advice on Compliance stuff

G

George Parr

I've just on an email that they will remove my trading privileges unless I fill up some forms.


One is the Arbitration Agreement, to waive my right to sue in the court of law and agree to be bound by arbitration of any claims or counterclaims.

Did any of you traders have to send in this?


Also, I have to fill up the Electronic Trading and Order Execution disclosure that essentially asking me to accept the risk, should their systems or platform fail.

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.
 
That's bullshit.

Why should I consent to something to allow them to shrink the responsibility of their system failure to me?


Is this mandatory for all traders?
 
Those are standard forms used by the industry. You don't have to fill out the forms if you don.t want to.

HOWEVER: No tickee,no laundry
 
Many moons ago before chains took over the laundry business,Chinese were stereotyped as owners of mom and pop laundries much like today,certain ethnic groups are owners of convenience stores.
Somehow the saying "no tickee,no laundry"was a joke or skit on how a chinese would say "no ticket no laundry"which mean't if you didn't have your ticket(receipt),you couldn't pick up your laundry.
This saying morphed into a general saying covering many different situations

In your case, you don't have to fill out the forms(Tickee) , but if you don't, they won't let you Trade(Laundry).
No Tickee,no Laundry.
 
At arbitration, YOU have the right to appeal the decision to your local Circuit/Supreme Court if you don't like it.

IF the Firm on the other hand, doesn't like the decision, they CANNOT appeal. If the judgement goes against the firm, or member of the member firm (lol!), the decision is final.

Sign the agreement. No way around it.
 
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