See Also Important Information, Notice to Online Traders, Online Identity Theft and Security Reminders, TradeStation Securities Account Agreement for Securities Accounts, TradeStation Securities Account Agreement for Futures Accounts, TradeStation Technologies Subscription Agreement, Risks of Active Trading, Extended Trading Hours Risk Disclosure, Margin Disclosure Statement, Risk Disclosure Statement For Security Futures Contracts, Characteristics and Risks of Standardized Options, Description and Certain Risks of Forex Trading, Risk Disclosure Statement for Futures and Futures Options , Exercise and Assignment Policy for Futures Options, New York Board of Trade Electronic Order Routing Systems Disclosure Statement, Trading and Order Routing Disclosure Statement for Futures Trades, Special Statement for Uncovered Options Writers, Anti-Money Laundering Requirements, Business Continuity Plan Disclosure, Truth-in-Lending Disclosure Statement and Web Site User Agreement, Disclaimers and Certain Legal Notices
   
 

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 contract. 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.

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS
Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the 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 risks 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.

RISKS ASSOCIATED WITH SYSTEM FAILURE
Trading through an electronic trading or order routing system exposes 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 orders or order priority.

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING
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.

LIMITATION OF LIABILITY
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.

*Each exchange's relevant rules are available upon request from the industry professional with whom you have an account. Some exchanges’ relevant rules also are available on those exchanges’ Internet home pages.