I'm trying to open a futures account with a broker that clears through Penson. There is an agreement they want me to agree to and here's what it says: Is there something I'm missing? I thought all e-mini futures go thorough GLOBEX where broker desk-dealing is not possible?
I was recently going to open a futures acc and i had a simmilar paragraph in the agreement. That kind of language really does look suspicious. So far I haven't gotten a satisfactory explanation. Here is my thread on it. http://www.elitetrader.com/vb/showthread.php?s=&threadid=211744
Orders are matched per exchange rules. This is a cya (cover your ass) clause in the unlikely event a principal is on the other side of the matching engine, or the floor broker in the event of an pit order. This is standardized language and you will not open an account with any US brokerage without it I think, very least of your worries.