Responsibilities & Acknowledgements
Responsibilities and Acknowledgments of the customer when conducting business through the Ira Epstein Division of Linn & Associates
- The customer, not the broker, is fully responsible for knowing and using proper procedures and terminology in the placement, modification and cancellation of orders as specified in this manual.
- The customer, not the broker, is fully responsible for knowing all open positions, prices and all pending unfilled or day orders.
- The customer, not the broker, is fully responsible to keep himself apprised of current margin requirements as they may from time to time be modified in the sole discretion of the broker or market maker.
- The broker has the authority, in its sole and absolute discretion to liquidate any open position, without prior notification to the customer.
- The customer is required to deposit and always maintain in his account sufficient funds to meet any and all margin requirements from time to time established by the broker, in its sole and absolute discretion, and to comply with all applicable exchange or legally imposed margin requirement.
- The broker shall not be responsible for the failure of an independent data processing or service bureau to accurately perform any record keeping, order entry, order cancelation, order execution, order modification, pricing or related functions.
- The broker shall not be responsible for any loss or damage caused directly or indirectly from any delays or inaccuracies in the transmission of orders or other information by or through any transmission or communication facilities.
- Linn & Associates and its clearing firm shall only be liable for actions or inactions by them which amount to gross negligence.
Your Account Number & User ID
OBTAINING AND USING YOUR ACCOUNT NUMBER AND USER IDS
Let us start off by thanking you for choosing the Ira Epstein Division of Linn & Associates as your futures broker. Our order takers, help departments, software products and staff eagerly await the opportunity to serve you. We believe you'll find we provide fast, courteous, efficient service along with up-to-the-minute market information. The type we think you'll need to make better informed trading decisions.
To trade effectively, it is important that you understand the language of trading. This Trading Manual is designed to provide you with the trading terminology and procedures on how to work and obtain information within our company. This manual is intended to serve as a handy reference guide. Refer to it when you have questions or call any of our specialized help desks.
All customers are issued Account Numbers and specific Passwords and User ID's that are needed to access our products. Be certain to keep these private. We can change these for you instantly if need be, with proper identification.
Your User ID and Password will be given to you by one of our staff. With your User ID and Password you can access, Linn-IraCharts and/or QT Market Center with their built in Order Entry Platforms. You can request Free access to Market Center or Linn-IraCharts on our Website under the Market Center or Linn-IraChart sections located in the Trading Platform sections of our website. Market Center works on PCs, Macs, tablets and smartphones.
If you do not receive your access codes, please call our Help Desk at 1-866-973-3681 8:00 AM through 4:00 PM Central Time, Monday through Friday.
Live quotes, for an exchange fee, or free delayed quotes are available 24 hours a day, seven days a week, online, when the markets are open.
Night and Day Session Orders can be placed via our online trading platforms, practically 24-hours a day, unless the exchanges make an exception. Trading hours typically begin on Sunday Evenings at 5:00 P.M. Central Time and last until 4:00 P.M. the following Friday Afternoon. Check with us for Holiday Trading Hours as they vary from Holiday to Holiday. Linn & Associates does not staff its trading desk between the hours of 11:00 PM through 5:00 AM CDT. However, electronic orders placed through your order entry platform can be entered during these hours.
YOUR ACCOUNT NUMBER, USER ID AND PASSWORDS
After you open your account with us you will be assigned an eight digit account number like this example: LNG45678. When calling in to speak with our staff, please include your Name and Account Number, including the LNG whenever you place a transaction or make an inquiry. This will make the process faster, easier and more accurate.
If you need further help simply call Customer Service at: 1-866-973-3681
When you place an Open or Good Until Cancelled Order (GTC), it remains in effect until it is filled or cancelled and rolls from session to session. There may be exceptions depending on the contract market traded. Please, ask your order clerk for specifics. It is your responsibility to know what sessions your orders are working and may be executed.
Placing another order in the same futures contract does not automatically negate the previous one. You must direct either the electronic order entry system or if you work with a broker, the broker to cancel that order.
OVER THE PHONE ORDER PLACEMENT AND CONFIRMATIONS
All customers are invited to phone in orders between the hours of 5:00 AM Central time through 8:00 PM Central time, even if you primarily use our online electronic order entry system for order placement. We realize that no one is always in front of their computer and that our customers at times want or need to place their orders with our order desk personnel. However, when doing so, make it your practice to tell the person you're speaking to what orders you have working on the electronic order entry platform.
VOICE MAIL ORDERS
No orders left on voicemail will be accepted.
CONFIRMATION THROUGH THE MAIL
On the business day following the execution of an order, we will mail you either by post or via e-mail, written confirmation containing the details of your transaction. The mailing method is dependent on you signing up or not for e-mailing of your account statements. Signing up for e-mail statements is both wise and cost saving. Our typical account saves at least $2 per statement sent via regular post by using e-mail.
Please review your statements carefully. In the unlikely event of an error, it is your duty to immediately report any differences to us. You will also receive an end of the month detailed statement. Your failure to immediately exercise your right to have errors corrected will be deemed your agreement that this statement is correct and ratified.
Market quotes are provided by the various exchanges through service vendors to subscribers. LINN & ASSOCIATES DOES NOT ORIGINATE QUOTES. We simply pass along the quote information provided to us. Not all vendors report quotes from the various market sessions in the same way. Linn-IraCharts and QT Market Center also do so via the Internet. We do not guarantee the accuracy of quote information provided through Linn-IraCharts, QT Market Center or other sources.
Commodity contracts are traded through "exchanges" where contracts are exchanged between buyers and sellers. The major exchanges deal in specific types of contracts and commodities. Some have pit traded contracts alongside fully electronic contracts. Here are the eight major exchanges our customers trade on:
Chicago Board of Trade - Wheat, Corn, Soybeans, Soybean Meal, Soybean Oil, Little Silver, Oats, Rice, Kilo Gold, Treasury Bonds, Treasury Notes, Mini Bond Index.
Chicago Mercantile Exchange/International Monetary Market- Live Cattle, Lean Hogs, Lumber, Feeder Cattle, S&P 500 Index, S&P Mid-Cap 400 Index, Treasury Bills, Eurodollar, British Pound, Canadian Dollar, Deutsche Mark, Swiss Franc, Japanese Yen, Australian Dollar, New Zealand Dollar, Mexican Peso.
CME Group New York Mercantile Exchange & Comex Division- Platinum, Palladium, Crude Oil, #2 Heating Oil, Unleaded Gasoline, Natural Gas, Gold, Silver, Copper.
ICE Futures Europe: Brent Crude Oil
ICE Coffee, Sugar and Cocoa Exchange- Coffee-C, Sugar (World) and Cocoa.
ICE New York Futures Exchange- Russell 2000 Index.
ICE New York Cotton Exchange-Cotton, Orange Juice, Dollar Index.
Kansas City Board of Trade- Value Line Stock Index, KC Wheat, Mini Value Line Index.
Minneapolis Grain Exchange- Minneapolis Wheat.
As you trade, the equity of your account may fall below the applicable minimum margin level. When this happens, we and our FCM has the right to demand the immediate deposit of funds. Failure to meet this demand may result in the liquidation of all or part of open positions.
At the Ira Epstein Division of Linn & Associates all accounts must be fully margined AT ALL TIMES. Any accounts not fully margined may be liquidated down to the necessary margin. It is your responsibility, to keep yourself informed of all current margin requirements as they may be modified from time to time.
Bank Wiring Instructions
Please use the instructions below for wires into you trading account US Dollar Wire Instructions BMO Harris N.A. 111 W Monroe St Chicago, IL 60603 ABA #071-000-288 Credit: Wedbush Securities Inc. Customer Segregated Account: 2730893 For Further Credit: Customer Name and Trading Account Number Swift Code: HATRUS44
Canadian Dollar Wire Instructions Bank of Montreal Swift: BOFMCAT2 Account Number: 3144-1008691 Beneficiary: BMO Harris N.A. Chicago, IL Swift: HATRUS44 Account Holder: Wedbush Securities Inc. Account Number: 44422-273-0877 For Further Credit: Customer Name and Trading Account Number
Euro Wire Instructions Deutsche Bank, Frankfurt Swift: DEUTDEFF Beneficiary: BMO Harris N.A. Swift: HATRUS44GTM IBAN: DE26500700100959119900 For further credit Wedbush Securities Inc. 30.7 Customer Secured Customer Secured Account Number: 30089-273-0877 For Further Credit: Customer Name and Trading Account Number
British Pound Sterling Wiring Instructions Royal Bank of Scotland (RBS) Swift: NWBKGB2L IBAN #GB59NWBK60000410013067 Beneficiary: BMO Harris N.A. Chicago, IL Account Holder: Wedbush Securities Inc. 30.7 Customer Secured Account Number: 77755-273-0877 For Further Credit: Customer Name and Trading Account Number
Japanese Yen Wiring Instructions The Bank of Tokyo-Mitsubishi UFJ. Ltd. Swift: BOTKJPJT Account 6530425141 Beneficiary: BMO Harris N.A. Chicago, IL Account Holder: Wedbush Securities Inc. Account Number: 55533-273-0893 For Further Credit: Customer Name and Trading Account Number
When you orally place an order for a trade, it is necessary that you use the language of the market. You must state a specific type of order.
Your order can be a Day Order or an Open Order (GTC). A Day Order must be filled by the end of the day's trading or it automatically expires. An Open Order (GTC) remains in effect until it is filled or cancelled by you. GTC stands for Good Til Cancelled.
All orders are assumed to be Day Orders unless they are specified as open orders
Types of Market Orders
Keep in mind that different exchanges take different types of orders and that orders placed for pit traded markets might accept orders that fully electronic systems don't. If you have questions, please contact your broker who will explain the differences.
A "Market Order" does not take price into consideration. It is simply an order to immediately fill at the prevailing price.
MARKET ON OPEN ONLY (MOO)
An "Open Only" order can be filled only at the price which is within the official opening range of prices as determined by the exchange. This order should be placed at least 15-minutes before the market opening.
MARKET ON CLOSE ONLY (MOC)
A "Close Only" order can be filled only at a price which is within the official closing range of prices as determined by the exchange. This order should be placed at least 15 minutes before the market close.
Adding an O.B. to your order means the floor broker will only fill the order if it is trading at the fixed price or better. Electronic markets operate different than open outcry. Check with your Epstein Division representative if you have any questions on this.
The vast majority of orders below have something to do with Stop Orders. Stop Orders should be thought of as "get me out" orders. Buy Stops are placed above the market and Sell Stops under the market. Under certain market conditions it is possible that your stop could be elected, but not filled because of prevailing market conditions. And yes, Stop Orders can be used to initiate new market positions.
A spread is an order to simultaneously buy and sell two different contract months of the same commodity(futures contract) or two different, but related commodities. This allows you to take advantage of the difference in prices, the spread in prices, from one month to the next of the same commodity.
T-Bills- It is our Treasury Bill policy that failure on our customer's part to inform us about what to do as a T-Bill approaches maturity will result in an automatic roll-over of the T-Bill for a 3-month period. To avoid this possible inconvenience, it is the customer's responsibility to instruct the Linn & Associates Margin Department at least even (7) days prior to the maturity date.
Furthermore, if the total equity in an account is a negative balance, the customer must wire or have a cashier's check presented to Wedbush Securities Inc. within a 24-hour period, otherwise the T-Bill may be sold.
|FedEx Fees and Handling Charge|
|FedEx Overnight Fee||50.00|
|FedEx 2-Day Delivery Fee||40.00|
|FedEx Saturday Delivery Fee||75.00|
|FedEx Overnight Fee to Canada||85.00|
|FedEx Overnight International Fee||110.00|
|Check and Wire Fees|
|Domestic Wire Fee||50.00|
|International Wire Fee||55.00|
|Stop Payment Fee on Checks||100.00|
|Returned Check Fee||125.00|
|Do not mail funds to the BMO Harris in care of Wedbush Securities. Should you do so instead of mailing your deposit direct to Ira Epstein Division of Linn & Associates, there will be a Fee Charge to your account for the unnecessary research time associated with finding and having those funds deposited to your trading account||30.00|
|Treasury Bill Fees|
|Purchase and/or Sale of T-Bills||75.00|
|Roll-Over of T-Bills||75.00|
|Selling Fee for T-Bills||75.00|
|Transfer of T-Bills to another firm||75.00|
|Transfer of Account to another firm||100.00|
|Mailing Fees...these fees can be completely eliminated by allowing Linn & Associates to e-mail your account statements to you.|
|Mailing of Statements in the USA||2.00|
|Mailing of Statements outside of the USA||3.00|
|Duplicate Statement sent by E-Mail||NC|
|Duplicate Mailing of Statements in the USA||2.00|
|Duplicate Mailing of Statements outside of the USA||3.00|
|Taking or Making Delivery of Futures Contracts Fees|
|The is an additional cost of taking delivery, in addition to additional commission charges, re-delivery charges, storage charges and the like per contract||225.00|
|Night Desk Fees|
|Night Trading Desk Phone Charge. This fee is a $10 fee for each quote obtained and for each phone call into our Night Desk. This fee will be charged to customers who call the Night Desk for any reason. This fee DOES NOT APPLY to electronic orders placed by customers, which require no assistance by our Night Trading Desk Personnel||10.00|
|Night Trade Desk Charge...charged per order and is applied only if the contract is filled in the evening session originating from a phoned in Night Desk Order||7.00|
|In addition to the above Night Trade Desk Charge on orders phoned in at night, there is a Contract Charge per filled contract on orders that originate from phone calls placed into the into the Night Trade Desk. This fee does not apply for orders placed electronically at night by customers that require no assistance by our Night Trading Desk Personnel||1.50/Contract|
|Exchange for Physical Fee|
|EFP Charges - per side||10.00|
|Production cost for document retrieval. Should you require us to reproduce a document for you, there are two fees associated with each document||10.00 + 2.00/Page|
|The Ira Epstein Division of Linn & Associates may charge an account maintenance fee of $13.00 per month for each month that an account has an average net trading equity balance, including T-Bills, of less than $2500 and does not make a trade with us in any calendar month. This maintenance fee will be charged against the account after each month's end.||13.00|
Listed below are the different trading hours in the different exchanges. Please note that all times listed below are Central Time, but Chicago, our home base also converts to Day Light Savings Time (CDT) at certain times of the year. From time to time the Exchanges alter their trading hours. When they make changes we do our best to update this list.
Some electronic markets are open on US Holidays, others are not. We do our best to send out notice by e-mail of Holiday Schedules as they are presented to us.
Please keep in mind that the hours that Linn & Associate staffs it's Trade Desk may differ from Exchange Trading Hours. When this occurs, clients can still place orders electronically as long as they are setup to do so and the exchanges "gateways" are open to receive orders.
Last updated 12/13/2017
|Exchange||Pit Trading Hours||Electronic Trading Hours (Monday - Friday)||Electronic Trading Hours (Sunday)|
|CBT||8:30 AM CDT - 1:15 PM CDT||7:00 PM CDT - 1:15 PM CDT (Trading Pause M-F 7:45 AM CDT-8:30 AM CDT)||7:00 PM CDT - 1:15 PM CDT|
|KCB||8:30 AM CDT - 1:50 PM CDT||7:00 PM CDT - 1:15 PM CDT (Trading Pause M-F 7:45 AM CDT-8:30 AM CDT)||7:00 PM CDT - 1:15 PM CDT|
|MGEX||7:00 PM CDT - 1:30 PM CDT (Fri ends at 2:00 PM CDT)||5:00 PM CDT - 2:00 PM CDT|
|CME||7:20AM CDT - 2:00PM CDT||5:00 PM CDT - 4:00 PM CDT (Fri ends at 4:00 PM CDT)||5:00PM CDT - 4:00PM CDT|
|CBOE Bitcoin||3:30 PM CDT - 3:15 PM CDT (Fri ends at 3:15 PM CDT)||5:00PM CDT - 3:15PM CDT|
|Comex Silver||5:00 PM CDT - 4:00 PM CDT||5:00PM CDT - 4:15PM CDT|
|Comex Gold||5:00 PM CDT - 4:00 PM CDT||5:00PM CDT - 4:15PM CDT|
|Comex Copper||5:00 PM CDT - 4:00 PM CDT||5:00PM CDT - 4:15PM CDT|
|NYME Platinum||5:00 PM CDT - 4:00 AM CDT|
|NYME Palladium||5:00 PM CDT - 4:00 PM CDT||5:00PM CDT - 4:00PM CDT|
|CBT Silver||7:00 PM CDT - 4:00 PM CDT||5:00 PM CDT - 4:00 PM CDT|
|CBOE Bitcoin||3:30 PM CDT - 3:15 PM CDT (Fri ends at 3:15 PM CDT)||5:00PM CDT - 3:15PM CDT|
|CME (Lean Hogs)||8:30 AM CDT-1:05 PM CDT||None|
|CME (Live & Fdr Cattle)||8:30 AM CDT-1:05 PM CDT||None|
|CBT||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT - 4:00 PM CDT|
|IMM (Eurodollar)||7:20AM CDT - 2:00PM CDT||5:00 PM CDT-4:00 AM CDT||5:00 PM CDT - 4:00 AM CDT|
|CME NIKKEI||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|CME S&P||8:30AM CDT - 3:15PM CDT||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|CME Mini S&P||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|CME Nasdaq||5:00 PM CDT-400 PM CDT||5:00 PM CDT|
|CME Mini Nasdaq||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|Mini Russell 2000||7:00 PM CDT-5:00 PM CDT||5:00 PM CDT|
|CBT Dow||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|CBT Mini Dow||5:00 PM CDT-4:00 PM CDT||5:00 PM CDT|
|ICE Coffee||2:30 AM CDT-1:00 PM CDT||3:30 AM CDT|
|ICE Cocoa||3:45 AM CDT-12:30 PM CDT||3:45 AM CDT|
|ICE Sugar||2:30 AM CDT- 12:00 PM CDT||2:30 AM CDT|
|ICE Cotton||8:00 PM CDT-1:30 PM CDT||8:00 PM CDT|
|ICE Orange Juice||7:00 AM CDT-1:00 PM CDT||None|
|NYME Crude Oil||5:00 PM CDT - 4:00 PM CDT||5:00 PM CDT|
|NYME Gasoline||5:00 PM CDT - 4:00 PM CDT||5:00 PM CDT|
|NYME Natural Gas||5:00 PM CDT - 4:00 PM CDT||5:00 PM CDT|
|NYME Heating Oil||5:00 PM CDT - 4:00 PM CDT||5:00 PM CDT|
Send us an e-mail with any questions or comments you may have, or if you are an account holder of ours call our Margin Department at 1-800-548-5580
Fully Electronic Futures Fees (per side)
|Exchange||Commodity||Non-Member Clearing||Exchange Fees||Total Exchange Fees||Floor Bkg||NFA Fees||Total Fees|
|Electronic Corn, Wheat, Soy Beans, Soy Meal, Soy Oil, and Rough Rice||0.06||+||0.14||=||0.20||+||0.00||+||0.02||=||0.22|
|Full Size Electronic Gold & Silver||0.06||+||.70||=||0.76||+||0.00||+||0.02||=||0.78|
|Electronic Mini NY Silver & NY Gold||0.06||+||0.10||=||0.16||+||0.00||+||0.02||=||0.18|
|Electronic 30 Day Fed Funds||0.06||+||0.20||=||0.26||+||0.00||+||0.02||=||0.28|
|Electronic 10 Year Notes||0.06||+||0.20||=||0.26||+||0.00||+||0.02||=||0.28|
|Electronic 5 Year Notes||0.06||+||0.20||=||026||+||0.00||+||0.02||=||0.28|
|Electronic Municipal Bonds||0.06||+||0.20||=||0.26||+||0.00||+||0.02||=||0.28|
|CME||E-Mini S&P and NASDAQ||0.09||+||0.26||=||0.35||+||0.00||+||0.02||=||0.37|
|Electronic Live Cattle||0.15||+||0.36||=||0.51||+||0.00||+||0.02||=||.66|
|Electronic Lean Hogs||0.15||+||0.36||=||0.51||+||0.00||+||0.02||=||.66|
|Electronic Feeder Cattle||0.15||+||0.36||=||0.51||+||0.00||+||0.02||=||.66|
|Electronic Euro Dollar||0.09||+||0.10||=||0.19||+||0.00||+||0.02||=||0.21|
|ICE||Coffee & Cocoa||.00||+||2.00||=||0.00||+||0.0||+||0.02||=||1.77|
Subject to change without notice.
Options Fees (per side)
|Exchange||Commodity||Non-Member Clearing||Exchange Fees||Total Fees||Floor Bkg||NFA Fees||Globex||Total Exchange and NFA Costs|
|All Other Grains||0.06||+||0.60||=||0.66||+||1.25||+||0.02||+||none||=||1.93|
|T-Notes and Munis||0.06||+||0.50||=||0.56||+||1.50||+||0.02||+||none||=||2.08|
|NYMEX||Unleaded & Heat Oil||0.85||+||0.50||=||1.35||+||1.25||+||0.02||+||none||=||2.62|
|Nat Gas & Crude Oil||0.85||+||0.50||=||1.35||+||1.25||+||0.02||+||none||=||2.62|
|ICE (fully electronic)||Coffee, Cocoa,Sugar, Cotton, OJ||0.00||+||1.75||=||1.75||+||0.00||+||0.02||+||none||=||1.77|
Subject to change without notice.