Arbitration Agreement

I/We ("Customer") agree that any claim, grievance or controversy arising 
out of or relating to Customer(s) Account, to transactions pursuant to the 
Customer Agreement or the breach thereof, shall be settled by arbitration 
in accordance with the rules of the National Futures Association, the 
American Arbitration Association, or the exchange upon which the transaction 
giving rise to the claim was executed. If Customer does not make such 
election by registered mail addressed to Broker at Broker's main office 
within forty-five days after demand by Broker that Customer make such 
election, then Broker may make such election. Broker agrees to pay any 
incremental fees that may be assessed by the forum for the provision of 
a "mixed panel" of arbitrators, unless the arbitrators determine that 
Customer has acted in bad faith in initiating or conducting the proceedings. 
Judgment upon any award rendered by the arbitrators may be entered in any 
court having jurisdiction thereof. If Customer seeks reparations under 
Section 14 of the Commodity Exchange Act (the "Act") and the CFTC (defined 
below) declines to institute reparation proceedings, the claim or grievance 
will be subject to this arbitration agreement. Any aspects of the claims or 
grievances that are not subject to the reparations procedures (that is, do 
not constitute a violation of the Act or rules there under) may be 
required to be submitted to the arbitration procedure set forth in this 
agreement.

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT 
LITIGATION, REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION (CFTC) 
AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION 
MAY IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY 
TO OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING 
SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY 
EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS 
ARBITRATION AGREEMENT BE VOLUNTARY.

BY CHECKING THE BOX BELOW, YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A 
COURT OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS 
OR COUNTERCLAIMS WHICH YOU OR Broker MAY SUBMIT TO ARBITRATION UNDER THIS 
AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO 
PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 
OF THE COMMODITY EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE 
ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU 
WILL BE NOTIFIED IF BROKER INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. 
IF YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND 
IF YOU PREFER TO REQUEST A SECTION 14 "REPARATIONS" PROCEEDING BEFORE THE 
CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE 
THAT ELECTION. SEE 17 CFR 180.1-180.5.

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH Broker.

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It is a written contract in which two or more parties agree to use arbitration, instead of the courts, to decide certain disputes. The arbitration agreement is ordinarily a clause in a larger contract. The disputes may be about the performance of a specific contract, a claim of unfair or illegal treatment in the workplace, a faulty product, or just about anything else. People are free to agree to arbitrate just about anything they could litigate.