e mini s&p 500 account form 3

VISION L.P

FORM 3

CUSTOMER AGREEMENT

In consideration of Vision L.P. ("VISION") accepting the account(s) in commodities, commodity futures contracts, options on commodities, or options on commodity futures contracts (collectively, "futures contracts") for the undersigned ("Customer"), it is agreed:

1. AUTHORIZATION. Customer authorizes VISION to purchase and sell futures contracts for Customer's account in accordance with Customer's oral or written instructions. Each Customer having an interest in a joint account shall have the authority to issue instructions and generally to deal with VISION.

2. GOVERNMENTAL AND EXCHANGE RULES. All transactions shall be subject to rules, regulations, and interpretations of the exchanges, the National Futures Association ("NFA"), and to all applicable federal or state laws and regulations.

3. CLEARING. VISION may execute all purchases and sales of futures contacts for Customer's account through VISION, or through an omnibus clearing arrangement. All rights and obligations extended to VISION pursuant to this Agreement shall also be extended to the exchange clearing member firm.

4. MARGINS. Customer shall provide to and maintain with VISION cash or acceptable margin in an amount that VISION, in its sole discretion, may from time to time determine. Customer agrees to monitor his account to determine if it is properly margined. Customer will immediately forward sufficient funds to cure any margin deficiency without waiting for notice from VISION. Information regarding exchange and VISION margin requirements is available on request from VISION. Margin requirements established by VISION may exceed the margin required of VISION by an exchange. No previous margin established by VISION shall establish any precedent.

5. SECURITY AGREEMENT AND TRANSFER AUTHORIZATION. All property of Customer which VISION may at any time be carrying is held by VISION as security and subject to a general lien and right of set off for all liabilities of Customer to VISION. VISION, in its sole discretion, may apply or transfer any of Customer's property between any of Customer's accounts at VISION as may be necessary for margin or to satisfy or reduce any deficit or debit balance in any of Customer's accounts. Subject to Commodity Exchange Act segregation requirements, Customer hereby grants to VISION the right to pledge, repledge, hypothecate, rehypothecate, or invest, either separately or with the property of other customers, any securities or other property held by VISION for the accounts of Customer, to any exchange or clearing house through which trades of Customer are executed. VISION shall be under no obligation to pay Customer any interest income or benefit derived from Customer's property.

6. LIQUIDATION OF ACCOUNTS. VISION is hereby authorized, in its sole discretion, to take any or all of the following actions to protect itself: (1) satisfy any obligation Customer may have to VISION out of any of Customer's property held by VISION; (2) offset any or all futures contracts positions; (3) initiate new long or short futures contracts positions; (4) cancel any or all open orders; and (5) take any other action VISION deems appropriate. Any of the above actions may be taken without demand for margin or additional margin, or without prior notice to Customer. Customer at all times shall be liable for the payment of any debit balance upon demand by VISION. Customer promptly shall pay the debit and all unpaid liabilities, together with interest and all costs of collection, including reasonable attorneys' fees.

7. DELIVERY MONTH LIQUIDATION INSTRUCTIONS. Customer is responsible for providing to VISION appropriate liquidating instructions, funds, or documents at a reasonable time in advance of expiration of open futures contracts. If Customer fails to do so, VISION may, without notice, liquidate, or make or receive delivery on behalf of Customer. Customer will indemnify VISION for all costs incurred (including but not limited to all fines, loss of interest, or attorneys' fees) by VISION in liquidating, or making or receiving delivery, or retendering delivery notices.

8. CHARGES. Customer agrees to pay such brokerage and commission charges and fees as VISION may establish and change from time to time. Such fees include, without limitation, fees imposed by the NFA and exchanges, and may include a markup to reflect other processing and servicing costs. In the event that Customer's account is transferred to another futures commission merchant, a reasonable transfer charge shall apply, which shall be charged against Customer's account or which Customer shall pay prior to such account being transferred. If Customer's account falls below a cash balance of $750.00, and Customer has not maintained any futures contracts for 30 days, VISION may charge an inactive monthly maintenance fee. If Customer's funds are converted from U.S. dollars to a foreign currency, or from a foreign currency to U.S. dollars, in order to trade on a foreign exchange, VISION may charge a markup in addition to the current exchange rate.

9. STATEMENTS AND CONFIRMATIONS. All communications, monies, securities and other property shall be transmitted to Customer at the address and telephone number shown on the account application. All communications transmitted to Customer shall be deemed to have been received by Customer personally at the time so sent, whether actually received or not. Reports of the execution of orders and daily statements of accounts shall be conclusive and final and shall be deemed to be accepted and ratified by Customer, whether made orally or in writing, unless Customer objects by written communication actually received by VISION prior to the opening of the next regular trading session of the market in which the transaction to which Customer objects was, or was to be, executed. Such written communication shall be sent by certified mail, return receipt requested. In addition, Customer agrees to contact VISION by telephone to verify Customer's account status as soon as is reasonably practicable but in no event later than one business day after placing any order if Customer has not been advised by telephone of the status of such order by VISION within 24 hours after any order is placed. Customer's failure to contact VISION shall relieve VISION of any responsibility or liability with respect to such order. All orders shall only be good for the day such orders are placed, unless specified by Customer to be open orders. All open orders placed by Customer will not be canceled by VISION unless Customer specifically requests cancellation. VISION shall not be held responsible for delays in the transmission or execution of orders due to a breakdown or failure of transmission or communication facilities, or for any other cause beyond VISION's control.

10. MARKET INFORMATION. Customer acknowledges that any market information provided by VISION does not constitute an offer to sell or buy any security or commodity futures contract. VISION makes no representation, warranty or guaranty as to, and shall not be responsible for, the accuracy or completeness of any information furnished to Customer. VISION makes no representation, warranty, or guaranty with respect to tax consequences of Customer's transactions.

11. CUSTOMER REPRESENTATIONS. Customer represents that he is of legal age and sound mind and that, except as disclosed in writing to VISION, no one except Customer has an interest in any account or accounts carried for Customer by VISION. Customer further represents that he is not an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange, any firm registered on any exchange, any futures commission merchant, any introducing broker, or any bank, trust, or insurance company. In the event that Customer becomes so employed, he will promptly notify VISION in writing of such employment.

12. NO WAIVER OR AMENDMENT. No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by an authorized officer of VISION.

13. BINDING EFFECT. This Agreement shall inure to the benefit of VISION and its successors and assigns, and shall be binding upon Customer and his estate, executors, administrators, legal representatives, successors and assigns.

14. TERMINATION. This Agreement may be terminated by Customer only when Customer has no positions held by or no liabilities owed to VISION. It may be terminated at any time by VISION. Termination shall affect any transaction entered into and shall not relieve Customer of any obligation under this Agreement.

15. RECORDING. Customer agrees that VISION in its sole discretion may record any telephone conversation between VISION and Customer or his agent. Customer agrees that VISION may erase such recordings. The rights in this paragraph extend to any introducing broker or account controller.

16. THIRD PARTY BENEFICIARIES. All rights extended to VISION pursuant to this Agreement shall also be extended to any introducing broker, futures commission merchant, commodity trading advisor, or securities broker/dealer that introduced this account to VISION, which is expressly made a third party beneficiary of this Agreement.

17. PROSPECTIVE CONSENT TO ASSIGNMENT OR TRANSFER OF ACCOUNT(S). Customer hereby prospectively consents to an assignment or transfer of his account(s) at any time hereafter from VISION to another futures commission merchant; provided, Customer receives a written notice of the assignment or transfer and has a reasonable opportunity to object in accordance with all applicable regulations.

18. PUNITIVE DAMAGES. THE PARTIES AGREE NOT TO SUE EACH OTHER FOR PUNITIVE DAMAGES IN COURT OR IN ARBITRATION BEFORE ANY FORUM EVEN IF THE RULES OF THE FORUM ALLOW ARBITRATORS TO AWARD PUNITIVE DAMAGES.

19. ACCEPTANCE. This Agreement shall not be deemed to be accepted by VISION or become a binding contract between Customer and VISION until approved by VISION's New Accounts Department.

* * * SPECIAL ATTENTION IS CALLED TO THE FOLLOWING PROVISIONS * * *

(Please place your initials on the line preceding these paragraphs, indicating your agreement)

____ 20. RISK ACKNOWLEDGMENT. Customer acknowledges that investments in futures contracts are speculative, involve a high degree of risk, and are suitable only for persons who can afford to lose all funds invested. Customer understands that because of the low margin normally required in futures trading, price changes in futures contracts may result in significant losses, which may substantially exceed Customer's margin deposits. Customer recognizes that guarantees of profit or limitation of loss are impossible in futures trading. Customer acknowledges that he has received no such guarantees from VISION or others, and he is not entering into this Agreement in reliance on any such guarantees. Customer agrees not to hold VISION responsible for losses incurred through following trading recommendations or suggestions by VISION or others.

_____21. FORUM SELECTION, CONSENT TO JURISDICTION AND VENUE. Customer agrees that all disputes initiated by Customer related to this Agreement, or any related agreement, shall be litigated or arbitrated only in a forum whose situs is in Chicago, Illinois, whether a court of law or equity, administrative tribunal, or arbitration association. Customer consents and submits to the jurisdiction of any state or federal court located within Chicago, Illinois. Customer appoints and designates VISION (or any other party whom VISION may from time to time hereinafter designate) as Customer's true and lawful attorney-in-fact and duly authorized agent for service of legal process, and agrees that service of such process upon VISION or such other party shall constitute valid personal service of such process upon Customer; provided, that VISION or such other party shall, within five days after receipt of any such process, forward the same by air courier or by certified or registered mail, together with all papers affixed thereto to Customer at Customer's mailing address. Customer hereby waives any right to transfer or change the venue of any litigation or arbitration. Notwithstanding the foregoing, VISION may initiate any action to collect any amounts due VISION in any state or jurisdiction where there is personal jurisdiction over Customer or where Customer may have property located.

_____22. LIMITATION OF ACTIONS. CUSTOMER AGREES THAT NO ACTION ARISING OUT OF TRANSACTIONS UNDER THIS AGREEMENT MAY BE BROUGHT BY CUSTOMER MORE THAN ONE YEAR AFTER THE CAUSE OF ACTION AROSE. This time limitation may be substantially shorter than that granted by federal or state law. Other futures commission merchants do not include this limitation in their customer agreement. Though VISION will not accept your account if you do not voluntarily agree to this limitation, you may open your account with another futures commission merchant.

_____23. INDEMNIFICATION. Customer agrees to indemnify VISION and hold VISION harmless from and against any and all liabilities, losses, damages, costs and expenses, including accountants' and attorneys' fees, incurred by VISION because any of Customer's representations and warranties shall not be true and correct, or because the agreements made by Customer shall not be fully and timely performed. Customer also agrees to indemnify VISION and hold VISION harmless from and against any and all damages, costs, and expenses, including attorneys' fees, incurred by VISION in enforcing of any of the provisions of this agreement or any related agreement. If Customer initiates a legal action, regardless of form, against VISION, and the Customer does not prevail, Customer will indemnify VISION for all costs and expenses incurred by VISION to defend itself, including attorneys' fees.

IF THIS ACCOUNT IS INTRODUCED BY AN INDEPENDENT FIRM, VISION'S LIABILITY IS LIMITED TO EXECUTION AND BOOKKEEPING OF TRADES. SEE NEXT SECTION.

DATE: _____/_____/_____

X ____________________________________________________________

DATE: _____/_____/_____

X ____________________________________________________________

REV. April, 1995