RISK DISCLOSURE

Past experience does not guarantee future results. Any trading success enjoyed by others does not guarantee similar result for you. Proprietary trading can be extremely risky and traders should be prepared to lose all of the funds that they use for trading. Traders should not fund their electronic trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required for current income.

Proprietary trading may involve the use of leverage, which involves borrowing funds and/or securities in order to take positions in securities where the aggregate value of those positions exceeds the capital of the proprietary account associated with such trader. It is important that Traders fully understand the risks involved in trading securities using leverage, which includes the possibility of losing more capital than deposited in the account.  A trader may be held personally liable for trading losses that exceed the amount of the proprietary account associated with such trader.

Proprietary trading may involve “Day Trading.” Day trading is not investing, it is speculating. As with any form of speculation, there are significant risks. Day trading is a fast-paced and high intensity strategy and can lead to large and immediate financial losses.

Proprietary trading may result in large commissions, ECN charges and other transactional fees (collectively “fees”). Proprietary trading may require a trader to trade his or her account aggressively and pay fees on each share traded. The total daily fees they pay may add to losses or significantly reduce earnings.

JC does not provide investment advice and does not make any recommendations. Your decisions to make trades are your own responsibility.

Disruptions in the electronic trading systems or lines used by JC and or any Exchange could disrupt trading and the liquidity and availability of timely execution could diminish substantially. If this occurs during periods of volatility, substantial losses may be incurred. In no event shall JC be liable for losses, claims, liabilities, costs, expenses and damages that occur due to the disruption or failure of any computer, line, or system, regardless of whether such disruptions or failure may have been anticipated by JC.

Market liquidity is a security’s liability to be sold without causing a significant movement in the price and with minimum loss value. There may be decreased liquidity in extended hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.

Volatility refers to the fluctuations in price that securities undergo during market trading. Generally, the higher the volatility of a security, the greater its price swings. there may be greater volatility in extended hours trading than in regular market hours. as a result, your order may only be partially executed, or not at all, or you may receive an inferior price in extended hours trading than you would during regular market hours.

Any extension of credit for negative balances will be charged interest at a varying rate to be determined by the clearing firm based on a predetermined formula.