COUNTERPARTY DISCLOSURE :
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. FXCM
IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN
YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES FXCM OFFERS MIGHT NOT BE THE BEST PRICES
AVAILABLE AND FXCM MAY OFFER DIFFERENT PRICES TO DIFFERENT CLIENTS.
ALTHOUGH FXCM IS THE COUNTERPARTY TO EACH OF YOUR TRADES, IF YOUR ACCOUNT(S) IS TO BE
TRADED UNDER A âNO DEALING DESKâ MODEL FXCM LIMITS RISK TO ITSELF BY IMMEDIATELY HEDGING
(OFFSETTING) THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU 1-FOR-1 WITH ONE OF SEVERAL BANK
MARKET MAKERS. AS A RESULT, FXCM DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER,
FXCM IS COMPENSATED BY MARKING UP THE PRICE IT RECEIVES FROM THE BANK MARKET MAKER.
IN SOME CIRCUMSTANCES FXCM MAY ELECT TO REMOVE YOU FROM âNO DEALING DESKâ MODEL. FXCM WILL
NOTIFY YOU AT THE TIME THAT IT DOES SO. IN SUCH A SITUATION, YOU SHOULD BE AWARE THAT FXCM MAY
MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE FXCM ACTS AS THE BUYER
OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS
YOU RECEIVE FROM ANY OF FXCMâS REFERRING BROKERS. FXCM ITSELF DOES NOT PROVIDE
INDIVIDUALIZED CLIENT TRADE RECOMMENDATIONS.
https://secure2.fxcorporate.com/fxt...w_trading_agreement&ib=FXCM&locale=en_US_FXCM