Place Trade offers margin trading for qualified clients through our clearing firm. Trading on margin entails borrowing money (a Margin Loan) from your broker to buy securities. You must deposit a certain amount towards the purchase of securities through your margin account. The minimum deposit is called the Margin Requirement, and is often shown as a percentage of the current market value of the security you wish to invest in. Both Portfolio and Reg T margin capabilities are available to Place Trade's experienced investors. Margin is calculated on a real-time basis for both types of margin accounts, allowing you to see your trading risk at any moment throughout the day.

Clients who activate a Place Trade Reg T Margin account may borrow to support:

• Equities trading
• Shorting of equities
• Full options trading
• Full futures/futures options trading
• Currency conversions
• Securities/commodities trading in multiple currency denominations

Margin requirements are computed on a formula-based real-time basis, with immediate position liquidation if the minimum maintenance margin requirement is not met. Purchase and sale proceeds are immediately recognized. US securities regulations require at least USD 25,000 (or USD equivalent) in equity to day trade.

Borrowing to support bond trading. Margin requirements are computed on a real-time basis, with immediate position liquidation if the minimum maintenance margin is not met. Purchase and sale proceeds are immediately recognized. Shorting of bonds is not allowed.

For buying options, you must deposit the entire premium plus commissions. For selling options and other strategy-based combinations, the margin requirements and commissions must be covered. Option market value may never be used for the purpose of borrowing funds. You must have stocks margin trading permissions in order to have options margin trading permissions.

Borrowing to support Mutual Funds may only be done 30 days after the purchase of the fund. Shorting Mutual Funds is never allowed. Net Asset Value is computed once per day at closing by the funds at which time your margin requirement and equity will be updated. Liquidation will occur on an end-of-day basis if minimums aren't met. Purchase and sales proceeds are recognized at the end of the day when the Mutual Fund order is submitted and confirmation received.

Portfolio Margin account holders may borrow to support:

• Equities trading
• Shorting of equities
• Full options trading
• Full futures/futures options trading
• Currency conversions
• Securities/commodities trading in multiple currency denominations

Margin is based on the largest potential loss found by valuing the portfolio over a range of underlying prices and volatilities on a real-time basis. Immediate position liquidation will occur if the minimum maintenance margin requirement is not met. Purchase and sale proceeds are immediately recognized. US securities regulations require at least USD 100,000 (or USD equivalent) for this account. Accounts are required to have a balance of at minimum USD 1,000,000 (or USD equivalent). If account equity falls below the Portfolio Margin requirements, Reg T margin requirements will apply.

Borrowing to support bond trading. Margin requirements are computed on a real-time basis, with immediate position liquidation if the minimum maintenance margin is not met. Purchase and sale proceeds are immediately recognized. Shorting of bonds is not allowed.

Margin is based on the largest potential loss found by valuing the portfolio over a range of underlying prices and volatilities on a real-time basis. Immediate position liquidation will occur if the minimum maintenance margin requirement is not met. Purchase and sale proceeds are immediately recognized. US securities regulations require at least USD 100,000 (or USD equivalent) for this account. Accounts are required to have a balance of at minimum USD 1,000,000 (or USD equivalent). If account equity falls below the Portfolio Margin requirements, Reg T margin requirements will apply.