Disclosures 

Legal/ Disclosures

Risk Disclosure Statement

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF TRADING IN FUTURES. IN LIGHT OF THESE RISKS, YOU SHOULD UNDERTAKE SUCH TRANSACTIONS ONLY IF YOU UNDERSTAND THE NATURE OF THE CONTRACTS (AND CONTRACTUAL RELATIONSHIPS) INTO WHICH YOU ARE ENTERING AND THE EXTENT OF YOUR EXPOSURE TO RISK. TRADING IN FUTURES AND OPTIONS IS NOT SUITABLE FOR ALL INVESTMENT PROFESSIONALS.

The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for your fund in light of your fund’s circumstances and financial resources. You should be aware of the following points:

(1) Effect of "Leverage" or "Gearing" Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, meaning that transactions are heavily "leveraged" or "geared." A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

(2) Risk-reducing orders or strategies The placing of certain orders (e.g., "stop-loss" orders, where permitted, or "stop-limit" orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as "spread" and "straddle" positions, may be as risky as taking simple "long" or "short" positions.

(3) Terms and conditions of contracts You should ask the firm with which you deal about the terms and conditions of the specific futures contracts you are trading and the associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract). Under certain circumstances, the specifications of outstanding contracts may be modified by the exchange or clearing house to reflect changes in the underlying interest.

(4) Suspension or restriction of trading and pricing relationships Market conditions (liquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. Further, normal pricing relationships between the underlying interest and the future may not exist. The absence of an underlying reference price may make it difficult to judge “fair” value.

(5) Deposited cash and property You should familiarize yourself with the protections accorded money or other property you deposit for domestic or foreign transactions, particularly in the event of a Futures Commission Merchant (FCM) insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In the event of the failure or bankruptcy of the FCM, each customer could expect to receive only a pro-rata amount of the remaining balance in their account, or none at all.

(6) Commissions and other charges Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your netr profit (if any) or increase your loss.

(7) Transactions in other jurisdictions Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

(8) Currency risks The profit or loss in transactions in foreign currency denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

(9) Trading facilities Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary: you should ask the firm with which you deal for details in this respect.

(10) Electronic trading Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.

(11) Off-exchange transactions In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. In these situations, it may be difficult or impossible to liquidate an existing position, to assess the value, to determine a firm price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

ALL OF THE POINTS NOTED ABOVE APPLY TO ALL FUTURES TRADING WHETHER FOREIGN OR DOMESTIC. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS:

(12) Foreign futures transactions involve executing and clearing trades on a foreign exchange. This is the case even if the foreign exchange is formally “linked” to a domestic exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No domestic organization regulates the activities of a foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and no domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the protections which apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. Before you trade, you should familiarize yourself with the foreign rules which will apply to your particular transaction.

(13) Finally, you should be aware that the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting thereof, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

Saratoga Futures Website Disclaimer

All material contained in this website is for general information and educational purposes only, and should not be relied upon for any specific purpose. Nothing in this site may be considered as an offer or solicitation to purchase or sell securities or services. Information upon which this material is based was obtained from sources deemed reliable but have not been verified.

This website may contain links to other websites.  The inclusion of any link on our website does not imply any association or relationship between Saratoga Futures and the person sponsoring the linked site nor does it constitute or imply any endorsement or approval of the linked site by Saratoga Futures.

Saratoga Futures makes no representations, guarantees, or warranties as to the accuracy, completeness, currency, or suitability of the information provided on this site. Saratoga Futures specifically disclaims any and all liability for any claims or damages that may result from providing the Saratoga Futures partners Website or the information it contains, including any Websites maintained by third parties and linked to the Saratoga Futures Partners website.

PRIVACY POLICY

Your Privacy is a Priority For Us

We are committed to safeguarding your nonpublic information. This notice describes the information we gather and the circumstances under which we may share it. Our clearing firm, Jefferies & Company, Inc. has an additional separate privacy policy which explains its practices.

Why and How We Gather Information

As part of providing you with financial services or products, we may obtain information about you from the following sources:

- Applications, forms and other information that you provide to us, whether in writing, in person, by telephone, electronically, by the internet or by any other means. This information may include your name, address, income and tax identification number.
- Your transactions with us. This information may include your account balances and account activities.
- Reporting agencies. This may include information about your credit-worthiness.
- Other third parties including public sources. This information may include addresses, telephone numbers and e-mail addresses.

Sharing Information Outside Our Company

We may provide information about you as permitted or required by law to third parties outside of our company without your consent. Examples may include:

- To execute and settle transactions in your account;
- To respond to a subpoena or court order, judicial process or regulatory authorities;
- To reporting agencies;
- To protect against fraud.

We do not sell or license information about our customers to third parties, nor do we sell our customer e-mail addresses to third party marketers.

In addition, we may provide information about you to our service providers to help us service your accounts. These service providers may include companies which help issue your statements or transaction confirmations, our attorneys or other professionals. The information provided to these service providers may include the categories of information under “Why and How We Gather Information”, limited to only that information which we deem appropriate for these service providers to carry out their functions.

Our Former Customers

Even if you are no longer a customer, our Privacy Policy will continue to apply to you.

Our Security Practices and Information Accuracy

We also take steps to safeguard customer information. We restrict access to the account information of our customers to those employees we determine need to know that information in the course of their job responsibilities. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect customer information.

We also have internal controls to keep customer information as accurate and complete as we can. If you believe that any information about you is inaccurate please advise us.

Other Information

We reserve the right to change this Privacy Policy, and any of the polices described above, at any time. The examples contained within this Privacy Policy are illustrations; they are not intended to be exclusive.

Questions, please contact us at 212 422 1750.

Customer Identification Program Notice

Important Information About Opening New Accounts

In compliance with the USA PATRIOT ACT and other applicable laws, rules or regulations, we are required to obtain, verify and record information that identifies each customer who opens an account.

When you open an account, we will ask for your name, address, date of birth (for individuals), identification number and other information that will allow us to identify you. We may also ask you to provide copies of identifying documents (e.g., driver’s license) or documents of formation or existence (e.g., articles of incorporation, licenses, employer identification number), as applicable. We may be required to disclose this information pursuant to applicable laws, rules or regulations, but it will otherwise be retained in confidence according to our Privacy Policy.

Disclaimer

All electronic communications transmitted to or from Saratoga Futures are archived in accordance with regulatory requirements and are subject to review and retrieval and may be disclosed to parties other than the intended recipient.

The material on this website has been prepared by Saratoga Futures, a U.S. registered broker dealer. This material is provided for informational purposes only and is not an offer or solicitation of any investments or investment services.