Divulgación de riesgos de corretaje

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Futures Trading Risk:


The risk of loss in trading commodity futures contracts can be substantial. Before deciding to engage in futures trading, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.


You may incur a total loss of the funds deposited with your broker to establish or maintain a position in the commodity futures market, and losses may exceed these amounts. If the market moves against your position, your broker may require you to deposit additional margin funds promptly to maintain your position. Failure to provide the required funds within the specified time may result in the liquidation of your position at a loss, and you will be responsible for any resulting deficit in your account.


Funds deposited with a futures commission merchant for trading futures positions are not protected by insurance in the event of bankruptcy or insolvency of the futures commission merchant or if your funds are misappropriated.


Funds deposited with a futures commission merchant for trading futures positions are not protected by the Securities Investor Protection Corporation, even if the futures commission merchant is registered with the Securities and Exchange Commission as a broker or dealer.


Funds deposited with a futures commission merchant are generally not guaranteed or insured by a derivatives clearing organization in the event of bankruptcy or insolvency of the futures commission merchant, or if the futures commission merchant is unable to repay your funds. Certain derivatives clearing organizations, however, may have programs that provide limited insurance to customers. You should inquire with your futures commission merchant whether your funds will be insured by a derivatives clearing organization and understand the benefits and limitations of such insurance programs.


Funds deposited with a futures commission merchant are not held by the futures commission merchant in a separate account for your individual benefit. Futures commission merchants pool funds received from customers into one or more accounts, and you may be exposed to losses suffered by other customers if the futures commission merchant does not have sufficient capital to cover the trading losses of such other customers.


Funds deposited with a futures commission merchant may be invested by the futures commission merchant in certain types of financial instruments approved by the Commodity Futures Trading Commission for these investments. Permitted investments are listed in Commodity Futures Trading Commission Regulation 1.25 and include U.S. government securities; municipal securities; money market mutual funds; and certain corporate notes and bonds. The futures commission merchant may retain the interest and other earnings realized from its investment of customer funds. You should be familiar with the types of financial instruments in which a futures commission merchant may invest customer funds.


Futures commission merchants may deposit customer funds with affiliated entities, such as affiliated banks, brokers or dealers, or foreign brokers. You should inquire whether your futures commission merchant deposits funds with affiliates and assess whether such deposits by the futures commission merchant with its affiliates may increase the risks to your funds.


You should consult your futures commission merchant regarding the nature of the protections available to safeguard funds or property deposited in your account.


Under certain market conditions, it may be difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit ("limit move").


All futures positions involve risk, and a "spread" position may not be less risky than a direct "long" or "short" position.


The high degree of leverage (gearing) that is often obtainable in futures trading because of the small margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as gains.


In addition to the risks noted in the above paragraphs, you should be familiar with the futures commission merchant with whom you choose to entrust your funds for trading futures positions. The Commodity Futures Trading Commission requires each futures commission merchant to make publicly available on its website specific disclosures and financial information to assist you in your evaluation and selection of a futures commission merchant. Information about each of the futures commission merchants referred to NTB can be obtained by visiting their websites: NinjaTrader Clearing, LLC, Dorman Trading, and Phillip Capital.


Options Trading Risk:


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


The buyer 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 the buyer acquiring or delivering the underlying interest. If the option is on a futures contract, the buyer will acquire a futures position with associated liabilities for margin (refer to the above Futures section). If purchased options expire worthless, the buyer will suffer a total loss of the investment, which consists of the option premium plus transaction costs. If contemplating the purchase of out-of-the-money options, you should be aware that the chances of such options becoming profitable are normally remote.


The sale ('writing' or 'granting') of an option generally involves considerably greater risk than the purchase of options. While the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be required to deposit additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk that the buyer will exercise the option, and the seller will be obligated to settle the option in cash or acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a futures position with associated liabilities for margin (refer to the above Futures section). If the position is 'covered' by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the position is not covered, the risk of loss may be unlimited.


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


Additional Risks Common to Futures and Options:


Terms and Conditions of Contracts:

18. You should inquire of the firm with which you trade about the terms and conditions of the specific futures or options contracts you are trading and associated obligations (e.g., under what conditions you may become obligated to make or take delivery of the underlying interest of a futures contract and, in connection with options, expiration dates and exercise limitations). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearinghouse to reflect changes in the underlying interest.


Suspension or Restriction of Trading and Pricing Relationships:

19. Market conditions (e.g., lack of liquidity) 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.


Additionally, there may be no normal pricing relationships between the underlying interest and futures, and the underlying interest and the option. This can occur when, for example, the underlying futures contract to the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to determine a fair value.

Cash and Deposited Assets:

21. You should become familiar with the protections provided to money or other assets that you deposit for domestic and foreign transactions, particularly in the event of insolvency or bankruptcy of a firm. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, specific identified assets will be prorated on the same basis as cash for purposes of distribution in case of a shortfall.


Commission and Other Charges:

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


Foreign Exchange Risks:

23. The gain or loss in transactions in contracts denominated in foreign currency (whether traded in your own jurisdiction or in another) will be affected by fluctuations in currency exchange rates when it is necessary to convert the denomination of the currency contract to another currency.


Trading Facilities:

24. Most electronic trading and open outcry trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration, or clearing of trades. Like 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, market, clearinghouse, and/or member firms. Such limits may vary; you should ask the firm with which you trade for details in this respect.


Electronic Trading:

25. 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 the risks associated with the system, including hardware and software failure. The outcome of any system failure may be that your order is not executed according to your instructions or not executed at all.


Over-the-Counter Transactions:

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


Applicability to All Futures Transactions, Foreign or Domestic:

27. All the points mentioned above apply to all futures transactions, whether foreign or domestic. Additionally, if you are contemplating trading foreign futures or options contracts, you should be aware of the following additional risks:


Foreign futures transactions involve the execution and clearing of trades in a foreign currency. This is the case even if the foreign currency is formally "pegged" to a national currency so that a trade executed on an exchange liquidates or establishes a position on the other exchange. No national organization regulates activities of a foreign exchange, including the execution, delivery, and clearing of trades on that exchange, and no national regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, customers who trade on foreign exchanges may not receive some of the protections that apply to transactions on domestic exchanges, including the right to use alternative national dispute resolution procedures. In particular, funds received from customers for foreign futures margin transactions may not receive the same protections as funds received for domestic futures margin transactions. Before trading, you should familiarize yourself with the foreign rules that will apply to your particular transaction.


Finally, you should be aware that the price of any foreign futures or options contract and, therefore, the potential profits and losses resulting from any price fluctuation between the time you place your order and the time the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.



This brief statement cannot, of course, disclose all the risks and other aspects of commodity markets. You should carefully study futures trading and options trading before you trade, and you should consult with your broker and financial advisor to understand the risks involved.

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