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Active trading, or day trading, can be extremely risky. Day trading on margin or short selling may result in losses beyond your initial investment. You should consider the following points before engaging in a day-trading strategy. I understand that, whether I place a market or limit order, I will receive the price at which my order is executed in the marketplace.
Particularly during periods of high volume, illiquidity, fast movement, or volatility in the marketplace, the execution price received may differ from the quote provided on entry of an order, and I may receive partial executions of an order at different prices.
I understand that Lightspeed Trading is not liable for any such price fluctuations. I also understand that price quotes generally are for only a small number of shares as specified by the marketplace, and larger orders are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices.
Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If I place a market order whether during normal market hours or when the market is closed , I agree to pay or receive the prevailing market price at the time my market order is executed. I understand that the price I pay may be significantly higher or lower than anticipated at the time I placed the order.
To avoid buying a security at a higher price and possibly exceeding my buying power, or selling it at a lower price than I desire, I understand my option to enter a limit order. I also understand that limit orders may not be executed at any particular time or at all if there is not sufficient trading at or better than the limit price I specify.
In a fast market i. Although all securities have the potential to be exposed to fast market conditions, securities of companies that have recently made initial public offerings IPOs may be particularly prone to price volatility. For example, if I place market orders for securities issued as part of an IPO where securities have recently begun trading in the secondary market, I understand that there is substantial risk of receiving execution that is substantially away from the market price at the time I placed the order.
As a result of these fast market or volatile market conditions, large order imbalances, system queues, high volume of orders or trading, Internet communications delay, system outages, and capacity limitations, there may be delays in the entry and execution of my orders.
Therefore, the price of the securities that I want to trade may change significantly between the time I obtain a price quote and placement of my order and the time of order execution. I understand that bulletin board stocks may be subject to different trading rules and systems than other securities and that I may encounter significant delays in executions, reports of executions, and updating of quotations in trading bulletin board stocks.
Lightspeed Trading in its sole discretion may require limit orders on certain bulletin board stock transactions. The Market Data supplied by Lightspeed Trading regarding bulletin board stocks is updated from time to time, but may not be current at any given point in time. I understand that options trading is highly speculative and contains a high degree of risk and that options trading is not suitable for all investors.
I will only apply for an Options Account if, based on that review, I am fully prepared financially to undertake such risks, withstand any and all losses incurred, including total loss of premium, plus transaction costs. I understand that Lightspeed Trading reserves the right to terminate or restrict my options trading privileges if it determines that my trading activities or option positions present a risk to Lightspeed Trading. There are special risks associated with uncovered options writing which expose the investor to potentially significant loss.
Therefore, this type of strategy may not be suitable for all customers approved for options transactions. This statement is not intended to enumerate all of the risks entailed in writing uncovered options. In the course of providing you with products and services, we need to collect and maintain certain nonpublic personal information about you.
This Privacy Statement answers some questions about what nonpublic personal information we collect, what we do with it, and how we protect it. What types of nonpublic personal information about me do you collect? When you open and maintain an account with us we collect the following types of information:. What types of nonpublic personal information about me do you disclose? We may disclose nonpublic personal information about you that we collect, primarily to make available to you the financial products and services that we and our business partners provide.
We do not disclose nonpublic personal information about former customers to anyone, except as permitted by law. To what types of entities other than those companies used to process or service transactions do you disclose my nonpublic personal information?
We may disclose certain information about you to our affiliated companies and to other financial services providers with which we have joint marketing agreements or that offer financial products and services with us or on our behalf. By sharing information about you and your accounts, transactions, and other customer relationships with our affiliated companies and other financial services providers, we can provide you with a broader range of financial products and services, improve your experience with us, and better serve your financial needs.
We may also disclose information that we collect from you such as your name, contact information, and customer relationships with us to nonaffiliated third parties that perform services for us other than processing or servicing transactions, such as marketing or market research. We require that all entities with which we share your nonpublic personal information, including companies that process or service transactions for us, agree to keep your information confidential.
We also prohibit them from using or disclosing your information except for the limited purposes and to the persons for whom disclosure was intended, or as otherwise permitted by law. We do not sell your personal information to third-party marketers or any other entity for any purpose. If you consent or opt in to such disclosure, the information shared will be limited to that stated in our request for your consent.
Account balance, credit, Social Security number, and trading activity information are never disclosed. To what other types of entities might you disclose my nonpublic personal information? We also may disclose information about you to companies that service, maintain or process for us your transactions and accounts. For example, we provide information to companies that prepare and mail account statements and transaction confirmations. In addition, we disclose nonpublic personal information to nonaffiliated third parties as permitted or required by law.
Disclosures for which you have provided your consent or you have directed us to make are also permitted. What are my rights to opt out of disclosure and how can I exercise them? We do not currently share information about you with any affiliate or third party that triggers this opt-out right. Therefore, there is no need for you to opt out. If in the future we desire to disclose your information in a way that is inconsistent with this policy, we will notify you in advance and provide you with the opportunity to opt out of such disclosure.
How do you protect the confidentiality and security of my nonpublic personal information? We maintain physical, electronic, and procedural safeguards that meet or exceed industry standards to guard your nonpublic personal information. We make sure that the technology we use is always up to date to achieve the best possible protection at any given time. We conduct regular internal audits of our business practices and procedures, examining confidentiality standards and information access in order to protect your personal information.
We take measures to ensure that your nonpublic personal information is accurate and up-to-date. You can also update certain nonpublic personal information that we collect about you. To update your mailing address or your home or work phone numbers, please contact your Account Services Representative or write to us at:.
In your communication, please include your account number s , your old information, and the new information that you want updated. To help the U. If you enter into a new customer relationship with Lightspeed Trading, LLC, the Firm will ask for your name, address, and other identification information which will be used to verify your identity.
As appropriate, the Firm may, in its discretion, ask for additional documentation or information. In order to open an account or establish a relationship with you, all required documentation or information requested by Lightspeed Trading, LLC must be provided. On April 7, , the Securities and Exchange Commission approved NASD Rules and which require member firms to create and maintain a business continuity plan. A business continuity plan is a plan that will enable the firm to continue its business operations in the event of a significant business interruption.
Lightspeed has evaluated the impact of business interruptions resulting from various events including but not limited to loss of facilities and resources. The BCP was developed by identifying methods to protect and restore critical business processes, records, data and systems to allow customers to transact business. Lightspeed relies on a third party provider for customer records, transactions, custody of funds and securities and operating systems.
The third party provider has a business continuity plan with system redundancy and back-up facilities. In the event of a business interruption, Lightspeed has plans and teams in place to address the immediate response to the incident, the management of the situation from the time of the incident until the matter is resolved, and a business unit and information technology recovery plan.
The data recovery plan includes maintenance of redundant real-time system facilities. The staff and workspace recovery plan includes the relocation of critical personnel to alternate sites. Whatever the event, our BCP is designed to enable the firm to be operational within 24 hours or less assuming that third party providers and industry critical systems are operational. The Lightspeed BCP is reviewed and tested at a minimum annually.
Modifications and updates are made to incorporate any material business change or regulatory requirement. To obtain a copy of the Lightspeed BCP summary plan, please submit a written request to:.
Lightspeed Trading, LLC is furnishing this document to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review this document and the margin agreement that we provided to you.
In the event of a conflict between this document and any other agreements you may have with Lightspeed Trading, LLC the other agreements will govern. It is important that you understand fully the risks involved in trading securities on margin, which include but are not limited to the following:. You should consider the following points before engaging in trading outside of regular market hours. Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities.
Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower 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.
Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security the greater its price swings.
There may be greater volatility in extended hours trading 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. Risk of Changing Prices.
The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours or upon the opening the next morning. As a result, you may receive an inferior price in extended hours trading than you would during regular market hours.