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Annual Margin Disclosure Statement 

    Securities purchased on margin are the firm's collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following: 

• You can lose more funds than you deposit in the margin account. 
• The firm can force the sale of securities or other assets in your account(s). 
• The firm can sell your securities or other assets without contacting you. 
• You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. 
• The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice. 
• You are not entitled to an extension of time on a margin call.
• Short selling is a margin account transaction and entails the same risks as described above.
• In addition to market volatility, the use of a bank card, check writing and similar features with your margin account may increase the risk of a margin call.