Risk Warning
NoticeEffective Date: May 2024

Risk Warning Notice
Effective Date: May 2024
This document forms part of the client agreement with LMAX Broker Limited.
The purpose of this Notice is to provide information concerning the trading services offered by
LMAX Global “we”, “us”, “our”, “ours” and “ourselves” as appropriate), together with guidanceon and warnings of some of the risks associated with those services.
This Notice cannot and does not explain all of the risks associated with our services nor doesit contain a detailed explanation as to how our services operate. For a detailed explanation on
how our services operate, you should read the following documents, which together with thisNotice, form our agreement with you.
•Terms of Business•

Instrument Information•

Trading Manuals•

Order Execution Policy•

Summary Conflict of Interest policy•

Privacy Policy and Cookie policy•

You should not commence trading with us until you have read and understood thedocuments referred to above.

We offer trading services in Contract For Differences (CFD), rolling spot FX contracts, rolling
spot bullion contracts and Non Deliverable Forwards (NDF). These are Derivatives and areconsidered complex products which may not be suitable for everybody. You shouldcarefully review all documents that make up the Customer Agreement to ensure you
have a comprehensive understanding of how our products may function in different
market conditions.
We execute each Order you place with us by placing an order, identical in all respects apartfrom settlement (a Back to Back Order), on LMAX Exchange or in another Liquidity Pool. We
act as principal for each trade that you enter into with us. In exceptional circumstances, forexample where no trusted price is available on the Exchange, we may in our sole discretion
obtain prices from brokers that provide prices for CFDs and rolling spot FX contracts, or obtainprices from our other customers and use these prices for our trades with you. Again, we will
be entering into trades with you on a principal-to principal basis. In such circumstances youmay
not be able to open or close a position when you want to.
FX and CFDs are complex instruments and come with a high risk of losing money rapidly dueto leverage. Please note that 71% of retail investor accounts lose money when trading
LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority as an Investment Firm (firmreference number 783200) and is a company registered in England and Wales (number 10819525). LMAX Global is part of the LMAXGroup, whose registeredaddress is Yellow Building, 1A Nicholas Road, London W11 4AN.

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leveraged products with LMAX Global. You should consider whether you understand how
these products work and whether you can afford to take the high risk of losing your money.
Our trading service is execution-only. This means that we carry out your trading instructions.
We do not provide you with any investment advice.
In deciding whether this type of trading is suitable for you, you should have regard to the following
risks.
•Our services involve a high degree of gearing or leverage. For the majority of the trades
you place with us, you will be required to deposit a relatively modest proportion of theoverall contract value to open the trade. This can work for and against you as a relatively
small movement in the price of the financial instrument being traded can have adisproportionate effect on your trade. This may result in you achieving a good profit but
equally may result in you incurring significant losses. These losses may be in excess ofthe cash you have deposited with us.

•It is your responsibility to monitor your account at all times. It is important that you monitor
your positions closely due to the speed at which profits or losses can be incurred. If you
have working orders and open trades you should always be in a position to access andmanage your account. You may do this on-line, 24 hours a day, 7 days a week. We may
rectify mistakes, but only if you notify us as soon as possible and in any event within 24hours of the trade.

•You must understand that the price of the financial instruments being traded is determinedby fluctuations in markets outside our control and that the historical performance of afinancial instrument is no indication as to its future performance.

•You may be required to deposit additional funds into your account at short notice in orderto support your open trades and working orders. A failure to deposit additional funds whenrequired to do so may result in all of your open trades being closed out and your working
orders cancelled by us without notice to you.

•There may be circumstances, for example where you have a large position and/or where
there is low liquidity, where it is not possible to close your open trades immediately. It may
take days or even weeks to do so. During this period the value of your open trades could
fall, possibly by a significant sum, and you will be liable for the full amount of the losses
that arise.

•Some of our financial instruments are quoted and settled in currencies other than the basecurrency of your account. Trading in these instruments carries additional risk as theexchange rate at the time you close a trade and when your balance is converted to yourbase currency at the close of business on the same day may have fluctuated. Therefore if
you trade in an instrument that is not quoted in the base currency of your account, currency

LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority as an Investment Firm (firmreference number 783200) and is a company registered in England and Wales (number 10819525). LMAX Global is part of the LMAXGroup, whose registeredaddress is Yellow Building, 1A Nicholas Road, London W11 4AN.

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exchange fluctuations will impact upon your profits and losses.
•We do not guarantee that an order you place to limit the loss on a trade will be filled at theprice that you specify. In a fast moving market, your order may be liable to ‘gap through’,with the result that your trade is closed at an increased loss as compared with the level ofthe order that you placed. In the event that a ‘gap through’ occurs there can be a markedly
different price in the financial instrument being traded with no opportunity to close yourtrade in-between. Therefore, an order you place to limit the loss on a trade should not betreated as a guarantee to limit your loss on that trade to a specific amount.

•Changes in, or the introduction of new, rules, regulations and laws or the way in which
they are applied or interpreted may impact your trading with us. You may be exposed tothe risks arising under the rules, laws and regulations of jurisdictions other than thejurisdiction in which you are located and/or with which you are familiar.

•Any money you transfer to us or is credited to your Account will be held in one or more
segregated client bank accounts. The client bank accounts will be pooled accounts holding
monies transferred to us by other clients of ours and will not hold any of our own monies.
We may transfer any amount that is allocable to you in the relevant client bank account oramounts credited to your Account to any clearing house or broker for the purpose ofproviding any initial margin and intraday margin to such clearing house or broker in relation
to our Back to Back Trade. Your rights to monies in your Account are as follows:•You will have an ownership interest in your share of the balance in the relevantclient bank account including any monies held by the clearing house or broker
that is allocable or returnable to your Account.

•You will not have an ownership interest to any monies required to be transferred
either from the relevant client bank account, or from the monies held by a clearing
house or broker that is allocable or returnable to your Account, for the purpose of
settling our obligations under our Back to Back Trade such as settlement of markto-market losses on daily settlement of such trade.

•In certain circumstances, you may not receive all the monies to which you havean ownership interest as there is a possibility that the bank at which the clientbank account is held has become insolvent or has otherwise failed and is unable
to return the full amount of monies held in the client bank account. You may also
suffer a shortfall if the clearing house or broker has become insolvent or hasotherwise failed and is unable to return the full amount of monies that is returnable
or allocable to your Account.

•Our charges are set out on in our Trading Manual and on the Instrument Information on

LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority as an Investment Firm (firmreference number 783200) and is a company registered in England and Wales (number 10819525). LMAX Global is part of the LMAXGroup, whose registeredaddress is Yellow Building, 1A Nicholas Road, London W11 4AN.

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our Trading Platform. You should ensure that you aware of all the charges that apply to
you and understand how our charging system operates before you commence trading withus.
•One or more of your trades may be affected by a corporate action type event, theoccurrence of which may have a dramatic effect on that trade or trades and/or on youraccount generally. Please see the Terms of Business and Trading Manual for further
information and a worked example. We recommend that before you open a trade with us
you carry out your own research into whether the trade that you intend to open is liable tobe the subject of a corporate action type event and if so the likely effect of that action on
the trade that you wish to open.
To the fullest extent permitted by law, in no event shall we or any of our directors,
employees or agents have any liability whatsoever to you or any other person for any
direct or indirect loss, liability, cost, claim, expense or damage of any kind, whether incontract or in tort, including negligence, or otherwise, arising out of or related to your useof with any customised interface or third party equipment, hardware or software, such as
MT4 (a “Software Trading Tool”) or any form of interaction between any Software TradingTools and your Account (including but not limited to API and/or FIX interactions, a“Software Bridge”).

We have a formal complaints procedure. We aim to handle complaints as effectively as
possible in order to achieve a speedy resolution. In order to aid this process, we require you
to advise us of any complaint you have, and to provide all supporting documents, in a timely
manner. A copy of our complaints handling procedure can be found on our website. In theunlikely event that we are unable to resolve your complaint between us, you have the right torefer your complaint to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall,London

E14 9SR(telephone: 0300

123 9123; email: complaint.info@financial-ombudsman.org.uk; website: www.financial-ombudsman.org.uk).
We are covered by the Financial Services Compensation Scheme. You may be entitled tocompensation fromthe Scheme if we cannot meet our obligations. This depends on the type ofbusiness and the circumstances of the claim. Most types of investment business are covered
100% of the first £50,000 and this represents the maximum compensation available to you.
Further information about compensation arrangements is available from the Financial Services
Compensation Scheme www.fscs.org.uk.
If there is anything in this Notice you do not understand, please contact our Helpdesk.
Email us at info@LMAX.com
Call us on +44 203 192 2555

LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority as an Investment Firm (firmreference number 783200) and is a company registered in England and Wales (number 10819525). LMAX Global is part of the LMAXGroup, whose registeredaddress is Yellow Building, 1A Nicholas Road, London W11 4AN.

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Our Client Services team is available for 24-hour support, Sunday 22.00 – Friday 22.00 UK time.
Please note telephone calls will be recorded and/or monitored.
Write to us at:
LMAX Global, Yellow Building, 1A Nicholas Road, London, W11 4AN.

LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority as an Investment Firm (firmreference number 783200) and is a company registered in England and Wales (number 10819525). LMAX Global is part of the LMAXGroup, whose registeredaddress is Yellow Building, 1A Nicholas Road, London W11 4AN.

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