Terms and Conditions

These Terms and Conditions (the "Terms") govern participation in the Qualification Program, and in the Test Flight, operated by hi2morrow, being Hitomorrow Assessment Data Classification and Analysis L.L.C, Commercial License No. 1275729 (the "Company", "we", "us") and the use of any Qualification Account opened under it. They are to be read together with the General Terms & Conditions (the "GTC"), the Qualification Terms of Service, the User Agreement, the Return & Refund Policy, the Legal Disclosures and Risk Warnings, the Risk Disclosure Statement, the Privacy Policy, the Qualification Privacy Policy and the Cookie Policy (together with these Terms, the "Governing Documents"). In the event of any inconsistency concerning the Qualification Program, the GTC shall prevail, then the Qualification Terms of Service, and then these Terms. Any allocation of real firm capital is governed exclusively by a separate written agreement with the relevant group entity and falls outside these Terms.

1. Scope and Acceptance

1.1 By accepting these Terms you confirm that you are at least eighteen (18) years of age and that you have the legal capacity to enter into and perform them.

1.2 Where you use the Services on behalf of a legal entity or another person, you confirm that you have actual authority to act as its agent and to bind it to these Terms.

1.3 You confirm that your use of the Services breaches no law, regulation, decree or statute applicable to individuals or legal entities in the jurisdiction in which you reside, and that no pre-existing agreement prevents you from entering into these Terms.

1.4 The Company keeps these rules under review and may amend them in accordance with clause 16.1. The Participant remains responsible for adapting their strategy and trading style to the rules as they stand at the time of the Attempt.

2. Definitions

In these Terms the following words have the following meanings. Terms defined in the GTC or the Legal Disclosures carry the same meaning here unless otherwise stated.

3. Participant Knowledge and Responsibility

3.1 The Participant is responsible for understanding basic trading concepts, the characteristics of the US equity markets, and the specific venue and platform used during assessment and trading.

3.2 The Participant must be fully familiar with the following terms and their implications: Market Hours, Economic Releases, Spreads, Commission, Slippage, Volatility, Cents, Point Value, Share Size, Stop Loss, Quantity, Take Profit, Market Order, Stop Order, Limit Order, Ask, Bid, Daily Loss Limit, AutoStop and Maximum Loss.

3.3 Unfamiliarity with any of the above is not a ground for reversing a result, restoring an Attempt, extending a deadline or returning a fee.

4. Payment, Access and Duration

4.1 Fees are payable in full before access is granted. Payment is treated as received only when cleared funds are credited to the Company's account.

4.2 Following cleared payment and the completion of any verification required under clause 7.2, the Company shall open a Qualification Account for the Participant within three (3) business days.

4.3 The Company shall send the Participant the account access details by email when the Qualification Account is opened.

4.4 An Attempt runs for two (2) Calendar Months from the date on which the Qualification Account is opened. A Test Flight runs for one (1) Calendar Month from that date. An Attempt is completed on reaching the Profit Target, and otherwise ends on the earliest of the third AutoStop within one Calendar Month, the Maximum Loss being reached, and the expiry of that term.

4.5 There is no automatic renewal of any Qualification Program. A Participant who wishes to arrange a further period must contact the Company's support team, and any further period is granted only by express agreement.

4.6 Fees are non-cancellable and non-refundable once the Qualification Account has been activated or any trade has been placed, save to the extent required by mandatory consumer protection legislation in the Participant's country of residence. Refunds are governed by the Return & Refund Policy. The return of the participation fee in the Real Capital Phase is dealt with in clause 8.5.

4.7 One Attempt is included in the participation fee. Where an Attempt ends without the Profit Target being reached, the Participant may purchase a second Attempt at the same tier for one half of the participation fee of that tier, rounded down to the whole dollar, being $49 at Associate, $99 at Associate Plus, $324 at Senior, $574 at Lead and $1,149 at Principal. A second Attempt may not begin before the first trading session of the Calendar Month following the Calendar Month in which the previous Attempt ended. Any further Attempt is purchased at the full participation fee.

4.8 The Company may change fees and Program parameters at any time. Such changes shall not affect a Qualification Program already purchased.

4.9 The Qualification Program and the Test Flight are not offered to, and may not be purchased by, residents of the United States, of the European Economic Area, of the United Kingdom, or of any jurisdiction subject to sanctions administered by the United Nations, the European Union, the United Kingdom or the United States. The Participant warrants that they are not resident in any of them.

5. Tiers, Parameters and Test Flight

5.1 The Qualification Program is offered in five (5) tiers. Each tier applies the same assessment, expressed in the same Risk Units. The tiers differ in the Allocated Buying Power on which the assessment is conducted, in the monetary value of each limit, in the Maximum Loss expressed in Risk Units, and in the Level to which a passing result may lead. The Consistency Rule takes the same form and the same proportion at every tier.

Every monetary figure in the table is calculated from the Allocated Buying Power of the tier: the Daily Loss Limit at 0.250 per cent, the AutoStop at 0.375 per cent, the Profit Target at 5.000 per cent and the Best Day Rule threshold at 1.000 per cent, being twenty per cent (20%) of the Profit Target at the opening of the Attempt. The Maximum Loss is the Allocation of the Level which the tier opens under clause 5.2, as stated for that Level in clause 8.2, so that the assessment is conducted under the room the Participant would hold in the Real Capital Phase. The Profit Target stated in the table is the Profit Target at the opening of the Attempt; it may be raised under clause 6.7.1. No figure in the table is set by hand, and none of them changes during an Attempt already begun.

5.2 A passing result at a tier may lead to the Level of the Real Capital Phase associated with it below. It confers no entitlement, and any allocation of real firm capital is subject in every case to Section 8.

5.3 The Participant may select any of the five tiers. No tier requires an application, an invitation or a prior assessment, and every tier is purchased directly. At the Lead and Principal tiers the Participant's trading track record is verified after the Qualification Program is completed and before a Level is allocated, on the terms of clause 8.6; that verification does not condition or delay the purchase of either tier.

5.4 Test Flight. The Test Flight is a trial of the conditions of a single Qualification Program tier, priced at ten dollars ($10) and running for one (1) month. Before payment the Participant selects the conditions of any one of the five tiers set out in clause 5.1 and receives the complete rule set of that tier, including its Allocated Buying Power, Daily Loss Limit, AutoStop, Maximum Loss, Profit Target and Consistency Rule. Those conditions are fixed on payment and may not afterwards be changed. The Test Flight allows the Participant to trade the conditions of a tier before committing to it. On any result, a Test Flight confers no Level, no place in the Real Capital Phase, no access to community features, no entitlement of any kind, and no credit towards a Qualification Program purchased later. Results achieved during a Test Flight are not carried forward to any Attempt and are not taken into account in the assessment of any Attempt. One (1) Test Flight is available per person, and a Test Flight from which the Participant has withdrawn under the Return & Refund Policy is not counted against that limit. These Terms apply to a Test Flight as they apply to a Qualification Program, and references to a Qualification Program and to an Attempt are to be read accordingly, save that the term of a Test Flight is the one (1) Calendar Month stated in this clause, that clause 4.7 does not apply to it, that the right to purchase a new Qualification Program in clause 6.5 does not extend to a further Test Flight, and that it leads to no Level under clause 5.2 and to no allocation under Section 8.

5.4.1 The Test Flight discount. Where the cumulative net result of the Participant reaches, at the close of any Calendar Day within the month, one half of the Profit Target of the tier selected as that Profit Target stood at the opening of the Test Flight, being ten Risk Units (10R) and equal to $500 at Associate, $1,250 at Associate Plus, $3,750 at Senior, $7,500 at Lead and $15,000 at Principal, the Test Flight not having ended under clause 6.4, clause 6.5 or Section 12 and the Best Day Rule having applied throughout, the Company shall issue a code giving twenty-five per cent (25%) off the participation fee at that tier or at any tier below it. The code is issued for a single use, is not transferable, expires sixty (60) days after issue, and may not be combined with the reduced fee for a second Attempt under clause 4.7. The discount is the only benefit a Test Flight can confer.

5.5 The Starting Balance of the Qualification Account is published in the conditions of each tier on the Website and forms part of these Terms by reference. The number of instruments a Participant may hold at one time is not limited. It is the Participant's responsibility to review the current parameters before purchase.

6. Program Rules

6.1 The Participant must comply with the rules set out in this Section and with all rules published on the Website for the tier purchased. Breach may result in failure of the Attempt, removal of the affected trades from performance calculations, or termination of access without refund.

6.2 Intraday Only. Trading is permitted solely during the Intraday Trading Period. Overnight positions, swing trading, pre-market trading and after-hours trading are not permitted under any tier. Position Closure. All open positions must be closed by the close of the session at 4:00 PM ET on each Trading Day. Positions remaining open at or after that time may be closed by the system or by the Company; any resulting loss shall be applied to the Participant's performance, and any resulting profit may be excluded from performance calculations. Opening Time. No position may be opened before 9:30 AM ET.

6.3 Daily Loss Limit. The Daily Loss Limit is the daily pause. On reaching it the trading day ends: no further position may be opened and no open position may be added to for the remainder of that Calendar Day, and the Participant may resume on the next trading day. The Daily Loss Limit does not close open positions. A position already open at that moment may be reduced or closed by the Participant, or may continue to the AutoStop, at which point clause 6.4 applies, and the result of that position is applied to the Participant's performance in the ordinary way. The Daily Loss Limit is fixed for the whole of an Attempt and is not reduced by prior results. Reaching the Daily Loss Limit is not recorded against the Participant and is not of itself a ground for any adverse finding under these Terms.

6.4 AutoStop. The AutoStop is the hard daily loss limit. On reaching it, every open position is closed by the risk system, the session ends and the day is recorded as an AutoStop day. The AutoStop is assessed on the gross loss recorded for that Calendar Day. Two (2) AutoStops are permitted in any one Calendar Month, and the count returns to zero at the start of each Calendar Month. A third AutoStop in the same Calendar Month ends the Attempt. Since an Attempt runs across two (2) Calendar Months, four (4) AutoStops are possible within an Attempt without it ending, provided that no one Calendar Month contains three. The allowance in the Qualification Program is deliberately narrower than the allowance which applies in the Real Capital Phase under clause 8.3.

6.5 Maximum Loss. The Maximum Loss of a tier is the Allocation of the Level which that tier opens, being twenty Risk Units (20R) at Associate, eighteen Risk Units (18R) at Associate Plus, fourteen Risk Units (14R) at Senior, twelve Risk Units (12R) at Lead and ten Risk Units (10R) at Principal, and being the monetary amount stated for that tier in clause 5.1. It is measured from the starting balance of the Qualification Account and does not move with accumulated profit. Where the cumulative net result of the Participant reaches the Maximum Loss at any point, the Attempt ends. A Participant whose Attempt has ended in this way may purchase a new Qualification Program.

6.6 Profit Target. An Attempt is completed successfully where the cumulative net result of the Participant is at or above the Profit Target at the close of any trading session falling within the period set out in clause 4.4, provided that all other conditions of this Section have been met. Profit is counted after Virtual Commissions. The Profit Target against which completion is measured is the Profit Target as it stands at that time, taking account of any recalculation made under clause 6.7.1.

6.7 Consistency Rule. The Consistency Rule of the Qualification Program is the Best Day Rule. It takes the same form and the same proportion at every tier, and it operates on the Profit Target alone.

6.7.1 The Best Day Rule. After the close of each Calendar Day, where the net result of the Participant for that Calendar Day is greater than twenty per cent (20%) of the Profit Target as it then stands, the Profit Target is recalculated as that day's net result divided by 0.20. At the opening of an Attempt twenty per cent (20%) of the Profit Target is four Risk Units (4R), being $200 at Associate, $500 at Associate Plus, $1,500 at Senior, $3,000 at Lead and $6,000 at Principal. By way of example, at Associate the Profit Target opens at $1,000 and the threshold at $200: a Calendar Day of $300 raises the Profit Target to $1,500, and a later Calendar Day of $400 raises it to $2,000. The Attempt continues on the recalculated Profit Target, which may be recalculated again on any later Calendar Day to which this clause applies.

6.7.2 The effect of the Best Day Rule. A recalculation under clause 6.7.1 does not fail an Attempt and is not a breach of these Terms. The result of the Calendar Day is neither reduced nor excluded: every dollar of simulated profit produced on that Calendar Day is credited to the Qualification Account and counts towards the Profit Target in full, and what changes is the Profit Target itself. The Profit Target never falls, is subject to no upper limit, and is not affected by a Calendar Day closing at a loss. The term set out in clause 4.4 is not extended by a recalculation. A Calendar Day remains subject to the Daily Loss Limit and to the AutoStop in every case.

6.7.3 Where a Test Flight is purchased, the Best Day Rule applies on the Profit Target of the tier selected under clause 5.4.

6.8 Position Sizing and Concentration. A Qualification Program at Associate, Associate Plus or Senior, including a Test Flight and a second attempt on those tiers, carries no limit on the size of a single position or on aggregated exposure in the same underlying instrument. At Lead and Principal, and at Levels L9 to L12 in the Real Capital Phase, a single position, or aggregated exposure in the same underlying instrument, may not exceed fifty per cent (50%) of Allocated Buying Power, measured at the time the position is opened or added to. The figure is a single limit and applies to every security alike.

The gross value of all open positions, taken together, may not exceed one hundred per cent (100%) of Allocated Buying Power. The number of shares held in any one security may not exceed one half of one per cent (0.5%) of the median daily volume of that security over the preceding twenty (20) trading days. Options net against stock in the same underlying instrument at delta-equivalent notional value. The number of instruments held at one time is not limited. Breach constitutes a Material Violation.

6.9 Ordinary events of the assessment. Reaching the Daily Loss Limit, taking an AutoStop within the permitted allowance, a recalculation of the Profit Target under the Best Day Rule, and a review under clause 6.11 are not breaches of these Terms. They are ordinary events of the assessment and are dealt with under this Section.

6.10 Virtual Commissions. A Virtual Commission of USD 0.0015 per share is applied to every simulated trade. Equity, profit and loss and all performance calculations are stated net of Virtual Commissions. The Company may adjust the rate on reasonable notice, and such adjustment shall not affect a Qualification Program already purchased.

6.11 Three consecutive losing sessions. Where three (3) consecutive trading sessions close with a negative net result, the Attempt is referred to the Company's risk desk for review. The review does not end the Attempt, does not alter any limit and does not affect the result of the Attempt. Its purpose is to make contact with a Participant who is in difficulty.

7. Assessment, Review and Verification

7.1 On achievement of the Profit Target the Company shall review the Participant's trades within three (3) to five (5) business days, to confirm compliance with these Terms and consistency with the Company's risk model.

7.2 The Participant may be asked to provide identification documents for the purposes of anti-money laundering and know-your-customer requirements. Access may be suspended until that verification is complete.

7.3 The Participant may be invited to a video interview. The interview allows the Company to understand the Participant as a trader and to discuss their trading style and their experience of the Program. The recording may be retained for quality assurance, compliance and product purposes.

7.4 Completion of a Qualification Program does not create any right, title, entitlement or legitimate expectation to real firm capital, a Profit Share, compensation, employment or any ongoing commercial relationship with the Company or any group entity. Every candidate is reviewed individually, and the final decision rests with the firm.

8. The Real Capital Phase

8.1 Any allocation of real firm capital is granted at the sole and absolute discretion of the Company and the relevant group entity, following enhanced due diligence, full verification and the execution of a separate written contractor, trader or employment agreement. That agreement governs the Real Capital Phase exclusively, and these Terms do not apply to it. A trader resident outside the location of the Company's trading floor participates in the Real Capital Phase remotely, and no relocation is required of any trader.

8.2 The Levels, the limits which attach to them and the Profit Share set out below describe how the Real Capital Phase currently operates. They are published for information, they may be changed, and they create no entitlement. The terms which apply to any individual trader are those of the separate agreement.

Every figure in the table is derived from the buying power of the Level: the Daily Loss Limit at 0.250 per cent, the AutoStop at 0.375 per cent, the Weekly Loss Limit at 0.750 per cent, the Monthly Loss Limit at 1.500 per cent and the promotion threshold at 5.000 per cent. The Allocation column follows twenty-one (21) less the number of the Level, expressed in Risk Units and subject to a floor of ten Risk Units (10R), so that Principal I and Principal II carry the same Allocation. The published Profit Share ladder ends at sixty-five per cent (65%); a share above that figure belongs to the individually agreed Partner contract alone.

8.3 The Daily Loss Limit, the AutoStop and the promotion threshold are set in the Real Capital Phase at the same percentages of the buying power of the Level as the Daily Loss Limit, the AutoStop and the Profit Target are set in the Qualification Program, and the daily pause and the AutoStop operate as they operate under clauses 6.3 and 6.4. Further controls apply in that phase and not during qualification, among them the Weekly Loss Limit under clause 8.7, the Monthly Loss Limit under clause 8.8, the Allocation under clause 8.9, the size rungs under clause 8.10 and the points assessment under clause 8.11. The AutoStop allowance in the Real Capital Phase is three (3) in a Calendar Month, and two (2) in a Calendar Month following a Calendar Month which closed with a negative net result. Exceeding the allowance reduces the trader's size by one rung under clause 8.10 and refers the Calendar Month for review; it does not end the trader's participation in the Real Capital Phase. All such controls are set out in the separate agreement, and the description of them in this Section is published for information.

8.4 Movement between Levels is decided at month-end settlement on the terms of the separate agreement, as described in clauses 8.12 and 8.13, and Profit Share is calculated exclusively on verified real trading profit and loss under that agreement, as described in clause 8.15. Partner terms are agreed individually; the row shown for Partner states the buying power from which Partner begins, the accumulator threshold for reaching it, being sixty Risk Units (60R) accumulated at Level L12, and the maximum profit share, and every other condition of a Partner contract is agreed individually.

8.5 Return of the participation fee. Where a trader reaches the Real Capital Phase, the participation fee paid for the Qualification Program is returned to the trader with their first Profit Share settlement. The fee is retained by the Company only in respect of Attempts which do not reach the Real Capital Phase. This clause takes effect in that phase and does not alter clause 4.6.

8.6 Verification of track record at the Lead and Principal tiers. Where a Participant completes a Qualification Program purchased at the Lead or Principal tier, the Company shall verify that Participant's trading track record after completion and before a Level is allocated. Where the verified track record does not support the Level associated with the tier purchased, the Participant shall choose between allocation at the highest Level which the verified track record does support and the return of the full participation fee paid for that Qualification Program. The choice rests with the Participant, and the Company shall give effect to it. This clause applies to the Lead and Principal tiers only. A return made under this clause is a refund of the participation fee and is the only refund of a participation fee offered outside the rights conferred by mandatory law and the Return & Refund Policy; it is distinct from the return provided for in clause 8.5, which is a credit against a settlement due to the trader.

8.7 Weekly Loss Limit. Where, after the close of any session, the sum of a trader's net results over the trailing five (5) sessions is a loss of three Risk Units (3R) or more, the trader is stopped for the remaining sessions of that calendar week and resumes on the following Monday at full size. The measurement is rolling and takes any five (5) consecutive sessions, so that a losing run spanning a weekend is captured. The Weekly Loss Limit alters neither the trader's participation in the Real Capital Phase, nor their Level, nor their Allocation, nor their size.

8.8 Monthly Loss Limit. Where a trader's net result for the Calendar Month reaches a loss of six Risk Units (6R), all open positions are closed by the risk system and the trader does not trade again until the first session of the next Calendar Month. The limit is enforced at the moment it is crossed, during the session, so that a Calendar Month cannot close on a loss greater than six Risk Units (6R). The trader resumes at full size, and the Monthly Loss Limit alters neither the trader's participation in the Real Capital Phase, nor their Level, nor their Allocation, nor their size.

8.9 The Allocation, and the end of the Real Capital Phase. The Allocation of a Level is twenty-one (21) less the number of that Level, expressed in Risk Units and subject to a floor of ten Risk Units (10R), and is stated for each Level in clause 8.2. It is measured as a drawdown, being the distance between the highest cumulative net result the trader has reached at their current Level and their cumulative net result at the time of measurement. That highest point is reset on a change of Level. Where the drawdown reaches the Allocation of the Level, the trader's participation in the Real Capital Phase ends. There is neither a cascade nor a second Allocation on this ground. Participation also ends on a third demotion under clause 8.13 and on a serious breach of the conduct rules of the separate agreement.

8.10 Size. A trader trades at full size, being one Risk Unit (1.00R), unless the Company reduces that size. The size rungs are 1.00R, 0.70R and 0.50R, and there is no rung below 0.50R. A reduction is of one rung and is made only for a stated reason recorded at the time, being the AutoStop allowance exceeded under clause 8.3, a Critical month under clause 8.11, or a decision of the risk manager with the reason logged. There is no automatic reduction of size for a sequence of losing days, and a reduction may never increase a trader's size. One rung is restored after ten (10) consecutive clean sessions, a clean session being one on which no AutoStop occurred and the total of the ten (10) sessions being at or above zero, and full size is restored in any Calendar Month which closes with a positive net result.

8.11 Points. Alongside the monetary limits, every session is assessed on how it was traded: losing days by their size relative to the size the trader was allowed on that day and by their frequency within the Calendar Month, AutoStop days on a separate scale, and profitable days positively. Points are counted within a Calendar Month and do not carry over. Two thresholds are set on the points score of a Calendar Month, and both are pro-rated to the sessions actually traded in that Calendar Month. A Calendar Month whose score falls below the first threshold is a Critical month: it reduces size by one rung under clause 8.10 and triggers a mandatory review. A Calendar Month whose score falls below the second threshold is a Committee month: it refers the trader's participation to committee, and it arises only in a Calendar Month which also closed with a negative net result. The two thresholds and the scoring table which produces the score are set out in the separate agreement. A Calendar Month which closes at or above zero can cost a trader neither their participation in the Real Capital Phase nor their Level, whatever the points score.

8.12 Promotion. A trader accumulates net Risk Units at their Level across Calendar Months, without expiry and without deadline. At the end of any Calendar Month which closed with a positive net result, where the accumulated total is at or above twenty Risk Units (20R), the trader moves up one Level, and any excess above twenty Risk Units (20R) is carried to the new Level. Within a band, faster routes are available on a single Calendar Month: six Risk Units (6R) with no AutoStop, eleven Risk Units (11R) with no more than one, or sixteen Risk Units (16R). A Calendar Month of twenty-five Risk Units (25R) or more may move a trader two Levels within the band. A move into a new band, being L4 to L5, L6 to L7, L8 to L9 and L10 to L11, is made on the twenty Risk Unit (20R) accumulator alone. Partner is reached on sixty Risk Units (60R) accumulated at Level L12 and on an individual contract.

8.13 Demotion. Where two (2) consecutive Calendar Months both close with a negative net result, the trader moves down one Level at the second month-end settlement. The trader's current size rung carries down with them, and the new Level begins with one half of its Allocation already consumed. A second Critical month under clause 8.11 within six (6) Calendar Months, and an accumulated record of rule breaches at the determination of the risk manager recorded at the time, are further grounds on which a trader may be moved down one Level. Demotion is never of more than one Level at a time. A third demotion ends the trader's participation in the Real Capital Phase.

8.14 Position limits and holding periods. The position limits set out in clause 6.8 apply in the Real Capital Phase, calculated on the buying power of the Level. At Levels L1 to L8 trading is intraday only and all positions are flat by the close, as during the Qualification Program. At Levels L9 to L12, and after six (6) months in the Real Capital Phase, positions may be held overnight within the following limits: twenty per cent (20%) of the buying power of the Level in a Tier 1 US security, ten per cent (10%) in an American Depositary Receipt of a developed home market, twenty per cent (20%) in a sector or single-country exchange-traded fund, and ten per cent (10%) nominal in a leveraged or inverse exchange-traded product. A Tier 2 security, a low-float security, an American Depositary Receipt of China, of Hong Kong or of any other capital-control market, and any security held through a scheduled binary event, are held intraday only. Exposure above the overnight limits is reduced by the system at 3:30 PM ET.

8.15 Settlement and Profit Share. Each Calendar Month closes, the net result is settled, and the Profit Share of the band is paid: fifty per cent (50%) at Associate and at Trader, fifty-five per cent (55%) at Senior Trader, sixty per cent (60%) at Lead Trader and sixty-five per cent (65%) at Principal, and up to eighty per cent (80%) at Partner under an individually agreed contract. Profit is shared only above the trader's cumulative net result since their last withdrawal, so that a Calendar Month closing with a negative net result is carried forward and made back before the next settlement. Platform, market data and execution costs are deducted from profit and loss in accordance with the fee schedule of the separate agreement. Promotion, demotion, the AutoStop allowance and the points score are all resolved at the same month-end settlement.

8.16 The effect of a losing period. One losing day costs no more than one and a half Risk Units (1.5R). One losing week costs no more than three Risk Units (3R), and the trader returns on the following Monday at full size. One losing Calendar Month costs no more than six Risk Units (6R), and the trader returns in the next Calendar Month at full size. Reaching the Allocation accordingly takes at least two losing Calendar Months at the top of the ladder and four at the bottom, with the risk desk reviewing the trader throughout. A Level is held for so long as clauses 8.9 and 8.13 provide: two consecutive Calendar Months both closing with a negative net result move a trader down one Level, as do the further grounds stated in clause 8.13, and a third demotion ends their participation in the Real Capital Phase.

9. Trading Halts and Volatility

9.1 Active trading is not permitted during a trading halt. For the purposes of this Section a halt includes a pause in trading in a symbol for any reason, an automatic market-wide shutdown or other disruption on an exchange or across the market, any condition that disrupts a fair and orderly market in a symbol or market-wide, whether declared in advance or at the time by the Company, and any condition in which the trading system shows a symbol as non-tradeable.

9.2 For the purposes of this Section, active trading includes the execution of any order in a halted symbol and the placing of an order to open or add to a position in a halted symbol. Execution during a technically implemented halt is generally impossible; where the system inadvertently records such an execution, the Company may cancel or remove the trade in question. A position opened or added to in breach of this Section may be removed from performance calculations, and profit on it is not credited towards the Profit Target.

9.3 Where a halt occurs, the Participant must wait one (1) minute after trading resumes before opening or adding to a position in the affected symbol. A position opened in breach of this clause may be removed from performance calculations, and profit on it is not credited towards the Profit Target.

9.4 A symbol may be halted automatically and without prior notice after the asset moves by ten per cent (10%) within five (5) regular trading minutes, a regular trading minute being a minute falling within the regular trading session of the US equity markets, excluding any period during which the symbol is halted and excluding extended trading hours. The Participant is responsible for being aware of possible halts and for managing open positions and orders accordingly, and should be familiar with the trading halt rules of the US exchanges, including the Limit Up-Limit Down (LULD) mechanism, under which the applicable bands are set by the exchanges and vary by security.

10. Position Opening Restrictions

10.1 No position may be opened or added to in the direction of the movement in a symbol which has moved by eight per cent (8%) within four (4) regular trading minutes. A position opened in breach of this clause may be removed from performance calculations, and profit on it is not credited towards the Profit Target.

10.2 The volatility measurement period covers the last two hundred and forty (240) regular trading seconds on a rolling basis at the time of entry, a regular trading second being a second falling within the regular trading session of the US equity markets, excluding any period during which the symbol is halted and excluding extended trading hours. The period is limited to the current trading session.

10.3 The restriction applies where the price is greater than or equal to 1.08 times the minimum execution price for long positions, or less than or equal to 0.92 times the maximum execution price for short positions. The minimum execution price is the lowest price at which the symbol traded during the volatility measurement period, and the maximum execution price is the highest price at which it traded during that period. Entry on a retracement within the eight per cent (8%) movement is permitted, provided that the range set by this calculation is not breached.

11. Profit Recognition Requirements

11.1 For profit on a position to be counted, each position must produce at least ten (10) price ticks of profit, being a difference of ten (10) cents between the average entry price and the average exit price. By way of example, a purchase at $50.10 and a sale at $50.20 meets the minimum.

11.2 Between each opening or adding execution and the next closing or reducing execution during the life of a position, an interval of at least sixty (60) seconds must elapse.

11.3 The requirements in this Section apply to profit over the entire life of a position, from the opening of the trade until the position is closed in full.

11.4 Profit on a position which does not meet the requirements of this Section is retained on the Qualification Account but is not credited towards the Profit Target.

12. Risk Management and Prohibited Conduct

12.1 The Participant must trade in accordance with established risk management discipline throughout the Qualification Program.

12.2 Mirrored Trading. Entering any position within thirty (30) minutes of the same position being entered on another account, irrespective of size or entry price, constitutes mirrored trading and is prohibited. Offsetting Trading. Entering any position within thirty (30) minutes of the opposite position being entered on another account, irrespective of size or entry price, constitutes offsetting trading and is prohibited. For the purposes of this clause, another account means an account held by the same person or by a connected person, or an account with which coordinated activity is identified.

12.3 Placing limit orders without genuine intention to execute, including in a volume or with a frequency inconsistent with the Participant's trading, may be treated as manipulation of the assessment.

12.4 Breach of this Section constitutes a Material Violation.

13. Market Conditions and Execution

13.1 Economic Releases. Prices tend to gap on the release of economic data and spreads may widen several times over, and execution at a given price is not guaranteed. The Participant is advised to follow the release calendar, to reduce exposure around releases and to place limit and stop orders further from the market accordingly.

13.2 Gaps. Where liquidity is thin, the difference between consecutive quotes may widen significantly, which is known as a gap. An order placed at a price for which there is no quote shall be executed at the next available quote, which may be less favourable than the price requested.

13.3 Stop Orders. A stop order does not execute at the price requested. Once triggered, it executes at the next best price available in the exchange order book.

14. Market Hours

14.1 Market hours are stated in Eastern Time. On a regular trading day the US equity markets are open from 09:30 to 16:00, Monday to Friday.

14.2 On US public holidays the markets close early or do not open at all. The Participant is responsible for knowing the holiday calendar and the days and hours of trading activity.

15. Complaints, Governing Law and Disputes

15.1 A Participant who is dissatisfied with the service provided should contact the Company as soon as possible at support@hi2morrow.com, through the contact form, or through the support chat where available.

15.2 A complaint should describe the case in as much detail as possible. Please include your full name, email address, account identifier, the time of the event and any further detail relevant to it. Screenshots of the platform, log files and any other supporting evidence assist the review.

15.3 The Company shall acknowledge receipt of a complaint within five (5) business days and shall aim to provide a substantive response within thirty (30) days. Where a complaint remains unresolved, it may be escalated in accordance with Section 23 of the GTC.

15.4 These Terms are governed by the law, and subject to the jurisdiction, stated in Section 28 of the GTC, subject to any mandatory consumer protection rights available in the Participant's country of residence.

16. Amendments and Relationship with Other Documents

16.1 The Company may amend these Terms by publishing an updated version on the Website. An amendment takes effect on publication or on such later date as is stated, and continued participation after that date constitutes acceptance of the amended Terms. An amendment does not apply to a Qualification Program already purchased, which continues to the end of its term on the Terms and on the parameters in force at the date of purchase, as provided in clause 4.8. Acceptance under this clause accordingly takes effect in respect of any Qualification Program purchased after the amendment has taken effect.

16.2 Where any provision of these Terms is held invalid or unenforceable, the remaining provisions continue in full force, and the provision in question shall be modified only to the minimum extent required to make it enforceable.

16.3 These Terms form part of the contractual framework constituted by the Governing Documents and exclude no provision of them. The limitation of liability in Section 14 of the GTC, the indemnity in Section 24 of the GTC and the prohibited practices in Section 11 of the GTC apply to participation in the Qualification Program.