CTS Application Form


Accounts held at Cunningham Commodities LLC




Individual Commodity Futures and Options Account Application

Full Name: *
Address: *
Phone: *
Optional Phone:
Social Security Number: *
Country: *
Your Age: *
E-mail: *
Account Fax Number:
Principal Occupation/Business/Retired: *
Business Phone:
Bank Reference: *
Current Annual Income: *
Net Worth: *
Risk Capital Available: *

W-8 Section

Is this an account of an EXEMPT FOREIGN PERSON? *

An exempt foreign person:

  1. Is neither a citizen nor a resident of the United States.
  2. Is not nor plans to be in the U.S. for a period aggregating 183 or more days during the calendar year; and
  3. Does not expect to engage in trade or business in the United States with respect to which any gain derived from transactions effected  by the broker during that calendar year is effectively connected.

W-9 Section

Part I - For United States Citizens, Legal Entities or Residents, Taxpayer Identification Number. For most individual taxpayers, the Taxpayer Identification Number is the Social Security Number.

Please Enter SSN/Taxpayer Identification Number: *

Part II- Is the individual subject to backup withholding under the provisions of section 3406 (a)(1)(C) of the Internal Revenue Code?



Has this account claimed an exemption from Internal Revenue Service regulations which require that CUNNINGHAM FUTURES CLEARING report the account's Commodity and Security transactions on Form 1099? *
If yes, please check any or all categories under which the exemption is claimed.
Have you had previous securities or commodity futures/options trading experience?

All brokers, dealers or banks with which I am carrying securities or commodity futures/options trading accounts or with which I have carried accounts in the past, are shown below:

Account 1.

Account Number:
Open Date:
Close Date:

Account 2.

Name 2:
Account Number 2:
Open Date 2:
Close Date 2:

Account 3.

Name 3:
Account Number 3:
Open Date 3:
Close Date 3:
Do you control the trading in any other commodity futures/options account? *
Brokerage Firm 1
Brokerage Account Number 1
Brokerage Firm 2
Brokerage Account Number 2

Are you presently a member on any futures exchange? *

The exchange, membership type, and membership effective date are shown below.

Exchange Name 1
Exchange Membership Type 1
Exchange effective date 1
Exchange Name 2
Exchange Membership Type 2
Exchange effective date 2

Are you an Associated Person of a Futures commission Merchant or Introducing Broker? *

The firm name and relationship to firm are shown below:

Firm Name 1
Relationship to Firm 1
Firm Name 2
Relationship to Firm 2

Authorization to Wire Transfer Funds

CUNNINGHAM FUTURES CLEARING will remit funds from Customer's account by check, delivered through the U.S mail, only to the registered account address. In the alternative, by furnishing the following information, I (we) request that CUNNINGHAM FUTURES CLEARING wire transfer funds from my (our) commodity futures/options trading account to my (our) bank account at the following commercial bank (not savings bank):

Commercial Bank Name: *
City: *
State: *
Bank Country: *
For Credit To: *
Transit/ABA Number: *
For Account Number: *
Further Credit To (optional):
Further Account Number:

By Checking this box and typing my full name below, I agree the information on this page to be true and correct to the best of my knowledge.
X --- Signature (type full name) *

Authorization to E-mail User ID and Password

In order to maintain the highest level of security, CUNNINGHAM FUTURES CLEARING typically delivers to Customer by regular mail an opening letter containing relevant account information, including the User ID and Temporary Password. Alternatively, Customer may authorize CUNNINGHAM FUTURES CLEARING to release this information by e-mail, thereby allowing immediate access to your account. I (we) hereby authorize CUNNINGHAM FUTURES CLEARING to release the User ID and Temporary Password to the above e-mail address and agree that under no circumstances shall CUNNINGHAM FUTURES CLEARING have any liability to any individual or entity (including, but not limited to, customer) for the unauthorized use of this information.

By Checking this box and typing my full name below, I agree the information on this page to be true and correct to the best of my knowledge.(page 7) *
X --- Signature (type full name) (page 7) *
Date: (page 7) *

Risk Disclosure Statement for Futures and Options

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.


     1.Effect of ‘Leverage’ or ‘Geared’

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.


     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 option is ‘covered’ by the seller holding a corresponding position in the underlying interest of 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.


     4. Terms and conditions of contracts

You should ask the firm with which you deal about the terms 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 the changes in the underlying interest.

     5. Suspension or restrictions 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 specific 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 commissions, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your net 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, you 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 the regulatory authorities of 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 which 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 risks 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 exiting position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, those 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.

By Checking this box and typing my full name below, I acknowledge that I have read, understand and agree to the terms of the Risk Disclosure Statement for Futures and Options. *
X --- Signature (type full name) (page 10) *
Date: (page 10) *

Additional Risk Disclosure Statement For Futures And Options




By Checking this box and typing my full name below, I acknowledge that I have received and understand this additional disclosure statement. *
X --- Signature (type full name) (page 11) *
Date: (page 11) *

Automated Order Entry Systems Disclosure Statement Acknowledgment

Customer hereby authorizes CUNNINGHAM FUTURES CLEARING to enter orders to buy and sell futures contracts on the CBOT (ACE), EUREX, and/or the CME (GLOBEX) automated order entry and matching system(s).


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 exchange(s) offering the system and/or listing contracts you intend to trade.


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 of requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these may also present risks 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 the system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.


Trading through an electronic trading or order routing system exposes you to risks associated with system 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.


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.


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.

By Checking this box and typing my full name below, I acknowledge that I have received and understand this Automated Order Entry Systems Disclosure Statement Acknowledgement. *
X --- Signature (type full name) (page 12) *
Date: (page 12) *

Customer Agreement


The parties to this Agreement are CUNNINGHAM FUTURES CLEARING, an Illinois corporation which is a futures commission merchant with its principal place of business in Chicago, Illinois (herein “CUNNINGHAM”) and the undersigned Customer (herein “Customer”), who desires to establish an account to buy and sell commodity futures contracts and commodity futures options (collectively “futures transactions” as the context permits) under the terms and conditions set forth. Through access to CUNNINGHAM'S website (as defined below) or otherwise, Customer shall enter orders for futures transactions and CUNNINGHAM shall cause such to be executed and cleared on contract markets or exchanges by a futures commission merchant (“FCM”) selected by CUNNINGHAM to handle the execution and clearance of orders for Customer’s account. Such clearing FCM, as well as any introducing broker (“IB”) who may have referred Customer to CUNNINGHAM, shall have all the rights herein granted to CUNNINGHAM as if they were co-parties with CUNNINGHAM to this Agreement.

2. RISK.

No employee or other representative of CUNNINGHAM, the clearing FCM or IB has the actual or apparent authority to make any representations inconsistent with the terms of Customer’s Risk Disclosure Statement. Customer acknowledges that futures transactions are inherently speculative and involve a high degree of risk. Therefore, Customer will monitor the financial status of his account, and forthwith cease trading in the event that losses in his account rise to a level which could reasonably be expected to adversely affect the lifestyle of Customer or any person dependent upon him.


The rights granted to CUNNINGHAM hereunder are cumulative in nature, and shall apply to each account carried by CUNNINGHAM in which Customer now or may in the future have any economic interest. CUNNINGHAM'S failure to insist on Customer’s strict compliance with the terms of this Agreement shall not act as a waiver of or otherwise preclude such insistence in the future. The partial invalidity of this Agreement shall not affect the validity of the remainder. This Agreement is the entire agreement of the parties, supercedes all prior or contemporaneous understandings, shall not be effective until accepted by CUNNINGHAM at its Chicago facilities, and shall not be modified or amended except by negotiation with and in a written memorialization signed by CUNNINGHAM'S manager. The brokerage relationship created hereunder is terminable by either party at any time upon due notice by electronic mail (“e-mail”), but the provisions of paragraphs eleven and twelve, below, shall survive such termination.


Except as set forth below, all futures transactions for Customer’s account shall be subject to the applicable rules, regulations, constitution, customs, and practices of the exchange or other market on which they are effected, as well as the applicable provisions of the Commodity Exchange Act and the Rules of the National Futures Association (“ NFA”), as the same may from time to time be amended or revised.


Customer unconditionally guarantees to at all times and at Customer’s expense keep in good working order such device or equipment necessary to access CUNNINGHAM'S website (www.cunninghamllc.com) (“the website”), place Customer’s orders for futures transactions thereat, download Customer’s statements therefrom and to transmit/receive communications and notices (collectively “notices”) by e-mail to/from CUNNINGHAM. In connection with the opening of Customer’s account, Customer will receive an account number and temporary password from CUNNINGHAM initially to access the website, and upon doing so, Customer will substitute his own password (“Customer’s password”) for the temporary one received from CUNNINGHAM. Customer shall maintain customer’s password with the highest degree of confidentiality, and will not be disclosed by Customer to CUNNINGHAM or any third party. Any unauthorized use of Customer’s password shall be the exclusive responsibility of Customer, and shall not relieve Customer from any of his duties set forth herein. Under no circumstances shall any Customer website futures transaction order be deemed received by CUNNINGHAM unless and until Customer has received CUNNINGHAM'S website Order Reference Number for such order. At such time and subject to other provisions hereof, it shall be CUNNINGHAM'S duty to use its reasonable best efforts to cause Customer’s order to be filled in accordance with its terms, given then existing market conditions. Customer shall access and review his account at the website each business day and at regular intervals throughout the trading hours pertinent to the open, or pending or working orders for, futures transactions held in his account in order to keep himself informed of the equity and margin status of the account and to verify that his account accurately reflects each and all of his trading activities. Customer shall immediately notify CUNNINGHAM by telephone at 312/939-8950 (or at such other telephone number as CUNNINGHAM may specify by notice to customer) in the event his account does not reflect accurately his trading activities, including pending, working, and filled orders. Subject to paragraph 7(f) below, all information contained in Customer's account shall conclusively be deemed accurate and binding unless objected to by Customer's immediate (but in any event not later than one hour prior to the opening of trading on the relevant contract market the next business day) telephone notice to CUNNINGHAM.


In order to reduce the costs which otherwise would be incurred by CUNNINGHAM or Customer, and to increase the efficiency with which futures transactions are confirmed and account status is reported to Customer, Customer hereby consents to delivery of confirmation, margin call, purchase-and-sale, and monthly statements regarding his account (herein, collectively, “statements”) from CUNNINGHAM by electronic delivery, in lieu of hard copy. This consent is revocable, in whole or in part, upon Customer’s reasonable written notice to CUNNINGHAM. Absent prior e-mail notice to Customer, CUNNINGHAM will maintain on the website and for not less than a nine month rolling forward basis all of Customer’s statements, which will be reasonably available for viewing and downloading to hard copy by Customer at his cost, but without any charge by CUNNINGHAM.


Under no circumstances shall CUNNINGHAM have any liability to Customer for or arising out of (a) the failure of any contract market or other exchange to maintain an orderly market, or periods of market congestion, high volume, volatility, or illiquidity, (b) errors, negligence, misstatements, or delays made or caused by floor brokers or other personnel not employees of CUNNINGHAM, (c) delays in transmission of any statements to Customer or any lack of access to or ability to make futures transactions through the website as a result of any system, mechanical, communications, or electrical failure, (d) events not reasonably within the control of CUNNINGHAM (including but not limited to acts of God, weather phenomena, acts of war, political instability and the like), (e) any research provided by or the opinions of CUNNINGHAM, its employees, or other representatives with respect to anticipated market price fluctuation, or (f) keypunch and other inadvertent errors, which CUNNINGHAM may correct promptly upon discovery. The occurrence of any such event shall not relieve Customer of his obligations to CUNNINGHAM, as set forth herein.


Customer shall at all times maintain and deposit in his account such initial and maintenance margins and option premium payments as CUNNINGHAM shall in its sole discretion require. All margin deposits shall be in the form of wire transfers only and for credit to the account of CUNNINGHAM COMMODITIES, LLC. Forthwith upon request, Customer shall furnish to CUNNINGHAM the names and telephone numbers of bank and other financial officers to be contacted for immediate verification of such wire transfers and other financial information deemed by CUNNINGHAM to be pertinent to Customer’s account. Any provision of this Agreement, exchange rule, law, or regulation to the contrary notwithstanding, (a) CUNNINGHAM'S failure to insist on Customer’s prompt deposit of margins or option premium or failure to offset open positions in an undermargined account (absent Customer’s direction) shall not give rise to any claim or defense by Customer in any controversy with CUNNINGHAM; and (b) if Customer’s account is undermargined, or in its sole and absolute discretion CUNNINGHAM becomes insecure with respect to the adequacy of the collateral on deposit in Customer's account, or for other prudent, good-faith reason, including but not limited to Customer unavailability, or in the event of Customer’s perceived death or disability, or in the event of adverse limit market price movements, CUNNINGHAM shall have the right, (but not the obligation) without prior notice to Customer, to offset any or all open positions in Customer's account, including offset by or through the use of spread or straddle transactions, or by exchange for physicals or other cash market transactions, and Customer shall remain liable to CUNNINGHAM for any deficiency or debit balance created thereby.


Customer shall pay, through direct debit to Customer’s account, CUNNINGHAM'S brokerage commissions (as they may from time to time be changed by CUNNINGHAM) and related CUNNINGHAM, NFA, or exchange fees or other charges. If Customer’s account has been referred to CUNNINGHAM by an IB, a portion of the commissions charged to Customer may be rebated by CUNNINGHAM to such IB.


Customer shall offset all open delivery month futures contracts not settling in cash not later than the close of trading on the third business day prior to either the first notice day or the last trading day, whichever shall first occur. In the event of Customer’s failure to do so, CUNNINGHAM may upon its election offset any such positions in Customer’s account without prior notice to Customer. If Customer has not exercised or liquidated any in-the-money long option position by the close of trading on the last trading day thereof, CUNNINGHAM may upon its election exercise such option at or after such time.

11. LAW.

This Agreement shall be governed by the laws of the State of Illinois without regard to its conflicts of laws and principles. Any dispute or controversy between CUNNINGHAM and Customer which relates to or arises out of this Agreement, this relationship, or any actual or contemplated transaction hereunder, shall be resolved in a court of competent jurisdiction (or arbitral forum) located in Chicago, Illinois, to the jurisdiction and venue of which Customer hereby consents, and shall formally be filed not more than two (2) years after the date upon which any damage or loss was first sustained. If CUNNINGHAM is a prevailing party in any dispute or controversy with Customer, it shall in the same or a separate proceeding, be entitled to recover its reasonable attorneys’ fees, costs, and expenses incurred therein. Customer acknowledges that CUNNINGHAM is relying on his promises and representations as set forth herein, and therefore further agrees that he will assert no claim or defense based in whole or in part on his failure to strictly adhere to them. Customer shall indemnify and hold CUNNINGHAM harmless (including costs and its attorney’s fees) from any claim or suit brought against CUNNINGHAM as a result of any alleged wrongful conduct of Customer. If Customer is not a citizen and resident of the United States, then he hereby appoints C.T. Corp. System of Chicago as his agent for service of any civil process arising out of this Agreement or its alleged breach.


Customer shall indemnify and hold CUNNINGHAM harmless for any and all losses (including costs and attorney’s fees) in Customer’s account and shall pay on the demand of CUNNINGHAM any debit balance which may come to exist in Customer’s account, with interest thereon at one percentage point over the prime lending rate, as reported in the Wall Street Journal and as such rate may from time to time fluctuate.


Subject to the applicable provisions of Commodity Futures Trading Commission (“CFTC”) Regulation 1.65 (a), Customer authorizes CUNNINGHAM upon written notice to transfer Customer’s account to any other FCM of its choice (including itself) without Customer’s further specific consent. CUNNINGHAM may transfer without notice any money or other property interchangeably between any accounts of Customer. In the event that Customer has an account in futures which come under the jurisdiction of the CFTC and also has an account in non-regulated futures contracts or related options, Customer hereby authorizes CUNNINGHAM without notice to transfer from Customer’s regulated account to Customer’s non-regulated account such excess funds as may be reasonably required to avoid calling for margins for such non-regulated account.


All notices from Customer to CUNNINGHAM shall be by telephone at 312/939-8950. Not including statements set forth in paragraph six above, Customer agrees to receive all notices from CUNNINGHAM regarding his account at the e-mail address specified by Customer and agrees that notices are deemed received and accepted by Customer when transmitted by CUNNINGHAM whether actually received.


Unless disclosed by Customer by e-mail to CUNNINGHAM concurrently herewith, Customer is not employed by or affiliated with any member of a contract market and is not registered or required to be registered with NFA in any capacity. In the event of any such employment, affiliation, or registration status at any time subsequent to the date hereof, Customer shall forthwith notify CUNNINGHAM of same. Customer is fully conversant with the relevant contract specifications and rules that will apply to his futures transactions, all of which will be initiated by him on an unsolicited basis. Because Customer is a self-directed trader, he will neither need nor receive the assistance of an associated person or account executive assigned to discuss market strategies, render tax, legal, or accounting opinions, or otherwise advise him. Customer is under no legal disability that would preclude him from entering into this Agreement or fully performing in accordance with its terms, and warrants that the account information furnished by Customer to CUNNINGHAM concurrently herewith is accurate and complete in all respects. Customer shall immediately advise CUNNINGHAM of any changes to it's account information.


In its sole discretion and for any reason, CUNNINGHAM may (a) accept orders from or permit Customer to place orders for liquidation only; or (b) enforce regulatory position limits or otherwise restrict the number or size of futures transactions which Customer may maintain or accumulate. CUNNINGHAM is hereby granted a lien on any of Customer’s property held by CUNNINGHAM in order to secure any indebtedness or other obligation arising hereunder. Customer assumes any cost or risk arising from conversions to and from currencies other than U.S. Dollars for his account. Customer authorizes CUNNINGHAM to tape-record its telephone conversations with Customer and conduct credit checks with Customer’s banks or other financial institutions. Paragraph headings are for convenience only, and do not form any part of this Agreement. As used herein, the singular includes the plural, and masculine includes the feminine and neuter.

By Checking this box and typing my full name below, I acknowledge that I have received and understand this Customer Agreement. *
X --- Signature (type full name) (page 16)*
Date: (page 16)*