Disclosures

Asset Protection


Overview of the Protection of Client Assets Held in Custody by Pershing LLC.

Privacy Policy

Web Trading Privacy Policy

M&T Securities, Inc.'s primary client goal is to protect your privacy. We consider it our privilege to serve your financial needs and we value the trust you have placed in us.

To conduct regular business, we collect nonpublic personal information to open your account(s), process your transactions and help us provide a better level of service. We collect this information from sources such as, Information reported by you on applications or other forms you provide to us. The information we collect is based on the services we may provide to you.

However, M&T Securities, Inc. does not share or disclose any nonpublic personal information about its current or former customers, except as permitted by law. All information will remain confidential.

Please be advised that Pershing LLC provides significant securities services to you. Pershing LLC has its own privacy policy that applies to your account. You may read Pershing LLC's privacy policy by clicking the link at the bottom of this page.

Information Safeguarding

M&T Securities, Inc. will internally safeguard your nonpublic personal information by restricting access to only those employees who provide products or services to you or those who need access to your information to service your account. In addition, we will maintain physical, electronic and procedural safeguards that meet federal and/or state standards to guard your nonpublic personal information.

You can help to maintain your privacy by taking such precautions as protecting your account and Passcode numbers and not disclosing confidential information to unknown callers. We strive to keep your customer and financial information accurate. If you believe that our records are incorrect or out of date, please notify us as soon as possible. Privacy is a partnership. Because privacy matters, we pledge to work together with you to protect and control the security of your confidential financial information.

For M&T Bank's Privacy Policy, click here.

Business Continuity Disclosure


DISCLOSURE REQUIRED BY FINRA Rule 4370

To address interruptions to our normal course of business, Pershing maintains a business continuity plan, which includes geographically dispersed data centers and alternate processing facilities. The plan is reviewed annually and updated as necessary.

The plan outlines the actions Pershing will take in the event of a building, city, or regional incident, including:

  • Continuous processing support by personnel located in unaffected facilities
  • Relocating technology or operational personnel to alternate regional facilities
  • Switching technology data processing to an alternate regional data center

All Pershing operational facilities are equipped for resumption of business and are tested. Regarding all circumstances within our control, Pershing's recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours, depending upon the availability of external resources.

Your introducing financial institution is required to maintain a business continuity plan designed to address unplanned business interruptions as well. However, in the event your introducing firm is unable to conduct business, you may contact Pershing directly to process limited trade-related transactions, cash disbursements and security transfers.

In the event that your financial organization experiences a significant business interruption, you may contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers. Instructions to Pershing must be in writing and transmitted via facsimile at (201) 413-5368 or by postal service as follows:

Pershing LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065

For additional information about how to request funds and securities when your financial organization cannot be contacted due to a significant business interruption, please visit the Customer Support section or call (201) 413-3635 for recorded instructions.

If you cannot access the instructions from the web site or the previously noted telephone number, you may call (213) 624-6100, extension 500, an alternate Pershing number for recorded instructions.

Copyright/Terms of Use

© 2014 Pershing LLC. All Rights Reserved. Notices
Interactive Data Corporation Terms & Conditions of Use
Dow Jones Indexes Terms of Use

© 2014 Pershing LLC. All Rights Reserved. Notices

Except with respect to information about your financial organization and unless otherwise specified, the content of this service is owned or licensed by Pershing LLC and is protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries. Certain materials are used by permission of their respective owners. Certain specified content is the property of your financial organization.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.com.

The material provided in this service, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of Pershing LLC, except that you may download, display, or print one copy of the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices. Modification of the materials or use of the materials for any other purpose is a violation of Pershing LLC's or its third-party information providers' copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Pershing LLC or any third party. Pershing LLC acts solely as clearing agent for your financial organization. Pershing LLC is not an affiliate nor does it exercise supervisory authority over your financial organization or its employees.

PERSHING LLC, YOUR FINANCIAL ORGANIZATION AND OTHER PROVIDERS OF MATERIALS ON THIS SITE DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. REFERENCE TO A FUND OR SECURITY INCLUDED ANYWHERE IN THIS SERVICE IS NOT A RECOMMENDATION TO BUY, SELL, OR HOLD THAT, OR ANY OTHER SECURITY.

No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and neither Pershing LLC nor your financial organization take any responsibility therefore. A link from this service to another service or site outside of your financial organization is not an endorsement of the service or site, its content, or its sponsoring organization.

By using this service, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of Pershing LLC, your Internet service provider and you.

If you have questions about these Notices contact Pershing LLC at:
brokerage.info@pershing.com .

© 2014 Pershing LLC.

Interactive Data Corporation Terms & Conditions of Use

All information provided by Interactive Data Real Time Services ("Real-Time Services") and its affiliates (the "Real-Time Services Information") is owned by or licensed to Real-Time Services and its affiliates and any user is permitted to use such Real-Time Services Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Real-Time Services Information in any format to anyone, and no user shall use any Real-Time Services Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Real-Time Services Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE REAL-TIME SERVICES INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE REAL-TIME SERVICES INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE REAL-TIME SERVICES INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Dow Jones Indexes Terms of Use

Pershing LLC, at our discretion, provide you with services including, but not restricted to, news and information services. You agree to comply with the conditions imposed on your use of the services, as set out in these Terms and Conditions of Access and elsewhere in our services. These services may be outside our control or provided by a third party in which in case we cannot take responsibility for their content, or for any delays, interruptions or errors in the provisions of these additional services, provided we have exercised reasonable care and diligence in the selection of such providers.

Certain data accessible on our services is the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or us. The data is protected by copyright and other intellectual laws and all ownership rights remain with the information service provider or the third party or us, as the case may be.

You may only use the data retrieved from our services for your own personal and non-commercial purposes while accessing our services. Such use will be in accordance with these Terms and Conditions of Access and the requirements set out elsewhere on our services. You may not copy, distribute or redistribute the data, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make the data retrieved from our services available in any manner to any third party. You may not store the data for the purposes of creating a historical database or historical data product. You may not use any of the data in connection with the issuance, trading, marketing or promotion of investment products (e.g., derivatives, structured products, investment funds, investment portfolios, etc. where the price, return and/or performance of the investment product is based on or related to the data) without a separate written agreement with us, the information service provider or third party, as the case may be, that has ownership rights to the data (e.g. Dow Jones & Company, Inc., S&P, etc.).

The data is provided "as is." We, any information service provider or any third party shall not be liable to you or any third party for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the data or any other information supplied to you through our services or (ii) any decision made or action taken by you or any third party in reliance upon the data. Nor shall we, any information service provider or any third party be liable for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages incurred by you or any third party.

Where the information consists of pricing or performance data, the data contained therein has been obtained from sources believed reliable. Data computations are not guaranteed by any information service provider, third party or us or any affiliates and may not be complete. Neither we, any information service provider, nor any third party give any warranties, as to the accuracy, adequacy, quality or fitness, timeless, non-infringement, title, of any information for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risk from any use or results of using any information. You are responsible for validating the integrity of any information received over the Internet.

Transmission may be subject to arbitrary delays beyond our control, which may delay the provision of our services and the execution of your orders. You acknowledge that neither we, any information service provider, nor any third party will be liable to you or any third party for any losses arising from such delay.

You understand and acknowledge that confirmations of executions or cancellations may be delayed or may be erroneous (e.g. due to computer system issues) or may be cancelled/adjusted by an exchange, market center or executing broker. Any reporting or posting errors, including errors in reporting or posting execution prices or cancellations, will be corrected to reflect what actually occurred in the marketplace.

You understand and acknowledge that when you place a request to cancel an order, the cancellation of that order is not guaranteed. The order will only be cancelled if the request is received by the market center to which the order was routed and matched with the order to be canceled before it is executed. During market hours, it is rarely possible to cancel market orders or marketable limit or as such orders are subject to immediate execution. You should not assume that any order has been executed or canceled until you have received a transaction or cancellation confirmation.

In no event will we, any information provider, or third party be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of our services. We are not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of our services.

Exchange Agreements


Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

Before reviewing the agreements, please let us know if you are a professional or a non-professional (as defined by the exchanges).

Please read the definition of a non-professional.

Non-Professional Definition:
A non-professional refers to a natural person, who is applying/acting in a personal capacity, as neither a principal, officer, partner, employee, nor agent of any business, nor on behalf of any individual. A non-professional is a person who obtains information for their own investment purposes and not for any business purposes.

The person cannot be registered or qualified with*: The Securities Exchange Commission (SEC) in any capacity; The Commodities Futures Trading Commission; Any state securities agency; Any securities exchange or association; Any commodities or futures contract market or association.
* Or foreign organizational equivalents.

Furthermore, a non-professional person can be neither (a) an investment advisor (as that term is defined in Section 201(II) of the Investment Advisors Act of 1940, whether or not registered or qualified under that Act); (b) a person employed by a bank, or other organization exempt from registration under federal and/or state securities laws, to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or (c) a person engaged as a consultant, independent contractor, software developer, or other person that uses market information for any purpose for profit other than the trading of that person's own personal account(s).

If you are a non-professional as defined above, please answer "I am NOT a Professional". If you are not a non-professional as defined above, you should answer "I Am a Professional". Please note that if for any reason your status as a non-professional changes, you are required to notify us. You may access this agreement online and make changes to your responses at any time should your circumstances change.

Exchange Agreements


Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

New York Stock Exchange ("NYSE") Subscriber Agreement

AGREEMENT FOR MARKET DATA DISPLAY SERVICES
(Electronic Version)

Pershing LLC ("Vendor") agrees to make "Market Data" available to you pursuant to the terms and conditions set forth in this agreement. By manifesting your assent in the space indicated below, you ("Subscriber") agree to comply with those terms and conditions. Section 1 sets forth terms and conditions of general applicability. Section 2 applies insofar as Subscriber receives and uses Market Data made available pursuant to this Agreement as a Nonprofessional Subscriber.

SECTION 1: TERMS AND CONDITIONS OF GENERAL APPLICABILITY

1. MARKET DATA DEFINITION - For all purposes of this Agreement, "Market Data" means (a) last sale information and quotation information relating to securities that are admitted to dealings on the New York Stock Exchange ("NYSE"), (b) such bond and other equity last sale and quotation information, and such index and other market information, as United States-registered national securities exchanges and national securities associations (each, an "Authorizing SRO") may make available and as the NYSE may from time to time designate as "Market Data"; and (c) all information that derives from any such information.

2. PROPRIETARY NATURE OF DATA - Subscriber understands and acknowledges that each Authorizing SRO and Other Data Disseminator has a proprietary interest in the Market Data that originates on or derives from it or its market(s).

3. ENFORCEMENT - Subscriber understands and acknowledges that (a) the Authorizing SROs are third-party beneficiaries under this Agreement and (b) the Authorizing SROs or their authorized representative(s) may enforce this Agreement, by legal proceedings or otherwise, against Subscriber or any person that obtains Market Data that is made available pursuant to this Agreement other than as this Agreement contemplates. Subscriber shall pay the reasonable attorney's fees that any Authorizing SRO incurs in enforcing this Agreement against Subscriber.

4. DATA NOT GUARANTEED - Subscriber understands that no Authorizing SRO, no other entity whose information is made available over the Authorizing SROs' facilities (an "Other Data Disseminator") and no information processor that assists any Authorizing SRO or Other Data Disseminator in making Market Data available (collectively, the "Disseminating Parties") guarantees the timeliness, sequence, accuracy or completeness of Market Data or of other market information or messages disseminated by any Disseminating Party. Neither Subscriber nor any other person shall hold any Disseminating Party liable in any way for (a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message or (ii) the transmission or delivery of any such data, information or message, or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance or (iii) interruption in any such data, information or message, due either to any negligent act or omission by any Disseminating Party, to any "force majeure" (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction) or to any other cause beyond the reasonable control of any Disseminating Party.

5. PERMITTED USE - Subscriber shall not furnish Market Data to any other person or entity. If Subscriber is a Nonprofessional Subscriber, he or she shall receive Market Data solely for his or her personal, non-business use. If Subscriber receives Market Data other than as a Nonprofessional Subscriber, it shall use Market Data only for its individual use in its business.

6. DISSEMINATION DISCONTINUANCE OR MODIFICATION - Subscriber understands and acknowledges that, at any time, the Authorizing SROs may discontinue disseminating any category of Market Data, may change or eliminate any transmission method and may change transmission speeds or other signal characteristics. The Authorizing SROs shall not be liable for any resulting liability, loss or damages that may arise therefrom.

7. DURATION; SURVIVAL - This Agreement remains in effect for so long as Subscriber has the ability to receive Market Data as contemplated by this Agreement. In addition, Vendor may terminate this Agreement at any time, whether at the direction of the Authorizing SROs or otherwise. Paragraphs 2, 3 and 4, and the first two sentences of Paragraph 8, survive any termination of this Agreement.

8. MISCELLANEOUS - The laws of the State of New York shall govern this Agreement and it shall be interpreted in accordance with those laws. This Agreement is subject to the Securities Exchange Act of 1934, the rules promulgated under that act, and the joint-industry plans entered into pursuant to that act. This writing contains the entire agreement between the parties in respect of its subject matter. Subscriber may not assign all or any part of this Agreement to any other person. The person manifesting assent to this agreement below represents and warrants that it has legal capacity to contract and, if that person is manifesting assent on behalf of a proprietorship or a business, partnership or other organization, represents and warrants that he or she has actual authority to bind the organization.

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 1, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:

  I Agree

SECTION 2: NONPROFESSIONAL SUBSCRIBER

9. NONPROFESSIONAL SUBSCRIBER DEFINITION - "Nonprofessional Subscriber" means any natural person whom Vendor has determined to qualify as a "Nonprofessional Subscriber" and who is not:

(a) registered or qualified with the Securities and Exchange Commission (the "SEC"), the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.

(b) engaged as an "investment advisor" as that term is defined in Section 202 (a) (11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor

(c) employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

10. PERMITTED USE - If Subscriber is a Nonprofessional Subscriber, he or she shall receive Market Data solely for his or her personal, non-business use.

11. PERSONAL AND EMPLOYMENT DATA - As a prerequisite to qualifying as a "Nonprofessional Subscriber", Subscriber shall provide the following information, and answer the nonprofessional qualification questions that follows:

(a) Subscriber's name and address:




(b) Occupation:
(c) Employer Name:
(d) Position/Title:
(e) Employee Function:
(f) Employer Address:
(g) City:
(h) State:
(i) Postal Code:
(j) Country:

Do you use Market Data solely for your personal, non-business use? Yes
No
Do you receive Market Data for your business or any other entity? Yes No
Are you currently registered or qualified with the SEC or the CFTC? Yes No
Are you currently registered or qualified with any securities agency, any securities exchange, association or regulatory body, or any commodities or futures contract market, associate, or regulatory body, in the United States or elsewhere? Yes No
Whether you are located within or outside of the United States, do you perform any functions that are similar to those that require an individual to register or qualify with the SEC, the CFTC, any other securities agency, any securities exchange, or association or regulartoy body, or any commodities or futures contract market, or association or regulatory body? Yes No
Are you engaged to provide investment advice to any individual or entity? Yes No
Are you engaged as an asset manager? Yes No
Do you use the capital of any other individual or entity in the conduct of your trading? Yes No
Do you conduct trading for the benefit of a corporation, partnership, or other entity? Yes No
Have you entered into any agreement to share the profit of your trading activities or receive compensation for your trading activities? Yes No
Are you receiving office space, and equipment or other benefits in exchange for your trading or work as a financial consultant to any person, firm or business entity? Yes No
Subscriber shall notify Vendor promptly in writing of any change in his or her circumstances that may cause him or her to cease to qualify as a Nonprofessional Subscriber.

12. CERTIFICATION - By clicking on the following box, Subscriber hereby certifies that he or she falls within Paragraph 9's definition of "Nonprofessional Subscriber" and that the personal and employment information that he or she has included in Paragraph 11 is truthful and accurate.

  I Agree

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 2, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:


Type in 'I Agree':

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement

DISCLOSURE - PLEASE READ

Subscribers to the Information must sign The NASDAQ OMX Group, Inc. ("NASDAQ OMX") Subscriber Agreement ("Agreement") or its equivalent in order to receive the Information (Refer to definition in Section 12). While all terms are important, NASDAQ OMX asks that you pay particular attention to the following conditions. For additional information, refer to the sections referenced at the end of each condition.

Restrictions on uses and transfers: The subscriber ("Subscriber") may not provide access to information described herein ("Information") or transfer this Agreement to others. The Information is only for use as described by the Non-Professional or Professional Subscriber (for U.S. Information) and Business or Private (for non-US. Information) definitions. [Section 12]

Most types of damages are excluded and remaining damages are limited: NASDAQ OMX is not liable for trading losses, lost profits or incidental, consequential or other indirect damages, even if the Information is untimely or incorrect. Other damages (if any) are strictly limited (in contract, tort or otherwise) to a capped amount. [Section 6 and Section 7]

No implied or statutory warranties or duties: All warranties and duties (if any) are eliminated. There are no express warranties, except for a Limited Warranty regarding efforts only. Stock quotes might not be current and/or accurate. [Section 7]

Subscriber provides an indemnity: Subscriber indemnifies NASDAQ OMX and holds NASDAQ OMX harmless for any Claims or Losses (as described in Section 9) resulting from Subscriber's breach of the Agreement, from Subscriber's infringement of a third-party's intellectual property rights or from any third-party lawsuit related to Subscriber's use or receipt of Information. [Section 9]

Governing Law; Construction: Everything relating to this Agreement is governed by the laws as detailed in per Appendix 1. For Information received, this Agreement shall be deemed to have been made in the jurisdiction of the applicable NASDAQ OMX Market as detailed in Appendix 1. [Appendix 1]

No oral amendments and only NASDAQ OMX may amend: The Agreement may not be altered orally and may only be altered by NASDAQ OMX pursuant to an agreement procedure which includes notice to either the Subscriber or the Distributor. Failure to terminate the Agreement before, or use of Information thereafter, an amendment will be the Subscriber's consent (or confirmation of earlier consent) to the amendment. [Section 10 and Section 11]

Distributors can impact Subscriber's rights but not NASDAQ OMX's rights: A Distributor does not have the authority to change the Agreement. Distributors are obligated to provide notice of NASDAQ OMX changes to the Subscriber. However, if they do not, NASDAQ OMX's notice to the Distributor is still effective, as to Subscriber including notice of cancellation. [Summary and Section 12].

Requirements of Self-Regulatory Organization; Actions To Be Taken In Fulfillment of Statutory Obligations. Subscriber acknowledges that NASDAQ OMX may be under certain restrictions when offering the Information, as detailed in Appendix 1. [Section 1]

Please review the following terms and conditions of the NASDAQ OMX Global Subscriber Agreement before you complete the Signature Section: You must be 18 years of age and must designate yourself as either a Non-Professional or Professional and Business or Private Subscriber in the following section, based on the definitions provided in Section 12. To qualify as Non-Professional or Private Subscriber, you must meet all the terms set forth in Section 12.

By completing this section, I agree to the terms and conditions set forth in this NASDAQ OMX Global Subscriber Agreement.

The Agreement appears below. If you are at least 18 years old, sign it as either a Professional or a Non-Professional Subscriber by clicking on the "Signature Confirmed" button below.

SIGNATURE SECTION: This section incorporates all terms of The Nasdaq Subscriber Agreement by this reference.
 
A. Individual Subscriber Information:
Subscriber:  "Enter your name, example "John Doe"."
Signature:  "Enter Name or Other Symbol of your Signature"
Date:
 
B. Agent Use Only (complete only if you signed on behalf of the Subscriber)
Print Name:  "Enter Name of person signing for Subscriber"
Title: Other Chief Executive Officer Chief Operating Officer
Managing Director  President  Senior Vice-President Vice-President
Other:
("Enter Title only if you have the same contracting authority as the listed titles but your title is different")

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement


OPTIONS PRICE REPORTING AUTHORITY

ELECTRONIC FORM OF SUBSCRIBER AGREEMENT

IMPORTANT NOTICE: THIS SUBSCRIBER AGREEMENT (THIS "AGREEMENT") IS AN AGREEMENT BETWEEN YOU AND PERSHING LLC FOR YOU TO RECEIVE INFORMATION PUBLISHED BY THE OPTIONS PRICE REPORTING AUTHORITY, LLC (“OPRA”). PLEASE READ THIS AGREEMENT CAREFULLY. AFTER YOU HAVE READ THIS AGREEMENT, PLEASE INDICATE YOUR AGREEMENT TO BE BOUND BY ITS TERMS AND CONDITIONS BY CLICKING ON THE “I AGREE” BUTTON AT THE END. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU WILL BE UNABLE TO RECEIVE THE INFORMATION.

By completing and submitting this Agreement, you are applying to receive from Pershing LLC (“Vendor”) a market data service (the “Service”) providing access to current options last sale and quotation information and related information (“OPRA Data”) published by OPRA pursuant to a Plan declared effective by the Securities and Exchange Commission. The parties to this Plan (each, an “OPRA Participant”) are those national securities exchanges that are from time to time approved by the Securities and Exchange Commission for the trading of securities options. In reviewing and approving this Agreement, Vendor is authorized to act on behalf of OPRA. The person who acts from time to time as data processor on behalf of OPRA is referred to herein as “OPRA’s Processor.”

By completing and submitting this Agreement and clicking on the “I agree” button at the end of this Agreement, you are consenting to enter into this Agreement in electronic form. You have the right to withdraw your consent by terminating this Agreement and your receipt of the OPRA Data. Your right to terminate this Agreement and your receipt of the OPRA Data, and the procedure you must follow to do so, are described in paragraph 6 below. If any information needed to contact you electronically changes, the procedure for notifying Vendor is described in paragraph 11 below. If you wish to have a copy of this Agreement in paper form and you are unable to print a copy on your own computer system, Vendor will provide you with a paper copy at no charge upon its receipt of your request transmitted as described in paragraph 11. You may access a copy of this Agreement electronically at no charge, if your access to OPRA Data is from a device capable of receiving text, by

  • Go to the site login page where you will find a disclaimer that reads: "As your agreement for the receipt and use of market data provides..."
  • Click on the underlined word "agreement"
  • Click on the Options Price Reporting Authority link, this will bring up the text of the OPRA agreement
  • Print the agreement either by right-clicking directly in the window or going to File | Print in the top menu bar

This Agreement includes an “Addendum for Nonprofessionals.” The term “Nonprofessional” is defined in the Addendum. The purpose of the Addendum is to determine whether you are a Nonprofessional under this definition. If you are a Nonprofessional under this definition, OPRA’s charges to Vendor for your use of the OPRA Data are subject to a cap, and you may be entitled to pay lower fees to Vendor. You do not need to complete the Addendum, but if you do not do so, or if you cannot agree with all of the statements in the Addendum, OPRA will not consider you to be a Nonprofessional.

You hereby represent and agree as follows:

1. Your full name and address are:


2. You shall receive the Service and the OPRA Data included therein solely for your own business or personal use, and you shall not retransmit or otherwise furnish the OPRA Data to any person, other than your own employees on devices that are subject to the control of Vendor. If you are a Nonprofessional and have completed the Addendum for Nonprofessionals, you are only permitted under this Agreement to use the OPRA Data for the investment activities described in the Addendum for Nonprofessionals.

3. You acknowledge that OPRA Data is and shall remain the property of the OPRA Participant on which a reported transaction took place or a reported quotation was entered.

4. DISCLAIMER OF LIABILITY -- NEITHER VENDOR, OPRA, OPRA’S PROCESSOR NOR ANY OPRA PARTICIPANT GUARANTEES THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF ANY OF THE OPRA DATA SUPPLIED TO YOU HEREUNDER AND NEITHER VENDOR, OPRA, OPRA’S PROCESSOR NOR ANY OPRA PARTICIPANT SHALL BE LIABLE IN ANY WAY, TO YOU OR TO ANY OTHER PERSON, FOR ANY LOSS, DAMAGES, COST OR EXPENSE WHICH MAY ARISE FROM ANY FAILURE OF PERFORMANCE BY VENDOR, OPRA, OPRA’S PROCESSOR OR ANY OPRA PARTICIPANT, OR FROM ANY DELAYS, INACCURACIES, ERRORS IN OR OMISSIONS OF, ANY OF THE OPRA DATA OR IN THE TRANSMISSION OR DELIVERY THEREOF, WHETHER OR NOT DUE TO ANY NEGLIGENT ACT OR OMISSION ON THE PART OF VENDOR, OPRA, OPRA’S PROCESSOR OR ANY OPRA PARTICIPANT. IN NO EVENT SHALL VENDOR, OPRA, OPRA’S PROCESSOR OR ANY PARTICIPANT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, OR DAMAGES RESULTING FROM INCONVENIENCE OR LOSS OF USE OF THE SERVICE.

5. The terms of this Agreement may be modified at any time upon notice to you. If you do not assent to this Agreement as modified at or prior to the time you next attempt to access the Service, this Agreement shall automatically be terminated. This Agreement as modified shall apply to your use of the Service from and after the date of the modification.

6. Your receipt of the OPRA Data hereunder may be terminated at any time by you or by Vendor upon 30 days notice from the terminating party to the other party, and may be terminated immediately upon a determination by Vendor or OPRA that you are not in compliance with this Agreement.

7. Nothing herein shall be deemed to prevent or restrict OPRA, OPRA’s Processor or any OPRA Participant from discontinuing to furnish OPRA Data for dissemination or from making such changes in the speed of transmission, the characteristics of the electrical signals representing the OPRA Data or the manner of disseminating the same, as OPRA shall from time to time determine to be appropriate, with or without notice to you. You shall not hold OPRA, OPRA’s Processor, or any OPRA Participant liable for any resulting liability, loss or damage that may arise therefrom.

8. You agree to notify Vendor promptly of any changes in the information provided herein and to furnish Vendor any additional information requested by it in connection with your receipt of the OPRA Data.

9. The parties acknowledge and agree that this Agreement is for the express benefit of OPRA, OPRA’s Processor and each OPRA Participant.

10. The provisions of Sections 3, 4 and 9 will survive any termination of this Agreement and will remain in full force and effect.

11. All notices under this Agreement may be provided either in writing or electronically. All written notices to Vendor shall be sent to the Vendor’s street address set forth above and all such notices to you shall be sent to the street address that you provide in paragraph 1. All electronic notices to Vendor shall be sent to Vendor’s email address set forth above and all such notices to you shall be provided to you where you access the OPRA Data electronically.

IF YOU AGREE TO THE TERMS AND CONDITIONS SET FORTH ABOVE, PLEASE TYPE IN YOUR NAME AND ADDRESS IN THE SPACES PROVIDED ABOVE AND CLICK ON THE “I AGREE” BUTTON BELOW. By clicking on the “I AGREE” button below and typing in your name as indicated above, you agree that:

    i) you have read and you understand all of the terms and conditions set forth above; and

    ii) you intend to form a legally binding and valid contract under which you will be bound by all of the terms and conditions set forth above.

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

PHILADELPHIA BOARD OF TRADE

ELECTRONIC FORM OF SUBSCRIBER AGREEMENT

IMPORTANT NOTICE: THIS SUBSCRIBER AGREEMENT (THIS "AGREEMENT") IS AN AGREEMENT BETWEEN YOU, AND PERSHING LLC ("THE PARTIES") FOR YOU TO RECEIVE INFORMATION PUBLISHED BY THE PHILADELPHIA BOARD OF TRADE. PLEASE READ THIS AGREEMENT CAREFULLY. AFTER YOU HAVE READ THIS AGREEMENT, PLEASE INDICATE YOUR AGREEMENT TO BE BOUND BY ITS TERMS AND CONDITIONS BY CLICKING ON THE "I AGREE" BUTTON AT THE END. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU WILL BE UNABLE TO RECEIVE THE INFORMATION.

By completing and submitting this Agreement, you are applying to receive from Pershing LLC ("Pershing") a market data service (the "Service") providing access to Philadelphia Stock Exchange Proprietary Sector Index Spot and Settlement Values ("Index Data") published by the Philadelphia Board of Trade. In reviewing and approving this Agreement, Pershing is authorized to act on behalf of the "PBOT"

By completing and submitting this Agreement and clicking on the "I agree" button at the end of this Agreement, you are consenting to enter into this Agreement in electronic form. You have the right to withdraw your consent by terminating this Agreement and your receipt of the PBOT data. Your right to terminate this Agreement and your receipt of the PBOT Data, and the procedure you must follow to do so, are described in paragraph 5 below. If any information needed to contact you electronically changes, the procedure for notifying Pershing is described in paragraph 8 below. If you wish to have a copy of this Agreement in paper form and you are unable to print a copy on your own computer system, Pershing will provide you with a paper copy at no charge upon its receipt of your request transmitted as described in paragraph 8. You may access a copy of this Agreement electronically at no charge, if your access to PBOT Data is from a device capable of receiving text, by following the steps below:

  • Go to the web page where the exchange agreements are found
  • Click on the underlined word "agreement"
  • Click on the Philadelphia Board of Trade link, this will bring up the text of the PBOT agreement
  • Print the agreement either by right-clicking directly in the window or going to File | Print in the top menu bar

1. You hereby represent and agree as follows:

Your full name and address are:


2. LICENSE

PERSHING LLC ("Pershing") has obtained the right to receive and retransmit Market Data of the Philadelphia Board of Trade, Inc. ("PBOT") as Market Data may be added or deleted from time to time by PBOT. The Parties agree that the term "Designated Market Data" shall be synonymous with "Market Data," as that term is defined in the PBOT Market Data Subvendor Agreement and includes, but is not limited to, bids, asks, and market prices of futures or options, opening and closing range prices, high-low prices, settlement prices, estimated and actual contract volume, and information regarding market activity. Pershing hereby grants Subscriber a non-exclusive and non-transferable License to receive Designated Market Data. Pershing shall furnish the Designated Market Data to Subscriber via the Internet or Pershing's private network. Subscriber agrees and acknowledges that PBOT reserves the right to disapprove any Subscriber and retains the right to direct Pershing to terminate any Subscriber's receipt of Market Data for any reason or no reason, in which event the PBOT shall so notify Pershing and Pershing shall cease providing Market Data to that Subscriber as soon as practicable. Subscriber represents and warrants that he or she is a non-professional, making this agreement in his or her own individual capacity and not on behalf of a firm, corporation, partnership, trust, or association, and that the receipt of the Designated Market Data shall be via the internet. The Parties acknowledge and agree that the Designated Market Data are and do constitute valuable confidential information, copyrighted materials and proprietary rights of PBOT, not within the public domain, and that, but for this Agreement, Subscriber would have no access or rights with respect thereto.

3. SUBSCRIBER'S RESTRICTIONS AND OBLIGATIONS

Subscriber agrees that the Designated Market Data are solely for Subscriber's private and individual receipt and use. In addition, Subscriber may, occasionally furnish a de minimis number of segments of Designated Market Data. Such redissemination must be strictly limited to telephonic communications not entailing the use of computerized voice synthesization or any other technology and must be strictly related to the trading activity of Subscriber or any such recipients. Any such recipients must be advised by Subscriber that such segments are proprietary and confidential information not to be disclosed or disseminated to other persons or entities. Subscriber agrees to ensure that such recipients abide by the provisions of this Agreement. Subscriber shall not, except as provided in Paragraph 2, redistribute, sell, license, retransmit or otherwise provide Market Data in any format by electronic or other means, including but not limited to the Internet, any Intranet or other networks except with the express written authorization of PBOT. Subscriber shall not reproduce, misappropriate, market or store the Designated Market Data in a retrieval system. Subscriber shall not use the Designated Market Data in any way so as to assist or allow a third party to compete with PBOT or Pershing. Subscriber shall safeguard the confidentiality of the Designated Market Data, and shall not communicate or otherwise furnish, or permit to be communicated or otherwise furnished, said Designated Market Data, in any format, to any news distributing company, or to any other location than that above designated, or allow any person, firm or corporation whatsoever to take, directly or indirectly, any of said Designated Market Data, from said offices or locations, and Subscriber will comply with any requirement respecting the location in its place of business of its blackboards, tickers, telephones and instrumentalities, and will adopt and enforce, with respect to persons entering its place of business, any regulation which PBOT or Subvendor may deem it advisable to prescribe in order to prevent the Designated Market Data from being improperly taken from Subscriber's place of business. Subscriber further agrees to protect the confidentiality of the Designated Market Data through the use of passwords, account numbers, access numbers, and any other security measures Pershing or PBOT shall require to prevent unlicensed or unauthorized parties from gaining access to the Designated Market Data, and Subscriber agrees that the passwords, account numbers, access numbers, and the other security measures are non-transferable. Subscriber shall not use, or allow any other person to use, the Designated Market Data for any illegal purpose or otherwise engage in, permit, or in any way assist in or promote the illegal use of the Designated Market Data. Subscriber shall promptly notify Pershing and PBOT if it knows of or learns of any person or persons having unauthorized or unlawful access to the Designated Market Data. Upon request, Subscriber agrees to provide to Pershing the information or reports requested by Pershing that is related to Subscriber's receipt of the Designated Market Data. Where Subscriber is a business, Subscriber agrees that during regular business hours and upon reasonable oral or written notice and to ensure compliance with this Agreement, any person or persons designated by PBOT or Pershing shall have access to the Subscriber's offices or places and shall have the right to observe the use made of the Designated Market Data and to examine and inspect any device, attachment, or apparatus within such office or place, as well as any books and records required to be maintained by Subscriber in connection with its receipt and use of Market Data.

4. PAYMENT

Not Applicable.

5. TERMINATION

Subscriber agrees that Pershing may, with or without notice, terminate the license of the Designated Market Data granted hereunder (and the furnishing of Designated Market Data) at any time for any reason whatsoever, including, but not limited to, whenever directed to do so by PBOT, or whenever in Pershing's judgment there shall have been any breach by Subscriber of the provisions of this Agreement.

6. DISCLAIMER OF WARRANTIES AND LIABILITY: INDEMNITY

SUBSCRIBER AGREES THAT NEITHER PBOT NOR PERSHING, OR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, GUARANTEE THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF THE DESIGNATED MARKET DATA, MARKET INFORMATION OR OTHER INFORMATION FURNISHED OR THAT THE DESIGNATED MARKET DATA HAVE BEEN VERIFIED. SUBSCRIBER AGREES THAT THE DESIGNATED MARKET DATA AND OTHER INFORMATION PROVIDED HEREUNDER IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS AN OFFER OF SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR COMMODITY AND THAT THE DESIGNATED MARKET DATA AND OTHER INFORMATION SHOULD NOT SERVE AS THE BASIS FOR ANY INVESTMENT DECISION. SUBSCRIBER AGREES THAT NEITHER PBOT NOR PERSHING, OR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO SUBSCRIBER OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY LOSSES, DAMAGES, CLAIMS, PENALTIES, COSTS OR EXPENSES (INCLUDING LOST PROFITS) ARISING OUT OF OR RELATING TO THE DESIGNATED MARKET DATA IN ANY WAY, INCLUDING BUT NOT LIMITED TO ANY DELAY, INACCURACIES, ERRORS OR OMISSIONS IN THE DESIGNATED MARKET DATA OR IN THE TRANSMISSION THEREOF OR FOR NONPERFORMANCE, DISCONTINUANCE, TERMINATION OR INTERRUPTION OF SERVICE OR FOR ANY DAMAGES ARISING THEREFROM OR OCCASIONED THEREBY, DUE TO ANY CAUSE WHATSOEVER, WHETHER OR NOT RESULTING FROM NEGLIGENCE ON THEIR PART. IF THE FOREGOING DISCLAIMER AND WAIVER OF LIABILITY SHOULD BE DEEMED INVALID OR INEFFECTIVE, NEITHER PBOT NOR PERSHING, NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL BE LIABLE IN ANY EVENT, INCLUDING THEIR OWN NEGLIGENCE, BEYOND THE ACTUAL AMOUNT OF LOSS OR DAMAGE, OR THE AMOUNT OF THE MONTHLY FEE PAID BY SUBSCRIBER TO VENDOR OR SUBVENDOR, WHICHEVER IS LESS. SUBSCRIBER AGREES THAT NEITHER THE MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO SUBSCRIBER OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, COSTS OF DELAY, OR COSTS OF LOST OR DAMAGED DATA EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

  1. Indemnity. Subscriber shall indemnify and hold (and at PBOT's and Pershing's option, defend) PBOT and Pershing and their members, shareholders, directors, officers, employees and agents harmless and shall pay all losses, damages, expenses and costs (including reasonable attorneys' fees) incurred by them based upon any claim or action: (a) arising from Subscriber's breach of its obligations, representations, warranties or covenants hereunder; (b) relating to any delay, inaccuracies, errors, or omissions in the Designated Market Data or (c) any use of the Market Data. PBOT and Pershing shall have the right (but not the obligation) to participate in any defense or settlement, in which event each Party shall pay for its respective attorneys' fees.

7. GENERAL

This Agreement between Pershing and Subscriber embodies the entire agreement between the Parties with respect to the subject matter hereof. The failure or inability of Pershing to verify or check any information or activity required by Pershing, or the failure or inability of Pershing to perform any activity relating to the verification or checking of any information supplied by Subscriber or any activity relating to the verification or checking of any information supplied by Subscriber or any activity of Subscriber will not be deemed to constitute a waiver of any right on the part of Pershing or PBOT to enforce the provisions of this Agreement. No waiver, alteration, or modification of any of the provisions, except as provided in Paragraphs 2 through 4 shall be binding unless in writing and signed by a duly authorized representative of each Party and PBOT. Neither the course of conduct between the Parties nor trade usage shall act to modify or alter the provisions of this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, U.S.A., to the exclusion of the Courts of any other state or country , without regard to its conflict of law principles. Subscriber agrees that all disputes and matters whatsoever arising under, in connection with, or incident to this Agreement shall be litigated, if at all, in and before a Court located in the Commonwealth of Pennsylvania, U.S.A, to the exclusion of the Courts of any other state or country. Subscriber acknowledges that its breach of this Agreement would cause immediate and irreparable harm to Pershing and PBOT for which money damages would be inadequate. Pershing and PBOT shall have the right to enforce their rights against the Subscriber under this Agreement, not only by an action for damages, but also by an action for injunctive or other equitable relief in order to enforce this Agreement, without proof of actual damages or the posting of a bond or other security. Subscriber acknowledges that PBOT is an intended third-party beneficiary of the rights of Pershing under the Agreement. The illegality or unenforceability of any part of this Agreement shall not affect the remainder of this Agreement. If any part of this Agreement is found to be illegal or unenforceable, this Agreement shall be given the meaning as would give effect to the intent of the Parties.

8. All written notices to Pershing shall be sent to Pershing LLC, Attention Market Data Management Services, One Pershing Plaza, Jersey City, NJ 07399.

IF YOU AGREE TO THE TERMS AND CONDITIONS SET FORTH ABOVE, PLEASE CLICK ON THE "I AGREE" BUTTON BELOW. By clicking on the "I AGREE" button below and typing in your name as indicated above, you agree that:
    i) you have read and you understand all of the terms and conditions set forth above; and

    ii) you intend to form a legally binding and valid contract under which you will be bound by all of the terms and conditions set forth above.

Mutual Funds


Mutual Fund Breakpoint Discounts and Other Disclosures Relating to Mutual Fund, Money Fund, FDIC-Insured Bank Products, and Annuity Fees and Revenue Sharing

Mutual Funds

Before investing in mutual funds, it is important that you understand the sales charges, expenses, and management fees that you will be charged, as well as the breakpoint discounts to which you may be entitled. Understanding these charges and breakpoint discounts will assist you in identifying the best investment for your particular needs, and may help you to reduce the cost of your investment.

The following sections will give you general background information about these charges and discounts; however, sales charges, expenses, management fees, and breakpoint discounts vary from mutual fund to mutual fund. Therefore, you should discuss these matters with your financial organization and review each mutual fund's prospectus and statement of additional information (which are available from your financial organization) to obtain the specific information regarding the charges and breakpoint discounts associated with a particular mutual fund.


Sales Charges

Investors who purchase mutual funds must make certain choices, including which funds to purchase and which share class is most advantageous in light of their specific investing needs. Each mutual fund has a specified investment strategy. You should consider whether the mutual fund's investment strategy is compatible with your investment objectives. Additionally, many mutual funds offer different share classes. Although each share class represents a similar interest in the mutual fund's portfolio, the mutual fund will charge you different fees and expenses depending upon your choice of share class. As a general rule, Class A shares carry a "front-end" sales charge or "load" that is deducted from your investment at the time you buy the fund shares. This sales charge is a percentage of your total purchase.

As explained below, many mutual funds offer volume discounts to the front-end sales charge assessed on Class A shares at certain predetermined levels of investment, which are called "breakpoint discounts." In contrast, Class B and C shares usually do not carry any front-end sales charges. Instead, investors who purchase Class B or C shares pay asset-based sales charges, which may be higher or lower than the charges associated with Class A shares. Investors that purchase Class B or C shares may also be required to pay a sales charge known as a contingent deferred sales charge when they sell their shares, depending upon the rules of the particular mutual fund. This is known as a "back-end" sales charge or "load."


Breakpoint Discounts

Most mutual funds offer investors a variety of ways to qualify for breakpoint discounts on the sales charge associated with the purchase of Class A shares. In general, most mutual funds provide breakpoint discounts to investors who make large purchases at one time. The extent of the discount depends upon the size of the purchase. Generally, as the amount of the purchase increases, the percentage used to determine the sales load decreases. The entire sales charge may be waived for investors that make very large purchases of Class A shares. Mutual fund prospectuses contain tables that illustrate the available breakpoint discounts and the investment levels at which breakpoint discounts apply. Additionally, most mutual funds allow investors to qualify for breakpoint discounts based upon current holdings from prior purchases through Rights of Accumulation (ROA) and from future purchases based upon Letters of Intent (LOI). Mutual funds have different rules regarding the availability of ROAs and LOIs. Therefore, you should discuss these matters with your investment professional and review the mutual fund's prospectus and statement of additional information to determine the specific terms upon which a mutual fund offers ROAs or LOIs.

Rights of Accumulation - Many mutual funds allow investors to count the value of previous purchases of the same fund, or another fund within the same fund family, with the value of the current purchase to qualify for breakpoint discounts. Moreover, mutual funds may allow investors to count existing holdings in multiple accounts, such as individual retirement accounts (IRAs) or accounts at other financial organizations to qualify for breakpoint discounts. Therefore, if you have accounts at other financial organizations and wish to take advantage of the balances in these accounts to qualify for a breakpoint discount, you must advise your financial organization about those balances. You may need to provide documentation if you wish to rely upon balances in accounts at another firm.

In addition, many mutual funds allow investors to count the value of holdings in accounts of certain related parties, such as spouses or children, to qualify for breakpoint discounts. Each mutual fund has different rules that govern when relatives may rely upon each other's holdings to qualify for breakpoint discounts. You should consult with your financial organization and review the mutual fund's prospectus and statement of additional information to determine what these rules are for the fund family in which you are investing. If you wish to rely upon the holdings of related parties to qualify for a breakpoint discount, you should advise your financial organization about these accounts. You may need to provide documentation to your financial organization if you wish to rely upon balances in accounts at another firm. Mutual funds also follow different rules to determine the value of existing holdings. Some funds use the current net asset value (NAV) of existing investments in determining whether an investor qualifies for a breakpoint discount. However, a small number of funds use the historical cost, which is the cost of the initial purchase, to determine eligibility for breakpoint discounts. If the mutual fund uses historical costs, you may need to provide account records, such as confirmation statements or monthly statements, to qualify for a breakpoint discount based upon previous purchases. You should consult with your financial organization and review the mutual fund's prospectus and statement of additional information to determine whether the mutual fund uses NAV or historical costs to determine breakpoint eligibility.

Letters of Intent - Most mutual funds allow investors to qualify for breakpoint discounts by signing a LOI, which commits the investor to purchasing a specified amount of Class A shares within a defined period of time, usually 13 months. For instance, if an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign an LOI at the time of the first purchase and receive the breakpoint discount associated with a $50,000 investment on the first and all subsequent purchases. Additionally, some funds offer retroactive LOIs that allow investors to rely upon purchases in the recent past to qualify for a breakpoint discount. However, if an investor fails to invest the amount required by the LOI, the fund is entitled to retroactively deduct the correct sales charges based upon the amount that the investor actually invested. If you intend to make several purchases within a 13-month period, you should consult your financial organization and the mutual fund prospectus to determine if it would be beneficial for you to sign an LOI. As you can see, understanding the availability of breakpoint discounts is important because it may allow you to purchase Class A shares at a lower price. The availability of breakpoint discounts may save you money and may also affect your decision regarding the appropriate share class in which to invest. Therefore, you should discuss the availability of breakpoint discounts with your financial organization and carefully review the mutual fund prospectus and its statement of additional information when choosing among the share classes offered by a mutual fund. If you wish to learn more about mutual fund share classes or mutual fund breakpoints, you can also review the investor alerts that are available on the Financial Industry Regulatory Authority (FINRA) web site.


Mutual Fund Fees and Revenue Sharing

Pershing may receive servicing fees from mutual funds that participate in Pershing's mutual fund no-transaction-fee program (FundVest®) in lieu of clearance charges to your financial organization. Participation by your financial organization in this program is optional and your financial organization may share with Pershing in such fees. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and may be a significant source of revenue for your financial organization. These fees are paid in accordance with an asset-based formula.

Pershing also receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These reimbursements are based either on a flat fee per holding or a percentage of assets and are remitted to Pershing for its work on behalf of the funds. This work may include, but is not limited to, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing. These fees represent a significant source of revenue for Pershing. For additional details about Pershing's mutual fund no-transaction-fee program, or a listing of funds that pay Pershing networking or omnibus fees, please refer to www.pershing.com/mutual_fund.htm.


Money Fund and FDIC-Insured Bank Product Fees and Revenue Sharing

Money fund processing and revenue sharing fees are significant sources of revenue for Pershing and may be significant sources of revenue for your financial organization. Pershing receives fees from money fund providers for making available money market funds or FDIC-insured bank deposit programs, which you have selected through your financial organization. These fees are paid in accordance with an asset-based formula. Your financial organization may share in these fees. A portion of Pershing's fees is applied against costs associated with providing services on behalf of the funds, which may include maintaining cash sweep systems, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, marketing and distribution related support, and other services.

Pershing receives processing fees from certain money fund providers, which may be associated with your financial organization. These fees reimburse Pershing for operational services it performs on behalf of the funds, which may include maintaining cash sweep systems, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, or other services. For a listing of money funds that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/money_fund.htm.

Margin Disclosures

The Margin Disclosure Statement is intended to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, it is important to carefully review the Margin Account Agreement provided by Pershing LLC ("Pershing"), and to consult with your Investment Advisor regarding any questions or concerns you may have regarding margin accounts.

When you purchase securities, you have the option of paying for them in full or borrowing part of the purchase price from Pershing. If you choose to borrow funds from Pershing, you will need to open a margin account with Pershing. The securities purchased are used as collateral for the loan that was made to you or any other indebtedness arising after the initial transaction. If the securities in your brokerage account decline in value, so does the value of the collateral supporting your loan. As a result, Pershing can take action. For instance, Pershing can issue a margin call and/or sell securities or liquidate other assets in any of your brokerage accounts held with Pershing, in order to maintain the required equity in the margin account.

It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

You can lose more funds or securities than you deposit in the margin account.
A decline in value of securities that are purchased on margin may require you to provide additional funds to Pershing to avoid the forced sale of those securities or other securities or assets in your account(s).

Pershing can force the sale of securities or other assets in your account(s).
If the equity in your account falls below Pershing's maintenance margin requirements, Pershing can sell the securities or other assets in any of your accounts held at Pershing to cover the margin deficiency. You also will be responsible for any short fall in the account after such a sale.

Pershing can sell your securities or other assets without contacting you.
Some investors mistakenly believe that a financial organization must contact them for a margin call to be valid, and that the financial organization cannot liquidate securities or other assets in their accounts to meet the call unless the financial organization has contacted them first. This is not the case. Most financial organizations will attempt to notify their clients of margin calls, but they are not required to do so. However, even if a financial organization has contacted a client and provided a specific date by which the client can meet a margin call, the financial organization can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client.

Pershing may change margin requirements or margin call time periods without notice to you.
In regard to house, maintenance, and other margin calls, in lieu of immediate liquidations, Pershing may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Pershing's right in its sole discretion, to shorten the time period in which you may satisfy a call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Pershing to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Pershing in its sole discretion and judgment.

You are not entitled to choose which securities or other assets in your brokerage account(s) are liquidated or sold to meet a margin call.
Because the securities are collateral for the margin loan, Pershing has the right to decide which security to sell in order to protect its interests. Pershing can increase its "house" maintenance margin requirements at any time and is not required to provide you with advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Pershing to liquidate or sell securities in your brokerage account(s).

You are not entitled to an extension of time on a margin call.
While an extension of time to meet margin requirements may be available to clients under certain conditions, a client does not have a right to the extension.

Your written Margin Agreement with Pershing provides for certain important obligations by you.
The Margin Agreement is a legally binding agreement, cannot be modified by conduct, and no failure on the part of Pershing at any time to enforce its rights under the Margin Agreement to the greatest extent permitted shall in any way be deemed to waive, modify, or relax any of the rights granted Pershing, including those rights vested in Pershing to deal with collateral on all loans advanced to you.

Also, the Margin Agreement constitutes the full and entire understanding between the parties with respect to the provision of the Margin Agreement, and there are no oral or other agreements in conflict with the Margin Agreement unless you have advised in writing to Pershing of such conflict. Any future modification, amendment, or supplement to the Margin Agreement or any individual provision of the Margin Agreement can only be in writing signed by a representative of Pershing. You should carefully review your Margin Agreement for the rights and limitations governing your margin account relationship.

Order Routing

SEC Rule 606
Disclosure of Order Routing Practices

Our clearing firm, Pershing LLC ("Pershing") has provided the data concerning the routing of order flow (the "Data") on this web site. Although Pershing has used commercially reasonable efforts to provide accurate Data, the Data is provided to you on an "as is" basis.

If you would like to read this information, you will be required to enter the Broker-Dealer name when you access the website. Please note that disclosure information will only be available to customers of those firms that are required to display their data.
If you would like to enter the site now, please click here.

Statement Disclosure

The following disclosure pertains to estimated annual income (EAI) and estimated current yield (ECY) figures displayed on Pershing LLC's brokerage account statements.

The EAI and ECY figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable, however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change at any time, and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them.

The EAI figure for U.S. government, corporate, and municipal securities is computed by multiplying the coupon rate by the quantity of the security and then dividing that figure by 100. The resulting figure is reflected on the brokerage account statement in the EAI field.

The EAI for equity, mutual fund, unit investment trust and exchange traded fund securities is computed using either a historical methodology (HM) or projected methodology (PM), depending on the information from the issuer. The PM annualizes the latest regular cash dividend. The HM accumulates the regular cash dividends over the past twelve months. If there is less than one year of dividend history, the accumulated dividends are annualized. The EAI for preferred securities is computed using the PM. The HM or PM figure, whichever is calculated, is then multiplied by the quantity of the security and the resulting figure is reflected on the brokerage account statement in the EAI field.


The following are important caveats to the HM figure and PM figure.

  • The figure is denominated in the same currency as the dividend announcement.
  • The figure does not contemplate special or extra dividends.
  • When a security pays its first dividend with no specificity as to dividend frequency, the initial dividend will be the reported figure.
  • If a security announces a stock split and does not announce a new dividend rate, the figure will be adjusted on the ex-distribution/dividend date.
  • For a called security, the figure will remain unchanged until the payment date, at which point it will revert to zero.
  • The figure for Canadian securities is calculated the same way as for U.S. securities.
  • The figure for mutual funds only includes dividends treated as income.
  • The figure will be zero under the following scenarios: a security that has only paid capital gains during the preceding year; a security that has only had stock splits, stock (not cash) dividends, or reverse stock splits during the preceding year; a security other than an open end mutual fund (excluding a money market fund), ADR preferred, or exchange traded fund which rescinds or omits a dividend payment; and a security from an issuer which is in arrears and uncertain about its ability to make a dividend payment.

The ECY figure is computed by dividing the EAI figure by the current market price of the security, which may be higher or lower than the purchase price, and then the figure is multiplied by 100. The resulting figure is reflected on the brokerage account statement in the ECY field. With specific regard to a fixed income security, the initial purchase confirmation oftentimes reflects yield to maturity, yield to call, and/or yield to worst figures which are more relevant figures from the point of purchase.

Other Disclosures



Disclosure Statement

Annuity Servicing Fees Disclosure

Auction Rate Securities Payments Disclosure

Unit Investment Trust (UIT) Payments Disclosure

Pershing LLC Disclosure Statement

Pershing LLC acts on behalf of many financial organizations as clearing agent and custodian for various types of brokerage accounts. Pershing delivers a Disclosure Statement at account opening to new accounts of record.

The Disclosure Statement details the relationship and allocation of responsibilities between the introducing financial organization and Pershing as clearing agent and custodian. This document also discloses other important information. We encourage you to carefully review the Disclosure Statement and contact your financial organization if you have any questions.
Download Pershing LLC's 2009 Disclosure Statement
(Adobe Acrobat required)


Annuity Servicing Fees Disclosure

Pershing may receive servicing fees from certain insurance companies that participate in Pershing's annuity program. Participation by your financial organization in this program is optional. These fees may be considered revenue sharing and are a source of revenue for Pershing.

Pershing also receives operational reimbursement fees from certain insurance companies. A flat fee per holding is paid to Pershing for the services it provides, which may include, but is not limited to posting, accounting reconciliation, and client statement preparation and mailing. These fees are a source of revenue for Pershing. For a listing of insurance companies that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/annuity_fees.htm.


Auction Rate Securities Payments Disclosure

Pershing may receive payments from the distribution agent for trades in municipal auction rate securities and closed end fund/preferred auction rate securities executed by Pershing upon your financial organization's instruction. These payments are not charged to or paid by you. Additional information regarding such payments is available at www.pershing.com/ARS_fees.html.


Unit Investment Trust (UIT) Payments Disclosure

When Pershing acts upon the instruction of your financial organization to execute the purchase of a UIT, Pershing may receive a payment based on the volume of sales processed by Pershing. Your financial organization may receive a concession for the sale of the UIT to you. Such payments are disclosed in the applicable trust prospectus. Additional information regarding such payment and a list of sponsors are available at www.pershing.com/UIT_fees.html.

Systems Requirements


  Windows Mac
Operating Systems Supported Windows 7, XP and Vista OS X (10.5.x or higher)
Browsers Supported  IE 7, 8 and 9
 Firefox 3.6.x and 9.0.x
 with JRE plugin 1.4x or higher
Safari 4.x and 5.x
with JRE plugin 1.4x or higher

High volumes of trading at the market opening or intra-day trading may cause delays in execution and executions at prices significantly away from the market price quoted or displayed at the time the order was entered.

Portfolio Architect is an asset allocation account offered and managed by M&T Bank. M&T Bank also offers Portfolio Architect accounts through its broker-dealer subsidiary, M&T Securities, Inc. M&T Securities, Inc. performs certain non-advisory functions for its customers who open Portfolio Architect accounts, and introduces its customers' Portfolio Architect accounts to its clearing broker, Pershing LLC (member FINRA/SIPC/NYSE). Pershing provides custody, clearing, trade execution and related account administration services to such accounts.

    Investments:
  • Are NOT FDIC-Insured
  • Have NO Bank Guarantee
  • May Lose Value

M&T Securities, Inc. (Member FINRA/SIPC) is a member of the M&T Investment Group.
Brokerage services are offered by M&T Securities, Inc., not by M&T Bank.

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