Order Execution Information
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Best Execution & Market Making
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CUSTOMER IDENTIFICATION PROGRAM NOTICE
Important Information You Need to Know about Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account.
This Notice answers some questions about Benchmark Company, LLC Customer Identification Program.
What types of information will I need to provide?
When you open an account, Benchmark Company, LLC is required to collect information such as the following from you:
Date of birth
U.S. Citizen: taxpayer identification number (social security number or employer identification number)
Non-U.S. Citizen: taxpayer identification number, passport number, and country of issuance, alien identification card number, or government-issued identification showing nationality, residence, and a photograph of you
You may also need to show your driver's license or other identifying documents.
A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement, or a trust agreement.
U.S. Department of the Treasury, Securities and Exchange Commission, FINRA and New York Stock Exchange rules already require you to provide most of this information. These rules also may require you to provide additional information, such as your net worth, annual income, occupation, employment information, investment experience and objectives, and risk tolerance.
What happens if I don't provide the information requested or my identity can't be verified?
Benchmark may not be able to open an account or carry out transactions for you. If Benchmark has already opened an account for you, we may have to close it.
We thank you for your patience and hope that you will support the financial industry's efforts to deny terrorists and money launderers access to America's financial system.
The Benchmark Company, LLC may or may not currently make a market in any of the securities named in our Research notes.
The Benchmark Company, LLC and/or its officers or partners may or may not have a financial interest in any securities of the issuer whose securities are being recommended, and the nature of the financial interest, such as options, warrants, futures, and long or short positions, unless the financial interest is nominal: or
The Benchmark Company, LLC may or may not have been a manager or co-manger of a public offering of any securities of the issuer in the past 12 months.
Regulation AC Certification: The Research Analyst who prepared this research report/document/email herby certifies that the views expressed in this research report/document/email accurately reflect the analyst(s) personal views about the subject companies and their securities. The Research Analyst(s) also certify that the Analyst(s) have not been, are not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report.
The costs and expenses of Equity Research, including the compensation of the analyst(s) that prepared this report, are paid out of the Firm’s total revenues.
The Research Analyst who prepared this research report/document/email does not hold a position in the shares/ADR’s of securities discussed in this report unless specifically disclosed in this section.
The percentage of subject companies in each rating category for which The Benchmark Company, LLC has provided investment banking services within the last 12 months is Buy:3%, Hold:0%, Sell:0%.
The Benchmark Company, LLC and its employees, officers and directors deal as principal in transactions involving the securities referred to herein (or options or other instruments related thereto), including transaction contrary to any recommendations contained herein. The Benchmark Company, LLC and its employees may also have engaged in transactions with issuers identified herein.
Unless specifically mentioned in company disclosures, The Benchmark Company, LLC does not make a market in the securities mentioned within this research report/document/email.
The Benchmark Company, LLC makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when information in this report changes apart from when we intend to discontinue research coverage of a subject company.
This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Any recommendation contained herein may not be suitable for all investors. Although the information contained in the subject report has been obtained from sources we believe to be reliable, its accuracy and completeness cannot be guaranteed.
This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. The Benchmark Company, LLC and its affiliated companies and employees shall have no obligation to update or amend any information herein.
This publication is being furnished to you for informational purposes only and on the condition that it will not form a primary basis for any investment decision. Each investor must make its own determination of the appropriateness of an investment in any securities referred to herein based on the legal, tax and accounting considerations applicable to such investor and its own investment strategy. By virtue of this publication, none of The Benchmark Company, LLC or any of its employees shall be responsible for any investment decision.
This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states.
The “Recent Price” stated on the cover page reflects the nearest closing price prior to the date of publication.
For additional disclosure information regarding the companies in this report, please contact The Benchmark Company, LLC, 40 Fulton Street, New York, NY 10038, 212-312-6750.
This report may not be reproduced, distributed, or published without the prior consent of The Benchmark Company, LLC.
Investment Banking Disclosures
Tombstones are not an offer or solicitation to purchase securities which can only be done via prospectus.
Margin Disclosure Statement
Benchmark Company, LLC. is furnishing this document to you to provide some basic facts about purchasing securities on margin, and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review the margin agreement provided to you. Consult your account representative regarding any questions or concerns you may have with your margin accounts.
When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from your brokerage firm. If you choose to borrow funds from your firm, you will open a margin account with us. The securities purchased are the firm's collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with us, in order to maintain the required equity in the account.
It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:
You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities or assets in your account(s).
We can force the sale of securities or other assets in your account(s). If the equity in your account falls below the maintenance margin requirements, or the firm's higher "house" requirements, the firm can sell the securities, or other assets, in any of your account(s) held at the firm to cover the margin deficiency. You also will be responsible for any short fall in the account after such a sale.
We can sell your securities or other assets without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities or other assets in their accounts to meet the call unless the firm has contacted them first. This is not the case. Most firms will attempt to notify their customers of margin calls, but they are not required to do so. However, even if a firm has contacted a customer and provided a specific date by which the customer can meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the customer.
You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, the firm has the right to decide which security to sell in order to protect its interests.
The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause the member to liquidate or sell securities in your account(s).
You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to customers under certain conditions, a customer does not have a right to the extension.
Full Electronic Communications Disclosure
All electronic communications transmitted through Benchmark Company LLC’s computer network are archived in accordance with regulatory requirements and are subject to review and retrieval and may be disclosed to parties other than the intended recipient. Email should not be used to transmit orders for securities or for any time-sensitive matters.
None of the information contained on this Web site constitutes a recommendation, solicitation or offer by Benchmark Company, LLC. or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. The information contained in this Web site has been prepared without any reference to any particular user's investment requirements or financial situation. Certain transactions give rise to substantial risk and are not suitable for all investors. Prior to the execution of any transaction by you involving information you received from this Web site, you should consult your business advisor, attorney and tax and accounting advisors with respect to the price, suitability, value, risk, or other aspects of any stock, mutual fund, security or other investment. Pricing and other information generated through the use of data or services made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. The information and services provided on this Web site are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules, or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where Benchmark Company LLC. is not authorized to provide such information or services.
Options involve risk and are not suitable for all investors. Options trading is considered speculative and it is possible to lose a portion, all of your initial investment, or funds in excess of the principle invested. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information in this Web site is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions, which should be referred to for additional detail and are subject to changes that may not be reflected in this text. No statement within the Web site should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of the FINRA membership in this Web site should not be construed as an endorsement or an indication of the value of any product or service.
Some products described on this Web site may not be available to investors in the U.S. or the U.K. Please contact your local office for specific details.
Benchmark Company LLC., a member of the Securities Investor Protection ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $250,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as futures, foreign exchange transactions, or any investment contracts that are not registered as securities.
FINRA Rule 5320 Disclosure
FINRA Rule 5320 generally prohibits a broker-dealer that accepts and holds an order in an equity security from its customer or a customer of another broker-dealer without immediately executing the order from trading that security on the same side of the market for its own account at a price that would satisfy the customer order, unless it immediately thereafter executes the customer order up to the size and at the same or better price at which it traded for its own account. When you place a “not held” order, which is generally a discretionary order, with us we may trade in the security for our own account prior to completion of your order. With respect to the orders of an "institutional account", as defined in NASD Rule 3110, or for orders of 10,000 shares or more with a value of at least $100,000, Rule 5320 permits a broker-dealer to trade an equity security on the same side of the market for its own account at a price that would satisfy such customer order provided that certain notice is provided to the customer and the customer is provided an opportunity to “opt-in” to the Rule 5320 protections with respect to all or any particular order. Institutional accounts and persons placing orders for 10,000 shares or more not otherwise subject to the protections afforded by Rule 5320 may “opt-in” to the Rule 5320 protections on an order by order basis with the by informing The Benchmark Company, LLC.
FINRA Rule 5270 Disclosure
Rule 5270 generally prohibits The Benchmark Company, LLC from trading for its own account when in possession of material, non-public information concerning an imminent client block transaction. The rule expands the scope of its existing front running prohibitions beyond equity securities to include trades in related financial instruments (e.g., options or derivatives related to the security that is the subject of an imminent block transaction). The Rule does set forth three broad categories of permitted transactions that The Benchmark Company, LLC may engage in, while in possession of such information: (1) transactions that a firm can demonstrate are unrelated to the customer block order; (2) transactions that are undertaken to fulfill or facilitate the execution of the customer block order2, and (3) transactions that are executed, in whole or in part, on a national securities exchange and comply with the marketplace rules of that exchange. As indicated below, The Benchmark Company, LLC may trade alongside your block order, or ahead of your block order, to liquidate or hedge a facilitation position resulting from your block order or another customer’s block order. In addition, before you place an order, The Benchmark Company, LLC may trade for its own account so that it may better facilitate any block order you may or may not subsequently place. If you do not want The Benchmark Company, LLC to trade in this manner with respect to any order, please inform your representative. Be aware however, that if you request that The Benchmark Company, LLC not trade in this manner, we may not be able to commit capital or otherwise facilitate the execution of your block orders. The Benchmark Company, LLC conducts its trading in a manner designed to limit market impact and is consistent with best execution obligations. In addition, The Benchmark Company, LLC conducts supervisory reviews to monitor for execution quality of customer orders.
Benchmark Company, LLC has the utmost respect for our customers' privacy, and we are highly committed to protecting your privacy. In furtherance of this commitment, we are providing our individual customers with this privacy statement, and the opportunity to direct us not to provide certain nonpublic personal information to our affiliates and other third parties.
The Types of Information We Collect about You
Benchmark Company LLC. collects nonpublic personal information about you from: information we receive from you on applications or other forms; the transactions you have participated in with us, our affiliates, or others; and, from information we receive from a consumer-reporting agency.
The Types of Information We Disclose about You
We may disclose all of the information we collect, as described above, to our clearing broker, ICBC We treat nonpublic personal information about former customers in the same manner, and with the same care that we do our current customers. We only disclose nonpublic personal information about those former customers who had an opportunity to opt out.
Your Right to Opt Out
Other than those disclosures permitted by law, you may direct us not to disclose certain nonpublic personal information about you to institutions, with whom we have joint marketing agreements. If you wish to do so, you must notify us in writing.
Our Information Security Policies
In order to protect the confidentiality and security of the nonpublic personal information that Benchmark Company LLC. gathers from you, access to that information is restricted to select members of our staff. These select staff members are privy to said information on a need to know basis, only to the extent necessary to fulfill your requests and provide you with the best service possible. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
Business Continuity Planning
Benchmark Company, LLC. ("Benchmark") has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.
Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you through our Web site www.Benchmarkcap.com .
We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm's books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.
Our clearing firm, ICBC, backs up their important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our clearing firm that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within a reasonable time frame. Your orders and requests for funds and securities could be delayed during this period.
Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you through our Website benchmarkcompany.com
Contacting Us — If after a significant business disruption you cannot contact us at the office that services tour account you may contact at another office please go to our Web site at www.Benchmarkcap.com to find the address and phone numbers of our other offices If you cannot access us through those means, you should contact our clearing firm, ICBC, at (212) 552-1919 for liquidating orders, check and wire requests, and ACAT transfers.