TENCO shall not be held responsible for delays in the transmission or execution of orders due to a breakdown or failure of transmission or communication facilities, or for any other cause beyond TENCO’s control. Customer understands that while the Internet and the world Wide Web generally are dependable, technical problems or other conditions may delay or prevent Customer from receiving electronic mail, from viewing information on TENCODIRECT.com, or from entering or canceling an order on TENCODIRECT.com. TENCO shall not be liable for, and Customer agrees not to hold or seek to hold TENCO liable for, any technical problems, system failure and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security breaches and unauthorized access beyond the reasonable control of guarantee that Customer will be able to access or use TENCODIRECT.com at times or locations of any geographic location. TENCO does not represent, warrant or guarantee that TENCODIRECT.com will provide uninterrupted and error free service. TENCO does not make any warranties or guarantees with respect to TENCODIRECT.com and its content, including without limitation, warranties or guarantees with respect to TENCODIRECT.com and its content, including without limitation, warranties for merchantability or fitness for a particular purpose. TENCO shall not be liable to Customer for any loss, cost, damage or other injury, whether in contract or tort, arising out of or caused in whole or in part by TENCO’s or Customer’s use of or reliance on TENCODIRECT.com or its content or in otherwise performing its obligations under or in connection with this Agreement. In no event will TENCO be liable to Customer or any third party for any punitive, consequential, special or similar damages even if advised of the possibility of such damage. If some jurisdictions do not allow the exclusion of limitation of liability for certain damages, in such jurisdictions, the liability of TENCO shall be limited in accordance with this Agreement to the extent permitted by law. TENCO reserves the right to suspend service and deny access to TENCODIRECT.com without prior notice during schedule or unscheduled system maintenance or upgrading.

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS
DISCLOSURE STATEMENT

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 contact. 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 electronics systems. You should consult the rules and regulations of the exchange offering the electronic systems and/or listing the contract traded or order routed to understand, among other things, in case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or 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 matters may present different risk 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 risk related to 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 expose you to risks associated with system or 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 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.

PRIVACY STATEMENT

The materials available through this website are the property of TENCO, INC. Information received through the website may be displayed, reformatted, and printed for your personal, noncommercial use only. You may not reproduce or retransmit the materials, in whole or in part, in any manner, without the prior written consent of the owner of such materials, with these exceptions only:

You may make single copies of the materials available through this website, solely for your personal, noncommercial use, and only if you preserve any copyright, trademark, or other notices contained in or associated with them. You may not distribute such copies to others, whether or not in electronic form, whether or not for a charge or other consideration, without prior written consent of the owner of the materials.