DISCLAIMER AND RISK WARNING

This Disclaimer and Risk Warning applies to our customers (“Customers” or “you”) who use our Arcade Trader software and services (“Services”). Customers use our Services strictly on the following basis:

1. You agree and acknowledge that our Services are limited to providing a platform for you to write and prepare trading algorithms, ie. pre-programmed trading instructions (“Algorithms”), for use in the execution of United States stock market buy and sell orders (“Orders”). Our Services only facilitate the writing of Algorithms and we do not provide a trading platform through which you can execute Orders. We are not a broker-dealer and you cannot execute Orders in connection with our Services unless you do so through an individual or firm who is appropriately registered with and regulated by the U.S. Securities and Exchange Commission (“SEC”) for securities dealing. Therefore you may not use our Services to execute Orders unless you have a valid account with an appropriately registered and regulated person or firm. We are not SEC registered or regulated and do not perform or offer any service other than as set out above, including, for the avoidance of doubt, the holding of client money designated for trading or investment purposes or the opening, maintenance or administration of trading or investment accounts.
2. Because our Services facilitate the writing of Algorithms only, we do not give Customers any advice about the deployment of Algorithms in the market or in any live trading scenario, nor do we give any financial or investment advice of any kind. Customers therefore use our Services in connection with Orders entirely at their own risk (see also (d) below in relation to the high risk and uncertain nature of algorithmic trading). As such, Customers should consult their own investment adviser as to all financial, investment or related matters concerning the Services.
3. Whilst we are a company registered in England and Wales, our head office is in the United States and our Services do not facilitate, and are not intended to facilitate, the writing of Algorithms for deployment in any stock markets other than United States stock markets.
4. Whilst we are not a broker-dealer and do not enable the execution of Orders, you should nevertheless be aware that high frequency automated trading methods and systems such as algorithmic trading are extremely high risk and could result in trading losses and the loss of some or all of your investment capital. In particular, the unique, high risk profile of using automated trading algorithms is brought about by factors such:
   1. computer crashes, loss of internet connectivity, or other equipment of information technology failures;
   2. the need for advanced computer equipment and a high speed internet connection, which may not always be available to you;
   3. acts or omissions of your broker-dealer engaged to execute Orders on your behalf, which acts or omissions are likely to be beyond your control;
   4. stock market volatility;
   5. inaccurate data feeds from your broker-dealer and / or any exchange;
   6. the writing and preparation of Algorithms and automated strategies by you that are defective, misconceived or inadequate; and
   7. delay, for whatever reason, in the execution of Orders.
5. It follows from the above that
   1. we accept no responsibility, and shall have no liability to you (whether arising in tort, negligence or otherwise howsoever), in respect of your use of the Services to execute Orders or engage in any other investment activity; and
   2. we do not accept liability for your reliance on any information, data, advice, or other matters of any nature provided via the Services, or any such reliance placed by any third party.