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Full risk disclosure

Full risk disclosure

Futures risk disclosure

The following statement is provided pursuant to Regulation 1.55(c) of the Commodity Futures Trading Commission ("CFTC"). This brief statement does not disclose all of the risks and other significant aspects of trading in futures, forex and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures, forex and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

The risk of loss in trading commodity futures and forex contracts can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points:

• You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market or the forex market, and you may incur losses beyond these amounts. If the market moves against your position, your broker may require you to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
• The funds you deposit with a futures commission merchant for trading futures and forex positions are not protected by insurance in the event of the bankruptcy or insolvency of the futures commission merchant, or in the event your funds are misappropriated.
• The funds you deposit with a futures commission merchant for trading futures or forex positions are not protected by the Securities Investor Protection Corporation, even if the futures commission merchant is registered with the Securities and Exchange Commission as a broker or dealer.
• The funds you deposit with a futures commission merchant are generally not guaranteed or insured by a derivatives clearing organization in the event of the bankruptcy or insolvency of the futures commission merchant, or if the futures commission merchant is otherwise unable to refund your funds. Certain derivatives clearing organizations, however, may have programs that provide limited insurance to customers. You should ask your futures commission merchant whether your funds will be insured by a derivatives clearing organization, and you should understand the benefits and limitations of such insurance programs.
• The funds you deposit with a futures commission merchant are not held by the futures commission merchant in a separate account for your individual benefit. Futures commission merchants commingle the funds received from customers in one or more accounts, and you may be exposed to losses incurred by other customers if the futures commission merchant does not have sufficient capital to cover the trading losses of such other customers.
• The funds you deposit with a futures commission merchant may be invested by the futures commission merchant in certain types of financial instruments that have been approved by the Commission for such investments. Permitted investments are listed in Commission Regulation 1.25 and include: U.S. government securities; municipal securities; money market mutual funds; and certain corporate notes and bonds. The futures commission merchant may retain the interest and other earnings realized from its investment of customer funds. You should be familiar with the types of financial instruments in which a futures commission merchant may invest customer funds.
• Futures commission merchants may deposit customer funds with affiliated entities, such as affiliated banks, securities brokers or dealers, or foreign brokers. You should find out whether your futures commission merchant deposits funds with affiliates and assess whether such deposits by the futures commission merchant with its affiliates increase the risks to your funds.
• You should consult your futures commission merchant concerning the nature of the protections available to safeguard the funds or property deposited in your account.
• Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit ("limit move").
• All futures, forex and options positions involve risk, and a "spread" position may not be less risky than an outright "long" or "short" position.
• The high degree of leverage (gearing) that is often obtainable in futures and forex trading because of small margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as gains.
• In addition to the risks noted in the paragraphs listed above, you should be familiar with the futures commission merchant you select to entrust your funds for trading futures positions. As of July 12, 2014, the Commodity Futures Trading Commission requires each futures commission merchant to make available to the public on its website firm-specific disclosures and financial information to assist you in your evaluation and selection of a futures commission merchant. Information about this futures commission merchant may be obtained by visiting the websites of NinjaTrader Brokerage's respective FCM partners: NinjaTrader Clearing, LLC, Dorman Trading and Phillip Capital. ALL OF THE POINTS NOTED ABOVE APPLY TO ALL FUTURES AND FOREX TRADING, WHETHER FOREIGN OR DOMESTIC. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS:
• Foreign futures transactions involve the execution and clearing of trades on a foreign exchange. This is the case even if the foreign exchange is formally "linked" to a domestic exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No domestic organization regulates the activities of a foreign exchange, including the execution, delivery and clearing of transactions on such an exchange, and no domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers for foreign futures transactions may not be provided the same protections as funds received in respect of transactions on domestic futures exchanges. Before you trade, you should familiarize yourself with the foreign rules that will apply to your particular transaction.
• Finally, you should be aware that the price of any foreign futures or options contract and, therefore, the potential gains and losses resulting from it, may be affected by any fluctuation in the exchange rate between the time the order is placed and the time the foreign futures contract is liquidated or the foreign options contract is liquidated or exercised.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE COMMODITY AND FOREIGN EXCHANGE MARKETS.

Options risk disclosure

DUE TO THE VOLATILE NATURE OF THE COMMODITIES MARKETS, THE PURCHASE AND GRANTING OF OPTIONS ON COMMODITIES INVOLVES A HIGH DEGREE OF RISK. COMMODITY TRANSACTIONS ARE NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC. SUCH TRANSACTIONS SHOULD BE ENTERED INTO ONLY BY PERSONS WHO HAVE READ AND UNDERSTOOD THIS DISCLOSURE STATEMENT AND WHO UNDERSTAND THE NATURE AND EXTENT OF THEIR RIGHTS AND OBLIGATIONS AND OF THE RISKS INVOLVED IN THE OPTION TRANSACTIONS COVERED BY THIS DISCLOSURE STATEMENT.

BOTH THE BUYER AND THE GRANTOR SHOULD KNOW THAT THE OPTION, IF EXERCISED, RESULTS IN THE ESTABLISHMENT OF A FUTURES CONTRACT (AN "OPTION ON A FUTURES CONTRACT").

BOTH THE BUYER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS SUBJECT TO A "STOCK-STYLE" OR "FUTURES-STYLE" MARGIN SYSTEM. UNDER A STOCK-STYLE MARGIN SYSTEM, THE BUYER MUST PAY THE FULL PURCHASE PRICE OF THE OPTION AT THE OUTSET OF THE TRANSACTION. THE BUYER HAS NO ADDITIONAL OBLIGATIONS ON THE OPTION POSITION. UNDER A FUTURES-STYLE MARGIN SYSTEM, THE BUYER DEPOSITS INITIAL MARGIN AND MAY BE REQUIRED TO DEPOSIT ADDITIONAL MARGIN IF THE MARKET MOVES AGAINST THE OPTION POSITION. HOWEVER, THE BUYER'S TOTAL VARIATION MARGIN OBLIGATION OVER THE LIFE OF THE OPTION WILL NOT EXCEED THE ORIGINAL OPTION PREMIUM, ALTHOUGH SOME INDIVIDUAL PAYMENT OBLIGATIONS AND/OR RISK MARGIN REQUIREMENTS MAY AT TIMES EXCEED THE ORIGINAL OPTION PREMIUM.

A PERSON SHOULD NOT PURCHASE ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO SUSTAIN A TOTAL LOSS OF THE PREMIUM AND TRANSACTION COSTS OF PURCHASING THE OPTION. A PERSON SHOULD NOT GRANT ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO MEET ADDITIONAL MARGIN CALLS WHEN THE MARKET MOVES AGAINST HIS OR HER POSITION AND, IN SUCH CIRCUMSTANCES, SUSTAIN A VERY LARGE FINANCIAL LOSS.

A PERSON WHO PURCHASES AN OPTION SUBJECT TO STOCK-STYLE MARGIN SHOULD BE AWARE THAT, IN ORDER TO REALIZE ANY VALUE FROM THE OPTION, IT WILL BE NECESSARY EITHER TO OFFSET THE OPTION POSITION OR TO EXERCISE IT. OPTIONS SUBJECT TO FUTURES-STYLE MARGIN ARE MARKED TO MARKET, AND GAINS AND LOSSES ARE PAID AND COLLECTED DAILY. IF THE BUYER OF AN OPTION DOES NOT UNDERSTAND HOW TO OFFSET OR EXERCISE AN OPTION, THE BUYER SHOULD REQUEST AN EXPLANATION FROM THE FCM OR THE IB. CUSTOMERS SHOULD BE AWARE THAT IN VARIOUS CIRCUMSTANCES, SOME OF WHICH WILL BE DESCRIBED IN THIS DISCLOSURE STATEMENT, IT MAY BE DIFFICULT OR IMPOSSIBLE TO OFFSET AN EXISTING OPTION POSITION ON AN EXCHANGE.

THE GRANTOR OF AN OPTION SHOULD BE AWARE THAT, IN MOST CASES, A COMMODITY OPTION MAY BE EXERCISED AT ANY TIME FROM THE TIME IT IS GRANTED UNTIL IT EXPIRES. THE BUYER OF AN OPTION SHOULD BE AWARE THAT SOME OPTION CONTRACTS MAY PROVIDE ONLY A LIMITED PERIOD OF TIME FOR THE EXERCISE OF THE OPTION.

THE BUYER OF A PUT OR CALL SUBJECT TO STOCK-STYLE OR FUTURES-STYLE MARGIN IS SUBJECT TO THE RISK OF LOSING THE ENTIRE PURCHASE PRICE OF THE OPTION, THAT IS, THE PREMIUM CHARGED FOR THE OPTION PLUS ALL TRANSACTION COSTS.

THE COMMODITY FUTURES TRADING COMMISSION REQUIRES THAT ALL CUSTOMERS RECEIVE AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT, BUT DOES NOT INTEND THIS STATEMENT AS A RECOMMENDATION OR ENDORSEMENT OF EXCHANGE-TRADED COMMODITY OPTIONS.

• Some of the risks of options trading. The specific market movements of the underlying future cannot be accurately predicted. The grantor of a call option who does not have a long position in the underlying futures contract is subject to the risk of loss if the price of the underlying futures contract is higher than the strike price at the time of exercise or expiration of the option by an amount greater than the premium received for granting the call option. The grantor of a call option who has a long position in the underlying futures contract is subject to the full risk of a decline in the price of the underlying position less the premium received for granting the call option. In return for the premium received for granting a call option, the option grantor gives up all potential gain resulting from an increase in the price of the underlying futures contract above the option strike price at the time of exercise or expiration of the option. The grantor of a put option who does not have a short position in the underlying futures contract is subject to the risk of loss if the price of the underlying futures contract declines below the strike price at the time of exercise or expiration of the option by an amount greater than the premium received for granting the put option. The grantor of a put option on a futures contract who has a short position in the underlying futures contract is subject to the full risk of an increase in the price of the underlying position less the premium received for granting the put option. In return for the premium received for granting a put option on a futures contract, the option grantor gives up all potential gain resulting from a decrease in the price of the underlying futures contract below the option strike price at the time of exercise or expiration of the option.

Some of the risks of options trading.

The specific market movements of the underlying future cannot be accurately predicted.

The grantor of a call option who does not have a long position in the underlying futures contract is subject to the risk of loss if the price of the underlying futures contract is higher than the strike price at the time of exercise or expiration of the option by an amount greater than the premium received for granting the call option.

The grantor of a call option who has a long position in the underlying futures contract is subject to the full risk of a decline in the price of the underlying position less the premium received for granting the call option. In return for the premium received for granting a call option, the option grantor gives up all potential gain resulting from an increase in the price of the underlying futures contract above the option strike price at the time of exercise or expiration of the option.

The grantor of a put option who does not have a short position in the underlying futures contract is subject to the risk of loss if the price of the underlying futures contract declines below the strike price at the time of exercise or expiration of the option by an amount greater than the premium received for granting the put option.

The grantor of a put option on a futures contract who has a short position in the underlying futures contract is subject to the full risk of an increase in the price of the underlying position less the premium received for granting the put option. In return for the premium received for granting a put option on a futures contract, the option grantor gives up all potential gain resulting from a decrease in the price of the underlying futures contract below the option strike price at the time of exercise or expiration of the option.

• Description of commodity options. Before entering into any transaction involving a commodity option, a person should thoroughly understand the nature and type of option involved and the underlying futures contract. The futures commission merchant or introducing broker must provide, and the person contemplating an option transaction must obtain: An identification of the futures contract underlying the option and that may be bought or sold by exercising the option or, if applicable, whether the exercise of the option will be settled in cash; The procedure for exercising the option contract, including the expiration date and the cut-off time on that date for exercise. (The latest time on an expiration date at which an option may be exercised can vary; option market participants should therefore find out from their futures commission merchant or introducing broker the latest time the firm accepts exercise instructions with respect to a particular option); A description of the purchase price of the option, including the premium, commissions, costs, fees and other charges. (Since commissions and other charges can vary widely among futures commission merchants and among introducing brokers, option customers may find it advisable to consult more than one firm when opening an option account); A description of all costs in addition to the purchase price that may be incurred if the commodity option is exercised, including the amount of commissions (whether termed sales commissions or otherwise), storage, interest and all similar fees and charges that may be incurred; An explanation and understanding of the option margin system; A clear explanation and understanding of any clause of the option contract and of any item included in the option contract explicitly or by reference that may affect the customer's obligations under the contract. This would include any policy of the futures commission merchant or introducing broker or rule of the exchange on which the option is traded that could affect the customer's ability to fulfill the option contract or to offset the option position in a closing purchase or sale transaction (for example, due to unforeseen circumstances that require the suspension or termination of trading); and, if applicable, a description of the effect on the value of the option position that could result from limit moves in the underlying futures contract.

Description of commodity options. Before entering into any transaction involving a commodity option, a person should thoroughly understand the nature and type of option involved and the underlying futures contract. The futures commission merchant or introducing broker must provide, and the person contemplating an option transaction must obtain:

• An identification of the futures contract underlying the option and that may be bought or sold by exercising the option or, if applicable, whether the exercise of the option will be settled in cash;
• The procedure for exercising the option contract, including the expiration date and the cut-off time on that date for exercise. (The latest time on an expiration date at which an option may be exercised can vary; option market participants should therefore find out from their futures commission merchant or introducing broker the latest time the firm accepts exercise instructions with respect to a particular option);
• A description of the purchase price of the option, including the premium, commissions, costs, fees and other charges. (Since commissions and other charges can vary widely among futures commission merchants and among introducing brokers, option customers may find it advisable to consult more than one firm when opening an option account);
• A description of all costs in addition to the purchase price that may be incurred if the commodity option is exercised, including the amount of commissions (whether termed sales commissions or otherwise), storage, interest and all similar fees and charges that may be incurred;
• An explanation and understanding of the option margin system;
• A clear explanation and understanding of any clause of the option contract and of any item included in the option contract explicitly or by reference that may affect the customer's obligations under the contract. This would include any policy of the futures commission merchant or introducing broker or rule of the exchange on which the option is traded that could affect the customer's ability to fulfill the option contract or to offset the option position in a closing purchase or sale transaction (for example, due to unforeseen circumstances that require the suspension or termination of trading); and
• If applicable, a description of the effect on the value of the option position that could result from limit moves in the underlying futures contract.
• The mechanics of options trading. Before entering into any exchange-traded options transaction, a person should obtain a description of how commodity options are traded. Option customers should clearly understand that there is no guarantee that option positions may be offset by a closing purchase or sale transaction on an exchange. In this circumstance, option grantors could be subject to the full risk of their positions until the option position expires, and the buyer of a profitable option might have to exercise the option in order to realize a gain. For an option on a futures contract, a person should clearly understand the relationship between the exchange rules governing option transactions and the exchange rules governing the underlying futures contract. For example, an individual should understand what action, if any, the exchange will take in the options market if trading in the underlying futures market is restricted or futures prices have made a "limit move." The individual should understand that the option may not be subject to daily price fluctuation limits, while the underlying futures may have such limits, and, as a result, normal price relationships between the options and the underlying future may not exist when the future is trading at its price limit. In addition, underlying futures positions resulting from the exercise of options may not be offset if the underlying future is at a price limit.

The mechanics of options trading. Before entering into any exchange-traded options transaction, a person should obtain a description of how commodity options are traded.

Option customers should clearly understand that there is no guarantee that option positions may be offset by a closing purchase or sale transaction on an exchange. In this circumstance, option grantors could be subject to the full risk of their positions until the option position expires, and the buyer of a profitable option might have to exercise the option in order to realize a gain.

For an option on a futures contract, a person should clearly understand the relationship between the exchange rules governing option transactions and the exchange rules governing the underlying futures contract. For example, an individual should understand what action, if any, the exchange will take in the options market if trading in the underlying futures market is restricted or futures prices have made a "limit move."

The individual should understand that the option may not be subject to daily price fluctuation limits, while the underlying futures may have such limits, and, as a result, normal price relationships between the options and the underlying future may not exist when the future is trading at its price limit. In addition, underlying futures positions resulting from the exercise of options may not be offset if the underlying future is at a price limit.

• Margin requirements. A person should know and understand whether the option they are contemplating trading is subject to a stock-style or a futures-style margin system. Stock-style margin requires the buyer to pay the full option premium at the time of purchase. The buyer has no further financial obligations and the risk of loss is limited to the purchase price and transaction costs. Futures-style margin requires the buyer to pay only initial margin at the time of purchase. The option position is marked to market, and gains and losses are collected and paid daily. The buyer's risk of loss is limited to the initial option premium and transaction costs. A person who grants options under a stock-style or futures-style margin system should understand that they may be required to pay additional margin in the event of adverse market movements.

Margin requirements. A person should know and understand whether the option they are contemplating trading is subject to a stock-style or a futures-style margin system. Stock-style margin requires the buyer to pay the full option premium at the time of purchase. The buyer has no further financial obligations and the risk of loss is limited to the purchase price and transaction costs. Futures-style margin requires the buyer to pay only initial margin at the time of purchase. The option position is marked to market, and gains and losses are collected and paid daily. The buyer's risk of loss is limited to the initial option premium and transaction costs.

A person who grants options under a stock-style or futures-style margin system should understand that they may be required to pay additional margin in the event of adverse market movements.

• Potential profit of an option position. An option customer should carefully calculate the price that the underlying futures contract would have to reach for the option position to be profitable. Under a stock-style margin system, this price would include the amount by which the underlying futures contract would have to rise above, or fall below, the strike price to cover the sum of the premium and all other costs incurred in entering into, exercising or closing out (offsetting) the commodity option position. Under a futures-style margin system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option position would become profitable once the variation margin collected exceeded the cost of entering the contract position. In addition, an option customer should be aware of the risk that the prevailing futures price at the opening of the next trading day may be substantially different from the futures price that prevailed when the option was exercised.

Potential profit of an option position. An option customer should carefully calculate the price that the underlying futures contract would have to reach for the option position to be profitable. Under a stock-style margin system, this price would include the amount by which the underlying futures contract would have to rise above, or fall below, the strike price to cover the sum of the premium and all other costs incurred in entering into, exercising or closing out (offsetting) the commodity option position. Under a futures-style margin system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option position would become profitable once the variation margin collected exceeded the cost of entering the contract position.

In addition, an option customer should be aware of the risk that the prevailing futures price at the opening of the next trading day may be substantially different from the futures price that prevailed when the option was exercised.

• Out-of-the-money options. A person contemplating purchasing a deep out-of-the-money option (that is, an option with a strike price significantly above, in the case of a call option, or significantly below, in the case of a put option, the current price of the underlying futures contract) should be aware that the chance of such an option becoming profitable is ordinarily remote. On the other hand, a potential grantor of a deep out-of-the-money option should be aware that such options normally provide small premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure statement.

Out-of-the-money options. A person contemplating purchasing a deep out-of-the-money option (that is, an option with a strike price significantly above, in the case of a call option, or significantly below, in the case of a put option, the current price of the underlying futures contract) should be aware that the chance of such an option becoming profitable is ordinarily remote.

On the other hand, a potential grantor of a deep out-of-the-money option should be aware that such options normally provide small premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure statement.

• Glossary of terms – Contract market. Any board of trade (exchange) located in the United States that has been designated by the Commodity Futures Trading Commission to list a commodity futures contract or option for trading. Exchange-traded option; put option; call option. The options discussed in this disclosure statement are limited to those that may be traded on a contract market. These options (subject to certain exceptions) give the option buyer the right to buy, in the case of a call option, or to sell, in the case of a put option, a futures contract underlying the option at the established strike price prior to the expiration date of the option. Each exchange-traded option is distinguished by the underlying futures contract, the strike price, the expiration date, and whether the option is a put or a call. Underlying futures contract. The futures contract that may be bought or sold by exercising an option on a futures contract. [Reserved] Class of options. A put or call option covering the same underlying futures contract. Series of options. Options of the same class that have the same strike price and expiration date. Strike price. See exercise price. Expiration date. The last day on which an option may be exercised. Premium. The amount agreed between the buyer and the seller for the purchase or sale of a commodity option. Exercise price. The price at which a person may buy or sell the underlying futures contract by exercising a commodity option. This term has the same meaning as the term "strike price." Short option position. See opening sale transaction. Long option position. See opening purchase transaction. Types of option transactions – Opening purchase transaction. A transaction in which an individual buys an option and thereby obtains a long position in the option. Opening sale transaction. A transaction in which an individual grants an option and thereby obtains a short option position. Closing purchase transaction. A transaction in which an individual with a short option position liquidates the position. This is achieved by a closing purchase transaction for an option of the same series as the previously granted option. Such a transaction may be referred to as an offsetting transaction. Closing sale transaction. A transaction in which an individual with a long option position liquidates the position. This is achieved by a closing sale transaction for an option of the same series as the previously purchased option. Such a transaction may be referred to as an offsetting transaction. Purchase price. The total actual cost paid or payable, directly or indirectly, by a person to acquire a commodity option. This price includes all commissions and other charges, in addition to the option premium. Grantor, writer, seller. An individual who sells an option. Such a person is said to have a short position. Buyer. An individual who buys an option. Such a person is said to have a long position.
• Contract market. Any board of trade (exchange) located in the United States that has been designated by the Commodity Futures Trading Commission to list a commodity futures contract or option for trading.
• Exchange-traded option; put option; call option. The options discussed in this disclosure statement are limited to those that may be traded on a contract market. These options (subject to certain exceptions) give the option buyer the right to buy, in the case of a call option, or to sell, in the case of a put option, a futures contract underlying the option at the established strike price prior to the expiration date of the option. Each exchange-traded option is distinguished by the underlying futures contract, the strike price, the expiration date, and whether the option is a put or a call.
• Underlying futures contract. The futures contract that may be bought or sold by exercising an option on a futures contract.
• [Reserved]
• Class of options. A put or call option covering the same underlying futures contract.
• Series of options. Options of the same class that have the same strike price and expiration date.
• Strike price. See exercise price.
• Expiration date. The last day on which an option may be exercised.
• Premium. The amount agreed between the buyer and the seller for the purchase or sale of a commodity option.
• Exercise price. The price at which a person may buy or sell the underlying futures contract by exercising a commodity option. This term has the same meaning as the term "strike price."
• Short option position. See opening sale transaction.
• Long option position. See opening purchase transaction.
• Types of option transactions – Opening purchase transaction. A transaction in which an individual buys an option and thereby obtains a long position in the option. Opening sale transaction. A transaction in which an individual grants an option and thereby obtains a short option position. Closing purchase transaction. A transaction in which an individual with a short option position liquidates the position. This is achieved by a closing purchase transaction for an option of the same series as the previously granted option. Such a transaction may be referred to as an offsetting transaction. Closing sale transaction. A transaction in which an individual with a long option position liquidates the position. This is achieved by a closing sale transaction for an option of the same series as the previously purchased option. Such a transaction may be referred to as an offsetting transaction.
• Opening purchase transaction. A transaction in which an individual buys an option and thereby obtains a long position in the option.
• Opening sale transaction. A transaction in which an individual grants an option and thereby obtains a short option position.
• Closing purchase transaction. A transaction in which an individual with a short option position liquidates the position. This is achieved by a closing purchase transaction for an option of the same series as the previously granted option. Such a transaction may be referred to as an offsetting transaction.
• Closing sale transaction. A transaction in which an individual with a long option position liquidates the position. This is achieved by a closing sale transaction for an option of the same series as the previously purchased option. Such a transaction may be referred to as an offsetting transaction.
• Purchase price. The total actual cost paid or payable, directly or indirectly, by a person to acquire a commodity option. This price includes all commissions and other charges, in addition to the option premium.
• Grantor, writer, seller. An individual who sells an option. Such a person is said to have a short position.
• Buyer. An individual who buys an option. Such a person is said to have a long position.

Virtual currency futures, including Bitcoin risk disclosure

The purpose of this investor notice is to remind investors that, like any other speculative investment, trading futures on virtual currencies, including Bitcoin, has certain benefits and various risks. While virtual currency futures must be traded on regulated futures exchanges, trading these products involves a high level of risk and may not be suitable for all investors.

It is therefore essential that investors who are considering trading virtual currency futures educate themselves about these products, understand their risks and exercise due diligence before making investment decisions. Investor protection begins with investor education.

• Conduct due diligence on any individual and firm soliciting an investment in virtual currency futures, including Bitcoin, by verifying their registration status with the Commodity Futures Trading Commission (CFTC), NFA membership status and their background using NFA's BASIC system or by calling the NFA Information Center at 800-621-3570.
• Virtual currencies, including Bitcoin, experience significant price volatility, and fluctuations in the value of the underlying virtual currency between the time you place a trade for a virtual currency futures contract and the time you attempt to liquidate it will affect the value of your futures contract and the potential profit and losses related to it. Be very cautious and monitor any investment you make.
• Be wary of sales pitches offering investment schemes that promise significant returns with little risk or that encourage you to "act now." If an investment sounds too good to be true (for example, high returns, guaranteed return in some way), then it probably is.
• Virtual currency futures contracts are bought and sold using initial margin money that may allow you to hold a virtual currency futures contract valued at more than your initial investment. This is known as leverage. If the price of the futures contract moves in an unfavorable direction, the leveraged nature of the futures investment can produce large losses relative to your initial investment. In fact, even a small move against your position can result in a large loss, including the loss of your entire initial deposit, and you may be liable for additional losses.
• Be aware of the risk that Ponzi scheme operators and fraudsters may seek to capitalize on the current attention focused on virtual currencies, including Bitcoin.

The above are only some of the risks associated with trading futures on virtual currencies, including Bitcoin. Investors should consult the risk disclosures provided by their FCM and educate themselves fully about all the associated risks before trading.

Under the oversight of the CFTC, each futures market that lists a virtual currency futures contract is responsible for regulating its futures market. NFA performs market regulation services on behalf of certain futures exchanges and swap execution facilities. However, please note that the fact that virtual currency futures, including Bitcoin, must be traded on regulated futures exchanges does not mean that the underlying virtual currency markets are regulated in any way, and, as discussed above, what happens in a virtual currency's underlying market will affect the price of a virtual currency's futures contract.

Investors who have questions or concerns about trading futures on virtual currencies, including Bitcoin, should contact the NFA Information Center (312-781-1410 or 800-621-3570 or information@nfa.futures.org).

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Wuilliam Martinez holds ownership of this website. All industrial and intellectual property rights over this Internet portal are the exclusive property of the company that owns the website or of third parties (unless otherwise stated), and therefore access to or use of it by the user shall in no way be considered as the granting of any license of use or right over any asset. Users of the website may only make private, personal or professional use of its contents. Use of the website or any of its elements for commercial or unlawful purposes is absolutely prohibited.

No acts of reproduction, modification, distribution or public communication of the website or its contents may be carried out without the prior written consent of Wuilliam Martínez, except where legally authorized.

Wuilliam Martínez shall assume no liability arising from the use by third parties of the website content, and may exercise all civil or criminal actions available in the event of infringement of these rights by the user.

It is necessary to authorize the installation of the cookies sent by the Website's server.

DISCLAIMER OF LIABILITY

The contents included on the website have at all times been prepared in good faith with the aim of providing information to users, and therefore the company assumes no liability regarding the completeness or accuracy of said information, nor does it guarantee the accuracy or the updating of the information that may be obtained from it, which may be modified without prior notice. Nor is it responsible for any typographical, formal or numerical errors that the website may contain.

Wuilliam Martinez is not responsible for any misuse that users may make of the website.

1. Liability for the operation of the website.

Wuilliam Martínez will try to minimize the problems caused by technical errors, and may temporarily suspend the services and contents of the website to carry out maintenance, improvement or repair operations, without this giving rise to any compensation to the user for such actions.

It is noted that some information contained on this website may have been created or collected in files or formats that are not free of errors, so it cannot be guaranteed that the service will not be interrupted or affected by such problems.

The company assumes no liability for any damages that may be caused to the user as a result of consulting this website, or those other external ones that are the object of redirection.

The company shall not be liable in the event of service interruptions or malfunctions originating from acts of God, force majeure or other causes beyond its control.

1. Liability for the use of links

The company assumes no liability arising from the existence of links between the contents of this site and contents located outside it, or from any other mention of contents external to this site.

The site includes links to our social media profiles.

In the event that the company detects by any means the unlawfulness of the website, or that it harms the assets or rights of a third party susceptible to compensation, the company will remove or disable said link.

The presence of other links on the website is for merely informational purposes, and in no case constitutes an invitation or recommendation to contract the products or services offered on the destination Internet site, and in no case implies support for the persons or entities that authored such contents or that own the sites where they are located.

Terms of sale

Terms of Sale.

■ Payment options: PayPal, Visa, Mastercard.

■ Because software products can be easily copied and stored, we will NOT issue refunds of any kind. ALL SALES ARE FINAL AND NON-REFUNDABLE!

■ In no event shall we be liable to you for damages, business interruptions, loss of business or other data or information, claims or expenses, consequential or incidental damages, or loss of profits and savings caused by the use of or in connection with the use of our products, as well as for damages caused by possible errors and typos in our products.

■ We shall not be liable for failures in the operation of our software products in the event that our software is installed on machines on which we have not tested the software.

■ We shall not assume liability for failures in the operation of our software products in the event that the technical requirements and/or the configurations of the machines on which the software is used are insufficient or incorrect.

■ We shall not be liable for failures in the operation of our software products in the event that you have third-party software that conflicts with our software, that may modify our software's configuration, which may slow down or reduce your machine's performance, lead to a decrease in the machine resources available to our software, as a result of which the full operation of our software becomes impossible.

■ Testimonials on our website may not be representative of the experience of other users or customers, and are not a guarantee of future performance or success.

■ You acknowledge and agree that we shall not be liable, directly or indirectly, for any damage or loss caused by or in connection with the use of or reliance on such content, goods or services available on or through such third-party websites.

■ Our software products are provided to you “as is”. We make no express or implied representations or warranties regarding our products. We do not warrant that our software will meet your needs or be error-free, or that the software's operations will be uninterrupted.

■ Trading futures and forex carries substantial risk and is not for every investor. An investor could potentially lose all, or more than, the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading, and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

■ Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are many other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect trading results.

■ NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer or provider of the products or services described herein, nor any interest, ownership or otherwise, in any such product or service, nor does it endorse, recommend or approve any such product or service.

■ Reselling or transferring your license to third parties.

■ Giving away the software for free (for example, through websites, forums, social media, emails).

■ Reselling, renting or including the software in your commercial products/services.

■ Reproducing the software, i.e., making one or more copies of the software, except where the copy of the software is reproduced in accordance with these terms.

■ Modifying the software, which includes, but is not limited to, implementing changes to the software's object codes.

■ Disassembling, decompiling or reverse-engineering the software (to transform the object codes into source codes).

Terms and Conditions

The terms and conditions were last updated on September 15, 2025

1. Introduction

These Terms and Conditions apply to this website and to the transactions related to our products and services. You may be bound by additional contracts related to your relationship with us or to any product or service you receive from us. If any provisions of the additional contracts conflict with any provisions of these Conditions, the provisions of these additional contracts will prevail.

2. Binding

By registering on, accessing or otherwise using this website, you agree to be bound by the terms set out below. The mere use of this website implies knowledge and acceptance of these Terms and Conditions. In certain particular cases, we may also ask you to accept them explicitly.

3. Electronic communication

By using this website or communicating with us by electronic means, you agree and acknowledge that we may communicate with you electronically on our website or by sending you an email, and you agree that all agreements, notices, disclosures and other communications we provide to you electronically satisfy any legal requirement, including, but not limited to, the requirement that such communications be in writing.

4. Intellectual property

We or our licensors own and control all copyright and other intellectual property rights in the website, and the data, information and other resources displayed by or accessible within the website.

4.1 All rights reserved

Unless the specific content indicates otherwise, you are not granted a license or any other right under copyright, trademarks, patents or other intellectual property rights. This means that you will not use, copy, reproduce, perform, display, distribute, embed in any electronic medium, alter, reverse-engineer, decompile, transfer, download, transmit, monetize, sell, market or make use of any resource of this website in any form, without our prior written permission, except and only to the extent otherwise stipulated by mandatory legal provisions (such as the right of citation).

5. Third-party property

Our website may include hyperlinks or other references to third-party websites. We do not control or review the content of the third-party websites accessed from this website. The products or services offered by other websites will be subject to the applicable Terms and Conditions of those third parties. The opinions expressed or the material appearing on those websites are not necessarily shared or endorsed by us.

We will not be responsible for the privacy practices or the content of these sites. You assume all risks associated with the use of these websites and any related third-party service. We will not accept any liability for any loss or damage, however caused, resulting from your disclosure of personal information to third parties.

6. Responsible use

By visiting our website, you agree to use it only for the intended purposes and as permitted by these Terms, any additional contract with us, and applicable laws, regulations and generally accepted online practices and industry guidelines. You must not use our website or our services to use, publish or distribute any material that consists of (or is linked to) malicious computer software; use the data collected on our website for any direct marketing activity, or carry out any systematic or automated data collection activity on or in connection with our website.

It is strictly prohibited to carry out any activity that causes or may cause damage to the website or that interferes with its operation, availability or accessibility.

7. Submission of ideas

Do not submit ideas, inventions, works of authorship or other information that may be considered your own intellectual property and that you would like to present to us, unless we have first signed an agreement regarding the intellectual property or a non-disclosure agreement. If you communicate it to us in the absence of such a written agreement, you grant us a worldwide, irrevocable, non-exclusive and royalty-free license to use, reproduce, store, adapt, publish, translate and distribute your content in any existing or future medium.

8. Termination of use

We may, at our sole discretion, modify or discontinue at any time, temporarily or permanently, access to the website or to any Service thereof. You agree that we will not be liable to you or to any third party for any modification, suspension or interruption of your access to or use of the website or of any content you may have shared on the website. You will not be entitled to any compensation or any other payment, even if certain features, settings and/or any Content you have contributed or relied on are permanently lost. You must not circumvent or bypass, or attempt to circumvent or bypass, any access-restriction measure on our website.

9. Warranties and liability

Nothing in this section will limit or exclude any warranty implied by law that it would be unlawful to limit or exclude. This website and all its content are provided "as is" and "as available" and may include inaccuracies or typographical errors. We expressly disclaim all warranties of any kind, whether express or implied, as to the availability, accuracy or completeness of the Content. We do not warrant that:

• this website or our products or services will meet your requirements;
• this website will be available uninterruptedly, timely, securely or error-free;
• the quality of any product or service purchased or obtained by you through this website will meet your expectations.

Nothing contained on this website constitutes or is intended to constitute legal, financial or medical advice of any kind. If you need advice, you should consult an appropriate professional.

The following provisions of this section will apply to the maximum extent permitted by applicable law and will not limit or exclude our liability with respect to any matter that it would be unlawful or illegal for us to limit or exclude our liability for. In no event will we be liable for any direct or indirect damages (including any damages for loss of profits or income, loss or corruption of data, software or database, or loss or damage to property or data) incurred by you or by any third party, arising from your access to or use of our website.

Except to the extent that any additional contract expressly states otherwise, our maximum liability to you for all damages arising out of or related to the website or to any product or service marketed or sold through the website, regardless of the form of legal action that imposes the liability (whether in contract, equity, negligence, intentional conduct, tort or any other), will be limited to 100. This limit will apply in aggregate to all your claims, actions and causes of action of any kind and nature.

10. Privacy

To access our website and/or services, you may be asked to provide certain information about yourself as part of the registration process. You agree that all the information you provide will always be accurate, correct and up to date.

We take your personal data very seriously and are committed to protecting your privacy. We will not use your email address to send unsolicited messages. Any email we send you will only be related to the supply of agreed products or services.

We have developed a policy to address any privacy concerns you may have. For more information, please see our Privacy Statement and our Cookie Policy.

11. Export restrictions / Legal compliance

Access to the website is prohibited from territories or countries where the Content or the purchase of the products or Services sold on the website is illegal. You may not use this website in violation of the export laws and regulations of Spain.

12. Assignment

You may not assign, transfer or subcontract any of your rights and/or obligations under these Terms and Conditions, in whole or in part, to any third party without our prior written consent. Any purported assignment in violation of this section will be null and void.

13. Breaches of these Terms and Conditions

Without prejudice to the other rights we have under these Terms and Conditions, if you breach these Terms and Conditions in any way, we may take the measures we deem appropriate to address the breach, including the temporary or permanent suspension of your access to the website, contacting your Internet service provider to request that they block your access to the website, and/or initiating legal action against you.

14. Force majeure

Except in the case of money payment obligations, no delay, failure or omission by either party in performing or observing any of its obligations hereunder will be deemed a breach of these Terms and Conditions if, and as long as, such delay, failure or omission is due to a cause beyond the reasonable control of that party.

15. Indemnification

You agree to indemnify, defend and hold us harmless from any claim, liability, damages, losses and expenses, related to your violation of these conditions and of applicable laws, including intellectual property rights and privacy rights. You will promptly reimburse us for the damages, losses, costs and expenses related to or arising from such claims.

16. Waiver

Failure to enforce any of the provisions set out in these Terms and Conditions and in any Agreement, or failure to exercise any option to terminate, will not be construed as a waiver of such provisions and will not affect the validity of these Terms and Conditions or of any Agreement or any part thereof, or the subsequent right to enforce each and every provision.

17. Language

These Terms and Conditions will be interpreted and construed exclusively in Spanish (Castilian). All notices and correspondence will be drafted exclusively in that language.

18. Entire agreement

These Terms and Conditions, together with our privacy statement and cookie policy , constitute the entire agreement between you and Wuilliam Martinez in relation to your use of this website.

19. Update of these Terms and Conditions

We may update these Terms and Conditions from time to time. The date indicated at the beginning of these General Conditions is the last revision date. We will notify you in writing of any change or update, and the revised Terms and Conditions will take effect from the date we send you such notification. Continued use of this website following the publication of changes or updates will be considered notice of your acceptance to comply with and be bound by these Terms and Conditions. To request a previous version of these Terms and Conditions, please contact us.

20. Choice of law and jurisdiction

These Terms and Conditions will be governed by the laws of Spain. Any dispute related to these Terms and Conditions will be subject to the jurisdiction of the courts of Spain. If a court or other authority finds that any part or provision of these Terms and Conditions is invalid and/or unenforceable under applicable law, such part or provision will be modified, deleted and/or applied to the maximum extent permitted to give effect to the intention of these Terms and Conditions. The remaining provisions will not be affected.

21. Contact information

This website is owned and operated by Wuilliam Martinez.

You may contact us regarding these Terms and Conditions through our contact page.

22. Download

You can also download our Terms and Conditions as a PDF.

Cookie policy (EU)

This cookie policy was last updated on May 29, 2023 and applies to citizens and permanent legal residents of the European Economic Area and Switzerland.

1. Introduction

Our website, https://tradingstrategydesigner.com (hereinafter: “the website”) uses cookies and other related technologies (for convenience, all technologies are referred to as “cookies”). Cookies are also placed by third parties we have engaged. In the following document we inform you about the use of cookies on our website.

2. What are cookies?

A cookie is a small file sent along with the pages of this website and stored by your browser on the hard drive of your computer or another device. The information stored may be returned to our servers or to the servers of the appropriate third parties during a subsequent visit.

3. What are scripts?

A script is a piece of program code used to make our website work properly and interactively. This code runs on our server or on your device.

4. What is a web beacon?

A web beacon (or a pixel tag) is a small, invisible piece of text or image on a website used to monitor traffic on a website. To do this, various data about you is stored by means of these web beacons.

5. Cookies

5.1 Technical or functional cookies

Some cookies ensure that certain parts of the website work properly and that your user preferences continue to be remembered. By placing functional cookies, we make it easier for you to visit our website. This way, you don't need to repeatedly enter the same information when visiting our website and, for example, the items remain in your shopping cart until you have paid. We may place these cookies without your consent.

5.2 Marketing/Tracking cookies

Marketing/tracking cookies are cookies, or any other form of local storage, used to create user profiles to display advertising or to track the user on this website or across several websites for similar marketing purposes.

On our website we have included content from Facebook, Twitter and WhatsApp to promote web pages (e.g., “Like”, “Pin”) or to share (e.g., “tweet”) on social networks such as Facebook, Twitter and WhatsApp. This content is embedded with code derived from Facebook, Twitter and WhatsApp and stores cookies. This content may process certain information for personalized ads.

Please read the privacy policy of these social networks (which may change frequently) to find out what they do with your (personal) data that they process using these cookies. The data they receive is anonymized as much as possible. Facebook, Twitter and WhatsApp are located in the United States.

6. Cookies used

YouTube

Marketing/Tracking, Functional

Consent to service youtube

Use

We use YouTube to display video. Read more

Data sharing

For more information, please read YouTube's privacy policy.

Marketing/Tracking

Functional

PayPal

Use

We use PayPal for payment processing. Read more

Data sharing

For more information, please read PayPal's privacy policy.

Functional

HubSpot

Functional, Preferences, Marketing/Tracking

Consent to service hubspot

Use

We use HubSpot for automated marketing (automated email marketing). Read more

Data sharing

For more information, please read HubSpot's privacy policy.

Functional

Preferences

Marketing/Tracking

Facebook

Marketing/Tracking, Functional

Consent to service facebook

Use

We use Facebook to display recent social posts and/or social buttons to share on social networks. Read more

Data sharing

For more information, please read Facebook's privacy policy.

Marketing/Tracking

Functional

Twitter

Functional, Marketing/Tracking

Consent to service twitter

Use

We use Twitter to display recent social posts and/or social buttons to share on social networks. Read more

Data sharing

For more information, please read Twitter's privacy policy.

Functional

Marketing/Tracking

WhatsApp

Consent to service whatsapp

Use

We use WhatsApp for chat support. Read more

Data sharing

For more information, please read WhatsApp's privacy policy.

Functional

7. Consent

When you first visit our website, we will show you a pop-up with an explanation about cookies. As soon as you click “Accept”, you consent to us using all cookies and plugins as described in the pop-up and in this cookie policy. You can disable the use of cookies through your browser, but please note that our website may no longer work properly.

7.1 Manage your consent settings

8. Enabling/disabling and deleting cookies

You can use your Internet browser to delete cookies automatically or manually. You can also specify that certain cookies may not be placed. Another option is to change the settings of your Internet browser so that you receive a message each time a cookie is placed. For more information about these options, please refer to the instructions in the “Help” section of your browser.

Please note that our website may not work properly if all cookies are disabled. If you delete the cookies in your browser, they will be placed again after your consent when you visit our websites again.

9. Your rights regarding personal data

You have the following rights regarding your personal data:

• You have the right to know why your personal data is needed, what will happen to it and for how long it will be kept.
• Right of access: you have the right to access the personal data we know about you.
• Right of rectification: you have the right to complete, rectify, delete or block your personal data whenever you wish.
• If you give us your consent to process your data, you have the right to revoke that consent and to have your personal data deleted.
• Right to data portability: you have the right to request all your personal data from the data controller and to transfer it in full to another data controller.
• Right to object: you can object to the processing of your data. We comply with this, unless there are justified grounds for the processing.

To exercise these rights, please contact us. Please see the contact details at the bottom of this cookie policy. If you have any complaint about how we handle your data, we would like you to let us know, but you also have the right to send a complaint to the supervisory authority (the data protection authority).

10. Contact details

For questions and/or comments about our cookie policy and this statement, please contact us using the following contact details:

Wuilliam Martinez, Calle Dr. Perez Mateos numero 1, San Juan de Alicante, Alicante, Spain. Website: https://tradingstrategydesigner.com Email: info@tradingstrategydesigner.com

This cookie policy was synchronized with cookiedatabase.org on May 29, 2023.

Privacy and cookie policy

Our website address is: https://www.tradingstrategydesigner.com

Postal address: Calle Doctor Pérez Mateo 1. San Juan de Alicante (Alicante)

Email: info@tradingstrategydesigner.com

Privacy policy

Wuilliam Martínez, hereinafter the CONTROLLER, is the controller of the User's personal data and informs you that this data will be processed in accordance with the provisions of the regulations in force on the protection of personal data, Regulation (EU) 2016/679 of 27 April 2016 (GDPR) on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and therefore the following processing information is provided.

Purpose of processing: to maintain a commercial relationship with the User. The operations planned to carry out the processing are:

• Sending commercial advertising communications by email, fax, SMS, MMS, social communities or any other electronic or physical means, present or future, that makes it possible to carry out commercial communications. These communications will be made by the CONTROLLER and related to its products and services, or those of its collaborators or suppliers with whom it has reached some promotional agreement. In this case, third parties will never have access to the personal data.

• Carrying out statistical studies.

• Processing orders, requests or any type of petition made by the user through any of the contact methods made available to them.

• Sending the website newsletter.

Data retention criteria: the data will be kept as long as there is a mutual interest in maintaining the purpose of the processing and, when it is no longer necessary for that purpose, it will be deleted with appropriate security measures to guarantee the pseudonymization of the data or its total destruction. Communication of the data: the data will not be communicated to third parties, except by legal obligation.

Rights of the user: Right to withdraw consent at any time. Right of access, rectification, portability and erasure of your data and to the limitation or objection to its processing. Right to file a complaint with the supervisory authority (agpd.es) if you consider that the processing does not comply with the current regulations.

2. MANDATORY OR OPTIONAL NATURE OF THE INFORMATION PROVIDED BY THE USER. Users, by checking the corresponding boxes and entering data in the fields marked with an asterisk (*) in the contact form or presented in download forms, expressly and freely and unequivocally accept that their data is necessary for the provider to attend to their request, the inclusion of data in the remaining fields being voluntary. The User guarantees that the personal data provided to the CONTROLLER are truthful and is responsible for communicating any modification thereof.

The CONTROLLER expressly informs and guarantees to users that their personal data will not be transferred to third parties under any circumstances, and that whenever any type of transfer of personal data is made, the express, informed and unequivocal consent of the Users will be requested beforehand. All the data requested through the website are mandatory, as they are necessary to provide an optimal service to the User. If not all the data are provided, it is not guaranteed that the information and services provided will be fully adjusted to your needs.

3. SECURITY MEASURES. In accordance with the provisions of the regulations in force on the protection of personal data, the CONTROLLER is complying with all the provisions of the GDPR regulations for the processing of personal data under its responsibility, and manifestly with the principles described in article 5 of the GDPR, by which they are processed in a lawful, fair and transparent manner in relation to the data subject and are adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed. The CONTROLLER guarantees that it has implemented appropriate technical and organizational policies to apply the security measures established by the GDPR in order to protect the rights and freedoms of the Users and has communicated the appropriate information to them so that they can exercise them.

Cookie policies

Your browser [keeps them] until you leave the website, so none is registered on the user's hard drive. The information obtained by means of these cookies is used to analyze traffic patterns on the website. In the long run, this allows us to provide a better experience by improving the content and making it easier to use. • Permanent cookies: they are stored on the hard drive and our website reads them each time you make a new visit. A permanent cookie has a specific expiration date. The cookie will stop working after that date.

Below we publish a list of the main cookies used on our WEBSITE, distinguishing:

• Strictly necessary cookies such as, for example, those used for correct navigation or those that allow services requested by the user to be carried out, or cookies used to ensure that the content of the website loads efficiently. • Third-party cookies such as, for example, those used by social networks, or by external content plugins. • Analytical cookies for the purpose of periodic maintenance, and in order to guarantee the best possible service to the user, websites normally make use of analytical cookies to collect statistical data on activity.

These are the cookies we use on our website: Google Analytics (visit tracking) ……………. Expiration: 2 years Facebook (visit tracking and remarketing) …… Expiration: 90 days Web (cookie control and acceptance) …………………. Expiration: 1 year

Some pages of our websites allow you to share our content on social networks such as Facebook, Twitter, Google, etc. Sometimes we post videos from sites such as YouTube. These websites place their own cookies, which we do not control. You may want to check their websites to find out more about their cookie policy. More information about cookies on social networks:

• Facebook • Google+ • Twitter • Pinterest • Instagram • Vine • Foursquare • YouTube

As a complementary guarantee to those described above, the registration of cookies may be subject to your acceptance during the installation or updating of the browser used, and this acceptance can be revoked at any time through the content and privacy configuration options available. Many browsers allow you to enable a private mode by which cookies are always deleted after your visit. Depending on each browser, this private mode may have different names. Below is a list of the most common browsers and the different names of this ‘private mode’:

Internet Explorer 8 and above: InPrivate. Safari 2 and above: Private Browsing. Opera 10.5 and above: Private Browsing. Firefox 3.5 and above: Private Browsing. Google Chrome 10 and above: Incognito.

Likewise, to allow, learn about, block or delete the cookies installed on your device, you can do so by configuring the options of the browser installed on your computer. For example, you can find information on how to do this if you use as your browser: • Internet Explorer • Safari • Opera • Firefox • Google Chrome

Important: please read the help section of your browser carefully to learn more about how to enable ‘private mode’. You can continue to visit our website even if your browser is in ‘private mode’, although your browsing on our website may not be optimal and some features may not work properly.

Note: the information provided is dated April/2018 and we inform you that over time it may not be exhaustive, even though this cookie policy is periodically reviewed.