFUSA for clearance or carrying in any account.

2. TRANSACTIONS SUBJECT TO STATUTES AND RULES

All transactions in the Account shall be subject to (a) the terms of this Agreement and any applicable ancillary agreements, disclosures or schedules to this Agreement, (b) the laws, regulations, rules and interpretations of any applicable governmental, regulatory or self-regulatory authority or Exchange, and (c) to the extent not inconsistent with (a) or (b), the custom and usage of the trade, all as in force from time to time (collectively referred to as “Applicable Law”). MFUSA shall not be liable to Customer as a result of, and Customer agrees to hold MFUSA harmless for, any action taken by MFUSA, the MFUSA Entities or their agents, or failure to so act, in each case to comply with Applicable Law. This Agreement may only be amended with the prior written consent of both parties, provided, however, that MFUSA may amend this Agreement or any ancillary agreements, disclosures or schedules by notice in writing to Customer, where MFUSA in its discretion determines that such amendment is necessary to comply with Applicable Law.

3. CUSTOMER REPRESENTATIONS AND WARRANTIES

Customer represents and warrants that:

(a) it possesses the necessary authority to enter into and comply with the terms of this Agreement and all Contracts and the person executing this Agreement on behalf of Customer is authorized to do so;

(b) no legal limitation in any way restricts or prevents Customer from entering into or complying with this Agreement or any Contract; (c) if applicable, all necessary action has been taken by Customer to enter into and comply with this Agreement and all Contracts; (d) when executed by Customer, this Agreement and all Contracts will be legal, valid and binding obligations of Customer, enforceable

against Customer in accordance with their respective terms; (e) no other person or entity has an interest in the Account; (f) since the date of Customer’s most recent audited or unaudited financial statements, there has been no material adverse change in

the business, financial condition, results, operations or prospects of Customer; (g) all financial information, investment objectives or other information provided by Customer to MFUSA is accurate in all material

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

4. MARGINS

Customer agrees at all times to deposit and maintain such margins and premium payments with MFUSA as MFUSA may from time to time request (orally or in writing). Customer shall make margin and premium deposits by wire transfer of immediately available funds or in other form acceptable to MFUSA.

5. SECURITY INTEREST

Customer grants MFUSA a general lien and a continuing first priority security interest in all funds, negotiable instruments, commodities, commodity futures contracts, securities, options or other property, including all proceeds and distributions from all of the foregoing, and any contract and other intangible rights and entitlements in all of the foregoing (all of the foregoing referred to collectively as “Property”) in the Account as security for the payment and performance of any and all obligations, liabilities or indebtedness of Customer to MFUSA


under this Agreement or under any other agreement or other instrument. MFUSA may borrow, pledge, repledge, hypothecate, rehypothecate, loan or invest any of the Property in the Account without any obligation to pay or to account for any interest, income or benefit that may be derived, except as may be required by Applicable Law or as may be separately agreed to in writing by MFUSA and Customer. All Property delivered to MFUSA shall be free and clear of any liens, security interests, claims, mortgages or encumbrances of any nature other than the security interest created in MFUSA’s favor (each referred to individually as an “Encumbrance” and all collectively as “Encumbrances”). Customer will not use or allow any Property that is held by MFUSA, whether now owned or hereafter acquired, to be or become subject to an Encumbrance. Customer shall execute such documents and take such other action as MFUSA shall reasonably request in order to perfect its rights with respect to any Property. Customer appoints MFUSA as Customer’s attorney-in-fact to act on Customer’s behalf to sign, seal, execute and deliver all documents and do all such acts as may be required to enable MFUSA to realize upon all rights in the Property. In the case of a breach by Customer under this agreement or any other agreement with MFUSA, MFUSA shall have all rights and remedies available to a secured creditor under any applicable law in addition to the rights and remedies provided herein.

6. REMEDIES

If at any time (a) the Account does not contain the margin required by MFUSA, (b) Customer terminates, dissolves, becomes bankrupt or is inaccessible, (c) a petition for insolvency, bankruptcy, assignment for the benefit of creditors or receivership is filed by or against Customer, (d) Customer defaults in its obligations to MFUSA under any agreement or instrument, or (e) MFUSA in its reasonable discretion considers it necessary for its protection, MFUSA may in its sole discretion, after MFUSA has notified, or attempted in good faith to notify, Customer of its intentions, terminate, liquidate and/or accelerate any and all Contracts, close out the Account or any open positions of Customer in whole or in part, cancel any or all pending orders, terminate Customer’s right to trade in the Account, or take any other action it deems necessary to protect itself, and Customer will be liable for any deficiency in the Account that may result from such actions. Subject to applicable law, MFUSA is authorized to withhold, transfer, use and apply any Property of Customer in its possession as a set off whenever MFUSA deems it necessary to pay amounts or discharge obligations owing to it by reason of this Agreement or any other agreement or instrument. The above remedies are solely for MFUSA’s protection, and any non-resort or partial resort to those remedies shall not relieve Customer of any of its obligations under this Agreement or give rise to any claim against MFUSA by Customer.

7. CHARGES PAYABLE BY CUSTOMER

Customer agrees to pay MFUSA’s customary and reasonable brokerage, commissions, interest charges and other charges as may be in effect from time to time, and agrees that such charges may be changed by MFUSA from time to time without notice to Customer. If MFUSA advances funds on behalf of the Account, or if the Account carries a debit balance, MFUSA may charge interest commencing on the first day of such advancement of funds or debit balance. Interest shall be charged monthly or when the debit balance is paid in full. MFUSA may at any time demand that all outstanding balances in the Account be paid in full. The annual rate of interest charged shall not exceed 2% over the U.S. prime rate, as published by the Federal Reserve Bank from time to time.

8. DELIVERY AND EXERCISE

Customer shall provide MFUSA with instructions to close-out or make or take delivery of Contracts, or close-out, exercise or abandon futures options contracts pursuant to the following timetable: (a) at least three business days prior to the first notice day in the case of “long” or “short” positions in Contracts. Customer will deliver to MFUSA sufficient funds and/or any documents required in connection with any such instruction. If, at any time, Customer is unable to deliver any Property previously sold by MFUSA on Customer’s behalf (under a Contract or otherwise), Customer authorizes MFUSA in its sole discretion to borrow or purchase and deliver the necessary Property at the then current market price for the Account at Customer’s risk.

9. OPTIONS ASSIGNMENTS

MFUSA uses a random options assignment procedure. Additional information concerning this method of allocation will be provided to Customer upon request. MFUSA will notify Customer of any material changes in its assignment methods.

10. TRADING LIMITATIONS

MFUSA may limit the number of transactions and positions MFUSA executes, clears or carries for Customer. Customer agrees not to violate, either alone or in concert with others, position and exercise limits established by MFUSA or pursuant to Applicable Law.

11. STATEMENTS AND CONFIRMATIONS

All written and oral reports related to the Account (including but not limited to monthly statements, confirmations of transactions and purchase and sale statements provided to Customer) shall be conclusive and binding on Customer unless Customer notifies MFUSA of


any objection as follows: (a) in the case of any verbal communication, at the time such report is given to Customer, and (b) in the case of any written communication, before the opening of trading on the business day immediately following the trade date.

12. RECORDINGS

Customer consents to the recording of conversations between Customer and MFUSA (or any of their respective agents, representatives or employees), without any obligation on the part of MFUSA to make such recordings. Customer agrees to the use of such recordings as evidence by either party in any disputes between Customer and MFUSA.

13. TRADING RECOMMENDATIONS

Customer acknowledges that any recommendations made and market information or price quotes provided by MFUSA, while based upon information from sources that MFUSA believes to be reliable, may be incomplete, inaccurate or unverified. MFUSA makes no representation, warranty or guarantee as to the accuracy of such information. Customer acknowledges that recommendations made to Customer at any given time may be different from recommendations made to other customers of any MFUSA Entity, and that such recommendations may not be consistent with the investments of the MFUSA Entities or their officers, directors, employees, agents, representatives or independent contractors.

14. LIMITATION OF LIABILITY

MFUSA shall not be responsible for any delays in transmission, delivery or execution of Customer’s orders or reporting of trades due to breakdown or failure of transmission or communication facilities, or for any other cause or causes beyond MFUSA’s reasonable control or anticipation, nor shall MFUSA be responsible for any loss, damage or liability arising out of the failure or delay by any Exchange to enforce its rules or pay to MFUSA or its agents any amounts due in respect to Account.

15. USE OF AUTOMATED SYSTEMS

Customer consents to the MFUSA Entities’ use of automated systems or service bureaus in conjunction with the Customer’s Account with the MFUSA Entities, including, but not limited to, automated order entry and execution, record keeping, reporting, account reconciliation and risk management systems (collectively, “Automated Systems”). Customer understands that the use of Automated Systems entails risks, including, but not limited to, interruption or delays of service, system or communications failure, and errors in the design or functioning of such Automated Systems (collectively, a “System Failure”), that could cause substantial damage, expense or liability to Customer.

MFUSA AND THE OTHER MFUSA ENTITIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION, TITLE OR NON-INFRINGEMENT OF ANY AUTOMATED SYSTEM, AND MAKE NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, MFUSA AND THE OTHER MFUSA ENTITIES EXPRESSLY DISCLAIM ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE UNINTERRUPTED OR WILL BE ERROR-FREE.

Customer understands and agrees that the MFUSA Entities and their respective officers, directors, employees and agents will have no liability whatsoever for any claim of loss, cost, expense, damage or liability of Customer or any third person arising out of or relating to any System Failure, regardless of whether such claim is based on contract, tort, strict liability or any other theory. The MFUSA Entities and their respective officers, directors, employees and agents will not have any liability for the actual or alleged insufficient exercise of care in selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in informing Customer of any System Failure or in taking action to prevent or correct any such System Failure. In no event will the MFUSA Entities and their officers, directors, employees or agents have any liability for any incidental, special or consequential damages, including, but not limited to, loss of profits or loss of use, even if the MFUSA Entities were aware of the likelihood of such damages. The MFUSA Entities have no responsibility to inform Customer of (i) any decision to use, not use or cease using any Automated System, (ii) the characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System.

16. INDEMNIFICATION

Customer agrees to indemnify, defend and hold harmless the MFUSA Entities and their agents, directors, officers, stockholders, employees, agents and successors and assigns, from and against any and all losses, claims, actions, demands, suits, proceedings, damages, costs, fines, premiums or expenses (including but not limited to reasonable attorney’s fees and costs) arising out of, or directly or indirectly resulting from (a) any failure of Customer to perform its obligations under this Agreement, including, without limitation, any failure to meet any margin call or pay any amount due to MFUSA; (b) MFUSA’s accepting or making delivery of Property on behalf of Customer; (c) any inability of Customer to deliver any Property previously sold by MFUSA on Customer’s behalf, and in such event, any inability of MFUSA to borrow or purchase the delivery Property; and (d) any failure by Customer to comply with Applicable Law.


17. ASSIGNMENT

MFUSA shall have the right, in its sole discretion and upon notice to Customer, to assign this Agreement (and the Account) to any successor entity or to another futures commission merchant.

18. LEGAL ACTIONS

All proceedings regarding disputes under this Agreement shall be brought only in New York, New York. This paragraph shall apply even if Customer has related disputes with other parties that cannot be resolved in New York. Each party irrevocably waives any right it may have to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

19. GOVERNING LAW

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

20. ADEQUATE ASSURANCES

If at any time MFUSA has reasonable grounds for insecurity with respect to Customer’s performance of any obligations, liabilities or indebtedness of Customer under this Agreement, MFUSA may demand, and Customer shall give, adequate assurances of due performance within 24 hours, or within any shorter period of time MFUSA reasonably demands. If demanded by MFUSA, such adequate assurance shall include, but will not be limited to, delivery by Customer of additional Property.

21. CONDITIONS PRECEDENT

Customer agrees that the fulfillment of any obligation or liability of MFUSA under this Agreement is contingent upon there being no breach, repudiation, misrepresentation or default by Customer under this Agreement or under any Contract. MFUSA shall have the right at any time to set off any and all of its obligations and liabilities under this Agreement against any and all obligations, liabilities or indebtedness of Customer under this Agreement or under any Contract.

22. SEVERABILITY

If any provision of this Agreement is or becomes inconsistent with, or unenforceable under, any Applicable Law, such provision will be deemed modified or, if necessary, rescinded in order to comply with the relevant Applicable Law. All other provisions of this Agreement will remain in full force and effect. If this Agreement is or becomes unenforceable with respect to any Contract, this Agreement shall remain in full force and effect and shall be enforceable in accordance with its terms as to all other Contracts.

23. CURRENCY CONVERSIONS

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

24. TERMINATION

This Agreement may be terminated at any time by Customer or MFUSA by written notice to the other; provided, however, that such termination shall not relieve either party of any obligation in connection with any debit or credit balance in the Account or other liability or obligation arising or accruing prior to such termination.

The parties have caused this Agreement to be duly executed and delivered as ACCEPTED BY MFUSA of the day and year first written above. __________________________________________________ ______________ _____________________________________ Authorized Individual - Print Name Date Authorized Individual - Print Name __________________________________________________ _____________________________________ Authorized Individual – Signature Authorized Individual - Signature __________________________________________________ ______________ _______________ Authorized Individual - Print Name (if two signatures required) Date Date __________________________________________________ Authorized Individual – Signature (if two signatures required)


ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchanges(s) offering the system and/or listing contracts you intend to trade.

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.

RISKS ASSOCIATED WITH SYSTEM FAILURE Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result n loss of orders or order priority.

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.

LIMITATION OF LIABILITY Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some exchanges’ relevant rules are also available on their respective websites.

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



HEDGE ACCOUNT AGREEMENT

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

This notification is a continuing one and shall remain in force until canceled in writing by the undersigned. Commodity Futures Trading Commission Regulation 190.06(d) requires that a commodity broker must provide an opportunity for each customer to specify when undertaking its first hedging contract whether, in the event of the commodity broker’s bankruptcy, such customer prefers that open commodity contracts held in a hedging account be liquidated by a Trustee. Accordingly, please indicate below your preference for open contracts in your account if such an event were to occur.

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

Liquidate Positions

Transfer Positions to another Futures Commission Merchant

If neither alternative is selected, Customer will be deemed to have elected to have all positions liquidated. Customer may change this election at any time by written notice.

Customer warrants that each order by Customer to buy or sell any Futures Contracts or Options Contracts in the Account or sub-account, in the below listed commodities, unless otherwise designated in writing to MFUSA, will be a hedging, arbitrage, spreading or risk management transaction not subject to speculative position limit rules and speculative margin requirements under applicable exchange rules.

__________________________________________________ ____________________________________________________

__________________________________________________ ____________________________________________________

__________________________________________________ ____________________________________________________

If Customer gives MFUSA an order to buy or sell a Futures Contract or Options Contract that does not constitute a transaction described above, Customer shall so advise MFUSA in advance.

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



ELECTRONIC STATEMENT DISCLOSURE

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

Please indicated your preferred method of receiving confirms and statements:

E-Mails to the following e-mail addresses:

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

Customer does not wish to receive account statements electronically. Customer chooses to have hard copy account statements mailed to the listed “Mailing Address” in Part I.

Electronic Statements – Customer agrees to receive its monthly statements, daily confirmation statements and purchase and sale statements (collectively, the “account statements”) electronically via telefax or email as indicated above, rather than by regular mail. There will e no charge to Customer for this service. Customer may revoke its consent to receive the account statements electronically at any time by giving written notice to MFUSA, and upon receipt of such written notice from Customer, MFUSA will deliver the account statements via regular mail.



TRADING AUTHORIZATION

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

Customer hereby authorizes ________________________________________________ (“Advisor”) as its agent and attorney in fact to purchase and sell futures contracts and/or options on futures contracts traded on exchanges (collectively, “Contracts”), to transfer or arrange for the transfer of money, securities or other property to or from any and all accounts carried by you on behalf of Customer (the “Accounts”) and to make or receive delivery of the commodities underlying the Contracts traded by Advisor on Customer’s behalf, all in accordance with your terms and conditions as set forth in the Customer Agreement, for Customer’s account and risk and in Customer’s name. You are authorized and instructed to follow the instructions of the Advisor in every respect concerning the Accounts, as set forth in the Customer Agreement and to act or refrain from acting in accordance with such instructions to the same extent and with the same force and effect as if such instructions were given by Customer directly.

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

Customer acknowledges that: (i) Customer has given Advisor the authority to exercise any of Customer’s rights over its Accounts at Customer’s risk, and MFUSA is authorized to act, or omit to act, upon any communication or instruction of Advisor as though given by Customer; (ii) any communication or notice given to Advisor by MFUSA or received from Advisor by MFUSA shall be deemed to have been given to, or received from, Customer, as the case may be, and any instruction or action of Advisor shall be deemed to constitute the instruction or action of Customer; and (iii) it has received and read a copy of Advisor’s current disclosure document or a written statement from Advisor that Advisor is exempt from the requirement to provide such a disclosure document.

This authorization (a) shall be continuing and shall remain in full force and effect until your receipt of written notice of Customer’s revocation thereof (provided, however, that such revocation shall not be effective with respect to open positions or outstanding orders submitted by the Advisor but not yet executed); (b) shall inure to the benefit of you and your successors; (c) shall be binding upon Customer, its successors and legal representatives; and (d) is in addition to (and in no way limits or restricts) any rights which you may have under the Customer Agreement or any other agreement or agreements between Customer and you.

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



ADVISOR AGREEMENT

If Customer has appointed an Advisor in relation to the Accounts, Advisor makes the representations and warranties set forth below, which are applicable to, and for all purposes shall constitute a part of, the Customer Agreement to which this Appendix is attached (the “Agreement”), and all capitalized terms used by not defined in this Appendix shall have the respective meanings assigned to such terms in the Agreement:

(a) Advisor has been duly and properly authorized to exercise any of Customer’s rights with respect to its Account, including but not limited to the right to provide trading instructions for Contracts to be executed, cleared and/or carried for Customer’s Account and to provide and receive notices and other communications with respect to such Account.

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

(c) Advisor has provided and will continue to provide Customer with an explanation of the nature and risks of the strategies to be used in connection with transactions to be executed for any Account.

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

(e) Advisor has provided Customer with a copy of Advisor’s current disclosure document or written statement that Advisor is exempt from the requirement to provide such disclosure document.

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

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

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

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

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

_____ I am operating under a 4.7 exemption.

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Advisor Agreement. ___________________________________________________________________ ________________________________________ Authorized Individual - Print Name Date ___________________________________________________________________ Authorized Individual - Signature ___________________________________________________________________ ________________________________________ Authorized Individual - Print Name (if two signatures required) Date ___________________________________________________________________ Authorized Individual – Signature (if two signatures required) ___________________________________________________________________ ________________________________________ Advisor Name Date ___________________________________________________________________ Title of Authorized Individual - Advisor ___________________________________________________________________ Signature of Authorized Individual - Advisor


NON-SOLICITATION AGREEMENT

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

Please allow my signature to serve as my testimony to the fact that at no time have I been solicited by MFUSA or any of its Associated Persons in regards to opening a commodities account.

INTRODUCING BROKER

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

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

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


***To Be Completed by Introducing Broker*** ___________________________________________________________________ IB Name ___________________________________________________________________ Address ___________________________________________________________________ Signature of Authorized Party at IB ___________________________________________________________________ Printed Name & Title


FUTURES CROSS TRADE CONSENT

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

Customer agrees that without prior consent and without prior notice to Customer, the MFUSA entities and their directors, employees, agents or floor brokers acting on Customer’s behalf in any futures transaction for the Account may take the opposite side of Customer’s transaction, subject to Applicable Law.

TRANSFER OF FUNDS

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

By signing below, Customer authorizes MFUSA to transfer funds, securities or other property to, between or among any of Customer’s segregated or secured futures account(s), non-regulated or sequestered account(s) when, in MFUSA’s judgment, a transfer of any excess funds in such account(s) may be necessary to satisfy margin calls, debit balances or for such other reasons as MFUSA deems appropriate. Promptly following such transfer, MFUSA will confirm the transfer in writing to Customer. All such transfers shall be made in compliance with the Commodity Exchange Act and the applicable regulations promulgated thereunder.

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


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



ARBITRATION AGREEMENT

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

PLEASE REVIEW THESE PROVISIONS CAREFULLY BEFORE SIGNING.

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION (CFTC) AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS ARBITRATION AGREEMENT BE VOLUNTARY.

BY SIGNING THIS AGREEMENT YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR FCC MAY SUBMIT TO ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF MFUSA INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION 14 “REPARATIONS” PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

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

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



ACCOUNT TRANSFER FORM

Date: _______________________

To: Transferring Firm

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

Firm Name: _______________________________________________________________________________

Firm Address: _______________________________________________________________________________

Account Number(s): _______________________________________________________________________________

Account Title: _______________________________________________________________________________

Account Address: _______________________________________________________________________________

If applicable, name of Introducing Broker: __________________________________________________________________

=

oÉÅÉáîáåÖ=cáêãW=== = j~Åèì~êáÉ=cìíìêÉë=rp^=LLC=

= = ===== 71 South Wacker Drive - 23rd Floor

= = ===== `ÜáÅ~ÖçI=fi==SMSM6

= = ==== EPNOF=730-9800=

IN ACCORDANCE WITH NATIONAL FUTURES ASSOCIATION COMPLIANCE RULE 2-27 PLEASE TRANSFER IMMEDIATELY ALL OF THE CASH BALANCES, OPEN POSITIONS, AND TREASURY BILLS OR ANY COLLATERAL IN MY (OUR) ACCOUNT TO MACQUARIE FUTURES USA LLC

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


INSTRUCTIONS TO PRINTERSFORM W-9, PAGE 1 of 4MARGINS: TOP 13mm (1⁄ 2 "), CENTER SIDES. PRINTS: HEAD to HEADPAPER: WHITE WRITING, SUB. 20. INK: BLACKFLAT SIZE: 216mm (81⁄ 2 ") 3 279mm (11")PERFORATE: (NONE)

Give form to therequester. Do notsend to the IRS.

Form W-9 Request for TaxpayerIdentification Number and Certification

(Rev. October 2007) Department of the TreasuryInternal Revenue Service Name (as shown on your income tax return)

List account number(s) here (optional)

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

City, state, and ZIP code

Pri

nt o

r ty

pe

See

Sp

ecifi

c In

stru

ctio

ns o

n p

age

2.

Taxpayer Identification Number (TIN)

Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoidbackup withholding. For individuals, this is your social security number (SSN). However, for a residentalien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it isyour employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.

Social security number

or

Requester’s name and address (optional)

Employer identification number Note. If the account is in more than one name, see the chart on page 4 for guidelines on whosenumber to enter. Certification

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the InternalRevenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS hasnotified me that I am no longer subject to backup withholding, and

2.

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backupwithholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply.For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirementarrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you mustprovide your correct TIN. See the instructions on page 4. SignHere

Signature ofU.S. person ©

Date ©

General Instructions

Form W-9 (Rev. 10-2007)

Part I

Part II

Business name, if different from above

Cat. No. 10231X

Check appropriate box:

Under penalties of perjury, I certify that:

13 I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING

DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

TLS, have youtransmitted all R text files for this cycle update?

Date

Action

Revised proofsrequested

Date

Signature

O.K. to print

Use Form W-9 only if you are a U.S. person (including aresident alien), to provide your correct TIN to the personrequesting it (the requester) and, when applicable, to: 1. Certify that the TIN you are giving is correct (or you arewaiting for a number to be issued), 2. Certify that you are not subject to backup withholding, or

3. Claim exemption from backup withholding if you are a U.S.exempt payee. If applicable, you are also certifying that as aU.S. person, your allocable share of any partnership income froma U.S. trade or business is not subject to the withholding tax onforeign partners’ share of effectively connected income.

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

A person who is required to file an information return with theIRS must obtain your correct taxpayer identification number (TIN)to report, for example, income paid to you, real estatetransactions, mortgage interest you paid, acquisition orabandonment of secured property, cancellation of debt, orcontributions you made to an IRA.

Individual/Sole proprietor

Corporation

Partnership

Other (see instructions) ©

Note. If a requester gives you a form other than Form W-9 torequest your TIN, you must use the requester’s form if it issubstantially similar to this Form W-9.

● An individual who is a U.S. citizen or U.S. resident alien, ● A partnership, corporation, company, or association created or

organized in the United States or under the laws of the UnitedStates, ● An estate (other than a foreign estate), or

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

Special rules for partnerships. Partnerships that conduct atrade or business in the United States are generally required topay a withholding tax on any foreign partners’ share of incomefrom such business. Further, in certain cases where a Form W-9has not been received, a partnership is required to presume thata partner is a foreign person, and pay the withholding tax.Therefore, if you are a U.S. person that is a partner in apartnership conducting a trade or business in the United States,provide Form W-9 to the partnership to establish your U.S.status and avoid withholding on your share of partnershipincome. The person who gives Form W-9 to the partnership forpurposes of establishing its U.S. status and avoiding withholdingon its allocable share of net income from the partnershipconducting a trade or business in the United States is in thefollowing cases: ● The U.S. owner of a disregarded entity and not the entity,

Section references are to the Internal Revenue Code unlessotherwise noted.

● A domestic trust (as defined in Regulations section301.7701-7).

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

Exempt payee

Purpose of Form

Form W-8BEN(Rev. February 2006)

Department of the TreasuryInternal Revenue Service

Certificate of Foreign Status of Beneficial Ownerfor United States Tax Withholding

� See separate instructions.� Give this form to the withholding agent or payer. Do not send to the IRS.

OMB No. 1545-1621

Do not use this form for: Instead, use Form:

● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions) W-8ECI or W-8IMY● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,

foreign private foundation, or government of a U.S. possession that received effectively connected income or that isclaiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions) W-8ECI or W-8EXP

● A person acting as an intermediary W-8IMY

● A person claiming that income is effectively connected with the conductof a trade or business in the United States W-8ECI

Part I

Part II

Identification of Beneficial Owner (See instructions.)1

3

2

4

5

6 7

Name of individual or organization that is the beneficial owner

Type of beneficial owner:

Country of incorporation or organization

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

City or town, state or province. Include postal code where appropriate. Country (do not abbreviate)

U.S. taxpayer identification number, if required (see instructions) Foreign tax identifying number, if any (optional)

Individual Corporation Partnership Simple trust

Mailing address (if different from above)


Claim of Tax Treaty Benefits (if applicable)I certify that (check all that apply):

The beneficial owner is a resident of within the meaning of the income tax treaty between the United States and that country.

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

The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, ifapplicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).

The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from aU.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).

The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will fileForm 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. Ifurther certify under penalties of perjury that:1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,2 The beneficial owner is not a U.S. person,3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but isnot subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.

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

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

� Section references are to the Internal Revenue Code.

a

b

c

d

e

SSN or ITIN EIN

Capacity in which acting

Disregarded entity

Certification

9

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

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

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

10

Government International organization

Central bank of issue Tax-exempt organization

Part IV

Part III Notional Principal Contracts11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively

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

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

Private foundation

Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only toclaim they are a foreign person exempt from backup withholding.

Note: See instructions for additional exceptions.

Grantor trust EstateComplex trust

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

8 Reference number(s) (see instructions)

Printed on Recycled Paper

Form W-8ECI(Rev. February 2006)


Certificate of Foreign Person’s Claim That Income IsEffectively Connected With the Conduct of a Trade or

Business in the United States� See separate instructions.� Section references are to the Internal Revenue Code.

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

OMB No. 1545-1621

Part I

Part II

Identification of Beneficial Owner (See instructions.)1 2

3

4

5

6 7

8

Name of individual or organization that is the beneficial owner Country of incorporation or organization

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


U.S. taxpayer identification number (required—see instructions) Foreign tax identifying number, if any (optional)

Reference number(s) (see instructions)

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

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

City or town, state, and ZIP code

CertificationUnder penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct,and complete. I further certify under penalties of perjury that:● I am the beneficial owner (or I am authorized to sign for the beneficial owner) of all the income to which this form relates,● The amounts for which this certification is provided are effectively connected with the conduct of a trade or business in the United States

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

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

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

Disregarded entitySimple trustPartnership

GovernmentInternational organization

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

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

Note: Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectivelyconnected with a U.S. trade or business (see instructions).

SSN or ITIN EIN


Complex trust

Do not use this form for:

● A beneficial owner solely claiming foreign status or treaty benefits

● A foreign partnership or a foreign trust (unless claiming an exemption from U.S. withholding on income effectivelyconnected with the conduct of a trade or business in the United States)

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign privatefoundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b)

● A person acting as an intermediary

Instead, use Form:

W-8BEN

W-8EXP

W-8BEN or W-8IMY

W-8IMY

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

Note: See instructions for additional exceptions.

Private foundationTax-exempt organizationCentral bank of issueEstate

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

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

Grantor trust

Certificate of Foreign Government or Other ForeignOrganization for United States Tax WithholdingForm W-8EXP

OMB No. 1545-1621(Rev. February 2006) (For use by foreign governments, international organizations, foreign central banks of

issue, foreign tax-exempt organizations, foreign private foundations, and governments ofU.S. possessions.)


� Section references are to the Internal Revenue Code.

Country (do not abbreviate)

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


Qualification Statement

Part I

Part II

Name of organization

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


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


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

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

1

4

5

76

8

Country (do not abbreviate)

Foreign tax identifying number, if any (optional)

Type ofentity

3 International organization Foreign tax-exempt organizationForeign government Foreign central bank of issue(not wholly owned by theforeign sovereign)

I certify that the entity identified in Part I is a foreign government within the meaning of section 892 and the paymentsare within the scope of the exemption granted by section 892.

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

I certify that:● The entity identified in Part I is a foreign central bank of issue,● The entity identified in Part I does not hold obligations or bank deposits to which this form relates for use in

connection with the conduct of a commercial banking function or other commercial activity, and● The payments are within the scope of the exemption granted by section 895.

For an international organization:

For Paperwork Reduction Act Notice, see separate instructions. Form W-8EXP (Rev. 2-2006)Cat. No. 25401F

� See separate instructions.� Give this form to the withholding agent or payer. Do not send to the IRS.

For a foreign government:9

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

10I certify that:● The entity identified in Part I is an international organization within the meaning of section 7701(a)(18) and● The payments are within the scope of the exemption granted by section 892.

11

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

2 Country of incorporation or organization

● Any foreign government or other foreign organization that is not claiming the applicability of section(s) 115(2), 501(c),892, 895, or 1443(b)


● A foreign partnership or a foreign trust● A person claimimg that income is effectively connected with the conduct of a trade or business in the United States● A person acting as an intermediary

Instead, use Form:

W-8BEN or W-8ECI

W-8BEN

W-8BEN or W-8IMYW-8ECIW-8IMY

(Part II and required certification continued on page 2)

a

c

Government of a U.S. possession Foreign private foundation

b

For a foreign tax-exempt organization, including foreign private foundations:

Check either box 12a or box 12b:a I certify that the entity identified in Part I has been issued a determination letter by the IRS dated

that is currently in effect and that concludes that it is an exempt organization described in section 501(c).b I have attached to this form an opinion from U.S. counsel concluding that the entity identified in Part I is described in

section 501(c).

If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section501(c)(3), I certify that the organization is not a private foundation described in section 509. I have attached an affidavitof the organization setting forth sufficient facts for the IRS to determine that the organization is not a private foundationbecause it meets one of the exceptions described in section 509(a)(1), (2), (3), or (4).

c

If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section501(c)(3), I certify that the organization is a private foundation described in section 509.

For section 501(c)(3) organizations only, check either box 12c or box 12d:

d

12If any of the income to which this certification relates constitutes income includible under section 512 in computing theentity’s unrelated business taxable income, attach a statement identifying the amounts.

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

Certification

● The organization for which I am signing is the beneficial owner of the income to which this form relates,● The beneficial owner is not a U.S. person,

SignHere

Signature of authorized official Date (MM-DD-YYYY)

Part III


● For a beneficial owner that is a controlled entity of a foreign sovereign (other than a central bank of issue wholly owned bya foreign sovereign), the beneficial owner is not engaged in commercial activities within or outside the United States, and

● For a beneficial owner that is a central bank of issue wholly owned by a foreign sovereign, the beneficial owner is notengaged in commercial activities within the United States.

Form W-8EXP (Rev. 2-2006) Page 2Qualification Statement (continued)Part II

13 For a government of a U.S. possession:

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the incomeof which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which Iam the beneficial owner.

I certify that the entity identified in Part I is a government of a possession of the United States, or is a politicalsubdivision thereof, and is claiming the exemption granted by section 115(2).

3I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING


TLS, have youtransmitted all Rtext files for thiscycle update?

Action

Revised proofsrequested

Date Signature

O.K. to print

INSTRUCTIONS TO PRINTERSFORM W-8IMY, PAGE 1 OF 2 MARGINS; TOP 13mm (1⁄2 "), CENTER SIDES. PRINTS: HEAD TO HEADPAPER: WHITE WRITING, SUB. 20. INK: BLACKFLAT SIZE: 216mm (81⁄2 ") x 279mm (11")PERFORATE: NONE

Form W-8IMY(Rev. February 2006)


Certificate of Foreign Intermediary,Foreign Flow-Through Entity, or Certain U.S.Branches for United States Tax Withholding

� Section references are to the Internal Revenue Code. � See separate instructions.� Give this form to the withholding agent or payer. Do not send to the IRS.

OMB No. 1545-1621

Part I

Part II

Identification of Entity 1 2

4

5

6 7

8

3

Name of individual or organization that is acting as intermediary Country of incorporation or organization

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


U.S. taxpayer identification number (if required, see instructions) � Foreign tax identifying number, if any (optional)


Type of entity—check the appropriate box:

Qualified intermediary. Complete Part II.



Qualified Intermediary(All qualified intermediaries check here) I certify that the entity identified in Part I:

● Has provided or will provide a withholding statement, as required.

Nonqualified intermediary. Complete Part III.

U.S. branch. Complete Part IV.

● Is a qualified intermediary and is not acting for its own account with respect to the account(s) identifiedon line 8 or in a withholding statement associated with this form and

Nonqualified Intermediary(All nonqualified intermediaries check here) I certify that the entity identified in Part I is not a qualifiedintermediary and is not acting for its own account.

(If applicable) I certify that the entity identified in Part I is using this form to transmit withholding certificatesand/or other documentary evidence and has provided or will provide a withholding statement, as required.

Part III

For Paperwork Reduction Act Notice, see separate instructions. Form W-8IMY (Rev. 2-2006)Cat. No. 25402Q

Withholding foreign trust. Complete Part V.

Withholding foreign partnership. Complete Part V.

9a

10a

(If applicable) I certify that the entity identified in Part I has assumed primary withholding responsibilityunder Chapter 3 of the Code with respect to the account(s) identified on this line 9b or in a withholdingstatement associated with this form �



● A hybrid entity claiming treaty benefits on its own behalf

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

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,foreign private foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b)

Instead, use Form:

W-8BEN

W-8BEN

W-8ECI

W-8EXP

EINSSN or ITIN

b

b

QI-EIN

Nonwithholding foreign partnership. Complete Part VI.

Nonwithholding foreign simple trust. Complete Part VI.

(If applicable) I certify that the entity identified in Part I has assumed primary Form 1099 reporting andbackup withholding responsibility as authorized in its withholding agreement with the IRS with respect tothe account(s) identified on this line 9c or in a withholding statement associated with this form �

c

● A disregarded entity. Instead, the single foreign owner should use W-8BEN or W-8ECI

Nonwithholding foreign grantor trust. Complete Part VI.

3I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING


INSTRUCTIONS TO PRINTERSFORM W-8IMY, PAGE 2 OF 2 MARGINS; TOP 13mm (1⁄2 "), CENTER SIDES. PRINTS: HEAD TO HEADPAPER: WHITE WRITING, SUB. 20. INK: BLACKFLAT SIZE: 216mm (81⁄2 ") x 279mm (11")PERFORATE: NONE

Part IV Certain United States Branches

I certify that the entity identified in Part I is a U.S. branch and that the payments are not effectivelyconnected with the conduct of a trade or business in the United States.

Part VI

Part V Withholding Foreign Partnership or Withholding Foreign Trust

Nonwithholding Foreign Partnership, Simple Trust, or Grantor Trust

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete.Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income for which I am providing this form orany withholding agent that can disburse or make payments of the income for which I am providing this form.

Sign Here � Signature of authorized official Date (MM-DD-YYYY)

I certify that the entity identified in Part I:

I certify that the entity identified in Part I:

● Is using this form to transmit withholding certificates and/or other documentary evidence and hasprovided or will provide a withholding statement, as required.

Form W-8IMY (Rev. 2-2006) Page 2

12

13

I certify that the entity identified in Part I is using this form as evidence of its agreement with thewithholding agent to be treated as a U.S. person with respect to any payments associated with thiscertificate.


15

11

Note: You may use this Part if the entity identified in Part I is a U.S. branch of a foreign bank or insurance companyand is subject to certain regulatory requirements (see instructions).

Check box 12 or box 13, whichever applies:

14

Certification

I certify that the entity identified in Part I:● Is using this form to transmit withholding certificates or other documentary evidence for the persons forwhom the branch receives a payment and

● Is a withholding foreign partnership or a withhholding foreign trust and

● Is a nonwithholding foreign partnership, a nonwithholding foreign simple trust, or a nonwithholding foreigngrantor trust and that the payments to which this certificate relates are not effectively connected, or are nottreated as effectively connected, with the conduct of a trade or business in the United States and


Part VII

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


TRUST INFORMATION AND TRUSTEE CERTIFICATION

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

1. The official name of the TRUST: ______________________________________________________________________

2. The TRUST formation date: ______________________________________________________________________

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

______________________________________________________________________

______________________________________________________________________

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

______________________________________________________________________

______________________________________________________________________

5. I/We being the TRUSTEE(s) of the above referenced trust warrant and represent that trading in futures contracts and options on futures contracts is a proper purpose of the TRUST and such activity will in no manner contravene the provisions of the above mentioned TRUST, any statutes, rules or regulations, judgments, orders or decrees or agreements to which the TRUST is bound or subject.

6. I/We being the TRUSTEE(s), acknowledge receiving account documentation, agreements and risk disclosure forms including the Customer Agreement and consent to the terms of such agreements.

7. I/We being the TRUSTEE(s), jointly and severally indemnify and hold MFUSA harmless from any liability arising, directly or indirectly, from effecting any transactions pursuant to instructions given by any of the TRUSTEE(s) listed above.

8. I/We being the TRUSTEE(s), agree to inform MFUSA in writing of any amendment to the TRUST, any change in the composition of TRUSTEE(s) or any other event which would materially alter the certifications made above.

ALL TRUSTEE(s) MUST SIGN _____________________________________________________ ________________________________________________________ Trustee Name (Printed) Trustee Name (Signature) _____________________________________________________ ________________________________________________________ Trustee Name (Printed) Trustee Name (Signature) _____________________________________________________ ________________________________________________________ Trustee Name (Printed) Trustee Name (Signature)

_____________________________________________________ ________________________________________________________ Trustee Name (Printed) Trustee Name (Signature)


MFUSA BANKING INFORMATION

ALL CHECKS SHOULD BE MADE PAYABLE TO MACQUARIE FUTURES USA LLC

NO THIRD PARTY CHECKS OR WIRES WILL BE ACCEPTED

Wire Instructions:

Institution: Harris Bank

ABA Number: 071000288

Account Number: 3095320

Account Name: Macquarie Futures USA LLC – Customer Segregated Funds

Swift Code: HATRUS44

MA

CQ

UA

RIE

FUTU

RE

S U

SA

LLCR

ISK

DIS

CLO

SU

RE

STA

TEM

EN

TS A

ND

DIS

CLA

IME

RS

MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 2

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS

CUSTOMER COPY- PLEASE EXTRACT AND RETAIN FOR YOUR RECORDS

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS ........................................................................2 CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c) ......................................................3 ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT..............................................................6 FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT ...............7 LME GUIDELINES...............................................................................................................................................................................8 NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS AND LARGE POSITION RULES........................................11 NOTICE REGARDING AVERAGE PRICING......................................................................................................................................12 FOREIGN CUSTOMER AGENT DESIGNATION ...............................................................................................................................12 UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA ..........................................................................................13


CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC RULE 1.55 (C)

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

FUTURES

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared.’ A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

2. RISK-REDUCING ORDERS OR STRATEGIES

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.

OPTIONS

3. VARIABLE DEGREE OF RISK

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.


ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

4. TERMS AND CONDITIONS OF CONTRACTS

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.

6. DEPOSITED CASH AND PROPERTY

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

7. COMMISSION AND OTHER CHARGES

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

8. TRANSACTIONS IN OTHER JURISDICTIONS

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

9. CURRENCY RISKS

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

10. TRADING FACILITIES

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.

11. ELECTRONIC TRADING

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.


12. OFF-EXCHANGE TRANSACTIONS

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

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

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL CONDITION.

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY, INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS.

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION.

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND AT 17 CODE OF FEDERAL REGULATIONS PART


ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchanges(s) offering the system and/or listing contracts you intend to trade.

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.

RISKS ASSOCIATED WITH SYSTEM FAILURE Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority.

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.

LIMITATION OF LIABILITY Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some exchanges’ relevant rules are also available on their respective websites.


FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT

This statement applies to the ability of authorized customers* of Macquarie Futures USA LLC (“MFUSA”) to place orders for foreign futures and options transactions directly with non-US entities (each an “Executing Broker”) that execute transactions on behalf of MFUSA’s foreign futures and options customer omnibus accounts.

Please be aware of the following should you be permitted to place the type of orders specific above.

The orders you place with an Executing Broker are for MFUSA’s foreign futures and options customer omnibus account maintained with a foreign clearing broker. Consequently, MFUSA may limit or otherwise condition the orders you place with an Executing Broker.

You should be aware of the relationship of the Executing Broker and MFUSA. MFUSA may not be responsible for the acts, omissions, or errors of the Executing Broker, or its representatives, with which you place your orders. In addition, the Executing Broker may not be affiliated with MFUSA. If you choose to place orders directly with an Executing Broker, you may be doing so at your own risk.

It is your responsibility to inquire about the applicable laws and regulations that govern the foreign exchanges on which transactions will be executed on your behalf. Any orders placed by you for execution on a foreign exchange will be subject to such exchange’s rules and regulations, its customer and usages, as well as any local laws that may govern transactions on that exchange. These laws, rules, regulations, customs and usages may offer different or diminished protection from those that govern transactions on US exchanges. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on US exchanges. Before you trade, you should familiarize yourself with the foreign rules which will apply to your particular transaction. United States regulatory authorities may be unable to compel the enforcement of the rules of regulatory authorities or markets in non-US jurisdictions where transactions may be effected.

It is your responsibility to determine whether the Executing Broker has consented to the jurisdiction of the courts in the United States. In general, neither the Executing Broker nor any individuals associated with the Executing Broker will be registered in any capacity with the Commodity Futures Trading Commission (the “Commission”). Similarly, your contacts with the Executing Broker may not be sufficient to subject the Executing Broker to the jurisdiction of courts in the United States in the absence of the Executing Broker’s consent. Accordingly, neither the courts of the United States nor the Commission’s reparations program may be available as a forum for resolution of any disagreements you may have with the Executing Broker, and your recourse may be limited to actions outside the United States.

Unless you object within five (5) days, by giving notice as provided in your customer agreement after receipt of this disclosure, MFUSA will assume your content to the aforementioned conditions.

* You should contact your Customer Representative regarding your eligibility to participate in the direct foreign order transmittal process.


LME GUIDELINES

INTRODUCTION AND PURPOSE

This document is designed to provide customers of the London Metal Exchange (LME) with an overview of the structure of the LME, market terminology, and a guide to how its members execute orders. It is not a comprehensive trading guide, nor a complete guide to market terminology. Customers should always ensure that their requirements are explained in detail to the member responsible for order execution.

THE LME

PRINCIPAL NATURE There are two types of contracts traded on the LME - Exchange Contracts and Client Contracts. Exchange Contracts are contracts between clearing members of the LME. Client Contracts are contracts between customers and ring dealing members (RDM), or associate broker clearing members (ABCM), or associate broker members (ABM)1. Only RDMs, ABCMs and ABMs may issue Client Contracts. Statements that they issue to clients must state clearly ‘THIS IS AN LME REGISTERED CLIENT CONTRACT’. Contract criteria pertaining to LME contracts, including metal specification, acceptable currencies, prompt dates, option strike prices etc are detailed in the LME rulebook and appropriate notices.

Exchange Contracts are traded between members, matched in the LME matching and clearing system (LMEMS) and margined by the London Clearing House (LCH). Client Contracts are registered at the LCH but margining arrangements are left to members to agree with their customers (subject to LME rules).

All LME contracts are between parties acting as principals. This prevents any party entering into an LME Contract as agent for someone else but does not prevent an agent effecting a contract between two parties if the resulting LME contract is between disclosed parties, each acting as a principal. It is an essential requirement of an LME Client Contract that one party must be an RDM, ABCM or ABM. A list of members is available from the LME. A principal relationship does not mean that members do not take on quasi-fiduciary responsibilities when they effect trades for customers. In particular, if a member undertakes to deliver a particular service, for example deal a specific number of lots ‘in the Ring’ (see below), then it should take care to ensure that it complies with all the terms of such a transaction.

In respect of Exchange Contracts, an LME broker buying metal under an Exchange Contract from another LME broker cannot do so as agent for his customer. Where an LME broker buys metal under an Exchange Contract with a view to selling that metal to his customer, this is achieved by entering into a back-to-back Client Contract with the customer. Brokers and customers can agree the conditions that apply to their Client Contracts. For example, a customer may make it a condition of his Client Contract that the broker must enter into a back-to-back Exchange Contract for the metal being bought or sold. This does not make the customer a party to the Exchange Contract but does create additional duties and obligations owed by the broker under the Client Contract. Customers should be clear about conditions that apply to their Client Contracts and about the obligations and duties that the broker owes as a result of those conditions.

Brokers should be clear about the duties and obligations they owe as a result of conditions attaching to their Client Contracts. They should also be clear about the duties they owe to their customers under the FSA’s conduct of business rules.

DUAL CAPACITY LME members may act both in the capacity of market maker and broker. They may act in a particular manner depending on a number of circumstances, including the size of the order, the liquidity of the market at the time the order was placed, and, not least, the customer’s instructions. Customer orders may be filled directly from a member’s ‘book’ or filled by the member after it has bought/sold metal in the LME market. Furthermore, customer orders may be offset, amalgamated, broken-up or netted for execution. These methodologies apply equally to orders whether any resulting exchange contract is effected in the ring, in the inter-office market, or on LME Select.

Customers with specific order requirements must make these known to the member at the time the order is placed. Customers wishing to know how their order was executed should request such information from the member.

1 For the purposes of this document these categories of members will be referred to as LME members, members or by the appropriate abbreviation.


TRADING ON THE LME Trading takes place on the LME by open outcry in the rings and kerbs, between members in the interoffice, and over the Exchange’s electronic trading system LME Select.

OPEN OUTCRY Historically, during ring and kerb sessions, the majority of customer business reflects prices traded in the open outcry sessions. Customers can follow the market activity by monitoring quoted and traded prices disseminated via the LME market data system (MDS), or by listening to the simultaneous floor commentary provided by member(s). The MDS publishes prices traded during ring and kerb times on price vendor information services such as Reuters.

Members can continue to ‘make a market’ on request to a customer whilst the ring and kerb sessions are in operation, although this is entirely at the member’s discretion. Alternatively, the customer can decide whether to place an order using the ‘order styles’ mentioned below.

INTER-OFFICE Inter-office trading is conducted between members by telephone or by electronic means. On contacting an LME member, customers will usually be provided, on request, with the member’s current bid-ask quote. The customer may trade on this quote, or call another member in an attempt to improve the quote, or wait and monitor prices on the LME market data system, or leave an order with a member. If an order is left with a member for execution and not taken on its own book, it may be executed via a ‘back to back’ Exchange Contract agreed via a telephone deal with another member or executed via an electronic trading system.

LME SELECT LME Select allows members to trade all LME Metal Contracts, Index Contracts, Exchange Metal Options or Traded Average Price Option contracts, for all prompt dates and carries, and for all series. All trading on LME Select is in US dollars.

LME Select replaces neither inter-office trading nor trading in the ring. Depending on the time of day, it is possible for members to deal by telephone or electronically in the inter-office market, by LME Select, or in the rings. Customers should specify which mechanism they prefer where they have a preference.

Firm prices of the best bid and offer available on LME Select, the total volumes available at these prices, and the price and volume of each trade transacted are distributed to and displayed in real time by information vendors. Only LME Select prices are displayed, not those of other third party electronic trading system providing LME prices. Only RDMs and ABCMs are eligible to become LME Select Participants and to have direct access to the system. Customers may effect ‘back to back’ client contracts based upon prices available on LME Select via such members.

ORDER STYLES

RING Customer orders are not traded in the rings or kerbs, so an order using the term ‘in/on/during the ring/kerb’ will be executed on the basis of the prices traded/quoted during the particular session. If a customer requires their order to be ‘shown’ or traded across the ring/kerb then they should make this requirement known to their executor, who may or may not accept this as a term of the order. The equivalent Exchange Contract for a customer order may not replicate its terms. As the customer is not a party to any Exchange Contracts i.e. those traded in open outcry between members in the ring/kerb sessions, in specifying ring/kerb, the customer is merely identifying a pricing mechanism. A member which undertakes to match a price traded in the ring/kerb is not necessarily undertaking that it will trade during that ring/kerb, only that it may do so. However, a customer may place an order with the specific request that the member trades an Exchange Contract replicating its order in the ring. In such circumstance the RDM can only trade this order by open outcry in the ring.

If a customer trades at the prevailing market quote proffered in the ring/kerb, their executor is not necessarily obliged to effect an Exchange Contract at the same price. This can lead to situations where the customer has traded at the prevailing market quote, without that same price trading in open outcry across the floor of the Exchange. However, if the instructions from the customer are to achieve a specific price i.e. close of ring 2, then this is the price that should be given, if that specific order is accepted.

MARKET In normal circumstances a market order is one executed on a timely basis at the prevailing market price. As mentioned above, at certain times of the business day, trading is taking place simultaneously in the ring or kerb, on LME Select, and in the inter-office market. Traditionally, when open outcry trading is in course, the market is defined by activity within the ring/kerb. At other times, the market is split between inter-office trading and trading on LME Select. During inter-office sessions, indicative quotes are available on the MDS and


firm prices available on LME Select and the LME Select page on information vendors’ systems. The indicative prices might not be available to all parties.

BEST Order styles on the LME using the word ‘best’ confer some discretion upon the members when executing the order, requiring them to use their ‘best endeavours’ on the customer’s behalf. The extent of the discretion is fixed by the terms of the order. This type of order is distinct from ‘best execution’ as defined by the FSA, which most non-private LME customers waive as part of their overall agreement with their executor.

Best orders may be executed both in rings/kerbs, inter-office and on LME Select. Inter-office trades rely upon the members’ skill in determining the level of the market at any particular time. Best orders received during ring/kerb times may not result in the customer receiving the ‘best’ price achieved during the session if the price improves after the member has booked the metal intended to fill the order. At any given time, the best price on LME Select will be displayed on the system and by the information vendors. Customers should be aware that depending on market conduct the best price may move during the period from them placing their order and the members executing.

CLOSE Most orders placed ‘on the close’ are for either the close of the second ring (official LME prices) or the second kerb (closing prices). Both these prices are demonstrable because of the publication of official and closing prices. Closing prices of other sessions are harder to determine, although the LME does also publish unofficial prices, which are established at the close of the fourth ring. In all circumstances, customers and members need to agree the style of execution i.e. bid/ask, mean or traded price. Members may not always be able to guarantee execution (price or volume) due to prevailing market conditions. A closing price on LME Select is the last price traded before the system closes at 19:30.

OPEN Customers placing orders to trade on the opening of a market session must provide clear instructions to the LME member which indicate how this order should be activated i.e. basis the opening bid/ask or basis the first trade in the session. Customers will also need to inform their executor of their requirements if the executor is unable to fill the order basis the ‘opening’ price in its entirety due to market constraints such as insufficient supply/demand. Customers may place orders with members for LME Select that can be placed into the system for activation when the market opens at 07:30.

RESTING ORDERS When placing resting orders such as ‘good’ til cancelled’ (‘GTC ', or any derivations thereof) or stop loss orders, customers should ensure that they are in agreement with their executor’s definition of the ‘trigger’ point of the order. Usually, this is interpreted as being the point when the order price is seen to be trading in the market, but it is possible to request the order be activated when the order level is either bid or asked as appropriate, via the prevailing market quote. Stop loss orders become market orders when a trade, or a bid or an offer triggers the stop, with members then executing the order at the current market price.

It is possible for a customer not to receive a ‘fill’ on a resting order despite the ‘trigger’ point being ‘touched’. This could be due to a number of circumstances such as order priority, illiquidity, prevailing market conditions etc. Whatever the reason, the executor should be able to provide the customer with a full explanation of why it was unable to fill the order.

Customers should be aware that resting orders might be activated during periods of illiquidity in the market. As previously mentioned this could result in the trade not being filled. For ‘stop’ orders this could result in a worse fill than anticipated (‘slippage’). Customers should ensure the executor is fully aware of their requirements regarding the execution and adheres to any limitations, especially if the customer is not in contact with the market/member when the trigger point is reached.

It is possible for customers to ask members to place resting orders in LME Select. The system accepts GTC and Good for Day (DAY) orders. DAY orders are automatically deleted from the system at 19:30.

CONCLUSION The above order styles do not represent all possible methods of order execution on the LME. Members and customers should ensure that orders are communicated in meaningful.


NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS AND LARGE POSITION RULES

Effective April 1, 2003, new requirements were introduced in Hong Kong in relation to the position limit and reportable position requirements for stock options and futures contracts traded on the Stock Exchange of Hong Kong and on the Hong Kong Futures Exchanges.

These requirements are set out in the Hong Kong Securities and Futures (Contracts Limits and Reportable Positions) Rules (the "Rules") made by the Securities and Futures Commission ("SFC") under the Securities and Futures Ordinance. The Rules impose monitoring and reporting obligations with regard to large open positions. Where you are holding a reportable position for your client, you must disclose the identity of the client. For the purposes of the Rules, a client is the person who is ultimately responsible for originating instructions you receive for transactions – i.e., the transaction originator.

Further guidance on the Rules and what they require is set out in the SFC’s Guidance Note on Position Limits and Large Open Position Reporting Requirements. Copies of the Rules and Guidance Note can be downloaded from the SFC’s website (www.hksfc.org.hk).

PURPOSE OF THE RULES The purpose of the Rules is to avoid potentially destabilizing market conditions arising from an overconcentrationof futures/options position accumulated by a single person or group of persons acting in concert, and to increase market transparency.

Some of the major requirements of the Rules and Guidance Note are summarized below. However, you should review the Rules and Guidance Note in their entirety, and consult with your legal counsel in order to ensure that you have a full understanding of your obligations in connection with trading in Hong Kong. Please note that the Rules make you responsible for ensuring that you comply with the Rules. Section 8 of the Rules makes it a criminal offence not to comply (subject to a maximum fine of HK$100,000 and imprisonment for up to 2 years).

POSITION LIMITS You may not hold or control futures contracts or stock options contracts in excess of the prescribed limit, unless you have obtained the prior authorization of the Hong Kong regulators. For example, the prescribed limit for Hang Seng Index futures and options contracts and Mini-Hang Seng Index futures and options contract is 10,000 long or short position delta limit for all contract months combined, provided the position delta for the Mini-Hang Seng Index futures contracts or Mini-Hang Seng Index options contracts shall not at any time exceed 2,000 long or short for all contact months combined. For many futures contracts and stock options contracts, the position limit is set at 5,000 contracts for any one contract/expiry month. The prescribed limit for each contract traded on the Hong Kong exchanges is set out in the Rules.

REPORTABLE POSITIONS If you hold or control an open position in futures contracts or stock options contracts in excess of the specified level, the Rules require you to report that position in writing to the relevant Hong Kong exchange (i) within one day (ignoring Hong Kong public holidays and Saturdays) of first holding or controlling that position, and (ii) on each succeeding day on which you continue to hold or control that position. The specified reporting level for each contract traded on the Hong Kong exchanges is set out in the Rules. Please note that the reportable position limits for certain contracts have changed. For example, the reportable limits for Hang Seng Index futures and options contracts have been increased from 250 open contracts to 500 open contracts. The report must state:

the number of contracts held or controlled in respect of the position in each relevant contract month; and if the position is held or controlled for a client, the identity of the client.

SCOPE OF THE RULES You should note:

The prescribed limits and reportable position requirements apply to all positions held or controlled by any person, including positions in any account(s) that such person controls, whether directly or indirectly. (Section 4 of the Rules and Para. 2.6 of the Guidance Note) If a person holds or controls positions in accounts at more than one intermediary, the Rules require him to aggregate the positions for the purposes of applying the prescribed limits and reportable position requirements. (Para. 6.1 of the Guidance Note)

The person holding or controlling a reportable position in accounts at more than one intermediary has the sole responsibility to notify the relevant exchange of the reportable position. The person may request its intermediary to submit the notice of the reportable position. If a firm agrees to submit the notice on his behalf, the person should provide to the firm its total positions held at other intermediaries so that the firm can submit the notice of the reportable position. Alternatively, the person should ask all of his intermediaries to report the


positions in each of the accounts separately to the exchange, even if the positions in the individual accounts do not reach the reportable level. (Paras. 4.6 and 6.2 of the Guidance Note)

Where you are holding a reportable position for your client, the Rules say that you must disclose the identity of the client. The SFC’s view is that, for the purposes of the Rules, a client is the person who is ultimately responsible for originating the transaction instructions – i.e., the transaction originator. (Para. 6.3 of the Guidance Note).

The Rules apply to the aggregate positions held in an omnibus account and to the positions held by each of the underlying clients of an omnibus account. Positions held by an intermediary (other than an exchange participant) in its proprietary accounts and customer accounts must be aggregated by the intermediary for position limit purposes. (Para. 6.7 of the Guidance Note)

Please contact your Customer Representative if you have any questions regarding this Notice and the requirements discussed herein.

NOTICE REGARDING AVERAGE PRICING

You should be aware that certain US and non-US exchanges may permit Macquarie Futures USA LLC (“MFUSA”) and/or its correspondent clearing brokers to confirm trades executed on such exchanges on an average price basis regardless of whether the exchanges have average price systems of their own. Average prices that are not calculated by an exchange system will be calculated by MFUSA or its correspondent clearing brokers. In either case, trades that are confirmed to you at average prices will be designated as such on your daily and monthly account statements.

FOREIGN CUSTOMER AGENT DESIGNATION

***Applicable to Foreign Traders and Foreign Brokers***

The Commodity Futures Trading Commission (“CFTC”), the United States government agency which regulates futures trading, has adopted a regulation (17 C.F.R. 15.05) which provides that if you are a foreign broker, a customer of a foreign broker or a foreign trader, you must have an agent in the United States to accept delivery and service of any communication directed to you from the CFTC.

Upon receipt of any such communication your agent must immediately forward the communication to you. According to this Regulation, service or delivery of any such communication to your agent constitutes valid and effective service or delivery to you. However, any reply you may be required to make to the CFTC is to be made directly to the CFTC, not through your agent. This Regulation is intended to apply only to CFTC communications, not those of other federal agencies.

Under the terms of the law, unless you designate an alternate agent located within the United States, Macquarie Futures (USA) LLC (“MFUSA”) is deemed to be your agent for CFTC communications when they relate to transactions executed for your commodity futures trading account with MFUSA. As your agent, MFUSA is required to accept and forward any such communication to you.

If you wish to designate another agent for this purpose, you must execute an agency agreement with a person or entity located in the United States. The agreement must authorize that person or entity to accept delivery and service of all CFTC communications directed to you and must also specify an address in the United States where the agent will accept delivery and service of communications for the CFTC. This agreement must be sent to MFUSA to be filed with the CFTC by MFUSA. MFUSA will presume you do not wish to designate some other person or entity as your agent for purposes of the Regulation, if you fail to provide MFUSA with this and other required documents. As stated above, MFUSA will be deemed to be your agent for the purpose of the Regulation, unless MFUSA has filed an agency agreement for you.


UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA

As a market user you may obtain access to Market Data available through an electronic trading system, software or device that is provided or made available to you by a broker or an affiliate of such. Market Data may include, with respect to products of an exchange ("Exchange") or the products of third party participating exchanges that are traded on or through the Exchange’s electronic trading platform ("Participating Exchange"), but is not limited to, "real time" or delayed market prices, opening and closing prices and ranges, high-low prices, settlement prices, estimated and actual volume information, bids or offers and the applicable sizes and numbers of such bids or offers.

You are hereby notified that Market Data constitutes valuable confidential information that is the exclusive proprietary property of the applicable exchange, and is not within the public domain. Such Market Data may only be used for your firm’s internal use. You may not, without the written authorization of the applicable exchange, redistribute, sell, license, retransmit or otherwise provide Market Data, internally or externally and in any format by electronic or other means, including, but not limited to the Internet. Further, you may not, without the written authorization of the applicable exchange, use Exchange Market Data for purposes of determining any price, including any settlement price, for any

futures product, options on futures product, or other derivatives instrument traded on any exchange other than an Exchange or a Participating Exchange; or in constructing or calculating the value of any index or indexed product. Additionally, you agree you will not, and will not permit any other individual or entity to, (i) use Exchange Market Data in any way so as to compete with an Exchange or to assist or allow a third party to compete with an Exchange; or (ii) use that portion of Exchange Market Data which relates to any product of a Participating Exchange in any way so as to compete with that Participating Exchange or to assist or allow a third party to compete with such Participating Exchange.

You must provide upon request of the broker through which your firm has obtained access to Market Data, or the applicable exchange, information demonstrating your firm’s use of the Market Data in accordance with this Notification. Each applicable exchange reserves the right to terminate a market user’s access to Market Data for any reason. You also agree that you will cooperate with an exchange and permit an exchange reasonable access to your premises should an exchange wish to conduct an audit or review connected to the distribution of Market Data.

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, GUARANTEE THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF THE DESIGNATED MARKET DATA, MARKET INFORMATION OR OTHER INFORMATION FURNISHED NOR THAT THE MARKET DATA HAVE BEEN VERIFIED. YOU AGREE THAT THE MARKET DATA AND OTHER INFORMATION PROVIDED IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR COMMODITY.

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY LOSSES, DAMAGES, CLAIMS, PENALTIES, COSTS OR EXPENSES (INCLUDING LOST PROFITS) ARISING OUT OF OR RELATING TO THE MARKET DATA IN ANY WAY, INCLUDING BUT NOT LIMITED TO ANY DELAY, INACCURACIES, ERRORS OR OMISSIONS IN THE MARKET DATA OR IN THE TRANSMISSION THEREOF OR FOR.

NON-PERFORMANCE, DISCONTINUANCE, TERMINATION OR INTERRUPTION OF SERVICE OR FOR ANY DAMAGES ARISING THEREFROM OR OCCASIONED THEREBY, DUE TO ANY CAUSE WHATSOEVER, WHETHER OR NOT RESULTING FROM NEGLIGENCE ON THEIR PART. IF THE FOREGOING DISCLAIMER AND WAIVER OF LIABILITY SHOULD BE DEEMED INVALID OR INEFFECTIVE, NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL BE LIABLE IN ANY EVENT, INCLUDING THEIR OWN NEGLIGENCE, BEYOND THE ACTUAL AMOUNT OF LOSS OR DAMAGE, OR THE AMOUNT OF THE MONTHLY FEE PAID BY YOU TO BROKER, WHICHEVER IS LESS. YOU AGREE THAT NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, COSTS OF DELAY, OR COSTS OF LOST OR DAMAGED DATA.


REGISTRATION EXEMPTION FOR ONTARIO-BASED CLIENTS Macquarie Futures USA LLC ("MFUSA") is not registered in Ontario to trade, as principal or agent, commodity futures contracts or commodity futures options that trade on one or more organized exchanges located outside of Canada and are cleared through one or more clearing corporations located outside of Canada. MFUSA's head office is located in New York, New York, United States of America. All or substantially all of MFUSA's assets may be situated outside of Canada. As a result of the foregoing, there may be difficulty enforcing legal rights against MFUSA. The name and address of MFUSA's agent for service of process in Ontario is: Macquarie Canada Services Limited, 181 Bay Street, Suite 3100, M5J 2T3, Attention: RMG Macquarie Compliance.


DISCLOSURE FOR URUGUAY-BASED CLIENTS No transaction conducted in connection with this agreement constitutes a public offering. Neither this agreement, nor anytransaction relating hereto has been registered with the Central Bank of Uruguay.

MACQUARIE FUTURES · PDF fileINTRODUCING BROKER AGREEMENT This Introducing Broker Agreement...

Documents

Transcript of MACQUARIE FUTURES · PDF fileINTRODUCING BROKER AGREEMENT This Introducing Broker Agreement...