Trader terms

These terms form part of each desk trader's employment with Morency & Co.

1. Company capital only. You may trade only assets beneficially owned by Morency & Co. You must not contribute, receive, pool or trade any customer, personal or third-party money.
2. Limited authority. Your session key gives limited technical permission only. It does not give you ownership, custody, withdrawal rights or authority to bind Morency & Co.
3. Permitted activity. The Trader may use the access and permissions supplied by Morency & Co. solely to execute spot purchases and sales, for Morency & Co.’s own account, in instruments, token pairs, networks, routers and markets included in the Company’s then-current allow-list. Permitted instruments may include cryptoassets, tokenized gold, and third-party tokenized stocks or exchange-traded funds acquired from bona fide public secondary-market liquidity through approved DEX aggregator routes, subject to the Company’s position, loss, drawdown, price, notional and other risk controls. The Trader must not use leverage; borrow, lend, stake or bridge Company assets; transfer assets away from the originating Company Safe; approve an unknown spender; subscribe for or redeem an instrument with its issuer; access an unapproved venue; or trade any instrument after the Company has disabled new purchases or trading in that instrument. Inclusion on an allow-list is an internal trading permission only and is not a representation that an instrument is lawful, registered, approved, redeemable, liquid or suitable.
4. Company Safe. Every acquired asset and transaction receipt must return to the designated company Safe. You must not change the recipient or attempt to transfer assets elsewhere.
5. Risk controls. You must not bypass, disable, probe or evade any limit, price collar, loss stop, drawdown stop, approval rule or kill switch.
6. No personal dealing. You must not copy desk orders into a personal account, front-run the desk, trade against it or use non-public desk information for any other person.
7. No external services. You must not accept customer instructions, hold yourself out as a broker, adviser, custodian or asset manager, or solicit money for Morency & Co.
8. Compensation. You pay no application, challenge, desk, platform or training fee. Approved compensation consists of your contractual fixed pay and any profit share calculated after treasury reconciliation under the high-water-mark rules.
9. No loss liability. Ordinary trading losses within your authority will not be deducted from your pay. This does not excuse fraud, dishonesty or deliberate breach, subject to mandatory employment law.
10. Monitoring and suspension. Morency & Co. may record orders, permissions and system activity and may revoke your access immediately for risk, security, compliance or employment reasons.
11. Vesper. Vesper provides feedback only. It cannot approve a trade, change a limit or replace your judgment and obligations.
12. Location. You may work only from a country approved in writing by Morency & Co. and only while your employment, tax, immigration and compliance status remains approved.
13. No representations. The Trader must not, on behalf of Morency & Co., make, submit, confirm or imply any statement or attestation concerning identity, beneficial ownership, control, residence, domicile, nationality, US-person status, investor eligibility, sophistication, accreditation, qualified-purchaser status, sanctions status, KYC or AML status, tax status, jurisdiction, investment purpose or entitlement to acquire, hold, transfer, subscribe for or redeem an instrument. If any issuer, venue, protocol, interface, router or counterparty requests such a statement or requires acceptance of terms not previously approved in writing by the Company, the Trader must stop and must not use that route. The Trader must not use another person, entity, wallet, nominee, interface or route to avoid the request or any restriction applied to the Company or a Company-controlled address.

Secondary-market purchases

The Company may purchase approved instruments from bona fide public secondary-market liquidity without treating the absence of issuer onboarding as, by itself, a prohibition. No person or system may make a false or misleading statement, use a nominee or alternative wallet to conceal the Company or its relevant beneficial ownership, access an issuer subscription or redemption channel without authorization, route around a restriction applied to a Company address, or coordinate any transaction intended to evade applicable law or an enforceable restriction binding on the Company.

Last updated 25 October 2026.