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gains or losses according to the fluctuation of prices on the market, and that Future and Option Contracts traded on the

Exchange have no type of backing or guarantee through mechanisms and funds managed by the public sector, such as the Institute for the Protection of Bank Savings (IPAB), or those that might be applicable to or available through any

other institution, fund, entity or centralized or de-centralized agency or of any other kind that has been established or is established later for this purpose or with a similar purpose;


That it knows and accepts the limits of liability for the Trader, the Clearing Member, the Exchange and the Clearinghouse in performing transactions on behalf of Clients;


That it is aware of the tax obligations stemming from engaging in financial transactions on the derivatives market through the Exchange and the Clearinghouse; and


That its representative(s) have the necessary faculties to bind it to the terms or this contract and that these faculties have not been limited, suspended, or revoked in any way.

On the basis of the above statements, the parties agree to assume the obligations entailed in the following:



The parties accept the definitions contained in the Clearinghouse Rules, Provisions, and Regulations, and the Regulations of the Exchange, as if they were reproduced herein.


In accordance with the terms of this Contract, the Trader shall perform, confirm, and assign transactions in Futures and/or Options Contracts on the Exchange on behalf of the Client.

These transactions shall be carried out through the control desk’s reception of buy and sell orders as they are receipted, to be sent to and executed on the Exchange, within the trading hours. The orders shall be executed on a best-price, first-trade basis, and when

the price is equal, first-come, first-served basis. The assignment of transactions shall also be the responsibility of the control desk, which shall carry them out by strict order of execution on the Exchange.


The Client hereby expressly agrees to abide by the self-regulatory rules of the Exchange, and acknowledges that the rules contained in the Regulations of the Exchange, the Operating Manual of the Exchange, the Regulations of the Clearinghouse and the Operating Manual of the Clearinghouse, establish the terms and conditions that will govern the Trader in performing, confirming and assigning Futures and Options Contracts on the Exchange.


The Trader accepts that, with respect to trading conduct, it shall have the following obligations:

  • a)

    To inform the Client of all material, abnormal or extraordinary events regarding the transactions it has been instructed to perform, as soon as it has knowledge of them.

  • b)

    To communicate to the Client any information provided to it by the Exchange on special and material events, as well as emergency actions, as soon as it has knowledge of them.

  • c)

    To inform the Client when due to its own breach of contract, its Open Contracts are being closed.

  • d)

    Refrain from performing the Client’s transactions if the ruling of an arbitration or disciplinary panel finds the Client liable for a violation of the rules applicable under the terms of the Exchange Regulations, as soon as the Trader is informed of the respective ruling.

  • e)

    To maintain a daily record of the trades in which it isinvolved, containing all the orders and transactions executed for each account, including the date, price, amount and expiration date.

  • f)

    To execute only orders that have been expressly presented to it, and to execute them as soon as possible in accordance with the instructions received and under the terms that provide the greatest possible benefit to the Client.

  • g)

    Inform the Clearing Member of any breach of contract or notice of termination with regard to this Contract.


The Client shall abide by the current General Contract Conditions, which are published in the Bulletin entitled "Indicadores del Mercado de Productos Derivados", to be found on the web page of the Exchange. The Clearing Member must make those conditions available to clients on request.


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