Margin requirements may fluctuate from day to day. Therefore, it is the client’s responsibility to keep himself informed of current margin requirements and to be properly margined at all times. If the equity of your account falls below minimum margin requirements then, in effect, we have the right to liquidate, without notice, as many of your trades as necessary to bring your margin requirements up to the minimum standard again. In such situations, and depending on market conditions, and in the facts of each case, we may attempt to contact you by phone upon delivery of a margin deficiency.

Please remember, however, that we are not obligated to notify you in advance of liquidation and that it is your duty to keep your account properly margined at all times and to keep fully appraised of current margin requirements.