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No. 22 - This is standard boilerplate for any FCM that is also a proprietary
trading company. When I was with CIS we had similar references in our
paperwork regarding our execution of trades for our affiliates, Cargill Inc.
and Tradex.
Number 21 pertains to the securities side of the business of which I know
far less.
> "22. Proprietary Trading: Customer authorizes IB to engage in proprietary
> trading, and to execute the proprietary trades of its affiliates, even
> though IB may simultaneously hold unexecuted Customer orders for the same
> products which could be executed at the same price. In this
> regard, Customer
> represents that Customer has read and understood ADDENDUM 5, "Customer
> Information Policies and Procedures."
> --------------------------
>
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