The customer’s application to open an Account with Blumarkets LLC binds him to the terms and conditions of this Agreement and automatically acknowledges and accepts the below terms and conditions.
Blumarkets LLC has the right to maintain one or more accounts in the Customer’s name. It also has the right to engage in transactions for the Customer’s account in accordance with oral, written, or electronic instructions by the Customer and its officers, partners, principals, employees, or other agents (“Representatives”).
The risk of all unauthorized instructions administered by his/her Representatives will be borne by the Customer. Customer will indemnify and hold Blumarkets LLC harmless from all claims, liabilities, losses, damages, fees, costs, and expenses relating to or arising from Blumarkets LLC’ reliance on such instructions, including any improper, unauthorized, or fraudulent instructions by the Representatives, except in cases of gross negligence or wilful misconduct by Blumarkets LLC.
Unless expressly stated otherwise in writing, all transactions between Blumarkets LLC and Customer shall be governed by the terms of this Agreement, as amended from time to time (including, without limitation, Blumarkets LLC’s Risk Disclosures and Trading Policies and Procedures).
Blumarkets LLC has every right to reject the Customer’s application or close Customer’s Account for any reason, at Blumarkets LLC’s sole and absolute discretion. The customer will need to provide Blumarkets LLC with additional information or documentation. This is done so that Blumarkets LLC can continue carrying the Customer’s Account.
Blumarkets LLC may, at any time in its sole and absolute discretion, restrict trading, disbursements, or transfers administered by the Customer. Blumarkets LLC may amend, change, revise, add or modify the Agreement at any time. The latest Agreement will be posted to Blumarkets LLC’s website: blumarkets.co. This Agreement cannot be modified by any verbal statements or written amendments that Customer seeks to make to the Agreement without written acceptance from the General Counsel of Blumarkets LLC.
Restricted Territory: Blumarkets LLC reserves the right to restrict access in the future to all or some parts of the Website and/or Services in respect of certain jurisdictions. The customer fully understands and agrees that Blumarkets LLC is not liable if the country of customer’s location or residence becomes restricted or blocked. Restricted Territories include, but are not limited to, individuals residing in: Afghanistan, Botswana, Burma(Myanmar), Democratic Republic of Congo(DPRK), Crimea,Cuba, Ethiopia, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan,Republic of the Congo, Russian Federation,Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Zimbabwe.
The customer hereby acknowledges and agrees that Accounts are segregated in Blumarkets LLC’s books and records only. The customer also acknowledges that the Customer’s funds are not FDIC-insured and are deposited with a liquidity provider, which is selected by Blumarkets LLC at its sole discretion.
If this Account is held by more than one (1) person, all the joint holders hereby agree that they are all fully liable for the obligations assumed in this Agreement.
If this Account is held in trust, joint ownership, or partnership, the undersigned hereby agrees to indemnify, defend, and hold harmless Blumarkets LLC for any losses resulting from a breach of any fiduciary duty of the undersigned to the other holders and beneficiaries of this Account.
Furthermore, any one or more of the joint owners shall have full authority for the Account and at risk of the Account owners, to buy, sell, and trade in transactions of off-exchange products, to deposit with and withdraw from Blumarkets LLC, currencies, securities, negotiable instruments, and other property, including withdrawals to or for the individual use or Account of the party directing the sale or of any other party. Moreover, all joint owners have the authority and are liable for all actions including to receive and acquiesce in the correctness of notices, confirmations, requests, demands, and all other forms of communications, and to settle, compromise, adjust, and give releases with respect to any and all claims, demands, disputes, and controversies.
Upon death or legal incapacity of any of the undersigned, Blumarkets LLC is authorized to take such action with regards to the Account, as the Company may deem advisable to protect itself against any liability, penalty, or loss.
Customer agrees to notify Blumarkets LLC immediately upon the death or legal incapacity of any joint owner. It is possible that Blumarkets LLC terminates this Agreement by written notice to any one of the joint owners.
Customer shall provide and maintain margin in such amounts and in such forms as Blumarkets LLC, at its sole discretion, may require.
Blumarkets LLC may oblige the Customer to deposit by immediate wire transfer such additional margin when and as required by the Company and will immediately meet all Margin Calls in such mode of transmission as Blumarkets LLC shall, at its sole discretion, designate.
Possibly, Blumarkets LLC might change margin requirements at any time without prior notice. Blumarkets LLC may limit the amount and/or a total number of open positions that Customer may acquire or maintain at Blumarkets LLC, at its full discretion. Blumarkets LLC reserves the right to close any Customer positions at any time that it deems necessary. Blumarkets LLC shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
For example, in volatile market conditions, a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to rate volatility or daily interest charges or credits.
At its sole discretion and without notice to Customer, Blumarkets LLC may offset Customer’s open positions, rollover Customer’s open positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by Blumarkets LLC, at its sole discretion.
At Blumarkets LLC’s sole discretion, terms and/or methods for delivering, offsetting, or rolling over Customer’ open positions may differ on a customer-by-customer basis.
Customer acknowledges and agrees that any positions held in the Customer’s Account at 5PM EST may be rolled over to the next settlement date and the Account may be debited or credited for the interest differential for the rollover period.
Customer acknowledges and agrees that offset instructions on positions open prior to settlement arriving at settlement date must be given to Blumarkets LLC at least one to three business days prior to the settlement or value day. Alternatively, enough funds to take delivery or the necessary delivery documents must be in the possession of Blumarkets LLC within the same period described above.
If neither instructions, funds nor documents are received, Blumarkets LLC may without notice, either offset Customer’s position or roll Customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by Blumarkets LLC at its sole discretion.
In the event of:
With regard to managed Accounts, a money manager (“Money Manager”) is a person or entity authorized to make decisions with respect to an Account on behalf of the Account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, an attorney in fact, or investment advisor or another person to whom Customer has granted trading authority over an Account.
Customer understands and agrees that Blumarkets LLC may, but is not required to, review any action or inaction by a Money Manager with respect to an Account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the Account.
The customer further understands and agrees that Blumarkets LLC is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager.
Customer agrees to hold Blumarkets LLC and its officers, directors, employees, agents, and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Customer’s Money Manager.
Customer represents and warrants that:
The financial information disclosed to Blumarkets LLC in the Application is warranted by the Customer to be an accurate representation of the Customer’s current financial condition.
3.2.1 Customer represents and warrants that in determining Customer’s Net Worth, Gross Income, Total Assets and Liabilities were correctly calculated.
Customer represents and warrants that in determining the value of Total Assets, the Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance, and other valuable Assets.
In determining the value of Liabilities, the Customer represents and warrants that notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence), and other debts were included.
Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Total Assets that Customer considers to be Risk Capital. The customer also recognizes that Risk Capital is the amount of money the Customer is willing to put at risk. If lost, the Customer acknowledges that this in no way would change the Customer’s lifestyle.
Customer agrees to immediately inform Blumarkets LLC if the Customer’s financial condition changes in such a way as to reduce Customer’s Net Worth and/or Risk Capital.
If Customer directs Blumarkets LLC to enter into any transaction:
(a) any profit or loss arising as a result of a fluctuation in the rates affecting such a transaction will be entirely for Customer’s Account and risk;
(b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which Blumarkets LLC may choose to accept, in such amounts as Blumarkets LLC may at its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and
(c) Blumarkets LLC is authorized to convert funds in Customer’s Account for margin into and from such foreign currency at a rate of exchange determined by Blumarkets LLC at its sole discretion on the basis of then-prevailing money market rates.
