CUSTOMER AGREEMENT OF SECURITIES FUTURES THIS AGREEMENT IS A LEGAL CONTRACT, PLEASE READ IT CAREFULLY. 这是一份法律合同,请认真阅读。 This is a legal contract by and between WALL STREET EXCHANGE OF SECURITIES FUTURES, its successors and as
CUSTOMER AGREEMENT OF SECURITIES FUTURES
THIS AGREEMENT IS A LEGAL CONTRACT, PLEASE READ IT CAREFULLY.
这是一份法律合同,请认真阅读。
This is a legal contract by and between WALL STREET EXCHANGE OF SECURITIES FUTURES, its successors and assigns, referred to collectively in this document as “EXCHANGE”, and the party (or parties) executing this document, referred to collectively as “Customer”.
本协议为美国华尔街期货交易所及其继承人、受权人(以下简称“交易所”)与履行本协议的一方或多方(以下简称“客户”)之间签署的、具有法律约束力的合同文件。
In consideration of EXCHANGE agreeing to carry one or more accounts of Customer and providing services to Customer in connection with the purchase and sale of cash commodities (including financial instruments), commodity futures contracts, securities futures products, options on cash commodities, options on futures contracts, forward or leverage contracts, forward rate transactions, commodity swaps, foreign exchange transactions, currency swap transactions, cross-currency rate swap transactions, currency options, and other derivatives of futures and/or foreign currency contracts, and any similar instruments which may be purchased or sold by or through EXCHANGE for Customers Account(s) (collectively referred to as “Commodities” or “Futures”), Customer agrees to the following terms and conditions:
鉴于交易所同意为客户开立一个或多个帐户,并同意就现货产品(包括金融工具)、商品期货合同、证券期货产品和现货期权、期货合同期权、远期合同期权或杠杆保证金合同期权、远期汇率交易、商品交易、外汇交易、货币兑换、货币期权、其它期货和/或外币合同衍生产品、以及可通过交易所为客户帐户购买或出售的(统称为“商品”或“期货”)任何类似工具的购买和出售向客户提供相关服务,客户同意下列条款:
1. AUTHORIZATION TO TRADE. 交易授权
EXCHANGE is authorized to purchase and sell cash commodities (including financial instruments), commodities futures contracts, security futures products, options on cash commodities, options on commodity futures contracts, forward or leverage contracts, forward rate transactions, commodity swaps, foreign exchange transactions, currency swap trans actions, cross-currency rate swap transactions, currency options, and other derivatives of futures and/or foreign currency contracts for Customer’s Account(s) in accordance with Customer’s oral, written or electronically transmitted instructions. Unless instructed by Customer to the contrary in writing, EXCHANGE is authorized to execute all futures and option orders on such recognized contract markets, as EXCHANGE deems appropriate. Customer authorizes EXCHANGE to purchase and sell physically settled and cash settled foreign currency contracts on
a spot basis for Customer’s Account in accordance with Customer’s instructions. Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer’s Account. Customer has considered the factors contained below and in view of Customer’s present and anticipated financial resources, Customer is willing and able to assume the substantial financial risks of trading in the above markets.
交易所获得客户授权,按照客户的口头、书面或电子形式传递的指示为客户账户进行现货产品(包括金融工具)、商品期货合同、证券期货产品和现货期权、期货合同期权、远期合同期权或杠杆保证金合同期权、远期汇率交易、商品交易、外汇交易、货币兑换、货币期权、其他期货和/或外币合同衍生产品的购买和出售。除非客户书面另有指示,否则交易所有权在其认为适当的获得认可的合同市场上进行所有期货和期权下单。客户授权交易所按照客户的指示,即期为客户账户买进和卖出实物结算和现金结算的外币合同。客户同意:对于客户账户进行的所有交易,客户自己对于最终结果负完全责任。客户已经考虑了下文中的各因素,并且考虑到客户当前和将来预期的金融资源,客户愿意并且有能力承担在上述市场上进行交易所带来的相当大的风险。
2. TRANSACTIONS SUBJECT TO INDUSTRY REGULATIONS AND STANDARDS.
交易应遵守行业法规和标准
All transactions shall be subject to the regulations of all applicable government authorities and self-regulatory agencies including, but not limited to, the constitutions and rules of the clearinghouse, exchange, or market where trades are executed. Customer understands that EXCHANGE is obligated to comply with all applicable laws and regulations including those of regulatory and self-regulatory organizations and agrees that EXCHANGE shall not be liable to Customer as a result of any action taken by EXCHANGE to comply with any ruling, interpretation or directive
of such organization. The Customer recognizes that rates and/or prices it may view on electronic market information screens (e.g. Reuters, Flash Quotes, Telerate, etc.) are only indications of rates and/or prices, and may or may not reflect actual rates and/or prices available to EXCHANGE or the Customer.
所有交易都应当遵守所有适用政府机关和自律机构的法规,包括但不仅限于在其处进行交易的结算所、交易所或市场的章程和规定。客户了解交易所有义务遵守所有适用法律和法规,包括那些管理部门和自律组织的适用法律和规定,并且客户同意:交易所不应当因其遵守上述部门的任何裁定、解释或命令而对客户承担任何义务。客户承认其可能在市场电子信息屏幕上看到的汇率和/或价格(如路透社、Flash Quotes、德励等的汇率和/或价格)仅为汇率和/或价格的参考,可能反映了交易所或客户可用的实际汇率和/或价格,也可能无法反映交易所或客户可用的实际汇率和/或价格。
In all transactions under this Agreement, Customer shall be bound by all applicable laws, rules and regulations, including the Commodity Exchange Act, as amended, the Commodity Futures Trading Commission regulations there under, and the rules, regulations, customs, usages, rulings and interpretations of the National Futures
Association (“NFA”), and to the extent applicable, the Securities and Exchange Commission, National Association of Securities Dealers, and the exchange or market and the clearing house, if any, where the transactions are executed by EXCHANGE or EXCHANGE’s agents.
据本协议进行任何交易,客户都有义务遵守所有适用法律、规定和法规,包括《商品交易法》或其修订后版本、商品期货交易委员会法规以及美国国家期货协会(NFA)颁布的规定、法规、惯例、习惯、裁定和解释;并且可行的话,还要遵守美国证券交易委员会、全美证券商协会以及交易所或其代理在其处进行交易的交易所、市场或结算所的规定、法规、惯例、习惯、裁定和解释。
3. MARGINS/DEPOSIT REQUIREMENTS. 保证金/存款要求
EXCHANGE’s margin policies and/or the policies of those exchanges on which trading occurs may require that additional funds be provided to properly margin Customer’s Account. Customer understands that Customer is obligated to promptly meet such margin requirements. Failure to meet margin calls may result in the liquidation of
any open positions with a resultant loss.
交易所的保证金政策和/或进行交易的交易所的政策可能会要求提供额外资金,作为客户帐户的保证金。客户理解其有义务使自己立即符合上述保证金要求。如未能符合保证金要求,可能会导致对未了结头寸进行清算,从而造成亏损。
As security for Customers obligation to EXCHANGE hereunder, Customer shall provide to and maintain with EXCHANGE margin and/or collateral in such amounts and in such forms as EXCHANGE, in its sole and absolute discretion, may from time to time require. Margin requirements may be increased at EXCHANGEs sole and absolute discretion. Such margin requirements may exceed margins established by an exchange. EXCHANGE may change
margin requirements at any time. Margin requirements are subject to change without notice and will be enforced retroactively and prospectively. Customer acknowledges and agrees that EXCHANGE has no obligation to establish uniform margin requirements and that such requirements may be higher for single stock futures and other security
futures products. No previous margin requirement by EXCHANGE shall preclude EXCHANGE from increasing that requirement without prior notice. Further, EXCHANGE will exercise considerable discretion in setting and collecting margin associated with foreign currency transactions. For margin purposes associated with foreign currency transactions, Customer has authorized EXCHANGE to convert Customers funds into and from such foreign currency at a rate of exchange determined by EXCHANGE, in its sole discretion, on the basis of the then prevailing money market rates.
作为客户对交易所履行义务的保证金,客户应当提供保证金和/或抵押金,并在数量上和形式上符合交易所依其判断而规定的数量和形式。根据交易所自行判断,保证金数量可以增加。此保证金数额要求可能超过交易所规定的数额。交易所可以随时更改保证金要求。保证金要求如发生变更,交易所无需通知客户,该变更不可取消且将会生效。客户承认并同意EXCHANGE没有制定统一的保证金要求的义务,并且对于单笔股票期货和其他证券期货产品,保证金要求可以更高。交易所之前做出的任何保证金要求都不排除交易所不经事先通知而提高保证金数额的可能。此外,交易所将相当谨慎地规定和收取外币交易保证金。对于收取的外币交易保证金,客户授权交易所依其判断,按照当时货币市场普遍的汇率,将客户的资金按照EXCHANGE确定的汇率兑换成外币或将外币兑换成客户本国货币资金。
Customer agrees to deposit by immediate wire transfer such additional margin when and as required by EXCHANGE, and will promptly meet all margin calls in such mode of transmission, as EXCHANGE shall in its sole discretion designate. Customer agrees to provide EXCHANGE with the names of bank officers and information necessary for immediate verification of wire transfers. Notwithstanding any demand for additional margin, EXCHANGE may at any time proceed to liquidate Customers Account in accordance with paragraph 10 below. Any failure by EXCHANGE to enforce its rights hereunder shall not be deemed a waiver by EXCHANGE to enforce its rights thereafter.
客户同意当交易所要求增加保证金时,将立即通过电汇将保证金存入,并且将以交易所自行判断指定方式使自己的账户符合所有保证金要求。客户同意向交易所提供银行职员的姓名和直接核实电汇所需的信息。尽管可能有任何增加保证金的要求,交易所仍可以随时根据下文第十部分清算客户账户。如果交易所未能据此规定履行其此项权利,交易所不应被认为放弃在以后行使的权利
4. LIMIT OF POSITIONS. 头寸限制
Exchanges where trading occurs may impose daily trading limits with respect to the trading of certain commodities and may, from time to time, change such trading limits. Such trading limits and limit changes may cause trading in a certain commodity to cease, thereby preventing the liquidation of an adverse position, which may result in a substantial financial loss. Trading in commodity futures is suitable only for those persons or entities financially able to withstand losses that may substantially exceed the value of margins or deposits. Customer acknowledges Customer’s reporting obligations, among others, pursuant to regulations promulgated by the Commodity Futures Trading Commission (“CFTC”),such as Customer’s obligation to notify the CFTC when Customer’s position is reportable.
进行交易的交易所可能会对某些商品的日交易量施加限额,并且可能会不时调整该限额。交易限额和限制变更可能会造成某种商品停止交易,因此可能会阻止不利头寸的清算,并可能进一步造成相当数量的经济损失。商品期货的交易只适合那些经济上有能力承担可能超出保证金或存款价值相当数额损失的人或机构。客户承认其有根据商品期货交易委员会(CFTC)颁布的法规进行报告的义务,例如当其交易量应进行报告时,通知商品期货交易委员会的义务。
EXCHANGE retains the right to limit the number of open positions a Customer may acquire or maintain at EXCHANGE and/or the size of transaction a Customer may execute through EXCHANGE. EXCHANGE will attempt to execute all orders that EXCHANGE may, in EXCHANGE’s sole discretion, choose to accept for the purchase or sale of contracts or other property in accordance with the oral or writ ten instructions of Customer. EXCHANGE reserves the right to refuse to accept any order. Notwithstanding the foregoing, EXCHANGE shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond EXCHANGE’s control, including any delays or inaccuracies in the transmission of orders and/ or information due to a breakdown in or failure of any transmission or communication facilities.
交易所保留限制客户在交易所获取或保有的未了结头寸数量的权利,以及/或限制客户通过EXCHANGE进行的交易的量大小的权利。对于所有交易所依其判断并遵照客户的口头或书面指示选择接受的合同或其他资产的购买或出售的交易单,交易所都将尝试执行。交易所保留拒绝接受任何交易单的权利。尽管有前述条款,交易所不应对因其控制之外任何事件、行为或疏忽(包括交易单传递过程中发生的任何延迟或不准确以及/或因通讯设备故障或传递失败发生的信息延迟或不准确)而直接或间接造
成的任何损失或损坏负责。
5. COMMODITY OPTIONS TRADING 商品期权交易
With respect to purchases or sales of options on cash commodities or futures contracts (“Commodity Options”), Customer acknowledges and understands the risks of buying and selling options on commodity futures contracts and the risks of such option trading caused by a limit move in the underlying commodity futures contract. Customer has been advised of the commissions and fees associated with trading options.
对于现金商品或期货合同(商品期权)期权的购买或出售,客户承认并了解购买和出售商品期货合同期权存在的风险,以及由于基础商品期货合同限制造成的期权交易风险。客户已经被告知期权交易相关的佣金和费用。
Customer is fully responsible for taking action to exercise an option contract. EXCHANGE shall not be required to take any action with respect to an option contract, including any action to exercise a valuable option prior to its expiration date, except upon express instructions from Customer. Customer agrees to instruct EXCHANGE as to the exercise and disposition of Commodity Options. Customer understands that the exchanges, boards of trade, markets and clearinghouses have established exercise cut-off times for the tender of exercise instructions and that Customer’s options will become worthless in the event that Customer does not deliver instructions by EXCHANGE’s established expiration times. Customer understands that EXCHANGE has established exercise cut-off times, which may be different from the times established by the exchanges, boards of trade, markets, and clearinghouses.
客户对于执行期权合同负有完全责任。除非客户明确指示,否则交易所不应当被要求就期权合同采取任何行为,包括在期权到期日之前执行有价期权。客户同意就执行和处理商品期权给予指示交易所。客户了解交易所、商会、市场和结算所已经确立了提出执行指示的截止时间,如果客户不在交易所确定的到期时间前发出任何指示,客户的期权将毫无价值。客户了解交易所已经确定了执行截至时间,该时间可能与交易所、商会、市场和结算所确定的时间不同。
Customer shall give EXCHANGE instructions for exercising Commodity Options not later than two hours prior to the close of trading in the underlying commodity or futures con tract on the day Customer intends to exercise a Commodity Option. Customer, by noon of the business day before the last day of trading of a Commodity Option, shall instruct EXCHANGE whether to liquidate, exercise, or abandon the Commodity Option. In the absence of timely instructions from Customer, EXCHANGE is authorized, at EXCHANGE’s absolute discretion, to exercise or liquidate all or any portion of the Commodity Options in Customer’s Account(s) for Customer’s Account(s) and at Customer’s risk.
客户如果打算执行一个商品期权,则应不迟于当日基础商品或期货合同交易收盘前两小时指示交易所执行商品期权。客户在一个商品期权交易最后一天前的一个工作日中午之前,应当指示交易所清算、执行或放弃该商品期权。如果客户没有及时做出指示,交易所有权根据其判断,为客户账户执行或清算全部或任何部分的商品期权,所有风险均由客户承担。
Customer hereby agrees to waive any and all claims for damage or loss that Customer might have against EXCHANGE arising out of the fact that an option was not exercised.
客户特此同意放弃任何及所有就某一期权未能执行而产生的损失向交易所索赔的权利。
6. ONLINE ORDER ENTRY SYSTEM 在线订单录入系统
EXCHANGE offers the service of an online order entry system, which allows Customer to trade with EXCHANGE online via the Internet utilizing BESTDirect. ,a division of EXCHANGE, as well as all other approved online order entry systems. Although numerous features have been designed into BESTDirect. and the other approved systems to prevent system failure, as with all electronic systems, service could be interrupted. Should the system be interrupted, depending on the type of failure, it may not be possible for Customer to access the system to enter new orders, modify existing orders, or cancel previously entered but not yet filled orders. System or component failure
may also result in loss of orders or order priority.
交易所提供在线订单录入系统服务,客户可以通过互联网,利用交易所的BESTDirect. 在线与交易所进行交易。尽管BESTDirect. 的许多功能设计用于防止系统故障,(例如电子系统),但服务仍有可能中断。如果系统中断,根据故障类型,客户可能无法访问系统录入新订单、修改现有订单或取消之前录入但尚未执行的订单。系统或系统组件故障还可能导致订单或订单优先级别丢失。
EXCHANGE does not guarantee that any order placed through this system will be filled or acted on. EXCHANGE reserves the right to refuse any order for any reason. Customer is solely responsible for confirming Customers own orders. Should Customer fail to receive electronic confirmation as to the placement of an order, Customer agrees to
verify the status of such order independently by contacting EXCHANGE telephonically to confirm whether such order has been received. Any order so received by EXCHANGE will be deemed to have been placed by Customer at the time received by EXCHANGE and in the form EXCHANGE receives such order. Customer further agrees that all orders
placed through BEST Direct are placed at Customers sole risk.
交易所并不保证通过此系统下发的任何订单都将会被录入或执行。交易所保留无任何理由拒绝任何订单的权利。客户对于确认自己的订单负有完全责任。如果客户未收到任何电子形式的订单确认,客户同意将自行电话联系交易所确认是否已经收到订单,以此种方式自确认订单的状态。交易所以此种方式收到的任何订单都将被认为是在交易所收到之时由客户以交易所收到的形式下发。客户进一步同意:通过BEST Direct下发的所有订单的相关风险均有其自身承担。
(a) Minimum Equity Requirement. Customer acknowledges that should the equity in Customers Account fall below $500, Customers access to place trades through BEST Direct will be suspended until such time as the equity in Customers Account shall again equal or exceed $500.
最低资产要求。客户承认如果客户账户的资产低于$500,则在客户账户资产重新等于或大于$500之前,客户将暂时无法通过BEST Direct下发交易要求。
(b) Access Number. Customer agrees to be responsible for all orders entered through and under Customers access number(s) and account number(s). Customer agrees to immediately notify EXCHANGE in the event of any loss, theft, or unauthorized use of Customers access number(s), pass-word(s), and/or account number(s) or any incorrect
information contained in any repor t Customer received concerning Customers Account.
访问号。客户同意对所有通过客户的访问号和以客户访问号录入的订单负责。客户同意:如果客户访问号、密码和/或帐号出现任何丢失、失窃、未经授权使用,或者客户收到的有关其客户账户的任何报告中包含任何错误信息,客户将立即通知交易所。
(c) Restricted Account. EXCHANGE reserves, in its sole discretion, the right to restrict, terminate and/or suspend Customers access to BEST Direct. Customer acknowledges that if EXCHANGE places a restriction on Customers Account, Customer will not be able to use BEST Direct online trading function. Customer agrees to hold EXCHANGE
harmless for any and all claims, losses, liability, costs and expenses (including but not limited to attorneys fees) arising from EXCHANGEs restriction of Customers access to BEST Direct. EXCHANGE reserves, in its sole discretion, the right to terminate Customers access to BEST Direct without notice for any reason, including but not limited to unauthorized use of Customers access number(s), and/or account number(s), or breach of this Agreement.
受限账户。交易所保留依其判断,限制、终止和/或暂停客户访问BEST Direct的权利。客户承认如果交易所对客户账户进行限制,客户将不能使用BEST Direct的在线交易功能。客户同意:EXCHANGE将不受因对客户访问BEST Direct进行限制而产生的任何及所有索赔、损失、责任、成本和花费(包括但不仅限于律师费用)的损害。交易所保留依其判断终止客户访问BEST Direct的权利,并且无需通知客户任何理由,包括但不仅限于未经授权使用客户访问号和/或账号,或者违反本协议。
7. CURRENCY FOREX TRADING 货币外汇交易
Foreign currency transactions (hereinafter referred to as “Currency Forex”) are traded on the “interbank” system, and not on regulated exchanges like commodities. The interbank system consists of counterparties that exchange currency positions with each other. A counterparty may be, but need not be, a bank. For purposes of Currency
Forex trading, Daily Cutoff shall mean the time selected each Business Day by EXCHANGE after which any Transaction entered into will be considered to have as its trade date the next Business Day. The Daily Cutoff will occur at a time selected solely by EXCHANGE and may vary from day to day. Business Day shall mean, with respect to the United States, any day on which banks are open for business (other than a Saturday or Sunday) in New York City, and with respect to any other country other than the United States, any day on which banks are open for business (other than a Saturday or Sunday) in the principal financial center of the relevant country.
外币交易(以下称为“货币外汇”)在“内部银行”系统中交易,而并非像商品一样在受管理的交易所交易。内部银行系统由相互交换货币头寸的各交易方组成。各交易方可以是银行,也可以为非银行。出于货币外汇交易的目的,每日截止期应当指每一工作日内A交易所选定的时间,在此截止期之后登录的任何交易的交易日都将被认为在下一工作日。每日截止期将为交易所独立选定的时间,并且可能每天均有所不同。就美国而言,工作日应当指在纽约,银行营业的任何一天(非周六或周日);而就美国之外任何其他国家而言,工作日应当指在该国主要金融中心,银行营业的任何一天(非周六或周日)。
Capacity. EXCHANGE shall act as a principal and is the counterparty in each Currency Forex contract or transaction with Customer. Customer acknowledges, understands and agrees that EXCHANGE is not acting as a broker, intermediary, agent, advisor or in any fiduciary capacity to Customer in Currency Forex transactions.
(a) 身份。交易所应当作为委托人行事,并且在每一货币外汇合同或与客户的交易中作为交易方。客户承认、了解并同意交易所并未作为客户的经纪人、中间人、代理、顾问或以任何信托人身份在货币外汇交易中执行《客户协议》。
(b) Prices and Valuations for Currency Forex. Prices and valuations for Currency Forex are set by EXCHANGE and may be different from prices reported elsewhere. EXCHANGE will provide prices to be used in trading, valuations of Customer positions and determination of margin requirements. Although EXCHANGE expects that these prices will
be reasonably related to prices available in the interbank market, prices reported by EXCHANGE may vary from prices available to banks and other counterparties in what is known as the interbank market.
货币外汇的价格和估价。货币外汇的价格和估价由交易所规定,并且可能会与其他地方报告的价格或估价不同。交易所会提供将在交易中使用的价格、客户交易量估价以及确定保证金要求。尽管交易所期望这些价格与内部银行市场上的价格有合理联系,但交易所所报价格可能与银行和内部银行市场上其他订约方的价格不同。
(c) Settlement Date and Rollovers. With respect to purchases or sales of foreign currencies, Customer agrees to instruct EXCHANGE as to the offset or rollover of a foreign currency position. Except as provided here in, during the term of the Currency Forex position, Customer shall give EXCHANGE instructions for rolling the Currency Forex position not later than two hours prior to the settlement of trading in the relevant foreign currency on the day Customer intends to roll over that foreign currency position. In addition, Customer, by noon of the business day before the settlement day of the contract of the Currency Forex contract, shall instruct EXCHANGE whether to deliver, offset or roll over the Currency Forex position. In the absence of timely instructions from Customer, EXCHANGE is authorized, at EXCHANGE’s sole and absolute discretion, to deliver, roll over or offset all or any portion of the
Currency Forex positions in the Customer ‘s Account and at Customer’s risk. Customer shall be charged separate commissions, at EXCHANGE’s commission rates in effect from time to time, upon the rollover or off set of a Currency Forex position.
(c) 结算日和展期。进行外币购买和出售时,客户同意就外币头寸的冲销和展期给予交易所指示。除非在本协议中外汇货币头寸条款中有所规定,否则客户应当在其打算将外汇货币展期当日,有关货币交易结算前至少两小时指示交易所对外汇货币头寸进行展期。此外,客户在外汇货币合同结算日前一个工作日中午之前,应当指示交易所将外汇货币头寸进行交割、冲销或展期。如果客户未能及时指示EXCHANGE有权依其判断将客户账户中的全部或任何一部分外汇货币头寸进行交割、冲销或展期,所有由此产生的风险均有客户承担。外汇头寸进行展期或冲销后,交易所将按照其当时实行的佣金费率,向客户另收取佣金。
(d) Settlement Date Offset Instructions. Offset instructions on open Currency Forex positions must be given to EXCHANGE at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents to make delivery must be in the possession of EXCHANGE within the time frame set forth above. If no instructions, funds or documents are received by EXCHANGE, then EXCHANGE may, without additional notice to Customer and in EXCHANGE’s sole discretion, take one or a combination of the following actions: offset Customer’s position, roll Customer’s positions into the next settlement time period, make or receive deliver y on behalf of Customer upon such terms and by such methods deemed reasonable by EXCHANGE in its sole discretion.
结算日锁仓指示。客户必须在结算日或有价日之前至少一个工作日前给予交易所冲销外汇货币未了结头寸的指示;或者在上述时限内,客户必须提供给交易所用于交割的足够资金或进行交割的必要文件。如果交易所未收到任何指示、资金或文件,交易所可以无需另行通知客户,依自己判断采取下列一项或多项措施:冲销客户的头寸、将客户的头寸展期至下一结算期、按其认为合理的方式代表客户执行交割手续。
(e) ) Delivery. Delivery of foreign currency shall be made to the bank specified by the purchaser in a major city in the country in which the foreign currency is the legal tender. Unless otherwise agreed to by EXCHANGE and the Customer in writing, the foreign currency shall be deliverable by cable or wire transfer. All payments to be made in U.S. Dollars shall be made by wire transfer of immediately available funds to a bank in a major U.S. city specified by the purchaser. EXCHANGE will not be responsible for delays or failures in the delivery of any foreign currency within the time specified for the delivery thereof to the extent the failure is caused by a breakdown of communication facilities or by any other cause beyond EXCHANGE’s reasonable control. EXCHANGE may require payment of amounts due to EXCHANGE from Customer on any day to occur simultaneously with or prior to payment of amounts due from EXCHANGE to Customer on that day. EXCHANGE and the Customer shall exchange, make use of, and periodically update and confirm standing payment instructions.
交割。外币交割必须在买方规定的国家主要城市内的银行进行,并且在该国内,该外币为法币。除非交易所和客户另有书面协议,则应当通过电汇进行交割。所有用美元支付的款项都应当采用立即可提取资金的形式以电汇的方式汇入买方规定的美国主要城市的银行。对于在规定交割时间内任何外币的交割延迟或失败,如果是由于通讯设备故障或交易所合理控制之外原因造成,交易所将不承担任何责任。交易所可以要求客户在交易所应付客户款项到期当日或之前将其应付给交易所的款项付清。EXCHANGE和客户应当相互交换、利用、定期更新和确认到期付款指示。
(f) Offsetting Transactions. Whenever there may exist in or between any of the Customer’s Accounts two or more open and opposite transactions, EXCHANGE may, in its sole discretion, elect to treat the transactions as a single transaction and upon the value date of the transactions, the net difference between the amounts payable under the transactions, and/or the net difference between the amounts deliverable thereunder, shall be paid to and/or delivered by EXCHANGE, as the case may be.
抵消交易。无论何时,只要任何客户账户或任何客户账户之间存在着两个或两个以上未了结交易或相反交易,则交易所可以依其判断,选择在交易结算日将交易作为单笔交易处理,交易应付净差额和/或应交割净差额应当支付和/或交割给交易所。
(g) Separate Transactions. Each Currency Forex transaction is a separate transaction, even though more than one such transaction may be included on a single confirmation.
单独交易。每一笔货币外汇交易都为单独一笔交易,即使每次确认包括一笔以上此种交易也是如此。
8. COLLATERAL 抵押金
All funds, securities, commodities, commodity futures contracts, commodity option contracts, and other property of Customer which EXCHANGE or its affiliates may at any time be carrying for Customer (either individually, jointly with others, or as a guarantor of the account of any other person), or which may at any time be in EXCHANGEs
possession, control, or carried on EXCHANGEs books for any purpose, including safekeeping, are to be held by EXCHANGE as security and subject to a general lien and right of setoff against liabilities of Customer to EXCHANGE whether or not EXCHANGE has made advances in connection with such securities, commodities or other property, and irrespective of the number of accounts Customer may have with EXCHANGE. At any time, EXCHANGE may in its discretion, with or without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customers Accounts. Additionally, Customer hereby grants to EXCHANGE the right to pledge, re-
pledge, hypothecate, sell or purchase, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, as securities or other property of Customer held by EXCHANGE as margin or security. The value of any such collateral shall be determined by EXCHANGE in its sole discretion and based upon what
EXCHANGE would receive if EXCHANGE sold the relevant collateral for immediate delivery. EXCHANGE shall at no time be required to deliver to Customer the identical property delivered to or purchased by EXCHANGE for any account of Customer. The Customer agrees to maintain at all times with EXCHANGE collateral in such form and in such amount as EXCHANGE may from time to time request orally or in writing. In all cases, collateral shall be deemed received by EXCHANGE when such collateral is actually received by EXCHANGE. The rights of EXCHANGE are subject to the applicable requirements for the segregation of Customer funds and property under the Commodity Exchange Act, as amended (the “Act”).
交易所或其分支机构在任何时候为客户代理(单独或与他人共同,或者作为任何其他人帐户的担保人)的或者交易所在任何时候持有、控制或出于任何目的在交易所帐面上的所有客户资金、证券、商品、商品期货合同、商品期权合同以及其他资产,包括交易所为客户保管的所有客户资金、证券、商品、商品期货合同、商品期权合同以及其他财产,交易所都可作为保证金持有,可以行使留置权,并且有权用于抵消客户所欠交易所债务;而无论EXCHANGE是否已经支付了有关证券、商品或其他财产的预付款,也不论客户在EXCHANGE拥有多少个账户,交易所可以随时依其判断,在通知或不通知客户的情况下,将客户的全部或任何资金或其他资产使用和/或在任何客户账户间划拨。此外,客户特此授权交易所将后者持有作为保证金的上述资金或财产单独或与其他客户的财产一起,进行抵押、再次抵押、担保、出售或购买、投资或借出给作为经纪人的交易所或者其他人。任何上述抵押财产的价值都由交易所依其判断并且依据如交易所将其出售进行直接交割所获收入而确定。任何时候,客户无论出于任何理由,都不应要求交易所将已经交割给交易所或交易所已经购买的同一资产再交割给客户。客户同意与交易所之间总是保持EXCHANGE口头或书面要求形式和数额的抵押金。在任何情况下,交易所实际收到抵押金后,应当被认为已经收到抵押金。交易所的上述权利符合《商品交易法》或其修订后版本有关客户资金和财产独立的适用要求。
9. LENDING AGREEMENT借款协议
The purpose of the Lending Agreement is to allow EXCHANGE to use warehouse receipts (representing delivery) as collateral. Should Customer take delivery of commodities through futures contracts, EXCHANGE is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Customers Account is not adequate to pay for the delivery, the warehouse receipts become property carried on margin in the Customers Account, since the commodity is not fully paid for by Customer. The Lending Agreement allows EXCHANGE to use the warehouse receipt as collateral for a bank loan, the proceeds of which are used to pay for the warehouse receipts until re-delivery of the commodity and/or payment in full by Customer. Should Customer intend to take delivery of the underlying commodity covered by any futures contract, EXCHANGE requires the Customer to sign the Lending Agreement so it may use the commodities, property, warehouse receipts or evidence of ownership thereof, as collateral for a bank loan, the proceeds of which may be used to pay for the commodities, or evidence of ownership thereof, until payment in full, including interest, is made by Customer. This authorization shall apply to all accounts carried by EXCHANGE for Customer and shall remain in full force until all accounts are fully paid for by Customer or
until notice of revocation is sent by EXCHANGE from EXCHANGEs principal place of business.
《借款协议》的目的是使交易所使用仓库收据(代表交割)作为抵押。如果客户通过期货合同进行商品交割,交易所有义务在收到通知24小时内为交割付款。如果客户账户的余额不足以支付交割,因为客户并没有为全部商品付款,仓库收据就成为客户账户中的保证金资产。《借款协议》使交易所可以将仓库收据作为抵押,向银行借款,借来的款项用于支付仓库收据,直到商品重新交割和/或客户付清全部款项。如果客户打算对任何期货合同的基础商品进行交割,交易所会要求客户签署一份《借款协议》,这样交易所就可以使用商品、资产、仓库收据或所有权证明作为抵押向银行借款,借来的款项可以用来支付商品或商品所有权证明,直到客户付清全部款项,包括利息。此项授权应当适用于交易所为客户设立的所有帐户,并且在客户付清所有账户前或交易所从其主要营业地发送撤消通知前一直具有完全效力。
10. LIQUIDATION OF ACCOUNTS清算账户
In the event of
(a) the death or judicial declaration of incompetence of Customer;
(b) the filing of a petition in bankruptcy, a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer;
(c) the filing of an attachment against any of Customers Accounts carried by EXCHANGE; (d) Customers failure to maintain sufficient margin; or
(e) EXCHANGEs determination, regardless of current market quotations, that any collateral deposited to protect one or more accounts of Customer is inadequate to secure the
account;
(f) Customers failure to provide EXCHANGE any information requested pursuant to this Agreement;
(g) Customers failure to pay any amount due to EXCHANGE; or
(h) any other circumstances or developments that
EXCHANGE deems appropriate for its protection, EXCHANGE, in its sole discretion, may take one or more, or any portion of the following actions:
(1) satisfy any obligation Customer may have to EXCHANGE either directly or by way of guaranty or suretyship out of any of Customers funds or property in EXCHANGEs custody or control;
(2) liquidate Customers positions by offsetting any or all commodity futures contracts, futures options, commodities, securities, or securities options held or carried for Customer; and/or
(3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer.
Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customers personal representatives, heirs, executors, administrators, trustees, legatees, or assigns, and regardless of whether the ownership interest shall be solely Customers or held jointly with others. In liquidation of Customers positions, EXCHANGE may, in its sole discretion, offset in the same contract month or it may initiate new long or short positions in order to establish a spread or straddle which in EXCHANGEs sole judgment may be advisable to protect or reduce existing positions in Customers Account. According to EXCHANGEs sole judgment and discretion, any sales or purchases hereunder may be made on any exchange or other markets where such business is then usually transacted or at a public auction or private sale, and EXCHANGE may purchase the whole or any part thereof free from any right of redemption.
当下列事项发生时
(a)客户死亡或被法院宣布无适当行为能力;
(b)客户向法院申请破产,申请认命接
收人或组织任何针对客户的破产或类似程序;
(c)交易所开设的任何客户帐户被法院扣押;
(d)客户未能保有足够的保证金;
(e)不论当前市场报价如何,交易所认定存于账户中用于保护一个或多个客户账户的任何抵押金不足以保护账户的安全;(
f)客户没有按本协议的规定提供交易所要求的任何信息;
(g) 客户没有向交易所支付任何到期款项;(h) 出现交易所认为应当进行保护的任何其他情况或局面;交易所依其判断,可以采取下列之一或多项措施:
(1)直接或者通过将客户在交易所处保管或由交易所控制的客户资金或资产抵押或担保出去,履行客户对于交易所的任何义务;
(2)通过冲销为客户持有或保管的任何或全部商品期货合同、期货期权、商品、证券或证券期权清算客户头寸;以及/或
(3)取消任何未执行订单、合同或代表客户做出的任何其他承诺。无论所有权权益是否为客户独有还是与其他人共有,交易所都可以在没有保证金要求或额外保证金要求,以及没有事先给客户、客户的个人代表、继承人、执行人、管理者、受托人、受赠人或受让人购买或出售通知或者其他通知的情况下采取上述任何措施。清算客户的头寸时,交易所可以依其判断,在同一合同月内锁仓或者还可以开多头或空头头寸,以便获得依交易所判断可以保护客户账户或减少现有头寸的差额或买卖选择权的价差或跨式期权组合。根据交易所的判断,任何购买或出售都可以在其时此类交易通常所在的任何交易所或其他市场上进行,或者在公开拍卖或非公开出售中进行,并且交易所可以购买全部或任何部分,并且这些资产没
有赎买权。
11. PAYMENT OF DEFICIT BALANCES 差额补偿
Customer recognizes that EXCHANGE is financially liable to the clearing members through which EXCHANGE clears transactions for deficit balances occurring in Customers Accounts. Customer therefore agrees that Customer shall at all times be liable for the payment of any deficit balance occurring in Customers Account including any deficiency balance remaining in Customers Account(s) in the event of the liquidation thereof in whole or in part by EXCHANGE or by Customer. Customer agrees to hold EXCHANGE harmless, and indemnify and defend EXCHANGE from and against any and all losses sustained by EXCHANGE resulting from any deficit balances that may occur in Customers
Account. In the event the proceeds realized from liquidation of Customers Account are insufficient for the payment of all liabilities of Customer due to EXCHANGE, Customer shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at EXCHANGEs principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attor-neys fees, witness fees, travel expenses and the like. In the event EXCHANGE incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Customer, Customer also agrees to pay such expenses.
客户承认:交易所在财务上对于结算会员负有义务。交易所通过各结算会员对交易进行结算,计算客户账户中出现的差额。客户因此同意:客户应始终对发生在客户账户中的任何差额负有支付义务,包括交易所或客户进行全部或部分清算时客户账户中仍存在的差额。客户同意交易所不承担任何义务,并且免除、保护交易所不受任何和全部因客户账户中发生的任何差额而遭受的损失的损害。如果对客户账户进行清算,余额不足以支付客户所欠交易所的所有债务,客户接到要求后应当立即支付差额和所有未付款以及利息(交易所的关系银行最低贷款利率加三个百分点,或法律许可的最高利率,以两者较低的为准)和所有收款成本,包括律师费用、证人费用、差旅费等类似费用。对于交易所非因收取客户任何账户中的差额而产生的费用,客户也同意偿付。
12. DELIVERY MONTH LIQUIDATION INSTRUCTIONS 月清算指示
Liquidation instructions on open futures positions maturing in a current futures month must be given to EXCHANGE at least five (5) business days prior to the first notice day in the case of long positions, and at least seven (7) business days prior to the last trading day in the case of short positions. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in EXCHANGEs possession within the same periods described above. If instructions, funds or documents are not received, EXCHANGE may, without notice to Customer, either liquidate
Customers position or make delivery or receive delivery on Customers behalf on such terms, conditions and by such methods as EXCHANGE deems reasonable, in its sole discretion, and Customer agrees to remain liable for all costs, expenses or debit balances incurred in connection therewith.
对于当前期货月到期的未了结期货寸头,出现多头头寸时,必须在首个通知日前至少五个工作日给予交易所清算指示;出现空头头寸时,必须在最后一个交易日之前至少七个工作日通知交易所。或者在上述时间范围内必须提供给交易所足够的资金进行交割或者交割所必须的文件。如果交易所未收到任何指示、资金或文件,交易所可以无需另行通知客户,依自己判断,按其认为合理的方式,将客户的头寸清算、进行交割或代表客户执行交割手续。客户同意:对于所有相关成本、花费或差额,客户仍将负有义务。
13. CHARGES 收费
Customer agrees to pay such commission rates as EXCHANGE may from time to time charge, as well as all other costs and fees (including, without limitations, fees imposed by the National Futures Association, exchanges or other regulatory or self-regulatory organizations) arising out of EXCHANGEs provision of services hereunder. EXCHANGE
may change its commissions, charges, and/or fees without notice. Customer agrees to pay all such charges as they are incurred. Customer hereby authorizes EXCHANGE to withdraw the amount of any such charges from Customers Account(s). In the event Customer instructs EXCHANGE to transfer open positions, monies, and/or property
from Customers Account to another futures commission merchant, Customer agrees to pay a transfer fee, to be designated by EXCHANGE.
客户同意按照交易所规定的费率支付佣金以及所有其他因交易所提供服务而产生的成本和费用(包括但不仅限于美国期货协会、交易或其他管理或自律部门规定的限额和收取的费用)。交易所可以更改自己收取的佣金、收费和/或费用,而无须通知客户。客户同意支付交易所承担的所有上述花费。客户特此授权交易所可以从客户账户中支取上述任何费用。如果客户指示交易所从客户账户中划拨未了结寸头、款项和/或资产给另一期货经纪商,客户同意支付交易所规定的划拨费用。
Customer specifically agrees that, after any Account subject to this Agreement has been dormant for a period of three calendar months, as defined by the unclaimed property laws and regulations of the relevant jurisdiction(s) to which such Account is subject, such Account shall thereafter be subject to a monthly administration fee for each subsequent month during which such dormancy continues without interruption. Such monthly administration fee shall be equal to 1.75% of the liquidation value of such Account (rounded up to the nearest multiple of $10.00) or the maximum amount permitted by applicable law, whichever is less. Except as required by law, Customer shall not be entitled to a refund of any such monthly administration fee for any reason.
客户特别同意:如果本协议规定的任何账户在三个日历月内为静止状态,根据此类账户所受有关司法辖区有关无主张资产的法律和法规,此帐户在以后为连续静止状态的各月应当收取月管理费。该月管理费应当相当于此账户清算价值的1.75%(为$10.00的最小倍数),或者适用法律规定的最大额,以两者较少的为准。除非法律有所要求,否则客户无权以任何理由要求退还任何上述月管理费。
14. STATEMENTS AND CONFIRMATIONS 对帐单和确认函
Customer understands that Customer must carefully review the reports relating to Customers trading sent by EXCHANGE. Customer must review and report immediately errors on confirmations and statements. Failure to notify EXCHANGE immediately of any error or omission will bind Customer to the terms of such confirmation or statement,
as the case may be. All repor ts of execution shall be deemed final within twenty-four (24) hours and all statements of account will be deemed final within three (3) days, unless Customer objects to these repor ts within these periods of time to an executive officer of EXCHANGE at EXCHANGEs principal place of business.
客户了解:客户必须仔细阅读交易所发送来的有关客户交易的报告。客户必须阅读并立即报告确认函和对帐单中的错误。如果客户未能立即通知交易所任何错误或遗漏,则客户将必须遵守确认函和对帐单中的条款。所有执行报告在(24)小时之内都将被认为是最终执行报告,并且所有对帐单在(三)日内被认为是最终对帐单,除非客户在上述时间范围内向交易所主要营业地的执行官员提出反对意见。
Margin calls shall be conclusive and binding unless objected to immediately by telephone or by wire. Written objections on Customer’s part shall be directed to EXCHANGE’s Compliance Department at 311W.Monroe St., Suite 1300, Chicago, IL 60606 and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Customer’s failure to receive a trade confirmation or statement of accounts shall not relieve Customer of the obligation to object as set out herein. Failure to object to statements and confirmation shall be deemed ratification of all actions taken by EXCHANGE or EXCHANGE’s agents.
除非客户立即通过电话或电传提出异议,否则保证金要求为决定性要求,并且具有法律效力。客户的书面反对应当送至伊利诺州芝加哥市Monroe街311号交易所监察部(60606),并且只有通过实际送交或要求回执的挂号信函邮寄方可被认为受到。客户未收到交易确认函或对帐单并不能免除客户上述提出异议的义务。客户如未提出异议,则将被认为已经批准了交易所或其代理的全部行为。
Unless Customer indicated otherwise in Paragraph 19 of the Account Application, Customer hereby authorizes EXCHANGE to deliver correspondence and other communications including, but not limited to trade confirmations, daily statements, monthly statements, margin and maintenance calls, and other documents required to be delivered in connection with Customers account. Customer agrees that the sending by EXCHANGE of an e-mail to the e-mail address of record shall constitute good and effective delivery to Customer of the communication whether or not Customer actually access the communication. Customer may revoke his consent to electronic delivery of documents at any time upon written notice to EXCHANGE. It is the customer’s responsibility and obligation to notify EXCHANGE of any change of mailing and/or electronic address.
除非客户在账户申请第19段另有说明,否则客户特此授权交易所将通信和其他联络(包括但不仅限于交易确认函、日对帐单、月对帐单、保证金通知、维持保证金通知和其他要求递送的与客户账户有关的文件)。客户同意交易所发送电子邮件到记录的电子邮件地址,将构成已经正当有效地将通信联络发送给客户。客户可以随时书面通知交易所,不再同意采用电子形式发送文件。客户有责任和义务通知交易所有关邮件和/或电子邮件地址的变动信息。
Customer agrees that written statements shall supersede all electronic information and the written statements shall be controlling.
客户同意:书面对帐单将取代所有电子对帐单,并且应当以书面对帐单为准。
15. COMMUNICATIONS 通信
Reports, statements, notices and any other communications may be transmitted to Customer at the address given above or to such other address as Customer may from time to time designate in writing to EXCHANGE. All communications so sent, whether by mail, telegraph, messenger or when received by a transmitting agent, and deemed transmitted by EXCHANGE when deposited in the United States mail, or when received by a transmitting agent, and deemed delivered to Customer personally, whether actually received by Customer or not.
报告、报表、通知或其他通信将按照上述地址投送给客户,客户也可以随时给交易所写信,指定投送地址。以此方式进行的通信,不管是通过邮件、电报、邮递员或其他方式,只要委托给了美国邮政系统,或者被某个代理人接收,应被视为已由交易所发送,并且交到客户本人手中,不管客户是否真的收到。
EXCHANGE will not be responsible for delays in transmission of orders due to breakdown, excessive call volume or failure of transmission or communication systems or facilities, or for any other cause or causes beyond EXCHANGE’s reasonable control or anticipation.
对于因传输或通信系统或设施中断、繁忙或故障,以及任何超交易所控制或预计范围的原因造成的指令传输的延迟,交易所将不负责任。
16. DISCLAIMER OF WARRANTIES 免责声明
Neither EXCHANGE nor its agents make any representations or warranties to Customer, express or implied, with respect to the electronic order system, or the transmission, timeliness, accuracy or completeness thereof, including, without limitation, any implied warranties or any warranties of merchantability, quality or fitness for a particular purpose, and those arising by statute or other wise in law or from any course of dealing or usage.
交易所及其代理人都不会对客户就电子指令系统及其传输、及时性、准确性和完整性,做出任何明示或默示的陈述或保证,包括,且不限于,任何关于适销性,质量或者适合某一特定目标的默示或非默示的保证,以及那些来源于法令、法律或者交易及使用的任何阶段的保证。
17. LIMITATION OF LIABILITY 责任限制
Customer agrees that in no event will EXCHANGE be liable to Customer for the accuracy, interruption, delay, completeness, timeliness, or correct sequencing of the information received through Customer’s use of BESTDirect. or for any interruption of any data, information, or accessibility to BESTDirect.. Further, EXCHANGE shall not be held responsible for any delay or failure to provide BESTDirect. service, including the execution of any order. Under no circumstances shall EXCHANGE or its agents be liable for any indirect, incidental, special or consequential loss or damages, including loss of business or profits or goodwill, that result from Customer’s use, attempted use, or inability to use BESTDirect..
客户同意在任何情况下,交易所都不对客户通过使用BESTDirect. 接收的信息的准确性、中断、延迟、完整性、及时性和正确的排序负责,也不对任何数据、信息的中断和BESTDirect. 的可连接性负责。而且,交易所不应为提供BESTDirect.服务--包括执行任何指令--的任何延时或者失败负责。 不管在任何情况下,交易所及其代理人都不应该为客户因使用、试图使用或未能使用BESTDirect. 而导致的任何间接的、偶然的、特定的损失—包括业务或利润或声誉的损失负责。
18. EXTRAORDINARY EVENTS 非常事件
EXCHANGE shall not be liable for losses caused directly or indirectly by government restrictions, exchange or market actions, suspension of trading, war, strikes, or for delays in the trans mission of orders due to breakdown or failure of transmission or communication facilities, or as a result of any other causes beyond EXCHANGE’s control or anticipation.
交易所不应为因政府限制、交易所或市场行为、贸易中断、战争、罢工而直接或间接导致的损失负责,或为因传输或通信设施中断或故障,以及任何超出交易所控制或预计的其他原因导致的指令传输延迟负责。
Without limiting the generality of the foregoing, EXCHANGE shall not be liable for any loss, liability, expense, fine or tax caused directly or indirectly by any (i) governmental, judicial, exchange or other self-regulatory organization action or order, (ii) suspension or termination of trading,(iii) break down or failure of transmission or communication facilities, or (iv) failure or delay by any exchange to enforce its rules or to pay or return any amounts owed to EXCHANGE with respect to any transactions or contracts executed and/or cleared for Customer’s account(s)
with EXCHANGE. In no event shall EXCHANGE be liable for consequential, incidental or special damages.
在不限制上述各条款的普遍适用性的前提下,交易所不应该为任何因(i)政府、司法、交易所或其他自我管制组织的行为或命令,(ii)贸易的中止或中断,(iii)传输或通信设施的中断或故障,或者(iv)任何交易所未能或未能及时实施其制度,未能或未能及时支付或返还由于为客户的交易所帐户执行和/或清偿交易或合约而拖欠交易所的金额而直接或间接导致的任何损失、负债、支出、罚款或税务负责。在任何情况下,交易所都不应为间接的、偶然的或特定的损失负责。
19. CURRENCY FLUCTUATION RISK 币值波动风险
If Customer directs EXCHANGE to enter into any commodity futures or commodity option on futures contract and such transaction is to be effected in a foreign currency: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer ‘s Account and Customer’s risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as EXCHANGE may in its sole discretion require; and (c) EXCHANGE is authorized to convert funds in Customer’s Account into and from such
foreign currency at a rate of exchange on the basis of the then prevailing money market rates as determined by EXCHANGE in its sole discretion.
如果客户指示交易所进入任何商品期货或者期货合约的商品期权,并且此交易将以某种外汇实现:(a)任何影响此种货币的汇率波动带来的利润或损失将全部归客户的帐户,并全部由客户承担风险,(b)所有最初的和随后的出于保证金的目的存款应该为美元,金额完全根据交易所自己的判断作出要求,(c)交易所有权将客户帐户中的资金根据当时主要的货币市场的汇率兑换为此种货币或从此种货币兑换。以何种货币市场汇率为依据则完全由交易所的判断决定。
20. CUSTOMER’S ACKNOWLEDGEMENTS 客户确认
Customer acknowledges that investment in commodity futures contracts and commodity options on futures is speculative, involves a high degree of risk and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. Customer understands that because of the low margin normally required in commodity
futures trading, price changes in commodity futures contracts may result in significant losses, which losses may substantially exceed Customer’s investment and margin deposit. Customer warrants that Customer is willing and able, financially and other wise, to assume the risk of trading Commodities, and in consideration of EXCHANGE’s carrying Customer’s Account(s) Customer agrees not to hold EXCHANGE responsible for losses incurred through following EXCHANGE’s trading recommendations or suggestions or those of EXCHANGE’s employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible in commodity
trading. Customer acknowledges that Customer has received no such guarantees from EXCHANGE or from any of EXCHANGE’s representatives or any introducing broker or other entity with whom Customer is conducting business in Customer’s Account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar representations. Further Customer acknowledges that Customer has relied only on the terms and representations contained in this Agreement in formulating Customer’s decision to open an account with EXCHANGE.
客户确认投资于商品期货合约和期货的商品期权是投机性的,具有高风险性,只适合于那些能够承担超出他们保证金的损失风险的人。客户知道因为商品期货贸易要求的保证金通常比较低,商品期货合约中的价格变动可能会导致重大损失,这种损失可能会远远超过客户的投资和保证金。客户保证:在经济方面和其他方面,客户愿意而且能够承担交易商品的风险。由于交易所持有客户的帐户,客户同意不会因为遵循交易所及其雇员、代理人或代表的交易建议和意见而要求交易所为客户的损失负责。客户认识到在商品交易中,保证赚取利润或避免损失是不可能的。客户确认客户没有从交易所,或者任何交易所的代表,或者任何中介经纪人,或者客户与之在客户帐户中从事业务的其他实体那里得到任何这样的保证。客户不是因为出于此类保证或类似陈述的考虑或信赖此类保证或类似陈述而签定这份合约。另外,客户确认客户作出决定在交易所开帐户时,只依赖本合约中所包含的条款和陈述。
Customer acknowledges that Customer has been advised and understands the following factors concerning trading Commodities, in addition to those contained in the CFTC Required Risk Disclosure Statement and Disclosure Statement for Non-Cash Margin, that have been provided to Customer. Customer further acknowledges that the purchase or sale of a futures contract always anticipates the accepting or making of delivery.
客户确认客户已经得到建议,并理解下列关于交易商品、以及商品期货交易委员会(CFTC)的《必要的风险披露声明》和《非现金保证金披露声明》中包含的(这些已经提供给了客户)下列要素。客户还确认购买或出售一份期货合约总是期待着接受或作出财产移交。
EXCHANGE is not a member of the Securities Investor Protection Corporation (“SIPC”), therefore, Customer’s account is not entitled to SIPC protection. Customer acknowledges that Customer’s Accounts at EXCHANGE are neithersecurities accounts protected under SIPC nor bank accounts protected by the FDIC.
交易所不是证券投资者保护公司(SIPC)的成员,因此客户的帐户不受SIPC的保护。客户确认客户在交易所的帐户及不是受SIPC保护的证券帐户也不是受联邦存款保险公司(FDIC)保护的银行帐户。
Customer acknowledges that the accuracy, completeness, timeliness, and correct sequencing of the real-time information concerning Customer’s trading and account activity, the quotes, market news, charts, trading analysis and strategies are not guaranteed by EXCHANGE or EXCHANGE’s information providers. Customer understands that
some of the information available through BEST Direct may be supplied by various independent sources. While EXCHANGE believes that these independent sources are reliable, EXCHANGE does not guarantee the accuracy, completeness, timeliness, non-interruption, or sequencing of any information supplied. Further, the information provided may be the property of the party who sup plies such and may be protected by copyright; therefore, any reproduction, transmittal, dissemination or distribution of the information in any form or manner is prohibited without the express written consent of EXCHANGE.
客户确认交易所或交易所的信息供应商不保证有关客户交易和帐户活动、报价、市场新闻、图表、交易分析和策略的实时信息的准确性、完整性、及时性和正确排序客户知道通过BEST Direct获得的一些信息可能由各种独立的来源提供。 尽管交易所相信这些独立来源是可靠的,但是交易所不保证任何提供的信息的准确性、完整性、及时性、不中断性或者排序。另外,所提供的信息可能是提供方的财产而受到版权的保护。因此,没有交易所明确的书面同意,禁止对这些信息以任何方式进行复制、传输、传播和分发。
Customer further acknowledges that from time to time, and for any reason BESTDirect. may not be operational or otherwise available for Customer’s use due to servicing, hard ware malfunction, software defect, service or transmission interruption or other cause, and Customer agrees to hold EXCHANGE and its agents harmless from liability or any damage which results from the unavailability of BESTDirect.. Customer acknowledges that Customer has alternative arrangements, which will remain in place for the transmission and/or execution of Customer’s orders, by telephone, facsimile transmission or otherwise, in the event, for any reason, circumstances prevent the transmission and/or execution of all, or any portion of, Customer’s orders through BESTDirect.. In the event that BESTDirect. is not operational, Customer agrees to contact Customer’s broker at EXCHANGE to make alternative order entry arrangements.
客户还确认有时,因为某种原因,BEST Direct可能会因为服务、硬件故障、软件缺陷、服务或传输的中断等原因不能工作,或者客户无法使用,客户同意免于使EXCHANGE及其代理人因BESTDirect.无法使用而承担法律责任。客户确认当由于某种原因,客观情况不允许通过BESTDirect. 传输和/或执行全部或部分客户指令时,客户在利用电话、传真或其他方式传输和/或执行客户指令方面有多种安排。在BESTDirect. 不能工作的情况下,客户同意与EXCHANGE的客户经纪人联系,进行其他指令进入安排。
Customer further acknowledges that there is risk associated with Currency Forex trading. If trading liquidity decreases, trading in a certain foreign currency may cease, thereby pre venting the liquidation of an adverse position, which may result in a substantial financial loss. Additionally, there are no guarantees to the credit worthiness of the counterparty 交易所 utilizes for Customer’s Currency Forex position. If Customer directs 交易所 to enter into any Currency Forex contract: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s Account and Customer’s risk; and (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as 交易所 may, in its sole discretion, require.
另外,客户确认货币汇率交易有风险。如果交易流动性降低的话,某种外汇的交易可能减少,从而防止将不利的头寸清算,这可能会导致重大的经济损失。另外,对于EXCHANGE为客户的货币外汇头寸使用的对手的信誉度不会做出任何保证。如果客户指示EXCHANGE处理某货币外汇合约:(a)任何影响此种货币的汇率波动带来的利润或损失将全部归客户的帐户,并全部由客户承担风险,(b)所有最初的和随后的出于保证金的目的存款应该为美元,金额完全根据EXCHANGE自己的判断作出要求。
If Customer trades through the Forex market, Customer may not be afforded certainty of the protective measures provided by any domestic futures exchange, including the right to arbitrate Customers dispute with the counterparty. For additional risk factors associated with Currency Forex, Customer should refer to the Currency Forex Risk Disclosure Statement, a copy of which has been provided to Customer.
如果客户通过外汇市场交易,客户不一定能得到国内期货交易所提供的保护措施,包括仲裁客户与其对手之间争端的权利。对于货币外汇的其他风险因素,客户应该参阅《货币外汇风险披露声明》,我们已经向客户提供了一个副本。
If Customers Account is introduced by an IB or by a CTA, it is being carried on EXCHANGEs books on a “fully disclosed basis.” Customer understands that EXCHANGE is employed to perform certain bookkeeping and operational functions with regard to Customers Account. Customer understands that EXCHANGE is responsible for executing and confirming transactions effected for Customers Account; segregating funds in accordance with the rules and regulations promulgated by the CFTC; margining Customers Account and collecting funds on Customers behalf by means of checks payable to EXCHANGE only. Customer agrees to indemnify EXCHANGE and hold harmless EXCHANGE
from and against all damages or liability arising from the conduct of Customers IB or CTA.
如果客户帐户是由某中介经纪人(IB)或者商品交易顾问(CTA)介绍的,它在EXCHANGE的簿册里在“完全披露的基础上”持有。客户知道交易所受雇实施某种与客户帐户相关的簿记和操作功能。客户知道交易所负责实施和确认客户帐户进行的交易,按照商品期货交易委员会(CFTC)发布的规章制度分离资金,通过只可向交易所支付的支票代表客户为客户帐户添加保证金和收款。客户同意对于因客户的中介经纪人(IB)或者商品交易顾问(CTA)的行为导致的损失和负债对交易所进行赔偿,或使交易所免于法律责任。
21. TRADING RECOMMENDATIONS 交易建议
Customer acknowledges that (i) any market recommendations and information communicated by EXCHANGE does not constitute an offer to sell or the solicitation of an offer to buy any commodity or commodity futures contract or options on futures contract; (ii) such recommendation and information, although based upon information obtained from sources believed by EXCHANGE to be reliable, may be based solely on a bro-ker’s opinion and that such information may be incomplete and may be unverified; and (iii) EXCHANGE makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading
recommendation furnished to Customer. The market recommendations of EXCHANGE are based solely on the judgment of EXCHANGE’s personnel. These market recommendations may or may not be consistent with the market position or intentions of EXCHANGE, EXCHANGE’s affiliates and employees.
客户确认(i)交易所传送的任何市场建议和信息不构成出售任何商品或商品期货合约或期货合约期权的要约,或购买任何商品或商品期货合约或期货合约期权的要约邀请。(ii)此类建议和信息尽管是建立在从交易所信任的来源得到的信息的基础上,但可能只是某个经纪人的个人意见,此类信息可能是不完整的或未经验证的,(iii)交易所对向客户提供的任何信息和交易建议的准确性或完整性不作任何陈述、保证或担保,也不对此负责。交易所的市场建议完全建立在交易所人员判断的基础上。
Customer acknowledges that EXCHANGE and/or EXCHANGE’s officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell commodities, commodity futures contracts or commodity options which are the subject of market recommendations furnished to Customer, and that the market
position of EXCHANGE or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by EXCHANGE. Customer acknowledges that EXCHANGE makes no representations concerning the tax implications or treatment of contracts.
这些市场建议可能与交易所,交易所分支机构和雇员的市场头寸或意向一致,也可能不一致。客户确认:对于提供给客户的市场建议中提到的商品、商品期货合约或者商品期权,交易所和/或交易所的官员、经理、分支机构、合作者、持股人或者代理人可能会持有头寸,或有意向买入或卖出,交易所或任何此类官员、经理、分支机构、合作者、持股人或代理人的市场头寸可能与交易所提供给客户的市场建议并不一致。客户确认交易所不做出任何关于税收影响或合约处理陈述。
22. TRADING AGENTS 交易代理人
Customer acknowledges that should Customer grant trading authority or control over Customers Account to a third-party (“Trading Agent”), whether on a discretionary or non-discre-tionary basis, EXCHANGE shall in no way be responsible for reviewing Customers choice of such Trading Agent nor making any recommendations with respect
thereto. Customer understands that EXCHANGE makes no warranties or representations concerning any Trading Agent; nor does EXCHANGE by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. Customer agrees that EXCHANGE shall not be held responsible for any loss to Customer occasioned by the actions of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over its accounts, Customer understands that Customer does so at Customers own risk.
客户确认如果客户授权第三方(交易代理人)对客户帐户进行交易和控制,不管是否是由客户的自由意志决定的,交易所都没有责任调查客户对交易代理人的选择,或是对此做出任何建议。客户知道交易所不就交易代理人作出任何保证或陈述,交易所也不易暗示或其他方式认可或者认同交易代理人的操作方法。客户同意交易所不应对交易代理人的行为导致的客户的任何损失负责。如果客户授权交易代理人对其账户行使权利,客户知道自己应该承担相应的风险。
Customer understands that EXCHANGE does not permit its Account Executives to either exercise discretion or manage an account, or hold a power of attorney over an account, unless approved by an executive officer of EXCHANGE and only after proper documentation has been submitted and approved by EXCHANGE. If Customer’s Account is not being traded with Customer’s authorization, Customer must notify EXCHANGE’s Compliance Officer
immediately.
客户知道交易所不允许其帐户执行人进行判断或者管理账户,或者对某一帐户持有委任书,除非得到交易所的一位执行官的认可,并且必须在提交正确的文件并得到交易所批准之后。如果客户的账户的交易没有得到客户的授权,客户必须立即通知交易所的监察官。
23. CUSTOMER REPRESENTATIONS AND WARRANTIES 客户阐明和保证
Customer represents and warrants that: (a) Customer is of sound mind, legal age and legal competence; (b) no person other than Customer has or will have an interest in Customer’s Account(s); (c) regardless of any subsequent determination to the contrary Customer is suitable to trade Commodities; and, (d) Customer is not now an employee
of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange or a firm registered on any exchange, or any bank, trust, or insurance company; and in the event that Customer becomes so employed, Customer will promptly notify EXCHANGE at its home office in writing of such
employment; and, (e) all the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Customer will notify EXCHANGE promptly of any changes in such information.
客户阐明和保证:(a)客户心智健康,达到法定年龄,具有完全民事行为能力,(b)除了客户本人,没有其他人对客户的账户有兴趣,或以后将有兴趣,(c)不管以后会有什么相反的决定,客户目前适合做商品交易,(d)客户目前不是以下任何机构的雇员:交易所、任何交易所持有大多数资本股票的任何公司、任何交易所的任何会员或者在任何交易所注册的公司、任何银行、信托或保险公司;如果客户成为以上机构的雇员,客户将尽快写信通知交易所总部受雇于此类机构的情况,(e)本手册信息部分提供的所有信息迄今为止都是真实的、准确的和完整的,一旦这些信息发生变化,客户将及时通知交易所。
24. DISCLOSURE OF FINANCIAL INFORMATION 金融信息的披露
Customer represents and warrants that the financial information disclosed to EXCHANGE in this document is an accurate representation of Customers current financial condition. Further, Customer represents and warrants that in determining:
客户阐明并保证本文件中向交易所披露的金融信息是客户当前金融状况的准确报告。另外,客户阐明并且保证在决定下列各项时:
(a) Customers Net Worth: Assets and Liabilities were carefully calculated then Liabilities were subtracted from Assets to determine Customers Net Worth;
客户的资本净值:资产和负债都经过仔细核算,然后将负债从资产中减去,以决定客户的资本净值
(b) Value of Assets: Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable Assets;
资产价值:客户的资产价值包括了现金和/或现金等价物,美国政府和可出售有价证券,所拥有的房地产(包括主要住宅),人寿保险和其他贵重资产的现金价值;
(c) Value of Liabilities: Customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages (excluding primary residence) and other debts;
负债价值:客户的负债价值包括了对银行的应付票据(担保的和未担保的),对亲属的应付票据,房地产抵押(不包括主要住宅)和其他债务;
(d) Customers Liquid Assets: Customer included only those Assets that can be quickly, (within one days time) converted to Cash.
客户的流动资产客户的流动资产仅仅包括了那些可以迅速(一天以内)转化为现金的资产。
Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Assets that Customer considers being Risk Capital. Customer recognizes that Risk Capital is the amount of money Customer is willing to put at risk and if lost would not, in any way, change Customers life style. Customer agrees to immediately inform EXCHANGE if Customers financial condition changes in such a way that reduces Customers Net Worth, Liquid Assets and/or Risk Capital.
客户阐明和保证:客户已经非常谨慎的考虑了客户资产中其认为是风险资本的部分。客户认识到风险资本是指:客户愿意将某一金额的金钱置于风险之下,如果失去了,无论如何不会改变客户的生活方式。客户同意,如果客户金融状况的变化减少了客户的资本净值、流动资产和/或风险资本,客户将立即通知交易所。
Customer authorizes EXCHANGE or EXCHANGE’s agents to investigate Customers credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as EXCHANGE shall deem appropriate to verify information regarding Customer. Customer further authorizes EXCHANGE to investigate Customers current and past investment activity and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, and compliance data centers, as EXCHANGE shall deem appropriate. Upon reasonable request made in writing by Customer to EXCHANGE, Customer shall be allowed to review any records maintained by EXCHANGE
relating to Customers credit standing. At Customers sole cost and expense Customer also shall be allowed to copy such records.
客户授权交易所或者交易所的代理人调查客户的信誉,并为此与银行、金融机构和征信所联系,因为交易所认为有必要核实关于客户的信息。客户还授权EXCHANGE调查客户当前和过去的投资行为,并为此联系交易所认为适当的期货佣金商、交易所、经纪人/经销商和监察数据中心。根据客户写给交易所的合理的书面请求,客户应被允许查阅交易所持有的关于客户信誉的任何记录。客户还应被允许复制这些记录,相关成本和费用由客户自己承担。
EXCHANGE has adopted policies and procedures for the protection of Customers confidential personal information from unauthorized disclosure. EXCHANGE’s policies and procedures regarding such matters are reflected in the EXCHANGE Privacy Notice. EXCHANGEs Privacy Notice may also be obtained from EXCHANGE’s website at www.EXCHANGEbest.com.
交易所采取了保护客户秘密的个人信息不受非授权的披露的政策和程序。 关于此类事物的交易所的政策和程序在交易所的“隐私公告”中有所反映。在交易所网站:www.EXCHANGEbest.com也能得到交易所的“隐私公告”。
25. NO GUARANTEES 无担保
Customer acknowledges that Customer neither has any separate agreement nor shall enter into any separate agreement with Customer ‘s broker or any EXCHANGE employee or agent regarding the trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account. Customer understands
that Customer is under an obligation to notify EXCHANGE’s Compliance Officer immediately in writing as to any agreement of this type. Further, Customer understands that any representations made by anyone concerning Customer’s Account, which differ from any statements Customer receives from EXCHANGE must be brought immediately in writing to the attention of EXCHANGE’s Compliance Officer. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has dele gated discretion to another party by signing EXCHANGE’s limited trad ing authorization. Any disputed transactions must be brought to the attention of EXCHANGE’s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold EXCHANGE harmless from all damages or liabilities resulting from Customer’s failure to immediately notify EXCHANGE’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to EXCHANGE at EXCHANGE’s address appearing on confirmations and account statements.
客户确认:关于在客户账户内的交易,客户与客户的经纪人或者任何交易所的雇员或代理人之间没有任何单独的协议,也不会签署任何单独的协议,包括保证客户账户盈利或者有限损失的任何协议。客户知道,如果有此类协议的话,客户有义务立即书面通知交易所的监察官。而且,客户知道,任何人所作的关于客户账户的任何陈述,如果与客户从交易所收到的任何声明有异的话,必须立即以书面的形式交给交易所的监察官。客户知道客户必须在每一个交易之前授权此交易,除非客户已经通过签署交易所的有限交易授权把决定权委任何另一方。任何有异议的交易必须按照此客户协议的通知要求提请交易所监察官的注意。客户同意在上述任何情况下,对于因客户未能立即通知交易所监察官而导致的损失或者负债,客户将给交易所以赔偿,或使交易所免负法律责任。本款要求的所有通知应按照确认和账户声明上的交易所地址送至交易所。
26. JOINT ACCOUNTS联合账户
If this account is held by more than one (1) person, all of the joint holders are jointly and severally liable to EXCHANGE for any and all obligations arising out of transactions in the account and/or this Customer Agreement. Customer acknowledges that each tenant of a joint account has authority to: a) trade for the account, b) receive all correspondence and documents in respect to the account, c) receive or withdraw money, d) execute agreements relating to the account, and e) deal with EXCHANGE fully. EXCHANGE has the authority to require joint action by the parties of the Account in matters relating to the Account. EXCHANGE has control and possession of the security of the Account individually or jointly. If a death occurs to one or more of the tenants, the remaining tenants shall notify EXCHANGE in writing. For all expenses incurred by the Account, the Account shall be charged and all tenants
shall be jointly and individually responsible. Unless the Customer informs EXCHANGE otherwise, each tenant is presumed to have equal interest in the Account.
如果此账户为多于一(1)人所持有,所有的联合持有人对于来自本账户交易和/或本客户协议的任何和所有义务对交易所负连带责任。客户确认某联合账户的每个持有人都有权:a)为本账户交易,b)接收关于本账户的所有通信和文件,c)收款或提款,d)执行与本账户有关的协议,e)与交易所保持充分的商业关系。交易所有权要求该账户的各方就该账户的相关事物做出联合行为。交易所单独地或联合地对账户上的证券进行控制和占有。如果某个或多个持有人死亡,剩下的持有人应书面通知交易所。账户导致的任何支出由该账户支付,所有的持有人负连带责任。每个持有人都被认为就该账户有着相同的利益,除非客户告知交易所不同的情况。