CUSTOMER ACCOUNT AGREEMENT客户账户协议
INDEX 文件索引5Account Application 账户申请7Customer Agreement 客户协议35Social Security or Tax ID Certification 社会保险及税收身份证明36Hedging Agreement 对冲协议37Risk Disclosure Statement 风险披露声明41Options Disclosure Statement 期权披露声明48Electronic Trading and Order Routing Systems Disclosure Statement 电子交易及订单处理系统声明51Risk Disclosure Statements for Security Futures Contracts 证券期货风险披露声明81Arbitration Agreement 仲裁协议83Corporate Resolution 公司决议86Limited Liability Company Resolution 有限公司责任附录89Personal Guarantee 个人担保91Form W-8 表格 W-8 93Account Transfer Form 转账表格94Additional Risk Disclosure 附加风险披露94Second Account Request Statement 第二账户开户声明95Submission of Funds to Your Trading Account 给交易账户充值Copyright 1992 (revised 1993, 1998, 1999, 2000, 2002, 2004, 2008, 2009, 2010) by Peregrine Financial Group, Inc., One Peregrine Way, Cedar Falls,IA. All Rights Reserved. The proprietary nature of this document and its provisions are aggressively enforced.美国百利金融集团版权所有 1992 年（1993, 1998, 1999, 2000, 2002, 2002, 2008, 2009 及 2010 年修订）。版权所有，侵权必究。 The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。3
ACCOUNT APPLICATION 账户申请 CUSTOMER AGREEMENT 客户协议• Please print in ink 请以打印体填写 • Do not type 不得打字 • Designate N/A for those areas that do not apply “N/A” 表示该项不适用CHECK ONLY ONE 仅勾选一项Individual 个人 Trust 信托 General Partnership 普通合伙公司 Joint Tenants with Right of Survivorship 遗产所有权之共同所有者 Sole Proprietorship 独资 Corporation/LLC 有限公司/LLC Limited Partnership 有限责任股东 Joint Tenants in Common 共有人共同账户 Pension Plan/IRA 养老金/个人退休账户(IRA) Commodity Pool 商品基金 Other 其它 _____________________ ACCOUNT INFORMATION 账户信息Account Title 账户姓名: _____________________________________________________________________________________Account Mailing Address 邮寄地址: _____________________________________________________________________________Telephone number for account transaction information 电话号码: _______________________________________________________E-mail Address 电子邮箱: ____________________________________________________________________________________CUSTOMER INFORMATION 客户信息This form is to be completed for each participant in the account, individually, jointly, by all general partners, and by the corporate officers autho-rized to make trading decisions for the account. For the purpose of this document the term “Customer” always refers to the entity or person(s) for which this Application has been made, regardless of legal description. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. In addition to the following information, we may also ask to see your driver’s license or other identifying documents.本表格须由账户的每个参与人填写，可以是个人，联名人，所有普通合伙人以及被授权决定账户交易的公司负责人填写。本文件中，“客户”这一术语始终是指制定本申请之实体或个人，不论其法律类型为何。联邦法律要求所有金融机构获得，证实并记录可标识开户人的个人信息。除下述信息外，我们可能还会要求查看您的驾驶执照或其它身份证明文件。INDIVIDUAL #1: 个人信息 #1Full Name 全名: _______________________________________________________ Date of Birth 出生日期: ________________Street Address 街道地址: ________________________________________________ Apartment/Suite 单元/房间: _____________City 城市: _____________________________State 省/州: _____Zip 邮编: _______ Telephone 电话: ______________________Marital Status 婚姻状况: _________________Soc. Sec. # or Tax ID# 社保#或纳税 ID: ___________________________________ Number of Dependents 受赡养者人数: . Citizen 美国公民 Yes 是 No 否 If no, what country? 如否，国籍是什么 _________________________________________________________________________Employer’s Name 工作单位: ________________________________________Years There 工作年数: ________________________Nature of Business 单位性质: _______________________________________Position Held 职位: ___________________________Employer’s Address 单位地址: _________________________________________________________________________________Employer’s Telephone 单位电话: _____________________________________If joint account, percentage of ownership 如为联名账户，则所有权百分比为: __________________%The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。5
ACCOUNT APPLICATION 账户申请 INDIVIDUAL #2: 个人信息 #2Full Name 全名: _______________________________________________________Date of Birth 出生日期: _________________Street Address 街道地址: _______________________________________________Apartment/Suite 单元/房间: _____________City 城市: _____________________________State 省/州: _____Zip 邮编: _______Telephone 电话: _______________________Marital Status 婚姻状况: _________________Soc. Sec. # or Tax ID# 社保#或纳税 ID: ___________________________________ Number of Dependents 受赡养者人数: . Citizen 美国公民 Yes 是 No 否 If no, what country? 如否，国籍是什么 ________________________________________________________________________Employer’s Name 工作单位: ________________________________________Years There 工作年数: _______________________Nature of Business 单位性质: _______________________________________Position Held 职位: __________________________Employer’s Address 单位地址: ________________________________________________________________________________Employer’s Telephone 单位电话: _____________________________________If joint account, percentage of ownership 如为联名账户，则所有权百分比为: __________________%(Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。6
CUSTOMER AGREEMENT 客户协议CUSTOMER AGREEMENT 客户协议The following confidential financial information is needed to open your account. Joint or Partnership Customers must provide combined financial information. For information on completing the following, see paragraph 24 of the Customer Agreement. 下文机密财务信息为开户所需。联名或合伙客户必须提供共同财务信息。有关下述问题的更多信息，请查阅客户协议第 24 段。ALL QUESTIONS MUST BE ANSWERED. 请务必回答以下所有问题 1. Annual Income (. Dollars): 年收入（美元）4c. Are you a partnership, corporation,limited liability company or business trust that either (i)is 100% owned by individuals who are accredited investors Over $100,000 $50,000 to $100,000 under (a) or (b) above, or (ii)was not formed for the specific purpose of $25,000 to $50,000 If less than $25,000 - please completeinvesting in the Fund and whose total assets exceed $500,000? 您是否 the Additional Risk Disclosure on page 94 25,000 美元以下，则请填写第 （i）属于 a 或 b 类 100% 个人所有权公司的投资者，还是（ii）资产 500,000 美元以上，非特定项目投资基金的 94 页之《附加风险披露》合伙人，有限责任公司或者商业信托？ 2. Net Worth (excluding equity in home) (. Dollars): Yes 是 No 否净值（不包括住宅资产）（美元） 4d. Are you a trust with assets in excess of $5 million? 您是资产Over $100,000 $50,000 to $100,000500 万美元以上的信托人吗？ $35,000 to $50,000 - please complete the Additional Risk Yes 是 No 否Disclosure on page 94. 则请填写第 94 页之《附加风险披露》 Less than $35,000 少于 35,000 美元5. Have you ever declared bankruptcy? 您是否曾经申报过破产？Yes 是 What Year? 年份? _____________No 否 3. Liquid Net Worth (. Dollars): 流动净值（美元） (If yes, please provide a copy of your Order of Discharge) Over $50,000 $30,000 to $50,000 如是，则请提供《破产解除令》之副本 $15,000 to $30,000 Less than $15,000- please complete 6. Do you have or ever had any other account with PFGBEST? 您是 the Additional Risk Disclosure on page 94. 否已经或曾经拥有美国百利之账户？ 15,000 美元以下，则请填 写第 94 页之《附加风险披露》Yes 是 No 否If yes, account number: 如是，则账号为 ________________ 4a. Are you a person who has individual net worth ,or joint net worth 7. Are you now or were you ever an NFA, NASD, CFTC or SEC mem-with your spouse, that exceeds $1million? 您是净资产 100 万美ber? 您是否现在或曾经是 NFA, NASD, CFTC 或 SEC 成员？元以上个人，或者夫妻共同净资产 100 万美元以上吗？ Yes 是 No 否 Yes 是 No 否 If yes, Reg. Status and Sponsor: 如是，则注册状态及资助人为4b. Are you a peron with income exceeding $200,000 in each of the ________________________________________________two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the 8. Investment Experience – Must Check Yes or No same income level in the current year? 在近两年中的任意一投资经历（必须勾选“是”或“否”）年，您的个人收入是超过 200,000 美元，或者夫妻共同 A. Stocks/Bonds 股票/债券 Yes 是 No 否在此期间收入超过 300,000 美元，并且今年的合理预期 B. Funds 基金 Yes 是 No 否也能达到相同收入水平吗？ C. Commodities 期货 Yes 是 No 否Yes 是 No 否D. Options 期权 Yes 是 No 否The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。7
CUSTOMER AGREEMENT 客户协议9. What type of account are you opening?(Must check one) 您开设13. Principal Bank Reference 主要银行的是哪类账户？（必须选择其一） Branch 分行 _____________________________________ Speculative account 投机账户 City/State 城市/州 ________________________________Hedge account 对冲账户 _______________________________________________ 10a. Do you intend to trade security futures products ("SFP")? 您是14. Do you intend to trade off exchange foreign currency (FOREX) 否希望进行证券期货产品的交易（“SFP”）？products? 您希望交易场外外汇产品吗？Yes (See SFP risk disclosure on page 51) 是（见第 51 页 Yes 是 No 否《SFP 风险披露》）15. Do you intend to trade futures products? 您希望交易期货产No 否品吗？ If yes what are you investment objective/risk tolerance? 如Yes 是 No 否是，您的投资目标或风险限度为何？ ______________________________________________ 16. Does any other person, other than the account owner(s) have the 10b. If your objective is to produce income, do you understand that authority to trade this account? 除账户所有人外，是否授there is risk of loss in trading these contracts? 如您的目标是提权其他人进行账户交易？ 高收入，您是否理解交易这些合约有一定的亏损风险 Yes 是 No 否Yes 是 No 否If yes, complete the Discretionary Account Documents. 如是，请填写《授权客户文件》 Email address: ____________________________________11. Are you a "control person" or a "affiliate" of a public company as defined by SEC Rule 144? This would include, but not neces-17. Have you ever been party to an investigation, complaint or settle-sarily limited to, 10% shareholders. Policy making executives ment with the NFA, CFTC, SEC, or other? 您是否曾经涉及 NFA, and members of the Board of Directors. CFTC, SEC 或其他类似机构的调查，投诉或清算？ 您是否是上市公司（按照《SEC 规定》第 144 条之定Yes 是 No 否义）的“控制人”或“成员”？包括但不限于拥有公If yes, please explain: 如是，请解释 司 10% 股权的股东，决策制定之行政管理人员及董事 _______________________________________________会成员。 _______________________________________________Yes 是 Trading Symbol 交易代号 _______________ Company Name 公司名称 ______________18. Do you have a pending or have ever made a complaint regarding No 否a past commodity futures or securities account? 您是否曾经就以往的商品期货或证券账户进行过投诉或者已进行投诉12. Do you understand: 您是否理解下述各项？却悬而未决 ？A. Futures Trading 期货交易 Yes 是 No 否Yes 是 No 否B. Risk of Loss 损失风险 Yes 是 No 否If yes, please explain: 如是，请解释C. PFGBEST’s Margin Policy _______________________________________________美国百利保证金政策 Yes 是 No 否 _______________________________________________ D. Foreign Exchange Trading 外汇交易 Yes 是 No 否 The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。8
CUSTOMER AGREEMENT 客户协议19. Do you require duplicate statements? 您是否需要多份交易报告21. I am working with the following person and/or office: 我的经纪 Yes 是 No 否人和/或经纪人销售代号 ________________________________________________If yes, name and address: 如是，请书写姓名和地址 _______________________________________________ ________________________________________________ _______________________________________________ ________________________________________________ ________________________________________________20. PFGBEST currently charges a postage and handling fee for each da ________________________________________________ily confirmation and monthly statement. If you do not wish to receive ________________________________________________e-mail confirmations or statements check the box below. 美国百利现在就每日交易确认及每月账单收取邮资和处理费。如您不欲接收电子确认邮件或电子账单，请勾选下面的方框I decline e-mail confirmations and agree to pay the postage and handling fee. 我拒绝电子确认邮件并同意支付邮资及处理费The undersigned hereby attest(s) and agree(s) that the above information is complete and accurate and authorize(s) PFGBEST to verify any orall of the foregoing information. The undersigned further verifies that the above information was completed in Customer’s own handwriting. 下述签名者兹证明及同意以上信息是完整和准确，并授权给美国百利鉴定任何或所有以上信息。签名者确认以上信息是客户自己书写的。 Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。9
CUSTOMER AGREEMENT 客户协议rate transactions, commodity swaps, foreign exchange transactions, THIS AGREEMENT IS A LEGAL CONTRACT, currency swap trans actions, cross-currency rate swap transactions, PLEASE READ IT CAREFULLY. 这是一份法律合同，请认真阅读。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. This is a legal contract by and between Peregrine Financial Group, Unless instructed by Customer to the contrary in writing, PFGBEST is Inc., its successors and assigns, referred to collectively in this docu-authorized to execute all futures and option orders on such recognized ment as “PFGBEST”, and the party (or parties) executing this docu-contract markets, as PFGBEST deems appropriate. Customer autho-ment, referred to collectively as “Customer”. 本协议为美国百利金融集团有限公司及其继承人，授权人rizes PFGBEST to purchase and sell physically settled and cash settled （以下简称“美国百利”）与履行本协议的一方或多方（foreign currency contracts on a spot basis for Customer’s Account 以下简称“客户”）之间签署的，具有法律约束力的合同in accordance with Customer’s instructions. Customer agrees that 文件。Customer is fully responsible for making all final decisions as to trans-actions effected for Customer’s Account. Customer has considered the factors contained below and in view of Customer’s present and antici-In consideration of PFGBEST agreeing to carry one or more accounts pated financial resources, Customer is willing and able to assume the of Customer and providing services to Customer in connection with the substantial financial risks of trading in the above and sale of cash commodities (including financial instruments), 美国百利获得客户授权，按照客户的口头，书面或电子形commodity futures contracts, securities futures products, options on cash 式传递的指示为客户账户进行现货产品（包括金融工具）commodities, options on futures contracts, forward or leverage contracts, ，商品期货合同，证券期货产品和现货期权，期货合同期forward rate transactions, commodity swaps, foreign exchange transactions, 权，远期合同期权或杠杆保证金合同期权，远期汇率交currency swap transactions, cross-currency rate swap transactions, currency 易，商品交易，外汇交易，货币兑换，货币期权，其他期options, and other derivatives of futures and/or foreign currency contracts, 货和/或外币合同衍生产品的购买和出售。除非客户书面and any similar instruments which may be purchased or sold by or through 另有指示，否则美国百利有权在其认为适当的时候执行所PFGBEST for Customers Account(s) (collectively referred to as “Commodities” 有期货和期权下单。客户授权美国百利按照客户的指示，or “Futures”), Customer agrees to the following terms and conditions: 鉴于美国百利同意为客户开立一个或多个账户，并同意就即为客户账户买进和卖出实物结算和现金结算的外币合现货产品（包括金融工具），商品期货合同，证券期货产同。客户同意：对于客户账户进行的所有交易，客户自己品和现货期权，期货合同期权，远期合同期权或杠杆保证对于最终结果负完全责任。客户已经考虑了下文中的各因金合同期权，远期汇率交易，商品交易，外汇交易，货币素，并且考虑到客户当前和将来预期的金融资源，客户愿兑换，货币期权，其它期货和/或外币合同衍生产品，以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及可通过美国百利为客户账户购买或出售的（统称为“商的风险。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：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 1. AUTHORIZATION TO TRADE. 交易授权government authorities and self-regulatory agencies including, but PFGBEST is authorized to purchase and sell cash commodities not limited to, the constitutions and rules of the clearinghouse, (including financial instruments), commodities futures contracts, exchange, or market where trades are executed. Customer under-security futures products, options on cash commodities, options on stands that PFGBEST is obligated to comply with all applicable laws commodity futures contracts, forward or leverage contracts, forward The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。10
CUSTOMER AGREEMENT 客户协议and regulations including those of regulatory and self-regulatory orga-PFGBEST’s margin policies and/or the policies of those exchanges on nizations and agrees that PFGBEST shall not be liable to Customer which trading occurs may require that additional funds be provided as a result of any action taken by PFGBEST to comply with any ruling, to properly margin Customer’s Account. Customer understands that interpretation or directive of such organization. The Customer recog-Customer is obligated to promptly meet such margin requirements. nizes that rates and/or prices it may view on electronic market infor-Failure to meet margin calls may result in the liquidation of any open mation screens (. Reuters, Flash Quotes, Telerate, etc.) are only positions with a resultant of rates and/or prices, and may or may not reflect actual 美国百利的保证金政策和/或进行交易的交易所的政策可能会rates and/or prices available to PFGBEST or the Customer.要求提供额外资金，作为客户账户的保证金。客户理解其有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，义务立即符合上述保证金要求。如未能符合保证金要求，可包括但不仅限于在执行交易当地的结算所，交易所或执行能会导致对未了结头寸进行清算，从而造成亏损。 交易场的章程和规定。客户了解美国百利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As security for Customers obligation to PFGBEST hereunder, Customer 规定，并且客户同意：美国百利不应当因其遵守上述部门的shall provide to and maintain with PFGBEST margin and/or collat-任何规定，解释或命令而对客户承担任何义务。客户承认其eral in such amounts and in such forms as PFGBEST, in its sole and 可能在市场电子信息屏幕上看到的汇率和/或价格（如路透absolute discretion, may from time to time require. Margin require-社，Flash Quotes，德励等的汇率和/或价格）仅为汇率和/或价ments may be increased at PFGBEST’s sole and absolute discretion. 格的参考，可能反映了美国百利或客户可用的实际汇率和/Such margin requirements may exceed margins established by an 或价格，也可能无法反映美国百利或客户可用的实际汇率exchange. PFGBEST may change margin requirements at any time. 和/或价格。 Margin requirements are subject to change without notice and will be enforced retroactively and prospectively. Customer acknowledges and In all transactions under this Agreement, Customer shall be bound by agrees that PFGBEST has no obligation to establish uniform margin all applicable laws, rules and regulations, including the Commodity requirements and that such requirements may be higher for single Exchange Act, as amended, the Commodity Futures Trading stock futures and other security futures products. No previous margin Commission regulations there under, and the rules, regulations, requirement by PFGBEST shall preclude PFGBEST from increasing customs, usages, rulings and interpretations of the National Futures that requirement without prior notice. Further, PFGBEST will exercise Association (“NFA”), and to the extent applicable, the Securities and considerable discretion in setting and collecting margin associated Exchange Commission, National Association of Securities Dealers, with foreign currency transactions. For margin purposes associated and the exchange or market and the clearing house, if any, where the with foreign currency transactions, Customer has authorized PFGBEST transactions are executed by PFGBEST or PFGBEST’s convert Customers funds into and from such foreign currency at a 在本协议下的所有交易，客户都有义务遵守所有适用法rate of exchange determined by PFGBEST, in its sole discretion, on 律，规定和法规，包括《商品交易法》或其修订后版本，the basis of the then prevailing money market rates. 商品期货交易委员会法规以及美国国家期货协会（NFA）颁作为客户对美国百利履行义务的保证金，客户应当提供保布的规定，法规，惯例，习惯，裁定和解释；并且可行的证金和/或抵押金，并在数量上和形式上符合美国百利依话，还要遵守美国证券交易委员会，全美证券商协会以及其判断而规定的数量和形式。根据美国百利自行判断，保美国百利或其代理在其处进行交易的交易所，市场或结算证金数量可以增加。此保证金数额要求可能超过交易所规所的规定，法规，惯例，习惯，裁定和解释。定的数额。美国百利可以随时更改保证金要求。保证金要求如发生变更，美国百利无需通知客户，该变更不可取消且将会生效。客户承认并同意美国百利没有制定统一的保证金3. MARGINS/DEPOSIT REQUIREMENTS. 保证金/存款要求The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。11
CUSTOMER AGREEMENT 客户协议要求的义务，并且对于单笔股票期货和其他证券期货产品，the CFTC when Customer’s position is reportable.保证金要求可以更高。美国百利之前做出的任何保证金要求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，都不排除美国百利不经事先通知而提高保证金数额的可能。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此外，美国百利将相当谨慎地规定和收取外币交易保证金。成某种商品停止交易，因此可能会阻止不利头寸的清算，并对于收取的外币交易保证金，客户授权美国百利依其判断，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按照当时货币市场普遍的汇率，将客户的资金按照美国百利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。 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Customer agrees to deposit by immediate wire transfer such addi-行报告时，通知商品期货交易委员会的义务。tional margin when and as required by PFGBEST, and will promptly meet all margin calls in such mode of transmission, as PFGBEST shall PFGBEST retains the right to limit the number of open positions a in its sole discretion designate. Customer agrees to provide PFGBEST Customer may acquire or maintain at PFGBEST and/or the size of trans-with the names of bank officers and information necessary for imme-action a Customer may execute through PFGBEST. PFGBEST will attempt diate verification of wire transfers. Notwithstanding any demand for to execute all orders that PFGBEST may, in PFGBEST’s sole discretion, additional margin, PFGBEST may at any time proceed to liquidate choose to accept for the purchase or sale of contracts or other property Customers Account in accordance with paragraph 10 below. Any fail-in accordance with the oral or written instructions of Customer. PFGBEST ure by PFGBEST to enforce its rights hereunder shall not be deemed reserves the right to refuse to accept any order. Notwithstanding the a waiver by PFGBEST to enforce its rights thereafter. foregoing, PFGBEST shall not be responsible for any loss or damage 客户同意当美国百利要求增加保证金时，将立即通过电汇caused, directly or indirectly, by any events, actions or omissions beyond 将保证金存入，并且将以美国百利自行判断指定方式使自PFGBEST’s control, including any delays or inaccuracies in the transmis-己的账户符合所有保证金要求。客户同意向美国百利提供sion of orders and/ or information due to a breakdown in or failure of 银行职员的姓名和直接核实电汇所需的信息。尽管可能有any transmission or communication facilities.任何增加保证金的要求，美国百利仍可以随时根据下文第美国百利保留限制客户在美国百利获取或保有的未了结头寸十部分清算客户账户。如果美国百利未能据此规定履行其数量的权利，以及/或限制客户通过美国百利进行的交易的量此项权利，美国百利不应被认为放弃在以后行使的权利大小的权利。对于所有美国百利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，美国百利都将尝试执行。美国百利保留拒绝接受任何交易单的4. LIMIT OF POSITIONS. 头寸限制权利。尽管有前述条款，美国百利不应对因其控制之外任何事Exchanges where trading occurs may impose daily trading limits with 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respect to the trading of certain commodities and may, from time 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to time, change such trading limits. Such trading limits and limit 准确）而直接或间接造成的任何损失或损坏负责。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 5. COMMODITY OPTIONS TRADING. 商品期权交易only for those persons or entities financially able to withstand losses With respect to purchases or sales of options on cash commodities that may substantially exceed the value of margins or deposits. or futures contracts (“Commodity Options”), Customer acknowledges Customer acknowledges Customer’s reporting obligations, among oth-and understands the risks of buying and selling options on commodity ers, pursuant to regulations promulgated by the Commodity Futures futures contracts and the risks of such option trading caused by a limit Trading Commission (“CFTC”), such as Customer’s obligation to notify move in the underlying commodity futures contract. Customer has been The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。12
CUSTOMER AGREEMENT 客户协议advised of the commissions and fees associated with trading options. Customer’s Account(s) and at Customer’s risk.对于现金商品或期货合同（商品期权）期权的购买或出客户如果打算执行一个商品期权，则应不迟于当日基础商售，客户承认并了解购买和出售商品期货合同期权存在的品或期货合同交易收盘前两小时指示美国百利执行商品风险，以及由于基础商品期货合同限制造成的期权交易风期权。客户在一个商品期权交易最后一天前的一个工作日险。客户已经被告知期权交易相关的佣金和费用。中午之前，应当指示美国百利清算，执行或放弃该商品期权。如果客户没有及时做出指示，美国百利有权根据其判Customer is fully responsible for taking action to exercise an option 断，为客户账户执行或清算全部或任何部分的商品期权，contract. PFGBEST shall not be required to take any action with respect 所有风险均由客户承担。to an option contract, including any action to exercise a valuable option prior to its expiration date, except upon express instructions Customer hereby agrees to waive any and all claims for damage or from Customer. Customer agrees to instruct PFGBEST as to the exercise loss that Customer might have against PFGBEST arising out of the and disposition of Commodity Options. Customer understands that the fact that an option was not exercised. exchanges, boards of trade, markets and clearinghouses have estab-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lished exercise cut-off times for the tender of exercise instructions 的损失向美国百利索赔的权利。and that Customer’s options will become worthless in the event that Customer does not deliver instructions by PFGBEST’s established expira-6. ONLINE ORDER ENTRY SYSTEM. 在线订单录入系统tion times. Customer understands that PFGBEST has established exer-PFGBEST offers the service of an online order entry system, which cise cut-off times, which may be different from the times established by allows Customer to trade with PFGBEST online via the Internet utilizing the exchanges, boards of trade, markets, and ™, a division of PFGBEST, as well as all other approved online 客户对于执行期权合同负有完全责任。除非客户明确指order entry systems. Although numerous features have been designed into 示，否则美国百利不应当被要求就期权合同采取任何行BESTDirect™ and the other approved systems to prevent system failure, 为，包括在期权到期日之前执行有价期权。客户同意就执as with all electronic systems, service could be interrupted. Should the 行和处理商品期权给予指示美国百利。客户了解交易所，system be interrupted, depending on the type of failure, it may not be pos-商会，市场和结算所已经确立了提出执行指示的截止时sible for Customer to access the system to enter new orders, modify exist-间，如果客户不在美国百利确定的到期时间前发出任何指ing orders, or cancel previously entered but not yet filled orders. System or 示，客户的期权将毫无价值。客户了解美国百利已经确定component failure may also result in loss of orders or order priority. 了执行截至时间，该时间可能与交易所，商会，市场和结美国百利提供在线订单录入系统服务，客户可以通过互算所确定的时间不同。联网，利用美国百利的 BESTDirect™ 在线与美国百利进行交易。尽管 BESTDirect™ 的许多功能设计用于防止系统故障，Customer shall give PFGBEST instructions for exercising Commodity （例如电子系统），但服务仍有可能中断。如果系统中Options not later than two hours prior to the close of trading in the 断，根据故障类型，客户可能无法访问系统录入新订单，underlying commodity or futures contract on the day Customer intends 修改现有订单或取消之前录入但尚未执行的订单。系统或to exercise a Commodity Option. Customer, by noon of the business 系统组件故障还可能导致订单或订单优先级别丢失。day before the last day of trading of a Commodity Option, shall instruct PFGBEST whether to liquidate, exercise, or abandon the Commodity PFGBEST does not guarantee that any order placed through this system will Option. In the absence of timely instructions from Customer, PFGBEST be filled or acted on. PFGBEST reserves the right to refuse any order for any is authorized, at PFGBEST’s absolute discretion, to exercise or liquidate reason. Customer is solely responsible for confirming Customers own orders. all or any portion of the Commodity Options in Customer’s Account(s) for Should Customer fail to receive electronic confirmation as to the placement The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。13
CUSTOMER AGREEMENT 客户协议of an order, Customer agrees to verify the status of such order independently (c) Restricted Account. PFGBEST reserves, in its sole discretion, the right by contacting PFGBEST telephonically to confirm whether such order has to restrict, terminate and/or suspend Customers access to an online been received. Any order so received by PFGBEST will be deemed to have order entry system. Customer acknowledges that if PFGBEST places a been placed by Customer at the time received by PFGBEST and in the form restriction on Customers Account, Customer will not be able to use a PFGBEST receives such order. Customer further agrees that all orders placed system’s online trading function. Customer agrees to hold PFGBEST harm-through an online order entry system are placed at Customers sole risk. less for any and all claims, losses, liability, costs and expenses (including 美国百利并不保证通过此系统下发的任何订单都将会被录but not limited to attorneys fees) arising from PFGBEST’s restriction of 入或执行。不论任何缘由，美国百利保留拒绝任何订单的Customers access to an online order entry system. PFGBEST reserves, in 权利。客户对于确认自己的订单负有完全责任。如果客户its sole discretion, the right to terminate Customers access to an online 未收到任何电子形式的订单确认，客户同意将通过自行电order entry system without notice for any reason, including but not lim-话联系美国百利确认是否已经收到订单，以此来核实订单ited to unauthorized use of Customers access number(s), and/or account 情况。 美国百利以此种方式收到的任何订单都将被认为是number(s), or breach of this Agreement. 在美国百利收到之时由客户以美国百利收到的形式下发。(c) 受限账户。美国百利保留依其判断，限制，终止和/客户进一步同意：通过网上交易系统下发的所有订单的相或暂停客户访问网上交易系统的权利。客户承认如果美关风险均有其自身承担。国百利对客户账户进行限制，客户将不能使用 网上交易系统的在线交易功能。客户同意：美国百利将不受因(a) Minimum Equity Requirement. Customer acknowledges 对客户访问网上交易系统进行限制而产生的任何及所that should the equity in Customers Account fall below $500, 有索赔，损失，责任，成本和花费（包括但不仅限于律Customers access to place trades through an online order 师费用）的损害。美国百利保留依其判断终止客户访问 entry system will be suspended until such time as the equity in 网上交易系统的权利，并且无需通知客户任何理由，包Customers Account shall again equal or exceed $500. 括但不仅限于未经授权使用客户访问号和/或账号，或(a) 最低资产要求。客户承认如果客户账户的资产低于 者违反本协议。 $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网上交易系统下发交易要求。7. CURRENCY FOREX TRADING. 货币外汇交易Foreign currency transactions (hereinafter referred to as “Currency (b) Access Number. Customer agrees to be responsible for all Forex”) are traded on the “interbank” system, and not on regulated orders entered through and under Customers access number(s) exchanges like commodities. The interbank system consists of coun-and account number(s). Customer agrees to immediately notify terparties that exchange currency positions with each other. A coun-PFGBEST in the event of any loss, theft, or unauthorized use terparty may be, but need not be, a bank. For purposes of Currency of Customers access number(s), password(s), and/or account Forex trading, Daily Cutoff shall mean the time selected each Business number(s) or any incorrect information contained in any report Day by PFGBEST after which any Transaction entered into will be Customer received concerning Customers Account. considered to have as its trade date the next Business Day. The Daily (b) 访问号。客户同意对所有通过客户的访问号和以客户Cutoff will occur at a time selected solely by PFGBEST and may vary 访问号录入的订单负责。客户同意：如果客户访问号，from day to day. Business Day shall mean, with respect to the United 密码和/或帐号出现任何丢失，失窃，未经授权使用，States, any day on which banks are open for business (other than a 或者客户收到的有关其客户账户的任何报告中包含任何Saturday or Sunday) in New York City, and with respect to any other 错误信息，客户将立即通知美国百利。country other than the United States, any day on which banks are open for business (other than a Saturday or Sunday) in the principal The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。14
CUSTOMER AGREEMENT 客户协议financial center of the relevant country. 利所报价格可能与银行和内部银行市场上其他订约方的外币交易（以下称为“货币外汇”）在“内部银行”系统中价格不同。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(c) Settlement Date and Rollovers. With respect to purchases or 是银行，也可以为非银行。出于货币外汇交易的目的，每日sales of foreign currencies, Customer agrees to instruct PFGBEST 截止期应当指每一工作日内美国百利选定的时间，在此截止as to the offset or rollover of a foreign currency position. Except 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。as provided here in, during the term of the Currency Forex posi-每日截止期将为美国百利独立选定的时间，并且可能每天均tion, Customer shall give PFGBEST instructions for rolling the 有所不同。就美国而言，工作日应当指在纽约，银行营业的Currency Forex position not later than two hours prior to the 任何一天（非周六或周日）；而就美国之外任何其他国家而settlement of trading in the relevant foreign currency on the 言，工作日应当指在该国主要金融中心，银行营业的任何一day Customer intends to roll over that foreign currency position. 天（非周六或周日）。In addition, Customer, by noon of the business day before the settlement day of the contract of the Currency Forex contract, (a) Capacity. PFGBEST shall act as a principal and is the counter-shall instruct PFGBEST whether to deliver, offset or roll over the party in each Currency Forex contract or transaction with Customer. Currency Forex position. In the absence of timely instructions Customer acknowledges, understands and agrees that PFGBEST is from Customer, PFGBEST is authorized, at PFGBEST’s sole and not acting as a broker, intermediary, agent, advisor or in any fidu-absolute discretion, to deliver, roll over or offset all or any por-ciary capacity to Customer in Currency Forex transactions. tion of the Currency Forex positions in the Customer’s Account (a) 权限。美国百利应当作为委托人行事，并且在每一and at Customer’s risk. Customer shall be charged separate 货币外汇合同或与客户的交易中作为交易方。客户承commissions, at PFGBEST’s commission rates in effect from time 认，了解并同意美国百利并未作为客户的经纪人，中to time, upon the rollover or off set of a Currency Forex position.间人，代理，顾问或以任何信托人身份在货币外汇交(c) 结算日和展期。进行外币购买和出售时，客户同易中执行《客户协议》。意就外币头寸的冲销和展期给予美国百利指示。除非在本协议中外汇货币头寸条款中有所规定，否则客户(b) Prices and Valuations for Currency Forex. Prices and valua-应当在其打算将外汇货币展期当日，有关货币交易结tions for Currency Forex are set by PFGBEST and may be different 算前至少两小时指示美国百利对外汇货币头寸进行展from prices reported elsewhere. PFGBEST will provide prices to 期。此外，客户在外汇货币合同结算日前一个工作日be used in trading, valuations of Customer positions and deter-中午之前，应当指示美国百利将外汇货币头寸进行交mination of margin requirements. Although PFGBEST expects 割，冲销或展期。如果客户未能及时指示，美国百利that these prices will be reasonably related to prices available in 有权依其判断将客户账户中的全部或任何一部分外汇the interbank market, prices reported by PFGBEST may vary from 货币头寸进行交割，冲销或展期，所有由此产生的风prices available to banks and other counterparties in what is 险均有客户承担。外汇头寸进行展期或冲销后，美国known as the interbank market. 百利将按照其当时实行的佣金费率，向客户另收取佣(b) 货币外汇的价格和估价。货币外汇的价格和估价由金。美国百利规定，并且可能会与其他地方报告的价格或估价不同。美国百利会提供将在交易中使用的价格，客户(d) Settlement Date Offset Instructions. Offset instructions on open 交易量估价以及确定保证金要求。尽管美国百利期望这Currency Forex positions must be given to PFGBEST at least one (1) 些价格与内部银行市场上的价格有合理联系，但美国百business day prior to the settlement or value day. Alternatively, suf-The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。15
CUSTOMER AGREEMENT 客户协议ficient funds to take delivery or the necessary delivery documents to 的银行进行，并且在该国内，该外币为法币。除非美make delivery must be in the possession of PFGBEST within the time 国百利和客户另有书面协议，则应当通过电汇进行交frame set forth above. If no instructions, funds or documents are 割。所有用美元支付的款项都应当采用立即可提取资received by PFGBEST, then PFGBEST may, without additional notice to 金的形式以电汇的方式汇入买方规定的美国主要城市Customer and in PFGBEST’s sole discretion, take one or a combination 的银行。对于在规定交割时间内任何外币的交割延迟of the following actions: offset Customer’s position, roll Customer’s 或失败，如果是由于通讯设备故障或美国百利合理控positions into the next settlement time period, make or receive delivery 制之外原因造成，美国百利将不承担任何责任。美国on behalf of Customer upon such terms and by such methods deemed 百利可以要求客户在美国百利应付客户款项到期当日reasonable by PFGBEST in its sole discretion.或之前将其应付给美国百利的款项付清。美国百利和(d) 结算日锁仓指示。客户必须在结算日或有价日之前客户应当相互交换，利用，定期更新和确认到期付款至少一个工作日前给予美国百利冲销外汇货币未了结指示。头寸的指示；或者在上述时限内，客户必须提供给美国百利用于交割的足够资金或进行交割的必要文件。(f) Offsetting Transactions. Whenever there may exist in or between any 如果美国百利未收到任何指示，资金或文件，美国百of the Customer’s Accounts two or more open and opposite transactions, 利可以无需另行通知客户，依自己判断采取下列一项PFGBEST may, in its sole discretion, elect to treat the transactions as a 或多项措施：冲销客户的头寸，将客户的头寸展期至single transaction and upon the value date of the transactions, the net 下一结算期，按其认为合理的方式代表客户执行交割difference between the amounts payable under the transactions, and/or 手续。the net difference between the amounts deliverable thereunder, shall be paid to and/or delivered by PFGBEST, as the case may be.(e) Delivery. Delivery of foreign currency shall be made to the (f) 抵消交易。无论何时，只要任何客户账户或任何客户bank specified by the purchaser in a major city in the country 账户之间存在着两个或两个以上未了结交易或相反交in which the foreign currency is the legal tender. Unless oth-易，则美国百利可以依其判断，选择在交易结算日将交erwise agreed to by PFGBEST and the Customer in writing, the 易作为单笔交易处理，交易应付净差额和/或应交割净差foreign currency shall be deliverable by cable or wire transfer. 额应当支付和/或交割给美国百利。All payments to be made in . Dollars shall be made by wire transfer of immediately available funds to a bank in a major (g) Separate Transactions. Each Currency Forex transaction is a . city specified by the purchaser. PFGBEST will not be separate transaction, even though more than one such transac-responsible for delays or failures in the delivery of any foreign tion may be included on a single confirmation. currency within the time specified for the delivery thereof to (g) 单独交易。每一笔货币外汇交易都为单独一笔交the extent the failure is caused by a breakdown of commu-易，即使每次确认包括一笔以上此种交易也是如此。nication facilities or by any other cause beyond PFGBEST’s reasonable control. PFGBEST may require payment of amounts 8. COLLATERAL. 抵押金due to PFGBEST from Customer on any day to occur simultane-All funds, securities, commodities, commodity futures contracts, com-ously with or prior to payment of amounts due from PFGBEST modity option contracts, and other property of Customer which PFGBEST to Customer on that day. PFGBEST and the Customer shall or its affiliates may at any time be carrying for Customer (either individu-exchange, make use of, and periodically update and confirm ally, jointly with others, or as a guarantor of the account of any other standing payment ), or which may at any time be in PFGBEST’s possession, control, (e) 交割。外币交割必须在买方规定的国家主要城市内or carried on PFGBEST’s books for any purpose, including safekeeping, The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。16
CUSTOMER AGREEMENT 客户协议are to be held by PFGBEST as security and subject to a general lien and 出给作为经纪人的美国百利或者其他人。任何上述抵押财right of setoff against liabilities of Customer to PFGBEST whether or not 产的价值都由美国百利依其判断并且依据如美国百利将其PFGBEST has made advances in connection with such securities, com-出售进行直接交割所获收入而确定。任何时候，客户无论modities or other property, and irrespective of the number of accounts 出于任何理由，都不应要求美国百利将已经交割给美国百Customer may have with PFGBEST. At any time, PFGBEST may in its 利或美国百利已经购买的同一资产再交割给客户。客户同discretion, with or without notice to Customer, apply and/or transfer any 意与美国百利之间总是保持美国百利口头或书面要求形式or all funds or other property of Customer between any of Customers 和数额的抵押金。在任何情况下，美国百利实际收到抵押Accounts. Additionally, Customer hereby grants to PFGBEST the right to 金后，应当被认为已经收到抵押金。美国百利的上述权利pledge, re-pledge, hypothecate, sell or purchase, invest or loan, either 符合《商品交易法》或其修订后版本有关客户资金和财产separately or with the property of other Customers, to itself as broker or 独立的适用要求。to others, as securities or other property of Customer held by PFGBEST as margin or security. The value of any such collateral shall be deter-9. LENDING AGREEMENT. 借款协议mined by PFGBEST in its sole discretion and based upon what PFGBEST The purpose of the Lending Agreement is to allow PFGBEST to use would receive if PFGBEST sold the relevant collateral for immediate warehouse receipts (representing delivery) as collateral. Should delivery. PFGBEST shall at no time be required to deliver to Customer Customer take delivery of commodities through futures contracts, the identical property delivered to or purchased by PFGBEST for any PFGBEST is obliged to make full payment for the delivery on 24 hours account of Customer. The Customer agrees to maintain at all times with notice. If the balance in the Customers Account is not adequate to PFGBEST collateral in such form and in such amount as PFGBEST may pay for the delivery, the warehouse receipts become property carried from time to time request orally or in writing. In all cases, collateral on margin in the Customers Account, since the commodity is not fully shall be deemed received by PFGBEST when such collateral is actually paid for by Customer. The Lending Agreement allows PFGBEST to use received by PFGBEST. The rights of PFGBEST are subject to the appli-the warehouse receipt as collateral for a bank loan, the proceeds of cable requirements for the segregation of Customer funds and property which are used to pay for the warehouse receipts until re-delivery of under the Commodity Exchange Act, as amended (the “Act”). the commodity and/or payment in full by Customer. Should Customer 美国百利或其分支机构在任何时候为客户代理（单独或与intend to take delivery of the underlying commodity covered by any 他人共同，或者作为任何其他人账户的担保人）的或者futures contract, PFGBEST requires the Customer to sign the Lending 美国百利在任何时候持有，控制或出于任何目的在美国百Agreement so it may use the commodities, property, warehouse receipts 利帐面上的所有客户资金，证券，商品，商品期货合同，or evidence of ownership thereof, as collateral for a bank loan, the 商品期权合同以及其他资产，包括美国百利为客户保管的proceeds of which may be used to pay for the commodities, or evidence 所有客户资金，证券，商品，商品期货合同，商品期权合of ownership thereof, until payment in full, including interest, is made 同以及其他财产，美国百利都可作为保证金持有，可以行by Customer. This authorization shall apply to all accounts carried by 使留置权，并且有权用于抵消客户所欠美国百利债务；而PFGBEST for Customer and shall remain in full force until all accounts 无论美国百利是否已经支付了有关证券，商品或其他财产are fully paid for by Customer or until notice of revocation is sent by 的预付款，也不论客户在美国百利拥有多少个账户，美国PFGBEST from PFGBEST’s principal place of business. 百利可以随时依其判断，在通知或不通知客户的情况下，《借款协议》的目的是使美国百利使用仓库收据（代表交将客户的全部或任何资金或其他资产使用和/或在任何客割）作为抵押。如果客户通过期货合同进行商品交割，美户账户间划拨。此外，客户特此授权美国百利将后者持有国百利有义务在收到通知24小时内为交割付款。如果客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户账户的余额不足以支付交割，因为客户并没有为全部商起，进行抵押，再次抵押，担保，出售或购买，投资或借品付款，仓库收据就成为客户账户中的保证金资产。《借The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。17
CUSTOMER AGREEMENT 客户协议款协议》使美国百利可以将仓库收据作为抵押，向银行借positions, PFGBEST may, in its sole discretion, offset in the same 款，借来的款项用于支付仓库收据，直到商品重新交割contract month or it may initiate new long or short positions in order 和to establish a spread or straddle which in PFGBEST’s sole judgment /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，美国百利会要求客户签署一份《借may be advisable to protect or reduce existing positions in Customers 款协议》，这样美国百利就可以使用商品，资产，仓库收Account. According to PFGBEST’s sole judgment and discretion, any 据或所有权证明作为抵押向银行借款，借来的款项可以用sales or purchases hereunder may be made on any exchange or other 来支付商品或商品所有权证明，直到客户付清全部款项，markets where such business is then usually transacted or at a public 包括利息。此项授权应当适用于美国百利为客户设立的所auction or private sale, and PFGBEST may purchase the whole or any 有账户，并且在客户付清所有账户前或美国百利从其主要part thereof free from any right of redemption. 营业地发送撤消通知前一直具有完全效力。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) 美国百利开设的10. LIQUIDATION OF ACCOUNTS. 清算账户任何客户账户被法院扣押；(d) 客户未能保有足够的保证In the event of (a) the death or judicial declaration of incompetence of 金；(e) 不论当前市场报价如何，美国百利认定存于账户Customer; (b) the filing of a petition in bankruptcy, a petition for the 中用于保护一个或多个客户账户的任何抵押金不足以保appointment of a receiver, or the institution of any insolvency or simi-护账户的安全；(f) 客户没有按本协议的规定提供美国百lar proceeding by or against Customer; (c) the filing of an attachment 利要求的任何信息；(g) 客户没有向美国百利支付任何到against any of Customers Accounts carried by PFGBEST; (d) Customers 期款项；(h) 出现美国百利认为应当进行保护的任何其他failure to maintain sufficient margin; or (e) PFGBEST’s determination, 情况或局面；美国百利依其判断，可以采取下列之一或regardless of current market quotations, that any collateral deposited 多项措施：(1) 直接或者通过将客户在美国百利处保管to protect one or more accounts of Customer is inadequate to secure 或由美国百利控制的客户资金或资产抵押或担保出去，the account; (f) Customers failure to provide PFGBEST any informa-履行客户对于美国百利的任何义务；(2) 通过冲销为客户tion requested pursuant to this Agreement; (g) Customers failure to 持有或保管的任何或全部商品期货合同，期货期权，商pay any amount due to PFGBEST; or (h) any other circumstances or 品，证券或证券期权清算客户头寸；以及/或 (3) 取消任何developments that PFGBEST deems appropriate for its protection, 未执行订单，合同或代表客户做出的任何其他承诺。无PFGBEST, in its sole discretion, may take one or more, or any portion 论所有权权益是否为客户独有还是与其他人共有， 美国of the following actions: (1) satisfy any obligation Customer may have 百利都可以在没有保证金要求或额外保证金要求，以及to PFGBEST either directly or by way of guaranty or suretyship out of 没有事先给客户，客户的个人代表，继承人，执行人，any of Customers funds or property in PFGBEST’s custody or control; 管理者，受托人，受赠人或受让人购买或出售通知或者(2) liquidate Customers positions by offsetting any or all commodity 其他通知的情况下采取上述任何措施。清算客户的头寸futures contracts, futures options, commodities, securities, or securi-时，美国百利可以依其判断，在同一合同月内锁仓或ties options held or carried for Customer; and/or (3) cancel any or all 者还可以开多头或空头头寸，以便获得依美国百利判断outstanding orders or contracts, or any other commitments made on 可以保护客户账户或减少现有头寸的差额或买卖选择权behalf of Customer. Any of the above actions may be taken without 的价差或跨式期权组合。根据美国百利的判断，任何购demand for margin or additional margin, without prior notice of sale or 买或出售都可以在其时此类交易通常所在的任何交易所purchase or other notice to Customer, Customers personal representa-或其他市场上进行，或者在公开拍卖或非公开出售中进tives, heirs, executors, administrators, trustees, legatees, or assigns, 行，并且美国百利可以购买全部或任何部分，并且这些and regardless of whether the ownership interest shall be solely 资产没有赎买权。Customers or held jointly with others. In liquidation of Customers The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。18
CUSTOMER AGREEMENT 客户协议Liquidation instructions on open futures positions maturing in a cur-11. PAYMENT OF DEFICIT BALANCES. 差额补偿rent futures month must be given to PFGBEST at least five (5) busi-Customer recognizes that PFGBEST is financially liable to the clear-ness days prior to the first notice day in the case of long positions, ing members through which PFGBEST clears transactions for deficit and at least seven (7) business days prior to the last trading day balances occurring in Customers Accounts. Customer therefore in the case of short positions. Alternatively, sufficient funds to take agrees that Customer shall at all times be liable for the payment delivery or the necessary delivery documents must be in PFGBEST’s of any deficit balance occurring in Customers Account including possession within the same periods described above. If instructions, any deficiency balance remaining in Customers Account(s) in the funds or documents are not received, PFGBEST may, without notice event of the liquidation thereof in whole or in part by PFGBEST or by to Customer, either liquidate Customers position or make delivery or Customer. Customer agrees to hold PFGBEST harmless, and indemnify receive delivery on Customers behalf on such terms, conditions and and defend PFGBEST from and against any and all losses sustained by such methods as PFGBEST deems reasonable, in its sole discre-by PFGBEST resulting from any deficit balances that may occur in tion, and Customer agrees to remain liable for all costs, expenses or Customers Account. In the event the proceeds realized from liquida-debit balances incurred in connection therewith. tion of Customers Account are insufficient for the payment of all 对于当前期货月到期的未了结期货寸头，出现多头头寸时，liabilities of Customer due to PFGBEST, Customer shall promptly pay 必须在首个通知日前至少五个工作日给予美国百利清算指upon demand, the deficit and all unpaid liabilities, together with 示；出现空头头寸时，必须在最后一个交易日之前至少七个interest thereon equal to three (3) percentage points above the then 工作日通知美国百利。或者在上述时间范围内必须提供给美prevailing prime rate at PFGBEST’s principal bank or the maximum 国百利足够的资金进行交割或者交割所必须的文件。如果美interest rate allowed by law, whichever is lower, and all costs of col-国百利未收到任何指示，资金或文件，美国百利可以无需另lection, including attorneys fees, witness fees, travel expenses and 行通知客户，依自己判断，按其认为合理的方式，将客户的the like. In the event PFGBEST incurs expenses other than for the col-头寸清算，进行交割或代表客户执行交割手续。客户同意：lection of deficits, with respect to any of the account(s) of Customer, 对于所有相关成本，花费或差额，客户仍将负有义务。Customer also agrees to pay such expenses. 客户承认：美国百利在财务上对于结算会员负有义务。美国百利通过各结算会员对交易进行结算，计算客户账户中13. CHARGES. 收费出现的差额。客户因此同意：客户应始终对发生在客户账Customer agrees to pay such commission rates as PFGBEST may from time 户中的任何差额负有支付义务，包括美国百利或客户进行to time charge, as well as all other costs and fees (including, without limita-全部或部分清算时客户账户中仍存在的差额。客户同意美tions, fees imposed by the National Futures Association, exchanges or other 国百利不承担任何义务，并且免除，保护美国百利不受任regulatory or self-regulatory organizations) arising out of PFGBEST’s provision 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of services hereunder. PFGBEST may change its commissions, charges, and/害。如果对客户账户进行清算，余额不足以支付客户所欠or fees without notice. Customer agrees to pay all such charges as they 美国百利的所有债务，客户接到要求后应当立即支付差额are incurred. Customer hereby authorizes PFGBEST to withdraw the amount 和所有未付款以及利息（美国百利的关系银行最低贷款利of any such charges from Customers Account(s). In the event Customer 率加三个百分点，或法律许可的最高利率，以两者较低的instructs PFGBEST to transfer open positions, monies, and/or property from 为准）和所有收款成本，包括律师费用，证人费用，差旅Customers Account to another futures commission merchant, Customer 费等类似费用。对于美国百利非因收取客户任何账户中的agrees to pay a transfer fee, to be designated by PFGBEST. 差额而产生的费用，客户也同意偿付。客户同意按照美国百利规定的费率支付佣金以及所有其他因美国百利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12. DELIVERY MONTH LIQUIDATION INSTRUCTIONS. 月清算指示The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。19
CUSTOMER AGREEMENT 客户协议和收取的费用）。美国百利可以更改自己收取的佣金，收交易的报告。客户必须阅读并立即报告确认函和对账单中的费和/或费用，而无须通知客户。客户同意支付美国百利错误。如果客户未能立即通知美国百利任何错误或遗漏，则承担的所有上述花费。客户特此授权美国百利可以从客户客户将必须遵守确认函和对账单中的条款。所有执行报告在账户中支取上述任何费用。如果客户指示美国百利从客户二十四小时之内都将被认为是最终执行报告，并且所有对账账户中划拨未了结寸头，款项和/或资产给另一期货经纪单在三日内被认为是最终对账单，除非客户在上述时间范围商，客户同意支付美国百利规定的划拨费用。内向美国百利主要营业地的执行官员提出反对意见。 Customer specifically agrees that, after any Account subject to this Margin calls shall be conclusive and binding unless objected Agreement has been dormant for a period of three calendar months, as to immediately by telephone or by wire. Written objections on defined by the unclaimed property laws and regulations of the relevant Customer’s part shall be directed to PFGBEST’s Compliance jurisdiction(s) to which such Account is subject, such Account shall there-Department at 311 W. Monroe St., Suite 1300, Chicago, IL 60606 after be subject to a monthly administration fee for each subsequent and shall be deemed received only if actually delivered or mailed month during which such dormancy continues without interruption. Such by registered mail, return receipt requested. Customer’s failure monthly administration fee shall be equal to % of the liquidation value to receive a trade confirmation or statement of accounts shall of such Account (rounded up to the nearest multiple of $) or the not relieve Customer of the obligation to object as set out herein. maximum amount permitted by applicable law, whichever is less. Except Failure to object to statements and confirmation shall be deemed as required by law, Customer shall not be entitled to a refund of any such ratification of all actions taken by PFGBEST or PFGBEST’s agents. monthly administration fee for any reason. 除非客户立即通过电话或电传提出异议，否则保证金要求客户特别同意：如果本协议规定的任何账户在三个日历月为决定性要求，并且具有法律效力。客户的书面反对应当内为静止状态，根据此类账户所受有关司法辖区有关无主送至伊利诺州芝加哥市 Monroe 街 311 号 13 楼美国百利监察张资产的法律和法规，此账户在以后为连续静止状态的各部 60606，并且只有通过实际送交或要求回执的挂号信函邮月应当收取月管理费。该月管理费应当相当于此账户清算寄方可被认为收到。客户未收到交易确认函或对账单并不价值的 %（为 $ 的最小倍数），或者适用法律规定能免除客户上述提出异议的义务。客户如未提出异议，则的最大额，以两者较少的为准。除非法律有所要求，否则将被认为已经批准了美国百利或其代理的全部行为。客户无权以任何理由要求退还任何上述月管理费。Unless Customer indicated otherwise in Paragraph 19 of the Account Application, Customer hereby authorizes PFGBEST to deliver cor-14. STATEMENTS AND CONFIRMATIONS. 对账单和确认函respondence and other communications including, but not limited to Customer understands that Customer must carefully review the trade confirmations, daily statements, monthly statements, margin reports relating to Customers trading sent by PFGBEST. Customer and maintenance calls, and other documents required to be deliv-must review and report immediately errors on confirmations and ered in connection with Customers account. Customer agrees that statements. Failure to notify PFGBEST immediately of any error or the sending by PFGBEST of an e-mail to the e-mail address of record omission will bind Customer to the terms of such confirmation or shall constitute good and effective delivery to Customer of the com-statement, as the case may be. All repor ts of execution shall be munication whether or not Customer actually access the communi-deemed final within twenty-four (24) hours and all statements of cation. Customer may revoke his consent to electronic delivery of account will be deemed final within three (3) days, unless Customer documents at any time upon written notice to PFGBEST. It is the cus-objects to these repor ts within these periods of time to an executive tomer’s responsibility and obligation to notify PFGBEST of any change officer of PFGBEST at PFGBEST’s principal place of business. of mailing and/or electronic address.客户了解：客户必须仔细阅读美国百利发送来的有关客户The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。20
CUSTOMER AGREEMENT 客户协议除非客户另有说明, 否则在账户申请第十九段，客户特此授16. DISCLAIMER OF WARRANTIES. 免责声明权，否则客户特此授权美国百利将通信和其他联络（包括Neither PFGBEST nor its agents make any representations or warranties to 但不仅限于交易确认函，日对帐单，月对账单，保证金通Customer, express or implied, with respect to the electronic order system, 知，维持保证金通知和其他要求递送的与客户账户有关的or the transmission, timeliness, accuracy or completeness thereof, includ-文件）。客户同意美国百利发送电子邮件到记录的电子邮ing, without limitation, any implied warranties or any warranties of mer-件地址，将构成已经正当有效地将通信联络发送给客户。chantability, quality or fitness for a particular purpose, and those arising 客户可以随时书面通知美国百利，不再同意采用电子形式by statute or other wise in law or from any course of dealing or usage.发送文件。客户有责任和义务通知美国百利有关邮件和/或美国百利及其代理人都不会对客户就电子指令系统及其传电子邮件地址的变动信息。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Customer agrees that written statements shall supersede all elec-某一特定目标的默示或非默示的保证，以及那些来源于法tronic information and the written statements shall be controlling. 令，法律或者交易及使用的任何阶段的保证。客户同意：书面对账单将取代所有电子对账单，并且应当以书面对账单为准。17. LIMITATION OF LIABILITY. 责任限制Customer agrees that in no event will PFGBEST be liable to Customer 15. COMMUNICATIONS. 通信for the accuracy, interruption, delay, completeness, timeliness, or cor-Reports, statements, notices and any other communications may be rect sequencing of the information received through Customer’s use of transmitted to Customer at the address given above or to such other BESTDirect™ or for any interruption of any data, information, or accessi-address as Customer may from time to time designate in writing to bility to BESTDirect™. Further, PFGBEST shall not be held responsible for PFGBEST. All communications so sent, whether by mail, telegraph, any delay or failure to provide BESTDirect™ service, including the execu-messenger or when received by a transmitting agent, and deemed tion of any order. Under no circumstances shall PFGBEST or its agents transmitted by PFGBEST when deposited in the United States mail, be liable for any indirect, incidental, special or consequential loss or or when received by a transmitting agent, and deemed delivered to damages, including loss of business or profits or goodwill, that result Customer personally, whether actually received by Customer or not. from Customer’s use, attempted use, or inability to use BESTDirect™.报告，报表，通知或其他通信将按照上述地址投送给客客户同意在任何情况下，美国百利都不对客户通过使用 户，客户也可以随时给美国百利写信，指定投送地址。以BESTDirect™ 接收的信息的准确性，中断，延迟，完整性，及此方式进行的通信，不管是通过邮件，电报，邮递员或其时性和正确的排序负责，也不对任何数据，信息的中断和 他方式，只要委托给了美国邮政系统，或者被某个代理人BESTDirect™ 的可连接性负责。而且，美国百利不应为提供 接收，应被视为已由美国百利发送，并且交到客户本人手BESTDirect™ 服务 — 包括执行任何指令 — 的任何延迟或者失中，不管客户是否真的收到。 败负责。不管在任何情况下，美国百利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PFGBEST will not be responsible for delays in transmission of orders 的任何间接的，偶然的，特定的损失 — 包括业务或利润due to breakdown, excessive call volume or failure of transmission or 或声誉的损失负责。communication systems or facilities, or for any other cause or causes beyond PFGBEST’s reasonable control or . EXTRAORDINARY EVENTS. 特殊事件对于因传输或通信系统或设施中断，繁忙或故障，以及任PFGBEST shall not be liable for losses caused directly or indirectly by 何超出美国百利控制或预计范围的原因造成的指令传输的government restrictions, exchange or market actions, suspension of 延迟，美国百利将不负责任。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。21
CUSTOMER AGREEMENT 客户协议trading, war, strikes, or for delays in the transmission of orders due to Account into and from such foreign currency at a rate of exchange on breakdown or failure of transmission or communication facilities, or as the basis of the then prevailing money market rates as determined by a result of any other causes beyond PFGBEST’s control or anticipation. PFGBEST in its sole discretion.美国百利不应为因政府限制，交易所或市场行为，交易中如果客户指示美国百利进入任何商品期货或者期货合约的断，战争，罢工而直接或间接导致的损失负责，或为因传商品期权，并且此交易将以某种外汇实现：(a) 任何影响输或通信设施中断或故障，以及任何超出美国百利控制或此种货币的汇率波动带来的利润或损失将全部归客户的账预计的其他原因导致的指令传输延迟而为直接或间接导致户，并全部由客户承担风险，(b) 所有最初的和随后的出于的损失负责。保证金的目的存款应该为美元，金额完全根据美国百利自己的判断作出要求，(c) 美国百利有权将客户账户中的资金Without limiting the generality of the foregoing, PFGBEST shall not 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be liable for any loss, liability, expense, fine or tax caused directly 货币兑换。以何种货币市场汇率为依据则完全由美国百利or indirectly by any (i) governmental, judicial, exchange or other self-的判断决定。regulatory organization action or order, (ii) suspension or termination of trading,(iii) break down or failure of transmission or communica-20. CUSTOMER’S ACKNOWLEDGEMENTS. 客户确认tion facilities, or (iv) failure or delay by any exchange to enforce Customer acknowledges that investment in commodity futures con-its rules or to pay or return any amounts owed to PFGBEST with tracts and commodity options on futures is speculative, involves respect to any transactions or contracts executed and/or cleared for a high degree of risk and is appropriate only for persons who can Customer’s account(s) with PFGBEST. In no event shall PFGBEST be assume risk of loss in excess of their margin deposit. Customer liable for consequential, incidental or special that because of the low margin normally required in 在不限制上述各条款的普遍适用性的前提下，美国百利不commodity futures trading, price changes in commodity futures 应该为任何因 (i) 政府，司法，交易所或其他自我管制组织contracts may result in significant losses, which losses may sub-的行为或命令，(ii) 交易的中止或中断，(iii) 传输或通信设施stantially exceed Customer’s investment and margin deposit. 的中断或故障，或者 (iv) 任何交易所未能或未能及时实施Customer warrants that Customer is willing and able, financially 其制度，未能或未能及时支付或返还由于为客户的美国百and other wise, to assume the risk of trading Commodities, and in 利账户执行和/或清偿交易或合约而拖欠美国百利的金额consideration of PFGBEST’s carrying Customer’s Account(s) Customer 而直接或间接导致的任何损失，负债，支出，罚款或税务agrees not to hold PFGBEST responsible for losses incurred through 负责。在任何情况下，美国百利都不应为间接的，偶然的following PFGBEST’s trading recommendations or suggestions or 或特定的损失负责。those of PFGBEST’s employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impos-19. CURRENCY FLUCTUATION RISK. 币值波动风险sible in commodity trading. Customer acknowledges that Customer If Customer directs PFGBEST to enter into any commodity futures has received no such guarantees from PFGBEST or from any of or commodity option on futures contract and such transaction is to PFGBEST’s representatives or any introducing broker or other entity be effected in a foreign currency: (a) any profit or loss arising as a with whom Customer is conducting business in Customer’s Account result of a fluctuation in the exchange rate affecting such currency and has not entered into this Agreement in consideration of or will be entirely for Customer’s Account and Customer’s risk; (b) all in reliance upon any such guarantees or similar representations. initial and subsequent deposits for margin purposes shall be made in Further Customer acknowledges that Customer has relied only on the . dollars, in such amounts as PFGBEST may in its sole discretion terms and representations contained in this Agreement in formulat-require; and (c) PFGBEST is authorized to convert funds in Customer’s ing Customer’s decision to open an account with PFGBEST. The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。22
CUSTOMER AGREEMENT 客户协议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Customer acknowledges that the accuracy, completeness, timeli-的，具有高风险性，只适合于那些能够承担超出他们保证金ness, and correct sequencing of the real-time information concerning 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Customer’s trading and account activity, the quotes, market news, 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charts, trading analysis and strategies are not guaranteed by PFGBEST 失，这种损失可能会远远超过客户的投资和保证金。客户保or PFGBEST’s information providers. Customer understands that some 证：在经济方面和其他方面，客户愿意而且能够承担交易of the information available through BESTDirect™ may be supplied 商品的风险。由于美国百利持有客户的账户，客户同意不会by various independent sources. While PFGBEST believes that these 因为遵循美国百利及其雇员，代理人或代表的交易建议和意independent sources are reliable, PFGBEST does not guarantee the 见而要求美国百利为客户的损失负责。客户认识到在商品交accuracy, completeness, timeliness, non-interruption, or sequencing 易中，保证赚取利润或避免损失是不可能的。客户确认客户of any information supplied. Further, the information provided may 没有从美国百利，或者任何美国百利的代表，或者任何中介be the property of the party who supplies such and may be protected 经纪人，或者客户与之在客户账户中从事业务的其他实体那by copyright; therefore, any reproduction, transmittal, dissemination 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or distribution of the information in any form or manner is prohibited 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without the express written consent of PFGBEST.外，客户确认客户作出决定在美国百利开账户时，只依赖本客户确认美国百利或美国百利的信息供应商不保证有关客户合约中所包含的条款和陈述。交易和账户活动，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 BESTDirect™ 获得的一些信息可能由各种独立的来源提Customer acknowledges that Customer has been advised and under-供。尽管美国百利相信这些独立来源是可靠的，但是美国百stands the following factors concerning trading Commodities, in addition 利不保证任何提供的信息的准确性，完整性，及时性，不中to those contained in the CFTC Required Risk Disclosure Statement and 断性或者排序。另外，所提供的信息可能是提供方的财产而Disclosure Statement for Non-Cash Margin, that have been provided to 受到版权的保护。因此，没有美国百利明确的书面同意，禁Customer. Customer further acknowledges that the purchase or sale of a 止对这些信息以任何方式进行复制，传输，传播和分发。 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Customer further acknowledges that from time to time, and for any 明》和《非现金保证金披露声明》中包含的（这些已经提reason BESTDirect™ may not be operational or otherwise available 供给了客户）下列要素。客户还确认购买或出售一份期货for Customer’s use due to servicing, hard ware malfunction, soft-合约总是期待着接受或作出财产移交。 ware defect, service or transmission interruption or other cause, and Customer agrees to hold PFGBEST and its agents harmless from liability or any damage which results from the unavailability of PFGBEST is not a member of the Securities Investor Protection BESTDirect™. Customer acknowledges that Customer has alternative Corporation (“SIPC”), therefore, Customer’s account is not entitled to arrangements, which will remain in place for the transmission and/or SIPC protection. Customer acknowledges that Customer’s Accounts execution of Customer’s orders, by telephone, facsimile transmission at PFGBEST are neither securities accounts protected under SIPC nor or otherwise, in the event, for any reason, circumstances prevent the bank accounts protected by the FDIC.美国百利不是证券投资者保护公司（SIPC）的成员，因此客transmission and/or execution of all, or any portion of, Customer’s 户的账户不受orders through BESTDirect™. In the event that BESTDirect™ is not SIPC 的保护。客户确认客户在美国百利的账户及不是受operational, Customer agrees to contact Customer’s broker at SIPC 保护的证券账户也不是受联邦存款保险公司（FDIC）保护的银行账户。PFGBEST to make alternative order entry information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。23
CUSTOMER AGREEMENT 客户协议客户还确认有时，因为某种原因，BESTDirect™ 可能会因为服如果客户通过外汇市场交易，客户不一定能得到任何本地期务，硬件故障，软件缺陷，服务或传输的中断等原因不能运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作，或者客户无法使用，客户同意免于使美国百利及其代理的权利。对于货币外汇的其他风险因素，客户应该参阅《货人因 BESTDirect™ 无法使用而承担法律责任。 客户确认当由于币外汇风险披露声明》，我们已经向客户提供了一个副本。 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If Customers Account is introduced by an IB or by a CTA, it is being 输和/或执行客户指令方面有多种安排。在 BESTDirect™ 不能运carried on PFGBEST’s books on a “fully disclosed basis.” Customer 作的情况下，客户同意与美国百利的客户经纪人联系，进行understands that PFGBEST is employed to perform certain bookkeeping 其他指令进入安排。 and operational functions with regard to Customers Account. Customer understands that PFGBEST is responsible for executing and confirm-Customer further acknowledges that there is risk associated with ing transactions effected for Customers Account; segregating funds in Currency Forex trading. If trading liquidity decreases, trading in a cer-accordance with the rules and regulations promulgated by the CFTC; tain foreign currency may cease, thereby preventing the liquidation of margining Customers Account and collecting funds on Customers behalf an adverse position, which may result in a substantial financial loss. by means of checks payable to PFGBEST only. Customer agrees to Additionally, there are no guarantees to the credit worthiness of the indemnify PFGBEST and hold harmless PFGBEST from and against all counterparty PFGBEST utilizes for Customer’s Currency Forex position. damages or liability arising from the conduct of Customers IB or CTA. If Customer directs PFGBEST to enter into any Currency Forex con-如果客户账户是由某中介经纪人（IB）或者商品交易顾问tract: (a) any profit or loss arising as a result of a fluctuation in the （CTA）介绍的，它在美国百利的簿册里在“完全披露的exchange rate affecting such currency will be entirely for Customer’s 基础上”持有。客户知道美国百利受雇实施某种与客户Account and Customer’s risk; and (b) all initial and subsequent 账户相关的簿记和操作功能。客户知道美国百利负责实deposits for margin purposes shall be made in . dollars, in such 施和确认客户账户进行的交易，按照商品期货交易委员会amounts as PFGBEST may, in its sole discretion, require.（CFTC）发布的规章制度分离资金，通过只可向美国百利另外，客户确认货币汇率交易有风险。如果交易流动性降低支付的支票代表客户为客户账户添加保证金和收款。客的话，某种外汇的交易可能中止，从而防止将不利的头寸户同意对于因客户的中介经纪人（IB）或者商品交易顾问清算，这可能会导致重大的经济损失。另外，对于美国百利（CTA）的行为导致的损失和负债对美国百利进行赔偿，或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使美国百利免于法律责任。证。如果客户指示美国百利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账21. TRADING RECOMMENDATIONS. 交易建议户，并全部由客户承担风险，(b) 所有最初的和随后的出于保Customer acknowledges that (i) any market recommendations and informa-证金的目的存款应该为美元，金额完全根据美国百利自己的tion communicated by PFGBEST does not constitute an offer to sell or the 判断作出要求。solicitation of an offer to buy any commodity or commodity futures contract or options on futures contract; (ii) such recommendation and informa-If Customer trades through the Forex market, Customer may not tion, although based upon information obtained from sources believed by be afforded certainty of the protective measures provided by any PFGBEST to be reliable, may be based solely on a broker’s opinion and domestic futures exchange, including the right to arbitrate Customers that such information may be incomplete and may be unverified; and (iii) dispute with the counterparty. For additional risk factors associated PFGBEST makes no representation, warranty or guarantee as to, and shall with Currency Forex, Customer should refer to the Currency Forex Risk not be responsible for, the accuracy or completeness of any information or Disclosure Statement, a copy of which has been provided to Customer. trading recommendation furnished to Customer. The market recommenda-The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。24
CUSTOMER AGREEMENT 客户协议tions of PFGBEST are based solely on the judgment of PFGBEST’s personnel. Agent nor making any recommendations with respect thereto. Customer These market recommendations may or may not be consistent with the mar-understands that PFGBEST makes no warranties or representations ket position or intentions of PFGBEST, PFGBEST’s affiliates and any Trading Agent; nor does PFGBEST by implication or other-客户确认 (i) 美国百利传送的任何市场建议和信息不构成wise, endorse or approve of the operating methods of the Trading Agent. 出售任何商品或商品期货合约或期货合约期权的要约，或Customer agrees that PFGBEST shall not be held responsible for any loss 购买任何商品或商品期货合约或期货合约期权的要约邀to Customer occasioned by the actions of the Trading Agent. If Customer 请。(ii) 此类建议和信息尽管是建立在从美国百利信任的来gives Trading Agent authority to exercise any of its rights over its accounts, 源得到的信息的基础上，但可能只是某个经纪人的个人意Customer understands that Customer does so at Customers own risk. 见，此类信息可能是不完整的或未经验证的，(iii) 美国百利客户确认如果客户授权第三方（交易代理人）对客户账户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进行交易和控制，不管是否是由客户的自由意志决定的，作任何陈述，保证或担保，也不对此负责。美国百利的市美国百利都没有责任调查客户对交易代理人的选择，或是场建议完全建立在美国百利人员判断的基础上。对此做出任何建议。客户知道美国百利不就交易代理人作出任何保证或陈述，美国百利也不易暗示或其他方式认可Customer acknowledges that PFGBEST and/or PFGBEST’s officers, 或者认同交易代理人的操作方法。客户同意美国百利不应directors, affiliates, associates, stockholders or representatives may 对交易代理人的行为导致的客户的任何损失负责。如果客have a position in or may intend to buy or sell commodities, com-户授权交易代理人对其账户行使权利，客户知道自己应该modity futures contracts or commodity options which are the subject 承担相应的风险。of market recommendations furnished to Customer, and that the market position of PFGBEST or any such officer, director, affiliate, Customer understands that PFGBEST does not permit its Account associate, stockholder or representative may not be consistent with Executives to either exercise discretion or manage an account, or the recommendations furnished to Customer by PFGBEST. Customer hold a power of attorney over an account, unless approved by an acknowledges that PFGBEST makes no representations concerning executive officer of PFGBEST and only after proper documentation the tax implications or treatment of been submitted and approved by PFGBEST. If Customer’s Account 这些市场建议可能与美国百利或者其分支机构和雇员的市is not being traded with Customer’s authorization, Customer must 场头寸或意向一致，也可能不一致。客户确认：对于提notify PFGBEST’s Compliance Officer immediately.供给客户的市场建议中提到的商品，商品期货合约或者商客户知道美国百利不允许其账户执行人进行判断或者管理品期权，美国百利和/或美国百利的官员，经理，分支机账户，或者对某一账户持有委任书，除非得到美国百利的构，合作者，持股人或者代理人可能会持有头寸，或有意一位执行官的认可，并且必须在提交正确的文件并得到美向买入或卖出，美国百利或任何此类官员，经理，分支机国百利批准之后。如果客户的账户的交易没有得到客户的构，合作者，持股人或代理人的市场头寸可能与美国百利授权，客户必须立即通知美国百利的监察官。提供给客户的市场建议并不一致。 客户确认美国百利不做出任何关于税收影响或合约处理陈述。 23. CUSTOMER REPRESENTATIONS AND WARRANTIES. 客户阐明和保证22. TRADING AGENTS. 交易代理人Customer represents and warrants that: (a) Customer is of sound mind, Customer acknowledges that should Customer grant trading author-legal age and legal competence; (b) no person other than Customer ity or control over Customers Account to a third-party (“Trading Agent”), has or will have an interest in Customer’s Account(s); (c) regardless of whether on a discretionary or non-discre-tionary basis, PFGBEST shall in any subsequent determination to the contrary Customer is suitable to no way be responsible for reviewing Customers choice of such Trading trade Commodities; and, (d) Customer is not now an employee of any The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。25
CUSTOMER AGREEMENT 客户协议exchange, any corporation in which any exchange owns a majority of the owned (excluding primary residence), the cash value of life insur-capital stock, any member of any exchange or a firm registered on any ance and other valuable Assets; exchange, or any bank, trust, or insurance company; and in the event (b) 资产价值：客户的资产价值包括了现金和/或现金等价that Customer becomes so employed, Customer will promptly notify 物，美国政府和可出售有价证券，所拥有的房地产（包PFGBEST at its home office in writing of such employment; and, (e) 括主要住宅），人寿保险和其他贵重资产的现金价值；all the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Customer will (c) Value of Liabilities: Customer included notes payable to notify PFGBEST promptly of any changes in such (secured and unsecured), notes payable to relatives, real 客户阐明和保证：(a) 客户心智健康，达到法定年龄，具有estate mortgages (excluding primary residence) and other debts; 完全民事行为能力，(b) 除了客户本人，没有其他人对客户(c) 负债价值：客户的负债价值包括了对银行的应付票的账户有兴趣，或以后将有兴趣，(c) 不管以后会有什么相据（担保的和未担保的），对亲属的应付票据，房地反的决定，客户目前适合做商品交易，(d) 客户目前不是以产抵押（不包括主要住宅）和其他债务； 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(d) Customers Liquid Assets: Customer included only those Assets 所注册的公司，任何银行，信托或保险公司；如果客户成that can be quickly, (within one days time) converted to Cash. 为以上机构的雇员，客户将尽快写信通知美国百利总部受(d) 客户的流动资产客户的流动资产仅仅包括了那些可雇于此类机构的情况，(e) 本手册信息部分提供的所有信息以迅速（一天以内）转化为现金的资产。 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，客户将及时通知美国百利。 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 24. DISCLOSURE OF FINANCIAL INFORMATION. 金融信息的披露 of money Customer is willing to put at risk and if lost would not, in any Customer represents and warrants that the financial information dis-way, change Customers life style. Customer agrees to immediately inform closed to PFGBEST in this document is an accurate representation of PFGBEST if Customers financial condition changes in such a way that Customers current financial condition. Further, Customer represents reduces Customers Net Worth, Liquid Assets and/or Risk Capital. and warrants that in determining: 客户阐明和保证：客户已经非常谨慎的考虑了客户资产中客户阐明并保证本文件中向美国百利披露的金融信息是客其认为是风险资本的部分。客户认识到风险资本是指：客户当前金融状况的准确报告。另外，客户阐明并且保证在户愿意将某一金额的金钱置于风险之下，如果失去了，无决定下列各项时：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(a) Customers Net Worth: Assets and Liabilities were carefully 险资本，客户将立即通知美国百利。 calculated then Liabilities were subtracted from Assets to deter-mine Customers Net Worth; Customer authorizes PFGBEST or PFGBEST’s agents to investigate (a) 客户的资本净值：资产和负债都经过仔细核算，然Customers credit standing and in connection therewith to contact 后将负债从资产中减去，以决定客户的资本净值such banks, financial institutions and credit agencies as PFGBEST shall deem appropriate to verify information regarding Customer. (b) Value of Assets: Customer included cash and/or cash equiva-Customer further authorizes PFGBEST to investigate Customers cur-lents, . Government and Marketable securities, real estate rent and past investment activity and in connection therewith, to The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。26
CUSTOMER AGREEMENT 客户协议contact such futures commission merchants, exchanges, broker/ately in writing to the attention of PFGBEST’s Compliance Officer. dealers, and compliance data centers, as PFGBEST shall deem Customer understands that Customer must authorize every transac-appropriate. Upon reasonable request made in writing by Customer tion prior to its execution unless Customer has delegated discretion to PFGBEST, Customer shall be allowed to review any records to another party by signing PFGBEST’s limited trading authoriza-maintained by PFGBEST relating to Customers credit standing. At tion. Any disputed transactions must be brought to the attention of Customers sole cost and expense Customer also shall be allowed to PFGBEST’s Compliance Officer pursuant to the notice requirements copy such records. of this Customer Agreement. Customer agrees to indemnify and hold 客户授权美国百利或者其代理人调查客户的信誉，并为此PFGBEST harmless from all damages or liabilities resulting from 与银行，金融机构和征信所联系，因为美国百利认为有必Customer’s failure to immediately notify PFGBEST’s Compliance 要核实关于客户的信息。客户还授权美国百利调查客户当Officer of any of the occurrences referred to herein. All notices 前和过去的投资行为，并为此联系美国百利认为适当的期required under this section shall be sent to PFGBEST at PFGBEST’s 货佣金商，交易所，经纪人/经销商和监察数据中心。根address appearing on confirmations and account statements. 据客户写给美国百利的合理的书面请求，客户应被允许查客户确认：关于在客户账户内的交易，客户与客户的经纪人阅美国百利持有的关于客户信誉的任何记录。客户还应被或者任何美国百利的雇员或代理人之间没有任何单独的协允许复制这些记录，相关成本和费用由客户自己承担。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，PFGBEST has adopted policies and procedures for the protection 客户有义务立即书面通知美国百利的监察官。而且，客户知of Customers confidential personal information from unauthorized 道，任何人所作的关于客户账户的任何陈述，如果与客户从disclosure. PFGBEST’s policies and procedures regarding such mat-美国百利收到的任何声明有异的话，必须立即以书面的形式ters are reflected in the PFGBEST Privacy Notice. PFGBEST’s Privacy 交给美国百利的监察官。客户知道客户必须在每一个交易之Notice may also be obtained from PFGBEST’s website at www.前授权此交易，除非客户已经通过签署美国百利的有限交易.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美国百利采取了保护客户秘密的个人信息不受非授权的披客户协议的通知要求提请美国百利监察官的注意。客户同意露的政策和程序。关于此类事物的美国百利的政策和程序在上述任何情况下，对于因客户未能立即通知美国百利监察在美国百利的“隐私公告”中有所反映。在美国百利网官而导致的损失或者负债，客户将给美国百利以赔偿，或使站： 也能得到美国百利的“隐私公告”。 美国百利免负法律责任。本款要求的所有通知应按照确认和账户声明上的美国百利地址送至美国百利。25. NO GUARANTEES. 无担保26. JOINT ACCOUNTS. 联合账户Customer acknowledges that Customer neither has any separate If this account is held by more than one (1) person, all of the joint agreement nor shall enter into any separate agreement with Custo-holders are jointly and severally liable to PFGBEST for any and all mer’s broker or any PFGBEST employee or agent regarding the trading obligations arising out of transactions in the account and/or this in Customer’s Account, including any agreement to guarantee profits Customer Agreement. Customer acknowledges that each tenant of a or limit losses in Customer’s Account. Customer understands that joint account has authority to: a) trade for the account, b) receive all Customer is under an obligation to notify PFGBEST’s Compliance correspondence and documents in respect to the account, c) receive Officer immediately in writing as to any agreement of this type. or withdraw money, d) execute agreements relating to the account, Further, Customer understands that any representations made by and e) deal with PFGBEST fully. PFGBEST has the authority to require anyone concerning Customer’s Account, which differ from any state-joint action by the parties of the Account in matters relating to the ments Customer receives from PFGBEST must be brought immedi-The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。27
CUSTOMER AGREEMENT 客户协议Account. PFGBEST has control and possession of the security of the 当客户为合伙人时，客户阐明《普通和有限合伙协议》是Account individually or jointly. If a death occurs to one or more of the 书面的，规定当任一合伙人死亡或无能力时，合伙不会中tenants, the remaining tenants shall notify PFGBEST in writing. For all 止，合伙人和合伙将遵守，并将一直遵守所有可以应用于expenses incurred by the Account, the Account shall be charged and 他们行为的规章制度，包括，但不限于商品期货交易委员all tenants shall be jointly and individually responsible. Unless the 会（CFTC），全国期货协会（NFA）的规章制度，商品交易Customer informs PFGBEST otherwise, each tenant is presumed to 法和该合伙建立所在州的州法律，合伙人对任何和所有与have equal interest in the Account. 该账户一起形成的交易和义务对美国百利负有连带责任，如果此账户为多于一 (1) 人所持有，所有的联合持有人对于并受本协议所有条款和条件的约束。某合伙人死亡或退休来自本账户交易和/或本客户协议的任何和所有义务对美时，或者合伙协议发生任何变化时，该合伙应该及时书面国百利负连带责任。客户确认某联合账户的每个持有人都通知美国百利。 任何已经死亡的普通合伙人的不动产对美有权：a) 为本账户交易，b) 接收关于本账户的所有通信和国百利有责任偿还，以及每个剩下来的合伙人应该继续对文件，c) 收款或提款，d) 执行与本账户有关的协议，e)与美国百利有责任偿还任何在美国百利接到此书面的死亡通美国百利保持充分的商业关系。美国百利有权要求该账户知之前开始的交易给账户带来的借方余额或损失，或者在的各方就该账户的相关事物做出联合行为。美国百利单独接到某一合伙人死亡通知以后账户清算导致的借方余额或地或联合地对账户上的证券进行控制和占有。如果某个或损失。多个持有人死亡，剩下的持有人应书面通知美国百利。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28. ERISA PENSION PLAN ACCOUNTS. ERISA 退休金计划账户任。每个持有人都被认为就该账户有着相同的利益，除非Where the Customer is a plan covered by the Employee Retirement 客户告知美国百利不同的情况。Security Act of 1974 (“ERISA”), Customer acknowledges and under-stands that PFGBEST is only providing services hereunder and is not 27a plan fiduciary as defined in ERISA, and any rules or regulations pro-. PARTNERSHIP ACCOUNTS. 合伙账户Whmulgated thereunder. PFGBEST has no discretionary authority or con-ere the Customer is a partnership, the Customer represents that the General or Limtrol with respect to Customers purchase or sale of futures contracts ited Partnership Agreement is in writing and provides that the and that the furnishing of market recommendations and information by partnership will not terminate upon the death or incapacity of any one of PFGBEST is solely for Customers convenience and does not constitute the partners; the partners and the partnership are in compliance with and the exercise of such authority or control; and there is no agreement, shall remain in compliance with all rules and regulations applicable to their arrangement, or understanding between Customer and PFGBEST for activities including, but not limited to, the rules and regulations of the CFTC, Ninvestment decisions with respect to the assets of Customer or that FA, the Commodity Exchange Act, and State Laws in which the partnership wPFGBEST will render individualized investment advice to Customer as formed; the partners are jointly and severally liable to PFGBEST for any based on the particular needs of Customer. Customer further repre-and all transactions and obligations made in conjunction with this account sents that it has full power and authority pursuant to governing agree-and are bound by all terms and conditions of this Agreement; and the part-ments and otherwise to enter into this Agreement and to engage in nership shall promptly notify PFGBEST in writing of the death or retirement transactions of the kind contemplated any partner, or any change in the partnership agreement. The estate of 当客户是《1974 年雇员退休保障法》（以下简称 ERISA）any of the general partners who shall have died shall be liable, and each 适用的一个计划时，客户确认和知道美国百利只提供以下survivor shall continue to be liable, to PFGBEST for any debit balance or loss 的服务，不是 ERISA 及其管辖的规章制度定义的一个信托in the account resulting from the completion of transactions initiated prior to 计划，关于客户购买或者销售期货合约，美国百利没有自receipt by PFGBEST of such written notice of death or incurred in the liquida-由决定权和控制权。美国百利提供市场建议和信息只是为tion of the account after receipt of notice of death of a information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。28
CUSTOMER AGREEMENT 客户协议了方便客户，并不构成决定权和控制权的实施。客户和美such provision or condition. The validity of the remaining provisions 国百利之间没有关于客户资产投资决定的协议，安排和谅and conditions shall not be affected and this Agreement shall be 解，美国百利将按照客户的个别需要，为客户提供个人化carried out as if any such invalid or unenforceable provision or condi-的投资建议。客户还阐明按照管理协议它有完全的能力和tion was not contained herein. This Agreement or any section thereof 授权，否则，即签署本协议，从事此处考虑的交易。shall not be construed against any party due to the fact that said Agreement or any section thereof was drafted by said party.如果有法庭，管制或自我管制机构或组织认为本协议的任何29. NO WAIVER OR AMENDMENT. 无豁免或修正条款和条件无效，此无效性和不能执行性只应适用于这些条款No provision of this Agreement may be waived or amended unless the 和条件。其余条款和条件的有效性不应受到影响，本协议应继waiver or amendment is in writing and signed by both Customer and an 续得以执行，就好像上述无效的和不能执行的条款或条件不包authorized officer of PFGBEST. No waiver or amendment of this Agreement 含在此协议内。本协议及其任何条款的解释不应不利于任何一may be implied from any course of dealing between the parties or from any 方，因为本协议及其任何条款都是由上述各方起草的。failure by PFGBEST or PFGBEST’s agents to assert PFGBEST’s right under this Agreement on any occasion or series of occasions. No oral agreements or 31. FOREIGN CUSTOMER NOTICE. 国外客户公告instructions to the contrary shall be recognized or enforceable. This instru-Where Customer is not a resident of the United States (hereinaf-ment and the attachments hereto embody the entire agreement of the par-ter referred to as “Foreign Customer”), Regulation 15:05 of the ties, superseding any and all prior written and oral agreements and there are United States Code of Federal Regulations (CFR) deems PFGBEST no other terms, conditions or obligations other than those contained herein. to be Foreign Customers agent for purposes of accepting delivery 本协议的条款都不能豁免或修正，除非客户和美国百利的and service of any communication issued by or on behalf of the 授权官员一同签署了豁免和修正的书面形式。在任何情CFTC with respect to any futures or options contracts which are 况下，本协议各方的任何行为过程，或者美国百利或其的or have been maintained in Foreign Customers account carried by 代理人未能声明本协议下美国百利的权力，都不意味着本PFGBEST. Service or delivery of any communication issued by or 协议有豁免或者修正。相反的口头协议或指示不是可接收on behalf of the CFTC to PFGBEST constitutes valid and effective 的或可实施的。本文件和此处的附件包含了各方的整个协service or delivery upon the Foreign Customer. Further, pursu-议，取代任何和所有先前的书面和口头协议，除了此处包ant to Regulation 18:07 CFR, may required a Foreign Customer 含的条款，条件或义务，没有其他的条款，条件或义务。to comply with the filing of various reports with the CFTC upon twenty days notice, except where such Foreign Customer may be 30. GOVERNING LAW AND JURISDICTION. 管理法和权限required by the CFTC to file such reports within one business day This Agreement, and the parties’ rights and obligations here to, shall after a special call by the CFTC upon such Foreign Customer. In be governed by, construed and enforced in all respects by the laws of the event that the CFTC, pursuant to Regulation 21:03 CFR issues the State of Illinois, where PFGBEST’s main office is call for information on the account of a Foreign Customer, 本协议以及各方于此的权利和义务在各方面都应在伊利诺PFGBEST, as your agent, may be required to provide any and all 斯州法律的统治，解释和实施之下。伊利诺斯州是美国百information concerning Foreign Customers account, including but 利总部的所在地。 not limited to Foreign Customers name and address and the name and address of persons having a ten percent or more beneficial If any provision or condition of this Agreement shall be held to be interest in the account, total open futures and options positions invalid or unenforceable by any court, regulatory or self-regulatory in the account and the number of futures contracts against which agency or body, such invalidity or unenforceability shall attach only to delivery notices have been issued or received or against which The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。29
CUSTOMER AGREEMENT 客户协议exchanges of futures for cash have been transacted for the period to sell or to buy without demand or notice. Termination by PFGBEST of time specified in the be effective upon the transmittal of written notice of termina-如果客户不是美国的居民（以下称为“国外客户”），美tion to Customer. Customer’s obligations to PFGBEST arising out of 国联邦法规（CFR）的 15:05 规定主张美国百利是国外客户any deficit balance or indemnification shall survive the termination of 代理人，为美国百利持有的外国客户的账户上现有的或者this Agreement. 曾经有的任何期货或期权合约，接收商品期货交易委员本协议将保持有效，直至协议终止。只有当客户没有风险商会（CFTC）发出的或代表商品期货交易委员会（CFTC）的任品头寸时以及对美国百利没有负债时，客户才可以终止此何通信的发送和服务。商品期货交易委员会（CFTC）向美协议。美国百利总部确实收到客户终止此协议的书面通知，国百利发出的或代表商品期货交易委员会（CFTC）的任何客户的终止才是有效的。美国百利可以在任何时候终止此协信息的服务或递送构成对外国客户有效和实际的服务或递议。如果美国百利选择终止此协议，美国百利应该有权利自送。另外，根据 CFR 的 18:07 规定，可能会要求某外国客户行决定卖出客户任何账户上的任何财产，停止和清算客户的履行将商品期货交易委员会（CFTC）的各种报告归档，提任何和所有未清算交易，任何此类的出售和购买在任何交易前 20 天给出通知，除非商品期货交易委员会（CFTC）特别所或其他市场应由美国百利自行决定。之前关于此类出售或致电此外国客户，要求这个外国客户在一个工作日内归档购买的时间和地点的要求，通知不应被解释为美国百利放弃此类报告。如果商品期货交易委员会（CFTC）根据 CFR 第 无需要求或通知就可以出售或购买的权利。美国百利向客户21:03 条规定，要求得到某一外国客户账户的信息，美国百发出终止的书面的通知，则美国百利的终止生效。客户对美利作为您的代理人，可能会被要求提供任何或所有关于外国百利的，来自赤字余额或赔偿的义务在本协议终止后仍然国客户账户的信息，包括但不限于外国客户的姓名，地址存在。以及在该账户有着 10% 或超过 10% 受益权的人的姓名和地址，该账户所有期货和期权的风险头寸，以及已经收到交33. INDEMNIFICATION. 赔偿割通知书的期货合约的数量和交割通知书已经发出的对象Customer agrees to indemnify and hold harmless PFGBEST, 期货合约的数量，或者在上述要求指定的时间期限内已经PFGBEST’s affiliates, employees, agents, successors and assigns 办理的期货换现金交易的期货合约的数量。from and against any and all liabilities, losses, damages, costs and expenses, including attorneys fees, incurred by PFGBEST arising out 32. TERMINATION. 终止of Customers failure to fully and timely perform Customers agree-This Agreement shall continue in effect until termination. Customer ments herein or should any of the representations and warranties may terminate this Agreement only at a time when Customer has fail to be true and correct. Customer also agrees to be responsible no open commodity positions and no liabilities held by or owed to for and pay promptly to PFGBEST all damages, costs and expenses, PFGBEST. Termination by Customer shall be effective upon the actual including attorneys fees, incurred by PFGBEST in the enforcement of receipt by PFGBEST, at PFGBEST’s main office, of written notice of any of the provisions of this Agreement and any other agreements termination. PFGBEST may terminate this Agreement at any time. If between PFGBEST and Customer. Should customer instigate any PFGBEST elects to terminate this Agreement, PFGBEST shall have legal action against PFGBEST and is unsuccessful, Customer agrees the right, in PFGBEST’s sole discretion, to sell any property in any to indemnify PFGBEST for all cost PFGBEST incurs, including but not account of the Customer, and to close out and liquidate any and all limited to attorneys’ fees. outstanding transactions of Customer, and any such sales or purchas-客户同意对美国百利以及分支机构，雇员，代理人，继承es shall be at PFGBEST’s discretion on any exchange or other market. 人和受让人赔偿或使他们免于以下各项的法律责任：任何Prior demand, call or notice of the time and place of such sale or 和所有的负债，亏损，损失，成本和开支，包括由于客户purchase, shall not be construed to be a waiver of PFGBEST’s rights 未能完全和及时地履行此客户协议，或者某些报告和保证The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。30
CUSTOMER AGREEMENT 客户协议的不真实和不正确而给美国百利招致的律师费用。客户还on a foreign futures exchange to trade futures, options, and/or Exchange for 同意对所有损失，成本和支出，包括美国百利为了执行本Physical Commodities, (EFP), pursuant to an agreement between the foreign 协议和美国百利与客户之间的其他协议的条款而导致的律futures exchange and a domestic futures exchange that a trade executed 师费用负责，并及时向美国百利支付。如果客户发起任何on one exchange liquidates or establishes a position on the other exchange. 针对美国百利的法律诉讼而没有成功的话，客户同意向美Customers who trade on a foreign futures exchange may not be afforded cer-国百利赔偿其所有开支，包括但不限于律师费用。tainty of the protective measures provided by the Commodity Exchange Act, as amended, the CFTC’s regulations, and the rules of NFA, and any domestic futures exchange, including the right to use reparation proceedings before 34. CROSS TRADE CONSENT. 交叉交易许可the CFTC and arbitration proceedings provided by NFA or any domestic Customer acknowledges and agrees that a situation may arise whereby futures exchange. Customer authorizes PFGBEST to trade on foreign futures an officer, director, affiliate, associate, employee, floor broker or floor exchanges. Customer understands that Customer may be giving up the right trader associated with PFGBEST may be the opposing broker for a trade to have arbitration in association with trades on foreign exchanges. entered for Customer’s Account. Customer consents to any such trans 美国百利可能会不时作为客户的代理人在交易期货，期权action, subject to any limitations and conditions contained in the Rules 的国外期货交易所和/或实物商品交易所执行交易，按照or Regulations of any bank, institution, exchange or board of trade upon 国外期货交易所和某个国内期货交易所之间的合约，在某which such buy or sell orders are executed, the CFTC, NFA, or the United 一交易所执行的一项交易在另一个交易所清算或者头寸。 States Federal Reserve Board, or any other regulatory agency.在某国外期货市场交易的客户可能不会得到《商品交易法客户确认并同意可能会下面这种情况：附属于美国百利的某官案》（经修正），商品期货交易委员会（CFTC）制度和全员，经理，分支机构，合作人，雇员，场内经纪人，场内交易国期货协会（NFA）和任何国内期货交易所的规定所提供的商可能是客户账户参与的某交易的反向经纪人。客户同意此类保护性措施，包括在商品期货交易委员会（CFTC）使用赔交易，服从任何购买和售出指令籍以执行的银行，机构，交易偿诉讼的权利和全国期货协会（NFA）或其他任何国内期货所和同业公会，商品期货交易委员会（CFTC），全国期货协会交易所提供的仲裁诉讼的权利。客户授权美国百利在国外（NFA）或者美国联邦储备金监察小组或任何其他管理机构的规期货交易所进行交易。客户知道，客户可以不放弃与国外章制度所包含的任何限制和条件。交易所上的交易相关的仲裁的权利。35. ELECTRONIC MARKET CONSENT. 电子市场许可Customer authorizes PFGBEST to enter orders to buy and sell 37. TERMS AND HEADINGS. 术语和标题futures contracts on the GLOBEX®, the NYMEX ACCESS™, and/or the The term “PFGBEST” shall be deemed to include Peregrine Financial PROJECT A® automated order entry and matching system(s). Customer Group, Inc., PFGBEST’s divisions, its successors and assigns. The acknowledges having read and understood the Automated Order Entry term “Customer” shall mean the party (or parties) executing the Systems Disclosure . The term “Agreement” shall include all other agreements 客户授权美国百利在 GLOBEX®, NYMEX ACCESS™ 和/或 PROJECT A® and authorizations executed by Customer in connection with the 自动指令输入和配对系统输入指令进行购买和售出期货合maintenance of Customer’s Account regardless of when executed. The 约。客户确认已经阅读并已理解《风险披露文件》提供的paragraph headings in this Agreement are inserted for convenience of 《自动指令输入系统披露声明》。reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions. 36. LINKED MARKET CONSENT. 连锁市场许可“美国百利”这个词应被认为包括美国百利金融集团有限PFGBEST may from time to time execute transactions as Customer’s agent 公司（Peregrine Financial Group, Inc.），美国百利的部门及其继The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。31
CUSTOMER AGREEMENT 客户协议承人和受让人。“客户”这个词应指执行本合约的一方（39. RECORDINGS. 录音或多方）。“协议”这个词应该包括所有客户执行的，与Customer agrees and acknowledges that all conversations regard-客户账户的维护有关的任何其它协议和授权，而不管是什ing Customers Account(s) between Customer and PFGBEST may be 么时候执行。本协议的段落标题只是为了查阅方便而插入electronically recorded with or without the use of an automatic tone-的，不限制任何条款的适用性或者影响任何条款的意义。 warning device. Customer further agrees to the use of such record-ings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or 38. BINDING EFFECT AND ACCEPTANCE. 约束效果和接受PFGBEST. Customer understands that PFGBEST destroys such record-This Agreement shall be continuous and shall cover, individually and ings at regular intervals in accordance with PFGBEST’s established collectively, all accounts of Customer at any time opened or reopened business procedures and Customer consents to such destruction. with PFGBEST, irrespective of any change or changes at any time in the 客户同意和承认无论是否使用自动录音警告，美国百利和客personnel of PFGBEST or PFGBEST’s successors, assigns, or affiliates. 户之间关于账户的对话可以通过电子记录。客户同意，如果This Agreement, including all authorizations, shall inure to the benefit 美国百利和客户之间可能遇到争论和诉讼时，其中一方可以of PFGBEST and PFGBEST’s successors and assigns, whether by merg-用录音和记录做证据。客户理解和允许，随着美国百利执行er, consolidation or otherwise, and shall be binding upon Customer 的商业流程录音将被定期清除。and/or the heirs, estate, executor, trustees, administrators, legal rep-resentatives, successors, and assigns of Customer. Customer hereby 40. ELECTRONIC SIGNATURE. 电子签名ratifies all transactions with PFGBEST effected prior to the date of this PFGBEST may, at its sole discretion, accept electronic signatures. As such, Agreement, and agrees that the rights and obligations of Customer any signature documents signed and transmitted by facsimile, telecopier in respect thereto shall be governed by the terms of this Agreement. or similar electronic system may be accepted as original documents. The parties agree that this Agreement shall not be deemed to have The signature of any person or entity thereon, considered as an original been accepted by PFGBEST or become a binding contract between signature, and will have the same binding effect as an original signature. Customer and PFGBEST until approved at PFGBEST’s main office and 美国百利可能根据自身意愿接受电子签名。因此，任何签signed by PFGBEST’s authorized representative. 名后的文件通过传真，电子传真或类似电子系统发送后都本协议应具有持续性，并应该单独地和共同地适用于客户会被认作原始文件。任何人或公司的签字都会被认作原始在任何时候在美国百利开设的或重开的所有账户，与美签名，同时具有原始签名相应的法律效力。国百利及其的继承人，受让人或分支机构在任何时候的任何人员变动无关。本协议，包括所有的授权，应该有助于41. CONSENT TO JURISDICTION AND VENUE. 同意管辖权和审美国百利及其继承人和受让人的利益，不管是通过兼并，合并或其他方式；并应对客户和/或客户的继承人，不动判地点产，遗嘱执行人，托管人，遗产管理人，法人代表，继承Customer agrees that all actions, disputes, claims or proceedings, 人和受让人有约束力。客户特此认可在本协议日期之前的including, but not limited to, any arbitrations proceeding, including 与美国百利的所有交易生效，同意客户的权利和义务为本NFA arbitrations, arising directly or indirectly in connection with, 协议的条款所支配。各方同意本协议只有在美国百利的总out of, or related to or from this Agreement, any other agreement 部批准后，并由美国百利的授权代表签署之后，才能被认between the Customer and PFGBEST or any orders entered or trans-为被美国百利接受，成为客户和美国百利二者之间的约束actions effected for Customer’s Account, whether or not initiated by 性合约。PFGBEST, shall be adjudicated only in courts or other dispute resolu-tion forums whose situs is within the City of Chicago, State of Illinois. The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。32
CUSTOMER AGREEMENT 客户协议Customer hereby specifically consents and submits to the jurisdiction action, regardless of form, arising out of transactions under this of any State or Federal Court, or arbitration proceedings located Agreement may be brought by the Customer more than one year within the City of Chicago, State of the cause of action arose. 客户同意本协议，或美国百利和客户之间的任何其他协议，客户还确认美国百利可以选择对客户提起法庭诉讼收缴任或任何受影响的客户账户的订单，交易所涉及相关或其他事何赤字余额。本协议的任何内容都不能解释为阻止美国百项引起的直接或间接的和一切行为，争论，投诉或诉讼，包利根据自己的选择在司法场所进行诉讼行为。如果客户已括但不限于任何仲裁诉讼，NFA 仲裁，不论是否由美国百利经发起仲裁程序，客户确认美国百利不应被强迫在仲裁场影响，只能在位于美国伊利诺州芝加哥内的法院或其它解决所提出它的主张（如果有的话），客户也不应以等待仲裁争端的机构进行判决。程序的解决为由延缓美国百利向客户提起诉讼。在诉讼原因发生一年以后，客户不能提起任何源自本协议下交易的Customer waives any claim Customer may have that (a) Customer 诉讼，不管形式如何。is not personally subject to the jurisdiction of any State or Federal Court or arbitration proceeding located within the State of Illinois, (b) Customer is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execu-tion, execution or otherwise) with respect to Customer or Customer’s property, (c) any such suit, action or proceeding is brought in an inconvenient forum, (d) the venue of any such suit, action or pro-ceeding is improper, or (e) this consent or this Agreement may not be enforced in or by such court or arbitration proceeding.客户放弃下列客户可能会有的主张：(a) 客户个人不服从位于伊利诺斯州的任何州或联邦法庭的裁决或仲裁程序，(b) 关于客户或者客户的财产，客户免于任何法律诉讼（不管是通过传送传票或通知，判决前拘捕，援助执行的拘捕，执行判决或其他），(c) 任何此类的诉讼，起诉或法律行为被带到一个不方便的法庭，(d) 此类诉讼，起诉或法律行为的地点不正确，或者 (e) 本同意声明或者本协议不应在此类法庭，被此类法庭或仲裁程序实施。Customer further acknowledges that PFGBEST may elect to collect any deficit balance by instigating a court proceeding against Customer. Nothing in this Agreement shall be construed as to prevent PFGBEST from proceeding in a judicial forum of PFGBEST’s choice. Should Customer have instigated an arbitra-tion proceeding, Customer acknowledges that PFGBEST shall not be compelled to bring its claim, if any, in the arbitration forum nor shall Customer seek to stay PFGBEST’s proceedings against Customer pending resolution of the arbitration proceeding. No The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。33
CUSTOMER AGREEMENT 客户协议THIS IS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ THE FOREGOING CAREFULLY. 这是一份契约协议。签署前，请认真阅读以上内容。 请仔细阅读上述条款后签名。The undersigned acknowledges having received, read and understood the foregoing Customer Agreement. (Attach a copy of this page for additional signatures.) By signing this Agreement containing the Consent to Jurisdiction and Venue, Customer assents to jurisdiction and venue as set forth in Paragraph 42 above, and acknowledges that all clauses contained in this Agreement were freely and knowingly negotiated between the parties. . Additionally, customer acknowledges having received, read and understood the Foreign Currency Transaction Notice in Paragraph 40.下列签名者确认已经收到，阅读和理解了以上的客户协议。（附上本页的一份复印件供其他签名者使用。）此协议包括了“同意管辖权和地点”。客户签署了此协议，即同意了上面第 42 节所述的管辖权和审判地点，并确认本协议包含的所有条款经过了均由协议双方在自由，自愿的基础上达成。另外客户确认已经看到，阅读并且理解 40 节所述的外汇交易通知。(Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ SOCIAL SECURITY OR TAX ID CERTIFICATION 社会保障或税收身份号码证明This section must be completed for all accounts. 所有账户都必须完成本部分内容的填写The Social Security or Tax Identification number for this account will be: 本账户的社会保障或税收身份号码是:_____________________________________________________________________________________________________Do you consider this account taxable in the United States? 您认为本账户在美国应征税吗？ Yes 是 No 否Under penalties of perjury, I certify (1) the number shown on this form is the correct Social Security or Taxpayer Identification number and (2) the ownership, or beneficiary, of this account is not subject to backup withholding under Section 3406(a)(1)(C) of the Internal Revenue Code.如作伪证，甘愿受罚。我证明 (1) 本表格上的号码是正确的社会保障或纳税人身份号码，(2) 本账户的所有权或者受益人不受《国内税法典》3406(a)(1)(C) 下规定的后备扣交。 Customer Signature 客户签名 _____________________________________________________________________________Print Name 拼音姓名 ___________________________________________________________________________________Date 日期 _____________________________________________________________________________________________ The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。35
CUSTOMER AGREEMENT 客户协议HEDGING AGREEMENT 对冲协议Unless specified in writing to the contrary, PFGBEST is hereby notified that all transactions effected for the undersigned’s account and all positions taken in this account in the commodities set out below will be bona fide hedging transactions and positions as defined in Section 4a(3) of the Commodity Exchange Act, as amended, and Regulation (z) promulgated there under by the Commodity Futures Trading Commission (“CFTC”). Commodities that will be traded in an opening short or long position are designated:除非以书面形式作相反的确认，美国百利在此被告知所有对签署人账户生效的交易以及下列本账户的所有商品头寸都将是真实的套期交易和头寸，正如在《商品交易法案》（修订）的 4a(3) 款和商品期货交易委员会（CFTC）颁布的 (z) 规定中定义的那样。将在开盘空头头寸或多头头寸中被交易的商品被指定为： ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________The regulations of the CFTC require PFGBEST to provide each hedge Customer the opportunity to issue instructions to liquidate or not liquidate all hedging positions in the unlikely event that PFGBEST becomes bankrupt.商品期货交易委员会（CFTC）的规定要求美国百利为每位套期保值客户在不可能的情况下（美国百利破产）提供发出清算或不清算所有套期头寸的指令的机会。 Customer elects: to liquidate not to liquidate all Customer’s hedging positions in the event of PFGBEST’s bankruptcy. If neither box is checked, Customer will be deemed to have chosen to have all Customer’s hedging positions liquidated if PFGBEST becomes bankrupt.客户选择：在美国百利破产的情况下，清算 不清算客户所有的套期头寸。如果两个方框都没有打上勾，则客户将被认为已经选择在美国百利破产的情况下，清算客户所有的套期头寸。 The undersigned agrees that all transactions and positions executed or carried in this account will be consistent with the above provi-sions and interpretations thereof. The undersigned also agrees that it is not the responsibility of PFGBEST to determine if transactions in this account qualify as bona fide hedges. The undersigned also agrees that their purpose to hedge is economically appropriate to the reduction of risk in the conduct and management of Customer’s commercial enterprise.签署者同意本账户执行的或持有的所有交易和头寸都与上述条款和解释一致。签署者还同意美国百利不负责决定本账户的交易有真实套期的资格。签署者同意为了减少客户商业企业行为和管理的风险，套期操作在经济上是适当的。 (Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。36
RISK DISCLOSURE FOR FUTURES AND OPTIONS 期货和期权风险披露声明RISK DISCLOSURE FOR FUTURES AND OPTIONS 期货和期权风险披露声明This statement is Required to be Furnished to You in Accordance with 您可能要承受损失全部的初始保证金和所有其他存入公司以维持您的头寸的资金。如果市场向您的头寸的相反方向Rule , Rule and Rule of The Commodity Exchange Act. 运行或者保证金水平提高了，您就可能被要求在很短的时This brief statement does not disclose all of the risks and other signifi-间内另外支付大量的资金以维持您的头寸。如果您未能在cant aspects of trading in futures and options. In light of the risks, you 规定的时间内遵守另外提供资金的要求，您的头寸就可能should undertake such transactions only if you understand the nature of 在亏损的情况下被清算，您可能将面临赤字。 the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is 2. RISK-REDUCING ORDERS OR STRATEGIES. 风险减少指令或策略not suitable for many members of the public. You should carefully con-The placing of certain orders (. 'stop-loss' orders, where permit-sider whether trading is appropriate for you in light of your experience, ted under local law, or 'stop-limit' orders) which are intended to objectives, financial resources and other relevant losses to certain amounts may not be effective because market 《商品交易法案》, 和 的规定要求提供本声conditions may make it impossible to execute such orders. Strategies 明。这一简短的声明没有披露期货和期权交易中的所有风using combinations of positions, such as 'spread' and 'straddle' posi-险和其他重要方面。鉴于风险的存在，您应该充分了解您tions may be as risky as taking simple 'long' or 'short' positions.正在签订的此契约（和契约关系）的性质以及您面临的风某些指在将亏损限制在一定金额内的指令（比如止损指险的范围之后再办理这个手续。期货和期权交易并不适合令，在本地法律允许的地方，或停价-限价指令）的提出可大众当中的许多人。您应该仔细考虑您的经历，目标，金能是无效的，因为市场条件可能会使这些指令无法执行。融资源和其它相关条件是否适合此类交易。使用头寸组合的策略，比如价差头寸和同价对敲头寸可能___________________________________________________和采取简单的多头或空头有同样的风险。___________________________________________________FUTURES 期货___________________________________________________OPTIONS 期权___________________________________________________1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’ “杠杆”效应Transactions in futures carry a high degree of risk. The amount of initial 3. VARIABLE DEGREE OF RISK 不 同 程度的风险margin is small relative to the value of the futures contract so that Transactions in options carry a high degree of risk. Purchasers and transactions are ‘leveraged’ or ‘geared’. A relatively small market move-sellers of options should familiarize themselves with the type of ment will have a proportionately larger impact on the funds you have option (. put or call) which they contemplate trading and the asso-deposited or will have to deposit: this may work against you as well as ciated risks. You should calculate the extent to which the value of the for you. You may sustain a total loss of initial margin funds and any options must increase for your position to become profitable, taking additional funds deposited with the firm to maintain your position. If the into account the premium and all transaction moves against your position or margin levels are increased, you 期权业务有很高的风险。期权的买家和卖家应熟悉期权的Customer Signature 客户签名 ________________________________________________________________________________may be called upon to pay substantial additional funds on short notice 类型（比如看跌期权和看涨期权），以考虑交易和相关的 to maintain your position. If you fail to comply with a request for addi-风险。您应该计算出在什么范围内，期权价值必须增加以Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ tional funds within the time prescribed, your position may be liquidated 使您的头寸盈利，并考虑期权费和所有交易成本。 at a loss and you will be liable for any resulting Signature 客户签名 ________________________________________________________________________________期货业务有很高的风险。初始保证金的金额相对于期货合The purchaser of options may offset or exercise the options or allow 约的价值要低，因此这些业务运用了杠杆作用。一个相对较小的市场移动将按一定比例对您存入或即将存入的资金the options to expire. The exercise of an option results either in a cash Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ 产生较大的影响。这种效应可能对您有利，也可能相反。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。37
RISK DISCLOSURE FOR FUTURES AND OPTIONS 期货和期权风险披露声明settlement or in the purchaser acquiring or delivering the underlying interest. the option premium, exposing the purchaser to liability for margin If the option is on a future, the purchaser will acquire a futures position with payments not exceeding the amount of the premium. The purchaser is associated liabilities for margin (see the section on Futures above). If the still subject to the risk of losing the premium and transaction costs. purchased options expire worthless, you will suffer a total loss of your invest-When the option is exercised or expires, the purchaser is responsible ment which will consist of the option premium plus transaction costs. If you for any unpaid premium outstanding at that contemplating purchasing deep-out-of the-money options, you should 一些管辖区的某些交易所允许延期支付期权费，是买家有be aware that the chance of such options becoming profitable ordinarily is 可能受不超过期权费金额的保证金支付债务的影响。买家remote. Selling (‘writing’ or ‘granting’) an option generally entails consider-还要面对损失期权费和交易成本的风险。当期权被执行或ably greater risk than purchasing options. Although the premium received by 到期时，买家对任何当时未偿付的未付期权费负责。the seller is fixed, the seller may sustain a loss well in excess of that amount. ___________________________________________________The seller will be liable for additional margin to maintain the position if the ADDITIONAL RISKS COMMON TO FUTURES AND market moves unfavorably. The seller will also be exposed to the risk of the OPTIONS 期货和期权的其他常见风险purchaser exercising the option and the seller will be obligated to either ___________________________________________________settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associ-4. TERMS AND CONDITIONS OF CONTRACTS 合约的条款与条件ated liabilities for margin (see the section on Futures above). If the position You should ask the firm with which you deal about the term and con-is ‘covered’ by the seller holding a corresponding position in the underlying ditions of the specific futures or options which you are trading and interest or a future or another option, the risk may be reduced. If the option associated obligations (. the circumstances under which you may is not covered, the risk of loss can be obligated to make or take delivery of the underlying interest 期权的购买可能冲抵或执行期权或允许期权到期。某个期of a futures contract and, in respect of options, expiration dates and 权的执行会导致现金结算或者买家获得或者移交基础利restrictions on the time for exercise). Under certain circumstances 益。如果该期权在某期货上，买家将获得一个期货头寸，the specifications of outstanding contracts (including the exercise 并带有保证金负债（见上述“期货”部分）。如果购买的price of an option) may be modified by the exchange or clearing 期权到期无价值，您将损失您的全部投资，包括期权费和house to reflect changes in the underlying interest.交易成本。如果您在考虑购买深度虚值期权，您应该注意您应该询问您与之建立商务关系的公司，您所交易的具体此类期权盈利的机会通常很遥远。卖出一个期权通常需承期货或期权以及相应义务（比如在何种情况下您有义务移担比买入期权更大的风险。尽管卖家收到的期权费是固定交某一期货合约的基础利益，如果是期权的话，则是到期的，但卖家承受的损失可能远高于这个金额。如果市场向日和执行时间限制）的条款和条件。在某些情况下，未偿不利方向运行的话，卖价有责任提供更多的保证金以维持付合约的指明事项或条款（包括某一期权的执行价格）可头寸。卖家还要面临买家执行期权的风险，而且卖家还有能会被交易所或者清算所修改，以反映基础利益的变化。义务将期权结算为现金或者买家获得或者移交基础利益。如果该期权在某期货上，卖家将获得一个期货头寸，并带5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELA-有保证金负债（见上述“期货”部分）。如果该头寸被持TIONSHIPS 暂停或限制交易和定价的关系有基础利益的某个相应头寸或者某个期货或另外一个期权Market conditions (. illiquidity) and/or the operation of the rules of certain 的卖家补进，风险可能会降低。如果该期权没有被补进，markets (. the suspension of trading in any contract or contract month 损失的风险将是没有限制的。because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset Certain exchanges in some jurisdictions permit deferred payment of The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。38
RISK DISCLOSURE FOR FUTURES AND OPTIONS 期货和期权风险披露声明positions. If you have sold options, this may increase the risk of loss. 8. TRANSACTIONS IN OTHER JURISDICTIONS 在其他管辖区的交易市场条件（比如非流动性）和/或某些市场规则的操作（比如因Transactions on markets in other jurisdictions, including markets for-为涨跌幅限制，市场断路措施，某些合约或者合约月交易暂停）mally linked to a domestic market, may expose you to additional risk. 可能会因为难以或者无法实现交易或清算/冲销头寸而增加亏损Such markets may be subject to regulation which may offer different or 的风险。如果您已经卖出期权，这可能会增加亏损的风险。diminished investor protection. Before you trade should enquire about any rules relevant to your particular transactions. Your local regula-Further, normal pricing relationships between the underlying interest and tory authority will be unable to compel the enforcement of the rules the future, and the underlying interest and the option may not exist. This of regulatory authorities or markets in other jurisdictions where your can occur when, for example, the futures contract underlying the option transactions have been effected. You should ask the firm with which you is subject to price limits while the option is not. The absence of an deal for details about the types of redress available in both your home underlying reference price may make it difficult to judge ‘fair’ and other relevant jurisdictions before you start to trade.另外，基础利益和期货，基础利益和期权之间的正常定价关在其他管辖区的市场上的交易，包括与某国内市场正式关系可能不存在。比如，当以该期权为基础的期货合约受价格联的市场，可能会使您面对其他的风险。这些市场要服从限制支配而期权不受价格限制支配时，这种情况可能发生。的规章制度可能提供不同的或者更少的投资者保护。在您没有基础参考价格可能会使判断公平价值变得困难。交易之前，您应询问与您的特定交易相关的规定。您的本 地的管理当局将无法在您的交易实现的其他管辖区强制执行管理当局或市场的规定。在您开始交易之前，您应该询6. DEPOSITED CASH AND PROPERTY 抵押的现金和财产问您与之建立商务关系的公司，在您的本地管辖区和其他You should familiarize yourself with the protections accorded money or 相关管辖区所能得到的救济类型。other property you deposit for domestic and foreign transactions, par-ticularly in the event of a firm insolvency or bankruptcy. The extent to 9. CURRENCY RISKS 货币风险which you may recover your money or property may be governed by spec-The profit or loss in transactions in foreign currency-denominated con-ified legislation or local rules. In some jurisdictions, property which had tracts (whether they are traded in your own or another jurisdiction) will be been specifically identifiable as your own will be pro-rated in the same affected by fluctuations in currency rates where there is a need to convert manner as cash for purposes of distribution in the event of a the currency denomination of the contract to another currency.您应该熟悉被给予保护的钱和其他您为从事国内和国外交易存在外汇计价合约的交易中的盈利和亏损（不管是在您自己储的财产，尤其是当某公司无力偿付债务或者破产时。您在多的管辖区还是在其他管辖区进行的交易）将受到汇率波动大程度上能够收回您的钱和财产可能取决于具体的法律和当地的影响，因为必须把合约的货币面值兑换为另一种货币。的规定。在某些管辖区，被特别确定为您自己拥有的财产在金额不足的情况下将以和现金一样的方式被按比例摊派。10. TRADING FACILITIES 交易设施7. COMMISSION AND OTHER CHARGES 佣金和其他收费Most open-outcry and electronic trading facilities are supported by com-Before you begin to trade, you should obtain a clear explanation of puter-based component systems for the order-routing, execution, matching, all commission, fees and other charges for which you will be liable. registration or clearing of trades. As with all facilities and systems, they are These charges will affect your net profit (if any) or increase your to temporary disruption or failure. Your ability to recover certain 在您开始交易之前，您应该获取一份关于您需负担的所有losses may be subject to limits on liability imposed by the system provider, 佣金，费用和其他收费的明确说明。这些收费将影响您的the market, the clearing house and/or member firms. Such limits may vary; 净利润（如果有的话）或者增加您的亏损。you should ask the firm with which you deal for details in this information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。39
RISK DISCLOSURE FOR FUTURES AND OPTIONS 期货和期权风险披露声明以计算机为基础的组成系统支持大多数公开喊价和电子交易设exchange transactions may be less regulated or subject to a separate 施进行交易的买卖盘传递，执行，对盘，登记或者结算。正如regulatory regime. Before you undertake such transactions, you should 所有的设施和系统一样，它们容易发生临时性崩溃和故障。您familiarize yourself with applicable rules and attendant risks.弥补亏损的能力也许要服从于系统提供者，市场，清算所和在一些管辖区，并且只有在有限的条件下，允许公司实现场外交/或成员公司所施加的障碍的限制。这样的限制多种多样，有关易。您与之建立商务关系的公司可能是您交易中的对手。可能难的具体情况，您应该询问您与之建立商务关系的公司。以或根本不可能清算现有头寸，评估价值，确定公平价格或者进行风险评估。出于这些原因，这些交易可能会伴随者增加的危险。场外交易可能受到较少的管制或者从属于独立的管制制度。11. ELECTRONIC TRADING 电子交易您在从事此类交易之前，您应该熟悉可应用的规定伴随的风险。Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other elec-___________________________________________________tronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with the sys-RISK DISCLOSURE ACKNOWLEDGMENTtem including the failure of hardware and software. The result of any 风险披露确认system failure may be that your order is either not executed accord-___________________________________________________ing to your instructions or is not executed at , the undersigned Customer, received a copy of this Risk Disclosure 在某一电子交易系统的交易不仅可能与公开喊价市场上的交Statement and I read and understand it. I, also, acknowledge that if I 易不同，也可能与其他电子交易系统上的交易有所不同。如intend to trade options on futures, I read and understand the Options 果您在某电子交易系统进行交易，您将面临与该系统有关的Disclosure Statement and if I intend to trade security futures contracts, 风险，包括硬件和软件的故障。任何系统故障的结果可能是I read and understand the Risk Disclosure Statement for Security 您的指令没有按照您的指示执行，或者根本就没有执行。Futures Contracts and Electronic Trading and Pre-Negotiated Business Disclosure contained on pages 41-80 of this account . OFF-EXCHANGE TRANSACTIONS 场外交易本人为在文件尾签名的客户，收到了一份《风险披露声In some jurisdictions, and only then in restricted circumstances, firms 明》的副本，本人阅读并理解了本文件。另外，我还确are permitted to effect off-exchange transactions. The firm with which 认，如果我有意愿进行期货期权交易，我将阅读和理解“you deal may be acting as your counterparty to the transaction. It may 期权披露声明”，如果我有意愿进行证券期货合约交易，be difficult or impossible to liquidate an existing position, to assess 我将阅读和理解本账户手册 41-80 页的“证券期货合约风险the value, to determine a fair price or to assess the exposure to risk. 披露声明”和“电子交易与预先商定商业披露”。 For these reasons, these transactions may involve increased risks. Off-Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ (Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。40
OPTIONS DISCLOSURE STATEMENT 期权披露声明OPTIONS DISCLOSURE STATEMENT 期权披露声明BECAUSE OF THE VOLATILE NATURE OF THE COMMODITIES MARKETS, THE OPTION AT THE INITIATION OF THE TRANSACTION. THE PURCHASER PURCHASE AND GRANTING OF COMMODITY OPTIONS INVOLVE A HIGH HAS NO FURTHER OBLIGATION ON THE OPTION POSITION. UNDER DEGREE OF RISK. COMMODITY OPTION TRANSACTIONS ARE NOT SUITABLE A FUTURES-STYLE MARGINING SYSTEM, THE PURCHASER DEPOSITS FOR MANY MEMBERS OF THE PUBLIC. SUCH TRANSACTIONS SHOULD BE INITIAL MARGIN AND MAY BE REQUIRED TO DEPOSIT ADDITIONAL ENTERED INTO ONLY BY PERSONS WHO HAVE READ AND UNDERSTOOD THIS MARGIN IF THE MARKET MOVES AGAINST THE OPTION POSITION. THE DISCLOSURE STATEMENT AND WHO UNDERSTAND THE NATURE AND EXTENT PURCHASER'S TOTAL SETTLEMENT VARIATION MARGIN OBLIGATION OF THEIR RIGHTS AND OBLIGATIONS AND OF THE RISKS INVOLVED IN THE OVER THE LIFE OF THE OPTION, HOWEVER, WILL NOT EXCEED THE OPTION TRANSACTIONS COVERED BY THIS DISCLOSURE OPTION PREMIUM, ALTHOUGH SOME INDIVIDUAL PAYMENT 因为商品市场具有易波动的特性，商品期权的购买和出让OBLIGATIONS AND/OR RISK MARGIN REQUIREMENTS MAY AT TIMES 伴随着很高的风险。商品期权交易并不适合大众中的许多EXCEED THE ORIGINAL OPTION PREMIUM. IF THE PURCHASER OR 人。只有那些已经阅读过并理解本披露声明的人，和那些GRANTOR DOES NOT UNDERSTAND HOW OPTIONS ARE MARGINED 理解他们权利义务的特性和范围以及本披露声明包含的期UNDER A STOCK-STYLE OR FUTURES-STYLE MARGINING SYSTEM, HE 权交易所伴随的风险的人才应该进行此类交易。OR SHE SHOULD REQUEST AN EXPLANATION FROM THE FUTURES COMMISSION MERCHANT ("FCM") OR INTRODUCING BROKER ("IB").BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER 买家和出让人应知道他们考虑交易的某一期权是从属于“股THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS 票型”还是“期货型”的保证金制度。股票型保证金制度要AN OPTION WHICH, IF EXERCISED, RESULTS IN THE ESTABLISHMENT 求买家支付该期权在该交易发起时的完全购买价格。买家在OF A FUTURES CONTRACT (AN "OPTION ON A FUTURES CONTRACT") 该期权头寸上就再没有其他义务。在期货型保证金制度下，OR RESULTS IN THE MAKING OR TAKING OF DELIVERY OF THE ACTUAL 买家存入初始保证金，如果市场的运行方向与该期权头寸相COMMODITY UNDERLYING THE OPTION (AN "OPTION ON A PHYSICAL 反，买家可能被要求添加保证金。但是，买家在期权有效期COMMODITY"). BOTH THE PURCHASER AND THE GRANTOR OF AN 内的全部结算价格变动保证金义务将不会超过原始期权费，OPTION ON A PHYSICAL COMMODITY SHOULD BE AWARE THAT, 尽管一些单个的支付义务和/或风险保证金要求有时会超过IN CERTAIN CASES, THE DELIVERY OF THE ACTUAL COMMODITY 原始期权费。如果买家和出让人不理解期权在股票型或期货UNDERLYING THE OPTION MAY NOT BE REQUIRED AND THAT, IF THE 型保证金制度下是如何收保证金的，他（她）应从期货佣金OPTION IS EXERCISED, THE OBLIGATIONS OF THE PURCHASER AND 商（FCM）或中介经纪人（IB）处要求得到解释。GRANTOR WILL BE SETTLED IN CASH.买家和出让人都应该知道他们考虑交易的某一期权是一旦执A PERSON SHOULD NOT PURCHASE ANY COMMODITY OPTION 行就会建立一个期货合约的期权（期货合约期权），还是UNLESS HE OR SHE IS ABLE TO SUSTAIN A TOTAL LOSS OF THE 实现以该期权为基础的真实商品的过渡的期权（实物商品期PREMIUM AND TRANSACTION COSTS OF PURCHASING THE OPTION. 权）。实物商品期权的买家和出让人应认识到在某些情况A PERSON SHOULD NOT GRANT ANY COMMODITY OPTION UNLESS Customer Signature 客户签名 ________________________________________________________________________________下，并不一定要求以该期权为基础的真实商品的移交，如果HE OR SHE IS ABLE TO MEET ADDITIONAL CALLS FOR MARGIN WHEN 该期权被执行，买家和出让人的义务将以现金结算。THE MARKET MOVES AGAINST HIS OR HER POSITION AND, IN SUCH Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ CIRCUMSTANCES, TO SUSTAIN A VERY LARGE FINANCIAL LOSS. BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER 任何人都不应该购买任何商品期权，除非他（她）能够承Customer Signature 客户签名 ________________________________________________________________________________THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING 受期权费和购买该期权的交易成本的全部损失。任何人都 IS SUBJECT TO A "STOCK-STYLE" OR "FUTURES-STYLE" SYSTEM 不应该出让任何商品期权除非他（她）能够在市场的运行Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ OF MARGINING. UNDER A STOCK-STYLE MARGINING SYSTEM, A 方向与他（她）的头寸相反时满足添加保证金的要求，以PURCHASER IS REQUIRED TO PAY THE FULL PURCHASE PRICE OF THE 及在这种情况下，承受非常大的财务亏损。(Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。41
OPTIONS DISCLOSURE STATEMENT 期权披露声明A PERSON WHO PURCHASES AN OPTION SUBJECT TO STOCK-STYLE THE COMMODITY FUTURES TRADING COMMISSION REQUIRES MARGINING SHOULD BE AWARE THAT, IN ORDER TO REALIZE ANY VALUE THAT ALL CUSTOMERS RECEIVE AND ACKNOWLEDGE RECEIPT OF FROM THE OPTION, IT WILL BE NECESSARY EITHER TO OFFSET THE A COPY OF THIS DISCLOSURE STATEMENT BUT DOES NOT INTEND OPTION POSITION OR TO EXERCISE THE OPTION. OPTIONS SUBJECT TO THIS STATEMENT AS A RECOMMENDATION OR ENDORSEMENT OF FUTURES-STYLE MARGINING ARE MARKED TO MARKET, AND GAINS AND EXCHANGE-TRADED COMMODITY ARE PAID AND COLLECTED DAILY. IF AN OPTION PURCHASER 商品期货交易委员会要求所有的客户接收并确认本披露声DOES NOT UNDERSTAND HOW TO OFFSET OR EXERCISE AN OPTION, THE 明的一份副本。但不意味着本声明成为交易所交易商品期PURCHASER SHOULD REQUEST AN EXPLANATION FROM THE FCM OR IB. 货的推荐书或认可。CUSTOMERS SHOULD BE AWARE THAT IN A NUMBER OF CIRCUMSTANCES, SOME OF WHICH WILL BE DESCRIBED IN THIS DISCLOSURE STATEMENT, (1) SOME OF THE RISKS OF OPTION TRADING. 期 权 交易的一些风险IT MAY BE DIFFICULT OR IMPOSSIBLE TO OFFSET AN EXISTING OPTION Specific market movements of the underlying future or underlying POSITION ON AN commodity cannot be predicted accurately.购买从属于股票型保证金的期权的人应该认识到为了在该基础期货或基础实物商品的具体市场运行无法得到精确的期权上实现价值，就必须要么冲抵该期权头寸，要么执行预测。 该期权。从属于期货型保证金的期权逐日结算保证金，每天支付和收缴损益。如果某个期权买家不理解如何冲抵或The grantor of a call option who does not have a long position in 者执行一个期权，该买家应从期货佣金商（FCM）或中介经the underlying futures contract or underlying physical commodity 纪人（IB）处要求得到解释。客户应该认识到在许多情况is subject to risk of loss should the price of the underlying futures 下（一些情况在本披露声明中将有所描述），在某交易所contract or underlying physical commodity be higher than the strike 冲抵一个现有期权头寸将是困难甚至是不可能的price upon exercise or expiration of the option by an amount greater than the premium received for granting the call GRANTOR OF AN OPTION SHOULD BE AWARE THAT, IN MOST CASES, 在基础期货合约或者基础实物商品中没有多头头寸的某看A COMMODITY OPTION MAY BE EXERCISED AT ANY TIME FROM THE 涨期权的出让人，如果该基础期货合约或基础实物商品的TIME IT IS GRANTED UNTIL IT EXPIRES. THE PURCHASER OF AN OPTION 价格高于执行该期权或该期权到期时的执行价格，而且高SHOULD BE AWARE THAT SOME OPTION CONTRACTS MAY PROVIDE ONLY 出的金额大于出让该看涨期权收到的期权费，则面临着亏A LIMITED PERIOD OF TIME FOR EXERCISE OF THE OPTION.损的风险。某期权的出让人应该意识到在大多数情况下，一个商品期权从它被出让直至到期可以在任何时刻被执行。某期权的The grantor of a call option who has a long position in the underlying 买家应该意识到一些期权合约可能只为执行该期权提供有futures contract or underlying physical commodity is subject to the 限的时间段。full risk of a decline in price or the underlying position reduced by the premium received for granting the call. In exchange for the premium THE PURCHASER OF A PUT OR CALL SUBJECT TO STOCK-STYLE OR received for granting a call option, the option grantor gives up all FUTURES-STYLE MARGINING IS SUBJECT TO THE RISK OF LOSING of the potential gain resulting from an increase in the price of the THE ENTIRE PURCHASE PRICE OF THE OPTION-THAT IS, THE PREMIUM underlying futures contract or underlying physical commodity above CHARGED FOR THE OPTION PLUS ALL TRANSACTION option strike price upon exercise or expiration of the option.从属于股票型或期货型保证金制度的某看跌期权或看涨期在基础期货合约或者基础实物商品中有多头头寸的某看涨权的买家面临损失某期权全部购买价格的风险，也就是期权的出让人面临着价格或基础头寸（减少的金额是出让说，向该期权收取的期权费加上所有的交易费用。该看涨期权所收到的期权费）下跌的完全风险。作为出让The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。42
OPTIONS DISCLOSURE STATEMENT 期权披露声明看涨期权收到的期权费的交换，该期权出让人放弃了因基下而带来的所有潜在的收益。有空头头寸（比如售出实物础期货合约或者基础实物商品的价格在该期权在执行和到商品的承诺）的某看跌实物商品期权的出让人面临着实物期时之执行价格之上的上涨带来的所有潜在的收益。商品价格上涨的全部风险。必须得到该实物商品以履行承诺（减少的金额是出让该看跌期权所收到的期权费）。作The grantor of a put option who does not have a short position in 为期权费的交换，某实物商品看跌期权的出让人放弃了该the underlying futures contract or underlying physical commodity 商品价格下跌至该期货执行或到期时之执行价格以下带来(., commitment to sell the physical) is subject to risk of loss 的所有潜在收益。should the price of the underlying futures contract or underlying physical commodity decrease below the strike price upon exercise (2) DESCRIPTION OF COMMODITY OPTIONS. 商 品 期权描述or expiration of the option by an amount in excess of the premium Prior to entering into any transaction involving a commodity option, received for granting the put individual should thoroughly understand the nature and type 在基础期货合约或者基础实物商品（比如，售出该实物商of option involved and the underlying futures contract or physical 品的承诺）中没有空头头寸的某看跌期权的出让人，如果commodity. The futures commission merchant or introducing broker 该基础期货合约或基础实物商品的价格跌到执行该期权或is required to provide, and the individual contemplating an option 该期权到期时的执行价格，而且价格差大于出让该看跌期transaction should obtain:权收到的期权费，则面临着亏损的风险。在进入任何涉及商品期权的交易之前，投资者应该完全理解所涉及的期权以及基础期货合约或实物商品的的特性和The grantor of a put option on a futures contract who has a short 类型。期货佣金商或者中介经纪人被要求提供，考虑期权position in the underlying futures contract is subject to the full 交易的个人应该获取下列各项：risk of a rise in the price in the underlying position reduced by the premium received for granting the put. In exchange for the premium (i) An identification of the futures contract or physical received for granting a put option on a futures contract, the option commodity underlying the option and which may be purchased grantor gives up all of the potential gain resulting from a decrease in or sold upon exercise of the option or, if applicable, whether the price of the underlying futures contract below the option strike exercise of the option will be settled in cash;price upon exercise or expiration of the option. The grantor of a (i) 期货合约的核实，或以该期权为基础的实物商品的put option on a physical commodity who has a short position (., 核实，哪件将在期权执行时被买卖，以及—如果实际commitment to sell the physical) is subject to the full risk of a rise in 的话—期权的执行是否以现金结算。the price of the physical commodity which must be obtained to fulfill the commitment reduced by the premium received for granting the (ii) The procedure for exercise of the option contract, including put. In exchange for the premium, the grantor of a put option on a the expiration date and latest time on that date for exercise. physical commodity gives up all the potential gain which would have (The latest time on an expiration date when an option may resulted from a decrease in the price of the commodity below the be exercised may vary; therefore, option market participants option strike price upon exercise or expiration of the ascertain from their futures commission merchant or 在基础期货合约中有空头头寸的某看跌期货合约期权的出their introducing broker the latest time the firm accepts exercise 让人面临着基础头寸价格（减少的金额是出让该看跌期权instructions with respect to a particular option.);所收到的期权费）上涨的完全风险。作为出让看跌期货合(ii) 执行期权合约的程序，包括到期日期和执行那一天约期权收到的期权费的交换，该期权出让人放弃了因基础的最后时刻。（期权可能被执行的到期日的最后时刻期货合约价格下跌到该期权在执行和到期时之执行价格以可能有所变化，所以期权市场参与者应该从他们的期The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。43
OPTIONS DISCLOSURE STATEMENT 期权披露声明货佣金商或中介经纪人处确认公司接受某一期权的执解释和理解。这将包括期货佣金商或中介经纪人的政行指令的最后时刻。）策或期权交易所在的交易所的规定，它们可能会影响客户履行期权合约，在平仓购买或平仓卖出交易中冲(iii) A description of the purchase price of the option including 抵期权头寸的能力（比如，因为某些不可预见的，要the premium, commissions, costs, fees and other charges. 求暂停或终止交易的情况）；以及(Since commissions and other charges may vary widely among futures commission merchants and among introducing brokers, (vii) If applicable, a description of the effect upon the value of option customers may find it advisable to consult more than one the option position that could result from limit moves in the firm when opening an option account.);underlying futures contract.(iii) 期权购买价格的说明，包括期权费，佣金，成本，(vii) 如果适用的话，对期权头寸价值影响因素的说明，费用和其他收费。因为不同的期货佣金商和中介经纪比如基础期货合约的涨跌停的影响。人收取的佣金和其他费用会相差很大，期货客户可能会发现有必要在开设期权账户时咨询多家公司。(3) THE MECHANICS OF OPTION TRADING. 期 权交易的机制Before entering into any exchange-traded option transaction, an individual (iv) A description of all costs in addition to the purchase price should obtain a description of how commodity options are traded. which may be incurred if the commodity option is exercised, 一个人在从事交易所交易期权交易之前，应该获取一份介including the amount of commissions (whether termed sales 绍商品期权如何交易的说明。commissions or otherwise), storage, interest, and all similar fees and charges which may be incurred;Option customers should clearly understand that there is no guarantee (iv) 所有的成本，加上商品期权执行时可能带来的购买价格that option positions may be offset by either a closing purchase or 的说明，包括佣金的数额（无论是以卖出佣金计还是以其closing sale transaction on an exchange. In this circumstance, option 他方式），存储，利息和所有可能的类似费用和收费。grantors could be subject to the full risk of their positions until the option position expires, and the purchaser of a profitable option might (v) An explanation and understanding of the option margining system;have to exercise the option to realize a profit.(v) 期权保证金制度的解释和理解。期权客户应该明确理解交易所不会保证期权头寸可以通过平仓购买或者平仓卖出交易得到冲抵。在此情况下，期(vi) A clear explanation and understanding of any clauses in the 权出让人在期权头寸到期之前，可能面临其头寸的全部风option contract and of any items included in the option contract 险，某个有利可图的期权的购买者可能必须执行该期权才explicitly or by reference which might affect the customer's 能实现盈利。obligations under the contract. This would include any policy of the futures commission merchant or the introducing broker or For an option on a futures contract, an individual should clearly rule of the exchange on which the option is traded that might understand the relationship between exchange rules governing option affect the customer's ability to fulfill the option contract or to transactions and exchange rules governing the underlying futures contract. offset the option position in a closing purchase or closing sale For example, an individual should understand what action, if any, the transaction (for example, due to unforeseen circumstances that exchange will take in the option market if trading in the underlying futures require suspension or termination of trading); andmarket is restricted or the futures prices have made a "limit move."(vi) 期权合约任何一条条款的明确解释和理解，以及期对于一个期货合约的期权而言，投资者必须明确的理解关于权合同包含的可能会影响客户在合约中义务的条款的期权交易的交易所规定和关于基础期货合约的交易所规定之The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。44
OPTIONS DISCLOSURE STATEMENT 期权披露声明间的关系。 比如，投资者应该理解，如果基础期货市场的style system of margining should understand that he or she may 交易受到限制，或者期货价格出现涨跌停的时候，交易所在be required to pay additional margin in the case of adverse market 期权市场如果采取行动的话，会采取什么样的行动。movements.在证券型或者期货型保证金制度下出让期权的人应该理解他（她）可能被要求在不利的市场条件下增加保证金。The individual should understand that the option may not be subject to daily price fluctuation limits while the underlying futures may have such limits, and, as a result, normal pricing relationships between (5) PROFIT POTENTIAL OF AN OPTION POSITION. 期权头寸的潜options and the underlying future may not exist when the future is 在利润trading at its price limit. Also, underlying futures positions resulting An option customer should carefully calculate the price which the from exercise of options may not be capable of being offset if the underlying futures contract or underlying physical commodity would have underlying future is at a price reach for the option position to become profitable. Under a stock-投资者应该理解期权可能不受每日价格波动限制的制约，style margining system, this price would include the amount by which 而基础期货可能会有这种限制。因此，当期货在其价格限the underlying futures contract or underlying physical commodity would 制内交易时，期权和基础期货之间的正常定价关系可能不have to rise above or fall below the strike price to cover the sum of the 存在。而且，如果基础期货在一个价格限制上的话，期权premium and all other costs incurred in entering into and exercising 执行带来的基础期货头寸可能无法被冲抵。or closing (offsetting) the commodity option position. Under a future-style margining system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option (4) MARGIN REQUIREMENTS. 保证金要求position would become profitable once the variation margin collected An individual should know and understand whether the option exceeded the cost of entering the contract or she is contemplating trading is subject to a stock-style or 期权客户应该仔细计算基础期货合约或基础实物商品必须futures-style system of margining. Stock-style margining requires 达到什么价格，该期权头寸才能盈利。在证券型保证金制the purchaser to pay the full option premium at the time of 度下，该价格包括基础期货合约或基础实物商品必须高出purchase. The purchaser has no further financial obligations, and 或低于执行价格的数额，才能抵偿期权费的总额以及参加the risk of loss is limited to the purchase price and transaction 并执行或平仓（冲抵）该商品期权头寸带来的所有其他费costs. Futures-style margining requires the purchaser to pay initial margin only at the time of purchase. The option position is m用。在期货型保证金制度下，期权头寸逐日结算保证金，arked to m每天支付和收缴损益。一旦收缴的价格变动保证金超出进arket, and gains and losses are collected and paid daily. The 入合约头寸的成本，期权头寸就有利可图。purchaser's risk of loss is limited to the initial option premium and transaction costs.投资者应该知道并理解他（她）考虑交易的期权是从属于Also, an option customer should be aware of the risk that the futures 证券型还是期货型保证金制度。证券型保证金制度要求price prevailing at the opening of the next trading day may be 买家在购买时支付全部的期权费。买家没有更多的金融义substantially different from the futures price which prevailed when 务，亏损的风险限制在购买价格和交易成本之内。期货型the option was exercised. Similarly, for options on physicals that are 保证金制度要求买家在购买时仅支付初始保证金。期权头cash settled, the physicals price prevailing at the time the option is 寸逐日结算保证金，每天支付和收缴损益。买家亏损的风exercised may differ substantially from the cash settlement price that 险限制在初始期权费和交易成本之内。is determined at a later time. Thus, if a customer does not cover the position against the possibility of underlying commodity price change, the realized price upon option exercise may differ substantially from An individual granting options under either a stock-style or futures-The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。45
OPTIONS DISCLOSURE STATEMENT 期权披露声明that which existed at the time of discussed in this disclosure statement are limited to 另外，期权客户应该意识到这一风险：下一个交易日开盘those which may be traded on a contract market. These options 时占优势的期货价格可能会与期权执行时占优势的期货价(subject to certain exceptions) give an option purchaser the right 格有很大的不同。同样，对于以现金结算的实物商品期权to buy in the case of a call option, or to sell in the case of a put 而言，期权被执行时占优势的实物商品的价格可能与晚些option, a futures contract or the physical commodity underlying 时候决定的现金结算价格有很大的不同。因此，如果客户the option at the stated strike price prior to the expiration date 不针对基础商品价格变化的可能性补进头寸，期权执行时of the option. Each exchange-traded option is distinguished 的实现价格可能与执行时存在的价格有很大的不同。by the underlying futures contract or underlying physical commodity, strike price, expiration date, and whether the option is a put or a call.(6) DEEP-OUT-OF-THE-MONEY OPTIONS. 深 度 虚值期权交易所交易期权，看跌期权，看涨期权—本披露声明讨A person contemplating purchasing a deep-out-of-the-money option 论的期权限于那些可以在某合约市场交易的期权。这些(that is, an option with a strike price significantly above, in the case 期权（服从于某些例外情况）给期权购买者以下权利：of a call, or significantly below, in the case of a put, the current price 在看涨期权的情况下，在该期权到期日之前，以规定的of the underlying futures contract or underlying physical commodity) 执行价格买入作为该期权基础的期货合约或者实物商品should be aware that the chance of such an option becoming 的权利，在看跌期权的情况下，在该期权到期日之前，profitable is ordinarily remote. 以规定的执行价格卖出作为该期权基础的期货合约或者考虑购买深度虚值期权（对于看涨期权而言，执行价格显实物商品的权利。每个交易所交易期权由基础期货合约著高于基础期货合约或基础实物商品的市场价格的期权，或者基础实物商品，执行价格，到期日以及该期权是看或者对于看跌期权而言，显著低于基础期货合约或基础实涨还是看跌加以区分。物商品的市场价格的期权）的人应该认识到类似期权盈利的机会非常遥远。Underlying futures contract - The futures contract which may be purchased or sold upon the exercise of an option on a futures the other hand, a potential grantor of a deep-out-of-the-money 基础期货合约–在某期货合约期权的执行时买入或者卖出option should be aware that such options normally provide small 的期货合约。premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure physical commodity - The commodity of a specific 另一方面，某深度虚值期权潜在的出让人应该认识到此类grade (quality) and quantity which may be purchased or sold upon 期权通常提供较少的期权费，但是出让人面对本披露声明the exercise of an option on a physical commodity.第一条包含的所有风险。基础实物商品–某一特定等级（质量）和数量的商品，可能在某实物商品期权执行之时被买入或卖出。(7) GLOSSARY OF TERMS. 术语汇编Contract market - Any board of trade (exchange) located in the Class of options - A put or a call covering the same underlying United States which has been designated by the Commodity Futures Trading futures contract or underlying physical to list a futures contract or commodity option for trading.期权类别–对相同基础期货合约或基础实物商品的看跌期合约市场–任何位于美国的,被商品期货交易委员会指定将权和看涨期权。期货合约或商品期货挂牌交易的交易委员会（交易所。Series of options - Options of the same class having the same Exchange-traded option; put option; call option - The The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。46
OPTIONS DISCLOSURE STATEMENT 期权披露声明strike price and expiration date.开仓卖出交易–投资者出让某寸头，增加空头期权头寸的期权系列–具有相同类别，相同的执行价格和相同到期日交易的期权。Closing purchase transaction - A transaction in which an Exercise price - See strike with a short option position liquidates the position. 执行价格–见履约价格。This is accomplished by a closing purchase transaction for an option of the same series as the option previously granted. Such a Expiration date - The last day when an option may be may be referred to as an offset transaction.到期日–某期权能被执行的最后日期。平仓买入交易–持有空头期权头寸的投资者结清头寸的交易。平仓买入交易时买入的期权和早些时候卖出的期Premium - The amount agreed upon between the purchaser and 权是相同系列的。这一交易可以称之为冲抵交易。seller for the purchase or sale of a commodity option.期权费–买家或卖家就买入或卖出某商品期权达成一致的Closing sale transaction - A transaction in which an individual 金额。with a long option position liquidates the position. This is accomplished by a closing sale transaction for an option of Strike price - The price at which a person may purchase or sell the the same series as the option previously purchased. Such a underlying futures contract or underlying physical commodity upon transaction may be referred to as an offset of a commodity option. This term has the same meaning as 平仓卖出交易–持有多头期权头寸的投资者结清头寸的the term "exercise price."交易。平仓卖出交易时卖出的期权和早些时候买入的期履约价格–某人在执行某个商品期货时买入或卖出基础期权是相同系列的。这一交易可以称之为冲抵交易。货合约或基础实物商品的价格。本术语与“执行价格”意义相同。Purchase price - The total actual cost paid or to be paid, directly or indirectly, by a person to acquire a commodity option. This price includes Short option position - See opening sale commissions and other fees, in addition to the option premium.空头期权头寸–见开仓卖出交易购买价格–某投资者为收购某商品期货直接地或间接地支付，或即将支付的所有实际成本。这一价格包括除期权费Long option position - See opening purchase transaction.外的所有的佣金和其他费用。多头期权头寸–见开仓买入交易Grantor, writer, seller - An individual who sells an option. Such a Types of options transactions -person is said to have a short position.期权交易类型 –出让者，立权者，卖家–售出某期权的投资者。这样的投Opening purchase transaction - A transaction in which an individual 资者持有空头头寸。purchases an option and thereby obtains a long option position.开仓买入交易–投资者买入某寸头，增加多头期权头Purchaser - An individual who buys an option. Such a person is 寸的交易said to have a long position.买家–买入某期权的投资者。这样的投资者持有多头头寸。Opening sale transaction - A transaction in which an individual grants an option and thereby obtains a short option information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。47
ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT 电子交易系统和订单引导系统的公开声明ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT 电子交易系统和订单引导系统的公开声明Electronic trading and order routing systems differ from traditional 言—该系统的对盘程序，开盘和收盘程序和价格，错误交open outcry pit trading and manual order routing methods. 易政策以及交易限制或要求，就整个系统而言，对可能进Transactions using an electronic system are subject to the rules and 入该系统的买卖盘类型的终止和限制的进入和底价的资格regulations of the exchange(s) offering the system and/or listing 认证。以上的每一项事宜可能都会给使用某系统交易带来the contract. Before you engage in transactions using an electronic 不同的风险因素。每一系统还可能表现出与系统进入，不system, you should carefully review the rules and regulations of the 同的反应时间和安全等方面的风险。就以因特网为基础的exchange(s) offering the system and/or listing contracts you intend to 系统而言，可能有与系统进入，不同的反应时间和安全有trade.关的其他类型的风险，以及与电子邮件的服务供应商，接电子交易和订单引导系统不同于传统的公开喊价交易池交收和监督有关的风险。易和人工买卖盘传递的方法。使用电子系统的交易要服从___________________________________________________提供该系统和/或挂牌该合同的交易所的规章制度。在您RISKS ASSOCIATED WITH SYSTEM FAILURE 进行使用电子系统的交易之前，您应该认真阅读提供该系与系统故障有关的风险统和/或挂牌您欲交易的合同的交易所的规章制度 ______________________________________________________________________________________________________DIFFERENCES AMONG ELECTRONIC TRADING Trading through an electronic trading or order routing system exposes SYSTEMS 电子交易系统之间的差别you to risks associated with system or component failure. In the ___________________________________________________event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute exist-Trading or routing orders through electronic systems varies widely ing orders, or modify or cancel orders that were previously entered. among the different electronic systems. You should consult the rules System or component failure may also result in loss of orders or and regulations of the exchange offering the electronic system and/order listing the contract traded or order routed to understand, among 通过电子交易或者买卖盘传递系统交易将使您面临系统或other things, in the case of trading systems, the system’s order 组件故障而导致的风险。如果系统或其组件发生故障，有matching procedure, opening and closing procedures and prices, 可能在某一时间段内，您无法输入新的指令，执行现有指error trade policies, and trading limitations or requirements; and 令，或修改，删除早些时候输入的指令。系统或组件的故in the case of all systems, qualifications for access and grounds 障可能会导致指令或指令优先权的丢失。for termination and limitations on the types of orders that may be ___________________________________________________entered into the system. Each of these matters may present different SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying TRADING 同时公开喊价交易池和电子交易response times, and security. In the case of internet-based systems, ___________________________________________________there may be additional types of risks related to system access, vary-ing response times and security, as well as risks related to service Some contracts offered on an electronic trading system may be traded providers and the receipt and monitoring of electronic and through open outcry during the same trading hours. 通过电子系统进行交易或者买卖盘传递因不同的电子系You should review the rules and regulations of the exchange offering 统而大不相同。您应该认真阅读交易所提供的系统和/或the system and/or listing the contract to determine how orders that 你欲交易的挂牌合同的规章制度，以了解—就交易系统而do not designate a particular process will be information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。48
ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT 电子交易系统和订单引导系统的公开声明某些由电子交易系统提供的合约可以在相同的交易时间以提供电子交易或买卖盘传递系统和/或挂牌合约的交易所电子方式和通过公开喊价方式进行交易。您应该了解提供可能采取了限制他们，期货佣金商，软件和通信系统销该系统和/或挂牌该合约的交易所的规章制度，以确定那售商的责任以及限制因系统故障或延迟您可以得到的赔偿些不指定特定程序的指令如何得以执行。数额的规定，这些责任限制规定因不同的交易所而有所不___________________________________________________同。您应该咨询相关交易所的规章制度以理解这些责任限制。LIMITATION OF LIABILITY 责任限制___________________________________________________*Each exchange's relevant rules are available upon request from Exchanges offering an electronic trading or order routing system and/the industry professional with whom you have an account. Some or listing the contract may have adopted rules to limit their liability, exchange's relevant rules also are available on the exchange's the liability of FCMs, and software and communication system internet home and the amount of damages you may collect for system *您可以从负责帮您开户的业务人员那里得到每个交易所failure and delays. These limitations of liability provisions vary among 的相关规定。某些交易所的相关规定还能从该交易所的因the exchanges. You should consult the rules and regulations of the 特网主页上得到。relevant exchange(s) in order to understand these liability information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。49
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货的风险This disclosure statement discusses the characteristics and risks a relatively small amount of money used to establish a position in of standardized security futures contracts traded on regulated . assets having a much greater value. If you are uncomfortable with exchanges. At present, regulated exchanges are authorized to list this level of risk, you should not trade security futures contracts. futures contracts on individual equity securities registered under 交易证券期货合约可能并不适合所有的投资者。您可能会the Securities Exchange Act of 1934 (including common stock and 在很短的时间内蒙受大量的损失。您亏损的金额有可能是certain exchange-traded funds and American Depositary Receipts), 没有限制的，可能超过您起先存在您的经纪人处的金额。as well as narrow-based security indices. Futures on other types 这是因为期货交易有很高的杠杆效应，相对较小金额的金of securities and options on security futures contracts may be 钱可以用来建立价值大得多的头寸。到如果您不能接受这authorized in the future. The glossary of terms appears at the end of 样程度的风险，您不应该进行证券期货合约交易。 the document.本披露声明讨论的是在规定美国交易所交易的标准化证券. GENERAL RISKS 一 般风险 期货合约的特点和风险。当前，规定交易所得到授权挂牌 Trading security futures contracts involves risk and may result in 《1934 年证券交易法》记录的个人权益证券期货合约（potentially unlimited losses that are greater than the amount you 包括普通股和某些交易所交易基金以及美国存托凭证）和deposited with your broker. As with any high risk financial product, 窄盘证券指数。将来，其他类型的证券期货和证券期货合you should not risk any funds that you cannot afford to lose, such 约期权将得到授权。术语汇编见本文件结尾处。as your retirement savings, medical and other emergency funds, funds set aside for purposes such as education or home ownership, Customers should be aware that the examples in this document are proceeds from student loans or mortgages, or funds required to meet exclusive of fees and commissions that may decrease their net gains your living expenses. or increase their net losses. The examples also do not include tax 交易证券期货合约伴随着风险，可能会导致远高于您存在consequences, which may differ for each customer.您的经纪人处金额的亏损。亏损将是没有限制的。正如任客户应该认识到本文件中的例子不包括费用和佣金，而费何高风险的金融产品一样，您不应该拿您无法负担亏损的用和佣金可以减少他们的净收益或增加他们的净亏损。这资金来冒险，比如您的退休存款，医疗和其他应急资金及些例子还不包括税收结果，每个客户的税收结果可能有所存作下列用途的资金：教育，家庭住宅所有权，学生贷款不同。或按揭贷款，或者满足您生活开支的资金。___________________________________________________ Be cautious of claims that you can make large profits from trading RISKS OF SECURITY FUTURESsecurity futures contracts. Although the high degree of leverage in 证券期货的风险security futures contracts can result in large and immediate gains, it ___________________________________________________can also result in large and immediate losses. As with any financial product, there is no such thing as a "sure winner.". RISKS OF SECURITY FUTURES TRANSACTIONS 不要轻易声称您可以靠证券期货合约交易赚取很大利润 尽证券期货交易的风险管证券期货合约的高度杠杆效应可能很快带来大量收益，Trading security futures contracts may not be suitable for all 但它也很快可能带来大量亏损。正如其他金融产品一样，investors. You may lose a substantial amount of money in a very 没有“常胜将军”。short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with Because of the leverage involved and the nature of security your broker. This is because futures trading is highly leveraged, with futures contract transactions, you may feel the effects of your losses The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。51
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露immediately. Gains and losses in security futures contracts are 的一些新闻事件而交易停止，如果交易所或者您头寸所在credited or debited to your account, at a minimum, on a daily basis. 的公司出现系统故障，或者如果头寸在非流动市场上，无If movements in the markets for security futures contracts or the 法清算的情况就会发生。即使您可以清算您的头寸，您可underlying security decrease the value of your positions in security 能被迫在导致很大亏损的价格上这么做。 futures contracts, you may be required to have or make additional funds available to your carrying firm as margin. If your account is Under certain market conditions, it may also be difficult or impos-under the minimum margin requirements set by the exchange or sible to manage your risk from open security futures positions by the brokerage firm, your position may be liquidated at a loss, and entering into an equivalent but opposite position in another contract you will be liable for the deficit, if any, in your account. Margin month, on another market, or in the underlying security. This inability requirements are addressed in Section take positions to limit your risk could occur, for example, if trading 因为证券期货合约交易的杠杆效应和特性，您可以立即体is halted across markets due to unusual trading activity in the secu-会到亏损的后果。证券期货合约的损益每天往您的账户上rity futures contract or the underlying security or due to recent news 添加，或从您的账户上扣除。如果证券期货合约或基础证events involving the issuer of the underlying security.券的市场运行减少了您证券期货合约上头寸的价值，可能在某些市场条件下，您可能很难或者不可能通过在另一您会被要求添加资金，公司将资金拿去作为保证金。如果个合约月，或者另一个市场，或者在基础证券里，开始一您的账户处于交易所或经纪公司设定的最小保证金要求之个等价的但相反的头寸，管理来自风险证券期货头寸的风下，如果亏损的话，您的头寸会被清算，您的账户可能会险。比如说，如果因为证券期货合约或基础证券里不寻常出现赤字。保证金要求将在第四条加以说明。的交易事件，或者由于基础证券的发行人最近的一些新闻事件而导致交易中止，这种无法通过头寸来限制您的风险 Under certain market conditions, it may be difficult or impossible 的情况就会发生。to liquidate a position. Generally, you must enter into an offsetting transaction in order to liquidate a position in a security futures Under certain market conditions, the prices of security futures contract. If you cannot liquidate your position in security futures contract may not maintain their customary or anticipated contracts, you may not be able to realize a gain in the value of your relationships to the prices of the underlying security or index. These position or prevent losses from mounting. This inability to liquidate pricing disparities could occur, for example, when the market for the could occur, for example, if trading is halted due to unusual trading security futures contract is illiquid, when the primary market for the activity in either the security futures contract or the underlying underlying security is closed, or when the reporting of transactions in security; if trading is halted due to recent news events involving the underlying security has been delayed. For index products, it could the issuer of the underlying security; if systems failures occur on an also occur when trading is delayed or halted in some or all of the exchange or at the firm carrying your position; or if the position is on securities that make up the illiquid market. Even if you can liquidate your position, you may be 在某些市场条件下，证券期货合约的价格可能不会维持与基forced to do so at a price that involves a large loss.础证券的价格或指数之间的正常的或期望的关系。比如说，在一定的市场条件下，清算头寸将会变得很难或者不可当证券期货合约市场是非流通的，当基础证券的一级市场闭能。一般而言，您必须开始一个冲抵交易以清算证券期货市，或者当基础证券交易报告延时时，这种定价的不一致就合约里的头寸。如果您不能清算您在证券期货合约里的头会发生。对于指数产品而言，当某些或所有组成该指数的证寸，您可能无法实现您的头寸价值的增长或者阻止亏损的券的交易被延期或被中止时，这种情况也会发生。增长。比如说，如果因为证券期货合约或基础证券里不寻常的交易行为而交易中止，如果因为该基础证券的发行人 You may be required to settle certain security futures contracts The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。52
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露with physical delivery of the underlying security. If you hold your 既需要证券市场，也需要期货市场的知识。position in a physically settled security futures contract until Day trading strategies involving security futures contracts and the end of the last trading day prior to expiration, you will be other products pose special risks. As with any financial product, obligated to make or take delivery of the underlying securities, persons who seek to purchase and sell the same security future which could involve additional costs. The actual settlement terms in the course of a day to profi t from intra-day price movements may vary from contract to contract and exchange to exchange. (“day traders”) face a number of special risks, including substantial You should carefully review the settlement and delivery conditions commissions, exposure to leverage, and competition with before entering into a security futures contract. Settlement and professional traders. You should thoroughly understand these risks delivery are discussed in Section have appropriate experience before engaging in day trading. The 您可能会被要求以基础证券的实物交割结算某些证券期货special risks for day traders are discussed more fully in Section 7.合约。如果您在到期日之前的最后一个交易日的最后时刻有关证券期货合约和其他产品的当日交易策略有着特别的一直持有实物结算证券期货合约的头寸，您有义务对该基风险。正如所有金融产品一样，试图通过在当日买入和础证券进行交割，这可能会伴随着其他的成本。不同的合卖出相同证券期货而从一天内的价格运动中获利的投资者约和不同的交易所可能有不同的实际结算条件。在开始一（当日交易者）要面临数个特别的风险，包括巨额的佣份证券期货合约之前，您应该仔细阅读结算和交割条件。金，杠杆效应的影响和职业交易者的竞争。在进行当日交结算和交割将在第 5 条加以说明。易时，您应该对这些风险有透彻的了解，并具有足够的经验。第 7 条将详细讨论当日交易者的特别风险。 You may experience losses due to systems failures. As with any financial transaction, you may experience losses if your orders Placing contingent orders, if permitted, such as “stop-loss” or for security futures contracts cannot be executed normally due to “stop-limit” orders, will not necessarily limit your losses to the systems failures on a regulated exchange or at the brokerage firm intended amount. Some regulated exchanges may permit you to enter carrying your position. Your losses may be greater if the brokerage into stop-loss or stop-limit orders for security futures contracts, firm carrying your position does not have adequate back-up systems which are intended to limit your exposure to losses due to market or . However, market conditions may make it impossible to 您可能会因为系统故障而蒙受损失。正如其他金融交易一execute the order or to get the stop price.样，如果您的证券期货合约指令因为您头寸所在的法定交发出条件指令（在允许的情况下），比如“止损”或“停价易所或经纪公司的系统故障而未能正常执行，您可能会蒙限价指令”，不一定会将您的亏损限制在预想金额内。某些受损失。如果您头寸所在的经纪公司没有良好的后备系统规定交易所可能允许您为证券期货合约输入止损或停价-限或程序，您的损失可能会更大。价指令，目的是限制市场波动给您带来的亏损。但是，市场条件可能会使执行指令或者达到停价价格变得不可能。 All security futures contracts involve risk, and there is no trading strategy that can eliminate it. Strategies using combinations of You should thoroughly read and understand the customer account positions, such as spreads, may be as risky as outright long or short agreement with your brokerage firm before entering into any positions. Trading in security futures contracts requires knowledge of transactions in security futures the securities and the futures markets.在进行任何证券期货合约交易之前，您应该仔细阅读并理所有的证券期货合约都有风险，没有什么交易策略可以完解您和您的经纪公司之间的客户账户协议。全消除风险。利用头寸组合（比如价差头寸）的策略可能与简单的多头或空头有同样的风险。证券期货合约的交易 You should thoroughly understand the regulatory protections The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。53
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露available to your funds and positions in the event of the failure 证券期货合约是双方之间具有法律约束力的协议，关于未of your brokerage firm. The regulatory protections available 来在某一价格买入或卖出一定数量的某证券或窄盘证券to your funds and positions in the event of the failure of your 指数成分股的股份。买入证券期货合约的投资者签署了一brokerage firm may vary depending on, among other factors, 份购买某基础证券的合约，被称为多头。卖出证券期货合the contract you are trading and whether you are trading 约的投资者签署了一份卖出某基础证券的合约，被称为空through a securities account or a futures account. Firms that 头。该合约交易的价格（“合约价格”）有规定交易所的allow customers to trade security futures in either securities 相对购买和销售利益所决定。 accounts or futures accounts, or both, are required to disclose to customers the differences in regulatory protections between In order to enter into a security futures contract, you must deposit such accounts, and, where appropriate, how customers may elect funds with your brokerage firm equal to a specified percentage (usually to trade in either type of least 20 percent) of the current market value of the contract as a 您应该透彻理解当您的经纪公司出现故障时，您的资金和performance bond. Moreover, all security futures contracts are marked-头寸可以得到的管制性保护。当您的经纪公司出现故障to-market at least daily, usually after the close of trading, as described 时，您的资金和头寸能够得到的管制性保护可能会因不同in Section 3 of this document. At that time, the account of each buyer 的因素而有所不同，比如您交易的合约，您是通过证券账and seller reflects the amount of any gain or loss on the security futures 户交易还是通过期货账户交易。允许客户在证券账户交易contract based on the contract price established at the end of the day 证券期货或允许客户在期货账户交易证券期货，或二者都for settlement purposes (the “daily settlement price”). 允许的公司，被要求向客户披露这些账户的管制性保护的要签署一份证券期货合约，您必须在您的经纪公司存入资金不同之处，以及，如果合适的话，客户如何在这些账户之作为履约保证金，金额与该合约的当前市场价值的一定的百间进行选择来交易。 分比（通常为 20%）相等。另外，所有的证券期货合约至少___________________________________________________是逐日结算，通常是在交易终止之后。本文件第三条对此加以说明。然后，每一位买家和卖家的账户反映了建立在每天DESCRIPTION OF A SECURITY FUTURES CONTRACT 结束时的合约价格基础上的该证券期货合约的所有收益和亏证券期货合约损，以达到结算的目的（“每日结算价格”）。 ___________________________________________________An open position, either a long or short position, is closed or . WHAT IS A SECURITY FUTURES CONTRACT? 什么是证券期dated by entering into an offsetting transaction (., an equal and 货合约？opposite transaction to the one that opened the position) prior to the A security futures contract is a legally binding agreement between contract expiration. Traditionally, most futures contracts are liqui-two parties to purchase or sell in the future a specific quantity of dated prior to expiration through an offsetting transaction and, thus, shares of a security or of the component securities of a narrow-holders do not incur a settlement security index, at a certain price. A person who buys a security 在合约到期之前进行冲抵交易将终止或清算风险头寸，无futures contract enters into a contract to purchase an underlying 论是多头还是空头头寸。按传统，大多数期货合约在到期security and is said to be “long” the contract. A person who sells a 之前都会通过冲抵交易而被清算，这样，持有者不会招致security futures contract enters into a contract to sell the underlying 结算义务。 security and is said to be “short” the contract. The price at which the contract trades (the “contract price”) is determined by relative buy-EXAMPLES: 例如：ing and selling interest on a regulated A is long one September XYZ Corp. futures contract. The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。54
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露To liquidate the long position in the September XYZ Corp. any further obligations on the contract, Investor A would sell an identical September 其他的证券期货合约通过现金结算的方式结算。在这种情XYZ Corp. contract. 况下，基础证券不被移交。相反，在最后交易日的末尾此投资者 A 看多一份九月 XYZ 公司的期货合约。为清算证券期货合约的所有未执行的头寸都通过一个建立在由交在九月 XYZ 公司期货合约的多头头寸，投资者 A 将卖易所或清算机构确定的最终结算价格基础上的最终现金支出一份相同的九月 XYZ 公司合约。付得以结算。一旦这一支付完成，各方在此合约上都没有其他义务。Investor B is short one December XYZ Corp. futures contract. To liquidate the short position in the December XYZ Corp. Physical delivery and cash settlement are discussed more fully in futures contract, Investor B would buy an identical December Section Corp. contract.第五部分将更详细地讨论实物交割和现金结算。投资者 B 看空一份十二月 XYZ 公司的期货合约。为清算在十二月 XYZ 公司期货合约的空头头寸，投资者 B . PURPOSES OF SECURITY FUTURES 证券期货的目的将买入一份相同的十二月 XYZ 公司合约。Security futures contracts can be used for speculation, hedging, and risk management. Security futures contracts do not provide capital Security futures contracts that are not liquidated prior to expiration growth or income. must be settled in accordance with the terms of the contract. Some 证券期货合约可用来投机，避险和风险管理。证券期货合security futures contracts are settled by physical delivery of the under-约不提供资本增长或收入。 lying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract Speculation 投机 must pay the final settlement price set by the regulated exchange or Speculators are individuals or firms who seek to profit from antici-the clearing organization and take delivery of the underlying shares. pated increases or decreases in futures prices. A speculator who Conversely, a person who is short the contract must make delivery of expects the price of the underlying instrument to increase will buy the underlying shares in exchange for the final settlement security futures contract. A speculator who expects the price of 在到期日之前没有被清算的证券期货合约必须根据合约the underlying instrument to decrease will sell the security futures 的条款进行结算。一些证券期货合约通过基础证券的实contract. Speculation involves substantial risk and can lead to large 物交割来结算。在某个通过实物交割结算的证券期货losses as well as profits.合约到期时，看多该合约的投资者必须支付由规定交易投机者指试图从预测期货价格的上涨或下跌赢利的个人或所和清算机构确定的最终结算价格，对基础证券进行交公司。预计基础工具价格上涨的投机者将买入该证券期货割。相反，看空该合约的投资者必须交割该基础股份，合约。预计基础工具价格下跌的投机者将卖出该证券期货与最终结算价格交换。 合约。投机伴随着巨大的风险，可能带来盈利，也可能带来重大亏损。 Other security futures contracts are settled through cash settle-ment. In this case, the underlying security is not delivered. Instead, The most common trading strategies involving security futures contracts any positions in such security futures contracts that are open at the are buying with the hope of profiting from an anticipated price increase end of the last trading day are settled through a final cash payment and selling with the hope of profiting from an anticipated price decrease. based on a final settlement price determined by the exchange or For example, a person who expects the price of XYZ stock to increase by clearing organization. Once this payment is made, neither party has March can buy a March XYZ security futures contract, and a person who The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。55
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露expects the price of XYZ stock to decrease by March can sell a March For example, if ABC and XYZ are both pharmaceutical companies and XYZ security futures contract. The following illustrates potential profits an individual believes that ABC will have stronger growth than XYZ and losses if Customer A purchases the security futures contract at $50 a between now and June, he could buy June ABC futures contracts and share and Customer B sells the same contract at $50 a share (assuming sell June XYZ futures contracts. Assuming that each contract is 100 100 shares per contract).shares, the following illustrates how this works. 证券期货合约的最普通的投资策略是如果希望从预期价多空套做者可以同时购买及出售两张同月份但经济上相关格上涨盈利就买，如果希望从预期价格下跌盈利就卖。连的证券期货和约。举例来说，如果 ABC 和 XYZ 同样是制比如，某投资人预计 XYZ 股票的价格到三月将上涨，他（药公司。其中有个人认为在现在至六月份 ABC 比 XYZ 有更她）可以买入一份三月 XYZ 证券期货合约；如果某投资人大的增长，所以他可能会买进六月份 ABC 的期货和约而出预计 XYZ 股票的价格到三月将下跌，他（她）可以卖出一售六月份 XYZ 的期货和约。假定每张合约是一百股，如下份三月 XYZ 证券期货合约。下表说明如果客户 A 以 50 美元显示是怎样运作。 每股的价格购买证券期货合约以及客户 B 以 50 美元每股的价格卖出相同的合约（假设每份合约为 100 股）的潜在盈Opening PositionPrice at Gain or Price at Gain or LiquidationLossLiquidationLoss利和亏损。 初始头寸清算盈利清算盈利价格或亏损价格或亏损Price of XYZ at Customer ACustomer BBuy ABC at 50LiquidationProfit/LossProfit/Loss$53$300$53$300在 50 购进 ABC XYZ 的清算价格客户 A客户 B 盈利／亏损盈利／亏损Sell XYZ at 45$46 - $100$50- $500在 45 卖出 XYZ $55$500-$500Net Gain or Loss$500$0$200-$200净收益或亏损$45- $500$500Speculators can also engage in arbitrage, which is similar to a spread Speculators may also enter into spreads with the hope of profiting except that the long and short positions occur on two different from an expected change in price relationships. Spreaders may markets. An arbitrage position can be established by taking an eco-purchase a contract expiring in one contract month and sell another nomically opposite position in a security futures contract on another contract on the same underlying security expiring in a different exchange, in an options contract, or in the underlying (., buy June and sell September XYZ single stock futures). 投机者还可以参与套利，套利与价差类似，不同的是多头This is commonly referred to as a “calendar spread.” 和空头头寸在两个不同的市场出现。套利头寸可以通过在投机人可以赚取差额，期望从价格的波动中获取利润。多另外一个交易所的某证券期货合约，某期权合约或基础证空套做者可能购买一个月合同期的合约，然后将不同月券内，构建一个经济上相反的头寸得以建立。 份到期的同一个基础证券的另一个合约卖出（例如买入六月份同时卖出九月份的 XYZ 单支股票期货），这就是常见Hedging 套期的“日历套利”。Generally speaking, hedging involves the purchase or sale of a secu-rity future to reduce or offset the risk of a position in the underlying Spreaders may also purchase and sell the same contract month in security or group of securities (or a close economic equivalent). A two different but economically correlated security futures contracts. hedger gives up the potential to profit from a favorable price change The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。56
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露in the position being hedged in order to minimize the risk of loss purchase of the stock at a later date. For example, assume that in from an adverse price a mutual fund expects to buy stocks in a particular industry with 通常而言，套期包含买入或卖出某证券期货来减少或冲the proceeds of bonds that will mature in August. The mutual fund 抵基础证券或者证券组合（或某接近经济等价物）的风can hedge its risk that the stocks will increase in value between May 险。套期者（对冲者）放弃从被套期的头寸的有利的价and August by purchasing security futures contracts on a narrow-格变化盈利的可能，从而使不利的价格变化导致的亏损based index of stocks from that industry. When the mutual fund 的风险最小化。 buys the stocks in August, it also will liquidate the security futures position in the index. If the relationship between the security futures An investor who wants to lock in a price now for an anticipated sale contract and the stocks in the index is constant, the profit or loss of the underlying security at a later date can do so by hedging with from the futures contract will offset the price change in the stocks, security futures. For example, assume an investor owns 1,000 shares and the mutual fund will have locked in the price that the stocks of ABC that have appreciated since he bought them. The investor were selling at in like to sell them at the current price of $50 per share, but 套期还可以用来固定在当前某价格，期望日后买入股票。there are tax or other reasons for holding them until September. The 比如，假设五月份某共同基金预计将用 8 月份到期的债券investor could sell ten 100-share ABC futures contracts and then 收益买入某特定行业的股票。该共同基金可以通过在该行buy back those contracts in September when he sells the stock. 业的窄盘股票指数上买入证券期货合约，以抵消 5 月到 8 Assuming the stock price and the futures price change by the same 月这些股票价值上涨的风险。当该共同基金 8 月买入这些amount, the gain or loss in the stock will be offset by the loss or gain 股票的时候，它还将清算该指数的证券期货头寸。如果证in the futures contracts.券期货合约和这些股票在指数上的关系保持不变的话，来希望固定在当前某价格，期望日后卖出基础证券的投资者自期货合约的盈利或亏损就将抵消这些股票的价格变化，可以通过套期证券期货达到这个目的。比如，假设某投资该共同基金将固定住这些股票在 5 月份卖出的价格。 者持有 ABC 的 1,000 股，从他买入这 1,000 股后，该股票价格上涨了。投资者希望在当前价格：50 美元每股卖出它Although hedging mitigates risk, it does not eliminate all risk. For 们，但是出于税收和其他原因，而继续持有这些股票直至 example, the relationship between the price of the security futures 9 月份。该投资者可以卖出 10 份 100 股的 ABC 期货合约，contract and the price of the underlying security traditionally tends 然后在 9 月份，当他卖出股票时，买回这些合约。假设该to remain constant over time, but it can and does vary somewhat. 股票价格和期货价格的变化相同，该股票的收益和亏损将Furthermore, the expiration or liquidation of the security futures con-被期货合约的收益或亏损冲抵。tract may not coincide with the exact time the hedger buys or sells the underlying stock. Therefore, hedging may not be a perfect protec-tion against price risk. Price in Value of 1,000 Gain or Loss Effective 尽管套期减小了风险，但并不能完全消除风险。例如，按SeptemberShares of ABCon FuturesSelling Price9 月份价格ABC期货盈亏有效卖出照传统，证券期货合约的价格和基础证券的价格之间的关系倾向于一段时间后保持不变，但是它可以，也的确发生1,000 股总值价格变化。而且，证券期货合约的到期或者清算可能与套期者$40$40,000$10,000$50,000买入或卖出该基础股票的确切时间并不一致。因此，套期$50$50,000$0$50,000可能不是规避价格风险的完美方法。 $60$60,000 -$10,000$50,000Risk Management 风险管理Hedging can also be used to lock in a price now for an anticipated The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。57
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露Some institutions also use futures contracts to manage portfolio on different regulated exchanges may be non-fungible because they risks without necessarily intending to change the composition of their have different contract terms (., size, settlement method), or portfolio by buying or selling the underlying securities. The institu-because they are cleared through different clearing organizations. tion does so by taking a security futures position that is opposite to Moreover, a regulated exchange might not permit its security futures some or all of its position in the underlying securities. This strategy contracts to be offset or liquidated by an identical contract traded involves more risk than a traditional hedge because it is not meant on another regulated exchange, even though they have the same to be a substitute for an anticipated purchase or sale. contract terms and are cleared through the same clearing organiza-某些机构还使用期货合约来管理资产组合风险，而并不一tion. You should consult your broker about the fungibility of the 定希望买入或卖出基础证券，从而改变它们资产组合的组contract you are considering purchasing or selling, including which 成。这些机构可以通过建立一个与它在基础证券中的某些exchange(s), if any, on which it may be offset.或全部头寸相反的证券期货头寸达到这一目的。这一策略在某规定交易所交易的证券期货合约可能与在另一个规定伴随着比传统套期更多的风险，因为它并不是作为预期买交易所交易的证券期货合约不能互换。原因有多种。在不入或卖出的替代品。 同的规定交易所交易的证券期货可能不是可互换的，因为它们有不同的合约条件（比如，大小，结算方法），或者因为它们通过不同的清算组织清算。而且，某规定交易所. WHERE SECURITY FUTURES TRADE 证券期货在哪儿交易可能不允许其证券期货合约被一个在其他规定交易所交易By law, security futures contracts must trade on a regulated . exchange. 的相同的合约冲抵或者清算，即使他们有着相同的合约条Each regulated . exchange that trades security futures contracts is sub-件，而且通过相同的清算组织清算。您应该向您的经纪人ject to joint regulation by the Securities and Exchange Commission (SEC) 咨询您考虑买入或卖出的合约的可互换性，包括它可以在and the Commodity Futures Trading Commission (CFTC). 哪个交易所，和哪个合约冲抵。 根据法律规定，证券期货合约必须在某一个规定的美国交易所交易。任一个交易证券期货合约的规定美国交易所Regulated exchanges that trade security futures contracts are 都要服从证券交易委员会（SEC）和商品期货交易委员会required by law to establish certain listing standards. Changes in the （CFTC）的联合规定。 underlying security of a security futures contract may, in some cases, cause such contract to no longer meet the regulated exchange’s list-A person holding a position in a security futures contract who seeks ing standards. Each regulated exchange will have rules governing the to liquidate the position must do so either on the regulated exchange continued trading of security futures contracts that no longer meet where the original trade took place or on another regulated exchange, the exchange’s listing standards. These rules may, for example, per-if any, where a fungible security futures contract trades. (A person may mit only liquidating trades in security futures contracts that no longer also seek to manage the risk in that position by taking an opposite posi-satisfy the listing in a comparable contract traded on another regulated exchange.) 交易证券期货合约的规定交易所按照法律的要求确立一持有证券期货合约头寸的某投资者欲清算头寸的话，必须在初定的上市标准。某证券期货合约的基础证券的变化在某始交易发生的规定交易所或者在某可互换证券期货合约交易的些情况下可能会使这份合约不能达到该规定交易所的上另外一家规定交易所。投资者还可通过构建一个在其他规定交市标准。关于不再达到交易所上市标准的证券期货合约易所交易的可比较合约里的相反头寸来管理该头寸的风险。 的继续交易，每个规定交易所都有相关规定。比如，这些规定可能只允许未满足上市标准的证券期货合约进行Security futures contracts traded on one regulated exchange might 清算交易。 not be fungible with security futures contracts traded on another regulated exchange for a variety of reasons. Security futures traded The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。58
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露. HOW SECURITY FUTURES DIFFER FROM THE UNDERLYING 节关于公司重大事件对于证券期货合同的影响的进一步深入的讨论。SECURITY 证券期货与认股权证相关的股份有何不同？Shares of common stock represent a fractional ownership interest All security futures contracts are marked-to-market at least daily, in the issuer of that security. Ownership of securities confers usually after the close of trading, as described in Section 3 of this various rights that are not present with positions in security futures document. At that time, the account of each buyer and seller is contracts. For example, persons owning a share of common stock credited with the amount of any gain, or debited by the amount of may be entitled to vote in matters affecting corporate governance. any loss, on the security futures contract, based on the contract They also may be entitled to receive dividends and corporate price established at the end of the day for settlement purposes disclosure, such as annual and quarterly reports.(the "daily settlement price"). By contrast, the purchaser or seller 拥有普通股的股份意味着对证券发行人的资产占有一部分of the underlying instrument does not have the profit and loss from 所有权。证券所有权将授予各种不同的权力，但是其中不his or her investment credited or debited until the position in that 包括证券期货合同中的头寸。举例来说，一个人如果拥有instrument is closed out. 普通股的股份，他可能具有在对影响公司管理的事务决策所有的证券期货合同至少是每天清算，通常是在期货交易日方面的投票权。他们也可能有权力获得分红和公司结算，结束时，正如正文第 3 章所述。在这个时候，每一个买者和例如年度和季度财政报告。卖者的账户根据证券期货合同的盈利或者损失进行结算，如果有盈余则计入账户的贷方，如有亏损则计入借方，证券期The purchaser of a security futures contract, by contrast, has only a 货合同的盈利或损失是基于交易日结束时确定的合同价格，contract for future delivery of the underlying security. The purchaser 这是出于结算账户的目的（“每日结算价格”），比较而of the security futures contract is not entitled to exercise any voting 言，认股权证相关的股份的买方或者卖方不会因为他或她的rights over the underlying security and is not entitled to any divi-投资的顺差或者逆差而获得利润和损失，直到抛售该认股权dends that may be paid by the issuer. Moreover, the purchaser of a 证相关的股份时才会有利润或损失。security futures contract does not receive the corporate disclosures that are received by shareholders of the underlying security, although Naturally, as with any financial product, the value of the security such corporate disclosures must be made publicly available through futures contract and of the underlying security may fluctuate. the SEC’s EDGAR system, which can be accessed at . However, owning the underlying security does not require an investor You should review such disclosures before entering into a security to settle his or her profits and losses daily. By contrast, as a result futures contract. See Section 9 for further discussion of the impact of the mark-to-market requirements discussed above, a person who of corporate events on a security futures long a security futures contract often will be required to deposit 比较而言，购买一份证券期货合同，只是购买了一份认股additional funds into his or her account as the price of the security 权证相关的股份在未来某个时间交付的合同。购买了证futures contract decreases. Similarly, a person who is short a 券期货合同之后，购买者不具有对认股权证相关的股份行security futures contract often will be required to deposit additional 使投票权的权力，也不享有认股权证相关的股份发行人分funds into his or her account as the price of the security futures 红的权力。更有甚者，一份证券期货合同的购买者没有权contract increases. 力获取公司结算报告，而这一权力是为认股权证相关的股毫无疑问，就像任何金融产品一样，证券期货合同的价值份的股东所拥有的，虽然这一公司财政报告通过证监会的 和认股权证相关的股份的价值都会起伏不定。然而，拥EDGAR 系统是可以获得，并完全公开的，要想进入证监会的 有认股权证相关的股份并不需要投资者每天结算他或她的EDGAR 系统可以登录网站 。在购买一份证券期货盈余和亏损。比较而言，由于上面所讨论的随行就市的需合同之前，您应该先审查一下该公司财政报告。参看第 9 The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。59
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露要，当证券期货合同的价格下跌时，某一个长期持有证券a security prior to the expiration date. By contrast, if you have a 期货合同的人通常将被要求存一笔额外的资金到他/她的账position in a security futures contract (either long or short), you have 户。类似地，当证券期货合同价格上涨时，通常会要求短期both the right and the obligation to buy or sell a security at a future 持有证券期货合同的人存一笔额外的资金到他或她的账户。date. The only way that you can avoid the obligation incurred by the security futures contract is to liquidate the position with an offsetting contract. Another significant difference is that security futures contracts expire 如果您购买一份期权合同，您拥有权力而不是义务，在合on a specific date. Unlike an owner of the underlying security, a per-同有效期满之前购买或者出售这一金融衍生品。如果您卖son cannot hold a long position in a security futures contract for an 出一份期权合同，在合同有效期满之前，您有义务购买或extended period of time in the hope that the price will go up. If you 者出售这一金融衍生品。比较而言，如果您在一份证券期do not liquidate your security futures contract, you will be required to 货合同中拥有头寸的话（无论是多头还是空头），您不但settle the contract when it expires, either through physical delivery or 有权力而且有义务在将来某一时点购买或者出售这一证券cash settlement. For cash-settled contracts in particular, upon expi-产品。您可以避免证券期货合同产生的责任的唯一途径就ration, an individual will no longer have an economic interest in the 是利用一份补偿性合同将头寸套现。securities underlying the security futures contract. 证券期货和认股权证相关的股份另一个显著的不同点在于：证券期货合同在某一特定的日期有效期满，合同终A person purchasing an options contract runs the risk of losing the 止。不像认股权证相关的股份的所有者，出于价格将上purchase price (premium) for the option contract. Because it is a 涨的预期而延长一段时间，长期持有一份证券期货合同头wasting asset, the purchaser of an options contract who neither 寸，任何人都不可以这样做。如果您不将证券期货合同套liquidates the options contract in the secondary market nor exercises 现，您就必须结算合同。当证券期货合同有效期满时，或it at or prior to expiration will necessarily lose his or her entire 者交付真正的证券，或者进行现金结算。特别是对于现金investment in the options contract. However, a purchaser of an 结算的合同，一旦有效期满，任何人都不再享有证券期货options contract cannot lose more than the amount of the premium. 合同中认股权证相关的股份的经济利益。Conversely, the seller of an options contract receives the premium and assumes the risk that he or she will be required to buy or sell the underlying security on or prior to the expiration date, in which . COMPARISON TO OPTIONS 与期权相比较event his or her losses may exceed the amount of the premium Although security futures contracts share some characteristics with received. Although the seller of an options contract is required to options on securities (options contracts), these products are also deposit margin to reflect the risk of its obligation, he or she may lose different in a number of ways. Below are some of the important many times his or her initial margin between equity options contracts and security futures 如果购买一份期权合同，您将面临期权合同购买价格（证contracts. 券溢价）的损失的风险。因为它是一项垃圾资产，一份期虽然证券期货合同与证券化的期权（期权合同）具有一些权合同的购买者，无论他选择在二级市场将期权合同套现共同的特征，但是在许多方面这些产品也有非常大的差还是选择在期权合同期满时或者之前执行期权合同，他都别。证券期权合同与证券期货合同之间的一些重要的区别必然将损失其在期权合同中的全部投资。无论怎样，期权如下所述。合同的购买者承受的损失将不会超过证券溢价的总额。与之相反的是：期权合同的卖者接收证券溢价，并且承担他If you purchase an options contract, you have the right, but not the 或她在合同期满之时或者之前将被要求购买或者出售认股obligation, to buy or sell a security prior to the expiration date. If 权证相关的股份的风险，在这种情况之下，他或她承担的you sell an options contract, you have the obligation to buy or sell The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。60
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露损失可能将超过其接收的证券溢价总额。虽然期权合同的of XYZ at a premium of $5 per share). The option premium is 卖方被要求存入一定的保证金，以此来反映其责任风险，$500 ($5 per share X 100 shares). Customer B purchases an 他或她可能多次损失其初始保证金存款。XYZ security futures contract (covering 100 shares of XYZ). The total value of the contract is $5000 ($50 share value X 100 shares). The required margin is $1000 (or 20% of the By contrast, the purchaser and seller of a security futures contract contract value).each enter into an agreement to buy or sell a specific quantity of 假定客户 A 和客户 B 都预期 XYZ 股票的市场价格将上shares in the underlying security. Based upon the movement in prices 涨，XYZ 股票当前的价格是 50 美元每股。客户 A 购买of the underlying security, a person who holds a position in a security 一份 XYZ 的看涨期权（包括 XYZ 股票 100 股，每一股futures contract can gain or lose many times his or her initial margin 的股票溢价为 5 美元）。期权溢价为 500 美元（5 美deposit. In this respect, the benefits of a security futures contract 元/股 X 100 股），客户 B 购买了一份 XYZ 证券期货合are similar to the benefits of purchasing an option, while the risks 同（总共 100 股 XYZ 股票）。证券期货合同的总价值of entering into a security futures contract are similar to the risks of 为 5,000 美元（50 元每股 X 100 股）。所需的保证金selling an option.比较而言，期货合同的买方和卖方双方签订合同购买或者出为 1,000 美元（或者合同价值的 20%）。售某一指定数量的认股权证相关的股份份额。取决于认股权证相关的股份的价格变动，一个持有证券期货合同头寸的人Price of XYZCustomer A Customer B 可能赚取或者损失其初始保证金多次。从这个方面来看，证at expirationProfit/LossProfit/Loss券期货合同的收益与购买期权的收益相似，同时购买一份证XYZ 的到期执行客户 A客户 B券期货合同的风险也与卖出一份期权的风险相仿。价格盈利／亏损盈利／亏损$6510001500Both the purchaser and the seller of a security futures contract have $605001000daily margin obligations. At least once each day, security futures $550500contracts are marked-to-market and the increase or decrease in $50-500 0the value of the contract is credited or debited to the buyer and the $45-500-500 seller. As a result, any person who has an open position in a security $40-500 -1000futures contract may be called upon to meet additional margin $35-500-1500requirements or may receive a credit of available funds. 证券期货合同的买方和卖方都有存入每日保证金的责任。The most that Customer A can lose is $500, the option 一天至少一次，证券期货合同在市场上进行交易，合同价premium. Customer A breaks even at $55 per share, and makes 值的增加或者减少记入买方和卖方账户的贷方或者借方。money at higher prices. Customer B may lose more than his 因此，任何人如果在一份证券期货合同中拥有未平仓头寸initial margin deposit. Unlike the options premium, the margin 可能被要求提交付价的保证金，满足交易的要求或者可能on a futures contract is not a cost but a performance bond. 接收一笔可供使用资金的信用证。The losses for Customer B are not limited by this performance bond. Rather, the losses or gains are determined by the EXAMPLE: 举例说明settlement price of the contract, as provided in the example Assume that Customers A and B each anticipate an increase in above. Note that if the price of XYZ falls to $35 per share, the market price of XYZ stock, which is currently $50 a share. Customer A loses only $500, whereas Customer B loses $1500. Customer A purchases an XYZ 50 call (covering 100 shares The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。61
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露客户 A 最多可能损失 500 美元，也就是期权溢价。客倍。对于小范围证券指数期货，合同的价值部分证券的价户 A 即使在股票价格为 55 美元每股的情况下也将亏格乘以由交易作为合同条款的一部分设定的倍数。损，只有在更高的股票价位上才可能赚钱。客户 B 损失的钱可能将超过其初始保证金存款。跟期权溢价. Security futures contracts expire at set times determined by 有所不同，期货合同的保证金不是成本，而是履约the listing exchange. For example, a particular contract may expire 保函。客户 B 的损失并不仅仅限于这一履约保函的价on a particular day, ., the third Friday of the expiration month. Up 值。更进一步来说，损失或者盈利是由合同的结算until expiration, you may liquidate an open position by offsetting your 价格决定的，如上面所提供的事例所述。值得注意的contract with a fungible opposite contract that expires in the same 是，如果 XYZ 的价格跌至 35 美元每股，客户 A 的损失month. If you do not liquidate an open position before it expires, you 仅为 500 美元，然而客户B的损失则为 1,500 美元。will be required to make or take delivery of the underlying security or to settle the contract in cash after . COMPONENTS OF A SECURITY FUTURES CONTRACT 一份证证券期货合同在某一特定的，由上市交易所决定的时间期券期货合同的组成部分满终止。举例来说，某一特殊的期货合同在某一特殊时日Each regulated exchange can choose the terms of the security futures 期满终止。例如，期满终止月的第三个星期五。在合同有contracts it lists, and those terms may differ from exchange to 效期满之前，您可以通过使用一个可替换的相对的合同（exchange or contract to contract. Some of those contract terms are 在同一个月有效期满）来抵补您的合同，从而可能将未平discussed below. However, you should ask your broker for a copy of 仓头寸套现。如果您在合同有效期满之前不将未平仓头寸the contract specifications before trading a particular contract.套现，您将需要提供或者接收认股权证相关的股份，或者每一笔受监管的交易可以选择证券期货合同所列出的条在有效期满之后将合同以现金结算。款，这些条款根据交易的不同而有所不同，也随着合同的不同而有所不同。那些合同条款中的一部分将在下文中进. Although security futures contracts on a particular security or 行讨论。无论怎样，在进行一笔特殊的合同交易之前，您a narrow-based security index may be listed and traded on more than 应该向您的经纪人要求一份合同规定的复印件。one regulated exchange, the contract specifications may not be the same. Also, prices for contracts on the same security or index may . Each security futures contract has a set size. The size of a vary on different regulated exchanges because of different contract security futures contract is determined by the regulated exchange on the contract trades. For example, a security futures contract 虽然一种特殊证券或者一种小范围证券指数期货可能上市for a single stock may be based on 100 shares of that stock. If 或者在多个受监管的交易市场上进行交易，合同的规范可prices are reported per share, the value of the contract would be the 能不相同。同样，相同证券或指数的期货合同的价格也可price times 100. For narrow-based security indices, the value of the 能随着受监管的交易市场的不同而有所不同，因为合同规contract is the price of the component securities times the multiplier 格的不同。set by the exchange as part of the contract terms.每一份证券期货合同都有既定的尺寸，一份证券期货合同. Prices of security futures contracts are usually quoted the 的大小是由受监控的交易市场所决定的，合同交易正是same way prices are quoted in the underlying instrument. For 通过受监控的交易得以进行的。举例来说，一种单一股票example, a contract for an individual security would be quoted in 的证券期权合同可能以股票 100 股为基础。如果每股的价dollars and cents per share. Contracts for indices would be quoted by 格是牌价上公布的价格，那么合同的价值将为价格的 100an index number, usually stated to two decimal information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。62
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露证券期货合同的定价方式通常与潜在证券的定价方式相证券期货合同的交易。举例来说，如果因为悬而未决的消同。举例来说，一种单一证券合同每股的价格将以美元和息，法律规定，或者市场动荡导致的认股权证相关的股份美分定价。指数期货合同将由一个指数数字来定价，通常在上市市场上交易停止，那么某一特殊证券期货合同交易表述成 2 位小数点的数字。就必须停止。类似地，一种小范围证券指数期货合同在这样的条件下也必须停止，如果占了整个指数的市场资本总额至少 50% 的证券交易中止的话。此外，当道琼斯工业平. Each security futures contract has a minimum price fluctuation 均指数（DJIA）经历一整天的 10 个，20 个和 30 个百分点的(called a tick), which may differ from product to product or exchange 下跌时，要求受监管的证券交易所停止所有证券期货合同to exchange. For example, if a particular security futures contract has 的交易，持续某一指定的时期。在其他条件下，受监管的a tick size of 1¢, you can buy the contract at $ or $ but 证券交易所在他们的法规约束下具有一定的斟酌实际情况not at $. 停止交易的权限 – 例如当证券交易所确定停止交易将是每一份证券期货合同都有一个最小价格浮动（称之为一个明智之举时，因为停止交易有利于维持一个公正，有序的浮动点），这一最小价格浮动可能将随着产品的不同或者市场。交易市场的不同而有所不同。例如，如果一种特殊证券期货合同的一个价格浮动点的大小为 1 美分，那么您可以以 A trading halt, either by a regulated exchange that trades security 美元或者 的价格购买合同，但是不能以 futures or an exchange trading the underlying security or instrument, 美元的价格购买合同。could prevent you from liquidating a position in security futures contracts in a timely manner, which could prevent you from . TRADING HALTS 交易停止liquidating a position in security futures contracts at that value of your positions in security futures contracts could be 交易停止，无论其是由一个受监管的交易证券期货的证券affected if trading is halted in either the security futures contract or 交易所还是一个进行认股权证相关的股份或股票的证券the underlying security. In certain circumstances, regulated exchanges 交易所决定的，可以阻止客户随时将证券期货合同头寸套are required by law to halt trading in security futures contracts. For 现，这样也可以阻止客户在那时将证券期货合同套现。example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns, or market volatility. . TRADING HOURS 交易时间Similarly, trading of a security futures contract on a narrow-based Each regulated exchange trading a security futures contract may security index must be halted under such circumstances if trading is open and close for trading at different times than other regulated halted on securities accounting for at least 50 percent of the market exchanges trading security futures contracts or markets trading the capitalization of the index. In addition, regulated exchanges are required underlying security or securities. Trading in security futures contracts to halt trading in all security futures contracts for a specified period prior to the opening or after the close of the primary market for the of time when the Dow Jones Industrial Average ("DJIA") experiences underlying security may be less liquid than trading during regular one-day declines of 10-, 20- and 30-percent. The regulated exchanges market also have discretion under their rules to halt trading in other 每一个进行证券期货合同交易的受监管证券交易所与其他circumstances - such as when the exchange determines that the halt 进行证券期货合同交易的受监管证交所或者认股权证相关would be advisable in maintaining a fair and orderly market. 的股份交易市场，可能开市和闭市的时间都各不相同。在证券期货合同的头寸价值可能受到影响，如果证券期货市开市之前或者在认股权证相关的股份的初级市场闭市之后场或者认股权证相关的股份市场的交易被中断的话。在进行证券期货合同的交易与在正常市场交易期间的交易相特定的情况下，受监管的证券交易所按照法律的规定停止比更缺乏流动性。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。63
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露___________________________________________________When the required details of a reported transaction have been verified, CLEARING ORGANIZATIONS AND MARK-TO-MARKET the clearing organization assumes the legal and financial obligations 清算机构和实时结算of the parties to the transaction. One way to think of the role of the ___________________________________________________clearing organization is that it is the "buyer to every seller and the seller Every regulated . exchange that trades security futures to every buyer." The insertion or substitution of the clearing organization contracts is required to have a relationship with a clearing as the counterparty to every transaction enables a customer to liquidate organization that serves as the guarantor of each security futures a security futures position without regard to what the other party to the contract traded on that exchange. A clearing organization performs original security futures contract decides to following functions: matching trades; effecting settlement and 当一个提交报告的交易所需的细节已经修改好时，票据交payments; guaranteeing performance; and facilitating deliveries.换机构将承担交易各方的法定和财务责任。牢牢记住清算按照证监会规定，要求每一个进行证券期货合同交易的受机构的作用的一个有效途径就是清算机构是“每一个出售监管的美国证券交易所都与一家清算机构有密切联系，这者相对的购买者和每一个购买者相对的出售者”。票据交一清算机构在那些证交所交易的每一份证券期货合同的担换机构作为每一笔交易对立方的斡旋或替代作用可以使客保人的作用。一家清算机构执行的职能如下：匹配交易；户随时将证券期货头寸套现，而不需要考虑初始证券期货影响结算和支付；保证绩效；以及促进交付。合同的另一方决定怎么做的。Throughout each trading day, the clearing organization matches trade The clearing organization also effects the settlement of gains and data submitted by clearing members on behalf of their customers or losses from security futures contracts between clearing members. At for the clearing member's proprietary accounts. If an account is with least once each day, clearing member brokerage firms must either a brokerage firm that is not a member of the clearing organization, pay to, or receive from, the clearing organization the difference then the brokerage firm will carry the security futures position with between the current price and the trade price earlier in the day, another brokerage firm that is a member of the clearing organization. or for a position carried over from the previous day, the difference Trade records that do not match, either because of a discrepancy between the current price and the previous day's settlement price. in the details or because one side of the transaction is missing, Whether a clearing organization effects settlement of gains and are returned to the submitting clearing members for resolution. The losses on a daily basis or more frequently will depend on the members are required to resolve such "out trades" before or on the conventions of the clearing organization and market conditions. open of trading the next morning. Because the clearing organization assumes the legal and financial 贯穿每个交易日，清算机构匹配由清算机构成员代表他们obligations for each security futures contract, you should expect it to 的客户所提交的交易数据，或者为交换机构成员的私人账ensure that payments are made promptly to protect its obligations. 户提供交易数据匹配。如果一个账户是为一个不属于清算清算机构同样也会影响清算机构成员之间证券期货合同的机构中的一员的经纪公司所有，那么这一经纪公司就必须盈利和损失的结算。至少每天一次，属于清算机构成员的与其他属于清算机构一员的经纪公司合力承担证券期货交经纪公司必须支付给清算机构或者从清算机构领取当前价易的买卖。或者由于细节出现矛盾，或者由于交易一方的格和白天早些时候的交易价格之间的差额，或者对于从前消失导致交易记录无法匹配，那么这些交易信息将返回到一天转移过来的头寸，经纪公司支付或者领取当前价格和提供解决方案的提交信息的交换机构成员处。要求这些清前一天结算结算价格之间的差额。一家清算机构是否在每算机构成员能够在第二天早上开市时或者开市之前解决这天基础上或者更为频繁影响盈利和损失，这将取决于清算些“异常交易”。机构和市场条件之间的协定。因为票据交换机构承担了每The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。64
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露一份证券期货合同的法定和财务责任，您应该希望确保账Daily Settlement ValueBuyer's AccountSeller's Account款及时支付，从而保护它的责任。每日收盘价买家账户卖家账户$500 gain (credit) $500 loss (debit)$125Gains and losses in security futures contracts are also reflected 盈利亏损in each customer's account on at least a daily basis. Each day's $300 loss (debit)$300 gain (credit)$117gains and losses are determined based on a daily settlement price 亏损盈利disseminated by the regulated exchange trading the security futures contract or its clearing organization. If the daily settlement price of The cumulative gain or loss on a customer's open security futures a particular security futures contract rises, the buyer has a gain and positions is generally referred to as "open trade equity" and is the seller a loss. If the daily settlement price declines, the buyer listed as a separate component of account equity on your customer has a loss and the seller a gain. This process is known as "marking-account statement. A discussion of the role of the clearing to-market" or daily settlement. As a result, individual customers organization in effecting delivery is discussed in Section will be called on to settle daily. 一般而言，一个客户的开放式证券期货头寸的累积盈利或证券期货合同的盈利和损失至少是以一天为基础也将在每者损失被称之为“开放式交易证券”，并且作为账户证券个客户的账户上反映出来。每一天的盈利和损失建立在由的一个独立组成部分在您的客户账户说明书上罗列出来。进行证券期货合同交易的受监管的证券交易所或者起清算有关清算机构在影响期货交付方面的作用的讨论将在第 5 机构制定的结算价格的基础上的，盈利和损失由此决定。部分详细讨论。如果某一特殊的证券期货合同的每日结算价格上涨，购买___________________________________________________者获得盈利，而出售者遭遇损失。如果每日结算价格下MARGIN AND LEVERAGE降，购买者遭遇损失，而出售者获得盈利。这一过程也被保证金和杆杠作用称之为“实时清算”或者日结。因此，通常要求个体客户___________________________________________________每日结算。 When a broker-dealer lends a customer part of the funds needed to The one-day gain or loss on a security futures contract is determined purchase a security such as common stock, the term "margin" refers by calculating the difference between the current day's settlement to the amount of cash, or down payment, the customer is required to price and the previous day's settlement price. deposit. By contrast, a security futures contract is an obligation and 证券期货合同每日的盈利或损失是由当天结算价格和前一not an asset. A security futures contract has no value as collateral 天结算价格之前的差额计算得到的。for a loan. Because of the potential for a loss as a result of the daily marked-to-market process, however, a margin deposit is required For example, assume a security futures contract is purchased at a of each party to a security futures contract. This required margin price of $120. If the daily settlement price is either $125 (higher) or deposit also is referred to as a "performance bond." $117 (lower), the effects would be as follows:当一个经纪人借给一个客户购买证券例如普通股所需的部(1 contract representing 100 shares)分资金，“保证金”这一术语是指客户需要存入的现金数举例来说，假定一份证券期货合同是在 120 美元的价格下额，或者预先支付。比较而言，一份证券期货合同是一种购买的。如果日结算价格为 125 美元（更高）或者 117 美责任，而不是一项资产。证券期货合同与一项贷款相同，元（更低），影响结果如下所示： 不具有任何价值。由于每日实时清算交易过程所导致的损（一份合同代表 100 股）失潜在可能性，无论怎样，证券期货合同每一方一定数量The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。65
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露的保证金存款是必须的。这一必需的保证金存款也被称a certified or cashier's check. You should thoroughly read and 作“履约保函”。understand the customer agreement with your brokerage firm before entering into any transactions in security futures contracts.举例来说，有些公司可能要求在出现保证金余额不足的接In the first instance, margin requirements for security futures 下来的第二个营业日时必须存入所需的保证金，或者有些contracts are set by the exchange on which the contract is 公司甚至可能要求在他们将接到证券期货合同订购单之前traded, subject to certain minimums set by law. The basic margin 往账户中存入所需的保证金。除此之外，对于如何满足保requirement is 20% of the current value of the security futures 证金看涨方面经纪公司可能会有一些特殊的要求，例如需contract, although some strategies may have lower margin 要从一个银行中的电报转帐，或者一个经认可或现金支票requirements. Requests for additional margin are known as "margin 的存款。在进入证券期货合同的任何交易之前，您应该彻calls." Both buyer and seller must individually deposit the required m底地阅读和理解客户与您的经纪公司签订的协议。argin to their respective accounts.在第一种情况下，证券期货合同的保证金需求是由合同交易所进行的证交所制定的，同时受到法律规定的特定最小If through the daily cash settlement process, losses in the account 设定值的限制。基础保证金需求为证券期货合同当前价值of a security futures contract participant reduce the funds on deposit 的(or equity) below the maintenance margin level (or the firm's higher 20%，虽然采取某些战略可能降低保证金需求。对额外保证金的要求被称之为“保证金看涨”。购买者和出售者"house" requirement), the brokerage firm will require that additional 双方都必须单独将所需的保证金存入到他们各自的账户。funds be deposited.如果在整个每日现金结算过程中，证券期货合同账户的损失预期将导致存款（或者股票）中资金的减少至低于需最It is important to understand that individual brokerage firms can, and in many cases do, require m小保证金水平（或者是经纪公司更高的“经纪商”保证金argin that is higher than the exchange 需求），经纪公司将要求存入附加的资金。requirements. Additionally, margin requirements may vary from brokerage firm to brokerage firm. Furthermore, a brokerage firm can If additional margin is not deposited in accordance with the firm's increase its "house" margin requirements at any time without providing policies, the firm can liquidate your position in security futures advance notice, and such increases could result in a margin call.理解单个经纪公司可以，并且在许多情况下的确需要高于contracts or sell assets in any of your accounts at the firm to cover 证券交易所的保证金需求标准的保证金。此外，保证金需the margin deficiency. You remain responsible for any shortfall in the 求可能根据经纪公司的不同而不断变化。更进一步地说，account after such liquidations or sales. Unless provided otherwise in 一家经纪公司可以在不需要提供预先通知的情况下，随时your customer agreement or by applicable law, you are not entitled to 增加其“经纪商”保证金需求，而且这一保证金需求的增choose which futures contracts, other securities or other assets are 加将导致保证金看涨。liquidated or sold to meet a margin call or to obtain an extension of time to meet a margin call. 如果附加的保证金并没有按照经纪公司的政策存入到账户For example, some firms may require margin to be deposited the 中，经纪公司可以将您的证券期货合同头寸套现，或者business day following the day of a deficiency, or some firms may 出售公司任何账户下的资产，一次来填补保证金不足额部even require deposit on the same day. Some firms may require m分。您仍然有责任承担在这样套现或者销售之后账户上的argin to be on deposit in the account before they will accept an 任何短缺。除非提供保证金短缺，否则按照您签订的客户order for a security futures contract. Additionally, brokerage firms m协议或者依据法律，您将不会有权利选择哪个期货合同，ay have special requirements as to how margin calls are to be m其他证券或其他`资产将被套现或者卖出，从而满足保证金et, such as requiring a wire transfer from a bank, or deposit of The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。66
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露看涨或者以此获得满足保证金看涨的时间延长。A customer buys 3 July EJG security futures at . Assuming each contract represents 100 shares, the nominal value of the position is $21,450 ( x 3 contracts x 100 shares). If the initial margin Brokerage firms generally reserve the right to liquidate a customer's rate is 20% of the nominal value, then the customer's initial margin security futures contract positions or sell customer assets to meet a mrequirement would be $4,290. The customer deposits the initial argin call at any time without contacting the customer. Brokerage firmmargin, bringing the equity in the account to $4,290. s may also enter into equivalent but opposite positions for your 一位客户以 的价格购买了三份 EJG 证券。假定每一account in order to manage the risk created by a margin call. Some 份合同代表 100 股证券，头寸的名义价值为 21,450 美元customers mistakenly believe that a firm is required to contact （ x 3 份合同 x 100 股）。如果初始保证金率为名义价them for a margin call to be valid, and that the firm is not allowed 值的 20%，那么客户的初始保证金需求将为 4,290 美元。客to liquidate securities or other assets in their accounts to meet a m户存入初始保证金，并将证券引入账户，金额为 4,290 美argin call unless the firm has contacted them first. This is not 元。the case. While most firms notify their customers of margin calls and allow some time for deposit of additional margin, they are not First, assume that the next day the settlement price of EJG security required to do so. Even if a firm has notified a customer of a margin futures falls to . The marked-to-market loss in the customer's call and set a specific due date for a margin deposit, the firm can equity is $675 ( - x 3 contacts x 100 shares). The still take action as necessary to protect its financial interests, customer's equity decreases to $3,615 ($4,290 - $675). The new including the immediate liquidation of positions without advance nominal value of the contract is $20,775 ( x 3 contracts x notification to the customer. 经纪公司会保留将客户的证券期货合同头寸套现或者不需100 shares). If the maintenance margin rate is 20% of the nominal 要联系客户就可以随时出售客户的资产以满足保证金看涨value, then the customer's maintenance margin requirement would 的要求的权利。经纪公司也可能购买与您的账户相当而又be $4,155. Because the customer's equity had decreased to $3,615 相对的头寸，以便管理由保证金看涨导致的风险。有些客(see above), the customer would be required to have an additional 户错误地相信经纪公司需要联系他们，这样保证金看涨才$540 in margin ($4,155 - $3,615).能生效，因此经纪公司不被允许将他们账户中的证券或者首先，假定第二天 EJG 证券期货的结算价格下跌至 美其他资产套现，以便满足保证金看涨的要求，除非在这之元。客户股票的挂牌交易损失为 675 美元（ – 前，经纪公司已经联系过他们，并征得他们的同意。这不x 3 份合同 x 100 股）。客户股票价值贬值至 3,615 美元是真实的情况。虽然大多数公司将会通知他们的客户有关（$4,290 – $675）。如果最低保证金率是名义价值的 20%，保证金看涨，并给与客户一段时间，让他们存入附加保证那么客户的最低保证金需求将是 4,155 美元。因为客户的金，但是经纪公司并没有要求必须这样做。即使经纪公司股票已经贬值至 3615 美元（参看上面），要求客户交纳附通知客户有关保证金看涨，为客户存入附加的保证金设定加的 540 美元的保证金（$4,155 – $3,615）一个限定时间，经纪公司仍然可以采取必要的措施，以此来保护其经济利益，其中包括在不事先书面通知客户的条Alternatively, assume that the next day the settlement price of EJG 件下立即将头寸套现。security futures rises to . The mark-to-market gain in the customer's equity is $1,050 ( - x 3 contacts x 100 shares). The customer's equity increases to $5,340 ($4,290 + $1,050). The new Here is an example of the margin requirements for a long security nominal value of the contract is $22,500 ( x 3 contracts x 100 futures position.以下是一个长期证券期货头寸保证金需求的事例。shares). If the maintenance margin rate is 20% of the nominal value, then the customer's maintenance margin requirement would be $4,500. The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。67
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露Because the customer's equity had increased to $5,340 (see above), 买相同数量证券所需的一部分投资。总而言之，购买（或the customer's excess equity would be $840.出售）一份证券期货合同提供与拥有（或者卖出）认股权相应地，假定 EJG 证券期货第二天的结算价格提高至 75 美证相关的股份相同数量的美元和美分计量的盈利和损失后元。客户挂牌上市交易的盈利是 1,050 美元（ – 果。然而，作为保证金存款的一个百分比，一份证券期货x 3 份合同 x 100 股）。客户的股票价值增加到 5,340 美元合同将立即遭遇的潜在盈利或者损失比认股权证相关的股（$4,290 + $1,050）。合同新的名义价值为 22,500 美元（ 份高得多。x 3 份合同 x 100 股）。如果最低保证金率为名义价值的 20%，那么客户的最低保证金需求将为 4,500 美元。因为客For example, if a security futures contract is established at a price 户的证券价值已经增加至 5,340 美元（参看上面）。客户of $50, the contract has a nominal value of $5,000 (assuming the 的证券剩余价值为 840 美元。contract is for 100 shares of stock). The margin requirement may be as low as 20%. In the example just used, assume the contract The process is exactly the same for a short position, except that price rises from $50 to $52 (a $200 increase in the nominal value). margin calls are generated as the settlement price rises rather than This represents a $200 profit to the buyer of the security futures as it falls. This is because the customer's equity decreases as the contract, and a 20% return on the $1,000 deposited as margin. settlement price rises and increases as the settlement price falls. The reverse would be true if the contract price decreased from $50 短期头寸的运算过程与上面所述完全一样，除了保证金看to $48. This represents a $200 loss to the buyer, or 20% of the 涨是当结算价格上涨而非结算价格下跌时产生的之外。这$1,000 deposited as margin. Thus, leverage can either benefit or 是因为当结算价格上涨时客户的证券贬值，而当结算价格harm an investor.下跌时，客户的证券升值。举例来说，如果证券期货合同是在价格为 50 美元的条件下订立的，合同的名义价值为 5,000 美元（假定一份合同Because the margin deposit required to open a security futures 代表 100 股）。保证金需求尽可能地低，低至名义价值的 position is a fraction of the nominal value of the contracts being 20%。在刚刚用到的例子中，假定合同价格从 50 美元上涨purchased or sold, security futures contracts are said to be highly 至 52 美元（名义价值上涨 200 美元）。这意味着为证券期leveraged. The smaller the margin requirement in relation to the 货合同的购买者带来了 200 美元的盈利，而且 1,000 美元中underlying value of the security futures contract, the greater 返回 20% 作为保证金存入账户。反之亦然，如果合同价格the leverage. Leverage allows exposure to a given quantity of an 从 50 美元下跌至 48 美元。这就意味着证券期货合同的购underlying asset for a fraction of the investment needed to purchase 买者遭受 200 美元的损失，或者 1,000 美元的 20% 作为保证that quantity outright. In sum, buying (or selling) a security futures 金存入账户。因此，杆杠作用可能为投资者带来利润，也contract provides the same dollar and cents profit and loss outcomes 可能损害投资者利益。as owning (or shorting) the underlying security. However, as a percentage of the margin deposit, the potential immediate exposure Note that a 4% decrease in the value of the contract resulted in a to profit or loss is much higher with a security futures contract than loss of 20% of the margin deposited. A 20% decrease would wipe out with the underlying security. 100% of the margin deposited on the security futures contract.因为开设一个证券期货头寸账户所需的保证金存款是正在值得注意的是，证券期货合同价值 4% 的贬值导致了保证被购买或者出售的合同的名义价值的一部分，据称证券金存款遭受 20% 的损失。20% 的合同价值贬值将会损失掉 期货合同起着高效的杆杠作用。保证金需求占证券期货合100% 的存入证券期货合同账户的保证金。同潜在价值的比重越小，证券期货合同所起的杆杠作用越大。杆杠作用允许通过借贷给定数量的潜在资产，用于购The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。68
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露circumstances, the final settlement price for a cash-settled contract ___________________________________________________will reflect the opening price for the underlying security. Once this SETTLEMENTpayment is made, neither the buyer nor the seller of the security 结算futures contract has any further obligations on the contract.___________________________________________________在现金结算情况下，证券期货契约期满时并无实际证券交易。您必须做出或接受基于最终结算价格和前一日结算If you do not liquidate your position prior to the end of trading on the 价格差额的现金偿付以表明证券期货公开状态。正常情况last day before the expiration of the security futures contract, you 下，现金结算合同的最终结算价格将反映潜在证券的公开are obligated to either 1) make or accept a cash payment ("cash 价格。一旦做出这种偿付证券期货买卖双方对于合同都将settlement") or 2) deliver or accept delivery of the underlying securities 终止更多义务。in exchange for final payment of the final settlement price ("physical delivery"). The terms of the contract dictate whether it is settled through . SETTLEMENT BY PHYSICAL DELIVERY 实物交割结算cash settlement or by physical delivery. Settlement by physical delivery is carried out by clearing brokers or 若您在证券期货契约期满最后一日交易结束前未进行清their agents with National Securities Clearing Corporation ("NSCC"), 算，则您有义务 1) 做出或接受现金偿付（现金结算）2) 交an SEC-regulated securities clearing agency. Such settlements are 付或接受优先证券以进行最终结算价格的最终支付（物质made in much the same way as they are for purchases and sales of the 支付）合同条款指示通过现金结算方式或物质支付方式。underlying security. Promptly after the last day of trading, the regulated exchange's clearing organization will report a purchase and sale of the The expiration of a security futures contract is established by the underlying stock at the previous day's settlement price (also referred to exchange on which the contract is listed. On the expiration day, security as the "invoice price") to NSCC. If NSCC does not reject the transaction futures contracts cease to exist. Typically, the last trading day of a by a time specified in its rules, settlement is effected pursuant to the security futures contract will be the third Friday of the expiring contract rules of NSCC within the normal clearance and settlement cycle for month, and the expiration day will be the following Saturday. This follows securities transactions, which currently is three business expiration conventions for stock options and broad-based stock 实物交割结算是由清算经纪人或国家证券清算公司indexes. Please keep in mind that the expiration day is set by the listing （NSCC）和 SEC 管理证券清算代理等清算代理机构执行exchange and may deviate from these norms.的。这种结算操作和主要证券买卖基本相似。最后交易日证券期货契约终止期建立在合同列出的交易中。在合同终止后不久，管理交易清算组织将按前一日结算价格的主要期，证券期货契约停止效力。一般，证券期货契约最后交易股票的买卖情况（也认为是发票价格）汇报给 NSCC。如果日期即为合同期满月的第三个星期五，合同期满日即为下个NSCC 在一定时期内按照其规则不反对交易，则按 NSCC 一般星期六。这一般遵循股票买卖和主要股票指数的终止协定。证券交易清除和结算周期规定使结算生效。一般证券交易请注意合同期满日由清单交易规定且可能偏离这些规定。清除和结算周期目前为三个交易日。. CASH SETTLEMENT 现金结算If you hold a short position in a physically settled security futures In the case of cash settlement, no actual securities are delivered contract to expiration, you will be required to make delivery of the at the expiration of the security futures contract. Instead, you must underlying securities. If you already own the securities, you may settle any open positions in security futures by making or receiving a tender them to your brokerage firm. If you do not own the securities, cash payment based on the difference between the final settlement you will be obligated to purchase them. Some brokerage firms may price and the previous day's settlement price. Under normal not be able to purchase the securities for you. If your brokerage firm The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。69
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露cannot purchase the underlying securities on your behalf to fulfill futures contract. As with all financial products, you are solely a settlement obligation, you will have to purchase the securities responsible for any market losses in your a different firm.您应注意适用于您账户的保护并不是旨在降低您由于证券如果您出售实物交割的证券期货契约且即将到期，则您需期货契约价格升降导致的损失。对于金融产品，您独自负要移交主要证券。如您已持有证券，则可以售给经纪公担账目中的市场损失。司。如您未持有证券，则有义务购买。一些经纪公司可能不能够为您购买证券。若您的经纪公司不能代表您购买证Your brokerage firm must tell you whether your security futures 券以履行结算义务，则您必须通过其他公司购买证券。positions will be held in a securities account or a futures account. If ___________________________________________________your brokerage firm gives you a choice, it must tell you what you have to do to make the choice and which type of account will be used CUSTOMER ACCOUNT PROTECTIONSif you fail to do so. You should understand that certain regulatory 客户账户保护protections for your account will depend on whether it is a securities ___________________________________________________account or a futures account.您的经纪公司必须告诉您在证券账户或期货账户中您的证Positions in security futures contracts may be held either in a 券期货性质。若您的经纪公司让您选择，在您不知如何securities account or in a futures account. Your brokerage firm may 去做的情况下必须告诉您怎样去选择并且将使用哪一种账or may not permit you to choose the types of account in which your 户。您应该清楚您的某些账目保护取决于是证券账户还是positions in security futures contracts will be held. The protections 期货账户。for funds deposited or earned by customers in connection with trading in security futures contracts differ depending on whether the . PROTECTIONS FOR SECURITIES ACCOUNTS 证券账户保护positions are carried in a securities account or a futures account. If your positions in security futures contracts are carried in a If your positions are carried in a securities account, you will not securities account, they are covered by SEC rules governing the receive the protections available for futures accounts. Similarly, if safeguarding of customer funds and securities. These rules prohibit your positions are carried in a futures account, you will not receive a broker/dealer from using customer funds and securities to finance the protections available for securities accounts. You should ask your its business. As a result, the broker/dealer is required to set aside broker which of these protections will apply to your equal to the net of all its excess payables to customers over 证券期货头寸可以存放在证券账户或期货账户。您的经纪receivables from customers. The rules also require a broker/dealer 公司可能允许您或不允许您选择可以在证券期货契约中表to segregate all customer fully paid and excess margin securities 明性质的账户。与证券期货契约相关的资金存款及客户赢carried by the broker/dealer for customers. 利所得的保护有差别。这取决于在证券或期货账户是否表若您的证券期货合同在证券账户性质已确定情况下，由维述您的性质。若您已在证券账户中表述您的性质，则将不护客户资金及证券安全的 SEC 规则监管。此规则禁止经纪会在期货账户中得到保护。同样，若您已在期货账户中表人和经销者利用客户资金和证券用于私人目的。因此，要述您的性质，则将不会在证券账户中得到保护。您应当询求经纪人和经销者必须准备超过从客户处接受资金量的金问您的经纪人什么样的保护适用于您的基金。额以作为可付给客户的资金储备。此规则还要求经纪人和经销者隔离为客户操作的完全付款和额外多余证券。You should be aware that the regulatory protections applicable to your account are not intended to insure you against losses you may The Securities Investor Protection Corporation (SIPC) also covers positions incur as a result of a decline or increase in the price of a security held in securities accounts. SIPC was created in 1970 as a non-profit, The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。70
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露non-government, membership corporation, funded by member broker/customer funds placed with a broker/dealer just to earn interest. dealers. Its primary role is to return funds and securities to customers Insiders of the broker/dealer, such as its owners, officers, and if the broker/dealer holding these assets becomes insolvent. SIPC partners, are not customers for purposes of SIPC coverage. coverage applies to customers of current (and in some cases former) SIPC SIPC 这种业务覆盖的目的就是：客户就是作为 SIPC 会员为members. Most broker/dealers registered with the SEC are SIPC members; 了进行证券交易把证券或现金存放起来的人或客户就是为those few that are not must disclose this fact to their customers. SIPC 了进行证券交易而把证券或现金存放起来的人。SIPC 并不members must display an official sign showing their membership. To 是保护客户资金放置于一处利用经纪人和经销者以仅仅赢check whether a firm is a SIPC member, go to , call the SIPC 得利润。经纪人和经销者内部人士如拥有者，官员及股东Membership Department at (202) 371-8300, or write to SIPC Membership 等并不是 SIPC 这种业务覆盖的客户。Department, Securities Investor Protection Corporation, 805 Fifteenth Street, NW, Suite 800, Washington, DC 20005-2215. . PROTECTIONS FOR FUTURES ACCOUNTS 期货账户保护证券投资者保护公司（SIPC）也覆盖证券账户性质。SIPC 创If your security futures positions are carried in a futures account, 立于 1970 年，是一个非赢利性，非政府的由会员经纪人和they must be segregated from the brokerage firm's own funds and 经销者出资的会员制企业。他起初功能是当拥有资产的经cannot be borrowed or otherwise used for the firm's own purposes. 纪人和经销者破产时，将基金和证券归还给客户。SIPC 业If the funds are deposited with another entity (., a bank, clearing 务包括申请当前 SIPC 会员消费者。大多数用 SEC 注册的经broker, or clearing organization), that entity must acknowledge 纪人和经销者为 SIPC 会员。少数不是 SIPC 会员的必须将这that the funds belong to customers and cannot be used to satisfy 一事实向客户说明。SIPC 会员必须展示官方标志以显示他the firm's debts. Moreover, although a brokerage firm may carry 们的会员身份。检验公司是否为 SIPC 会员，可于 funds belonging to different customers in the same bank or clearing 网站查询，另外还可以拨打 (202) 371-8300 SIPC 会员部门电话account, it may not use the funds of one customer to margin or 进行查询或写信到美国华盛顿特区 800 区西北 15 大街 805 guarantee the transactions of another customer. As a result, the 证券投资者保护公司 SIPC 会员部门收 firm must add its own funds to its customers' segregated funds to cover customer debits and deficits. Brokerage firms must SIPC coverage is limited to $500,000 per customer, including up to calculate their segregation requirements daily. $100,000 for cash. For example, if a customer has 1,000 shares of 若您的证券期货成交量以期货账户形式确立，则必须与经XYZ stock valued at $200,000 and $10,000 cash in the account, both 纪公司自己的基金隔离并且不得外借或用于经纪公司自己the security and the cash balance would be protected. However, if the 的目的。如果资金以其他实体的形式存入，（如银行,清算customer has shares of stock valued at $500,000 and $100,000 in 经纪人和清算组织等）这些实体必须承认资金属于客户并cash, only a total of $500,000 of those assets will be protected.且不得用于负担公司债务。并且，尽管经纪公司可持有属SIPC 业务覆盖规定每位客户 500,000 美金，包括高达 100,000 于不同客户在同一银行或过渡账户的资金，但不可以使用现金。例如，若一客户账户中有 1,000 股 XYZ 公司股票价值 一位客户的资金交易或作为另一位客户资金的保证金。因200,000 美金和 10,000 现金，证券和现金余额都将得到保护。此，经纪公司必须往客户隔离资金中注入自己的资金以满但是，若一客户账户中有股票价值 500,000 美金和 100,000 现足客户的借款与赤字。经纪公司必须每日计算他们的隔离金，只有资产总数为 500,000 美金内时才能得到保护。资金需求。For purposes of SIPC coverage, customers are persons who have You may not be able to recover the full amount of any funds in your securities or cash on deposit with a SIPC member for the purpose account if the brokerage firm becomes insolvent and has insufficient of, or as a result of, securities transactions. SIPC does not protect funds to cover its obligations to all of its customers. However, The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。71
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露customers with funds in segregation receive priority in bankruptcy 行为的一部分。无论以证券期货契约或其他证券为依据进proceedings. Furthermore, all customers whose funds are required to 行日常交易，还是参与到日常交易战略的投资者交易者都be segregated have the same priority in bankruptcy, and there is no 面临一系列的风险。ceiling on the amount of funds that must be segregated for or can be recovered by a particular customer. Day trading in security futures contracts requires in-depth 当经纪公司破产时，他们没有足够资金向每一位客户履行knowledge of the securities and futures markets and of trading 义务，因此您可能不能从账户中取得任何基金的全额款techniques and strategies. In attempting to profit through day 项。但是有资金在隔离款项中的客户享有破产清算程序中trading, you will compete with professional traders who are 的优先权。因此，所有拥有隔离资金的客户在破产清算程knowledgeable and sophisticated in these markets. You should 序中同样具有优先权。且对于必须隔离的资金额度或由客have appropriate experience before engaging in day trading.户提取款项没有最高额度限制。证券期货契约的当日交易需要对证券期货市场，交易技巧和战略等具有丰富的知识。为了在当日交易中获利，您必Your brokerage firm is also required to separately maintain funds 须同具有市场中具有丰富知识及经验的专业交易者竞争。invested in security futures contracts traded on a foreign exchange. 在参与到当日交易前，您必须先积累足够的经验。However, these funds may not receive the same protections once they are transferred to a foreign entity (., a foreign broker, Day trading in security futures contracts can result in substantial exchange or clearing organization) to satisfy margin requirements commission charges, even if the per trade cost is low. The more for those products. You should ask your broker about the bankruptcy trades you make, the higher your total commissions will be. The total protections available in the country where the foreign exchange (or commissions you pay will add to your losses and reduce your profits. other entity holding the funds) is instance, assuming that a round-turn trade costs $16 and you 您的经纪公司同时要求分别保持资金投资于基于证券期货execute an average of 29 round-turn transactions per day each 契约外汇交易领域。但是，一旦他们转移资金到外国实trading day, you would need to generate an annual profit of $111,360 体（例如外资银行，兑换和清算组织）以满足这类产品的just to cover your commission expenses.交易需求，则可能得不到同样的保护。您应向您的经纪人证券期货契约的当日交易可能导致大量的代理收费，即使要求您所在国家有外汇交易业务处（或其他拥有基金的实每次的交易成本很底。您交易次数越多，总代理费用就体）的破产保护。越高。您付出的总代理费用将计入您的损失并降低您的获利。例如，设想每轮交易成本 16 美圆，每个交易日您平均___________________________________________________进行 29 个来回交易，则您每年必须赚得 111,360 美元以用于抵消您的代理费用成本。SPECIAL RISKS FOR DAY TRADERS当日交易者的特殊风险 Day trading can be extremely risky. Day trading generally is not ___________________________________________________appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose Certain traders who pursue a day trading strategy may seek to use security all of the funds that you use for day trading. In particular, you should not futures contracts as part of their trading activity. Whether day trading in fund day trading activities with funds that you cannot afford to futures contracts or other securities, investors engaging in a day 当日交易可能极其具有风险性。一般来说，当日交易对于trading strategy face a number of risks.只拥有有限资源与投资，有限交易经验和低抗风险能力的一些实行当日交易的交易者可能把证券期货契约作为交易投资者来说是不合适的。您应有损失所有当日交易资金的The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。72
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露准备。特别地，您不能将不能用于当日交易的资金投入当position in a security future, or for an adjustment in the number of 日交易活动中去。shares or units of the instrument underlying each contract, or both.法人股票发行者有时会宣布分股。由于分股，拥有市场发___________________________________________________行普通股票的所有者可能拥有更多股票数量，如果是反向OTHER 其它分股情况下则拥有更少股票。对于拥有证券期货契约的个___________________________________________________人来说，对于分股的处理方法可能不同。取决于证券期货契约的条款和清算组织的规定。例如，合同的条款可能规. CORPORATE EVENTS 公司事件定由双方订立在证券期货长或短期状态下一系列契约的调As noted in Section , an equity security represents a fractional 整，或规定股票数量的调整或基于每一或两个合同的工具ownership interest in the issuer of that security. By contrast, the 单位。purchaser of a security futures contract has only a contract for future delivery of the underlying security. Treatment of dividends and other Corporate issuers also occasionally issue special dividends. A corporate events affecting the underlying security may be reflected special dividend is an announced cash dividend payment outside in the security futures contract depending on the applicable clearing the normal and customary practice of a corporation. The terms of a organization rules. Consequently, individuals should consider how security futures contract may be adjusted for special dividends. The dividends and other developments affecting security futures in which adjustments, if any, will be based upon the rules of the exchange and they transact will be handled by the relevant exchange and clearing clearing organization. In general, there will be no adjustments for organization. The specific adjustments to the terms of a security ordinary dividends as they are recognized as a normal and customary futures contract are governed by the rules of the applicable clearing practice of an issuer and are already accounted for in the pricing of organization. Below is a discussion of some of the more common security futures. However, adjustments for ordinary dividends may be types of adjustments that you may need to for a class of security futures contracts based on the rules of 如 部分提到的，证券代表对于证券发行者所有证券的the exchange and the clearing organization.部分利益拥有。相反，证券期货契约的购买仅仅是对未来法人股票发行者有时会派发额外红利。额外红利是在正常潜在证券未来交付的合同。红利的处理和影响潜在证券的公司惯例之外公布的现金股息分配。证券期货契约的条款其他法人事件可能通过基于适用清算组织规则的证券期货可能额外红利而调整。如若有此种调整，将遵守且基于交契约反映出来。因此，个人投资者应考虑红利和其他发展易和清算组织规定。一般说来，普通红利没有调整，因为如何影响证券期货以确定如何由相关交易和清算组织进行普通红利是公认的发行者常规和惯例做法并且在证券期货操作。具体证券期货契约条件调整由适用清算组织规则指定价中已经计算在内。导，以下是关于您需要考虑的最常见几种调整的讨论。Corporate issuers occasionally may be involved in mergers and Corporate issuers occasionally announce stock splits. As a result of acquisitions. Such events may cause the underlying security of a these splits, owners of the issuer's common stock may own more security futures contact to change over the contract duration. The shares of the stock, or fewer shares in the case of a reverse stock terms of security futures contracts may also be adjusted to reflect split. The treatment of stock splits for persons owning a security other corporate events affecting the underlying contract may vary according to the terms of the security 法人股票发行者可能有时会涉及到兼并与收购。这些事件可能futures contract and the rules of the clearing organization. For 会引起证券期货契约在契约期间潜在证券的改变。证券期货契example, the terms of the contract may provide for an adjustment 约条款也可能被修改以反映其他影响潜在证券的公司事件。in the number of contracts held by each party with a long or short The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。73
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露. POSITION LIMITS AND LARGE TRADER REPORTING 了。成交量限制同时应用到在最后五个交易日即将期满的成交量限制和大交易商报告证券期货契约中。管理化的交易必须设立证券期货成交量All security futures contracts trading on regulated exchanges in the 限制为不大于 13,500（100 股）契约，除非潜在证券达到一United States are subject to position limits or position accountability 定量并且股票业绩超出开始表现。在这种情况下成交量限limits. Position limits restrict the number of security futures 制可以增加到 22,500（100 股）契约。contracts that any one person or group of related persons may hold or control in a particular security futures contract. In contrast, For security futures contracts overlying a security or securities position accountability limits permit the accumulation of positions with an average trading volume of more than 20 million shares, in excess of the limit without a prior exemption. In general, position regulated exchanges may adopt position accountability rules. Under limits and position accountability limits are beyond the thresholds of position accountability rules, a trader holding a position in a security most retail investors. Whether a security futures contract is subject futures contract that exceeds 22,500 contracts (or such lower limit to position limits, and the level for such limits, depends upon the established by an exchange) must agree to provide information trading activity and market capitalization of the underlying security of regarding the position and consent to halt increasing that position if the security futures by the exchange.所有美国基于管制交易的证券期货契约交易服从于成交量基于证券或日平均成交额超过两千万股的证券的证券期货限制或成交量责任限制。成交量限制限定了证券期货契约契约，管理化交易可能适用于成交量责任规定。在成交量的数量。任何个人和团体都可以持有或控制某一证券期货责任规定中，如果交易者在证券期货契约条件下，交易者契约。相反，成交量责任限制允许成交量的积累超过限制持有成交量超过 22,500 契约（或由交易制定的这种更低的不具有先前的豁免权。一般说来，成交量限制和成交量责限制）则必须同意提供关于成交量的信息并且如若交易要任限制超越大多数零售投资者的极限。证券期货契约是否求的话同意不增加成交量。服从于成交量限制以及这种限制的标准取决于交易行为和证券期货契约潜在证券的市场资本总额。Brokerage firms must also report large open positions held by one person (or by several persons acting together) to the CFTC as well as Position limits apply are required for security futures contracts that to the exchange on which the positions are held. The CFTC's reporting overlie a security that has an average daily trading volume of 20 million requirements are 1,000 contracts for security futures positions shares or fewer. In the case of a security futures contract overlying a on individual equity securities and 200 contracts for positions on security index, position limits are required if any one of the securities a narrow-based index. However, individual exchanges may require in the index has an average daily trading volume of 20 million shares the reporting of large open positions at levels less than the levels or fewer. Position limits also apply only to an expiring security futures required by the CFTC. In addition, brokerage firms must submit contract during its last five trading days. A regulated exchange must identifying information on the account holding the reportable position establish position limits on security futures that are no greater than (on a form referred to as either an "Identification of Special Accounts 13,500 (100 share) contracts, unless the underlying security meets Form" or a "Form 102") to the CFTC and to the exchange on which certain volume and shares outstanding thresholds, in which case the the reportable position exists within three business days of when a limit may be increased to 22,500 (100 share) position is first established. 成交量限制应用对于证券期货契约是需要的，形成日平均经纪公司同时必须报告个人（或几个人共同参与）大笔成成交额为两千万股或少一些的证券交易状态。在证券期货交量到 CFTC 和产生成交量的交易中去。CFTC 报告要求为个契约情况下形成一个证券指数。当任一证券日平均成交额人证券资产为 1,000 笔证券期货成交量和 200 笔较小指数成为两千万股或少一些指数情况下，成交量限制就是必须的交量。但是，个人交易需要的大型开放成交量水平可能小The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。74
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露于 CFTC 要求的水平。此外，经纪公司必须提交报告成交量___________________________________________________帐目（在相关特殊账户鉴定表格中或表格 102 中）的确认GLOSSARY OF TERMS 条款和术语信息给 CFTC，并且提交报告成交量给交易所以报告当报告___________________________________________________成交量初次成立时三个工作日内的成交量。 This glossary is intended to assist customers in understanding . TRANSACTIONS ON FOREIGN EXCHANGES 外汇交易specialized terms used in the futures and securities industries. It . customers may not trade security futures on foreign exchanges until is not inclusive and is not intended to state or suggest the legal authorized by . regulatory authorities. . regulatory authorities do significance or meaning of any word or regulate the activities of foreign exchanges and may not, on their own, 此术语表旨在帮助客户理解出现在期货和证券业的专业术compel enforcement of the rules of a foreign exchange or the laws of a 语。此术语表并不完整而且并不是对任何词语和条款法律foreign country. While . law governs transactions in security futures 含义和意义进行陈述与解释。contracts that are effected in the ., regardless of the exchange on which the contracts are listed, the laws and rules governing transactions Arbitrage - taking an economically opposite position in a security on foreign exchanges vary depending on the country in which the exchange futures contract on another exchange, in an options contract, or in is located. the underlying security.若没有美国管理权威部门的授权，美国消费者可能就不会套利交易–在证券期货契约另一交易中，期权合约和基础进行外汇的证券期货交易。美国管理权威部门不参与管理证券市场中采取经济上相反的做法。外汇交易行为也可能不独自强制执行外汇规定或外国法律条款。当美国法律指引在美国生效的证券期货契约交易行Broad-based security index - a security index that does not fall 为而不论该契约是在哪个交易所列出的情况下，管理外汇within the statutory definition of a narrow-based security index (see 交易的法律法规就会根据交易存的在交易所所在国家的不Narrow-based security index). A future on a broad-based security 同而有所不同。index is not a security future. This risk disclosure statement applies solely to security futures and generally does not pertain to futures . TAX CONSEQUENCES 税务关系on a broad-based security index. Futures on a broad-based security For most taxpayers, security futures contracts are not treated like index are under exclusive jurisdiction of the futures contracts. Instead, the tax consequences of a security 大盘证券指数–证券指数不仅仅局限于小盘证券指数的法定futures transaction depend on the status of the taxpayer and the 含义（见小盘证券指数）。大盘证券指数期货不是证券期type of position (., long or short, covered or uncovered). Because 货。这种风险提示陈述仅仅适用于证券期货，一般不属于大of the importance of tax considerations to transactions in security 盘证券指数期货范畴。大盘证券指数期货仅属于 CFTC 权限。futures, readers should consult their tax advisors as to the tax consequences of these settlement - a method of settling certain futures contracts 对绝大多数纳税人来说，证券期货契约不同于其他的期货by having the buyer (or long) pay the seller (or short) the cash value 契约。相反，证券期货交易的税务关系取决于纳税人的状of the contract according to a procedure set by the exchange.况的成交量的类型（例如，长或短；封顶和未封顶）。因现金结算–根据交易所程序，由购买者（或多头）支付给为证券期货交易税务考虑的重要性，读者应当就这些交易买出者（或空头）契约现金价值来处理某种期货契约的方的税务关系向他们的税务顾问咨询。法。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。75
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露Clearing broker - a member of the clearing organization for the 网站 完成。contract being traded. All trades, and the daily profits or losses from those trades, must go through a clearing contract - a futures contract is (1) an agreement to 清算经纪人–交易合同清算组织成员。所有交易，以及交purchase or sell a commodity for delivery in the future; (2) at a 易的当日损益，必须通过清算经纪人受理。price determined at initiation of the contract; (3) that obligates each party to the contract to fulfill it at the specified price; (4) that Clearing organization - a regulated entity that is responsible is used to assume or shift risk; and (5) that may be satisfied by for settling trades, collecting losses and distributing profits, and delivery or deliveries.期货契约–期货契约指 (1) 将来买卖商品以支付的协清算组织–负责处理交易，集中损失，分配利润和处理支定；(2) 以合同开始设立的价格为准；(3) 每一方都有义付的管理实体。务按照合同指定的价格履行义务；(4) 用以承担或转移风险；(5) 可能由于支付抵消而满足条件。Contract - 1) the unit of trading for a particular futures contract (., one contract may be 100 shares of the underlying security), 2) Hedging - the purchase or sale of a security future to reduce or the type of future being traded (., futures on ABC stock).offset the risk of a position in the underlying security or group of 契约–1) 某一具体期货契约的交易单位（例如，一个契securities (or a close economic equivalent).约可能是 100 股潜在股票)，2) 正在交易的期货类型（例对冲–证券期货买卖以降低或抵消潜在证券或证券组（或如，ABC 股票的期货）相似的经济实体）的成交量风险。Contract month - the last month in which delivery is made against Illiquid market - a market (or contract) with few buyers and/or the futures contract or the contract is cash-settled. Sometimes sellers. Illiquid markets have little trading activity and those trades referred to as the delivery do occur may be done at large price increments. 契约月份–期货契约交货或契约进行现金结算的最后一非流通市场–几乎无购买者和卖出者的市场（或契约）。月。有时就是指交货月。非现金市场几乎无交易行为并且交易可能在价格大幅上涨的情况下完成。Day trading strategy - an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both Liquidation - entering into an offsetting transaction. Selling a contract purchase and sale transactions in the same security or was previously purchased liquidates a futures position in exactly the 日交易策略 – 日交易策略是一个综合交易策略，其特点same way that selling 100 shares of a particular stock liquidates an earlier 为当日有效订单的客户进行定期交易，对相同证券进行purchase of the same stock. Similarly, a futures contract that was initially 买，卖交割。sold can be liquidated by an offsetting purchase.清算–抵消交易。售出先前购买的契约以清算期货成交量，EDGAR - the SEC's Electronic Data Gathering, Analysis, and 正如售出某一股票 100 股以清算先前购买的同支股票。同Retrieval system maintains electronic copies of corporate information 样，一开始售出的期货契约可以通过抵消购买进行清算。filed with the agency. EDGAR submissions may be accessed through the SEC's Web site, market - a market (or contract) with numerous buyers and EDGAR–SEC 电子数据收集，分析和恢复系统。他保留了代sellers trading at small price increments. 理处归档的企业信息电子副件。EDGAR 提交可通过访问 SEC 流通性市场–拥有大量在价格涨幅小时进行交易的卖方，The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。76
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露买方的市场（或契约）。Nominal value - the face value of the futures contract, obtained by multiplying the contract price by the number of shares or units per contract. If XYZ stock index futures are trading at $ and Long - 1) the buying side of an open futures contact, 2) a person the contract is for 100 shares of XYZ stock, the nominal value of the who has bought futures contracts that are still open. 多头–1) 开放期货契约的买方；2) 购买了依然开放型的期futures contract would be $. 货契约的个人。票面价值–期货契约的表面价值，由股票数量或每一契约单位乘以契约单位得到。若 XYZ 股票指数期货以 美元M交易并且契约包括 100 股 XYZ 股票，则期货契约票面价值argin - the amount of money that must be deposited by both buyers 将是 5,025 美元。and sellers to ensure performance of the person's obligations under a futures contract. Margin on security futures contracts is a performance Offsetting - liquidating open positions by either selling fungible bond rather than a down payment for the underlying securities.保证金–由买卖双方存入钱的数目以保证期货契约下个人contracts in the same contract month as an open long position or 义务的履行。证券期货契约的富余款是对潜在证券的义务buying fungible contracts in the same contract month as an open 履行合同而不是预付定金。short position.抵消–在同一合约期内作为敞口多头头寸卖出可代替契约M或者同一合约期内作为敞口空头头寸买入可代替契约进行ark-to-market - to debit or credit accounts daily to reflect that 敞口头寸清算。day's profits and losses.以市场价格计算–日常借贷帐目一反映日常损益Open interest - the total number of open long (or short) contracts Nin a particular contract - based security index - in general, and subject to certain 持仓量–在某一契约月份未平仓多头（或空头）契约的总数。exclusions, an index that has any one of the following four characteristics: (1) it has nine or fewer component securities; (2) any one of its component Open position - a futures contract position that has neither been securities comprises more than 30% of its weighting; (3) the five highest offset nor closed by cash settlement or physical component securities together comprise more than 60% of its 敞口头寸–既未抵消又未通过现金结算或物质支付关闭的weighting; or (4) the lowest weighted component securities comprising, in 期货契约头寸。the aggregate, 25% of the index's weighting have an aggregate dollar value of average daily trading volume of less than $50 million (or in the case of Performance bond - another way to describe margin payments an index with 15 or more component securities, $30 million). A security for futures contracts, which are good faith deposits to ensure index that is not narrow-based is a "broad based security index." (See performance of a person's obligations under a futures contract rather Broad-based security index). 窄盘证券指数–一般受一些意外条件影响，指数有以下四than down payments for the underlying securities.个特点：(1) 只有九个或更少组成证券；绩效公债–描述期货契约保证金支付的另一方法，在期货(2) 任一组成证券包含超过契约中用良好信誉的押金以保证个人义务的履行而不是未 30% 的权重。(3) 五个最高权重组成证券结合超过 60% 的权重。或 (4) 最低权重组成证券包含总量来证券的预付金。 25% 指数权重；平均日交易资金价值总量小于 5,000 万美元（或指数由 15 个以上组成证券，为 3,000 万美元）。证券指数非窄Physical delivery - the tender and receipt of the actual security 盘属于大盘证券指数（见大盘证券指数）。underlying the security futures contract in exchange for payment of the final settlement information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。77
RISK DISCLOSURE STATMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露实际交割–期货契约等实际证券的买卖交易的最终结算价格。Speculating - buying and selling futures contracts with the hope of profiting from anticipated price movements.投机–期望从预期的价格波动中获利的期货契约买卖行Position - a person's net long or short open contracts.头寸–个人净多头或短期开放契约。为。Spread - 1) holding a long position in one futures contract and Regulated exchange - a registered national securities exchange, a short position in a related futures contract or contract month in a national securities association registered under Section 15A(a) of order to profit from an anticipated change in the price relationship the Securities Exchange Act of 1934, a designated contract market, a between the two, 2) the price difference between two contracts or registered derivatives transaction execution facility, or an alternative contract system registered as a broker or dealer. 管制交易所–是经过注册的全国性证券交易所，依据价差–1) 持有一种期货契约的多头和相关期货契约或期货 1934 年证券交易法案 15 条A款注册的国家证券协会。也是指定月的空头以从预期两种价格关系改变中获利。2) 两种契约的契约市场和注册派生出来的交易执行机构以及注册为经或契约月的价格区别。纪人或经销商的交易系统。Stop limit order - an order that becomes a limit order when the market trades at a specified price. The order can only be filled at the Security futures contract - a legally binding agreement between stop limit price or parties to purchase or sell in the future a specific quantify of 限价止损订单–当市场以某价格交易时，订单变成了限价shares of a security (such as common stock, an exchange-traded 订单，订单仅仅按照限定止损价格或更好的价格填单。fund, or ADR) or a narrow-based security index, at a specified price.证券期货契约 – 双方在将来买卖具体数量证券（例如普通股，开放式基金或 ADR）股票数或以某价格买卖的小盘Stop loss order - an order that becomes a market order when 证券指数的法律捆绑协议。the market trades at a specified price. The order will be filled at whatever price the market is trading at. Also called a stop order.停止亏损单–当市场以某价格交易时的单子是市价单，单Settlement price - 1) the daily price that the clearing organization 子是按照市场交易价格成交。也叫止损单。uses to mark open positions to market for determining profit and loss and margin calls, 2) the price at which open cash settlement Tick - the smallest price change allowed in a particular are settled on the last trading day and open physical 点–某一契约中允许的最小价格改变。delivery contracts are invoiced for delivery.结算价格–1) 清算组织使用的日常价格来标志市场开放成交量以决定损益和补充保证金通知。2) 开放现金结算契约Trader - a professional speculator who trades for his or her own 的价格在最后交易日产生并且开放物质支付契约开票支account. 付。交易者–为自己私人账户交易的专业投机者。Underlying security - the instrument on which the security Short - 1) the selling side of an open futures contract, 2) a person who has futures contract is based. This instrument can be an individual equity sold futures contracts that are still open.空头–1) 开放期货契约的卖方，2) 已售出依然开放期货契约security (including common stock and certain exchange-traded funds 的个人。and American Depositary Receipts) or a narrow-based index. 基础证券–证券期货契约的基础工具。此工具可以是个体The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。78
RISK DISCLOSURE STATEMENT FOR SECURITY FUTURES CONTRACTS 证券期货风险披露实体证券（包括普通股和一些交易型基金和美国托管收据）或小盘指数。Volume - the number of contracts bought or sold during a specified period of time. This figure includes liquidating transactions.交易量–在某一段时期内契约买卖数量。此数字包括清算交易。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。79
ARBITRATION AGREEMENT 仲裁协议ARBITRATION AGREEMENT 仲裁协议You may voluntarily agree to submit your disputes with PFGBEST except that you may be required to pay such fees if the arbitrators to arbitration. If you sign this agreement, you may have agreed in the proceeding decide that you acted in bad faith in initiating or to submit all future disputes with PFGBEST to arbitration if such conducting the proceeding. disputes involve commodity futures contracts, commodity options 当争议提交到仲裁部门时，您将有权让陪审团听证发生的contracts or currency forex transactions.争议。陪审团成员由一个以上仲裁员组成，且唯一的或大您可能自愿把与美国百利发生的争议提交到仲裁部门。如您部分仲裁员不得和期货市场有任何联系，不是任何期货市签署此协议，则您可能已经同意当与美国百利发生商品期货场的成员且不是任何期货市场的雇员。如果争议由注册期交易合同，商品期权合同或者外汇交易纠纷时，愿意把争议货协会听证，则组成陪审团成员中大部分仲裁员不得与注提交到仲裁部门。册期货协会有任何联系，不是注册期货协会的成员且不是注册期货协会的雇员。如您选择由陪审团听证争议，美国If you sign this agreement and a dispute arises you will have a choice 百利支付仲裁委员会评估以提供陪审团的所有增加费用，of at least “3” qualified arbitration forums. You will be provided with 除非如果听证仲裁员认为您一开始就动机不良或操纵听证a list of such forums when you notify PFGBEST that you intend to 而要求您支付此费用。submit a dispute to arbitration or when PFGBEST notifies you that PFGBEST intends to submit a dispute to arbitration. Please note Three forums exist for the resolution of commodity disputes: civil that in the Customer Agreement, you have agreed that the venue court litigation, reparations at the Commodity Futures Trading for all arbitration proceedings shall be within the City of Chicago, Commission (CFTC), and arbitration conducted by a self-regulatory or State of Illinois. PFGBEST may elect to collect any deficit balance by other private a court proceeding against you regardless of whether you 三个仲裁委员会为商品争议设立：民事法院诉讼，商品期have signed this Arbitration Agreement.货贸易委员会（CFTC）的赔款，以及自律性和其他私人组如您签署此协议并且当争议发生时，您将至少可以选择织的仲裁。三个合格的仲裁委员会。当您通知美国百利您即将提交争议给仲裁委员会或当美国百利通知您即将提交争议给仲裁The CFTC recognizes that the opportunity to settle disputes by 委员会时，您将得到一份仲裁委员会清单。请注意在客户arbitration may in some cases provide many benefits to Customers, 协议中，仲裁受理的地点应该位于美国伊利诺斯州的芝加including the ability to obtain an expeditious and final resolution 哥。不论您是否签署本仲裁协议，美国百利可能会在法院of disputes without incurring substantial costs. The CFTC requires, 审理中，收集您的交易赤字信息。however, that each Customer individually examine the relative merits of arbitration and that your consent to this arbitration agreement be If a dispute is submitted to arbitration, you will have the right to the dispute heard by a mixed panel. A mixed panel is composed 商品期货贸易委员会（CFTC）承认由仲裁机构处理争议可of one or more arbitrators where the single arbitrator or a majority 能在有些情况下给客户带来好处，包括不需耗费大量成本of the arbitrators are not associated with any contract 就可以取得争议快速最终决议的情况。但是，商品期货贸the dispute is heard by a registered futures association, a mixed 易委员会（CFTC）要求每一个客户仔细检查仲裁的相对优panel will be composed of a majority of arbitrators who are not 缺点并且是您自愿认同此仲裁协议。associated with the registered futures association, its members, or the employees of its members. If you choose to have a dispute heard By signing this agreement, you: (1) May be waiving your right to sue by a mixed panel, PFGBEST will pay any incremental fees which may in a court of law; and (2) are agreeing to be bound by arbitration be assessed by the arbitration forum for providing a mixed panel, of any claims or counterclaims you or PFGBEST may submit to The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。81
ARBITRATION AGREEMENT 仲裁协议arbitration under this agreement. You are not, however, waiving your 签署此协议，您：(1) 可能就放弃了法庭起诉的权利。(2) 同right to elect instead to petition the CFTC to institute reparation 意仲裁机构的诉权与反诉权则美国百利在此协议下也可提proceedings under Section 14 of the Commodity Exchange Act with 交争议给仲裁机构。但是您没有放弃选择权以请求商品期respect to any dispute which may be arbitrated pursuant to this 货贸易委员会（CFTC）通过商品交易法案 14 条相关任何争agreement. In the event a dispute arises, you will be notified if 议可遵照此协议公断的条款进行诉讼。在争议发生时，若PFGBEST intends to submit the dispute to arbitration. If you believe 美国百利欲提交争议给仲裁机构时，您将会得到通知。如a violation of the Commodity Exchange Act is involved, and if you 果您认为已经违反了商品交易法案，并且请求在商品期货prefer to request a Section 14 “reparations” proceeding before the 贸易委员会（CFTC）之前按第十四条“赔款”处理。从您CFTC, you will have 45 days from the date of such notice in which to 认为违反了商品交易法案到作出次选择有 45 天时间。make that election. You need not sign this arbitration agreement to open an account with PFGBEST. See 17 . .您不必签署此仲裁协议，同样可以在美国百利开户。见 17 . 部分 。ARBITRATION AGREEMENT ACKNOWLEDGEMENT仲裁协议确认The undersigned hereby agrees to submit all disputes with PFGBEST to Arbitration. (Attach a copy of this page for additional Customer Signatures.)在下面签字同意把与美国百利发生的争议提交给仲裁委员会。（附上此页附件留作备用）Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________Authorized Individual 授权个人 _____________________________________________ Date 日期 _______________________ The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。82
CORPORATE RESOLUTION 公司决议CORPORATE RESOLUTION 公司决议I 本人, _________________________________Secretary of 秘书, _________________________a corporation organized under the laws of the State of 根据国家法律组建的公司 ___________________________, do hereby certify that at a meeting of the Board of Directors of the Corporation, held in accordance with its Charter and by-laws on the date at which a quorum was at all times present and acting, the attached Resolutions were duly adopted, that said Resolutions have not been amended, rescinded or revoked, and are in no way in conflict with any of the provisions of the Charter or by-laws of said Corporation.在此证明公司董事会成员会议，按照宪章和在章程日期时法定人任何时间在职和代理，所附决议案获正式通过，这决议并没有被修改，终止或撤销，并且没有与本宪章任何的条款或所述公司章程有任何的冲突。1) Resolved that Name 决议名称 ___________________________________________Title 职务 __________________________ Name 决议名称 ___________________________________________Title 职务 __________________________each of them or such other person as this Corporation may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Corporation through and with Peregrine Financial Group, Inc. (“PFGBEST”), the authority hereby granted including the power to do any of the following:公司每一个董事会成员或公司其他人等可能有时会使用书面或外在的权力授权进行商品交易。如客户协议所述，同美国百利相关的账户和公司风险的即期和未来支付，权力部门在此认同以下的权利：a. To open an account with PFGBEST for the purpose of PFGBEST’s carrying, clearing, and settling all Commodities transactions undertaken by the Corporation and to enter into the Customer Agreement;在美国百利开立账户以进行美国百利出示商品交易的运输，清算和结算。而且同意客户协议。b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;保证金购买，销售和交易商品（此条款已在客户协议中描述过）以进行即期和未来支付；或者相反，“卖”的权力包括卖“空头”的权力。c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;在上述公司存取现金，商品或契约以买卖商品，有价证券和财产所有。d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;接受额外保证金的要求和请求；买卖意图通知及其他通知以及任何性质的要求。e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and confirmations of every kind;接受，确认和默许通知，确认函，请求和要求函及每一种确认函电。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。83
CORPORATE RESOLUTION 公司决议f. To pay PFGBEST all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by PFGBEST from time to time as margin or equity for the Corporation’s account; and支付美国百利由于交易产生的所有费用与代理费用。有时美国百利会因为保证金或公司资产净值原因要求支付费用总数。g. To settle, compromise, adjust and give releases on behalf of this Corporation with respect to any and all claims, disputes and controversies.代表公司所有相关要求，争议和矛盾的处理，妥协，调整和解决。(2) Further Resolved, that PFGBEST may deal with any and all of the persons directly or indirectly by the foregoing resolution empow-ered, as though they were dealing with the Corporation directly, and that in the event of any change in the office or powers or persons hereby empowered, the Secretary shall certify such change to PFGBEST in writing in the manner herein above provided, which notifica-tion, when received, shall be adequate both to terminate the powers of the persons theretofore authorized, and to empower the persons substituted.深层决议 - 美国百利通过先前的决议授权可能会同所有个人直接或间接联系，正如同公司直接联系。公司，权力部门或在此授权的个人发生任何变化，秘书将在此用以上书面形式向美国百利证明此改变。一旦收到秘书发出的变更通知，终止先前的授权人权力和授权给替代的授权人都是可以的。(3) Further Resolved, that in order to induce PFGBEST to act as Agent on behalf of the Corporation, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce PFGBEST to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Corporation by any officer of the Corporation) are hereby authorized; and the officers of the Corporation are hereby directed to execute such Agreements by and on behalf of the Corporation and to deliver the same to PFGBEST.深层决议，为促使美国百利代表以上公司起代理商作用。使美国百利担当代理商作用的账户申请表，客户协议，泄露风险陈述，期权期货风险陈述和其他相关文件（这些附件已经提交给本会议且将会由公司领导归档到公司档案中）的处理与交付在此得到审定。公司领导将在此代表公司处理此协议并且将同样的文件交付给美国百利。(4) Further Resolved, that the Corporation agrees to indemnify and hold harmless PFGBEST and its associates from any and all loss, damage or liability incurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Corporation and PFGBEST shall not have been fully performed by the Corporation.深层决议，由于以上陈述或任何作出的保证不真实和准确或者以上任何该公司与美国百利的协议未被该公司完全履行导致美国百利及其合伙人发生的任何和所有损失，损害和债务，该公司负责赔偿。(5) Further Resolved, that PFGBEST is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Secretary of this Corporation and under its seal.深层决议，除非收到更正和修改证书，美国百利授权遵照这些决议执行。在此有公司秘书签字并附上印章。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。84
CORPORATE RESOLUTION 公司决议I further certify that each of the following have been duly elected and is now legally holding the office designated beside his or her respective name: 本人再次证明，以下所有人物由相应选举产生并且各自都在法定的工作岗位上。President 主席 ________________________________________Vice President 副主席 __________________________________Treasurer 财务人员 ___________________________________ Secretary 秘书 _______________________________________I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Corporation has the power under its Charter and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions.本人再次证明，前面所述的决议未被改变和废除，现正发挥效力。公司有权力在章程，议事程序和适用的法律内使用前面所述的决议进行计划。In witness whereof, I have hereunto affixed my hand this _______________day of 20 ______本人在此见证本文件于 20____年____月___日Secretary 秘书签字 _______________________________________________________________________________________ (Corporate Seal) (公司盖章)The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。85
LIMITED LIABILITY COMPANY RESOLUTION 有限责任制公司决议LIMITED LIABILITY COMPANY RESOLUTION 有限责任制公司决议The undersigned being the manager (or managing members) of 在以下签字的为 _________________________________________, a limited liability company formed under the laws of the State of 公司经理（或管理人员）。公司是依据 _____________________(“Company”), do hereby certify that the following resolutions were, duly adopted in accordance with the procedures set forth in the4 limited liability agreement of the Company and that said resolutions have not been amended, rescinded or revoked, and are in no way in conflict with any of the provisions of the Company’s limited liability agreement. 州（公司）法律合法成立的有限责任制公司。本公司在此证明以下决议依据有限责任制公司协议阐述程序；上述决议未被修改，废除和撤消且决不与有限责任制公司协议任何条款相矛盾。(1) Resolved that Name 决议名称 _______________________________Title 标题 ______________________________________ Name 名称 _______________________________Title 标题 __________________________________ each of them or such other person as this Company may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Company through and with Peregrine Financial Group, Inc. (“PFGBEST”), the authority hereby granted including the power to do any of the following: 公司每一成员可能有时会使用书面或外在的权力授权进行商品交易。如客户协议所述，同美国百利相关的账户和公司风险的即期和未来支付，权力部门在此认同以下的权利：a. To open an account with PFGBEST for the purpose of PFGBEST’s carrying, clearing, and settling all Commodities transactions undertaken by the Company and to enter into the Customer Agreement;在美国百利开立账户以进行美国百利出示商品交易的运输,清算和结算。而且同意客户协议。b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;保证金购买，销售和交易商品（此条款已在客户协议中描述过）以进行即期和未来支付；或者相反，“卖”的权力包括卖“短期”的权力。c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;在上述公司存取现金，商品或契约以买卖商品，有价证券和财产所有。d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;接受额外保证金的要求和请求；买卖意图通知及其他通知以及任何性质的要求。e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。86
LIMITED LIABILITY COMPANY RESOLUTION 有限责任制公司决议confirmations of every kind;接受，确认和默许通知，确认函，请求和要求函及每一种确认函电。f. To pay PFGBEST all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by PFGBEST from time to time as margin or equity for the Company’s account; and支付美国百利由于交易产生的所有费用与代理费用。有时美国百利会因为保证金或公司资产净值原因要求支付费用总数。g. To settle, compromise, adjust and give releases on behalf of this Company with respect to any and all claims, disputes and controversies.代表公司所有相关要求，争议和矛盾的处理，妥协，调整和解决。This enumeration of specific authority shall not in any way limit or affect any other authority, which the named officials might otherwise have.这些列出的具体权力不得限制或影响指定人员享有的其他权利。(2) Further Resolved, that in order to induce PFGBEST to act as Agent on behalf of the Company, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce PFGBEST to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Company by any managing member of the Company) are hereby authorized; and the managing member(s) of the Company are hereby directed to execute such Agreements by and on behalf of the Company and to deliver the same to PFGBEST.深层决议，为促使美国百利代表以上公司起代理商作用。使美国百利担当代理商作用的账户申请表，客户协议，泄露风险陈述，期权期货风险陈述和其他相关文件（这些附件已经提交给本会议且将会由公司领导归档到公司档案中）的处理与交付在此得到审定。公司领导将在此代表公司处理此协议并且将同样的文件交付给美国百利。(3) Further Resolved, that the Company agrees to indemnify and hold harmless PFGBEST and its associates from any and all loss, damage or liability incurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Company and PFGBEST shall not have been fully performed by the Company.深层决议，由于以上陈述或任何作出的保证不真实和准确或者以上任何该公司与美国百利的协议未被该公司完全履行导致美国百利及其合伙人发生的任何和所有损失，损害和债务，该公司负责赔偿。(4) Further Resolved, that PFGBEST is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Managing Member of this Company and under its seal.深层决议，除非收到附有公司印章和公司管理层人员签名的更正和修改证书，美国百利授权遵照这些决议执行。I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Company has the power under its certificate of formation and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions. IN WITNESS WHEREOF, I have hereunto subscribed my name on behalf of the information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。87
LIMITED LIABILITY COMPANY RESOLUTION 有限责任制公司决议本人再次证明，前面所述的决议未被改变和废除，现正发挥效力。公司有权力在章程，议事程序和适用的法律内使用前面所述的决议进行计划。本人，在此见证本文件并代表公司签字。________________________________________________________________________________________________________Signature of Manager (or managing member) 经理（或管理层人员）签字 Date 日期 ________________________________________________________________________________________________________ Signature of Manager (or managing member) 经理（或管理层人员）签字 Date 日期 The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。88
PERSONAL GUARANTEE 个人担保函PERSONAL GUARANTEE 个人担保函In order to induce Peregrine Financial Group, Inc. (“PFGBEST”) to enter into the foregoing Customer Agreement with: 为促进美国百利金融集团有限公司与:_______________________________________________________________________________ (“Customer”) （“客户”）and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees to jointly and severally guarantee personally the prompt, full and complete performance of any and all of the duties and obligations of this Customer’s account and the payment of any and all damages, costs (including attorney’s fees and costs of collection) and expenses which may become due to by PFGBEST from Customer. This guarantee shall remain in full force and effect until the termination of Customer Agreement, provided that the undersigned shall not be released from their obligations so long as the account and any obligations the account has with PFGBEST remain unsatisfied. 签署如前所述的客户协议，并且由于永久和价值的充分考虑，以下签字人员同意作出连带和个人快速，完全和完整地履行此客户账户相关所有责任和义务的保证，并且支付美国百利向客户收取的所有到期赔偿金成本费（包括律师费和征收费）和其他开支。此担保函充分发挥效力和作用，直到客户协议终止。假若美国百利对与其相关的账户或与该账户相关的义务履行不满意，则以下签字人员不能免除义务。The undersigned hereby expressly waives (a) notice of acceptance of this guarantee by PFGBEST, (b) notice of any default or non-performance of Customer under the Customer Agreement, (c) notice of any modification to the Customer Agreement or any extension of time granted to the Customer, and (d) all defenses, counterclaims which the undersigned may at any time have to any claim of PFGBEST against the Customer. The undersigned expressly acknowledges that amendment or modification of the Customer Agreement or the renewal or extension of any indebtedness of Customer shall not in any manner release, affect or impair the undersigned’s liability under this guarantee. PFGBEST may, in its sole discretion, proceed against the undersigned to collect any obligation covered by this guarantee without first proceeding against Customer.在以下签字人员明确放弃 (a) 美国百利关于此保证的接受通知。(b) 在客户协议下客户任何缺席和未履行通知。(c) 任何客户协议修改和客户时间延长通知。(d) 以下签字人员可能随时遇见关于美国百利针对客户的所有辩护与反诉等。以下签字人员明确认可客户协议的修正与更改或者客户负债的更新与时限延长不得以任何方式豁免，影响和削弱以下签字人员在此担保函下的义务。美国百利可能单方面依照此担保函职责在起诉客户之前先行起诉以下签字人员。The undersigned agrees to be bound by all provisions of the Customer Agreement, including consenting to Illinois jurisdiction. The undersigned agrees that all actions, disputes, claims or proceedings, arising directly or indirectly in connection with, out of, or related to this Guarantee, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. The undersigned hereby specifically consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceeding located within the City of Chicago, State of Illinois. This guarantee shall be construed pursuant to the internal laws of the State of Illinois without reference to conflict-of-law principles.以下签字人员同意遵照客户协议所有条款，包括认可伊利诺斯州权限。以下签字人员同意同此担保函直接或间接所有相关行动，要求和争议等，都应在伊利诺斯州芝加哥城境内的法庭或争议裁决法庭裁定。以下签字人员在此明确同意和遵守任何州，联邦法庭，伊利诺斯州芝加哥城境内的仲裁处理机构的权限规定。此担保函应依据伊利诺斯州律法解释且不包括与法律相抵触的原则。This guarantee shall inure to the benefit of PFGBEST, its successors and assigns, and shall be binding on the undersigned and their heirs.此担保函旨在利于美国百利及其继任和指派者且和以下签字人员及其后嗣连带生效。The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。89
PERSONAL GUARANTEE 个人担保函________________________________________________________________________________________________________Guarantor, Individually 担 保 人，分别签名 Date 日期________________________________________________________________________________________________________Print Name 拼音姓名 ________________________________________________________________________________________________________Address 地址________________________________________________________________________________________________________City, State ZIP 城市，州，邮政编码________________________________________________________________________________________________________Guarantor, Individually 担保人，分别签名 Date 日期________________________________________________________________________________________________________Print Name 拼音姓名________________________________________________________________________________________________________Address 地址________________________________________________________________________________________________________City, State ZIP 城市，州，邮政编码The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。90
W-8 表格用途W-8 表格用途：本表格适用于非美国居民向美国国家税务局申报美国所得税减免时使用。表格填写简单说明：第一部分 (Part I)：账户持有人资料问题 1：作为受益者的个人姓名或组织名称。问题 2：如果是公司，填入公司成立的国家，如果是其他实体，填入创建，组合或管辖的法律根据国家，如果是个人，填入 N/A (不适用)。问题 3：持有人种类：个人请勾选 Individual; 若为联名共同账户请分别填写 W-8BEN。问题 4：永久住址（请勿使用邮政信箱 PO Box 或转寄地址，还有国家名称请勿简写）。问题 5：邮寄地址（如果不同于问题 4 的永久地址，请另填写，国家名称请勿简写）。问题 6：美国税号 SSN, ITIN 或 EIN 号码（如果没有，勿需填写）。问题 7：如果有请写外国税号。（如果没有，勿需填写）问题 8：扣缴单位使用的参照号码。（勿需填写）。第二部分：税务减免申报（若适用）第 9 点：确认以下勾选的均使用 勾选 a 项：在空格上填写国家名称 其它栏目不需要勾选。第 10 点：国际账户此栏可以不填。第三部分：国际账户此栏可以不填。第四部分：申明本人申明以上所填资料属实而且完整。签名栏（SIGN HERE）：账户持有人签名/日期/（月日年）注意：客户须以美国国家税务局所提供之英文原本为准 。
Certificate of Foreign Status of Beneficial OwnerFormW-8BENfor United States Tax Withholding(Rev. February 2006)OMB No. 1545-1621 Section references are to the Internal Revenue separate of the Treasury Internal Revenue ServiceGive this form to the withholding agent or payer. Do not send to the not use this form for:Instead, use Form:●A . citizen or other . person, including a resident alien individualW-9●A person claiming that income is effectively connected with the conductof a trade or business in the United StatesW-8ECI●A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions)W-8ECI or W-8IMY●A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,foreign private foundation, or government of a . possession that received effectively connected income or that isclaiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions)W-8ECI or W-8EXPNote: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only toclaim they are a foreign person exempt from backup withholding.●A person acting as an intermediaryW-8IMYNote: See instructions for additional IIdentification of Beneficial Owner (See instructions.)1Name of individual or organization that is the beneficial owner2Country of incorporation or organization3Type of beneficial owner:IndividualCorporationDisregarded entityPartnershipSimple trustInternational organizationGrantor trustComplex trustEstateGovernmentCentral bank of issueTax-exempt organizationPrivate foundation4Permanent residence address (street, apt. or suite no., or rural route). Do not use a . box or in-care-of or town, state or province. Include postal code where (do not abbreviate)5Mailing address (if different from above)City or town, state or province. Include postal code where (do not abbreviate). taxpayer identification number, if required (see instructions)7Foreign tax identifying number, if any (optional)SSN or ITINEIN8Reference number(s) (see instructions)Part IIClaim of Tax Treaty Benefits (if applicable)9I certify that (check all that apply):aThe beneficial owner is a resident ofwithin the meaning of the income tax treaty between the United States and that required, the . taxpayer identification number is stated on line 6 (see instructions).cThe beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, ifapplicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).dThe beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from . trade or business of a foreign corporation, and meets qualified resident status (see instructions).eThe beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will fileForm 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500, rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Articleof thetreaty identified on line 9a above to claim a% rate of withholding on (specify type of income):.Explain the reasons the beneficial owner meets the terms of the treaty article:Part IIINotional Principal Contracts11I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectivelyconnected with the conduct of a trade or business in the United States. I agree to update this statement as IVCertificationUnder penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. Ifurther certify under penalties of perjury that:1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,2 The beneficial owner is not a . person,3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but isnot subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the , I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner orany withholding agent that can disburse or make payments of the income of which I am the beneficial Here Signature of beneficial owner (or individual authorized to sign for beneficial owner)Date (MM-DD-YYYY)Capacity in which actingFor Paperwork Reduction Act Notice, see separate . No. 25047ZFormW-8BEN(Rev. 2-2006)Printed on Recycled Paper
ACCOUNT TRANSFER FORM 转账表ACCOUNT TRANSFER FORM 转账表TRANSFERRING FCM 转账公司 (The Firm Currently holding Customer’s Account 目前持有客户账户的公司)Name of FCM 经纪公司名称 _________________________________________________________________________________Street Address 地址 ________________________________________________________________________________________City/State/Zip 城市/州/邮政编码 ____________________________________________________________________________Name of Introducing Broker IB 名字 _____________________________________________________________________________Account Title(s) 账户姓名 ____________________________________________________________________________________Account Number(s) 账户号 ___________________________________________________________________________________ IMPORTANT 重要Date the Account Transfer Form was sent and/or faxed to Transferring FCM 转账账目表格寄达或传真至 FCM 转账公司的日期:Date: ____________________________________________________________________________________________________Re: Transferring Customer Account to PFGBEST, Inc. 将客户账户转交给美国百利To the above named Transferring FCM 致上文经纪公司: (Customer check only one of the following paragraphs that apply 客户仅需核查以下一申请章节) Please be advised that I wish to transfer all open commodity positions, ledger balances, securities and other properties held by you in the above named account number(s) to the receiving firm. 本人希望将贵公司持有上述名称的所有期货账户未平仓，所有资产，证券和其他资产账号/转账到以上接受公司。Please be advised that I wish to transfer only the following held by you, the transferring FCM, from the above named accounts to the receiving FCM: 本人希望仅将以下由贵公司持有，FCM 转账公司持有的上述资产账号转账到 FCM 接受公司 If Transferring Cash by Check make payable to Peregrine Financial Group, Inc. or PFGBEST, Inc., Cust. Seg. Acct., Credit to: (Customer Name)如需要使用支票转账，支票上可写 Peregrine Financial Group, Inc. 或者 PFGBEST, Inc. 客户隔离账户：（客户姓名）Receiving FCM: PFGBEST, W. Monroe St., Ste 1300Chicago, IL 60606 Customer Signature 客户签名 ________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 客户签名 _________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________(Attach a copy of this page for additional individuals of this account. 复印此页如果需要更多签名The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。93
ADDITIONAL RISK DISCLOSURE 附加风险披露ADDITIONAL RISK DISCLOSURE 附加风险披露I understand and realize that the loss in trading commodity futures, options and foreign exchange contracts can be substantial. I realize the degree of leverage that is often obtainable in commodity and foreign exchange trading can work against me, as well as in my favor. I also real-ize the use of leverage can lead to large losses.我理解并且知道商品期货交易，期权和外汇交易合约可能带来损失。我明白在商品和外汇交易中的杠杆比例可能让我亏损，也可能让我盈利。我也意识到利用杠杆可能带来巨额亏损。Customer Signature 签名 ____________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 签名 ____________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________(Attach a copy of this page for additional individuals of this account. 如账户还有其他联名人，则将本页另复印一份附上)SECOND ACCOUNT TRANSFER 第二账户开户声明I am requesting with this letter that you open an additional account for me. I hereby authorize you to use the account forms that I have already executed [for account number _____________] as the account forms for the new account. 我通过这封信申请开设新的账户。我在此授权您使用我之前提交并通过的开户申请文件（账户号#_________）作为申请新账户的文件。 I understand and agree that all promises, representations and information that I made in my account forms are still true and accurate. I war-rant that all statements in those forms shall apply to the new account as if I had executed a complete new set of forms.我理解并同意所有在原账户申请文件中的承诺，表述和信息都是真实并正确。我保证原开户申请文件所有事项对于开设这个新账户就如同重新填写开户申请表格一样。I understand and agree that the commissions and fees for this new account are $ _____________________我理解并同意在新账户中的佣金和费用。$ ________________ Customer Signature 签名 ____________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________ Customer Signature 签名 ____________________________________________________________________________________ Print Name 拼音姓名 ____________________________________________________ Date 日期 _______________________The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准。94
CHECK LIST CHECK LIST Have you competed all Customer Information 您的客户信息是否填写完整?Have you signed all appropriate documents 是否已经在正确文件上签字?SUBMISSION OF FUNDS TO YOUR TRADING ACCOUNT 给交易账户充值1. BY . POSTAL SERVICE 通过邮寄服务Make checks payable to 支票付往:Peregrine Financial Group, Inc. or PFGBEST, . Seg. to: PFGBEST311 W. Monroe St., Ste 1300 Chicago, IL 606062. BY CASH BANK WIRE TRANSFER 通过银行现金转账(Do not wire Government Securities, ask for a special wiring instructions 不要电汇政府证券，询问特定电汇说明)JP Morgan Chase Bank, York, NYABA #021000021BANK SWIFT #CHASUS33Further Credit to: PFGBEST, Inc. Customer Segregated Account 5330355265Further Credit to: Account Title, Account # (If Available)FOR INSTRUCTIONS FOR WIRING CURRENCIES OTHER THAN . DOLLARS, SEE PAGE 38 除美元外的货币，电汇说明查看 38 页FOREX CUSTOMERS SEE PAGE 40 外汇客户查看 40 页For Internal Use Only 内部使用 RT Comm Acct Title: __________________________________________________________________________________________ Account #: __________________________________________________________________________________________ Individual Joint Corp. Trust PartnershIp Sol AP _________# _________ Speculative HedgeMng AP: ____________________________________________________________________________________________DRT By: _______________________________________________________________________________________________ IB:___________________________________________________Branch Office: ___________________________________ Reviewed by: ___________________________________________Date ___________________________________________PFGBEST Accepted ______________________________________Date ____________________________________________DSFP Approved _________________________________________Date ___________________________________________ Lead Source: ________________________________________________________________________________________ CDC Check ____________________________________________NFA Check ______________________________________ The information found on our forms and agreements is provided in the Chinese for convenience only. Customers are bound to the English language provisions of all forms and agreements.本公司所提供中文文件和协议书等只为方便理解而提供。所有文件和协议将以英文文本为准 。95
One Peregrine Way, Cedar Falls, IA
