Managed Account Authorization and Risk Disclosure
All Customers who designate an Authorized Trading Agent, defined as any person other than Customer, who is given the ability to control, manage or direct trading decisions in the Account (as defined below), must read and agree to the following document by signing and dating before Authorization will be granted by GLOBAL SEEK LIMITED.
The Undersigned Customer(s) authorizes:
I/we designate Trading Agent _________________________ as Agent and attorney-in-fact for the purpose of buying and selling margined foreign currency lots for the undersigned Customer’s Account (the “Account”), and at the Customer’s sole risk through GLOBAL SEEK LIMITED , (hereafter referred as “GST”). The Customer hereby indemnifies and holds harmless GST for losses, indebtedness, and all other liabilities that arise directly or indirectly therefore.
Customer acknowledges and understands that GST is hereby being given authorization to follow the instructions of the authorized Customer’s Trading Agent (the “Agent”) in every respect with regard to the Customer’s foreign currency trading Account with GST except for the non-trading withdrawal of any money, securities, collateral or any other asset that is in the name of the Customer. GST will not in any way be liable or responsible for any buy or sell trading actions done on the Customer’s behalf by the Agent or for any losses incurred by the Agent for the Customer’s Account. Further, GST does not endorse the Agent nor does it vouch for the background, or experience of the Customer’s Trading Agent, nor does GST endorse any operating methods used by the Customer’s Trading Agent, including when trading for the Customer’s Account.
Customer acknowledges and understands that GST may provide the Trading Agent with monetary compensation for purchases and sales done on behalf of the Customer’s Account on a per trade basis. As such, Customer acknowledges that such purchases and sales by the Agent may create a conflict of interest, as the Agent may have a financial incentive to trade, including on behalf of the Customer’s Account. Customer accepts this conflict by GST and Trading Agent and waives all objections to such an arrangement.
Customer acknowledges, assents and understands that the above authorized Trading Agent will have access and will be given copies of any statements, notices and correspondence relating to Customer’s Account and that the Trading Agent is hereby given authorization to acknowledge and approve the correctness of any such statements and other documentation on be half of the Customer. GST strongly suggests that the Customer should scrutinize all activity and Account information and should contact GST immediately with any questions. GST will endeavor to provide the Customer with online access to all Account information including, but not limited to, the Cash on Account, Unrealized Profit and Loss on Open Positions, Account Value, as well as a record of all
prior trade details including but not limited to Realized Profit and Loss, the Date of the Transaction, Amount and Deal Price.
Customer acknowledges and understands that trading in margined foreign exchange is very risky and may result in losses that equal to or exceed the amount of margin deposited with GST. Customer should only trade or give authorization to trade on Customer’s behalf, Risk Capital, which is defined as that capital which if lost would not alter the lifestyle of Customer, Customer’s family and/or the solvency of the corporation for which Customer or Customer’s Authorized Trading Agent trades.
Customer acknowledges that neither GST nor any Trading Agent scan guarantee profits or avoid the risk of loss or, under some circumstances, even limit the extent of the potential loss under. Customer is solely and exclusively responsible for understanding
the trading objectives and risks of the Trading Agent and acknowledges and agrees that GST is not responsible for any transactions that may or may not conform to those objectives.
Customer acknowledges and understands that Trading Agent Authorization will cease only upon written revocation by the Customer or by the Trading Agent who is given the Authorization. Revocation for whatever reason shall not effect or limit the obligations and liability resulting from transactions or Contracts that were initiated before the effective date of revocation.
By signing this Limited Power of Attorney, the Customer acknowledges that Customer has carefully read, understand and agree to the Limited Power of Attorney, Managed Account Authorization document and provisions contained therein.
Performance Fee: _____% of the monthly profit
Caution: Performance Fee is calculated by High water mark.
Account Holders Name:
Account Holders Signature:
Date:
