Brokerage / Execution Disclosure

This document describes the roles of the parties involved when an investor follows a strategy listed on Ribera Marketplace, and the practical limitations of account funding and trade execution within that arrangement. It covers who opens and maintains an account, who holds money, who decides what is traded, how an instruction reaches a market, what affects the price obtained, what it costs, and who answers a question about it afterwards.

It is written to be read alongside the strategy information published on this website and the documents that govern each part of the arrangement: the Risk Disclosure, Fees & Charges, the Performance Methodology and the Terms of Use, together with the account documentation issued by the brokerage that opens an investor's account.

This page is explanatory. It does not create rights or obligations, it does not vary any agreement an investor signs with another party, and it does not override account documentation. Where it describes something differently from a signed agreement, the agreement is the operative document and the difference should be raised before proceeding.

It is not a best-execution policy and does not describe execution arrangements as Ribera's own. Ribera does not execute, transmit or route orders, does not quote prices and does not operate an execution venue.

CONFIRM: The complete set of agreements an investor is expected to enter into in order to follow a listed strategy — with the brokerage, with the strategy manager and with Ribera — and which of them is the operative document for account opening, custody and trading authority. No document hierarchy is asserted here because none has been confirmed.

Four distinct functions should not be confused with one another: presenting information about a strategy, deciding what to trade, transmitting and executing an order, and holding the money and the positions. On Ribera Marketplace they do not sit with the same organisation.

Ribera Marketplace selects and reviews the strategies it lists, publishes information about them, operates the illustrative Portfolio Simulator, and receives access requests. That is an information and introduction role. Ribera does not manage portfolios, does not exercise discretion over an investor's account, does not hold or receive investor funds, and does not place, transmit or execute orders.

A strategy manager is an independent party. The manager makes the trading decisions of the strategy: what is traded, when, in what size and when a position is closed. Managers are independent of Ribera, and manager identity is not published on this website.

A brokerage is the party with which an investor's account exists. Account opening, identity and eligibility checks, custody of money and positions, deposits and withdrawals, order execution, trade confirmations, statements and the account terms are functions of that firm, not of Ribera.

Ribera is not an investment adviser, a portfolio manager, a broker, a dealer, an agent for the investor, a custodian or an execution venue, and nothing on this website should be read as describing Ribera in any of those roles. Ribera does not give personalised investment advice and does not recommend a strategy to an individual.

CONFIRM: The formal characterisation of Ribera's own role in relation to each strategy and each brokerage — introducer, information provider, marketing arrangement or another described relationship — and the written agreement that records it. This boundary is material and is not yet documented.

CONFIRM: Whether any technology provider sits between a manager's decision and an investor's account (for example a trade-transmission, account-linking or reporting platform), which entity operates it, and what that provider is contractually responsible for. No such provider is described on this website today.

An investor who wishes to follow a listed strategy needs an account with a brokerage. That account is opened by the brokerage, in the investor's name, under the brokerage's own terms.

Submitting a request through this website is a request to start a conversation. It is not an account application, it does not open an account, it does not reserve capacity in a strategy, and it does not commit capital. Access requests are reviewed individually and a request may not be taken forward.

Whether an applicant is accepted is the brokerage's decision, made against its own criteria. A brokerage may decline an application, may require further information, and may restrict or refuse service in particular countries or to particular categories of applicant. Neither Ribera nor a strategy manager can grant, guarantee or accelerate acceptance.

A brokerage carries out its own identity, eligibility and suitability checks as part of opening an account, and collects the information it requires directly from the applicant. Ribera does not receive everything an applicant provides to a brokerage: information given directly to a brokerage is held under that firm's own terms and privacy notice. What Ribera itself collects is described in the Privacy Policy.

No brokerage is named in this document. Ribera will identify a provider by its contracting entity only once the applicable relationship and the specific legal entity are confirmed. A group brand, a website, a logo, a referral link or an integration label is not a substitute for the entity an investor actually contracts with, and none should be read as establishing one.

Minimum investment is a strategy-level condition published on each strategy page — currently $20,000 and $50,000. It is separate from any minimum deposit, account tier or eligibility condition a brokerage may apply.

CONFIRM: Which brokerage entity or entities are available to investors, the jurisdiction of each contracting entity, and whether availability differs by investor country or strategy.

CONFIRM: The actual account-opening sequence following an access request — who contacts the applicant, who submits the application, which checks Ribera performs before an introduction, and which data Ribera receives back from a brokerage about an application or an account.

Ribera does not take custody of investor funds. Money is not paid to Ribera, is not held by Ribera and does not pass through Ribera. An investor funds the account held in their own name with the brokerage, and money moves between the investor and that firm.

Because the account is the investor's own, deposits and withdrawals are requested from the brokerage and are processed under its terms, using the funding methods it supports. Ribera cannot deposit, withdraw, transfer or release money in an investor's account, and cannot expedite a payment.

No statement is made here about how client money is held. Whether money is held in segregated client accounts, whether any trust arrangement applies, and whether any deposit-protection, investor-compensation or insolvency arrangement applies to an account are matters determined by the brokerage's own arrangements and the rules applying to it. None of those protections should be assumed to exist, and this document does not assert any of them.

Nor does this document set out payment instructions, processing times, fees, currency handling or withdrawal limits. Those belong to the brokerage's account documentation and should be read there before funding an account. Currency conversion, where it applies, is a cost to the investor and is discussed with other costs below.

Capital placed in a trading account is at risk and can be lost through trading, independently of how it is held. See the Risk Disclosure.

CONFIRM: The confirmed funding and withdrawal routes for an investor account, the entity that receives a deposit, and whether any payment is ever routed through a party other than the brokerage.

CONFIRM: Whether money in an investor account is held on a segregated basis, and which client-money, investor-compensation or insolvency arrangements — if any — apply to the account. No protection may be described publicly until this is established in writing.

Two different things have to happen before trading occurs in an investor's account: the investor authorises the arrangement, and the manager makes trading decisions. They are separate acts by separate parties.

An investor's own decisions are: whether to open an account, how much to fund it with, which strategy or strategies to follow, how much of the account to expose to each, and whether to continue. Ribera does not make those decisions for an investor and does not make them on an investor's behalf.

A manager's decisions are the trading decisions of the strategy. The investor does not instruct individual trades and is not consulted before a position is opened or closed. An investor should expect trades to occur in the account without prior notice while a strategy is active.

How that authority is granted is set by the brokerage's own documentation for the arrangement. It is not described here, and it should not be assumed to be a power of attorney, a discretionary management mandate, a copy-trading service, a signal subscription, or a pooled structure such as a PAMM or MAM account. Those are materially different arrangements with different consequences for control, liability and fees, and the wrong assumption changes what an investor is agreeing to.

Because this document cannot state the mechanism, it also cannot state how it ends. What stopping participation requires, whether authority can be withdrawn immediately, what happens to positions that are open at that moment, and who is responsible for closing them, are determined by the operative documentation and should be read before signing.

Where an arrangement is technical rather than instructed — for example where trades in one account are reproduced in another — the timing, size and price of the reproduced trade can differ from the original. That is addressed in clause 07.

Stopping a strategy should not be assumed to close open positions, to cancel resting orders, or to prevent an order that is already in progress. An investor who wants a position closed should confirm with the brokerage that it has in fact been closed, rather than infer it from a status shown elsewhere.

CONFIRM: The exact mechanism by which trading authority is granted in an investor's account, the document that grants it, the party it is granted to, and the scope and limits of that authority.

CONFIRM: The confirmed procedure for pausing or ending participation in a strategy, the effective timing of a withdrawal of authority, and the treatment of positions that are open when it is withdrawn.

An order in an investor's account is executed by the brokerage that holds that account, under that firm's execution arrangements, at the prices and on the terms it makes available. Ribera is not part of that step: it does not receive, transmit, route or execute an order, and it does not select a counterparty or a price for a trade.

What follows from that is straightforward but important. The result an investor obtains on any trade depends on the brokerage's own pricing, technology, capacity and execution policy, on the instruments and order types it offers, and on the conditions in the underlying market at that moment. The strategies listed on this website trade foreign-exchange and commodity markets, which move continuously and are not always equally liquid.

No claim is made here about the method by which orders are handled. This document does not describe execution as straight-through processing, ECN, direct market access, agency execution or market making, does not describe any particular liquidity arrangement, and does not state whether a brokerage deals on its own account as counterparty to an investor's trade. Those characteristics materially affect cost and conflict of interest and cannot be assumed from a platform name or a marketing description.

Equally, nothing here promises a best available price, guaranteed execution, execution at a requested price, an absence of requotes, or routing free from conflicts of interest.

The brokerage's own order-execution policy and account terms are the documents that describe how orders are handled. An investor should obtain them from the brokerage and read them before funding an account. No link is provided here because no applicable provider document has been verified for this arrangement; Ribera will not author, summarise or adopt another firm's execution policy.

CONFIRM: The applicable brokerage's order-execution policy and account terms, including instruments and order types offered, execution model, counterparty role and the verified location of the current documents, so they can be linked here rather than paraphrased.

Two accounts following the same strategy can trade the same market on the same day and not obtain the same result. This clause explains why, in plain terms.

Slippage is the difference between the price expected when an order is sent and the price at which it is actually filled. It is not a charge, not a commission and not money paid to anyone: it is an outcome of the market moving, or of the available price changing, between the two moments. It can work against an investor or in their favour, and it is not refunded. Explicit costs — commissions, spreads, financing — are described separately in clause 09 and in Fees & Charges.

Several ordinary conditions influence the price obtained: how quickly the market is moving, how wide the spread is at that moment, how much liquidity is available at the price shown, the size of the order relative to that liquidity, the exact moment the order arrives, and the latency of every system it passes through on the way. Around economic releases, market opens and closes, and periods of stress, these effects are typically larger.

An investor's account settings and account type also matter: the currency of the account, the leverage applied, the instrument and contract specification, and the position size that results from the capital allocated. A smaller account following the same strategy trades smaller positions, and rounding to a minimum tradable size can change exposure proportionally more than in a larger account.

Where trades are reproduced technically from one account into another, a further delay and a further price difference is introduced at that step, and the two accounts can hold proportionally different positions as a result.

This is the concrete reason a strategy's own record and an individual account's outcome differ. A strategy record describes the manager's account over a period; an investor's result depends on when they started and stopped, their capital and cash flows, their costs, their account terms and the fills their own account received. The Performance Methodology explains how published figures are produced.

Orders are not always filled as sent. Depending on the instrument, the order type and market conditions, an order may be partly filled, filled at several prices, rejected, or filled at a price materially away from the level requested if the market gaps. A stop order becomes an instruction to trade when a level is reached; it does not guarantee an exit at that level, and in a fast or gapping market it can be filled substantially worse.

No representation is made here about which instruments, order types or protective features are available. Those are properties of the brokerage and the account, and a feature should not be assumed to exist because it exists elsewhere.

CONFIRM: The instruments, contract specifications, order types and any protective order features actually available on the applicable accounts, and whether any execution-quality information — fill statistics, slippage reporting or requote practice — is provided to investors.

Leveraged trading means controlling a position larger than the capital committed to it. Margin is the amount of account equity required to support that position. Both are functions of the account and the instrument, set by the brokerage, and not of anything published on this website.

The mechanics matter because they change outcomes in both directions. Leverage increases the effect of a market move on account equity, so a small adverse move can produce a loss that is large relative to the capital in the account. A position that would be comfortable unleveraged can become untenable with leverage applied.

If account equity falls below the margin the open positions require, a brokerage may require additional funds or may close positions. Closure of this kind is not a decision of the investor or of the strategy manager, does not follow the strategy's own exit logic, and can crystallise a loss at the worst available moment. It is described here because it is a real mechanism, not because any particular threshold applies.

No leverage limit, margin requirement, margin-call threshold, stop-out level, grace period or notice arrangement is stated in this document, and none should be inferred. Nor is negative-balance protection promised or implied: an investor should not assume that losses are limited to the amount deposited, or that a balance cannot go below zero, unless the brokerage confirms in writing that such protection applies to their account.

These terms vary. They can differ between brokerages, between account types at the same brokerage, between instruments, and between investor categories or countries. The applicable figures are those in the investor's own account documentation, and they are the only reliable source.

Leverage and margin risk are discussed further in the Risk Disclosure.

CONFIRM: The leverage available on the applicable accounts, the margin requirements by instrument, the margin-call and stop-out mechanics, and whether negative-balance protection applies to any account category.

CONFIRM: Whether a strategy manager sets or varies the leverage used in an investor's account, or whether leverage is an account setting the investor and the brokerage control.

Execution-related costs arise at the brokerage and are charged to the investor's account. They ordinarily include the spread between buying and selling prices, any commission per trade, overnight financing or swap charges on positions held across the day, and any currency-conversion cost where the account currency differs from the instrument's. Account or platform charges may also apply. Which of these apply, and at what rate, is set by the brokerage.

No rate is published on Ribera Marketplace, for any charge, by any party. Every fee field on every listed strategy is empty and is shown as available to approved investors. Fees & Charges is the document that addresses charges in detail; it records the same position rather than filling the gap with a figure.

Costs are separate from slippage. Slippage is a price outcome, described in clause 07; a commission, spread or financing charge is an amount debited. Both reduce a result, but only the second is a charge.

Compensation to Ribera is a live question rather than a settled one, and it is stated as such. A marketplace of this kind may be remunerated in several distinct ways: a fee paid by the investor, a referral payment or revenue share paid by a brokerage, a rebate related to trading volume or spread, a share of a manager's fees, a listing fee paid by a manager, or a combination. Each carries a different incentive.

Where a party is paid in relation to trading activity, that creates an incentive that does not necessarily align with the investor's interest — for example an interest in more trading, in a particular brokerage, or in a particular strategy remaining listed. Ribera does not claim to be free of financial incentives, and does not claim that an incentive is harmless because it is disclosed.

What can be said today is limited and precise: no charge payable by an investor to Ribera is published anywhere on this website, and no rate of any kind has been approved for publication. That is a statement about what is published, not a statement that no arrangement exists.

CONFIRM: Whether Ribera receives referral payments, revenue share, volume or spread rebates, fee sharing, listing fees or any other transaction-related compensation; who pays each one; how each is calculated; and whether any amount is charged to the investor's account or paid out of a provider's own revenue.

CONFIRM: The brokerage charges actually applying to investor accounts — spreads, commissions, financing rates, conversion costs and any account or platform charge — and whether they differ by account type, strategy or investor country.

CONFIRM: Whether any strategy manager is remunerated by fees debited from the investor's account, by a share of trading costs, or by another arrangement, and how that is disclosed to the investor before participation begins.

The arrangement described in this document depends on systems operated by parties other than Ribera, and those systems can fail. This clause states what that means for an investor, without promising an outcome.

Practical disruptions include: a trading platform or website becoming unavailable; a connection between systems dropping so that an instruction is delayed or not transmitted; an order arriving late and being filled at a different price, or not at all; a position that cannot be closed when an investor wants it closed; an erroneous, stale or missing price; and data or reporting that is temporarily wrong or unavailable. In leveraged positions, a delay of this kind can change a result materially.

Provider failure is a separate risk from market risk. A brokerage, a manager or a technology provider can cease operating, lose a permission required to provide its service, suspend activity or become insolvent, and an investor's ability to trade, to access an account or to recover funds may be affected by events at that firm. Ribera cannot remedy the failure of an independent firm.

No promise is made here of uninterrupted service, of any recovery time, of compensation, of reimbursement for a loss caused by a disruption, or of insurance against one. Equally, this document does not exclude responsibility in advance: responsibility for a specific failure depends on which party's systems failed, what it undertook to do and the terms of the relevant agreement. Ribera's own responsibility for this website is addressed in the Terms of Use.

Where Ribera can help, it will do so within its actual role: relaying an issue, identifying which party operates the affected system, and following up on an unresolved question. Ribera cannot access an investor's account, cannot see the state of an order, cannot place or cancel a trade, cannot restore a provider's platform and cannot control an independent firm's systems or its response times. A time-critical trading problem should go to the brokerage directly.

CONFIRM: The support arrangements actually in place — what Ribera undertakes to do when an investor reports an execution or platform problem, the channel to use, and the escalation route to the brokerage.

CONFIRM: Whether any business-continuity, outage-notification or investor-notification arrangement exists at the applicable providers, and the position on liability for losses caused by a disruption under the operative agreements.

The record of what happened in an investor's account is held by the brokerage. Account statements, trade confirmations, open-position and balance information, margin details and the prices at which trades were filled come from that firm and from the platform it provides. Those are the authoritative records.

Ribera does not hold account records, does not receive statements on an investor's behalf and cannot confirm, correct or reconstruct a trade. A question about a specific fill, a specific charge, a balance, a margin requirement or a withdrawal is a question for the brokerage.

What Ribera can address is the information it publishes: how a strategy is described, how published figures are produced, and how the documents on this website fit together. Figures on this website are published information about a strategy and are not a statement about any individual account. The Performance Methodology explains their basis.

An investor is not required to contact Ribera before raising a complaint, and nothing in this document restricts a right to complain to the brokerage, to a manager, to a regulator, to an ombudsman or to any other competent body, or to seek independent legal advice. A complaint about an account, an execution or a charge is properly raised with the firm whose account and execution it is, under that firm's own complaints procedure.

No contact address, complaints procedure, escalation path or response time is stated in this document, because none has been approved for publication.

CONFIRM: The operational contact route for investor questions to Ribera, and which categories of question Ribera handles rather than referring to the brokerage or the manager.

CONFIRM: Ribera's own complaint-handling arrangements, if any, and the verified complaints procedure of the applicable brokerage, including the external body — if any — to which an unresolved complaint can be taken.

CONFIRM: Effective date of this document. No effective date has been set and this version is not approved for publication.

This document will be updated as the roles, account arrangements, funding routes, execution arrangements and compensation described above are confirmed. Where a description here is replaced, the substance of the change will be stated rather than the wording quietly amended.

Provider-specific information — account terms, order-execution policy, charges, leverage and margin conditions, complaints procedure — is issued by the brokerage that holds the account, and the current version is the one that firm provides. It can change independently of this document, and nothing here should be read as a promise that an existing arrangement will continue unchanged.

No notice period is stated for a change to this document or to a provider's terms, and none should be assumed. Whether and how an investor is notified of a change to their account terms is a matter for the agreement with that provider.

Related documents on this website: the Risk Disclosure, Fees & Charges, the Performance Methodology and the Terms of Use. Strategy pages carry the conditions specific to each strategy.

CONFIRM: Where investors are to obtain the applicable provider documents — a verified link, a data-room location or a document issued at account opening — so this clause can direct a reader to a source instead of describing one.