General Terms, Usage and License Conditions of the TeleTrader Software GmbH
TeleTrader is a software provider specialized in the display and analysis of financial data and worldwide stock exchange information and offers a broad portfolio of high quality tools for processing, visualizing and analyzing stock exchange specific data, including inter alia all branded versions of TeleTrader WorkStation (also known as TeleTrader Professional), TeleTrader WebStation and TeleTrader Apps with different names or different appearance which are distributed by TeleTrader or its sales partners (the “TeleTrader Products”) as well as data services for other applications.
TeleTrader concludes contracts with customers (as such are subsequently consid-ered: paying customers, persons that obtain a free trial, persons that are provided with a permanent trial by TeleTrader as well as all other users of TeleTrader Products or other services, or persons that are provided with market data by TeleTrader) solely according to these General Terms, Usage and License Conditions (the “General Terms”). These General Terms are considered accepted and agreed with closing of the order, the contract, the offer, the electronic transmission of a request for a trial, the electronic transmission of an order, or the start-up, or other use of any TeleTrader Product or services provided by TeleTrader (e.g. supply of market data). The validity of general terms and conditions, purchase, or other business conditions of the cus-tomer is explicitly excluded for all business relationships involving TeleTrader.
2. Offers and closing of contract
Offers of TeleTrader are always subject to change without notice and may be with-drawn at any time. TeleTrader is not bound to accept orders by the customer. The contractual relationship results through a written order confirmation by TeleTrader or an accordant grant of service.
The closing of the contract may occur via an online order form or by e-mail if TeleTrader offers these possibilities.
3. Change of contract
TeleTrader may change these General Terms,the associated Data Policies and Data Protection Policies as well as the service descriptions and fees within the framework of TeleTrader’s technical, operational and economical requirements. Changes of the fees may occur especially but not exclusively to make adjustments in view of the costs relevant for price calculations (e.g. stock exchange fees, etc.).
TeleTrader will notify the customer in advance about changes in written form. They are considered accepted if TeleTrader does not receive written objection by the customer within four weeks after notification. TeleTrader will explicitly inform the customer of this consequence in the notification. The written notification may also occur in electronic form (via e-mail). In case of a raise of the fees, the customer is entitled to cancel the services affected by the raise of the fees within the periods mentioned in “Contract period, cancellation”.
TeleTrader reserves the right to change anytime without notice the composition of the data packages, especially those that are delivered with the basic versions of the different products, and respectively substitute existing data supplies with other data supplies.
If TeleTrader distributes self-calculated and/or derived data as part of data packages, the transmission of this data can be discontinued anytime without notice.
With the closing of the contract, the customer acquires the right to not exclusively use the selected TeleTrader Products, receive certain market data for the agreed contract period for the selected TeleTrader Product or any third party product, for which TeleTrader provides market data, in the defined quantity as a regular subscriber. The needed application software (the “Application”) is supplied to the customer by TeleTrader or a Third Party Provider for self installation until the end of the contract period. The requirements for the use of the Application (e.g. hardware, internet connection etc.) and the market data are created and maintained by the customer at the customer’s own expense, and the customer will bear the running expenses himself, particularly with regard to data transfer etc. The use of the TeleTrader Prod-ucts or received market data is only allowed by the customer himself and only within the contractually agreed extent. The sharing of an access id (account) amongst several users is not permitted. The display of market data on slave devices accessi-ble for several users is not permitted as well. (A slave device displays what the controlling device displays or controls and is incapable of being controlled inde-pendently.)
5. Payment regulations
Fees occurring monthly are to be paid in advance. Fees dependent on the use are charged after the service is supplied. Stock exchange charges and fees for the delivery of news are calculated per calendar month in the full amount, independent of the day the contract was closed.
Invoices become due with receipt and without further costs for TeleTrader. Invoices of TeleTrader are considered approved if the customer has not disagreed in written form within four weeks after the invoice date. Invoices can be sent in electronic form and can be based on digital signatures.
In doubt payments are credited against the oldest debt. TeleTrader may take into account the customer’s credit at the end of the contract period for other contractual relationships between TeleTrader and the customer.
The customer may only credit claims that are judicially established or claims recog-nized by TeleTrader against claims of TeleTrader. The customer is not entitled to deduct payments for guarantee or warranty claims unless otherwise specifically agreed in writing by TeleTrader.
In the case of a delay of payment, TeleTrader has the right to charge default interest of 12 percent p.a. The commissions arising from the intervention of a collection agency in case of delay of payment according to the regulation of the Bundesminister für wirtschaftliche Angelegenheiten, BGBl. Nr. 141/1996 as well as all costs and fees of lawyers shall be borne by the customer. TeleTrader is furthermore entitled to cancel the contract without notice if TeleTrader, in its sole discretion, deems it neces-sary or prudent to do so in order to comply with applicable rules, laws or regulations, or to comply with any third-party contract or to otherwise protect itself against liability, damage or loss.
6. License fees
In the case of supply of data protected by copyrights or rights of third parties (e.g. quote information, news etc.) the customer pledges to conclude contracts with the according data suppliers himself if necessary and pay the occurring fees on his own account or reimburse and compensate TeleTrader for its costs in connection there-with. The stock exchange fees may be changed by the stock exchanges at any time without prior notification of the end user. TeleTrader is not liable for claims of third parties which arise from the disregard of these regulations. The customer will indem-nify and hold harmless TeleTrader for all claims of third parties in this context.
The use of TeleTrader Products or other services (such as the supply of market data content) is only allowed within the framework of the contractual agreements between the parties including but not limited to these General Terms.
To avoid disruptions of the system operation, the customer shall use the Applications supplied by TeleTrader or a Third Party Provider only as contractually agreed on, in a way which will have no negative impact on the performance and stability of the system or on TeleTrader’s rights hereunder or obligations with respect to any third party.
The software updates needed for continuous operation are supplied to the customer by TeleTrader or a Third Party Provider. In case of necessary updates, TeleTrader or the Third Party Provider will notify the customer of these updates in advance. The customer is obliged to promptly carry out these updates on the date issued by TeleTrader or the Third Party Provider.
No nongratuitous or gratuitous transmission to third parties of TeleTrader Products, services or market data supplied by TeleTrader, and no use thereof by third parties, is allowed. Rights to any such transmission or use may only be granted by TeleTrader in special cases if and to the extent that TeleTrader explicitly grants such rights in written form.
TeleTrader retains full control over the supplied market data and explicitly reserves the right to issue – at any time and in its sole discretion – additional instructions for the use of market data supplied by TeleTrader, regardless of whether the market data was received through an Application supplied by TeleTrader, a Third Party Provider or in any other way.
TeleTrader may, in its sole discretion, suspend its service in whole or in part (and in particular the supply of market data) in case TeleTrader Products or market data is used in a manner that violates the terms of the framework of the contractual agree-ments (including but not limited to these General Terms) or any other contractual provision (including but not limited to these General Terms) is otherwise breached.
8. Market data
Market data is information and data for securities or derivatives, traded on stock exchanges or other market places outside of stock exchanges and includes without restriction market quotes, settlement prices, current bid and ask quotes, estimated and actual data concerning trading volume, text messages concerning market activi-ty, contract specifications and the like.
The customer agrees that each stock exchange or supplier of market data holds the exclusive and nongratuitous property rights on their market data. As long as the stock exchanges have not published the data or agreed to a general publication of the data, the data remains in the exclusive property of the stock exchanges or market data supplier. Outside of this agreement, the customer is not entitled to this data or access to this data.
The customer agrees that in spite of this agreement any of the stock exchanges or suppliers of market data may stop the supply of market data or change or delete the transmission method, speed or signal properties, in their sole discretion, at any time. Additionally, the end user confirms and agrees that the stock exchanges reserve the right to decline each end user and instruct TeleTrader to cancel the supply of data to an end user with or without any reason for doing so. A stock exchanges or other market data supplier may notify TeleTrader, or TeleTrader may otherwise determine, to immediately cease the supply of the market data to the end user and the end user hereby waives and releases TeleTrader for any liability in connection therewith.
9. Trading integration
For certain TeleTrader Products, TeleTrader offers free of charge trading integration modules which allow the customer to interact with trading platforms from within its products. The trading modules must be self configured by the user before they can be used.
TeleTrader undertakes no liability and no warranty for the correctness of the transmit-ted login data, security or transaction data or any other functionality of this trading integration. By executing the login process the user confirms to assure, that by using another independent access to the trading platform, he will check the correct and complete transmission of all trading information.
10. Contract period, cancellation
The contract period arises from the contract closed with the customer. Except as otherwise expressly stated in writing herein or pursuant to any other written instru-ment between TeleTrader and the customer, temporary contracts cannot be can-celled before the end of the agreed period. Should TeleTrader provide a service after the end of the period, the contract is extended for the originally agreed on period if not otherwise agreed on. A cancellation of the contract may be carried out at the end of the contract period and must arrive at the contracting party five calendar days before the end of the contract period.
For contracts with a monthly cancellation possibility the cancellation is possible at the end of the month following the signing of the contract at the earliest.
The cancellation may be carried out via the online administration segment or can be sent in written form to TeleTrader via mail.
All Applications supplied by TeleTrader or by a Third Party Provider must be deleted from all media of the customer at the end of the contract. The customer shall immedi-ately cease the use of the Application at the end of the contract.
11. Legal consequences
With the cancellation of the whole business relationship or single parts of it, all amounts arising from it immediately fall due. The customer is also obliged to free TeleTrader of all assumed commitments.
The customer is obliged to keep all submitted passwords and user identifications secret. The customer is liable for all damages arising from the failure to maintain the secrecy of the passwords by the customer (which includes the customer’s employ-ees, invitees, agents and representatives). The customer is also liable for all damag-es arising from him suffering or permitting disclosure of any passwords to third parties.
Should a password be lost or the customer has reason to believe that third parties obtained knowledge of it, he shall inform TeleTrader immediately.
TeleTrader shall not be liable for any damages except for such damages as are actually incurred by an end user customer and which are directly caused by TeleTrader as a direct result of the intentional misconduct or gross negligence of TeleTrader or its employees or agents. Any liability for negligence (other than gross negligence), or the compensation of consequential damages or loss of profit, idea-tional damages as well as lost data and claims of third parties are explicitly excluded by TeleTrader. TeleTrader assumes no liability and no warranty for any failure or malfunction occurring by the use of any trading integration or Application. TeleTrader is not liable for claims arising from possible operational disturbances (e.g. mutilations, omissions or delays) and does not assume liability for the completeness, timeliness or correctness of the transferred data.
TeleTrader as well as the originators of the market data are not liable for damages arising to the customer as a result of incomplete, not up-to-date or wrong data. TeleTrader is not liable for the damages or loss of profit arising from a stock ex-change transaction and explicitly states that errors are not ruled out by the technolo-gy used. The customer explicitly notes that an investment decision should not be made exclusively or predominantly based on the data transmitted by TeleTrader.
TeleTrader as well as the originators of the market data are not liable for disturb-ances such as power cuts, malfunctions of postal connections, malfunctions which can be directly attributed to one or all stock exchanges and therefore concern all or single quote data providers and general malfunctions of an internet provider as long as TeleTrader is not responsible for these malfunctions as a result of its intentional misconduct or gross negligence.
Any liability of TeleTrader for damages shall be limited in any case to three times the most recent monthly fee paid to TeleTrader by the customer.
14. Duties of the customer
The customer is obliged to
a) strictly comply with the Data Policies of TeleTrader Software GmbH, which form an integral part of these General Terms. The current version of the Data Poli-cies may be viewed and downloaded on the Internet at this link.
b) strictly comply with all contractual provisions (including but not limited to these General Terms) and with all instructions that TeleTrader in its sole discretion is-sues at any time for the purpose of complying with its obligations to third par-ties, and with the rules and requirements of the exchanges, other market data suppliers and other sources from which market data is derived;
c) not to misuse the TeleTrader Products or market data and abide by the relevant provisions of law (including telecommunications law, criminal code, copyright, etc.) and to supply all information requested by the originators of the market da-ta on request;
d) not to change the Application, TeleTrader Products or the market data by reversal techniques, decompilation or any other way to gain access to the
source code, the ideas that form the basis of the Applications, TeleTrader Products or techniques at the basis of the interface as well as algorithms; and
e) not to lend, rent, distribute or license the Application, TeleTrader Products or market data to third parties or transmit the Application, TeleTrader Products or market data to third parties or use the Application, TeleTrader Products or mar-ket data for illegal purposes or permit the Application, TeleTrader Products or market data to be used for illegal purposes.
15. Data protection
TeleTrader determines, saves and processes personal data according to the contract with the customer resp. the data of the users (end customer) according to the regula-tions of the Telecommunications Act (Telekommunikationsgesetz, “TKG”) in connec-tion with the European General Data Protection Regulation (“GDPR”).
The customer agrees that the data transferred by him resp. collected about him can be processed by TeleTrader according to the Data Protection Policies of TeleTrader Software GmbH. The current version of the Data Protection Policies may be viewed and downloaded on the Internet at this link.
TeleTrader will treat all data acquired in the course of this business relationship strictly confidential.
16. Delivery address
The address given by the customer in the contract is the delivery address for all documents arising from the contract by TeleTrader.
The address given by TeleTrader in the invoice is the delivery address for all docu-ments arising from the contract by the customer, unless stated otherwise.
Changes of the name resp. the firm, the address, the point of payment or the point of contact, the bank details, the credit card number or the credit card contract resp. the expiration of the card have to be disclosed to TeleTrader at once in written form. Should this information be omitted, the documents are considered accepted within 5 days after the posting of the document if the document was sent to the last valid address.
If a declaration in connection with the contract is to cause legal consequences it must be made in written form. Should a contract be bound to the declaration of a period of time, the date of arrival at the recipient is relevant and shall control. It is assumed that declarations by e-mail or telefax arrive on the same day and postings arrive within 5 days after posting date.
18. Final provisions
The conclusion of all contracts as well as any changes, addendums and additional agreements have to be made in written form unless explicitly stated otherwise in these terms and conditions. This also applies for agreements to deviate from the written form.
If any provision of a concluded contract, addendum, additional agreement or these General Terms is held to be or becomes invalid or unenforceable, or the contract, addendum, additional agreement or these General Terms include gaps, this shall not affect the validity or enforceability of the remaining provisions of the contract, adden-dum, additional agreement or these General Terms. In place of an invalid or unen-forceable provision, a provision is deemed to apply which comes closest to fulfilling the subject matter and purpose permissibly of the provision in question. In the case of gaps, the regulation is considered agreed, which would have been agreed in subject matter and purpose of the contract, addendum, additional agreement or these Gen-eral Terms, if the issue would have been addressed from the beginning.
19. Governing law and forum
All contracts with TeleTrader shall be governed by Austrian law, excluding its conflict of law rules. The application of the United Nations Convention on Contracts for the International Sale of Goods, the application of the regulation (EC) No 593/2008 on the law applicable to contractual obligations of the European Parliament and of the Council (“Rome I”), the application of regulation (EC) No 864/2007 on the law appli-cable to non-contractual obligations of the European Parliament and of the Council (“Rome II”), as well as the application of any other bilateral or multilateral treaty, concerning conflict of laws rules or the harmonisation of international sale of goods or service provision, shall be excluded. All disputes arising from or relating to contracts with TeleTrader shall be subject to the exclusive jurisdiction of the competent court for the Inner City of Vienna (Wien, Innere Stadt), Austria.
The TeleTrader Data Protection Policy can be found at: this link
II. Intellectual Property
2) Intellectual Property Ownership. TeleTrader or the respective licensor owns the copyright, all exploitation rights and all other intellectual property rights for all Services and Content, including websites and applications available through the Services, and further including intellectual property relating to the layout, source code and other content and components of the Services. You may not modify or remove any references to copyright or trademark designations visible on the Content or through the Services.
III. Limitations of Liability
1) No Advice. You acknowledge and agree that TeleTrader will not provide you or other Users with, and you will not accept from TeleTrader, investment, financial, tax or legal advice. None of the Services or Content shall be deemed to provide any recommendations to make any investment decision or advice regarding the risk or suitability of any investment. You should consult with your own professional advisor for any form of investment advice.
2) Third Party Content. TeleTrader does not endorse or guarantee the accuracy or completeness of any Content, including any data, supplied by third parties. Users and others who rely on such Content do so at their own risk. You agree that TeleTrader and its data providers and licensors are not liable for any errors, defects or shortcomings in the correctness, completeness or accuracy of any information provided through the Services or in the Content, including stock-exchange and economic information, indices, share prices, other prices, messages, general market data, other data and other Content displayed or accessible through the Services. YOU ACKNOWLEDGE AND AGREE THAT TELETRADER SHALL NOT BE LIABLE FOR THE CONDUCT OF ANY THIRD PARTIES, INCLUDING SOURCES OF DATA OR OTHER CONTENT AVAILABLE THROUGH TELETRADER OR ITS SERVICES.
4) Release. To the maximum extent permitted under applicable laws, you hereby release TeleTrader and its Related Parties from any liability related to: (a) any incorrect or inaccurate Content; (b) the conduct, whether online or offline, of any User; and (c) any error or omission, interruption or deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorized access, or alteration, of, to or in connection with the Content and the Services. You hereby waive any code or statute which states or implies that a general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which, if known by him must have materially affected his settlement with the debtor.
6) No Class Actions. ANY CLAIMS BROUGHT BY EITHER YOU OR TELETRADER MUST BE BROUGHT IN THE PARTIES’ INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, OR REPRESENTATIVE PROCEEDING. THE COURT OR ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE, COLLECTIVE OR CLASS PROCEEDING.
IV. Data Protection
1) Personal Data. Any personal data that is transferred to TeleTrader during the establishment of any TeleTrader account or use of the TeleTrader Services shall be collected, stored, and electronically processed by TeleTrader with commercially reasonable care and discretion. The User hereby agrees and consents that personal data the User transmits to TeleTrader and that has been collected about the User is processed and used as described in the TeleTrader Data Protection Policies. The User may revoke this consent by providing written notice of the same to TeleTrader.
V. Analytics and Cookies
You also agree that you will not embed or present the websites or Content associated with the Services in a pane (e.g., a frame or Iframe) using a hyperlink. External links to entire pages in each case (including the navigation frame) are permitted.
1) Waiver. No waiver by TeleTrader of any breach or default hereunder shall be deemed a waiver of any preceding or subsequent breach or default.
We are not, and do not claim to be investment advisors. The opinions and statements made in these publications are the result of extensive research and are believed to be accurate and from reliable sources. The contents are our current opinions only; further more conditions may cause our opinions to change without notice. The insights herein published are made solely for international and educational purposes. The contents in this publication are not to be construed as solicitation or recommendation to be used for formulation of investment decisions. WARNING market investment of any kind or speculation is a high-risk activity. Investors enter such activity at their own risk and must conduct their own due diligence to research and verify all aspects of any investment decision, if necessary seeking competent professional assistance.
Wall Street Insiders, Wall Street Insiders Financial News Network, Wall Street Insiders Super Premium, Nick Guarino, Kottura Limited, Tadpatri Limited, its subsidiaries, affiliates, related parties and its employees, agents, contractors and vendors are not brokers, personalized counsel on investing, taxes or law. We suggest, in fact we urge you to consult with qualified professionals in those fields for advice tailored to your individual needs. We are not licensed investment advisers, we are not licensed broker dealers, we are not Commodity Trade Advisors, you are free to use any broker, broker dealer or adviser you wish and this communication does not constitute an offering of US Treasury Bonds, Stocks, Commodities, futures, options, ETF's, ETN's or any other financial product, investment or instrument. “Neither this Communication, nor our Newsletter, Wall Street Insiders VIP Premium, Wall Street Insiders, Wall Street Insiders Financial News Network, Wall Street Insiders Super Premium, Nick Guarino, Kottura Limited, Tadpatri Limited gives personalized counsel on investing”
The offering, sale and/or distribution of information on some trading instruments on this website are not directed to persons in jurisdictions where such trading instruments are not allowed to individuals, including the United States of America (U.S.).
For example, C.F.D.'s (Contracts For Difference) are allowed for individuals in most parts of the world including Europe. At the present time, institutions are allowed to trade these new instruments but individuals are not. So when you see an occasional reference to these instruments, such information is not directed to individuals in the United States.
A “US Person” is generally defined as a natural person, who is permanently residing in the U.S. and/or each legal entity or organization which is organized in the U.S. or is incorporated according to the laws and regulations of this country. US Citizens who are residing outside of the U.S., might, under certain conditions, also be considered as a US Person.
Wall Street Insiders, Wall Street Insiders Financial News Network, Wall Street Insiders Super Premium, Nick Guarino, Kottura Limited, Tadpatri Limited does not accept any liability for damages and/or losses caused by transactions and or other investment services, which are acquired contradictory to the laws and regulations of the jurisdictions under which the acquirer resides.
The content of this website may not be considered by US Persons as an offer or an invitation to acquire or sell financial trading instruments or any other trading investment product or service with regard to US Persons. The provision of services with regard to trading instruments, which also includes the advisory services in this regard, as described on this website, are not intended for and applicable to US Persons where such trading is restricted or contradictory to the laws and regulations of the jurisdictions under which the acquirer resides.
Please Note: all quotes are provided by TeleTrader. Please see their disclosures and disclaimers
Margin transactions (Forex, contracts for difference CFD, futures and futures options, stock options, REPO transactions, transactions in over-the-counter derivatives and transactions using broker credit, including selling short) involve higher risk. The level of risk increases with the leverage ratio. As the result of margin transactions, relatively high profits are possible with low level of initial investments, as well as significant losses which may exceed the principal amount of investments or the amount of the collateral. Please ascertain whether margin transactions in their essence and content suit the risk profile and whether the content of margin transactions corresponds to your investment goals and our legal in your jurisdiction.
By subscribing I hereby certify that I am familiar with the definition of “accredited investor” as defined in Rule 501 of Regulation D issued pursuant to the Securities Act of 1933, as amended, and that I meet the criteria to qualify as an accredited investor.
All securities trading, whether in stocks, options, or other investment vehicles such as commodities, is speculative in nature and involves substantial risk of loss. We encourage our subscribers to invest carefully and to utilize the information available at the websites of the Securities and Exchange Commission and the National Association of Securities Dealers or the Commodities Futures Trading Commission. You can review public companies filings at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its website. The CFTC has endless information for you on their web sight about the risks of commodity trading and information on selecting a broker, which we urge you to review and study. We also encourage you to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Most of our information is derived directly from information published by companies, government reports, widely publicized economic reports, economic opinions available in the press or submitted to governmental agencies on which we analyze and/or rate from other sources we believe are reliable, without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way warrant or guarantee the success of any action you take in reliance on our statements, ratings, or recommendations.
1. You may lose money trading and investing.
Trading and investing in securities is always risky. For that reason, you should trade or invest only "risk capital" -- money you can afford to lose. While this is an individual matter, we recommend that you risk no more than 10% of your liquid net worth -- and, in some cases, you should risk less than that. For example, if 10% of your liquid net worth represents your entire retirement savings, you should not use that amount to buy and sell securities. Trading stock and stock options and commodities futures involves HIGH RISK and YOU can LOSE a lot of money.
2. Past performance is not necessarily indicative of future results.
All investments carry risk and all trading decisions of an individual remain the responsibility of that individual. There is no guarantee that systems, indicators, or trading signals will result in profits or that they will not result in losses. All investors are advised to fully understand all risks associated with any kind of trading or investing they choose to do.
3. Hypothetical or simulated performance is not indicative of future results.
Unless specifically noted otherwise, all profit examples provided in the our websites and publications are based on hypothetical or simulated trading, which means they are done on paper or electronically based on real market prices at the time the recommendation is disseminated to the subscribers of this service, but without actual money being invested. Also, such examples do not include the costs of subscriptions, commissions, and other fees, or examples of other recommendations as to which there were losses utilizing the timing at the time of the recommendations. Because the trades underlying these examples have not actually been executed, the results may understate or overstate the impact of certain market factors, such as lack of liquidity (discussed below). Simulated trading programs in general are also designed with the benefit of hindsight, which may not be relevant to actual trading. We make no representations or warranties that any account will or is likely to achieve profits similar to those shown,
because hypothetical or simulated performance is not necessarily indicative of future results.
4. Don't enter any trade without fully understanding the worst-case scenarios of that trade.
Trading securities like stock options or commodities futures can be extremely complicated, so make sure you understand these trades before entering into them. For example, aggressive positions in options or leveraged commodities have a greater probability of losing, while less aggressive positions are less likely to yield substantial profits. Similarly, far out-of-the-money options are unlikely to finish in the money, and options purchased close to their expiration dates are very high-risk and, thus, likely to win big or lose big very quickly. Don't enter any trade without fully understanding the worst-case scenarios of that trade.
5. We are a financial publisher of internet sights (service) and do not provide personalized trading or investment advice.
We are a financial publisher. We publish information regarding companies and commodities in which we believe our subscribers may be interested and our reports reflect our sincere opinions. However, the information in our publications is not intended to be personalized recommendations to buy, hold, or sell any securities. As a financial publisher, we are not legally permitted to offer personalized trading or investment advice to our subscribers. If a subscriber chooses to engage in trading or investing that he or she does not fully understand, we may not advise the subscriber on what to do to salvage a position gone wrong. We also may not address winning positions or personal trading or investing ideas with subscribers. Therefore, subscribers will need to depend on their own mastery of the details of trading and investing in order to handle problematic situations that may arise, including the consultation of their own brokers and advisors as they deem appropriate.
6. Profits can be lost if they are not taken at the right time.
Subscribers are advised to take profits at whatever point they deem optimal, regardless of the profit target set in any given recommendation. Advisory services such as those we offer provide recommendations. Subscribers are free to follow the recommendation, follow it in part, or ignore it altogether. If a subscriber believes a given profit is at risk, the subscriber should take the profit. Similarly, if a subscriber feels a position is likely to lose value, or a losing position is likely to fall further, the subscriber can choose to exit at any time to preserve capital. The final decision as to when to take profits remains in the sole discretion of the subscriber, keeping in mind that profits can be lost if they are not taken at the right time.
IT IS THEREFORE ORDERED, ADJUDGED AND DECREED that judgment Shall be and hereby is entered in favor of Plaintiff Commission and against defendants Guarino and WSI as follows:
A. Guarino and WSI are hereby permanently enjoined from directly or indirectly:
1. Employing any device, scheme, or artifice to defraud any client or prospective client; or engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective participant, by use of the mails or any means or instrumentality of interstate commerce, in violation of Section 4o(1) of the Act; and
2. Advertising in a manner which employs any device, scheme or artifice to defraud any client or prospective client; or advertising in a manner which involves any transaction, practice or course of business which operates as a fraud or deceit upon any client or prospective client, in violation of Regulation 4.41(a).B. Guarino and WSI are further restrained, enjoined and prohibited, until further order of the Court, from directly or indirectly:
1. Employing any device, scheme, or artifice to defraud any client or prospective client; or engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective participant, by use of the mails or any means or instrumentality of interstate commerce, in violation of Section 4o(1) of the Act and Regulation 4.41(a);
2. Engaging in, controlling, or directing the trading of any commodity futures and options accounts, on their own behalf or on behalf of any other person or entity, whether by power of attorney or otherwise;
3. Placing orders, giving advice or price quotations of other information in connection with the purchase or sale of commodity futures and options contracts for themselves and others;
4. Introducing customers to any other person engaged in the business of trading in commodity futures and options; and
5. Otherwise engaging in any business activities related to commodity futures and options trading that require registration.
C. The injunctive provisions of this Order shall be binding on Guarino and WSI, upon any person insofar as he or she is acting in the capacity of agent, servant, employee, successor, assign, or attorney of Guarino or WSI, and upon any person who receives actual notice of this Order by personal service or otherwise insofar as he or she is acting in active concert or participation with Guarino or WSI.
D. Guarino and WSI are jointly and severally liable for, and a judgment is hereby entered in favor of the Plaintiff Commission and against Guarino and WSI in the amount of $2,374,582.00 representing restitution (“Restitution Amount”). Upon entry of this Order, Guarino and WSI, jointly and severally, shall immediately pay the Restitution Amount to make whole each and every customer whose funds were received by Guarino and WSI and who were harmed by the wrongful acts as alleged in the Complaint. Guarino and WSI shall pay the Restitution Amount to the Court-appointed Receiver.
Civil Monetary Penalty
E. Guarino and WSI are ordered to pay to the Plaintiff Commission a civil monetary penalty in the amount of $7,123,746.00, which represents the statutorily prescribed penalty amount of three times the monetary gain from the fraud. In addition, Guarino and WSI shall pay post-judgment interest at the Treasury Bill rate prevailing on the date this Order is entered, pursuant to 28 U.S.C. § 1961(a). Post-judgment interest shall accrue on the civil monetary penalty beginning on the date this Order is entered and shall continue until the civil monetary penalty is paid in full.
F. Payment of the civil monetary penalty shall be made to the Commodity Futures Trading Commission, Division of Enforcement, 1155 21st Street, N.W., Washington, D.C. 20581 to the attention of Ms. Dennese Posey. Payment must be made by electronic funds transfer, U .S. postal money order, certified check, bank cashier's check, or bank money order, made payable to the Commodity Futures Trading Commission
A futures contract is a legally binding agreement between two parties to buy or sell in the future, on a designated exchange, a specific quantity of a commodity at a specific price. Because of the volatile nature of the commodities markets and the use of leverage, trading in futures involves a very very very high degree of risk. Futures trading is not suitable for many members of the public. Such transactions should be entered into only by persons who understand the nature and extent of their rights and obligations under futures contracts and the risks involved in the transactions covered by those contracts.
1. Because of the impact of leverage, your losses may exceed the entire amount deposited in your account, or more.
Leverage is the ability to control large amounts of money with much smaller amounts of risk capital. In futures trading, the amount of money you are required to deposit is a small percentage of the value of the futures contracts you trade. If you buy and hold a futures contract, a small positive movement in price can have a large positive impact on your account; a small negative movement in price can have a corresponding large negative impact on your account. Therefore, leverage can work against you as well as for you.
Because of leverage, it is possible to lose all the money in your account very quickly. Even worse, if the funds in your account fall below the amount required by the futures broker, you will receive a margin call. A margin call is a demand from the clearing house to deposit the difference in funds by the following morning. The difference in funds can be substantial. If you cannot timely comply with this request, your positions may be liquidated at a loss and you will be liable for any remaining difference. Keep in mind that the funds in your account may fall for reasons outside your control. Therefore, you should manage leverage by limiting your trading as necessary to maintain sufficient excess margin in your account.
2. Stop orders may reduce, but not eliminate, your trading risk.
A stop market order is an order, placed with your broker, to buy or sell a particular futures contract at the market price if and when the price reaches a specified level. Stop orders are often used by futures traders in an effort to limit the amount they might lose. If and when the market reaches whatever price you specify, a stop order becomes an order to execute the desired trade at the best price immediately obtainable.
There can be no guarantee, however, that it will be possible under all market conditions to execute the order at the price specified. In an active, volatile market, the market price may be declining (or rising) so rapidly that there is no opportunity to liquidate your position at the stop price you have designated. Under these circumstances, the broker's only obligation is to execute your order at the best price that is available. Therefore, stop orders may reduce, but not eliminate, your trading risk.
Buying or selling futures options or stock options is not suitable for many people, and you should not trade options unless you fully understand the risks, rights, and obligations of options trading. Use only money you can afford to lose in options trading.
1. You should not sell options on futures unless you can meet margin calls and survive large financial losses.
When you buy an option, you risk losing the entire purchase price plus the commissions paid, but not more since purchasing options on margin is not allowed. The amount you spend up front is the maximum you can lose. When you sell an option, you may be required to deposit additional margin if the price of the commodity moves adversely. You should not sell options unless you can meet margin calls and survive large financial losses. In cases where the exchange has difficulty finding buyers, the option seller is subject to the full risk of the position until the options expire.
An option on a commodity futures contract is a legally binding agreement between two parties which gives the buyer, who pays a market determined price known as a "premium," the right (but not the obligation), within a specific time period, to exercise the option. Buying or selling futures options is not suitable for many people, and you should not trade futures options unless you fully understand the risks, rights, and obligations of commodities options trading.
1. The futures option, if exercised, will result in the establishment of a futures position.
Both the purchaser and grantor of an option on a futures contract should realize that the option, if exercised, will result in the establishment of a futures position, subject to all the risks such contracts carry (see above). The buyer of a call option will be assigned a long position in the underlying futures if exercised, while the buyer of a put option will be assigned a short position in the underlying futures if exercised. The purchaser of an option should be aware that some option contracts provide for only a limited period of time during which an option may be exercised.
2. You may be unable to liquidate your position because of lack of liquidity in the futures or options market.
Exchange trading mechanics are designed to provide for competitive execution and to make available to buyers and to sellers a continuous market in which an option once purchased can later be sold; and in which an option, once granted, can later be liquidated by an offsetting purchase. Although each exchange's trading system is designed to provide market liquidity for the options traded on that exchange, there can be no assurance that a liquid offset market on the exchange will exist for any particular option, or at any particular time, and for some options, no offset market on that exchange may exist at all. In such an event, it may not be possible to effect offsetting transactions in particular options. Thus, to realize any profit, a holder will have to exercise their option and have to assume all risks and to comply with margin requirements for the underlying futures contracts or, in the event of an option on a physical commodity, incur the costs and risks of holding the physical good. A grantor could not terminate its obligation until the option expired or the grantor was assigned an exercise notice. You may exercise your option but be unable to liquidate your resulting futures position because of daily price limits or lack of liquidity in the futures market.
3. Lack of pricing limits on some options.
The trader should be aware that an option may not be subject to daily price fluctuation limits even if the underlying futures position has such limits and, as a result, normal pricing relationships between options and the underlying futures may not exist. Also, futures positions assigned as a result of an expiring option may not be capable of being offset if the underlying futures contract is at a price limit.
4. Additional risks of writing or granting futures options.
The grantor of a call option who does not have a long position in the underlying futures contract (i.e. a "naked" sale or short) is subject to risk of loss should the price of the underlying futures be higher than the strike price of the option, and this loss may exceed the premium received for the initial sale of the call option. The grantor of a call option who has a long position in the underlying futures (i.e. a "covered" sale or short) is subject to the risk of decline in price of the underlying futures, less the premium received for granting the call option. In exchange for the premium received, the call option grantor gives up all of the potential gain resulting from an increase in the price of the underlying futures above the strike price of the option. The grantor of a put option who does not have a short position in the underlying futures contract (i.e. a "naked" sale or short) is subject to risk of loss should the price of the underlying futures be below the strike price of the option, and this loss may exceed the premium received for the initial sale of the put option. The grantor of a put option who has a short position in the underlying futures (i.e. a "covered" sale or short) is subject to the risk of a rise in price of the underlying futures, less the premium received for granting the put option. In exchange for the premium received, the put option grantor gives up all of the potential gain resulting from a decrease in the price of the underlying futures below the strike price of the option.
Investments always entail some degree of risk. Be aware that:
1. Some investments in stock cannot easily be sold or converted to cash. Check to see if there is any penalty or charge if you must sell an investment quickly.
2. Investments in stock issued by a company with little or no operating history or published information involves greater risk than investing in a public company with an operating history and extensive public information. There are additional risks if that is a low priced stock with a limited trading market, e.g., so-called penny stocks.
3. Stock investments, including mutual funds, are not federally insured against a loss in market value.
4. Stock you own may be subject to tender offers, mergers, reorganizations, or third-party actions that can affect the value of your ownership interest. Pay careful attention to public announcements and information sent to you about such transactions. They involve complex investment decisions. Be sure you fully understand the terms of any offer to exchange or sell your shares before you act. In some cases, such as partial or two-tier tender offers, failure to act can have detrimental effects on your investment.
The greatest risk in buying shares of stock is having the value of the stock fall to zero. On the other hand, the risk of selling stock short can be substantial. "Short selling" means selling stock that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short selling is a legitimate trading strategy, but assumes that the seller will be able to buy the stock at a more favorable price than the price at which they sold short. If this is not the case, then the seller will be liable for the increase in price of the shorted stock, which could be substantial.
When you open a stock option account, you should receive a booklet entitled "Characteristics and Risks of Standardized Options," which is also available on the Chicago Board Options Exchange website. This booklet contains an in-depth discussion of the characteristics and risks associated with stock options trading. We strongly encourage you to carefully read and understand this information.
1. Assignment of exercise to writers.
As a writer of a stock option, you may be assigned an exercise at any time from the date of sale through approximately two days after the date of expiration. The consequences of being assigned an exercise depend upon whether the writer of a call is covered or uncovered, as discussed below. Since an option writer may not be informed of the assignment of exercise until up to two days after expiration, special risks can come into play. For example, an option writer who sells out their underlying position upon expiration may find out the next day that they have to surrender stock they do not now own.
2. Risk of unlimited losses for uncovered writers of call options.
A "naked" or uncovered writer of a call option is at substantial risk should the value of the underlying stock move unfavorably against the position. For a naked call writer, the risk of loss is theoretically unlimited. The obligation of a naked writer that is not secured by cash to meet applicable margin requirements creates additional risks. A harsh adverse move in stock prices can create steep margin call scenarios in which a brokerage firm may liquidate other holdings in the writer's account(s) to cover the option. Since pricing of options tends to be magnified relative to the underlying stock, the naked writer may be at significantly greater risk than a short seller of the underlying stock.
3. Deep out-of-the-money options carry high risk of loss.
Although purchasing stock options at strike prices significantly above or below the current market price can be very inexpensive, you are at high risk of losing your money. There are two versions of deep out-of-the-money options:
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