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Draft — pending final legal review. These documents are being finalised and are not yet legally effective. Some details are still being confirmed; the final, reviewed versions will replace this notice.

Version 2026-05-08-draft · Last updated 8 May 2026

Risk Disclosure

Document version: 0.1 (DRAFT — pending solicitor review) Effective date: [EFFECTIVE_DATE] Last updated: [EFFECTIVE_DATE]

This Risk Disclosure is part of, and is incorporated into, the Terms of Service of the PIZQ platform provided by [COMPANY_LEGAL_NAME] ("PIZQ", "we", "us"). Please read it in full before using the Service. By using the Service you confirm that you have read, understood, and accepted these risks.

⚠️ The single most important point

Trading and investing involve a high level of risk and can result in the loss of some or all of your capital — and, with leverage, losses that exceed the amount you invested. Only risk capital you can afford to lose entirely. Past performance — including any backtest or simulated result shown on the Service — is not a reliable indicator of future results. If you do not fully understand these risks, do not use the Service to trade with real money, and seek advice from an independent, qualified, and (where required) authorised financial professional.

1. PIZQ is a tool, not an adviser

  1. PIZQ does not provide investment, financial, legal, tax, or accounting advice, and does not give personal recommendations. We are a software and research-tools provider, not a financial adviser, investment adviser, broker-dealer, investment firm, fund manager, or portfolio manager.
  2. Nothing on the Service is a recommendation to buy, sell, or hold any security, instrument, or strategy, or to adopt any investment approach. All content — backtests, metrics, charts, data, AI Quant output, Marketplace listings, educational material — is general information for research and educational purposes only and is not tailored to your circumstances, objectives, financial situation, or needs.
  3. You make every decision. You are solely responsible for evaluating any strategy, algorithm, data, or information, and for deciding whether and how to deploy capital. You should obtain independent professional advice before acting.
  4. We do not execute trades or manage money. Trades are executed by your Connected Broker; your funds remain with that broker. PIZQ transmits instructions generated by software you configure and control.

2. General market and trading risks

  • Risk of loss. You can lose money. Markets can move sharply and against your position. There is no assurance any strategy will be profitable or avoid loss.
  • Volatility. Prices can be highly volatile and are affected by factors beyond anyone's control, including economic data, interest rates, geopolitics, news, and sentiment.
  • Liquidity risk. You may be unable to enter or exit a position at the price or time you want, especially in thin or fast-moving markets.
  • Gap and overnight risk. Markets can gap between sessions; positions held through closes, weekends, or halts can open at materially different prices.
  • No guaranteed returns. Any reference to performance, returns, or results is not a promise of future performance.

3. Leverage, margin, and derivatives

  • Leverage magnifies both gains and losses. Trading on margin or using derivatives (including futures, options, CFDs, and leveraged FX or crypto) can result in losses greater than your initial deposit, and you may be required to provide additional funds at short notice.
  • Margin calls and forced liquidation. Your broker may close positions without notice if margin requirements are not met, potentially crystallising losses.
  • Complex instruments. Derivatives and structured products carry additional risks and may not be suitable for all investors. Understand each instrument before trading it.

4. Algorithmic and automated trading risks

Automated and algorithmic strategies carry distinct, serious risks:

  • Software does what it is told — including being wrong. A bug, a logic error, a bad parameter, or an unforeseen market condition can cause rapid, large, and repeated losses faster than you can react.
  • Runaway behaviour. Automated systems can place many orders quickly. Without effective risk controls, an error can escalate before you intervene.
  • Latency, connectivity, and outages. Delays or failures in your internet connection, our systems, third-party infrastructure, market data, or your broker can cause missed, delayed, duplicated, partial, or erroneous orders.
  • Stale or incorrect data. Strategies that act on delayed, incomplete, or incorrect data can make poor decisions.
  • You are responsible for monitoring and controls. You should configure and test appropriate risk controls (for example, position-size limits, loss limits, and the ability to stop a strategy), monitor live strategies, and be prepared to intervene. Do not run a strategy with real capital that you have not thoroughly tested and do not understand.
  • A "kill switch" is not a guarantee. Controls reduce but cannot eliminate risk; orders already submitted may execute, and external systems may not respond as expected.

5. Backtesting and simulated/hypothetical results

  • Backtests are hypothetical. Backtest and paper-trading results are simulated, based on historical or assumed data, and do not represent actual trading. They have inherent limitations.
  • Hindsight and overfitting. Strategies optimised on past data often perform worse in the future ("overfitting" / curve-fitting). Good historical results frequently do not repeat live.
  • Idealised assumptions. Backtests may not fully account for trading costs, commissions, fees, spreads, slippage, market impact, borrowing costs, taxes, liquidity constraints, order rejections, or the emotional and operational realities of live trading. Real results are typically worse than backtests.
  • Survivorship and look-ahead bias. Historical datasets may omit delisted instruments or inadvertently include information not available at the simulated time.
  • Past performance is not indicative of future results. This applies to every metric, chart, and figure shown on the Service.

6. AI Quant — specific risks

  • AI output can be wrong. AI Quant is a general research and code-authoring assistant powered by third-party language models. Its output may be inaccurate, incomplete, outdated, biased, or unsuitable, and may contain coding errors.
  • Not advice. AI Quant does not provide investment advice or personal recommendations and does not know your financial situation. Do not rely on it to decide what to buy, sell, or hold.
  • Your responsibility to verify. You must independently review, test, and validate any code, strategy, or information generated with AI Quant before using it, especially before deploying it with real capital.

7. Third-party brokers, exchanges, and data

  • Independent third parties. Connected Brokers, exchanges, and data providers are independent of PIZQ and operate under their own terms. We do not control and are not responsible for their execution quality, pricing, fees, fills, outages, solvency, or conduct.
  • Counterparty and custody risk. Your funds and instruments are held by your broker/exchange, not by PIZQ. You bear the counterparty risk of those institutions, including the risk of their failure.
  • Crypto-asset risk. Crypto-assets are especially volatile, may be largely unregulated, can suffer total loss, and may be subject to operational, custody, and security risks at exchanges. Protections that apply to regulated investments may not apply.

8. Operational, security, and availability risks

  • No guarantee of availability. The Service may be unavailable, interrupted, delayed, or impaired due to maintenance, faults, or events beyond our control. Do not rely on the Service being available at any critical moment.
  • Your security obligations. You are responsible for safeguarding your credentials, enabling available security features, and the permissions you grant on your broker account.
  • Errors. Despite our efforts, the Service may contain errors or defects that affect results.

9. Tax, legal, and regulatory considerations

  • Your responsibility. You are responsible for determining the tax consequences of your trading and for complying with all laws and regulations that apply to you, including reporting and filing obligations.
  • Suitability and eligibility. Some products, instruments, or features may not be available or appropriate in your jurisdiction. You are responsible for ensuring your use is lawful where you are.
  • No protection scheme. PIZQ is not a bank, broker, or authorised financial institution; investor-compensation or deposit-protection schemes do not apply to your use of PIZQ. (Such schemes, where applicable, relate to your regulated broker, not to PIZQ.)

10. No warranty; your acknowledgement

To the maximum extent permitted by law, the Service and all data, results, and outputs are provided "as is" without warranty of accuracy, completeness, or fitness for any purpose, and without any guarantee of performance. The limitations of liability in the Terms of Service apply.

By using the Service, you acknowledge and agree that:

  1. you understand the risks described above;
  2. you are responsible for your own trading and investment decisions and their outcomes;
  3. you will not treat any part of the Service as investment advice or a personal recommendation; and
  4. you will only risk capital you can afford to lose.

11. Contact

Questions about this Risk Disclosure: [SUPPORT_EMAIL] / [LEGAL_EMAIL] [COMPANY_LEGAL_NAME], [REGISTERED_ADDRESS]

This document is a draft prepared for internal review and must be reviewed and approved by a qualified solicitor before publication. It is not legal advice. Jurisdiction-specific mandatory risk warnings (for example, FCA-prescribed wording for certain products, or prescribed CFD/crypto risk warnings) may need to be added by counsel.