Your access to the Direct Hedge SA website at www.DirectHedge.com (the "Website") is subject to the following Terms and Conditions of Use ("User Agreement"), which may be updated by us from time to time without notice to you. You are responsible for periodically reviewing this User Agreement for applicable changes. You can review the most current version of this User Agreement at DirectHedge.Com homepage. When using particular features of the Website, you are subject to the Direct Hedge policies applicable to your use of such features. Your use of the Website after the posting by us of any changes to this User Agreement will constitute your acceptance of those changes. If you have any questions about this User Agreement, please contact us by sending an e-mail to Info@DirectHedge.com


PRIVACY POLICY

The personally-identifiable information that you provide us when using the features of the Website, is subject to our Privacy Policy, which is a part of this User Agreement. Please take the time to review the important information contained in our Privacy Policy regarding our collection and use of this information.


USE OF THE WEBSITE

Investment Advice

Direct Hedge does not make investment recommendations. The information on this Website is provided solely to enable investors to make their own investment decisions and should not and cannot be regarded as a recommendation to buy, sell, or otherwise deal with any particular product and/or investment. The products, investments, and investment services to which this Website refers may not be suitable for all investors. Investors with any doubts should seek advice from an independent financial adviser.

This Website is not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services, products, or investments referred to in this Website are available to persons resident in any country where the provision of such services, products or investments would be contrary to local law or regulation. Direct Hedge¿s services are only available to individuals and companies who can form valid and legally binding contracts under applicable law.

Neither bidders nor sellers may manipulate the price of any product nor may you, or anyone who may gain access, in any way, through you to other pages on this Website, interfere with other user's bids or offers.

If any of your transactions cannot be settled in a timely fashion, you hereby acknowledge and agree that Direct Hedge is authorized to take any reasonable actions to minimize its risks and possible losses.


Registration and User ID

You must register with Direct Hedge in order to be eligible to participate in any transaction on this Website. Upon registering, you will receive a User ID and password, which is your identity on the Website and is personal to you. You are responsible for remembering, and safeguarding, your User ID. If you share your User ID with someone else, or you allow a third party to discover your User ID, possible consequences include losing control of your personally-identifiable information and your being legally responsible for any actions taken on the Website by someone else using your User ID. If you have reason to believe that your User ID has been discovered by a third party, you should immediately change your password (please refer to our Privacy Policy to learn how). You should also notify Direct Hedge immediately by telephone at +41 (22) 816 1888, at which time you may request the cancellation of one or all orders from you and/or your company. You acknowledge and agree that the cancellation of such order(s) is not guaranteed. Your order(s) will only be cancelled if your request is received in the marketplace and matched up with your order(s) before the execution of your order. Please note, however, that market orders are subject to immediate execution upon their receipt by Direct Hedge, which seriously limits our ability to cancel any such order(s). Direct Hedge will not be liable for any loss or damage arising from your failure to comply with the requirements of this paragraph.

It is your sole and exclusive responsibility to ensure that the information you provide us in the registration process is kept up to date, especially regarding changes to authorized trading personnel, postal and e-mail addresses, and contact telephone numbers. If there are any changes to this information, please contact Direct Hedge at the telephone number listed above or contact us via e-mail at Geneva@DirectHedge.com. Note that you shall remain responsible and liable for any transactions entered into by unauthorized trading personnel prior to your having informed Direct Hedge that they are no longer authorized.


Limitations on Your Use of the Website

You may not reproduce, duplicate, copy, sell, or otherwise transfer or commercially exploit the Website (or any portion of it), unless you have Direct Hedge's express written permission to do so. You may only use the Website in accordance with the terms of this User Agreement, any other terms applicable to the various features of our site and all applicable laws, rules, and regulations. In the event Direct Hedge (a) believes that you have failed to comply with all terms applicable to your use of the Website or any documents it incorporates by reference; (b) is unable to verify or authenticate any information you provide to it; or (c) believes, in its sole discretion, that your actions may cause legal liability for you, other Website users, or Direct Hedge, you agree that Direct Hedge has the right, in its sole discretion and without notice, to terminate your User ID, deactivate or delete your Direct Hedge account and all information and files in your account, and prohibit you from accessing your account. Direct Hedge may also, in its sole discretion and at any time, discontinue the Website, or any part thereof, with or without notice. You agree that you do not have any rights in the Website and that Direct Hedge will have no liability to you if the Website is discontinued or your ability to access the Website is terminated.


License to Direct Hedge

You grant to Direct Hedge a perpetual, irrevocable, world-wide, non-exclusive, transferable, royalty-free right to use all information and materials that you submit to the Website as necessary and appropriate to effectuate any transaction entered into by you on the Website, including the right to exercise copyright and publicity rights, in any media, in connection with the Website for such purpose.


Links

Through the Website, you may be able to access links to other World Wide Websites. Because Direct Hedge has no control over such sites, you acknowledge and agree that Direct Hedge is not responsible for, and has no liability with respect to, the availability (or unavailability) of such sites, for the treatment of your personally identifiable information by such sites, or for the information, products, content or other materials on or available from such sites or resources. If you would like information on any other site´s privacy policy, you should contact that party directly, and we encourage you to do so.


DISCLAIMERS

You acknowledge and agree that:

1. YOUR USE OF THE WEBSITE IS AT YOUR OWN RISK. THE FEATURES AVAILABLE THROUGH THE WEBSITE ARE PROVIDED TO YOU ON AN "AS IS" AND "AS AVAILABLE" BASIS. DIRECT HEDGE EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. Because the Website is provided to you "AS IS," you agree that Direct Hedge shall not be liable to you or to any third party for any delay in delivery of, or failure to deliver, any of your communications or other information you submit using the Website. Because the Website is provide to you "AS AVAILABLE," you agree that Direct Hedge shall not be liable to you or to any third party for any modification, suspension, or discontinuance of the Website or of your ability to access it.
   
2. Direct Hedge also disclaims any warranty that (i) the Website will meet your requirements, (ii) the Website's operation will be uninterrupted, timely, secure, or error-free, (iii) any information or communication that may be obtained from the use of the Website will be accurate or reliable (and Direct Hedge disclaims any liability for damages that may arise from your reliance on any such information or communication), and (iv) the quality of any products, services, information, or other materials purchased or otherwise obtained by you through the Website will meet your expectations.
   
3. You assume the full responsibility and risk for any damage to your computer or other consequences that result from your downloading any information, software, or other materials through the Website. Direct Hedge shall have no liability for any damage to your computer, including loss of data, that results from your downloading any such materials.
   

LIMITATION OF LIABILITY

YOU AGREE THAT DIRECT HEDGE SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOST PROFITS OR LOSS OF GOODWILL, USE, OR DATA (EVEN IF DIRECT HEDGE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), THAT RESULT FROM: (a) YOUR USE OF OR INABILITY TO USE THE WEBSITE; (b) THE COST YOU INCUR TO PROCURE GOODS AND SERVICES TO SELL THROUGH, OR SUBSTITUTE FOR ANY GOODS OR SERVICES YOU PURCHASED OR ACQUIRED THROUGH, THE WEBSITE; (c) ACCESS TO OR ALTERATION OF YOUR PERSONALLY-IDENTIFIABLE INFORMATION OR OTHER INFORMATION IN AN UNAUTHORIZED MANNER; (d) REPRESENTATIONS OR CONDUCT OF ANY THIRD PARTY RELATED TO THE WEBSITE, INCLUDING OUR ADVERTISERS AND BUSINESS PARTNERS; OR (e) ANY OTHER MATTER RELATING TO THE WEBSITE.


INDEMNIFICATION

You agree to fully indemnify and hold Direct Hedge and its associated companies, affiliates, officers, directors, agents, and employees, harmless from any third-party claim or demand, including reasonable attorneys' fees, due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party. For the purpose of this paragraph, the words "you" and "your" also include anyone who may gain access, in any way, through you to these or other pages on this Website.


INTELLECTUAL PROPERTY RIGHTS

All trademarks, copyrights, and other intellectual property rights in and to this Website are and shall be exclusively owned by Direct Hedge. Without limiting the generality of the foregoing, all trademarks, slogans, logos, and product and service names used on this Website are trademarks owned by Direct Hedge. You agree not to display or use such trademarks, in any manner, without the written permission of Direct Hedge. Trademarks and trade names of third parties are the property of those third parties, and are used by Direct Hedge subject to license or the fair use provisions of U.S. trademark law.

The content that Direct Hedge provides on the Website, including, but not limited to, text, graphics, images, and logos, is owned by either Direct Hedge or the party that has provided the content to us and is protected by U.S. and international copyright laws. Direct Hedge is the sole and exclusive owner of its compilation of this content on the Website, and this compilation is also protected by U.S. and international copyright laws. Unauthorized copying of any of this content could lead to copyright infringement. If you are a copyright owner and you believe that your work has been copied on the Website in a way that constitutes copyright infringement, please e-mail us at Info@DirectHedge.com


NOTICES AND COMMUNICATIONS

Any notices related to this User Agreement should be sent by e-mail (a) if to Direct Hedge, to Info@DirectHedge.com ; and (b) if to you, to the e-mail address you provided to us when you registered. Notice will be deemed given 24 hours after the e-mail was sent, unless the sending party receives notice that the e-mail was undeliverable. Direct Hedge may however, in its sole discretion, use or require such other means of communication or delivery, as it deems appropriate. Please do not assume that any order has been executed or cancelled by Direct Hedge until you have received a transaction confirmation from Direct Hedge.


GENERAL

You agree that this User Agreement describes the entire agreement between us with respect to its subject matter. The Website was created and is operated under the laws of Switzerland and its will control the terms and conditions provided in this User Agreement, without giving effect to any principles of conflict of laws. Any dispute or claim arising out of or relating to this Agreement or the services provided by Direct Hedge shall be exclusively and finally decided by one or more arbitrators in accordance with the Rules of Arbitration of the Chamber of Commerce and Industry of Geneva. You agree that regardless of any applicable law to the contrary, you cannot file a claim or cause of action arising out of or related to the Website or this User Agreement more than one (1) year after such claim or cause of action arose.