Electronic Trading Systems. Most trading systems through open-outcry and electronic trading systems are supported by computer based systems for order routing, execution, matching, registration or clearing of trades. These systems are vulnerable to temporary disruption or stoppage as a result of equipment and software failure, which may result in the failure of implementing the Client’s order according to Instructions or the failure to implement its Instructions at all. The Client’s ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house or member firms of the financial market. Such limits may vary; the Client should ask the Company with which it is dealing for details in this respect. 22.8
