Product Disclosure Statement
产品披露声明
Part 1: General Information
FX Contracts
第一部分：外汇合约的基本信息
Last Update: March 2017
更新时间：2017 年 3 月
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 2
FXCM AUSTRALIA PTY. LIMITED
Table of Contents
目录
GENERAL INFORMATION 基本信息 ...................................................................................................... 5
Contact Information 联络信息 ................................................................................................................. 5
Description of Foreign Exchange (“FX”) Contracts Offered by FXCM 外汇合约的说明 ..................... 5
FXCM Platforms 平台 .............................................................................................................................. 6
Important Information about FXCM’s Product Disclosure Statement (“PDS”) 关于 FXCM 产品披露声
明 (”PDS” ) 的重要信息 .......................................................................................................................... 6
Jurisdiction 管辖权 ................................................................................................................................... 8
Application Process with FXCM 账户申请流程 ..................................................................................... 8
Client Qualification Test 客户资格测试 .................................................................................................. 9
Funding Your FXCM Account 账户存入资金 ........................................................................................ 9
NO CASH Deposits or Internal Transfers 不接受现金存款或内部转账 ................................................ 9
No Third Party Payments 不接受第三方存款 ....................................................................................... 10
Credit Card Verification and Prepaid Cards 信用卡验证和预付卡 ....................................................... 10
Terms of Business 业务条款 .................................................................................................................. 10
Representations 声明 .............................................................................................................................. 11
Consult Your Advisor 咨询您的顾问 .................................................................................................... 11
FXCM DOES NOT PROVIDE PERSONAL ADVICE 并不提供个人建议 ........................................ 11
Compliance with Australian Financial Services License Financial Requirements 符合澳洲金融服务执
照财务要求 ............................................................................................................................................. 12
Stress Testing 压力测试 ........................................................................................................................ 12
Conflict of Interest 利益冲突 ................................................................................................................. 13
Australian Securities and Investments Commission (“ASIC”) 澳大利亚证券及投资事务监察委员会
(“ASIC”) ................................................................................................................................................. 14
Use of Examples in this PDS 本产品披露声明示例的使用.................................................................. 14
REGULATORY GUIDE 227 – OVER THE COUNTER CONTRACTS FOR DIFFERENCE:
IMPROVING DISCLOSURE FOR RETAIL INVESTORS 监管指南 227 – 柜台交易差价合约：完善
对零售投资者的信息披露 ......................................................................................................................... 15
KEY BENEFITS OF DEALING IN FX CONTRACTS WITH FXCM 通过 FXCM 交易外汇合约的主
要优势 ........................................................................................................................................................ 19
No Dealing Desk & Dealing Desk Execution 无交易员平台和交易员平台执行模式 ........................ 19
Premium Accounts—No Dealing Desk Execution 尊贵账户 – 无交易员平台执行模式 .................... 20
Standard Accounts – Dealing Desk Execution 标准账户 – 交易员平台执行模式 ............................... 20
Pricing 定价 ........................................................................................................................................ 20
Phone Dealing 电话交易 ........................................................................................................................ 21
24 Hour Trading and Support** 24 小时交易支援** ............................................................................... 22
User Friendly Trading Platforms 操作简便的交易平台 ........................................................................ 22
Real Time Quotes 实时报价 ................................................................................................................... 22
Trading Education 交易教育 .................................................................................................................. 22
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 3
SIGNIFICANT RISKS OF DEALING IN FX CONTRACTS WITH FXCM 通过 FXCM 交易外汇的主
要风险 ........................................................................................................................................................ 23
Negative balance protection policy 负数结余保障政策 ........................................................................ 25
Market Risk 市场风险 ............................................................................................................................ 27
Prices/Rates 价格/利率 .......................................................................................................................... 28
Regulatory Risk 监管风险 ...................................................................................................................... 28
Counterparty Risk 交易对手风险 .......................................................................................................... 29
FXCM Financial Statement FXCM 财政报表 ....................................................................................... 30
Leverage Risk 杠杆风险 ......................................................................................................................... 31
Systems Risk 系统风险 .......................................................................................................................... 33
Execution Risk 交易执行风险 ............................................................................................................... 33
Execution Model 交易执行模式 ............................................................................................................ 33
Slippage 滑点 .......................................................................................................................................... 35
“Good ‘Til Cancelled” (GTC) Orders ..................................................................................................... 35
“取消前有效”(GTC) .......................................................................................................................... 35
“Immediate or Cancel” (IOC) Orders ..................................................................................................... 35
“即时或取消”(IOC) ............................................................................................................................. 35
“Fill or Kill” (FOK) Orders .................................................................................................................... 36
“全数执行或立即取消”(FOK) .............................................................................................................. 36
Liquidity 流通量 ..................................................................................................................................... 37
DELAYS IN EXECUTION 延迟执行 ................................................................................................... 38
RESET ORDERS 重设指令 ................................................................................................................... 39
WIDENED SPREADS 差价扩大 .......................................................................................................... 39
Hanging Orders 指令悬空 ...................................................................................................................... 40
Greyed Out Pricing 隐藏报价 ................................................................................................................. 41
Hedging 对冲 .......................................................................................................................................... 41
Diminishing Margin 保证金减少 ........................................................................................................... 42
Rollover Costs 转仓成本 ........................................................................................................................ 42
Exchange Rate Fluctuations (Pip Costs) 汇价波动（每点价值） ........................................................ 43
Inverted Spreads 倒转差价 ..................................................................................................................... 43
Holiday/Weekend Execution 假期/周末执行模式 ................................................................................ 44
Trading Desk Hours 交易台时间 ........................................................................................................... 44
Prices Updating Before the Open 开盘前更新报价 ............................................................................... 45
Gapping 汇价跳空 .................................................................................................................................. 45
Order Execution 指令执行 ..................................................................................................................... 45
Weekend Risk 周末风险 ........................................................................................................................ 46
Margin Calls and Close Outs 追加保证金及平仓 .................................................................................. 46
METATRADER 4 .................................................................................................................................. 48
Chart Pricing vs. Prices Displayed on the Platform 图表报价与平台报价 ........................................... 49
Mobile Trading Platforms 流动交易平台 .............................................................................................. 49
TS Mobile Tablet Application 交易平台（流动版）平板电脑应用程序 ............................................ 50
Trading Platform Closed 交易平台关闭 ................................................................................................ 51
Suspension and Trading Halt 暂停和交易停止 ..................................................................................... 51
Use and Access to the Website 网站的使用和访问 ............................................................................... 51
Transactions Are Not Transferable 交易不可转让 ................................................................................ 52
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 4
CLIENTS’ MONEY 客户款项 .................................................................................................................. 52
Counterparty Risks 交易对手风险 ......................................................................................................... 52
Protections afforded by the Australian Client Money Rules 澳大利亚客户款项规则提供的保障 ...... 54
Withdrawal of Client Money 客户资金提取 .......................................................................................... 55
PRIVACY POLICY 私隐保障政策 ........................................................................................................... 55
SECURITY AND DISCLOSURE 安全性和资料披露 ......................................................................... 55
COLLECTION 收集 ............................................................................................................................... 56
ACCESS AND CORRECTION 索取及更正 ......................................................................................... 58
USE AND DISCLOSURE 使用和披露 ................................................................................................. 60
SHARING INFORMATION WITH OUR AFFILIATES 与联营机构共享资料 ................................. 63
DIRECT MARKETING 直接营销 ........................................................................................................ 64
DATA SECURITY 资料保密 ................................................................................................................ 65
ABOUT COOKIES 有关 COOKIES ..................................................................................................... 65
DISPUTE RESOLUTION 争议解决方法 ................................................................................................. 66
Internal Complaints Handling System 内部投诉处理机制 ................................................................... 66
External Dispute Resolution Process 外部争议解决程序 ..................................................................... 67
COMPENSATION ARRANGEMENTS 补偿安排 ................................................................................... 68
Further Information 更多信息 ................................................................................................................ 68
TAXATION CONSIDERATIONS 税务考虑 ............................................................................................ 69
COOLING–OFF ARRANGEMENTS 冷静安排 ....................................................................................... 70
ADDITIONAL INFORMATION 额外信息 .............................................................................................. 70
GLOSSARY 术语表 ................................................................................................................................... 70
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 5
GENERAL INFORMATION 基本信息
FXCM Australia Pty. Limited (“FXCM”) is incorporated in Australia and registered and authorised to
conduct business in Australia. FXCM holds an Australian Financial Service (“AFS”) Licence (number
309763), issued by the Australian Securities and Investments Commission (ACN 121 934 432).
FXCM Australia Pty. Limited (“FXCM”) 于澳大利亚注册成立，并于澳大利亚注册及获准在澳大利
亚开展业务。FXCM 持有澳大利亚证券及投资事务监察委员会颁发的编号为 309763 的澳洲金融服
务执照(ACN 121 934 432)。
Contact Information 联络信息
Name: FXCM Australia Pty. Limited
Address: Suite 1402, Level 14, 383 Kent Street, Sydney, NSW 2000
AU Toll Free#: 1 800 109 751
NZ Toll Free#: 0800 450 331
China Toll Free#: 4001-200880
International: +1212 897 7660
Local Fax: 1 800 195 619
Email: FXCMAustralia@
Website:
Office Hours: 8AM – 6PM Australia
名称: FXCM Australia Pty. Limited
地址: Suite 1402, Level 14, 383 Kent Street, Sydney, NSW 2000
澳洲免费热线: 1 800 109 751
新西兰免费热线: 0800 450 331
中国免费热线: 4001-200880
国际热线: +1212 897 7660
当地传真: 1 800 195 619
邮箱: FXCMAustralia@
网址:
工作时间: 澳洲时间上午 8 点 - 下午 6 点
Description of Foreign Exchange (“FX”) Contracts Offered by FXCM 外汇合约的
说明
FXCM offers over-the-counter (“OTC”) margin foreign exchange trading whereby you may buy or sell
specific currency pairs at prices displayed on the FXCM Trading Platforms. Key features of FX
Contracts offered by FXCM include:
FXCM 提供场外 (OTC) 外汇保证金交易，让您可以按照 FXCM 交易平台显示的价格买入或卖出特
定货币对。FXCM 提供的外汇合约的特点包括:
• FXCM offers both No Dealing Desk and Dealing Desk execution models.
FXCM 提供无交易员平台和交易员平台两种外汇执行模式。
• Contracts are non deliverable and automatically roll over at the end of each day until the position
is closed.
外汇合约不可交割，并在每天结束时自动转仓，直到平仓。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 6
• Contracts are traded between you and FXCM and are not traded on any exchange.
合约为您与 FXCM 之间的交易，该交易并非于交易所进行。
• Contracts are non transferrable so that a FX Contract bought from FXCM cannot be sold to
another broker, trader or market maker.
外汇合约不可转让，因此，从 FXCM 买入的外汇合约不能出售给另一个经纪商，交易者
或造市商。
Other key features of FX Contracts offered by FXCM are described in Part 2 of this PDS.
本产品披露声明第 2 部分描述了 FXCM 提供的外汇合约的其他重要特征。
FXCM Platforms 平台
FXCM provides trading services via several different Trading Platforms including Trading Station and
MetaTrader 4. While each account Trading Platform may have slightly different features (such as lot size,
functionality or fees), all FXCM FX Contracts contain the above listed features. This Product Disclosure
Document seeks to explain the key features of the different FXCM Trading Platforms.
FXCM 通过多个不同的交易平台提供交易服务，包括交易平台和 MetaTrader 4。虽然每个账户交
易平台可能会有些不同的特点（比如每手交易量，功能或费用），但 FXCM 的外汇合约包含了上
述列出的特点。本产品披露声明力求解释不同 FXCM 交易平台的主要特点。
Important Information about FXCM’s Product Disclosure Statement (“PDS”) 关于
FXCM 产品披露声明 (”PDS” ) 的重要信息
FXCM is the issuer of this Product Disclosure Statement (“PDS”) for FX Contracts and CFDs.
本外汇合约及差价合约的产品披露声明由 FXCM 发布。
Under the Corporations Act 2001 (Cth) (“Corporations Act”), a retail client must receive a PDS from an
AFS Licensee before acquiring a financial product. The PDS is the document that sets out the significant
features of a financial product, including its risks, benefits, costs and fees and other related information.
The purpose of this PDS is to provide you with sufficient information to make an informed decision in
relation to the acquisition of our FX Contracts. You may also use this PDS to compare the financial
products described with other issuers of similar products.
根据 2001 年公司法（“公司法”），零售客户在交易金融产品前必须收到一份由澳洲金融服务执
照持牌人发布的产品披露声明。产品披露声明是载有金融产品显著特征的文件，包括其风险，优
势，成本及费用和其他相关信息。本产品披露声明旨在提供足够的信息以助您在知情的情况下做
出有关买入外汇合约的决定。您也可以通过本产品披露声明将其所描述的金融产品与其他发行者
的同类产品作比较。
This PDS contains information about the FX Contracts we offer. This PDS is divided into 2 separate parts.
此产品披露声明载有我们提供的外汇合约的信息。本产品披露声明分为两个独立的部分。
PART 1 – GENERAL INFORMATION
PART 2 – THE DIFFERENT TRADING PLATFORMS WE OFFER
第一部分 – 基本信息
第二部分 – 由 FXCM 提供的不同交易平台
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 7
Part 1 of this PDS includes general information about FXCM, trading with FXCM, benefits of trading in
FX Contracts with FXCM, key risks together with details of our Privacy Policy, Dispute Resolution,
Taxation Considerations, Cooling-Off Arrangements, Other Available Information, and Glossary.
本产品披露声明的第一部分包括 FXCM 的基本信息，与 FXCM 交易，与 FXCM 交易外汇合约的
优势，主要风险及我们的私隐保障政策的细节，监管，税务考虑，冷静安排，提供的其他信息和
术语。
Part 2 of this PDS outlines the pertinent features of Trading Station and MetaTrader 4. Part 2 also details
the fees and charges when trading FX Contracts utilizing the various Trading Platforms.
本产品披露声明的第二部分概述了交易平台和 MetaTrader 4 的相关特点。第二部分亦细述了使用
不同交易平台交易外汇合约的费用和收费。
You must ensure you have read this PDS Part 1 in addition to Part 2. The PDS is provided in separate
parts in order to provide you efficient knowledge about our products and services in a clear, concise and
effective manner.
阁下必须确保您已经阅读了这份产品披露声明的第一部分和第二部分。此产品披露声明分为独立
的两部分，以便您能够清晰，简单和有效的了解我们提供的产品和服务。
This PDS replaces all other previous versions of the PDS. If you are an existing client of FXCM, we will
make this PDS available (including the most recent FSG) on our Website. If you download an electronic
copy of this PDS, Australian law requires that you must download all pages. If you make this PDS
available to another person, you must give them the entire electronic file or printout.
本产品披露声明取代所有先前的版本。若您是 FXCM 的现有客户，我们将把本产品披露声明（包
括最新的金融服务指引）放在我们的网站上。如果您下载本产品披露声明的电子版复件，澳洲的
法律要求您下载全部页面。如果您将本产品披露声明传阅于他人，您需要向他们提供完整的电子
或印刷版本。
The English language version of this PDS overrides all other language versions of this PDS to the extent
of any inconsistency.
本产品披露声明的英文原版如与其他译本之间存在不一致，概以英文原版为准。
You should keep this PDS, the Terms of Business and the FSG and any supplementary and replacement
documents and updated information that is provided to you by FXCM including via emails for your
records.
您应保存此产品披露声明，业务条款和金融服务指引，及任何由 FXCM 提供给您的补充和替换文
件及更新信息，包括邮件，以留作记录。
We will amend this PDS or withdraw it from circulation in the event of any material alteration of the
information it contains. FXCM may modify any of the terms and conditions in the PDS. If the change is
an increase in fees and charges, or any other significant changes that are adverse or potentially adverse to
an investor, we will give notification issuing a new PDS. Any updated information which is not
materially adverse to investors will be available on the FXCM Website.
如本产品披露声明包含的信息发生实质性改变，我们将修订或不再发行本产品披露声明。如果这
项改动是费用或收费的增加，或其他任何对投资者不利或潜在不利的显著改变，我们将就新额产
品披露声明发出通知。任何并无对投资者造成重大不利的更新信息将可通过 FXCM 网站获得。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 8
Jurisdiction 管辖权
This PDS is distributed by FXCM to Australian clients and foreign clients. The distribution of this PDS
may be restricted in certain jurisdictions outside Australia. Should you gain access to this PDS in a
restricted jurisdiction, you should observe such restrictions. This PDS does not constitute an offer or
solicitation to anyone in any jurisdiction in which such offer is not authorized or to any person to whom it
is unlawful to make such offer or solicitation. If you are a foreign client intending to deal or dealing with
FXCM, you should note:
本产品披露声明是由FXCM发布给澳大利亚客户和外国客户。本产品披露声明于澳大利亚以外的
某些司法管辖区内的发行可能受限制。如果您在受限制的管辖范围内获得本产品披露声明，您必
须遵守此类限制。本产品披露声明对以下群体并不构成一项要约或招揽：1) 于此类要约未获得授
权的任何司法管辖区的任何人；或 2) 向之提出要约或招揽及构成非法行为的任何人。如果您是个
外国客户并打算或正在与FXCM交易，您应注意：
• the law governing your dealings with FXCM is the law of New South Wales, Australia;
• money which you deposit with FXCM will be regulated by the Australian Client Money Rules;
and
• FXCM may require you to confirm your status as a person in your jurisdiction who is eligible to
deal with FXCM.
您与FXCM的交易受到澳大利亚新南威尔士的法律管辖；
您于FXCM的入金将会受澳大利亚客户款项规则所监管；及
FXCM可能要求您确认您在您所在的管辖范围内符合有资格与FXCM做交易的个人身份。
Application Process with FXCM 账户申请流程
Before you begin dealing in FX Contracts with FXCM, in addition to reviewing the FSG and PDS you
must review the Terms of Business and complete an Application Form and be approved by FXCM.
在您开始与 FXCM 交易外汇合约之前， 除了阅读金融服务指引和产品披露声明外，您亦必须阅读
业务条款和填写申请表格并获得 FXCM 批准。
Before starting the account opening process, you must read:
在账户开通流程开始前，您必须阅读:
• the Terms of Business
业务条款
• this PDS [Part 1 and Part 2]
产品披露声明 [第一部分和第二部分]
• the Financial Services Guide [FSG]
金融服务指引 [FSG]
The documents are available on the Website or can be obtained by contacting us.
该等文件可以在 FXCM 网站查询或通过与我们联系获得。
The Application Forms require you to disclose personal information. You should refer to the Privacy
Policy in the Terms of Business which explains how FXCM collects personal information and then
maintains, uses, and discloses that information.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 9
开户申请书要求您提供个人信息。您可参阅业务条款里的私隐保障政策，该政策解释了 FXCM 如
何收集个人信息，及随后如何保存，使用和披露该信息。
Client Qualification Test 客户资格测试
To assess your understanding of and experience in FX and/or CFD trading, and to help you minimize
exposure to risks, you will be required to pass a ‘Client Qualification Test’ prior to opening an account
with FXCM. The test is comprised of 4 questions. The questions will require you to confirm whether you
have sufficient knowledge and understanding of FX and/or CFD trading; leverage, margins, volatility;
FXCM Trading Platforms; and knowledge of the risks associated with OTC Forex and CFD trading to be
able to manage the risks of trading.
为了评估您对外汇和/或差价合约的了解和经验，以及帮助您减少风险暴露程度，在与 FXCM 开
立账户之前，您将会被要求通过客户资格测试。这个测试包括四个问题。这些问题将要求您确认
您对外汇和/或差价合约交易；杠杆，保证金，波动性；FXCM 交易平台是否有足够的知识和了解；
以及对柜台外汇及差价合约交易的相关风险是否有足够的了解、以能够管理交易风险。
The Client Qualification Test will occur during the account opening process. Pursuant to regulatory
requirements, if you do not pass the test, you will not be eligible to open an account with FXCM.
客户资格测试将发生于开户过程中。根据监管要求，如果您没有通过测试，您就没有资格与
FXCM 开立账户。
Funding Your FXCM Account 账户存入资金
You can fund your account using the following methods:
• Debit card
借记卡
• Credit card
信用卡
• Bank Wire
银行电汇
• EFT
For details on how you can fund your account please see .
关于如何存入资金至您的账户，请查阅 。
NO CASH Deposits or Internal Transfers 不接受现金存款或内部转账
Please DO NOT initiate internal transfers or submit branch deposits (cash or check deposits) directly into
our bank accounts. FXCM can neither guarantee the receipt nor the return of cash deposits made at a bank
branch. Deposits that are made directly into our bank accounts arrive with insufficient information, which
will cause a significant delay in the allocation of funds to your trading account. Branch deposits may be
held by FXCM for up to thirty days or longer before being released as part of our due diligence process.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 10
切勿进行内部银行转账或于分行直接将款项（现金或支票存款）存入本公司的银行账户。FXCM
不保证能收到于银行分行存入的现金存款，也无法保证能否退回。直接存入本公司银行账户而资
料不齐全的存款，会导致分配资金予阁下的交易账户时出现严重延误。如企图于分行直接将款项
存入 FXCM 账户，可能会导致阁下的存款因本公司的适当尽职审查程序而被扣留 30 日或以上，
然后才能被释放。
No Third Party Payments 不接受第三方存款
FXCM does not accept funds for any trading account via a third party. We can neither guarantee the
receipt, nor the return of such payments. Please keep in mind that restrictions on third party payments are
set by banks and Australian authorities, which have developed extensive procedures, regulations, and
laws to stop the transfer of illegal funds, commonly known as money laundering.
FXCM 不接受任何通过第三方到交易账户的存款。FXCM 不保证能收到有关款项，也无法保证能
否退回。请记住，第三方支付限制由银行和澳大利亚政府机构设置，它们已建立了广泛的程序，
法规和法律，以阻止统称被称为洗黑钱的非法资金转移。
Credit Card Verification and Prepaid Cards 信用卡验证和预付卡
Accounts funded via credit card may be restricted to receiving withdrawals via credit card. Initial deposits
made with a credit or debit card upon request may require a recent statement or a copy of the card to
confirm ownership. The cardholder's first and last name, as well as the last four digits of the card, must be
legible in order for the statement/card to be acceptable. Please DO NOT send funds to FXCM using a
Prepaid or Gift Card. Deposits received in this manner will be returned to the originating card.
如经信用卡注资到账户，提款时可能会被限制为使用该信用卡提款。应要求使用信用卡或借记卡
存入的初始开户资金可能须提供该卡的近期对账单或副本以确认拥有权。持卡人的姓氏及名字，
以及该卡号的最后四个字必须清晰可读，该对账单/卡方会被接纳。切勿以预付卡或礼品卡将资金
存入 FXCM。FXCM 经此方式收到的存款将会退回至汇款来源。
Terms of Business 业务条款
The Terms of Business governs the contractual relationship between FXCM and the client (including but
not limited to the consequences of events of default). The Terms of Business sets out the basis on which
transactions will take place and the obligations of both FXCM and the client when accessing and trading
on the Trading Platforms. However, entering into the Terms of Business does not itself constitute a trade
or in any way oblige you to enter into future transactions. This is always your decision. You must
confirm via the Website that you accept the Terms of Business before you can enter into transactions with
us. FXCM’s Terms of Business is incorporated by reference in to this PDS and is available on our
Website. A paper copy is available free of charge on request.
业务条款规制 FXCM 与客户之间的合同关系（包括但不限于违约事件的后果）。业务条款规定了
进行交易的基础及在访问及通过交易平台进行交易时，FXCM 和客户的相关义务。尽管如此，业
务条款的签署本身并不构成一项交易或以任何方式迫使您于未来进行交易。这始终由您决定。您
必须通过网站确认您接受该业务条款后才能与我们进行交易。FXCM 的业务条款通过引用并入本
产品披露声明并可查询于 FXCM 官网。应要求可提供 免费纸质副本。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 11
Representations 声明
FX Contracts offered on and from the date of this PDS are offered solely on the basis of the information
and representations contained in this PDS and the Terms of Business. No other information or
representation is authorized nor is any person authorized by the FXCM Group to give any information to
clients or to make any representation other than any information or representation contained in this PDS,
the Terms of Business and the FSG.
从本产品披露声明的发布日期起提供的外汇合约仅根据包含于本产品披露声明及业务条款的信息
及陈述提供予客户。FXCM 集团并无授权其他信息或陈述及无授权任何人向客户提供任何信息或
作出任何不包含于本产品披露声明、业务条款和金融服务指引的其他信息或陈述。
Consult Your Advisor 咨询您的顾问
You should obtain independent financial, legal, taxation and any other professional advice concerning this
PDS, the Terms of Business and the FSG.
您应该就此产品披露声明，业务条款和金融服务指引，获取独立的金融，法律，税务及其他专业
意见。
FXCM DOES NOT PROVIDE PERSONAL ADVICE 并不提供个人建议
We only provide general advice. General advice under Australian law can include information about
FXCM products and the underlying markets and FXCM’s opinions about, or outlook for, FXCM products.
Any information you have requested about FXCM products and the markets, or have discussed with a
FXCM employee should only be regarded as general advice. If you require personal advice specific to
your particular financial situation, objectives or needs, you will need to speak to your financial adviser.
FXCM does not give personal advice.
FXCM 仅提供一般性建议。根据澳大利亚法律，一般性建议可以包括有关 FXCM 产品的信息，基
础金融市场，及 FXCM 对其产品的意见或展望。任何您所要求的有关 FXCM 产品和市场的信息，
或您与 FXCM 员工的讨论内容，都只应被视为一般性建议。如果您需要针对您的具体财务状况，
投资目标或需要提供个人建议，您需要寻求您的财务顾问。FXCM 不会提供个人建议。
Any discussions with FXCM employees about his or her view of current or future market conditions or
prospects for a particular FXCM Product should not be seen as personal advice, as he or she will not have
taken into account your particular financial circumstances, objectives or needs. Rather, it should be
regarded as general information for your consideration prior to making any decision to deal in any FXCM
Product.
任何与 FXCM 员工讨论的有关他或她就某特定 FXCM 产品的目前或未来的市场状况或前景都不
应被视为个人建议，因为他/她并未将您的个人的财务状况，投资目标或需要考虑在内。相反，它
应被视为您考虑做出任何买卖 FXCM 产品决定之前的一般信息。
Updates, research reports, website content etc. do not constitute personal advice. We do not provide
personal advice. Personal advice is advice which takes into account your objectives, financial situation or
needs. You will therefore not receive a Statement of Advice from us. This means that when we provide
general advice to you, the advice will not take into account your objectives, financial situation or needs.
Therefore, before acting on our general advice, you should consider the appropriateness of the advice,
having regard to your objectives, financial situation and needs. Accordingly we make no warranties or
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 12
guarantees in respect of the content. You should read and consider this PDS and consider seeking
independent advice before making any decisions and/or using the services offered by FXCM.
行情，研究报告，网站内容等不构成个人建议。我们不会提供个人建议。个人建议是指将阁下个
人的投资目标，财务状况和需要考虑在内而给出的建议。因此您将不会收到我们的建议声明。这
意味着，我们向您提供一般建议时并无将您的投资目标，财务状况或需要考虑在内。因此，在根
据我们的建议行事前，您应该结合自己的投资目标，财务状况和需求考虑建议是否恰当。相应的，
我们对于相关的内容不作任何的保证和担保。在做任何决定和/或使用 FXCM 提供的服务之前，
您应仔细阅读本产品披露声明及考虑寻求独立建议。
Investors and traders should obtain professional financial advice based on their own particular
circumstance before making an investment decision on the basis of the general advice provided. While we
ensure that all the information provided is kept up-to-date and accurate we accept no responsibility for
any use made of the information. Upon your acceptance of FXCM’s Terms of Business you warrant that
communications between FXCM and yourself will not be interpreted as personal financial advice and that
any investment or trading decision(s) made by you is/are a result of your own free will and choice.
根据提供的一般性建议做出投资决定前，投资者和交易者应根据自身特定的情况获得专业财务建
议。虽然我们保证所提供的信息是最新和最准确的，但是我们对于该信息的使用概不承担责任。
一旦您接受 FXCM 的业务条款，则代表您保证您和 FXCM 之间的通信将不被视为个人的财务建
议及您所做出的任何的投资或交易决定都是您自己的自由意愿和选择的结果。
FXCM may collect personal or investment information from you to identify you and to administer your
account. Collection of personal information does not imply that personal advice is given.
FXCM 可能会向您收集个人或投资信息以识别您的身份和管理您的账户。个人信息的收集并不意
味着提供个人建议。
Compliance with Australian Financial Services License Financial Requirements 符合
澳洲金融服务执照财务要求
FXCM has established procedures in monitoring compliance with its license financial requirements. On a
monthly basis, FXCM reviews its Base Level Financial Requirements against its asset, liability and cash
flow. This ensures that FXCM holds sufficient funds to meet liabilities, the figure which is determined by
ASIC.
FXCM 已建立了符合其执照财务要求的监管流程。FXCM 每月审查其资产、负债和现金流的基础
层次的财务要求。这确保 FXCM 保持充足的资金来满足负债，其数字由澳大利亚证券及投资事务
监察委员会(ASIC)所确定。
Stress Testing 压力测试
To ensure that FXCM has sufficient liquid assets to meet all of its liabilities as and when they are due,
FXCM conducts stress testing on a regular basis. This ensures that, in the event of significant adverse
market movements, FXCM would have sufficient liquid resources to meet its obligations to investors
without needing to have recourse to client money to do so.
为确保 FXCM 有足够的流动资产以满足其所有到期的债务，FXCM 定期进行压力测试。这确保了
在显着不利的市场变动的情况下，FXCM 有足够的流动资源可满足其对投资者的义务而无需动用
客户的资金来完成。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 13
In formulating stress testing, FXCM considers material risks to the business as well as external factors
that would impact FXCM’s future earnings, liquidity, and capital adequacy. FXCM formulates scenarios
based on these to allow it to assess capital adequacy over the forecast period should these risks
materialize.
在制定压力测试时，FXCM 考虑到业务的巨大风险和以及会影响到 FXCM 未来盈利、流动性以及
资本充足的外部因素。基于这些，FXCM 制定了方案以允许其评估出现风险的预测期内是否资本
充足。
Depending on the scenario relating to each of the risks, FXCM will take required action to address the
risks if and when they occur. You can assess FXCM’s financial standing by requesting a copy of
FXCM’s latest audited financial statement.
视乎每个风险的情况而定，如果或在风险发生时 FXCM 将采取所需的行动以处理风险。您可以要
求 FXCM 最新的经审计的财务报表的副本以评估 FXCM 的财务状况。
Conflict of Interest 利益冲突
FXCM, its associates or other persons connected with FXCM may have an interest, relationship or
arrangement that is material. These conflicts arise from, but are not limited to, the products or services
offered, advice provided, type of execution model, compensation arrangements, or employee outside
activities. To make certain FXCM acts in the client’s best interest, FXCM follows its Conflict of Interest
Policy to identify and manage potential conflicts. Additionally, FXCM will provide, where appropriate,
the general nature of the conflict to ensure clients can make an informed business decision.
FXCM，关联企业或其他与 FXCM 有关的人士可能有利益、有联系或有重大合作安排。这些冲突
来自于（但不限于）提供的产品或服务，提供的建议，执行模式类型，佣金安排或雇员在外的活
动。为确保 FXCM 以客户的最佳利益行事，FXCM 按照其利益冲突政策识别和处理潜在的冲突。
此外，FXCM 在适当的情况下将提供冲突的一般本质的披露，以确保客户可以做出知情的业务决
定。
Specifically on execution types, the dealing desk execution model may present conflicts that are not
prevalent with our No Dealing Desk forex execution model. Under FXCM’s Dealing Desk execution
model, FXCM is a market-maker. As such, FXCM’s compensation may not be limited to our standard
markup. As a result, FXCM’s interests may be in conflict with yours and may make money when the
market moves against you. As a market-maker, FXCM sets the prices that refer to, but may not always be
the same as, those provided by other market makers. Unless otherwise specified in your written
agreement, FXCM establishes the prices at which it offers to trade with you. The prices FXCM offers
might not be the best prices available and FXCM may offer different prices to different clients. Therefore,
you should carefully evaluate any trade, including any trade recommendations you receive from any of
FXCM’s referring brokers.
就具体的执行模式而言，我们的无交易员平台执行模式中并不常见的冲突可能会存在于交易员执
行模式。在 FXCM 的交易员平台模式中，FXCM 是市场庄家。如此，FXCM 的报酬可能不仅限于
我们的标准标高点子。因此，FXCM 的利益可能会与您的利益有冲突及在市场走势不利于您时赚
钱。作为一位市场庄家，FXCM 参考其他市场庄家提供的价格而设定价格，但可能并不总是与之
相同。除您的书面协议中另有规定外，FXCM 设定与您交易的价格。FXCM 提供的价格可能不是
最佳可得价格且 FXCM 可能对不同的客户提供不同的价格。因此，您应仔细评估每笔交易，包括
任何您从 FXCM 经纪商处得到的交易推荐。
Under the No Dealing Desk forex execution model, FXCM does not profit when you lose money on a
trade. FXCM can be compensated in several ways, which include, but are not limited to charging fixed
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 14
lot-based commissions at the open and close of a trade, adding a mark-up to the spreads it receives from
its liquidity providers for certain account types, and adding a mark-up to rollover. Under the Dealing
Desk execution model, FXCM may act as a dealer and may receive additional compensation from trading.
在无交易员平台执行模式下，FXCM 并不因为您交易的亏损而盈利。FXCM 透过若干方式获得报
酬，包括（但不限于）在交易开启和关闭时以每手为基础收取固定的佣金，对特定的账户类型在
流量提供者提供的买卖差价上标高点子，及就过夜利息添加标高点子。在交易员平台执行模式下，
FXCM 可能作为交易商行事并可能从交易中获得另外的报酬。
For more information, you should review the benefits and risks associated with the different execution
models in this PDS.
更多详情，您请阅读此产品披露声明中关于不同执行模式的利益和风险部分。
Australian Securities and Investments Commission (“ASIC”) 澳大利亚证券及投资
事务监察委员会 (“ASIC”)
ASIC takes no responsibility for the contents of this PDS.
澳大利亚证券及投资事务监察委员会对此产品披露声明的内容不承担任何责任。
Use of Examples in this PDS 本产品披露声明示例的使用
The examples set out in this PDS and those on our Website are provided only for illustrative purposes. All
amounts in the examples are approximations for illustration purposes only. The examples use figures
which attempt to demonstrate how FXCM’s FX Contracts work. The figures do not necessarily reflect
your personal circumstances and do not restrict in any manner the way in which FXCM may exercise its
powers or discretion. All monetary amounts are references to Australian Dollars. The examples do not
constitute general or personal financial product advice to any person reading this PDS.
载于本产品披露声明中的及在我们的网站上提供的示例仅用于说明目的。所有示例中的金额均为
近似值，仅用作说明目的。这些示例使用的数字解释 FXCM 外汇合约是如何运作。它们并不一定
反映您的个人情况，也不以任何方式限制 FXCM 可能行使其权利或自由裁量权的情况。所有货币
金额均指澳元。示例对任何阅读本产品披露声明的个人并不构成一般性或个人的金融产品建议。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 15
REGULATORY GUIDE 227 – OVER THE
COUNTER CONTRACTS FOR DIFFERENCE:
IMPROVING DISCLOSURE FOR RETAIL
INVESTORS 监管指南 227 – 柜台交易差价合约：完
善对零售投资者的信息披露
Regulatory Guide 227 is issued by ASIC and sets out 7 disclosure benchmarks. The benchmarks apply to
both margin forex and CFD products. The table below summarizes FXCM’s disclosure against the
benchmarks.
澳大利亚证券及投资事务监察委员会发布监管指南 227 及提出七项产品披露基准。该等基准适用
于保证金外汇和差价合约。下述表格总结了 FXCM 针对这些基准的披露。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 16
Benchmarks
基准
Meets
是否达到？
Product Disclosure Statement (CFD and FX)
产品披露声明（差价合约和外汇）
1 – Client Qualification
Questions
1 – 客户资格问题
Yes
是
Prospective clients are required to fulfil 4 Client Qualification
Questions as part of the account opening process with FXCM. The
questions are designed to confirm that clients have sufficient
knowledge of FX and CFD trading, and understand the risks
involved with FX and CFD.
作为 FXCM 开户流程的一部分，潜在客户被要求回答 4 个客户
资质问题。这些问题的目的是确认客户在外汇和差价合约的交
易上有足够的知识，及了解外汇和差价合约中涉及的风险。
See section on ‘Application Process with FXCM’ for more
information.
更多详情请参阅“FXCM 账户申请流程”部分。
2 – Opening Collateral
2 – 开户抵押
No
否
FXCM accepts credit cards. While FXCM does not encourage
trading using credit fund, we realize the option provided is
appreciated by clients. Therefore, FXCM do not impose a limit of
$1, on initial credit card funding. We do however; limit
credit card funding to 20, currency units of the
Denominated Currency per month. Please note that exceptions
apply.
FXCM 接受信用卡. 虽然 FXCM 并不鼓励使用信贷资金交易,
但是我们了解到提供这种选项深受客户赞扬。因此, FXCM 并
不就初始信用卡入金实行1, 澳元的限制. 然而每月信用
卡入金上限为20,个账户结算货币单位。请注意，会有
例外情况。
You should be aware that trading on leverage with borrowed money
exposes you to greater credit risks and cash flow risks. This
includes the risk of ‘double leverage’. Should you experience
trading losses, there is a higher risk of not being able to hold
sufficient funds to maintain margins on an ongoing basis or the risk
of entering into financial difficulty.
阁下应该意识到，用借来的钱进行杠杆交易使您暴露于更大的
信用风险和现金流风险。这包括 “双重杠杆”的风险。若交
易遭受亏损，不能保持足够的资金来维持现有基础的保证金、
或陷入财务困难的风险是很高的。
In addition to credit card funding, FXCM offers a range of other
payment methods. For more information on these payment methods
please refer to ‘Funding Your FXCM Account’ in this PDS.
除了信用卡入金，FXCM 提供了一系列的其他付款方式。有关
付款方式的更多信息，请参见本产品披露声明“存款至阁下的
FXCM 账户”。
3 – Counterparty Policy
Hedging
3 – 交易对手政策对冲
Yes
是
FXCM explains how it manages exposure to market risk from
clients’ positions, including information on hedging counterparties.
FXCM 阐述它如何管理客户头寸的市场风险，包括交易对手对
冲的信息。
See section on ‘Counterparty Risk’ for more information.
更多详情请参阅“交易对手风险”部分。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 17
4 – Financial Resources and
Stress Testing
4 – 财务资源及压力测试
Yes
是
FXCM explains how it complies with its License Financial
Requirements, including stress testing procedures used to manage
its financial requirements. Clients are directed to the FXCM
Group’s Investor Relations Page or request a copy of FXCM’s
financial statement should they require further information.
FXCM 阐述它如何遵守其执照财务要求，包括用来管理其财务
要求的压力测试程序。如需进一步的信息，客户可直接查阅
FXCM 集团网站之投资者关系页面或索要 FXCM 财务报表的
副本。
See section on ‘Compliance with Australian Financial Services
License Financial Requirements’ for more information.
更多详情请参阅“符合澳洲金融服务执照财务要求”部分。
5 – Client Money and
Counterparty Risks
associated with Client
Money
5 – 客户款项及与客户款项
有关的交易对手风险
Yes
是
FXCM explains its practice on managing client money, including
segregation of client money and our use of and withdrawals of
client money as permitted by law.
FXCM 阐述其在客户资金管理上的实践，包括客户资金的隔离
和法律允许的我们对客户资金的使用和取出。
See section on ‘Client Money’ for more information.
更多信息，请查阅“客户款项”章节。
6 – Suspended or halted
underlying assets
6 – 相关资产出现交易暂停
或交易停止
Yes
是
FXCM does not permit new positions to be opened when there is a
trading halt over the underlying asset, or trading in the underlying
asset has otherwise been suspended. Please also note that in these
situations, FXCM reserves the right to change the margin
requirement on a position, re-price a position or close out a
position.
在标的资产出现交易停止或以其他方式出现交易暂停时，
FXCM 不允许客户开立新仓位。同时请注意在这些情况下，
FXCM 保留更改开仓部位的保证金要求，重新定价或将仓位平
仓的权利。
See section on ‘Suspended or Halted underlying Assets’
请查阅“相关资产出现交易暂停或交易停止”。
7 – Margin Calls
7 – 追加保证金
Yes
是
FXCM introduced an email notification service where we will
provide you with email notification when your account equity is at
or below the double of your allowable margin. Whilst FXCM
makes every effort to notify you as soon as possible, email
notification is not sent in real time. So you may not always receive
email notification prior to liquidation. This is why FXCM
recommends that you use the trading platform as a primary means
of monitoring and managing your open positions and obligations.
You are responsible for monitoring your account at all times.
FXCM 推出电子邮件通知服务，当阁下的账户净值是您可用保
证金的两倍或两倍以下时，我们将为您提供电子邮件通知。虽
然 FXCM 尽一切努力尽快通知阁下，此电子邮件并非实时发
送。因此，您可能并不会总能在强制平仓前收到电子邮件通
知。这就是为什么 FXCM 建议阁下使用交易平台作为监控和管
理您的持仓和保证金义务的主要方式的原因。与任何时间，阁
下都有责任监控好您的账户。
For more information, see section on ‘Your Margin Obligations to
FXCM’, ‘Margin Call’ and ‘Margin Requirement’ for more
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 18
information.
更多详情请参阅“阁下对 FXCM 的保证金义务”, “追加保证
金” 和“保证金要求”。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 19
KEY BENEFITS OF DEALING IN FX CONTRACTS
WITH FXCM 通过 FXCM 交易外汇合约的主要优势
No Dealing Desk & Dealing Desk Execution 无交易员平台和交易员平台执行模式
FXCM offers both No Dealing Desk (“NDD”) execution and Dealing Desk (“DD”) execution for its FX
Contracts.
FXCM 为其外汇合约提供无交易员平台(“NDD”)和交易员平台(“DD”)两种执行模式。
With NDD, FXCM provides forex execution via straight through processing. In this model FXCM passes
on to its clients the best prices that are provided by FXCM’s liquidity providers. FXCM can be
compensated in several ways, which include, but are not limited to charging fixed lot-based commissions
at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for
certain account types, and adding a mark-up to rollover. FXCM’s liquidity providers, which include
global banks, financial institutions, and other market makers, compete to provide the FXCM affiliate with
Bid and Offer prices. Under this execution model, FXCM does not take a market position, which
eliminates a major conflict of interest between FXCM and trader. When you place a trade with FXCM
Australia Pty. Limited (“FXCM AU”), it is hedged back to back with a liquidity provider. FXCM AU
also enters transactions as principal with the liquidity providers for certain FXCM affiliates’ client orders
in order to facilitate affiliated companies to manage their market positions. Liquidity providers do not see
your stops, limits, and entry orders. There is also no dealer confirmation. There are however, certain
limitations to liquidity that can affect the final execution of your order.
在无交易员平台执行模式下，FXCM 透过直通式处理方式提供外汇交易执行。在这个模式之下，
FXCM 向客户提供的报价是 FXCM 的流通量提供者所给予的最佳价格。FXCM 可通过若干途径获
得报酬，包括（但不限于）在交易开启和关闭时以每手为基础收取固定的佣金，对特定的账户类
型在流量提供商提供的点子上标高点子，及就过夜利息添加标高点子。FXCM 流通量提供者,包括
环球银行、金融机构及其他市场庄家竞相给 FXCM 分支机构提供买入和卖出价格。在这种执行模
式下，FXCM 并无参与坐盘交易，从而消除了 FXCM 与交易者之间主要的利益冲突。当您与
FXCM Australia Pty. Limited (“FXCM AU”)进行交易时，交易将会与一家流通量提供商进行背对背
交易以对冲，FXCM AU 也将就若干 FXCM 联属公司客户的订单作为主事人与流通量提供者进行
交易，以促进联属公司管理其市场仓位。流通量提供者并无看到您的止损，限价和挂单。同时这
也无交易员确认。但是，流通量的若干限制却可能会使阁下指令的最终执行受到影响。
Under the DD execution model, FXCM act as the market maker. FXCM may derive Dealing Desk prices
from its liquidity providers but your trades may or may not be hedged back to back with the liquidity
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 20
provider. Rather, hedging activities with liquidity providers will be determined by FXCM in accordance
with its broader risk management framework for the FXCM Group.
在交易员平台执行模式下，FXCM 会作为市场庄家。FXCM 的交易者平台价格可能来自于其流通
量提供者，但阁下的交易可能会亦或可能不会与流通量提供者进行背对背交易以对冲。相反，会
否与流通量提供者进行对冲将由 FXCM 根据 FXCM 集团广泛的风险管理框架决定。
You should note that in addition to the benefits, the different execution models entail different risks.
These are detailed throughout the Section on ‘Significant Risks of dealing in FX with FXCM’.
请注意，除了上述优势，不同的执行模式亦会带来不同的风险。这些在“通过 FXCM 交易外汇的
主要风险”部分详细列出。
Premium Accounts—No Dealing Desk Execution 尊贵账户 – 无交易员平台执行模
式
With NDD, FXCM acts as a price aggregator. We take the best available bid and best ask prices from our
liquidity providers—global banks, financial institutions and other market makers— and add our FXCM’s
mark-up before streaming those prices to your platform.
在无交易员平台执行模式下，FXCM 作为价格的聚集者，从我们的流通量提供者 - 环球银行、金
融机构及其他市场庄家处选择最佳的可得买入价及最佳卖出价然后加上 FXCM 标高点子后，并将
这些价格传输到您的交易平台。
Standard Accounts – Dealing Desk Execution 标准账户 – 交易员平台执行模式
Pricing 定价
A Standard account can be opened with as little as $50. Standard Accounts feature dealing desk execution,
where FXCM can act as a dealer determining prices and spreads. Accounts that execute on dealing desk
execution may be restricted from scalping, news trading, trading EAs, and API trading. Read more about
dealing desk execution.
标准账户可以低至 50 个结算货币开立。标准账户预设为交易员平台执行模式，FXCM 作为经纪商
可决定价格和差价。执行交易员平台模式的账户可能会被限制为不能进行食价，新闻交易，交易
EA 和 API 交易。了解更多交易员平台执行模式的详情。
Execution Disclaimer: FXCM sources bid and ask prices from a pool of liquidity providers and is the
final counterparty when trading forex on FXCM's dealing desk and No Dealing Desk (NDD) execution
models. With NDD, FXCM's platforms display the best-available direct bid and ask prices from the
liquidity providers plus mark up. With dealing desk execution, FXCM can act as the dealer on any or all
currency pairs. Backup liquidity providers fill in when FXCM does not act as the dealer. FXCM’s dealing
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 21
desk has fewer liquidity providers than NDD. There are many other factors to consider when choosing an
execution model (such as conflict of interest, trading style or strategy).
交易执行免责声明：FXCM 从一批流通量提供者中获取买入价及卖出价，并且于通过 FXCM 交易
员平台及无交易员平台 (NDD) 执行模式买卖外汇时作为最终对手方。在 NDD 模式下，FXCM 的
平台显示来自流通量提供者的最佳可得直接买入价及卖出价加上标高点子。在交易员平台执行模
式下，FXCM 可以就任何或全部货币对作为交易员。当 FXCM 不作为交易员时，后备流通量提供
者将会负责填补。FXCM 交易员平台的流通量提供者较 NDD 为少。选择执行模式时须考虑多种
其他因素（例如利益冲突、交易方式或策略）。
No Re-Quote Policy: FXCM maintains a no re-quote policy. Circumstances exist based on order size,
trading pattern, and market conditions where individuals may not receive execution at the requested rate.
Orders are executed at the next available rate within the trader's parameters, subject to market conditions.
The difference between the requested rate and final execution price may be more or less advantageous
based on the market activity and available liquidity.
不会重新报价政策：FXCM 设有不会重新报价的政策。视乎指令规模、交易方式、及市况而定，
可能会存在个别人士未必能按要求的价格获得执行的情况。在该等情况下，指令将会在交易者的
参数范围内以下一个可得价格执行，视乎市况而定。基于市场的活动及可得的流通量，要求的价
格与最终执行的价格之间的差异可能有利也可能不利。
Standard Accounts: Standard accounts offer 18 CFD instruments and up to 21 currency pairs
(GBP/AUD is only available on AUD denominated accounts). Standard accounts default to dealing desk
execution where price arbitrage strategies are prohibited. FXCM determines, at its sole discretion, what
encompasses a price arbitrage strategy. Standard accounts utilising prohibited strategies may be switched
to No Dealing Desk execution. Standard accounts with equity less than 10,000 CCY have 400:1 forex
leverage; between 10,000 and 20,000, have 200:1; more than 20,000, have 100:1 leverage and No Dealing
Desk execution.
标准账户：标准账户提供 18 种差价合约工具及多达 21 个货币对（英镑/澳元仅提供予澳元结算账
户）。标准账户预设为交易员平台执行模式，禁止价格套戥策略。FXCM 可全权酌情厘定什么构成
价格套戥策略。使用被禁策略的标准账户可能会被转为无交易员平台执行模式。净值少于 10,000
账户结算货币的标准账户可享 400:1 外汇杠杆；净值介乎 10,000 至 20,000 账户结算货币可享
200:1 杠杆；净值超过 20,000 账户结算货币可享 100:1 杠杆及无交易员平台执行模式。
Phone Dealing 电话交易
FXCM offers you the option of placing trades over the phone with our dealers. The trading desk is open
from Sunday 5:15 PM (ET) – Friday 4:55 PM (ET). Orders placed prior may be filled until 5 PM (ET).
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 22
However, you will not be able to close existing positions or open new ones. All trading functionalities
will cease upon the end of week closing.
FXCM 为阁下提供透过致电我们交易室进行交易的选择。交易室服务时间为周日下午 5:15（美东
时间）– 周五下午 4:55（美东时间）。先前建立的指令可于美东时间下午 5 时之前获得执行。但
是，您将无法关闭现有的开仓部位或建立新的开仓。所有的交易功能都将在每周结束时关闭。
24 Hour Trading and Support** 24 小时交易支援**
FXCM will endeavour to provide you with access to our Trading Platforms which provides you the
opportunity to trade 24 hours a day on Trading Days. This gives you a unique opportunity to react
instantly to news that is affecting the markets. FXCM Chinese representatives are available at 8:00 . –
11:59 . Beijing timezone from Monday to Friday.
FXCM 将努力为阁下提供可在交易日全天 24 小时交易的平台。这使您可以及时地对影响市场的新
闻作出反应。FXCM 中文客户服务时间为星期一至星期五北京时间上午 8:00 – 晚上 11:59。
User Friendly Trading Platforms 操作简便的交易平台
FXCM Trading Platforms are easy to use online trading stations designed to provide clients with
comprehensive market information and a high level of execution. The Platforms allow you to customize
your trade station.
FXCM 交易平台是一个易于使用的在线平台，且旨在为客户提供全面的市场信息和较高水平的执
行。该平台允许您自定义您的交易平台。
Real Time Quotes 实时报价
FXCM uses sophisticated technology and/or liquidity providers (counterparties) in order to offer you up-
to-the-minute quotes. You may check your accounts and positions in real time and you may do so 24
hours a day.
FXCM 采用成熟的技术和/或流通量提供者（交易对手）为您提供最新的报价。您可以实时检查您
的账户和仓位，并且一天 24 小时都可进行此操作。
Trading Education 交易教育
FXCM has developed a series of courses that are designed to teach a novice trader basic skills in order to
trade; using charts, identifying potential trading opportunities, trade the market based on news, events
and economic data, and learn to maximize his/her trading opportunities while managing risks.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 23
FXCM 已开发一系列课程，旨在让新手交易者学习交易基础以进行交易；使用图表工具，识别潜
在的交易机会，根据新闻、重大事件和经济数据进行市场交易，及学习如何控制风险的同时最大
限度地发挥其交易机会。
SIGNIFICANT RISKS OF DEALING IN FX
CONTRACTS WITH FXCM 通过 FXCM 交易外汇的
主要风险
You should be aware that trading FX Contracts offered by FXCM involves risks. It is important that you
carefully consider whether dealing in FX Contracts is appropriate for you in light of your financial
circumstances such as your objectives, financial situation and needs.
阁下须知，由 FXCM 提供的外汇合约交易涉及风险。阁下根据您的投资目标，财务状况和需要等
财务情况仔细考虑阁下是否适合进行外汇交易是很重要的。
FXCM will not give you any personal financial product advice. As FXCM will only be providing general
advice, this advice will not take into account your objectives, financial situation or needs. Accordingly,
you should obtain your own financial, legal, taxation and other professional advice as to whether
FX Contracts are an appropriate investment for you.
FXCM 不会向您提供任何个人金融产品建议。FXCM 将只提供一般性建议，该等建议并无考虑阁
下的投资目标，财务状况或需要。因此，您应该获取独立的财务，法律，税务及其他专业意见以
确定外汇合约的投资是否适合您。
FXCM has a risk management framework within the software supporting the Trading Platforms which,
assuming you meet all of your obligations to us (as fully set out in the Terms of Business), attempts to
limit your potential loss to the amount of money you have deposited in your account. However, at all
times, if you have open positions with us your potential loss can be substantial and is not limited to any
amount. You may sustain losses in excess of the moneys you initially deposit. You may sustain losses in
excess of your initial margin funds. Generally FXCM will not hold clients liable for debit balances,
however in certain circumstances; you shall be liable to FXCM for any debit balances in your account(s).
Please refer to our Terms of Business.
FXCM 在支持交易平台的软件上设有风险管理架构，假设您满足您对我们的所有义务（完全如业
务条款所述），该架构将试图限制您已存入账户的资金的潜在损失。但是，在任何时候，如果您
有与我们的未平仓合约，您的潜在损失可能是巨大的，并且不限于任何金额。您所蒙受的损失可
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 24
能超过您最初存入的资金。一般情况下，FXCM 将不会要求交易者对负数结余负责，但在若干情
况下，阁下应就账户的负数结余对 FXCM 负有责任。请参阅业务条款。
FXCM recommends that you do not risk money that you are not in a position to lose and that you adopt a
philosophy of capital preservation and implement risk mitigation techniques (such as the use of stop-loss
orders). Stop–loss orders assist you in managing your risk by preventing your account from declining
below what you are prepared to lose. However, stop orders do not guarantee a particular price, therefore
stop orders may incur slippage depending on market conditions. This type of order is designed to
automatically close some or all of your open positions at the best available price once a certain price is
reached. A Stop-loss order can only be set at a price less favourable than the current price.
FXCM 建议阁下不要将您无法承受损失的资金进行冒险，及采取资本保全的理念和使用风险缓和
技术（如使用止损单）。止损单通过防止您的账户跌至低于您预期可接受的损失水平来帮助您管
理风险。然而，视乎市况而定，止损单并不能保证一个特定的价格，因此止损单可能出现滑点。
该类订单是为了在达到某个特定价格时以最佳可得价格平掉您的部分或全部持仓。止损单仅能被
设定为比目前价格较不好的价格。
For example: If you buy the AUD/USD at and want the position to close automatically if it
moves 1000 pips against you, you would enter a stop-loss order into the Trading Platform at . (If
you are short, you would enter the stop-loss order above the current price . .)
例如，如果您在 买入澳元/美元并希望这个持仓可以在价格跌了 1000 点时自动平仓，则
您可以在交易平台建立一个价格为 的止损单。（如果您是做空，您可以在目前 的
价格之上建立止损单）
Please note that your stop-loss orders may be filled at prices inferior to those at which they were
originally placed. FXCM will execute a stop-loss order once one of the following conditions is met:
请注意，您的止损单可能以不如最初被设置的价格被执行。一旦满足下列任何一个条件，FXCM
将执行止损单：
• FXCM’s Offer price has reached the stop-loss order price in the case of a buy order, or FXCM’s
Bid price has reached the stop-loss order price in the case of a sell order; or
• 就买入指令，FXCM 的卖出价已达到止损单价格，或就卖出指令，FXCM 的买入价已达到
止损单价格；或
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 25
• The price offered by FXCM on the relevant Trading Platform has traded at or through the level at
which the stop-loss order was placed.
• FXCM 提供在有关的交易平台上的价格已于或穿越该止损单设置的价格上被交易。
In some market conditions, such as Gapping in the underlying market, the price offered by FXCM on the
relevant Trading Platform will also Gap through your specified price (stop level), then the stop-loss order
will be executed at the next available price.
在某些市场条件下，如基础金融市场的跳空，FXCM 提供在相关交易平台上的报价也将出现跳空，
从而穿越阁下的指定价格（止损价格水平），那么止损订单将于下一个可得价格被执行。
Due to the above factors, FXCM does not guarantee that your stop-loss order will be executed at
the same price you requested.
由于上述因素，FXCM 并不能保证您的止损单将以相同于您要求的价格被执行。
Negative balance protection policy 负数结余保障政策
IMPORTANT: The Negative balance protection policy (excludes corporate Accounts):
重要信息：负数结余保障政策（不包括公司账户）：
Please refer to our Terms of Business for the full details of the negative balance protection policy which
lists out the relevant details, definitions, and exceptions of this policy.
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
You may incur a debit/negative balance in your account(s) and will be liable for Debit Balances in the
accounts(s), however FXCM agrees to waive up to $50,000 USD of any Debit Balance held with FXCM
less any amount waived by any Group Entity with respect to the same debit balance. FXCM reserves the
right to alter or change the negative balance protection policy at its sole discretion.
您的账户可能会产生借方/负数结余及您将对该账户负数结余负责,尽管如此，FXCM 同意豁免不
高于 50,000 美元的对 FXCM 的负数结余，但减免对于同一笔负数结余客户获得任何集团实体的任
何豁免。FXCM 保留可修改或变更该负数结余保障政策的全权酌情权。
Note that ‘Debit Balance’ is defined in our Terms of Business as within any 24 hour period of time as
calculated and determined by FXCM in its sole and absolute discretion, the aggregate of any negative
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 26
balances incurred by the Client across all Accounts the Client holds with FXCM from time to time
(whether jointly or individually) and any and all accounts the Client holds with any Group Entity from
time to time (whether jointly or individually).
请注意“负数结余”在我们的业务条款中被定义为以任何 24 小时期间内，FXCM 根据其全权绝对
酌情权计算及决定的客户持有的 FXCM 所有账户（不论是联名或个人）以及客户持有的集团实体
下的任何以及所有账户（不论联名或个人）不定期产生的任何负余额总和。
Some exceptions to this policy are listed below, however this is not a complete list, therefore you must
refer to the Terms of Business for the full details of the policy.
下面列出一些不适用于本政策的情况，但这并不是一份完整的列表，因此，您必须参阅业务条款
以获得该政策的全部细节。
This no negative/debit balance policy will not apply:
本负数结余政策在下列情况下不适用：
• To corporate accounts
对公司客户；
• In the case of a Force Majeure Event (as defined in the Terms of Business)
在发生不可抗力的情况下（如业务条款中的定义）；
• In the case where FXCM determines in its sole and absolute discretion that the debit balance is
unrelated to your trading activity ；
FXCM 依据全权酌情权厘定负数结余与客户的交易活动无关；
• In the case that the debit balance is connected to or as a results of a breach of the Terms of
Business
负数余额与违反业务条款相关或是违反业务条款的结果；
• In the case where you have entered into a white label or omnibus account relationship with
FXCM
客户与 FXCM 订立了白标关系或综合账户关系；
• In the case where you deal with FXCM through a credit arrangement
客户透过信贷安排与 FXCM 交易；
• In the case where the debit balance is incurred as a result of any transactions in equities, futures
contracts, options contracts, CFD contracts where the underlying instrument is a security, and/or
any other products that are traded on a market
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 27
负数结余产生于以标的金融工具为证券的权益股份、期货合约、期权合约、差价合约的交
易，及/或在市场上交易的任何其他产品；
• In the case where you are classified as a professional client/investor and/or wholesale client
客户被划分为专业客户或投资者及/或批发客户；
• In the case where the debit balance is incurred by your use of FXCM’s ‘Pro ECN’ or ‘FastMatch’
platform
负数结余产生于客户使用 FXCM 的 “Pro ECN” 平台或 “FastMatch’ platform” 平台的；
• In the case where FXCM agrees to disable the automatic liquidation feature in any one of your
account(s)
FXCM 同意禁用自动清算功能的任何客户账户。
Please refer to our Terms of Business for the full details of the no debit balance policy which lists
out the relevant details, definitions and exceptions of this policy.
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
Market Risk 市场风险
Market risk is the risk that the value of your positions will change as a result of a movement in the
underlying market price. Investors can possibly experience losses due to but not limited to the following
factors:
市场风险是指您仓位的价值会随着相关市场价格的移动而变化。投资者可能会由于以下（但不限
于）因素而遭受损失：
i. Interest rate risk: covers the volatility that occurs with changing interest rates due to fundamental
factors such as Libor and other central bank announcements related to changes in monetary
policies.
利率风险：涵盖了与由基础因素（如伦敦同业拆借利率（Libor）和与货币政策有关的央行
公布）导致的利率改变一同发生的波动。
ii. Currency risk: currency rate movements can be volatile due to fundamental factors such as
interest rate changes or unemployment information.
货币风险：由于如利率改变或失业信息等基础因素，汇率的波动性可能较大。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 28
iii. Suspensions in trading of the underlying asset, financial market or liquidity of the financial
instrument.
相关资产交易暂停，金融市场关闭或者金融工具的流通量中断。
For FX Contracts, you will suffer a loss if the underlying foreign exchange rate moves unfavourably.
There is no guarantee or assurance that you will make profits, or not make losses, or that any unrealised
profits or losses will remain unchanged. You should note that information about prices or rates may come
from a number of sources and may not necessarily be current when provided to you. FXCM does not
accept responsibility for this as it is impossible to guarantee prices based on a snap shot of your open
positions until they are physically closed out and the price is determined.
对于外汇合约，阁下可能会因相关的外汇汇率的不利变动而蒙受损失。不能保证或担保阁下将会
盈利，或不亏损，或任何未来的收益或亏损将保持不变。阁下应注意，关于价格和利率的信息可
能来自多种不同的渠道，且提供予您的信息并不一定是目前的信息。因为仅以您的持仓的某一刻
的情况为基础去保证它被平仓前的价格是不可能实现的，因此，FXCM 对此概不负责。
Prices/Rates 价格/利率
Prices/rates quoted may not necessarily reflect the broader underlying market. FXCM will select closing
prices to be used in determining Margin Requirements and in marking to market the positions in client
accounts. Although these prices can be expected to be reasonably related to those available on the
interbank market (for FX Contracts) or the relevant underlying market of the asset which is the subject of
the CFD, prices used may vary from those available and other participants in the markets,
价格/利率的报价并不一定反映更广泛的基础金融市场。FXCM 将选择收盘价以确定保证金要求及
标记客户账户的开仓部位。虽然可以合理的预期这些价格与银行间市场（对于外汇合约）或相关
差价合约资产的基础金融市场价格相关，但使用的价格可能不同于那些可得价格和该等市场的其
他参与者。
Regulatory Risk 监管风险
You may be exposed to the risk of a change in laws and regulations that materially may impact FXCM. A
change in laws or regulations made by the government or a regulatory body can possibly increase the
costs of operating a business, or possibly reduce the attractiveness of investment financial product.
阁下可能会暴露于对 FXCM 可能有重大影响的法律和监管机构的改变而产生的风险。由政府或监
管机构做出的法律或法规的改变可能会提高企业的经营成本，也可能减少投资理财产品的吸引力。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 29
Counterparty Risk 交易对手风险
When FXCM issues FX Contracts, you are dealing with FXCM as counterparty to every transaction. Thus,
you are exposed to the financial and business risks, including FXCM’s exposure to market risk and credit
risk.
当 FXCM 发出外汇合约时，您就每笔交易均作为 FXCM 的交易对手进行交易。因此，您暴露于
财务和业务的风险，包括 FXCM 面临的市场风险和信用风险。
You are reliant on FXCM’s ability to meet its counterparty obligations to you to settle the relevant
Contract. In the unlikely event that FXCM becomes insolvent, it may be unable to meet its obligations to
you. You may become an unsecured creditor in an administration or liquidation and will not resource to
any underlying assets. This is common to all OTC financial products.
阁下依赖于 FXCM 结算相关合约而满足其对您的交易对手义务的能力。若 FXCM 出现不太可能
的资不抵债的情况，它就可能无法履行对您的义务。管理和清算过程中，您可能变成无担保债权
人，也不会依赖于任何基础金融资产。这在所有场外金融产品中是常见的。
Under the NDD execution model, FXCM provides forex execution via straight through processing. In
this model FXCM passes on to its clients the best prices that are provided by FXCM’s liquidity providers
plus its own mark-up. FXCM enters into opposite back to back transactions with the liquidity provider(s)
in relation to its exposures to its clients for FX Contracts.
在无交易员平台执行模式下，FXCM 通过直通式处理方式提供外汇交易执行。在这种模式下，
FXCM 将其流通量提供者提供的最佳的报价加上 FXCM 标高点子后传递给客户。FXCM 通过与流
通量提供者进行背对背交易以限制关于就其外汇合约暴露于客户的风险。
The liquidity providers are major banks and financial institutions. FXCM AU has a strict policy on
institutions it deposits with, only institutions with credit rating A-2 and above are accepted.
流通量提供者为主要的银行和金融机构。FXCM AU 对其存款的机构有严格的政策，只能接受信
用评级为 A-2 及以上的机构。
Regarding FXCM AU’s liquidity providers, FXCM AU has access to some (but not all) of the FXCM
Group’s liquidity providers. The liquidity providers are major banks and financial institutions. A list of
liquidity providers can be found at
(English only).
关于 FXCM AU 的流通量提供者，FXCM AU 可使用 FXCM 集团的部分（但不是全部）流通量提
供 者 的 。 流 通 量 提 供 者 为 主 要 银 行 和 金 融 机 构 。 可 于 网 站
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 30
者列表。
Under the NDD execution model, FXCM AU also enters transactions as principal with the liquidity
providers for certain FXCM affiliates’ client orders in order to facilitate affiliated companies to manage
their market positions.
在无交易员平台执行模式下，FXCM AU 亦就若干 FXCM 联属公司客户的订单作为主事人与流通
量提供者进行交易，以促进联属公司管理其市场仓位。
Under DD execution model, FXCM is the market maker and thus your trade may or may not be hedged
against a liquidity provider.
在交易员平台执行模式下，FXCM 是市场庄家。因此，阁下的交易可能会亦或不会与流通量提供
者进行对冲。
It is possible that a hedging counterparty may become insolvent while controlling client money. Therefore,
any funds paid by clients to FXCM may not be protected if there is a default in the overall client trust
account. Refer to the paragraph titled Clients’ Money in this PDS for further information.
对于一个控制着客户资金的对冲交易对手来说，破产是有可能发生的。因此，如果总体客户信托
账户出现违约，任何由客户支付给 FXCM 的资金都可能不受到保护。进一步详情，请查阅本产品
披露声明之“客户款项”。
You should also refer to the section of the Terms of Business, where information about FXCM AU’s
conflicts of interests is discussed.
阁下同时应参阅业务条款中关于 FXCM AU 利益冲突的部分。
FXCM Financial Statement FXCM 财政报表
You can assess FXCM AU’s financial ability to meet its counterparty obligations by reviewing the
financial positions of FXCM. Upon written request, a client may, at no additional cost, obtain a copy of
the FXCM Group’s most recent financial statement.
阁下可通过审查 FXCM 的财务状况以评估 FXCM AU 履行其作为交易对手的义务的财务能力。客
户可提交书面索取 FXCM 集团最新的财务报表副本，而无需支付额外费用。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 31
Leverage Risk 杠杆风险
You should be aware that trading in leveraged Contracts such as the FX Contracts offered by FXCM is
one of the riskiest forms of investment available in the financial markets and may not be suitable for all
investors. In deciding whether or not you wish to become involved in dealing in FX Contracts with
FXCM, you should be aware that:
阁下应知悉，交易杠杆合约，如 FXCM 提供的外汇合约，是金融市场中交易风险最大的投资形式
之一，未必适合所有投资者。阁下在决定是否希望与 FXCM 交易外汇合约时，应了解：
FX Contracts are speculative products that are highly leveraged and carry significantly greater risk
than non-geared investment products such as share trading and you could lose large amounts of
money. You may sustain losses in excess of the Margin Requirement needed to establish and
maintain an FX Contract with FXCM not directly related to trading activity.
外汇合约是高杠杆的投机性产品，且显著比非杠杆的投资产品具有的更大风险，如股票买卖，并
且您可能会亏损大额金钱。您可能蒙受损失超过您用以建立和维持外汇合约所需、而非与交易直
接相关的保证金
FX Contract trading carries a high degree of risk, and may not be suitable for all investors. The
high degree of leverage can work against you as well as for you. Before deciding to trade FX
Contracts you should carefully consider your investment objectives, level of experience, and risk
appetite. The possibility exists that you could sustain a loss of some or all of your initial investment
or even more in extreme circumstances (such as Gapping underlying markets) and therefore, you
should not invest money that you cannot afford to lose. You should be aware of all the risks
associated with trading in FX Contracts and seek advice from an independent financial advisor if
you have any doubts.
外汇合约交易涉及高风险，未必适合所有投资者。高度的杠杆可为阁下带来负面或正面的影响。
阁下在决定交易外汇合约前应审慎考虑自己的投资目标，交易经验和风险接受程度。可能出现的
情况包括：蒙受部分或全部初始投资额的损失或在极端情况下（例如相关市场跳空）蒙受更多损
失，因此，阁下不应将无法承受损失的资金用于投资。投资应知悉外汇合约交易有关的一切风险，
如有需要，请向独立财务顾问寻求意见。
An example of leverage risk: An account with FXCM permits you to trade on a highly leveraged basis (up
to approximately 100 times [400 times for Standard Accounts] your account equity or as otherwise
permitted by FXCM). An initial deposit of AUD$500 may enable the trader to take a maximum position
of AUD$100,000 notional market value. In such a case, the funds in an account trading at maximum
leverage can be completely lost, if the position(s) held in the account has more than a one percent swing
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 32
in value. In fact, your loss is not limited to that amount . you could lose additional money beyond the
funds you have deposited with us. Given the possibility of losing an entire investment or more,
speculation in financial markets should only be conducted with risk capital funds that if lost will not
significantly affect your financial well-being. If you have pursued only conservative forms of investment
in the past, you may wish to study financial markets trading further before commencing with an
investment of this nature. You must realize that you could sustain a total loss of all funds you deposit
with us as initial margin as well as substantial amounts of additional capital, should the market go against
your investment or Gapping occurs in the underlying market making it impossible to execute your stop-
loss order (if placed). If you wish to commence trading, you acknowledge that the funds you have
committed are purely risk capital and loss of your investment will not jeopardize your style of living nor
will it detract from your future retirement program. Additionally, you fully understand the nature and
risks of trading FX Contracts and your obligations to others will not be impacted should you suffer
investment or trading losses.
杠杆风险的一个例子：FXCM 账户允许阁下以高杠杆进行交易（高达约 您的账户资产的 100 倍
[标准账户为 400 倍]，或 FXCM 另行允许的倍数）。500 澳元的初始存款将允许交易者持有的最
大仓位市值为 100,000 澳元。在这种情况下，如果账户的持仓价值的变动超过一个百分比，在最
高杠杆比例上交易的账户的资金可能全部损失。事实上，您的损失并不局限于这一数额，即您的
损失可能会超出您已存入我们的资金。鉴于存在损失全部投资或更多的可能性，在金融市场进行
投机行为仅能使用风险资本资金，如果损失该资金，也不会显著影响您的财务状况。。如果您在
过去仅追求保守的投资形式，阁下可能希望在开始投资此类性质的投资前进一步研究相关的金融
市场交易。阁下须明白，如果市场走向不利于您的投资或相关市场跳空以致无法执行您的止损单
（如已设置），您可能损失初始存入 FXCM 作为初始保证金的全部金额及大量的额外资金。如果
您想开始交易，请确认您用于投资的资金都是纯粹的风险资本及您投资的损失将不会影响到您的
生活方式或您的未来的退休计划。此外，您完全理解买卖外汇合约的性质和风险，及如果您遭受
投资或交易损失，将不会您对他人的义务。
IMPORTANT: Clients shall be liable to FXCM for any negative balance except where the negative
balance protection policy applies, as set out under our Terms of Business. FXCM can potentially waive
client negative balances held with FXCM up to a certain amount, subject to the terms set out under
FXCM’s Terms of Business. Please refer to our Terms of Business.
重要信息：根据我们的业务条款的陈述，客户应就除适用于负数结余保障政策外的所有负数结余
对 FXCM 负责。FXCM 可能会豁免一定额度的符合业务条款规定的客户账户负数结余。请参阅业
务条款。
Please refer to our Terms of Business for the full details of the no debit balance policy which lists
out the relevant details, definitions and exceptions of this policy.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 33
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
Systems Risk 系统风险
Operational risks in relation to the FXCM Trading Station are inherent in every FX Contract. For example,
disruptions in FXCM’s operational processes such as communications, computers, computer networks,
software or external events may lead to delays in the execution and settlement of a transaction.
FXCM 交易平台相关的运行风险是每一份外汇合约交易固有的。例如，在 FXCM 的操作过程中如
通讯，计算机，计算机网络，软件的中断或外部事件的影响都可能导致交易执行和结算的延迟。
Clients receiving a disruption to the Trading Stations must call the dealing desk in order to open/close
positions. In the event a disruption occurs on the FXCM side, you may be unable to trade in an FX
Contracts offered by FXCM when you wish and you may suffer a financial loss or opportunity loss as a
result.
倘若客户使用交易平台时平台功能中断，您必须致电交易室以进行开/关仓。倘若在您希望交易由
FXCM提供的外汇合约时，FXCM方发生中断，您可能无法进行交易，从而，您可能会遭受财务
损失或失去交易机会。
FXCM does not accept or bear any liability whatsoever in relation to the operation of the FXCM Trading
Station, except to the extent that it is caused by the fraud or dishonesty on the part of FXCM or its
employees, agents or representatives.
FXCM 不会接受或承担有关 FXCM 交易平台运行的任何责任，除非它是由于 FXCM 或其雇员，
代理或代表的欺诈或不诚信造成的。
Execution Risk 交易执行风险
Execution Model 交易执行模式
FXCM offers the option to utilize two distinct execution models when trading forex; its acclaimed No
Dealing Desk execution model as well as a Dealing Desk execution model. These execution models have
its advantages and disadvantages which can include (but are not limited to) the products available for
trading, the counterparty, and FXCM’s compensation. The benefits and risks are outlined in Section 2 of
this PDS and you will see the risks outlined throughout this section.
FXCM 就外汇交易提供两种不同的交易执行模式；分别为无交易员平台执行模式和交易员平台执
行模式。这两种执行模式各有其优缺点，其中包括（但不限于）可供交易的产品，交易对手及
FXCM 的报酬。收益和风险被列述于本产品披露声明的第二部分。阁下将看到本部分所列的风险。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 34
No Dealing Desk - FXCM offers forex execution through a straight through processing, or No Dealing
Desk execution model. In this model FXCM passes on to its clients the best prices that are provided to
FXCM by its liquidity providers with a fixed mark-up or commission fee for each currency pair. In this
model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these
external providers for currency pricing. Although this model promotes efficiency and competition for
market pricing, there are certain limitations to liquidity that can affect the final execution of your order.
无交易员平台 – FXCM 通过直通式处理方式，或无交易员平台执行模式提供外汇交易执行。在这
个模式之下，FXCM 向客户提供的报价是 FXCM 流通量提供者所给予的最佳价格另加对每个货币
对所附加的固定标高点子或佣金费用。在这个模式下，FXCM 并非作为任何货币对的市场庄家。
因此，FXCM 依赖这些外部提供者提供外汇报价。虽然这种模式可促进效率及市场定价竞争，但
是流通量的若干限制却可能会使阁下指令的最终执行受到影响。
Dealing Desk - Under the Dealing Desk execution model, FXCM act as the market maker. FXCM may
derive Dealing Desk prices from its liquidity providers but your trades may or may not be hedged back to
back with the liquidity provider. Rather, hedging activities with liquidity providers will be determined by
FXCM in accordance with its broader risk management framework for the FXCM Group. As such,
FXCM may take steps to mitigate the risk accumulated during the market making process.
交易员平台 – 在交易员平台执行模式下，FXCM 作为造市商。FXCM 可能从它的流通量提供者中
得出交易室的价格，但阁下的交易可能会亦或可能不会与流通量提供者进行背对背交易以对冲。
相反，会否与流通量提供者进行对冲将由 FXCM 根据 FXCM 集团广泛的风险管理框架决定。因
此，FXCM 可能会采取措施以减轻在做市过程中积累的风险。
In the event that a client exhibits trading behaviours that prevent FXCM’s ability to manage risk FXCM
may, in our sole discretion and without previous consent, transfer a client’s underlying account to our No
Dealing Desk.
在客户的交易行为阻碍到 FXCM 风险管理的能力的情况下，FXCM 可能全权酌情决定且在毋须事
先取得客户同意的情况下，将客户的相关账户更改为我们的无交易员平台执行模式。
FXCM has sole and absolute discretion to transfer a client’s account from one execution model to another
for any reason or no reason whatsoever and without previous consent, and FXCM will endeavour (but not
guarantee) to provide a client with notice of such transfer before or after any such transfer takes place.
FXCM 有绝对酌情权基于任何理由或没有理由的情况下，毋须事先取得客户同意，将一个客户的
账户从一种执行模式更改为另一种执行模式。FXCM 将尽力（但不保证）在此类更改发生前或发
生后向客户提供相关的通知。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 35
FXCM may also transfer your account to our No Dealing Desk offering should the balance in your
account exceed the USD 20,000 maximum.
假如您的账户结余超过 20,000 美元的上限，FXCM 亦可能会将您的账户转移至无交易员平台。
As a market maker, you should be aware that FXCM’s interests may be in conflict with yours and FXCM
may benefit if the market goes against you. This is further discussed under the Section titled ‘Conflict of
Interest’.
作为造市商，阁下应知悉 FXCM 的利益可能会与您的利益相冲突及 FXCM 可能会从您的损失中
获利。这将在“利益冲突”部分进一步讨论。
Slippage 滑点
FXCM aims to provide clients with the best pricing available to us and to get all orders filled at the
requested rate. Depending on the execution model, there are times when, due to an increase in volatility or
volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news
events, high volatility, and/or periods of limited liquidity. During periods such as these, your order type,
quantity demanded, and specific order instructions can have an impact on the overall execution you
receive.
FXCM 致力为客户提供最佳交易执行，并竭力按照要求的价格成交所有指令。视乎执行模式而定，
有时基于市场波动或交易量增加的原因，指令可能会受滑点影响。滑点最常在基础新闻事件，大
的市场波动，和/或流通量有限的期间发生。在此等期间内，您的指令类别，所需的数量，及特定
的指令指示可能会对阁下所获得的整体交易执行造成影响。
The following are examples of specific order instructions available for the No Dealing Desk forex
execution:
无交易员平台外汇执行模式特定指令指示的例子包括：
“Good ‘Til Cancelled” (GTC) Orders – Your entire order will be filled at the next available
price(s) at the time it is received.
“取消前有效”(GTC) – 阁下的整项指令将在接获时按下一个可得价格执行。
“Immediate or Cancel” (IOC) Orders – All or part of your order will be filled at the next
available price with the remaining amount cancelled should liquidity not exist to fill your order
immediately.
“即时或取消”(IOC) – 阁下全部或部分指令将会在下一个可得价格执行，而假若并无流通量
即时执行阁下的指令，余额将会被取消。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 36
“Fill or Kill” (FOK) Orders – The order must be filled in its entirety or not at all.
“全数执行或立即取消”(FOK) – 指令必须全数执行，否则将不会执行。
The volatility in the market may create conditions where orders are difficult to execute. For instance, the
price you receive in the execution of your order might be many pips away from the selected or quoted
price due to market movement. In this scenario, the trader is looking to execute at a certain price but in a
split second, for example, the market may have moved significantly away from that price. The trader’s
order would then be filled at the next price available price for that specific order. Similarly, given
FXCM’s No Dealing Desk Model for forex execution, sufficient liquidity must exist to execute all trades
at any price.
市场波动期间可能会造成指令难以执行的情况。例如，在执行阁下指令时阁下所获得的价格可能
会基于市场变动而跟所选择或所报的价格相差许多点子。在此情况下，交易者期望以指定价位执
行交易，但举例说，在少于一秒的时间内，市场可能已大幅偏离该价格。交易者的指令其后将会
就该特定指令按下一个可得价格执行。同样地，基于 FXCM 的无交易员平台执行模式，必须存在
足够的流通量以于任何价格执行所有交易。
FXCM provides a number of basic and advanced order types to help clients mitigate execution risk. One
way to mitigate the risk associated with slippage is to utilize the Market Range (Max Deviation for MT4
users) feature on FXCM's Platforms. The Market Range feature allows traders to specify the amount of
potential slippage they are willing to accept on a market order by defining a range. Zero indicates that no
slippage is permitted. By selecting zero on the Market Range, the trader is requesting his order to be
executed only at the selected or quoted price, not any other price. Traders may elect to accept a wider
range of permissible slippage to raise the probability of having their order(s) executed. In this scenario the
order will be filled at the next price available within the specified range. For instance, a client may
indicate that he is willing to be filled within 2 pips of his requested order price. The system would then
fill the client within the acceptable range (in this instance, 2 pips) if sufficient liquidity exists. If the order
cannot be filled within the specified range, the order will not be filled. Please note, Market Range orders
specify a negative range only. If a more preferential rate is available at the time of execution traders are
not limited by the specified range for the amount of positive price improvement they can receive.
FXCM 提供多种基本及进阶指令类别协助客户降低执行风险。一个降低滑点相关风险的方法是使
用 FXCM 平台上的「设定范围」（就 MT4 使用者而言为最大偏差）功能。「设定范围」功能容
许交易者透过界定范围指明他们愿意就市价单接受的潜在滑点数额。零表示不允许滑点。如在设
定范围选择零，即表示交易者要求只可在选择或所报的价格，而非任何其他价格，执行其指令。
交易者可以选择接受更大的可允许滑点范围，以提高指令获执行的机会率。在此情况下，指令将
会在指定范围内以最佳可得价格执行。譬如说，客户可能会指示愿意接受在其要求的指令价格 2
点子的范围内执行交易。如存在足够的流通量，系统将会在可接受范围（即 2 点子）内执行指令。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 37
若指令无法在指定范围内执行，指令将不会执行。请注意，设定范围仅可指定负数范围。若于执
行交易时出现更理想的价格，交易者可以获得的正价格改善金额并不限于指定范围。
Additionally, when triggered, stop orders become a market order available for execution at the next
available market price. Stop orders guarantee execution but do not guarantee a particular price. Therefore,
stop orders may incur slippage depending on market conditions.
此外，于触发时，止损将会变为可按下一个可得市价执行的市价单。止损保证交易执行，但却不
保证可按特定价格执行。因此，视乎市场情况而定，止损单可能出现滑点。
Liquidity 流通量
During the first few hours after the open, the market tends to be thinner than usual until the Tokyo and
London market sessions begin. These thinner markets may result in wider spreads, as there are fewer
buyers and sellers. This is largely due to the fact that for the first few hours after the open, it is still the
weekend in most of the world. In illiquid markets, traders may find it difficult to enter or exit positions at
their requested price, experience delays in execution, and receive a price at execution that is a significant
number of pips away from your requested rate.
在开市后的头几个小时成交倾向比平常淡静，直至东京及伦敦开市为止。市场淡静时买家及卖家
较少，差价较大，这大致上是因为开市的头几个小时对于世界上大部分地方来说仍然是周末。在
市场缺乏流通量时，交易者可能会难以按其要求的价格建立或将持仓平仓、遇到延迟执行，及获
取一个跟要求价格相距极多点子的执行价格。
A comprehensive list of spreads and market hours can be found at .
买卖差价详细列表和详细的市场交易时间可参阅 。
In addition to the order type, a trader must consider the availability of a currency pair prior to making any
trading decision. As in all financial markets, some instruments within that market will have greater depth
of liquidity than others. Ample liquidity allows the trader to seamlessly enter or exit positions, near
immediacy of execution, and minimal slippage during normal market conditions. However, certain
currency pairs have more liquid markets than others.
除了指令类别，交易者在作出任何交易决定之前必须考虑一个货币对的可得性。正如在所有的金
融市场，某一个市场的金融工具比其他市场金融工具具有更大的流通量。充裕的流通量可使交易
者在正常的市场条件下以接近即时的执行及最小的滑点无缝地建立或将持仓平仓。不过，若干货
币比其他货币对有更流通的市场。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 38
Exotic Currencies – At FXCM the following are considered examples of Exotic Currencies which may
have limited liquidity:
特种货币对 – 于 FXCM，以下被视为特种货币对的例子，其流通量可能会有限：
EUR/TRY
欧元/土耳其元
USD/TRY
美元/土耳其元
USD/CNH
美元/离岸人民币
TRY/JPY
土耳其元/日元
USD/MXN
美元/墨西哥披索
USD/ZAR
美元/南非兰特
ZAR/JPY
南非兰特/日元
These pairs have a level of risk associated with them that may not be inherent. The market for these
currencies is very illiquid, with liquidity being maintained and provided by one, or few external sources.
These liquidity concerns include but are not limited to, the inability to exit positions based on lack of
market activity, differences in the prices quoted and final execution received, or a delay in execution.
With these considerations in mind it is imperative that any trader factor this into any trading decision. For
this reason we strongly encourage all traders to utilize advanced order types to mitigate these risks.
这些货币对涉及某程度未必是固有的风险。这些货币的市场极其缺乏流通量，仅由一家或少数外
部来源维持或提供流通量。这些流通量问题包括（但不限于）由于缺乏市场活动而无法将持仓平
仓、报价与所获得的最终交易执行价格之间有所出入，或延迟执行。考虑到上述因素，任何交易
者都必须将这些因素纳入交易决定的考虑范围之内。基于这个原因，我们十分鼓励所有交易者使
用进阶指令类别降低这些风险。
DELAYS IN EXECUTION 延迟执行
Delays in execution may occur for various reasons, such as technical issues with the trader's internet
connection to FXCM or by a lack of available liquidity for the currency pair that trader is attempting to
trade. When using No Dealing Desk execution, an additional reason may be a delay in order confirmation
from a liquidity provider. Due to inherent volatility in the markets, it is imperative that traders have a
working and reliable internet connection. There are circumstances when the trader’s personal internet
connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal
strength from a wireless or dialup connection. A disturbance in the connection path can sometimes
interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data
between the trading station and the FXCM server. One way to check your internet connection with
FXCM’s server is to ping the server from your computer.
基于不同的原因，交易执行可能会出现延迟，例如交易者连接到 FXCM 的互联网技术问题，或交
易者尝试买卖的货币对缺乏可得流通量。在无交易员平台执行模式下，流通量提供者在指令确认
方面出现延误也可能是延迟的原因。基于市场的固有波动性，交易者具备可运作及可靠的互联网
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 39
连接是十分重要的。在某些情况下，由于无线或者拨号连接的信号强度不够，因而造成交易者的
个人互联网连接未能与 FXCM 的服务器保持稳定连接。连接路径的中断有时会干扰信号，导致
FXCM 交易平台不能正常运作，因而延迟平台与 FXCM 服务器之间的数据传送。要检查与 FXCM
服务器的互联网连接，阁下可测试阁下的电脑与服务器的连接
RESET ORDERS 重设指令
Market volatility creates conditions that make it difficult to execute orders at the given price due to an
extremely high volume of orders. By the time orders are able to be executed, the bid/ask price at which a
liquidity provider or FXCM’s Trading Desk (subject to execution model selected) is willing to take a
position may be several pips away.
市场波动期间可能出现极多的指令，以致交易难以在指定的价位执行。到指令得以执行的时候，
流通量提供者或 FXCM 交易台（根据选择的执行模式）愿意接受的买入价/卖出价可能已经出现
了数点子的变动。
In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be
executed. For Limit Entry or Limit orders, the order would not be executed but instead reset until the
order can be filled. Remember, both Limit Entry and Limit orders guarantee price but do not guarantee
execution. Depending on the underlying trading strategy and the underlying market conditions traders
may be more concerned with execution versus the price received.
若流通量不足，以致无法执行「设定范围」单，指令将不会获执行。就限价挂单或限价单而言，
指令将不会获得执行，反而将会被重设，直到获得执行为止。请紧记，限价挂单及限价单保证价
格，但却不能保证交易执行。视乎相关交易策略及相关市场状况而定，相较于所获得的价格，交
易者可能会更为关注交易执行。
WIDENED SPREADS 差价扩大
There may be instances when spreads widen beyond the typical spread. Spreads are a function of market
liquidity and in periods of limited liquidity, at market open, or during rollover at 5:00 PM ET, spreads
may widen in response to uncertainty in the direction of prices, an uptick in market volatility, or lack of
market liquidity. This may occur during news events and spreads may widen substantially in order to
compensate for the tremendous amount of volatility in the market. The widened spreads may only last a
few seconds or as long as a few minutes. FXCM strongly encourages traders to utilize caution when
trading around news events and always be aware of their account equity, usable margin and market
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 40
exposure. Widened spreads can adversely affect all positions in an account including hedged positions
(discussed below).
买卖差价有时可能会高于一般差价。买卖差价可能会随市场流通量而变化，在流通量有限的期间，
开市时，或美东时间下午 5:00 转仓期间，买卖差价可能会因应价格方向的不明朗因素或市场波幅
飙升、或缺乏市场流通量而扩大。这可能会在新闻发布期间发生，买卖差价可能会大幅提高，以
弥补巨大的市场波幅。较高的买卖差价可能只会维持数秒，或长至数分钟。FXCM 强烈鼓励交易
者在新闻发布期间进行交易要保持审慎，及应经常留意其账户净值、可用保证金及市场风险。较
高的买卖差价可能会对账户内包括对冲持仓（详见下文）在内的所有持仓构成不利影响。
Hanging Orders 指令悬空
During periods of high volume, hanging orders may occur. This is a condition where an order is in the
process of executing but execution has not yet been confirmed. The order will be highlighted in red, and
the “status” column will indicate "executed" or "processing," in the “orders” window. In these instances,
the order is in the process of being executed, but is pending until confirmation is received to confirm the
quoted prices are still available. During periods of heavy trading volume, it is possible that a queue of
orders will form. That increase in incoming orders may sometimes create conditions where there is a
delay from the liquidity providers or FXCM’s Trading Desk in confirming certain orders.
交易量偏高期间可能会出现指令悬空。在这种情况下，指令正处于执行当中，惟交易执行尚未确
认。有关指令将会以红色显示，「指令」窗口「状态」一栏显示为「已执行」或「处理中」。在
此等情况下，指令正处于执行当中，但却尚待执行，直至 FXCM 从流通量提供者处获得报价仍然
提供的确认为止。交易频繁期间，可能出现多项指令需要等待处理。等候的指令增加有时会影响
流通量提供者延迟确认若干指令。
Depending on the type of order placed, outcomes may vary. In the case of a Market Range order that
cannot be filled within the specified range, or if the delay has passed, the order will not be executed. In
the case of an At Market order, every attempt will be made to fill the order at the next available price in
the market. In both situations, the "status" column in the "orders" window will typically indicate
"executed" or "processing." The trade will simply take a few moments to move to the "open positions"
window. Depending upon the order type, the position may in fact have been executed, and the delay is
simply due to heavy internet traffic.
视乎所发出的指令类别而定，结果可能会有所不同。假若「设定范围」未能在指定范围内执行，
或假若延误已告一断落，指令将不会执行。如设定为市价单，指令将尽可能在市场上的下一个可
得价格成交。在这两种情况下，「指令」窗口的「状态」栏一般显示为「已执行」或「处理中」。
有关交易需要一点时间才会在「开仓部位」窗口出现。视乎指令的种类，交易可能已经执行，但
因为网络繁忙而延迟显示。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 41
Keep in mind that it is only necessary to enter any order once. Multiple entries for the same order may
slow or lock your computer or inadvertently open unwanted positions.
请紧记，每项指令只建立一次。重复建立同一项指令可能会拖慢或锁住阁下的电脑，或无意中开
立阁下意愿之外的仓位。
If at any time you are unable to access the FXCM Trading Station to manage your account, you may call
the Trading Desk directly at 4001-20060 or
or visit for
contact information.
若阁下在任何时候未能连接至 FXCM 交易平台以管理阁下的账户，阁下可以致电 4001-20060 或访
问以下网站以获得更多信息：
或访问
Greyed Out Pricing 隐藏报价
Greyed out pricing is a condition that occurs when there is not a high market making activities for
particular currency pairs and liquidity therefore decreases. FXCM does not intentionally "grey out" prices;
however, at times, a severe increase in the difference of the spread may occur due to a loss of connectivity
with a provider or due to an announcement that has a dramatic effect on the market that limits liquidity.
Such greying out of prices or increased spreads may result in margin calls on a traders account. When an
order is placed on a currency pair affected by greyed out prices, the P/L will temporarily flash to zero
until the pair has a tradable price and the system can calculate the P/L balance.
当向 FXCM 提供报价的外汇流通量提供者没有积极就某货币对营造市场，而流通量因此而下降时，
就会出现隐藏报价的情况。FXCM 不会故意「隐藏」报价；然而，有时因为与某一提供者的联系
中断，或者某项公布对市场产生重大影响以致限制了流通量时，都可能会导致买卖差价大幅上升。
报价隐藏或差价扩大可能会造成交易者的账户需要追加保证金。当就货币对发出的指令受隐藏报
价所影响时，盈/亏数字会暂时显示为零，直至该货币对再有可买卖价格，系统才能计算盈/亏结
余。
Hedging 对冲
The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair
simultaneously. Traders have the ability to enter the market without choosing a particular direction for a
currency pair. Although hedging may mitigate or limit future losses it does not prevent the account from
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 42
being subjected to further losses altogether. In the Forex market a trader is able to fully hedge by quantity
but not by price. This is because of the difference between the buy and sell prices, or the spread. At
FXCM, traders are required to put up margin for one side (the larger side) of a hedged position (or 50%
margin). For example, if you entered into a trade to buy 30k EUR/USD, and to sell 20k EUR/USD, then
you will need to put up margin for the larger side of your position - 30k EUR/USD. Margin requirements
can be monitored at all times in the simple dealing rates window. While the ability to hedge is an
appealing feature, traders should be aware of the following factors that may affect hedged positions.
对冲功能让交易者可同时持有同一货币对的买入及卖出仓位。交易者入市时可以无须就一个货币
对选择买卖方向。尽管对冲可降低或限制未来亏损，惟却无法避免账户产生进一步的亏损。在外
汇市场，交易者可以在数量之上，而非价格之上，完全对冲。这是由于买入及卖出价之间的差别
（或买卖差价）。FXCM 交易者将需要就对冲持仓的其中一个方向（持仓数量较大的方向）存放
保证金（或 50%保证金）。例如，假若阁下进入购买 30K 欧元/美元 并卖出 20K 欧元/美元 的外
汇交易， 那么您需要就您持仓数量较大的方向 – 30K 欧元/美元 存入保证金。保证金要求经常可
以在简易报价窗口中监察。交易者可能会觉得对冲功能合用，但应意识到以下可能影响对冲部位
的各种因素。
Diminishing Margin 保证金减少
A margin call may occur even when an account is fully hedged, since spreads may widen, causing the
remaining margin in the account to diminish. Should the remaining margin be insufficient to maintain any
open positions, the account may sustain a margin call, closing out any open positions in the account.
Although maintaining a long and short position may give the trader the impression that his exposure to
the market's movement is limited, if insufficient available margin exists and spreads widen for any period
of time, it may certainly result in a margin call on all positions.
由于买卖差价可能扩大至令账户内余下的可用保证金减少，即使某个账户已经全面对冲，仍然可
能需要追加保证金。假若余下的保证金不足以维持任何开仓部位，账户将可能须追加保证金，而
账户内的开仓部位将会被平仓。虽然持有长短仓可能令交易者觉得受市场变动的影响有限，但实
际上在任何时间买卖差价扩大而可用保证金不足，都绝对可能会出现需要就所有持仓追加保证金。
Rollover Costs 转仓成本
Rollover is the simultaneous closing and opening of a position at a particular point during the day in order
to avoid the settlement and delivery of the purchased currency. This term also refers to the interest either
charged or applied to a trader's account for positions held "overnight," meaning after 5 . ET on
FXCM's Platforms. The time at which positions are closed and reopened, and the rollover fee is debited or
credited, is commonly referred to as Trade Rollover (TRO). It is important to note that rollover charges
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 43
will be higher than rollover accruals. When all positions are hedged in an account, although the overall
net position may be flat, the account can still sustain losses due to the spread that occurs at the time
rollover occurs. Depending on the execution model selected, spreads during rollover may be wider when
compared to other time periods because of liquidity providers’ or FXCM’s Trading Desk momentarily
coming offline to settle the day’s transactions.
Rollover（转仓）指在一天的同一时间同时平掉及开立仓位以避免结算及交收货币的程序。
Rollover（过夜利息）亦指交易账户持有仓位过夜因而支付或获得的利息，过夜时间指 FXCM 各
种平台上美东时间下午 5 时后。平掉及重开仓位以及计算过夜费用的时间一般称为交易转仓
(Trade Rollover – TRO)。需要注意的是，支付的过夜利息会比获得的利息高。如果账户内所有仓
位都已对冲，虽然整体来说仓位对等，但支付及获得的过夜利息差仍然可导致亏损。根据不同执
行模式的选择，于转仓期间，买卖差价相对于其他时间来说可能会较大，因为流通量提供者或
FXCM 交易台可能会暂时断线，以交收当日的交易。
Exchange Rate Fluctuations (Pip Costs) 汇价波动（每点价值）
Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular
currency pair. This cost is the currency amount that will be gained or lost with each pip movement of the
currency pair's rate and will be denominated in the currency denomination of the account in which the
pair is being traded. On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting
"View," followed by "Dealing Views," and then by clicking "Simple Rates" to apply the checkmark next
to it. If "Simple Rates" already has a check mark next to it, viewing the dealing rates in the simple view is
as easy as clicking the "Simple Dealing Rates" tab in the dealing rates window. Once visible, the simple
rates view will display the pip cost on the right-hand side of the window.
汇价波动或者每点价值定义为某一货币对一点子变动的价值。这个成本相当于该货币对在汇价上
的每一点变动带来的利润或造成的亏损，以交易货币对所属账户的货币单位显示。在 FXCM 的各
种平台上查看任何货币对的每点价值都可在菜单栏选择「显示」，然后点选「窗口显示」，再选
择“简易模式”即可。如果已选定「简易模式」，只需在报价窗口点击「简易报价窗口」便可，每
点价值会显示在窗口的右方。
Inverted Spreads 倒转差价
No Dealing Desk - When you trade forex with FXCM using a No Dealing Desk execution model, you are
trading on price feeds that are being provided by multiple liquidity providers, plus FXCM’s mark-up. In
rare cases, these feed can be disrupted. This may only last for a moment, but when it does, spreads
become inverted. During these rare occasions, FXCM advises that clients avoid placing At Market orders.
While it may be tempting to place a "free trade," keep in mind that the prices are not real and your actual
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 44
fill may be many pips away from the displayed price. In the event that trades are executed at rates not
actually offered by FXCM's liquidity providers, FXCM reserves the right to reverse such trades, as they
are not considered valid trades. By placing At Market Range orders or not trading during these moments,
traders can avoid the risk associated with the above scenarios.
无交易员平台 -当阁下通过 FXCM 以无交易员平台执行模式买卖外汇时，阁下正以多家流通量提供
者所提供的报价另加 FXCM 所标高的点子进行交易。在罕有的情况下，报价可能会受到干扰。虽
然这种情况可能只维持很短时间，但却会导致差价倒转。FXCM 建议客户一旦遇到这种罕有情况，
应该避免建立市价单。「无成本交易」虽然有吸引力，但必须紧记该等价格并不真实，成交价可
能与显示价相差颇大的点数。倘若成交价并非 FXCM 的流通量提供者提供给 FXCM 的实际汇价，
FXCM 将视有关交易为无效，及保留撤销该等交易的权利。客户于这类情况下只下设定范围的指
令或暂停交易可避免相关的风险。
Dealing Desk - When trading forex with FXCM’s Dealing Desk execution model, all quotable prices are
provided by FXCM’s Trading Desk which may rely on various liquidity providers for the prices that it
makes available to clients. In the event that a manifest (misquoted) price is provided to us from a source
that we generally rely on, all trades executed on that manifest (misquoted) price may be revoked, as the
manifest (misquoted) price is not representative of genuine market activity. These manifest (misquoted)
prices can lead to an inversion in the spread.
交易员平台 -在 FXCM 的交易员平台执行模式之下，FXCM 交易台可能会依赖多家流通量提供者以
获取提供予客户的价格。假如显示（错误引用的）价格是来自我们一般依赖的来源，按该显示
（错误引用）的价格执行的所有交易将会被撤销，因为该显示（错误引用的）价格并不代表真正
的市场活动。这种显示（错误引用的）价格可能会导致倒转差价。
Holiday/Weekend Execution 假期/周末执行模式
Trading Desk Hours 交易台时间
The quoted hours for the Trading Desk are from Sunday 5:15 . ET to Friday at 4:55 . ET. Please
note that orders placed prior may be filled until 5:00 . ET and that traders placing trades between 4:55
. and 5:00 . ET may be unable to cancel orders pending execution. In the event that a Market
GTC Order is submitted right at market close, the possibility exists that it may not be executed until
Sunday at market open. Please use caution when trading around Friday’s market close and factor all the
information described above into any trading decision.
交易台的正式交易时间为美东时间星期日下午 5:15 至美东时间星期五下午 4:55。请注意，先前建
立的指令可能会在美东时间下午 5:00 之前执行，而在美东时间下午 4:55 至下午 5:00 建立交易的
交易者可能会无法取消有待执行的指令。假若取消前有效(GTC)市价单刚好在收市时传送，可能
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 45
出现的情况是它在星期日开市前未必会获得执行。阁下在接近星期五收市时进行交易请谨慎行事，
及应将上述所有信息纳入交易决定的考虑范围之内。
The open or close times may be altered by the Trading Desk because it relies on prices being offered by
liquidity providers or third party sources (subject to execution model selected). Outside of these hours,
most of the major world banks and financial centres are closed. The lack of liquidity and volume during
the weekend impedes execution and price delivery.
交易台可能会更改开盘或收盘时间，因为它倚赖流通量提供者或第三方资源（根据所选择的执行
模式）提供予 FXCM 的报价。上述时段以外的时间，大部分的主要银行及金融中心都不营业。周
末由于流通量及交易量不多，指令执行及报价均会受阻。
Prices Updating Before the Open 开盘前更新报价
Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation
for the open. At this time, trades and orders held over the weekend are subject to execution. Quotes
during this time are not executable for new market orders. After the open, traders may place new trades,
and cancel or modify existing orders.
开盘前的短时间内，交易台更新报价以反映当时的市场价格，为开盘作准备。在此时段间，周末
保留的交易及指令等待执行，因此新建立的指令未能按市价执行。开盘后，交易者可建立新的交
易，及取消或更改原有挂单。
Gapping 汇价跳空
Sunday's opening prices may or may not be the same as Friday's closing prices. At times, the prices on the
Sunday open are near where the prices were on the Friday close. At other times, there may be a
significant difference between Friday’s close and Sunday’s open. The market may gap if there is a
significant news announcement or an economic event changing how the market views the value of a
currency. Traders holding positions or orders over the weekend should be fully comfortable with the
potential of the market to gap.
星期日的开盘价可能与星期五的收盘价相同也可能不同。星期日开盘的汇价有时很接近星期五收
盘的价格；另一些时候，星期五的收盘价可能与星期日的开盘价十分 不同。遇上重要新闻公布或
经济事件改变市场对于某种货币价值的看法，汇价可能出现较大幅度的跳空。交易者持有仓位或
挂单过周末应意识到价格可能跳空的情况。
Order Execution 指令执行
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 46
Limit orders are often filled at the requested price or better. If the price requested is not available in the
market, the order will not be filled. If the requested price of a Stop order is reached at the open of the
market on Sunday, the order will become a Market order. Limit Entry orders are filled the same way as
Limit orders. Stop Entry orders are filled the same way as Stops.
限价单通常会于要求或更佳的价格执行。若市场上没有所指定的价格，指令将不会执行。在星期
日开盘时市价到达止损要求的价位，指令就会变为市价单。限价挂单将会根据限价单的同一方式
执行。止损挂单将会根据止损的同一方式执行。
Weekend Risk 周末风险
Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur,
or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders
and positions ahead of the weekend. It is imperative that traders who hold open positions over the
weekend understand that the potential exists for major economic events and news announcements to
affect the value of your underlying positions. Given the volatility expressed in the markets it is not
uncommon for prices to be a number of pips away on market open from market close. We encourage all
traders to take this into consideration before making a trading decision.
有些交易者担忧周末期间市场十分波动，汇价可能大幅跳空，或者认为周末风险与本身的交易风
格不一致，就可直接在周末前平掉挂单及持仓部位。交易者若持有开 仓部位过周末必须了解可能
会存在重大经济事件及新闻公布对相关持仓价值造成影响的情况。基于市场所呈现的波动性，价
格在开市时偏离收市时许多点子的情况并 不罕见。我们鼓励所有交易者在做出交易决定前将此纳
入考虑范围之内。
Margin Calls and Close Outs 追加保证金及平仓
You are fully responsible for monitoring your account at all times. FXCM will notify you via email when
your margin level is close to receiving a Margin Call. Whilst FXCM makes every effort to notify you as
soon as possible, email notification is not sent in real time. So you may not always receive email
notification prior to liquidation. This is why FXCM recommends that you use the trading platform as a
primary means of monitoring and managing your open positions and obligations. Margin calls are
triggered when your usable margin reaches zero. This occurs when your floating losses reduce your
account equity to a level that is less than or equal to your margin requirement. Therefore, the result of
any margin call is subsequent liquidation unless otherwise specified.
阁下有义务在任何时间监控您的账户。当阁下的保证金水平接近追加保证金时，FXCM 将通过电
子邮件通知阁下。虽然 FXCM 尽一切努力以尽快通知阁下，但此电子邮件并非实时发送。因此，
您可能并不会总能在强制平仓前收到电子邮件通知。因此，FXCM 建议阁下使用交易平台作为监
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 47
控和管理您的持仓和保证金义务的主要方式。当阁下的可用保证金跌至零时，将会触发追加保证
金通知。当阁下的浮动亏损将账户净值减少至少于或相等于阁下的保证金要求的水平时，这便会
发生。因此，除非另行注明，任何追加保证金的后果将会是后续出现的平仓。
The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional
value of your position. Margin trading allows traders to hold a position much larger than the actual
account value. FXCM's Trading Station has margin management capabilities, which allow for the use of
leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it
works for you. If account equity falls below margin requirements, the FXCM Trading Station will trigger
an order to close all open positions. When positions have been over-leveraged or trading losses are
incurred to the point that insufficient equity exists to maintain current open positions, a margin call will
result and all open positions will be closed out (liquidated).
保证金交易的构思是客户的保证金充当所持有仓位交易面值的实际押金，进行保证金交易的客户
可持有价值大大高于实际资金额的仓位。FXCM 交易平台具备保证金管理功能，容许使用杠杆。
当然，保证金交易涉及风险，因为杠杆可能会为阁下带来正面或负面的影响。倘若账户净值降至
低于保证金要求，FXCM 交易平台将会触发指令，平掉所有开仓部位。假如过度杠杆或交易亏损
导致账户净值不足以维持当时的开仓部位，就会造成追加保证金，所有开仓部位必须平仓（自动
结算）。
Please keep in mind that when the account's useable margin reaches zero, all open positions are triggered
to close. The liquidation process is entirely electronic, and there is no discretion on FXCM's part as to the
order in which trades are closed.
请紧记，若账户上的可用保证金为零，所有开仓部位将会触发平仓。自动结算程序被设计成全面
自动运作，并非 FXCM 酌情决定的结果
Although the margin call feature is designed to close positions when account equity falls below the
margin requirements, there may be instances when liquidity does not exist at the exact margin call rate.
As a result, account equity can fall below margin requirements at the time orders are filled, even to the
point where account equity becomes negative. This is especially true during market gaps or volatile
periods. Therefore, it is possible to lose more than your initial investment and account balance.
虽然追加保证金功能旨在于账户净值跌至低于保证金要求时平掉持仓，惟在若干情况下，于实际
追加保证金的价位并不存在流通量。因此，执行指令时账户净值可能会跌至低于保证金要求，甚
至导致账户净值变为负数。当汇价跳空或处于极端波动的期间时，这个情况尤为普遍。因此，阁
下有可能蒙受损失超过初始投资及账户余额。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 48
IMPORTANT: Clients shall be liable to FXCM for any negative balance except where the negative
balance protection policy applies, as set out under our Terms of Business. FXCM can potentially waive
client negative balances held with FXCM up to a certain amount, subject to the terms set out under
FXCM’s Terms of Business. Please refer to our Terms of Business.
重要信息：根据我们的业务条款的陈述，客户应就除适用于负数结余保障政策外的所有负数结余
对 FXCM 负责。FXCM 可能会豁免一定额度的符合业务条款规定的客户账户负数结余。请参阅业
务条款。
Please refer to our Terms of Business for the full details of the no debit balance policy which lists
out the relevant details, definitions and exceptions of this policy.
有关负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义
及例外情况。
FXCM also recommends that traders use Stop orders to limit downside risk in lieu of using a margin call
as a final stop.
FXCM 亦建议交易者使用止损以代替使用追加保证金作为最终止损来限制来下跌风险。
It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times.
我们强烈建议客户在所有时候均于账户内维持适当的保证金金额。
METATRADER 4
Please note that MT4 users are subject to different margin call procedures. When a margin call is
triggered on the account individual positions will be liquidated until the remaining equity is sufficient to
support existing position(s). In deciding what positions will be individually liquidated the largest loosing
position will be closed first during liquidation.
请注意，MT4 用户将会受不同的追加保证金程序所规限。当账户触发追加保证金时，个别持仓将
会被自动结算，直至余下的净值足以支持现有持仓为止。在厘定哪些持仓将会被个别自动结算时，
最大亏损持仓将会在自动结算时被首先平仓。
In MT4, the potential exists for variations in pricing displayed between servers. These differences do not
have an impact on prices available for execution but can impact the prices used to trigger resting orders.
于 MT4 平台，伺服器之间所显示的报价有可能会存在差异。该等差异不会对可供执行的价格造成
影响，惟却有可能会影响用以触发挂单指令的价格。
FXCM may impose maximum account equity restrictions on MT4 accounts. Should the equity level in
your trading account exceeds the threshold of equity restriction, FXCM reserves the right to apply
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 49
changes to your account including but not limited to switching your account from one platform to another
without prior consent. Depending on the circumstances, the threshold of equity restriction may vary from
time to time.
FXCM 可对 MT4 账戶设置最高账戶淨值限制。若阁下的交易账户净值超过账户净值上限，FXCM
保留更改您的账户的权利，包括（但不限于）可将您的账户转移至其他平台，而毋需事先得到阁
下的同意。根据不同情况，账户净值上限不时可予更改。
Chart Pricing vs. Prices Displayed on the Platform 图表报价与平台报价
It is important to make a distinction between indicative prices (displayed on charts) and dealable prices
(displayed on the FXCM Trading Station). Indicative quotes are those that offer an indication of the
prices in the market, and the rate at which they are changing. These prices are derived from a host of
contributors such as banks and clearing firms, which may or may not reflect where FXCM's liquidity
providers or Trading Desk (subject to execution model selected) are making prices. Indicative prices are
usually very close to dealing prices, but they only give an indication of where the market is. Executable
quotes ensure finer execution and thus a reduced transaction cost. Because the spot forex market lacks a
single central exchange where all transactions are conducted, each forex dealer may quote slightly
different prices. Therefore, any prices displayed by a third party charting provider, which does not employ
the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices
where trades can be executed.
分辨参考价（显示于图表）与可交易价（显示于 FXCM 交易平台）是十分重要的。参考报价对于
市场价格及变动幅度有指示作用。该等价位来自银行及结算机构等多个方面，未必会反映 FXCM
的流通量提供者或交易台（根据所选择的执行模式）的价格。参考价通常十分接近交易价格，但
对市场实况只能发挥指示作用。可成交报价保证具体的执行以及较低的交易成本。由于现货外汇
市场并无单一的中央交易所交易以进行所有交易，每家外汇交易商的报价稍有不同，因此，第三
方图表提供者的报价如非采用某市场庄家的报价，均只可作为参考价，并不一定反映可成交的实
际汇价。
Mobile Trading Platforms 流动交易平台
There are a series of inherent risks with the use of the mobile trading technology such as the duplication
of order instructions, latency in the prices provided, and other issues that are a result of mobile
connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and
may not reflect the actual executed price of the order.
流动交易科技的使用存在一系列固有风险，例如指令指示重复、报价延迟及流动连接所引致的其
他问题。流动平台所显示的价格仅为可执行价格的显示，未必能反映指令的实际执行价格。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 50
Mobile TS II utilizes public communication network circuits for the transmission of messages. FXCM
shall not be liable for any and all circumstances in which you experience a delay in price quotation or an
inability to trade caused by network circuit transmission problems or any other problems outside the
direct control of FXCM. Transmission problems include but are not limited to the strength of the mobile
signal, cellular latency, or any other issues that may arise between you and any internet service provider,
phone service provider, or any other service provider.
流动交易平台 II 利用公共通讯网络线路传输信息。FXCM 对于阁下遇到报价延迟或因为网络线路
传输问题而导致无法交易或 FXCM 直接控制范围以外的任何其他问题等任何及全部情况概不负责。
传输问题包括（但不限于）流动信号的强度、流动电话的延迟或阁下与任何互联网服务供应商、
电话服务供应商或任何其他服务供应商之 间可能出现的任何其他事宜。
Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile
Trading Station. Key differences include, but are not limited to, charting packages, daily interest rolls will
not appear, and the maintenance margin requirement per financial instrument will not be available. It is
strongly recommended that clients familiarize themselves with the functionality of the FXCM Mobile
Trading Station prior to managing a live account via portable device.
请注意，FXCM 交易平台的部份功能并不会在 FXCM 流动交易平台上提供。主要差别包括（但不
限于）图表将会有限，不会显示每日过夜利息及不提供每种金融工具的维持保证金要求。高度建
议客户透过移动装置管理真实账户前先行熟习 FXCM 流动交易平台的功能。
TS Mobile Tablet Application 交易平台（流动版）平板电脑应用程序
FXCM’s Trading Station Web platform has been modified to run on mobile and tablet devices. The
mobile platform is called Trading Station Mobile. With the exception of OCO orders (one-cancels-other),
Trading Station Mobile for tablet devices has the same trading features as Trading Station Web. The
same connectivity risks described above regarding our Mobile TS II apply to use with any application
made available for tablet trading.
FXCM 的交易平台（网络版）已修改至可在流动及平板电脑装置上操作。这个流动平台称为交易
平台（流动版）。除 OCO 单（自动替代委托）外，平板电脑装置专用的交易平台（流动版）具
备跟交易平台（网络版）相同的交易功能。上述有关流动交易平台 II 的相同连接风险亦适用于为
平板电脑交易而设的任何应用程式的使用。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 51
Trading Platform Closed 交易平台关闭
Due to the dynamic nature of the financial markets, it is possible that the value of your open positions will
change while the trading function of the various Trading Platforms are closed . on days which are not a
Trading Day. In this case, you will not be able to trade in a FX Contract such as open a new transaction or
close out an open transaction until the trading function of re-opens. You may suffer a financial loss or
opportunity loss as a result.
由于金融市场的动态特性，于各种交易平台的交易功能关闭期间，即非交易日期间，阁下的持仓
的价值仍可能会发生改变。在这种情况下，您将无法交易外汇合约，如开立一个新的仓位或平掉
持仓，直至交易功能重新开放。从而，您可能会遭受财务损失或错失交易机会。
Suspension and Trading Halt 暂停和交易停止
When there is a trading halt over the underlying asset, or trading in the underlying asset has otherwise
been suspended in accordance with the rules of the relevant market, you will not be able to open new
positions.
当相关资产的交易停止，或相关资产的交易根据相关市场规则被另行终止，阁下将无法开立新的
仓位。
Use and Access to the Website 网站的使用和访问
There are risks associated with utilising an internet-based deal-execution trading system including, but not
limited to, the failure of hardware, software, and internet connection. Since FXCM does not control signal
power, its reception or routing via the internet, configuration of your equipment or reliability of its
connection, we cannot be responsible for communication failures, distortions or delays when trading via
the internet. FXCM employs backup systems and contingency plans to minimise the possibility of system
failure, this includes allow clients to trade via telephone.
使用网络交易执行系统带有一定的风险，包括（但不限于）硬件故障、软件失灵及网络系统连接
问题。由于 FXCM 无法控制连接信号的强弱、其接收或路由器线路、阁下的设备配置或其网络连
接的可靠性，因此，我们对网络交易中出现的通讯故障、误传或延误概不负责。FXCM 备有后备
系统和突发事件应急方案，以将系统故障的可能性减到最低，这包括容许客户透过电话进行交易。
You are responsible for providing and maintaining the means by which you access the FXCM Trading
Platforms and Website. While the internet is generally reliable, technical problems or other conditions
may delay or prevent you from accessing the FXCM Website. If you are unable to access the internet and
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 52
thus, the Trading Stations, it will mean you are unable to trade in a FX Contract offered by FXCM when
you wish to do so and you may suffer a financial loss or opportunity loss as a result.
阁下有责任提供和维护您访问 FXCM 交易平台和网站的方式。虽然互联网通常是可靠的，但技术
问题或其他情况可能延误或阻止您连接到 FXCM 网站。倘若在您希望交易由 FXCM 提供的外汇
合约合约时，您不能连接网络从而无法连接交易平台，您可能无法进行交易，从而，您可能会遭
受财务损失或失去交易机会。
Furthermore, FXCM reserves the right to suspend the operation of our Website or any part or section
thereof.
此外，FXCM 保留中断网站或任何相关部分或环节的权利。
Transactions Are Not Transferable 交易不可转让
As each FX Contract you enter into with us is a transaction between you and FXCM and is not traded on
an exchange or market, you will not be able to transfer or assign the FX Contract to any other person.
每一张您与 FXCM 进行的外汇合约和差价合约都是您与 FXCM 之间的交易，并且该交易并非于
交易所或市场进行，您将不能将该等外汇合约或差价合约转让或分配予任何其他人。
CLIENTS’ MONEY 客户款项
Any money that you deposit with FXCM will be segregated and held in a separate Client Trust account or
accounts and managed in accordance with the Australian Client Money Rules and the Terms of Business.
根据澳大利亚客户款项规则和业务条款，阁下存入 FXCM 的任何款项都将被分离存放在一个或多
个独立的客户信托账户并进行管理。
Counterparty Risks 交易对手风险
In accordance with the Australian Client Money Rules, FXCM’s client funds are held in segregated bank
accounts with an approved Australian bank. Client funds are kept separate from FXCM’s own
corporate/operational funds. In the segregated accounts, individual client’s money is co-mingled into one
or more segregated trust accounts. As such, money deposited by you may be used to meet the margining,
securing, transferring, adjusting or settling dealings in derivatives, including dealings on behalf of people
other than you.
依照澳大利亚客户款项规则，FXCM 的客户资金都存放在由澳大利亚银行批准的独立银行账户。
客户资金是与 FXCM 自己公司/操作资金分开储存。在这些独立账户中，个人客户的资金合并为
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 53
一个或多个独立信托账户。这样，您存入的资金可能用于衍生工具交易的保证金要求，保管，转
移，调整或结算，包括代表您以外的人士进行交易。
However, FXCM Australia does not use client moneys for the purpose of meeting obligations incurred by
us when hedging with other counterparties.
然而，福汇澳洲不会将客户资金用于满足其与其他对手对冲交易时产生的保证金义务。
FXCM strictly follows the legal requirements when making deposits into, withdrawals from or making
payments out of the segregated client money accounts. Client money received is paid into the segregated
client money trust account on the day it is received or by the next business day it is received by FXCM.
For withdrawals or payments, for example, payments may be made out of the client money account under
your written directions or to pay off any obligations incurred by FXCM in connection with the transaction
you have entered into. The circumstances under which FXCM is permitted to withdraw client money are
listed further below. Note that any interest with respect to the balances of your account will not be paid
and any interest will accrue to FXCM. Please see the Terms of Business for more information on Client
Money.
FXCM 在进行独立客户资金账户的存款、取款或支付时都时都严格遵守法律规定。FXCM 收到的
客户资金将在收到的当天或下一个工作日被存入独立客户资金信托账户。关于取款或支付款项，
例如，款项可能根据您书面指示从客户资金账户中支出，或偿还您因交易产生的对 FXCM 的任何
债务。以下进一步列明 FXCM 被允许支出客人资金的情况。请注意，有关您账户余额的任何利息
将不会支付予阁下，及对任何利息将归于 FXCM。有关客户资金的更多信息，请查阅业务条款。
As FXCM is acting in the capacity of a principal with respect to your transaction, you are exposed to the
financial and business risks of FXCM (Please see the Significant Risks section for more information on
counterparty risks). Should there be a deficit in the trust accounts and in the unlikely event FXCM
becomes insolvent, you will be an unsecured creditor in relation to the balance of the money owed to you.
Trust accounts may not insulate your money from a default in the trust accounts. However, certain
protections are afforded to clients by the Australian Client Money Rules.
由于 FXCM 在关于您的交易中充当主事人，您有机会暴露于 FXCM 的财务和经营风险（有关交
易对手风险的更多信息，请查阅主要风险章节）。如果信托账户中有赤字及 FXCM 出现不太可能
的破产的情况，您将就欠您的余额变成我们无担保债权人。信托账户可能不能使阁下于信托账户
的资金免遭拖欠。但是，澳大利亚客户款项规则会为客户提供一定的保障。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 54
Protections afforded by the Australian Client Money Rules 澳大利亚客户款项规则
提供的保障
The Australian Client Money Rules provide that in the event that FXCM loses its AFS Licence, becomes
insolvent, merges with another AFS Licensee or ceases to carry on some or all of the activities authorized
by the AFS Licence, client money held by FXCM, and investment of client money, must be dealt with as
follows:
澳大利亚客户款项规则规定，在 FXCM 失去它的澳洲金融服务执照 (Australian Financial Services)，
破产，与另一家澳洲金融服务持牌人合并或禁止进行部分或全部由澳洲金融服务执照授权的活动
时，由 FXCM 持有的客户资金及客户款项的投资必须按如下处理：
Money in the trust accounts is held in trust for the persons entitled to it, and is payable in the order set out
below:
信托账户中的款项由被授权人士代表客户持有，且可按照以下顺序支付；
1. if money in the trust accounts is invested, the investment is likewise held in trust for each person
entitled to money in the trust account; and
如果信托账户的资金被用于投资，该投资同样以信托方式代表每个持有该信托账户资金的
人士被持有。
2. money in the trust accounts is to be paid in the following order:
信托账户的资金需按照以下顺序支付：
a. money that has been paid into the accounts in error;
已经错误入账的资金
b. payment to each person who is entitled to be paid money from the accounts;
向每一个有资格接收账户汇款人士的付款
3. if the money in the accounts is not sufficient to be paid in accordance with the above, the money
in the accounts must be paid in proportion to the amount of each person’s entitlement; and
如果账户中的资金并不足够按照上述用于支付，那么账户的款项必须按照每人应被支付的
金额按比例支付。
4. if there is money remaining in the accounts after payments made in accordance with the above
paragraphs, the remaining money is payable to FXCM.
在完成上述段落中的支付后，如果账户仍有资金剩余，那剩余的资金可支付予 FXCM。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 55
Withdrawal of Client Money 客户资金提取
FXCM only makes payments out of the client money account under circumstances regulated by the
Corporations Act 2001. They are as follows:
FXCM 仅会在公司法 2001 监管条例的情况下从客户资金账户作出汇款。如下：
1. Making payment of your money to, or in accordance with your written direction;
支付您的资金，或按照您的书面指示；
2. Defraying brokerage and other proper charges;
支付经纪商和其他适当的费用；
3. Paying to FXCM AU, the margin to which FXCM AU is entitled to (Please also see Your Margin
Obligations to FXCM in this PDS);
向 FXCM AU 支付 FXCM AU 有权收取的保证金；
4. Making a payment that is otherwise authorized by law;
法律另行授权的款项；
5. Paying to FXCM AU money to which FXCM AU is entitled pursuant to the operating rules of a
licensed market.
向 FXCM AU 支付 FXCM 根据受监管市场操作规则有资格收取的款项。。
FXCM will not pay funds to any third party account. Funds requested for withdrawal will only be paid to
an account in the same name as the account held with FXCM. For further details, please see sections on
Fees and Charges.
FXCM 不会向任何第三方账户汇款。被要求提款的资金将仅被支付予与 FXCM 账户持有人同名的
账户。更多详情，请参阅费用和收费部分。
PRIVACY POLICY 私隐保障政策
SECURITY AND DISCLOSURE 安全性和资料披露
FXCM respects each individual’s right to privacy. We value our relationship with you, and we take pride
in maintaining loyalty and respect with each individual client; all personal information collected by
FXCM is protected under stringent security measures. This Privacy Policy explains how FXCM Australia
Pty. Limited collects personal information, maintains, uses and discloses that information. It also provides
some detail about Client's rights. The provisions of this notice apply to former clients, current clients and
applicants.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 56
FXCM 尊重个人私隐权。FXCM 非常重视与客户的关系，而且以取得客户的支持及尊重为荣。
FXCM 收集的所有个人信息受到严格的安全措施保护。本私隐保障政策解释 FXCM Australia Pty.
Limited 如何收集个人资料，保存，使用及披露该资料。本节亦将提供一些客户权利的详情。此告
示中的条文适用于以往客户、现有客户及申请人。
COLLECTION 收集
1. In accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006,
FXCM has an obligation to collect information and verify the identity of its clients. This
information is referred to as Know Your Client information or KYC information. FXCM will
carry out its customer identification and verification procedures in accordance with the Privacy
Act 1988 and Privacy Amendment (Enhancing Privacy Protection) Act 2012. FXCM is bound by,
and committed to the terms of the Privacy Act 1988 and the Australian Privacy Principles
forming part of that Act. A summary of the Australian Privacy Principles is available by
contacting our office.
根据 2006 年反洗钱和反恐怖主义法案 (Anti-Money Laundering and Counter-Terrorism Act
2006)，FXCM 有收集客户资料并核实客户身份的义务。该资料被称为了解您的客户资料。
FXCM 将按照 1988 年隐私法（Privacy Act 1988）和 2012 年私隐修订（增加隐私保护）法
(Privacy Amendment (Enhancing Privacy Protection) Act) 进行客户身份识别和核实程序。
FXCM 受 1988 年隐私法的条款及作为该法一部份的澳大利亚隐私原则 (Australian Privacy
Principles) 所约束，及将遵守有关条款。客户可联络我们的办事处索取澳大利亚隐私原则
的概要。
2. When submitting a Client's application form to open a live or demo account with FXCM, the
Client will be providing entities within the FXCM group of companies (collectively, the “FXCM
Group”), and its affiliated entities with the Client's personal information. By applying for and/or
opening a live or demo FXCM account, Client knowledge and agree that your consent is
voluntarily provided to the FXCM Group and its affiliated entities including FXCM Australia Pty.
Limited. Personal information is any information about the Client, that identifies the Client or by
which the Client's identity can reasonably be ascertained. Where information is collected from
someone other than the client, the FXCM Group will take reasonable steps to ensure the client is
aware that such information has been collected, and of the circumstances of the collection.
客户提交申请表开立 FXCM 真实或模拟账户时，将会向 FXCM 集团成员中的公司（统称
为“FXCM 集团”）及其联营机构提供客户个人资料。通过申请和/或开立真实或模拟账
户，阁下确认并同意，阁下所提供给 FXCM 集团（包括 FXCM Australia Pty. Limited）及
其联营机构的同意书是出于自愿的。个人资料是指能够识别客户或合理地确认客户的身份
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 57
的有关客户的任何资料。当个人资料是经由第三方（非客人）收集时，FXCM 集团将会采
取合理步骤去确认客人明白该资料已被收集及收集的情况。
3. FXCM will also maintain records of all transactions and activities on the Client's account(s),
including, but not limited to, details of liquidations on the Client's account(s). FXCM may also
collect information about the Client from publicly available sources such as company registers.
The Client's personal information will be held by FXCM strictly in accordance with the
Australian Privacy Principles in the Privacy Act 1988 and Privacy Amendment (Enhancing
Privacy Protection) Act 2012. At any time, upon request, the Client may gain access to the
information FXCM holds about the Client. FXCM may also record telephone conversations
between the Client and persons working for FXCM. Such recordings, or transcripts from such
recordings, may be used to resolve any dispute between the Client and FXCM and with a view to
satisfying FXCM's statutory obligations including requests from regulators and other government
bodies. FXCM will also collect and hold information about the Client when the Client completes
an online application or other type of form or operates and deals on the Client's Account through
FXCM's websites.
FXCM 亦保留了客户账户的所有交易及活动纪录，包括（但不限于）客户账户的平仓资料。
FXCM 亦会从可得的公共资料来源收集客户资料，例如公司登记册。FXCM 将会严格地根
据 1988 年隐私法的澳大利亚隐私原则及 2012 年私隐修订（增加隐私保护）法持有客户的
个人资料。客户可以在任何时间要求查阅 FXCM 所持有的客户资料。FXCM 亦可以将客
户与 FXCM 职员之间的电话对话录音。此等录音或此等录音的誊本可用以解决客户与
FXCM 之间的任何纠纷，及符合 FXCM 的法定义务，包括监管机构及其他政府组织的要
求。当客户填写网上申请或其他类型的表格，或通过 FXCM 网站操作客户账户或交易时，
FXCM 亦可收集及持有关于客户的资料。
4. FXCM may collect sensitive information about a Client if:
FXCM 可能会收集客户的敏感资料，如∶
a. The collection is required or authorized by Australian Law or court/tribunal order;
此收集是由澳大利亚法律或法院/审裁处命令授权或要求；
b. The client consents to the collection and the information is reasonably necessary for FXCM’s
functions and activities;
客户同意此收集和资料对 FXCM 的职能和运作是合理需要的；
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 58
c. FXCM reasonably believes that collection is necessary to lessen or prevent a serious threat to
the life, health or safety to an individual or the public, and it is unreasonable or impracticable
to obtain the clients’ consent to the collection;
FXCM 有合理理由相信该收集是必要的，以减少或防止个人或公众的生命、健康或安
全被受严重威胁，并且在获得客户同意的前提下收集是不可能及不切实的；
d. FXCM has reason to suspect that unlawful activity or misconduct of a serious nature that
relates to FXCM’s functions or activities is being or may be engaged in;
FXCM 有理由怀疑严重的非法活动或不当行为正在或可能被从事，并涉及到 FXCM 的
职能或运作；
e. FXCM believes that the collection is reasonably necessary to assist to locate a person who
has been reported as missing.
FXCM 认为此收集对于协助找出已报告为失踪的人士是合理必要的。
5. The Client need not give FXCM any of the personal information about the Client requested in the
application forms. However, without that information FXCM may not be able to open an account
for the Client and/or provide services to the Client. While FXCM make every effort to ensure that
all information FXCM hold about Client is accurate, complete and up to date, Client need to
notify FXCM promptly if there are any changes to your personal information. Should the Client
have any questions or complaints about the Client's privacy, the Client should contact FXCM. If a
complaint is not resolved by FXCM to the Client's satisfaction, the Client may complain to the
Privacy Commissioner who may investigate your complaint further.
客户无须向 FXCM 提供申请表上所须的客户个人资料。然而，若缺乏有关资料，FXCM
未必能为客户开立账户和/或向阁下提供服务。FXCM 将尽力确保我们所持有关阁下的一
切资料均属准确、完整及最新，但若阁下的个人资料有任何改变，谨请阁下尽快通知
FXCM。若 FXCM 所提供的投诉解决方案未能令客户满意，客户可向隐私专员投诉，其将
进一步调查阁下的投诉。
ACCESS AND CORRECTION 索取及更正
6. The Client can gain access to his/her personal information that FXCM holds about the Client by
electronically mailing to compliance@. FXCM will process the Client's request usually
within 14 days. If the Client's request is complex, more time may be needed in which case FXCM
will advise the Client of the extra time required. There is no fee for requesting access to the
Client's information, although FXCM may charge the Client the reasonable cost of processing the
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 59
Client's request. In some circumstances the law may allow FXCM to deny the Client access.
Access may also be denied if FXCM has reason to suspect that unlawful activity or misconduct of
a serious nature relating to FXCM’s functions and activities may be engaged in, and if giving
access would be likely to prejudice any appropriate action. In such a case FXCM will explain to
the Client the reason for refusing access unless it would be unreasonable to do so, other
regulatory matters, and the complaint mechanisms available. FXCM may take reasonable steps to
give access in a way that meets the needs of FXCM and the client if possible.
客户可以透过电邮至 compliance@ 索取 FXCM 持有他/她的个人资料。FXCM 一
般于 14 天内处理客户要求。如果客户的要求是复杂的，这种情况下可能需要更多的时间，
FXCM 将会告知客户需要额外的时间。请求索取客户的资料是不涉及任何费用，但 FXCM
可能会向客户收取处理有关客户请求的合理费用。在某些情况下，法律允许 FXCM 拒绝
客户的查阅。如果 FXCM 有理由怀疑严重的非法活动或不当行为正在或可能被从事，并
涉及到 FXCM 的职能或运作，及如果该索取很可能会损害任何适当行动，该索取可能会
被拒绝。这种情况下，FXCM 将会向客户提供拒绝的原因（除非向客户提供原因被视为不
合理）、其他监管事项，并提供现有的投诉机制。如可行，FXCM 可能会采取合理的步骤
并在符合 FXCM 和客户需求下提供索取。
7. FXCM requires Clients to promptly notify FXCM in writing of any changes to the personal
information that FXCM holds about the Client. This will ensure that the Client's personal
information held by FXCM is up to date and enable FXCM to keep the Client informed of the
continuing circumstances of the Client's account(s), the Client's Margin obligations and the
Client's trading activities. The Client may ask FXCM at any time to correct personal information
held by FXCM about the Client which the Client believes is inaccurate. Requests for correction of
personal information or for information regarding FXCM’s privacy policy and practices should
be addressed to: The Data Protection Officer/Compliance Officer, FXCM Australia Pty. Limited,
Suite 1402, Level 14, 383 Kent Street, Sydney, NSW 2000.
FXCM 要求客户在 FXCM 持有的客户个人资料有任何转变时,立即以书面通知 FXCM。这
将确保 FXCM 所持有的客户个人资料保持最新，及使 FXCM 可以就客户账户的持续状况、
客户的保证金责任及客户的交易活动向客户作出通知。客户可随时要求 FXCM 更改
FXCM 所持有而客户认为是不准确的客户个人资料。有关修改资料或更正资料及索取有关
FXCM 私隐保障政策及实务资料的要求，请参阅以下联络详情∶The Data Protection
Officer/Compliance Officer, FXCM Australia Pty. Limited, Suite 1402, Level 14, 383 Kent Street,
Sydney, NSW 2000.
8. Should FXCM disagree with the Client as to the accuracy of the information, the Client may
request that FXCM attach a statement to that information noting that the Client considers it
inaccurate or incomplete. FXCM will provide the client with written notice if it refuses to correct
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 60
the personal information, which will set out the reason for refusal (unless this would be
unreasonable), the mechanisms available to complain about the refusal, and any other relevant
matters.
若 FXCM 与客户就资料的准确性有不同的意见，客户可要求 FXCM 对该资料附加声明，
注明客户认为该资料为不准确或不完整。如拒绝更正个人资料，FXCM 将向客户发出书面
通知，列明拒绝的原因（除非提供拒绝的原因被视为不合适）、提供有关该拒绝的投诉机
制，以及其他相关事宜。
9. If FXCM is satisfied that the information is inaccurate, out-of-date, incomplete or irrelevant or
misleading, FXCM will take all reasonable steps to correct the personal information to ensure that
it is accurate, up-to-date, complete, relevant and not misleading.
如果 FXCM 确认该资料为不准确、过期、不完整或不相关，或具误导性， FXCM 将采取
一切合理步骤以更正个人资料，以确保它是准确、最新、完整、相关和非误导的。
USE AND DISCLOSURE 使用和披露
10. FXCM has requested the information required in the application forms to enable FXCM to
determine whether it will deal with the Client using the FXCM Trading Station. That information,
together with the information collected and maintained by FXCM during the course of its
relationship with the Client, is required to keep the Client updated whilst the Client is a client in
relation to matters such as the Client's Margin obligations and the funds in the Client's account(s)
and possibly other activities of FXCM. FXCM also requires the information to manage and
administer the products and services provided to the Client. FXCM may also be required to
provide the Client's personal information to ASIC and other regulatory and government bodies
from time to time in Australia and overseas. FXCM may also disclose the Client's personal
information to: (i) financial institutions and other similar organisations in connection with its
corporate activities or that are nominated by the Client; (ii) the Financial Ombudsman Service
Limited ("FOS"), courts, arbitrators and other dispute resolution bodies; (iii) external service
providers and professional advisers (which may be located overseas) that provide services to
FXCM; (iv) any actual or potential delegate or assignee as referred to in the Terms of Business;
(v) any other person or entity as required or authorised by law; (vi) any organisation which the
Client request FXCM to or any persons acting on the Client's behalf, including the Client's
financial adviser, broker, solicitor or accountant and (vii) any person that FXCM consider as
appropriate or fit including a member of the FXCM Group and its employees under a duty of
confidentiality. Such information may be transferred to a place outside Australia.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 61
FXCM 要求客户提供申请表所须的资料，以使 FXCM 能决定是否与该客户以 FXCM 交易
平台进行交易。要求取得该些资料以及 FXCM 在与客户建立交易关系的过程中所收集及
维持的资料旨在让客户获得最新资料，因为客户就客户保证金要求、客户账户内的资金及
或许是 FXCM 其他活动等事宜而言属客户身份。FXCM 亦需要该等资料以管理提供予客
户的产品及服务。FXCM 亦须不时向澳大利亚证券及投资委员会 (ASIC) 及澳大利亚和海
外的其他监管及政府组织提供客户的个人资料。FXCM 亦可将客户的个人资料披露予: (i)
与其企业活动有关或由客户提名的金融机构及其他类似的组织；(ii) 金融服务申诉专员署
(Financial Ombudsman Service Limited, 「FOS」)、法院、仲裁机构及其他纠纷解决组织；
(iii) 提供服务予 FXCM 的外部服务供应商及专业顾问（可能位于海外）；(iv) 业务条款所
指的任何实际或潜在代表或承让人；(v) 法律所要求或授权的任何其他人士或实体；(vi) 客
户所要求的任何组织或代表客户行事的任何人士，包括客户的财务顾问、经纪人、律师或
会计师；及 (vii) 任何 FXCM 认为适当或适合的人士，包括 FXCM 集团的成员及其负有保
密责任的成员公司及员工。该等资料可能会被转移到澳大利亚以外的地方。
11. FXCM would like to inform you that your personal information may be used for the following
purposes:
阁下的个人资料可能被用于以下用途∶
a. Sharing, cross-checking and transferring that personal data with any of FXCM affiliated or
associated companies whether in relation to new or existing client verification procedures,
ongoing account administration or direct or indirect marketing of any investment, dealing or
related services or products;
不论是有关新或现有客户的核证程序、持续账户行政管理或任何投资、交易或相关服
务或产品的直接或间接市场推广，与 FXCM 集团或 FXCM 任何联属或关连公司共享、
反覆查证及转移该等个人资料；
b. The comparison and/or transfer to third party service providers of such personal data for the
purposes of credit checking and/or data verification;
比较和/或将该等个人资料转移予第三者服务供应商作信贷查证和/或核证资料用途；
c. Any purpose relating to or in connection with the compliance of any law, regulation, court
order or order of a regulatory authority, including the provision of any such data to any such
regulatory authority as required by law or regulation;
关于或有关遵守任何法律、规例、法令或监管机构的指令的任何用途，包括按照法律
或规例的要求向任何该等监管机构提供任何该等资料；
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 62
d. Any other purpose relating to or in connection with FXCM’s business or dealings or the
business or dealing of any of its affiliated or associated companies.
e. 关于或有关 FXCM 的业务或交易或任何 FXCM 的联属或关联公司的业务或交易的任何
其他用途。
12. FXCM may also use the Client's personal information for: (i) marketing FXCM products and
services to the Client; (ii) developing an understanding of the products and services the Client
may be interested in obtaining from FXCM; (iii) any other purpose the Client has consented to;
and (iv) any use which is required or authorised by law. FXCM may aggregate data on an
anonymous basis about its clients' trades and disclose such data to third parties.
FXCM 亦可为了以下目的而使用客户个人资料: (i) 向客户推广 FXCM 产品及服务；(ii) 了解
客户可能有兴趣从 FXCM 得到的产品及服务；(iii) 客户已同意的任何其他用途；及 (iv) 法
律所要求或授权进行的任何用途。FXCM 可以匿名方式收集客户交易的资料，及向第三方
披露该等资料。
13. FXCM may not use or disclose the information apart from the purpose above except where:
除了上述目的，FXCM 不可能使用或披露客户资料作其他用途，除非:
The use and disclosure is required or authorized by Australian Law or court/tribunal order;
此收集是由澳大利亚法律或法院/审裁处命令授权或要求:
FXCM reasonably believes that collection, use and disclosure is necessary to lessen or
prevent a serious threat to the life, health or safety to an individual or the public, and it is
unreasonable or impracticable to obtain the clients’ consent to the collection;
FXCM 有合理理由相信该收集是有必要的，以减少或防止个人或公众的生命、健康或
安全被受严重威胁，及在获得客户同意的前提下做出收集不可能及不切实的。
FXCM reasonably believes that collection, use and disclosure is necessary in order for
FXCM to take appropriate action in relation to a reasonable suspicion of unlawful activity or
misconduct of a serious nature that relates to FXCM’s functions, activities and internal
investigations;
FXCM 有理由相信收集、使用和披露是必要的，以便 FXCM 对涉及到 FXCM 功能、运
作和内部调查有关的非法活动及严重的不当行为采取适当行动；
FXCM believes that the collection is reasonably necessary to assist to locate a person who
has been reported as missing;
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 63
FXCM 认为此收集对于协助找出已报告为失踪的人士是合理必要的；
Necessary for the establishment, exercise or defence of a legal or equitable claim;
设立、行使或防卫法律或衡平法的索偿的需要；
Necessary for the purposes of confidential alternative dispute resolution.
用于调解其他私隐纠纷的需要；
Where you have consented to such disclosure
阁下已同意有关披露。
14. Your personal data held by FXCM will be kept confidential but FXCM may provide information
to 1) any agent or third party service provider who provides services to FXCM or any of FXCM
affiliated or associated companies in connection with the operation of its business, 2) Any
Regulatory or Governmental authorities which relates to or govern any business of FXCM or any
of its affiliated or associated companies and, 3) Any person that FXCM considers as appropriate
or fit including a member of FXCM or its affiliated or associated companies and its employees
under a duty of confidentiality. Such information may be transferred to a place outside Australia.
It is important that you are aware that Australian Privacy Law will not apply to that information
when it is disclosed cross-border; however FXCM reasonably believes that the affiliated or
related company would be subject to a law or binding scheme that protects the information in a
similar way to the Australian law protects that information.
由 FXCM 持有的关于阁下的个人资料将会予以保密，惟 FXCM 可能会提供资料予以下机
构/人士∶1) 就其业务经营向 FXCM 的附属或联营公司提供服务的任何代理人或第三方服
务供应商；2) 有关或监管 FXCM 的附属或联营公司任何业务的任何监管或政府机构；及 3)
根据保密责任，被 FXCM 视为适当或合适的任何人士，包括 FXCM 的成员公司、FXCM 的
附属或联营公司及其雇员。该等资料可能会被转移至澳大利亚以外的地方。重要的是，阁
下应了解澳大利亚的隐私法并不适用于境外的个人资料，但 FXCM 合理地相信其附属或
联营公司会受到法律或方案约束，且该等法律或方案对资料的保护类似于澳大利亚法律保
护的。
SHARING INFORMATION WITH OUR AFFILIATES 与联营机构共享资料
15. FXCM Australia Pty. Limited may share personal information with our affiliates for business
purpose, such as, but not limited to, servicing customer accounts and informing customers about
new investment products and services, or to aid in the trading activity of FXCM Australia Pty.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 64
Limited, its affiliates, or employees, and as permitted by applicable law. Our affiliates may
include companies controlled or owned by FXCM Australia Pty. Limited as well as companies
that have an ownership interest in our company. Our affiliates maintain the privacy of your
information to the similar extent FXCM does in accordance with this Policy. If you do not wish to
have your personal information disclosed to our affiliates or other third parties, please send your
request to The Data Protection Officer/Compliance Officer, FXCM Australia Pty. Limited, Suite
1402, Level 14, 383 Kent Street, Sydney, NSW 2000.
FXCM Australia Pty. Limited 可能会与联营机构共享上述个人资料以用于商业用途，例如：
包括（但不限于）服务客户账户及通知客户有关新产品及服务，或在适用法律的允许下协
助本公司、其联营机构、或雇员的交易活动。我们的联营机构可能包括由 FXCM Australia
Pty. Limited 控制或拥有的公司，及拥有本公司所有权权益的公司。FXCM 及其联营机构将
根据本稳私保障政策以同一程度维护客户资料的私隐性。如不希望 FXCM 向其联营机构
或其他第三方披露阁下的个人资料，请将阁下的要求寄往 The Data Protection
Officer/Compliance Officer, FXCM Australia Pty. Limited, Suite 1402, Level 14, 383 Kent Street,
Sydney, NSW 2000.
DIRECT MARKETING 直接营销
16. FXCM intends to use your personal information (other than sensitive information) for direct
marketing investment products and services and FXCM requires your consent for that purpose.
By applying for and/or opening a live or demo FXCM account, you acknowledge and agree that
your consent is voluntarily provided to FXCM. If you do not wish to use your data for use in
direct marketing as described in this policy, you may exercise your right to opt-out by notifying
FXCM in writing.
FXCM 拟使用阁下个人资料（非敏感资料）作直接营销投资产品和服务，且 FXCM 须就此
用途取得阁下同意。通过申请和/或开立 FXCM 真实或模拟账户，阁下确认并同意，阁下
所提供给 FXCM 的同意书是出于自愿的。如阁下不愿意 FXCM 将阁下的资料用于本政策声
明所述之直接营销，阁下可书面通知 FXCM 以行使您不同意此安排的权利。
17. In regards to sensitive information, FXCM will obtain the consent of the client before using or
disclosing sensitive information for the purposes of direct marketing.
就有关敏感资料，在使用或披露该敏感资料以作直接营销的用途之前，FXCM 将会先征得
客户的同意。
18. Where a Client would not reasonably expect their personal information to be used for direct
marketing, or the information has been collected from a third party, FXCM may use or disclose
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 65
this personal information for the purposes of direct marketing if the client has consented to the
use or disclosure for this purpose (or if it is impracticable to seek this consent), and FXCM has
provided a means for opting out of direct marketing and the client has not chosen to opt out.
FXCM will include this opt out option/statement in each direct marketing communication.
客户可能不希望自己的个人资料被用于直接促销、或资料已从第三方被收集，但若客户已
同意使用或披露其资料作直接营销（或如果寻求客户同意不实际时），而且 FXCM 已提
供了方法给客人去选择取消直接营销而客户没有选择取消时，FXCM 仍可能会使用或披露
这些个人资料用作直接营销用途。FXCM 将包含该取消选项/声明于每次直接营销通讯。
19. FXCM clients also have the right to contact FXCM and request not to receive direct marketing
communications, and for FXCM not to disclose their personal information to other entities for the
purposes of direct marketing, as well as request FXCM to provide the source of the individuals
personal information if is practicable or reasonable to do so.
FXCM 客户同时有权利去联系 FXCM 要求不接收直接营销的宣传、或要求 FXCM 不透露
自己的个人资料给其他实体作直接营销用途，及在可行或合理的情况下要求 FXCM 提供
获得该个人资料的来源。
DATA SECURITY 资料保密
20. FXCM takes all reasonable steps to protect the Client's personal information from misuse, loss,
unauthorised access, interference, modification or disclosure.
FXCM 将采取所有合理步骤以免客户的个人资料遭到不当使用、遗失、未经授权使用、干
扰、更改或披露。
21. Once client information is no longer needed, FXCM will take reasonable steps to destroy or de-
identify the information as long as FXCM is not required by Australian Law, or court/tribunal
order to retain the information, or other overseas regulatory and government bodies and if it is not
contained in a Commonwealth record.
除非澳大利亚法律或法院/审裁处或其他海外监管及政府机构要求继续持有资料，一旦
FXCM 不再需要客户的资料，FXCM 将采取合理措施去销毁客户个人资料或除去资料识别。
ABOUT COOKIES 有关 COOKIES
Cookies are small files containing information that a Web site uses to track its visitors. FXCM may set
and access FXCM cookies on your computer, enabling us to learn which advertisements and promotions
bring users to our Web site. FXCM or any of its division may use cookies in connection with FXCM’s
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 66
products and services to track your activities on our Web sites. Such information that we collect and share
would be anonymous and not personally identifiable.
Cookies 是在阁下硬盘上的一个小档案，能够追踪及储存阁下使用网上服务的相关资料。FXCM 可
能会在阁下的电脑设置及存取 FXCM cookies，以协助 FXCM 了解客户从哪些广告和推广进入
FXCM 网站。FXCM 或其部门可能会于 FXCM 的产品和服务中使用 cookies 来追踪阁下在 FXCM
网站的活动情况。收集得来和共享的资料将会是匿名和无法被个别辨认的。
DISPUTE RESOLUTION 争议解决方法
This Dispute Resolution Policy explains how FXCM handles disputes with clients, both internally and
externally.
争议解决政策阐明了FXCM如何处理与客户之间的争议，包括内部与外部。
Internal Complaints Handling System 内部投诉处理机制
i. Upon receipt of a complaint from Client, the FXCM employee that receives the complaint will
attempt to resolve the issue. If the complaint cannot be resolved at the first point of contact or
after reasonable investigation and discussion with Client, the matter will be referred to a senior
member of the relevant FXCM division. If Client is dissatisfied with the outcome, Client will be
requested to provide: (a) written notice specifying the nature of the complaint, the desired
outcome and what action Client thinks will settle the complaint; and (b) all relevant material to
support the complaint.
当收到客户的投诉时，接受到客户投诉的 FXCM 职员将会试图解决该问题。如果在第一
阶段通过联系客户或在合理的调查及与客户讨论之后，争议仍不能被解决，那么问题将会
被提交至 FXCM 相关部门的高级职员。如果客户就该投诉结果不满意，那么客户将会被
要求提供: (a) 以书面通知阐明投诉的性质，所需结果以及需采取什么行动才能解决这一
投诉；及 (b) 所有可以支持这个投诉的相关材料。
ii. Complaints should be addressed to the Complaints Officer and sent to FXCM. Upon receipt of
written notice (“Lodgement Date”), FXCM’s Complaints Officer will: (a) within 5 days of the
Lodgement Date, provide a written acknowledgment of receipt and an indication of the time-
frame in which FXCM will respond to the complaint; (b) consider and investigate the
circumstances surrounding the complaint; (c) advise Client of the criteria and processes applied
by FXCM in dealing with complaints; (d) upon request, provide Client with any relevant, non-
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 67
confidential, material relating to the complaint; and (e) communicate directly with Client, with a
view to resolving the complaint in a fair and timely manner.
投诉应写给投诉主任并发送至 FXCM。当收到书面通知时（“抵达时间”），FXCM 的投
诉主任将: (a) 在五个工作日内（抵达时间），提供一份书面收件通知及列明 FXCM 回复
投诉的期限；(b) 考虑并调查有关投诉事件的情形；(c) 向客户通知适用于 FXCM 处理投
诉的标准及程序；(d) 根据客户要求，为客户提供任何有关的、非机密的和有关投诉的材
料；及 (e) 为以公正和及时的方式解决投诉，FXCM 将直接与客户交流。
iii. No later than 45 days following the Lodgement Date, the Complaints Officer must: (a) notify
Client in writing of the decision in relation to the complaint; (b) provide Client with written
reasons for the decision; (c) outline to Client the remedies, if any, available to Client; and (d)
advise Client of any further avenues for complaint and the time frames involved in those avenues.
Where Client has redress (financial or otherwise), FXCM will promptly provide Client with
information regarding that redress. If the complaint is not resolved within 45 days following the
Lodgement Date, the Complaints Officer will inform Client of the reasons for the delay.
从抵达时间算起不迟于 45 天，FXCM 投诉主任 必须：(a) 将以书面形式通知客户有关于
投诉的决定；(b) 为客户书面提供有关决定的原因；(c) 向客户概述有关补救措施（如有）；
及 (d) 建议客户任何进一步的投诉方式及涉及该类投诉方式的时间期限。如客户获得任何
调整（金融或其他），FXCM 将立即向客户提供有关该调整的信息。如 45 日内仍未解决
该争议，投诉主任将告知客户争议延迟解决的原因。
iv. Client may contact the Client Services Department should Client require further information on
how complaints are handled by FXCM internally.
如需获得有关FXCM 内部投诉处理机制的进一步信息，您可以联系客户服务部门。
External Dispute Resolution Process 外部争议解决程序
i. In the event that Client’s complaint is unable to be resolved by FXCM in accordance with its
internal complaints handling system, Client may refer the complaint to the FOS for determination
in accordance with its rules, provided that the complaint falls within the rules of the FOS.
在客户的投诉并未能根据FXCM内部投诉处理机制得到解决时，倘若该投诉符合金融服务申
诉专员署规则范围，那么客户可将投诉送交金融服务申诉专员署 (Financial Ombudsman
Service) 以根据其规则获得判定。
ii. Client may lodge a complaint with the FOS by sending the necessary documents and information
to:
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客户可以通过将必要的文件和资料寄送至金融服务申诉专员署提出投诉，收件地址如下：
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
iii. Before FOS will deal with Client’s complaint, Client must have first lodged a formal complaint
with FXCM and given FXCM time to resolve the complaint.
在金融服务申诉专员署处理投诉之前，客户必须首先将正式的投诉寄送至FXCM并且给予
FXCM一定的时间来解决投诉。
iv. A determination by the FOS will be binding on FXCM only if the Client accepts the decision.
仅当客户接受来自金融服务申诉专员署的判定时，该判定才会对 FXCM 具有约束力。
COMPENSATION ARRANGEMENTS 补偿安排
FXCM has professional indemnity ("PI") insurance arrangements in place which satisfies the
requirements for compensation arrangements under section 912B of the Corporations Act. These
arrangements are in place to compensate individuals who suffer loss or damage as a result of a breach of
FXCM’s obligations. Our PI insurance takes into account the nature and volume of our business, the
number of clients and kind or clients we have, our representatives and the maximum potential extent of
liability.
根据公司法第 912B 章取代并满足补偿安排的要求，FXCM 拥有专业赔偿 ("PI") 保险安排。这些
安排是为了补偿因违反 FXCM 义务而导致个人遭受损失或伤害。我们的 PI 保险考虑到我们业务
的性质和数量，我们拥有的客户的数量和种类，我们的代表及责任的最大潜在范围。
Our PI insurance also covers claim in relation to the conduct of representatives and employees who no
longer work for us but who did at the time of the relevant conduct.
关于已经不再为FXCM工作的代表和员工做出的行为，如其于FXCM任职时做出该相关行为，我们
的PI保险也涉及其赔偿。
Further Information 更多信息
You should refer to the Terms of Business for further information about resolving any complaint or
dispute with FXCM.
有关FXCM如何解决任何投诉或争议的进一步信息，请查阅业务条款。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 69
TAXATION CONSIDERATIONS 税务考虑
Trading in FX Contracts products offered by FXCM has the potential for generating substantial profits
and the potential for generating substantial losses. The tax implications of such profits or losses may be
significant depending on the personal circumstances of the individual client.
FXCM提供的外汇合约交易有可能产生大量的利润和大量的损失。根据每位客户的个人情况，这
样的利润或损失导致的税收可能数额较大。
Trading in FX Contracts products offered by FXCM has the potential for generating substantial profits
and the potential for generating substantial losses. The tax implications of such profits or losses may be
significant depending on the personal circumstances of the individual client. FXCM does not provide tax
advice and we recommend you seek your own professional tax advice and the impact any profits or losses
generated from trading may have on your overall tax position.
FXCM提供的外汇合约交易可能产生大量的利润和大量的损失。根据每位客户的个人情况，这样
的利润或损失的税收可能数额较大。FXCM并不提供税务建议，我们建议您寻求您自己的专业税
务建议，及由交易产生的任何利润或损失都可能对您的总体税务造成影响。
The Australian Taxation Office has released Taxation Ruling 2005/15 which describes the income tax and
capital gains tax consequences of dealing in financial CFD products. A copy is available at the ATO’s
website .
澳大利亚税务办公室(The Australian Taxation Office, ATO)发布了2015/15税务规定 (Taxation Ruling
2005/15)，描述了交易金融差价合约产品的所得税和资本收入的税务影响。副本请查询澳大利亚
税务办公室的网站 。
You should note that this is a public ruling for the purpose of Part IVAAA of the Taxation Administration
Act 1953 (Cth) and therefore, if the ruling applies to an investor or trader, the Commissioner of Taxation
is bound to assess that person on the basis outlined in the ruling. Penalties may apply where the treatment
outlined in a taxation ruling is not followed and the investor has a tax shortfall.
阁下应注意，这是就1953年税务行政法案 (Taxation Administration Act 1953) 第IVAAA 部分的公
共条例，如果该条例适用于投资者或交易者，税务专员一定会根据该条例评估该投资者或交易者。
倘若税务条例所列处理方式并未被遵守及投资者未足额缴纳税款，可能会产生罚款。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 70
COOLING–OFF ARRANGEMENTS 冷静安排
There are no cooling-off arrangements for the FX Contracts offered by FXCM.
FXCM提供的外汇合约均无冷静安排。
This means that when you enter a transaction with FXCM you do not have a right to return the product
and you do not have the right to request FXCM to repay the money you have paid to acquire the product.
Should you change your mind after entering into a FX Contract with FXCM, you should close out your
position by taking an opposite transaction.
这意味着当您在FXCM开始交易时，您无权返还产品并且您无权要求FXCM退还您为获得产品所
支付的金额。若阁下在与FXCM进行外汇合约交易后改变主意，您应该通过相反的交易以关闭您
的仓位。
ADDITIONAL INFORMATION 额外信息
Other information about FXCM and its products may be obtained by accessing our Website at
or by contacting us.
您可通过访问我们的网站 或联系我们以获得有关 FXCM 及其产品的其他信
息。
GLOSSARY 术语表
This Glossary is to be read in conjunction with this PDS. The FXCM Website also has a number of lists
of market terminology which you should consult in the event that you do not understand any term when
dealing with FXCM.
本术语表应与本产品披露声明相结合阅读。FXCM网站也有大量市场术语列表，当您与FXCM交
易时遇到任何不懂的任何术语时，您可以查询。
Account
账户
An account of the client to deal or trade in FX Contracts s with FXCM.
客户用于与 FXCM 买卖或交易外汇合约的账户。
Account Equity
账户净值
Aggregate of the current cash balance in your Account and your current unrealized profit and
losses less any Margin Requirement.
阁下账户目前的现金余额和当前未实现损益及减去任何保证金要求的合计。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 71
AEST
澳洲东部标准时间
Means the time in Sydney, New South Wales, Australia.
是指在澳大利亚悉尼及新南威尔士的时间。
Application Form
申请表
The application form including the required account opening documentation and the Terms
of Business completed by you and submitted to FXCM or the FXCM Group whether
electronically or in hard copy.
申请表包括由您完成并提交给 FXCM 或 FXCM 集团的所需的电子版或纸质版开户文
件和业务条款。
ASIC Australian Securities & Investments Commission or any regulatory body which replaces it or
performs its functions.
澳大利亚证券及投资事务监察委员会或取代该机构或执行该机构职能的任何监管机
构。
ASX ASX Limited operating as Australian Securities Exchange.
澳大利亚证券交易所 (Australian Securities Exchange) 。
AUD$ and $
澳元
Australian dollars, unless specified otherwise in this PDS.
澳元，除非在本产品披露声明另有说明。
Australian Client
Money Rules
澳大利亚客户款
项规则
The provisions in Part of the Corporations Act 2001 and the Corporations Regulations
made under those provisions that specify the manner in which financial services licensees are
to deal with client money and property.
2001 公司法的第 部分的条款及根据该条款制定的公司条例，具体说明了金融服务
持牌人处理客户资金和财产的方式。
Base Currency
基本货币
The first currency quoted in the pair.
货币对中第一个被引用的货币。
Bid
买入价
The price at which FXCM offers to buy a FX Contract.
FXCM 提供的买入一份外汇合约的价格。
Business Day
工作日
Business Day means: 8AM – 5PM AEST.
工作日是指：澳洲东部时间上午 8 点至下午 5 点。
Cleared Funds
清算资金
Funds that have been deposited and processed with FXCM and shown on the client’s
Account.
已被 FXCM 存入和处理并显示于阁下账户的资金。
Commission
佣金
A transaction fee charged by FXCM for execution services.
FXCM 就执行服务收取的交易费用。
Contract for
Difference ("CFD")
差价合约 ("CFD")
CFDs are an agreement between you and FXCM to trade the difference arising from
movements in the price or value of an underlying asset.
差价合约是您与 FXCM 之间用于交易因相关资产价格或价值的变动而产生的差异的协
议。
Contract
合约
Means any FX Contract or CFD entered into by FXCM with the client or any back to back
agreement which FXCM may enter into to enable it to enter into or fulfil its obligations
under such contract.
是指 FXCM 与客户进入的任何外汇合约或差价合约，或 FXCM 开展的可能使其进行
或在这一合同下履行其义务的任何冲销协议。
Debit Balance
借方结余
Within any 24 hour period of time as calculated and determined by FXCM in its sole and
absolute discretion, the aggregate of any negative balances incurred by the Client across all
Accounts the Client holds with FXCM from time to time (whether jointly or individually)
and any and all accounts the Client holds with any Group Entity from time to time (whether
jointly or individually).
任何 24 小时期间内，FXCM 根据其全权绝对酌情权计算及决定的客户持有的 FXCM
所有账户（不论是联名或个人）以及客户持有的集团实体下的任何以及所有账户（不
论联名或个人）不定期产生的任何负余额总和。
Denominated
Currency
结算货币
The currency in which you have nominated your Account to be denominated.
阁下指定的您账户结算的货币。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 72
FOS The Financial Ombudsman Service.
金融服务申诉专员署。
FSG
金融服务指引
FXCM's financial services guide, including a supplementary or replacement financial
services guide.
FXCM 的金融服务指引，包括金融服务指引的补充或更换。
Future Price
期货价格
The price is an agreed upon price but delivery and payment will occur at a future date.
此价格是一个约定的价格，但交货和付款将发生在未来某一日期。
FX Contract
外汇合约
Any foreign exchange contract entered into by you and FXCM in respect of an over the
counter margined foreign exchange contract.
您与 FXCM 就场外交易保证金外汇合约而进入的任何外汇合约。
FXCM Exchange
Rate
FXCM 汇率
The foreign exchange rate as FXCM may reasonably determine from time to time having
regard to current market rates and which is available to the client from FXCM on request.
This rate may be different to the price quoted by FXCM for a FX Contract.
FXCM 的外汇汇率可能合理地不时考虑到当前市场利率及客户可要求从 FXCM 获得。
这个比率可能会与 FXCM 的外汇合约的报价有所不同。
FXCM or FXCM
AU
FXCM Australia Pty. Limited.
指 FXCM Australia Pty. Limited。
FXCM Group
FXCM 集团
Refers to the FXCM group of companies. FXCM Australia Pty. Limited is an operating
subsidiary within the FXCM Group.
指 FXCM 集团。FXCM Australia Pty. Limited 是 FXCM 集团成员之一。
FXCM Spread
FXCM 差价
Means the difference between the Bid and Offer prices of a Contract quoted from time to
time by FXCM and; where appropriate; expressed as a percentage of the relevant price.
指合约的买入价和卖出价之间的差额，由 FXCM 不时提供，适当的表示为相关价格的
一个百分比。
Gapping
跳空
Gapping is the exposure to loss from failure of market prices or rates to follow a "smooth" or
continuous path due to external factors such as world, political, economic and specific
corporate events.
跳空由于市场价格或利率没有按照“平滑”或连续路径变动而遭受损失，该类价格的
变动由外部因素，如世界，政治，经济和特定的公司活动导致。
Greyed Out
隐藏报价
Occurs when liquidity decreases, and counterparties that provide pricing to FXCM are not
actively making a market for particular currency pairs.
当流通量减少时，向 FXCM 提供报价的流通量提供者没有积极就某货币对或差价合约
营造市场。
Interbank Rate
银行同业拆息率
The interbank rate calculated by FXCM with reference to the bid and offer prices for the
underlying asset most recently quoted by any one or more third party banks.
FXCM 计算的银行同业拆息率是参照了最近由任何由一个或多个第三方银行提供的相
关资产的买入价和卖出价。
Limit Entry/
Limit Order
限价挂单/
限价订单
This is an order to enter the market at a better price than the current one. Limit Orders are
only filled at a designated price. When buying, lower prices are better, and when selling,
higher prices are better.
这是为了以比当前更好的价格进入市场而设的指令。限价单只能以指定价格执行。买
入时价格较低比较好，卖出时价格较高较好。
Long
长仓
In relation to an FX Contract, the party that has bought the FX Contract in opening the
position.
就外汇合约而言，是指开立开仓部位是买入外汇合约。
Margin
保证金
Margin is the minimum amount that you must have in your Account to enter into a FX
Contract or a CFD with FXCM. Different Contracts have different Margin Requirements.
保证金是阁下与 FXCM 建立外汇合约或差价合约时账户最低资金要求。不同合约的保
证金要求也不同。
Margin Call
追加保证金
Call for additional money to be deposited to your Account in order to maintain your open
positions.
要求存入额外资金至您账户以维持您的持仓的通知。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 73
Margin
Requirement
保证金要求
The amount required to open and maintain a FX Contract.
建立和维持一份外汇合约所需的款项。
MetaTrader 4 A type of Trading Platform FXCM offers through which FX Contracts may be transacted.
由 FXCM 提供的可交易外汇合约的一种交易平台。
Minimum Point
Increment
最小点增量
Represents the minimum possible price change between two successive transaction prices
permitted by FXCM. The Minimum Point Increment can represent either an upward or
downward movement in price. The Minimum Point Increment may also be referred to as a
“tick” or a “pip”.
代表 FXCM 允许的两个连续交易的价格的最小价格变化。最小点增量可以代表一个向
上或向下的价格波动。最小点增量也可以被称为“点值”或“点子”。
Minimum Stop
Distance
最小限价距离
The minimum price distance (from the current quote) at which you may enter a ‘risk’ or
‘stop’ level.
阁下可能设置的一个“风险”或“限价”水平的最低价格距离（从目前的报价）。
National Guarantee
Fund
国家保证基金
The National Guarantee Fund administered by the ASX.
澳大利亚证券交易所管理的国家保证基金。
Offer
卖出价
The price at which FXCM offers to sell an FX Contract.
FXCM 提供的卖出一份外汇合约的价格。
PDS
产品披露声明
Product disclosure statement.
产品披露声明。
Referring Broker
经纪商
A person or organization that solicits and/or refers clients to FXCM and is compensated for
the referral as described in Part 2 of this PDS.
招揽和/或介绍客户到 FXCM、并根据本产品披露声明第二部分获得报酬的个人或机
构。
Rollover Benefit
过夜收益
An amount you may receive for rolling your FX Contract and holding it as an open position
overnight based upon the Rollover Rate multiplied by the notional value of the relevant open
position.
阁下可能会因您的外汇合约持仓过夜而获得、且以相关开仓部位的名义价值乘以过夜
利率计算所得的金额。
Rollover Charge
过夜收费
An amount you may pay for rolling your FX Contract and holding it as an open position
overnight based upon the Rollover Rate multiplied by the notional value of the relevant open
position.
阁下可能会因您的外汇合约持仓过夜而被收取、且以相关开仓部位的名义价值乘以过
夜利率计算所得的金额。
Rollover Rate
过夜利率
The rate at which you pay or receive interest on FX Contracts that remains open overnight.
This is a varying rate dependent upon the applicable rate in the interbank markets, the
duration of the rollover period, the size of the position and the FXCM Spread that is applied
at FXCM’s discretion.
您因过夜持仓外汇合同需支付或可获得的的利息比率。该利率为变量，其值取决于在
银行间市场的适用利率，过夜期间的持续时间，持仓的大小和 FXCM 全权酌情决定的
标高点子。
Short
短仓
In relation to a FX Contract, the party that has sold a FX Contract in opening the position.
就外汇合约而言，在开仓部位时已售出一份外汇合约的一方。
Spot FX
即期外汇
Any foreign exchange contract entered into between FXCM and a client.
客户与 FXCM 签订的任何外汇合约。
Spot Price
即期价格
The price that is quoted for immediate (spot) settlement.
即期结算（实时）的报价。
Trading Day
交易日
5PM AEST – 5PM AEST Monday to Friday.
澳洲东部时间周一至周五下午 5 点至次日下午 5 点。
Trading Platform
交易台
FXCM’s Trading Station and MetaTrader 4 or any other electronic trading system made
available to you by us from time to time.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement 产品披露声明 74
由我们提供予客户的 FXCM 交易平台和 MetaTrader 4 或其他电子交易系统。
Trading Station
交易平台
FXCM’s proprietary Trading Platform through which FX Contracts may be transacted.
可交易外汇合约的 FXCM 专有的交易平台。
Trading Week
交易周
Sunday 5:15 PM (ET) – Friday 4:55 PM (ET), except for public holidays.
星期日下午 5:15 （美国东部时间）– 星期五下午 4:55（美国东部时间），公共假期除
外。
Usable Margin
可用保证金
Account Equity less Used Margin. This is the amount you have available to withdraw or to
cover additional Margin Requirements.
账户净值减去占用保证金。这是您可取出或用以满足其他保证金要求的款项。
Used Margin
占用保证金
Sum of your Margin Requirements for all of your current open FX Contracts s.
阁下目前所有外汇持仓的保证金要求总和。
We, us or our
我们或我们的
References to "we", "us" or "our" should be treated as references to FXCM Australia Pty.
Limited.
所提及的“我们”或“我们的”都应被视为 FXCM Australia Pty. Limited。
Website
网站
指
Product Disclosure
Statement
产品披露声明
Part 2: Trading Station and
MetaTrader 4
第二部分 交易平台和
MetaTrader 4
Last Update: March 2017
更新日期：2017 年 3 月
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 2
FXCM AUSTRALIA PTY. LIMITED
Table of Contents
目录
Part 2: Trading Station and MetaTrader 4 第二部分 交易平台和 MetaTrader 4 ................................... 1
IMPORTANT INFORMATION ABOUT THE FXCM AUSTRALIA PTY. LIMITED PRODUCT DISCLOSURE
STATEMENT (“PDS”) 关于 FXCM AUSTRALIA PTY. LIMITED 产品披露声明 (PDS) 的重要信息。 .............. 4
TRADING WITH FXCM AUSTRALIA PTY. LIMITED ON TRADING STATION ORMETATRADER 4 通过交易平台
或 METATRADER 4 与 FXCM AUSTRALIA PTY. LIMITED 进行交易 .............................................................. 5
Applying to Trade with FXCM 申请与 FXCM 交易 .................................................................................. 5
Negative balance protection policy 负数结余保障政策.......................................................................... 5
Opening an FX Contract 开立外汇合约 ................................................................................................... 7
Closing an FX Contract 关闭外汇合约...................................................................................................... 7
Contract Expiration 合约到期日 .............................................................................................................. 8
ROLLOVER – FX Contracts 过夜利息-外汇合约 ....................................................................................... 8
Rollover Charges and Rollover Benefits 过夜的收费和好处. .................................................................. 8
Pricing 定价 ............................................................................................................................................. 10
YOUR MARGIN OBLIGATIONS TO FXCM 阁下对 FXCM 的保证金义务 ............................................... 10
Margin Call 追加保证金 ......................................................................................................................... 12
Pip 点子 .................................................................................................................................................. 15
What is Pip Cost?点值是什么？ ............................................................................................................ 15
Account Denominations 账户结算货币 ................................................................................................. 17
Currency Pair List:货币对列表 ............................................................................................................... 17
DISTINCT FEATURES OF TRADING STATION 交易平台的显著特点 .......................................................... 18
FXCM Mobile Trading Station Trading System 流动交易平台系统 ....................................................... 20
TS MOBILE TABLET APPLICATION 交易平台（流动版）平板电脑应用程序 ....................................... 21
Trading Station Web 交易平台网络版 .................................................................................................. 21
Dow Jones FXCM Dollar Index Basket (“FXCM Dollar Basket”) 道琼斯 FXCM 一篮子美元指数（FXCM
美元篮子） ............................................................................................................................................. 21
DISTINCT FEATURES OF METATRADER 4 TRADING STATION METATRADER 4 交易平台 的显著特点.... 23
Trading Execution 交易执行 ................................................................................................................... 23
Margin Requirement 保证金要求 .......................................................................................................... 24
Margin Call 追加保证金 ......................................................................................................................... 24
Max Deviation 最大偏差 ........................................................................................................................ 26
Maximum Trade Size 最大交易量 .......................................................................................................... 27
Maximum Account Equity Restrictions 最高账户净值限制 .................................................................. 27
Rollover 过夜利息 .................................................................................................................................. 27
Cross-Platform Computability 跨平台兼容性 ........................................................................................ 28
FXCM MetaTrader 4 Server Information FXCM METATRADER 4 伺服器资料 ....................................... 28
Phone Dealing 电话交易 ........................................................................................................................ 28
FXCM ACCOUNT TYPES 账户类型 .............................................................................................................. 29
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 3
FEES AND CHARGES WHEN DEALING IN FX CONTRACTS ON TRADING STATION AND METATRADER 4 使
用交易平台和 METATRADER 4 交易外汇的费用和收费 ......................................................................... 30
Administration Charges 行政费用 .......................................................................................................... 32
Withdrawal of Money from your Account 阁下账户的提款 ................................................................. 37
SUPERANNUATION FUNDS 退休基金 ........................................................................................................ 38
Investment Strategy 投资策略 ............................................................................................................... 39
Risk Management 风险管理 .................................................................................................................. 39
YOU MUST READ PART 1 OF THIS PRODUCT DISCLOSURE
STATEMENT BEFORE YOU PROCEED TO READ THIS PART,
PART 2.
在阁下阅读第二部分（此部分）之前，您必须先阅读本产品披露声明
的第一部分
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 4
IMPORTANT INFORMATION ABOUT THE FXCM
AUSTRALIA PTY. LIMITED PRODUCT
DISCLOSURE STATEMENT (“PDS”) 关于 FXCM
AUSTRALIA PTY. LIMITED 产品披露声明 (PDS)
的重要信息。
FXCM Australia Pty. Limited (“FXCM”) is the issuer of this Product Disclosure Statement (“PDS”)
for over the counter margined foreign exchange contracts (“FX Contracts”)
本场外杠杆式外汇合约（外汇合约）的产品披露声明由 FXCM Australia Pty. Limited (“FXCM”) 发
布。
Under the Corporations Act 2001 (Cth) (“Corporations Act”), a retail client must receive a PDS
from an AFS Licensee before acquiring a financial product. The PDS is the document that sets
out the significant features of a financial product, including its risks, benefits, costs and fees
and other related information. The purpose of this PDS is to provide you with sufficient
information to make an informed decision in relation to the acquisition of our FX Contracts. You
may also use this PDS to compare the financial products described with other issuers of similar
products.
根据 2001 年公司法（公司法），零售客户在交易金融产品前必须收到一份由澳洲金融服务持牌
人发布的产品披露声明。产品披露声明是陈列金融产品显著特征的文件，包括其风险，优势，成
本及费用和其它相关信息。此产品披露声明旨在提供足够的信息以帮助您在知情的情况下做出有
关买卖外汇合约的决定。您也可以通过本产品披露声明将其所描述的金融产品与其他发行者的同
类产品作比较。
This PDS contains information about the FX Contracts we offer. This PDS is divided into 2
separate parts.
此产品披露声明载有我们提供的外汇合约的信息。本产品披露声明分为两个独立的部分。
PART 1 – GENERAL INFORMATION
第一部分 – 基本信息
PART 2 – THE DIFFERENT TRADING PLATFORMS WE OFFER (including commissions, fees and
charges)
第二部分 – 由 FXCM 提供的不同交易平台（包括佣金，费用和收费）
Part 1 of this PDS includes the general information about FXCM, trading with FXCM, risks &
benefits of dealing in FX Contracts with FXCM together with details of our Privacy Policy,
Dispute Resolution, Taxation Considerations, Cooling-Off Arrangements, Other Available
Information, and Glossary.
此产品披露声明的第一部分包括 FXCM 的基本信息，与 FXCM 交易，与 FXCM 交易外汇合约的风
险和优势，及我们的私隐保障政策的细节，监管，税务考虑，冷静安排，提供的其他信息和术语。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 5
Part 2 of this PDS outlines the pertinent features of Trading Station and MetaTrader 4 Platform.
Part 2 also details the fees and charges when trading FX Contracts utilizing the various Trading
Platforms.
此产品披露声明的第二部分概述了交易平台和 MetaTrader 4 的相关特点。第二部分亦细述了使用
不同交易平台交易外汇合约的费用和收费。
You must ensure you have read the PDS Part 1 in addition to Part 2. The PDS is provided in
separate parts in order to provide you efficient knowledge about our products and services in a
clear, concise and effective manner.
阁下必须确保您已经阅读了此产品披露声明的第一部分和第二部分。此产品披露声明分为独立的
两部分，以便您能够清晰，简单和有效的了解我们提供的产品和服务。
This Part 2 of the PDS is set out in the following manner: First, it describes the features
consistent in all Trading Platforms; next, it summarizes the distinct features of each Trading
Platform, and then finally describes the fees associated with each Trading Platform.
本产品披露声明按以下方式陈列：第一，其描述了所有交易平台共同的特点；其次，总结了每个
交易平台的不同特点；最后，描述了每个交易平台涉及的费用。
TRADING WITH FXCM AUSTRALIA PTY.
LIMITED ON TRADING STATION
ORMETATRADER 4 通过交易平台或
METATRADER 4 与 FXCM AUSTRALIA PTY.
LIMITED 进行交易
Applying to Trade with FXCM 申请与 FXCM 交易
Before you begin trading in FX Contracts you must complete an Application Form and be
approved by FXCM. Before completing the Application Form you should read this PDS, the
Financial Services Guide (“FSG”) and the Terms of Business.
在开始买卖外汇合约之前，您必须完成填写申请表并获得 FXCM 批准。在完成填写申请表前您应
阅读本产品披露声明、金融服务指引 (“FSG”) 及业务条款。
Negative balance protection policy 负数结余保障政策
IMPORTANT: The Negative balance protection policy (excludes corporate Accounts):
重要信息：负数结余保障政策（不包括公司账户）：
Please refer to our Terms of Business for the full details of the negative balance protection
policy which lists out the relevant details, definitions, and exceptions of this policy.
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
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You may incur a debit/negative balance in your account(s) and will be liable for Debit Balances
in the accounts(s), however FXCM agrees to waive up to $50,000 USD of any Debit Balance
held with FXCM less any amount waived by any Group Entity with respect to the same debit
balance. FXCM reserves the right to alter or change the negative balance protection policy at its
sole discretion.
您的账户可能会产生借方/负数结余及您将对该账户负数结余负责，尽管如此，FXCM 同意豁免不
高于 50000 美元的对 FXCM 的负数结余，但减免对于同一笔负数结余客户获得任何集团实体的任
何豁免。FXCM 保留修改或变更该负数结余保障政策的全权酌情权。
Note that ‘Debit Balance’ is defined in our Terms of Business as within any 24 hour period of
time as calculated and determined by FXCM in its sole and absolute discretion, the aggregate of
any negative balances incurred by the Client across all Accounts the Client holds with FXCM
from time to time (whether jointly or individually) and any and all accounts the Client holds with
any Group Entity from time to time (whether jointly or individually).
请注意“负数结余”在我们的业务条款中被定义为以任何 24 小时期间内，FXCM 根据其全权绝对
酌情权计算及决定的客户持有的 FXCM 所有账户（不论是联名或个人）以及客户持有的集团实体
下的任何以及所有账户（不论联名或个人）不定期产生的任何负余额总和。
Some exceptions to this policy are listed below, however this is not a complete list, therefore
you must refer to the Terms of Business for the full details of the policy.
下面列出一些不适用于本政策的情况，但这并不是一份完整的列表，因此，您必须参阅业务条款
以获得该政策的全部细节。
This no negative/debit balance policy will not apply:
本负数结余政策在下列情况下不适用：
• To corporate accounts
对公司客户；
• In the case of a Force Majeure Event (as defined in the Terms of Business)
在发生不可抗力的情况下（如业务条款中的定义）；
• In the case where FXCM determines in its sole and absolute discretion that the debit
balance is unrelated to your trading activity
FXCM 依据全权酌情权厘定负数结余与客户的交易活动无关；
• In the case that the debit balance is connected to or as a results of a breach of the
Terms of Business
负数余额与违反业务条款相关或是违反业务条款的结果；
• In the case where you have entered into a white label or omnibus account relationship
with FXCM
客户与 FXCM 订立了白标关系或综合账户关系；
• In the case where you deal with FXCM through a credit arrangement
客户透过信贷安排与 FXCM 交易；
• In the case where the debit balance is incurred as a result of any transactions in equities,
futures contracts, options contracts, CFD contracts where the underlying instrument is a
security, and/or any other products that are traded on a market
负数结余产生于以标的金融工具为证券的权益股份、期货合约、期权合约、差价合约的交
易，及/或在市场上交易的任何其他产品；
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
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• In the case where you are classified as a professional client/investor and/or wholesale
client
客户被划分为专业客户或投资者及/或批发客户；
• In the case where the debit balance is incurred by your use of FXCM’s ‘Pro ECN’ or
‘FastMatch’ platform
负数结余产生于客户使用 FXCM 的“Pro ECN”平台或“FastMatch’ platform”平台的；
• In the case where FXCM agrees to disable the automatic liquidation feature in any one
of your account(s)
FXCM 同意禁用自动清算功能的任何客户账户。
Please refer to our Terms of Business for the full details of the no debit balance
policy which lists out the relevant details, definitions and exceptions of this policy.
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
Opening an FX Contract 开立外汇合约
A position is opened by either buying (going Long) or selling (going Short) an FX Contract.
「买入」（做多）或「卖出」（做空）一份外汇合约时即会开仓。
BUYING - If you expect an instrument to rise in value, you buy.
买入 – 如果您预期某金融工具价值将上涨，则买入。
SELLING - If you expect an instrument to fall in value, you sell.
卖出 – 如果您预期某金融工具价值将下跌，则卖出。
For example, if the current exchange rate for the Australian dollar against the US dollar is
quoted to be AUD/USD this means that one Australian dollar can be sold for
80 US cents.
例如，如果目前澳元兑美元的汇率报价为 澳元/美元 1 澳元可以兑
换 80 美分。
A foreign exchange quote: . AUD/USD “ represents the Bid/Offer spread
(in this case for AUD/USD). This quote means that you can:
一个外汇报价：例如 澳元/美元 “ 澳元/美元 的例子）。
这个报价意味着您可以：
• Buy (going long) Australian dollars at against the US dollar; and\or
在 的价格买入（做多）澳元兑美元；和/或
• Sell (going short) Australian dollars at against the US dollar
在 的价格卖出（做空）澳元兑美元
Closing an FX Contract 关闭外汇合约
You close an FX Contract by right clicking on the position and selecting “Close Trade” within the
FXCM Trading Stations.
阁下可通过在 FXCM 交易平台点击报价窗口并选择“关闭交易”以关闭外汇合约。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 8
Contract Expiration 合约到期日
All FX Contracts and Index CFD positions will remain open until they are executed, closed by the
client or the position is liquidated due to insufficient Usable Margin to support the open position.
所有外汇合约和指数差价合约的仓位将会一直处于开仓状态，直到它们被执行，被客户平仓，或
由于可用保证金不足以维持开仓部位而被强制平仓为止。
ROLLOVER – FX Contracts 过夜利息-外汇合约
Rollover Charges and Rollover Benefits 过夜的收费和好处.
What is Rollover?
什么是过夜利息？
Rollover is the interest paid or earned when your transaction is rolled. This means that open
positions held at the end of the Trading Day will be rolled over and remain open until the end of
the next Business Day (unless the position is closed).
过夜利息是指交易持仓过夜所支付或赚取的利息。这就是说，在交易日结束时的持仓将被转仓并
保持开仓的状态直到下一个工作日结束（除非该仓位被平仓）。
Each currency has an interest rate component associated with it, and because foreign exchange
is traded in pairs, every trade involves not only 2 different currencies, but also two different
interest rates.
每种货币都有本身的利率，由于外汇是一对一进行交易的，所以每项交易不单止涉及两种不同的
货币，同时还涉及两个不同的货币利率。
If the interest rate on the currency you bought is higher than the interest rate of the currency
you sold, then you will earn Rollover Benefit (positive roll). If the interest rate on the currency
you bought is lower than the interest rate on the currency you sold, then you will pay Rollover
Charge (negative roll).
若您买入的货币利率高于卖出货币的利率，您就可以赚取过夜利息（正数过夜利息）。若买入的
货币利率低于卖出货币利率，您就需要支付过夜利息（负数过夜利息）。
Rollover Charges or Rollover Benefits can add a significant extra cost or profit to your trade.
过夜费用或过夜收益可能令您的交易成本或利润显著增加。
The FXCM Trading Platforms automatically calculate and report all Rollover Charges or Rollover
Benefits for you. The Rollover Rates are available via FXCM Trading Stations and/or MT4* (as
‘swap’). FXCM closely tracks and clearly displays Rollover Rates. Our policy is that Rollover
Rates are displayed on the Trading Platforms one full day before they are posted to your
Account. [*The new MT4 will calculate rollover and this will reflect in the swap column of any
report generated]
FXCM 交易平台自动为您计算及报告过夜费用或过夜收益。过夜利率可在 FXCM 交易平台和/或
MT4* （作为 ‘交换’）上查阅. FXCM 密切跟踪并清晰地显示过夜利息。我们的政策是，过夜利息在
入账到您的账户之前会在交易平台显示一整天。 [*新的 MT4 将计算过夜利息，及过夜利息将反
映在任何生成的报告之交换栏]
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 9
Rollover Example
过夜利息的例子
When you buy the EUR/USD currency pair, you are buying the Euro against the US Dollar. If the
Euro interest rate is %, and the US interest rate is %, you are buying the currency with
the higher interest rate, and you will earn Rollover Benefit - about % on an annual basis. If
you sell the EUR/USD pair, you are selling the currency with the lower interest rate, and you will
pay a Rollover Charge - about % on an annual basis, since you are paying the Euro interest
rate and earning the US interest rate.
当您买入欧元/美元的时候，其实您是买入欧元卖出美元。假如欧元的利率是 %而美元的利
率是 %，您就是买入利率较高的货币，因此将赚取过夜收益-年利率约 %。若您卖出欧
元/美元，您就是卖出利率较高的货币，因此需要支付过夜费用-年利率约 %，因为您正支付
欧元利息，赚取美元利息。
When is the Rollover Charge or Rollover Benefit Booked to Your Account?
过夜费用或过夜收益什么时间入账？
5:00pm in New York is considered the beginning and end of the Trading Day in FX Contracts.
Any positions that are open at 5:00pm are considered to be held overnight, and are subject to
being rolled. A position opened at 5:01pm is not rolled until the next day, while a position
opened at 4:59 PM is subject to being rolled at 5:00pm.
外汇交易以交易日的纽约时间下午 5 时为开始及结束时间。在下午 5 时维持未平仓状态的任何仓
位都会视为持仓过夜，需要计算过夜利息。在下午 5:01 建立的仓位待下一个交易日才计算过夜利
息；而在下午 4:59 建立的仓位则于当日下午 5:00 计算过夜利息。
A credit (in the case of Rollover Benefit) or debit (in the case of Rollover Change) for each
position open at 5:00pm (New York Time) ET is applied directly to your Account’s balance.
于下午 5 时（纽约时间），每一个未平仓部位的正数（过夜收益）或负数（过夜费用）过夜利息
会被直接反映于您的账户结余。
Weekends and Holidays
周末及假日
Most banks across the globe are closed on Saturdays and Sundays, so positions are not rolled
on these days, but most banks still apply interest for those two days.
世界各地的大多数银行都在星期六及星期日暂停营业，因此开仓部位在星期六及星期日将不会被
转仓息，但大部分银行仍然计算这两天的利息。
To account for that, FXCM books 3 days of Rollover Charge or Rollover Benefit on Wednesdays,
which makes a typical Wednesday rollover three times the amount on say, Tuesday. Positions
are not rolled on holidays, but an extra day’s worth of Rollover Charge or Rollover Benefit is
incurred 2 Trading Days before the holiday. Typically, this happens if any of the currencies
traded have a major holiday. Therefore, Independence Day in the USA, July 4, closes American
banks, and an extra day of rollover is added at 5:00pm on July 1 for all US dollar currency pairs.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 10
基于这个原因，FXCM 将星期三过夜的仓位计算三天的过夜费用或过夜收益，所以星期三持仓过
夜的利息一般是星期二持仓过夜利息金额的三倍。开仓部位在假日不会被转仓，但假日前两个工
作天计算额外一天的过夜费用或过夜收益。一般而言，交易涉及的货币遇上所属国家的重要假日
就会计算假日过夜利息。因此，比如 7 月 4 日美国独立纪念日，美国银行暂停营业，所有美元货
币对的仓位于 7 月 1 日下午 5 时计算额外一天的过夜利息。
Pricing 定价
How are FX Prices Determined by FXCM?
FXCM 如何制定价格？
FXCM prices are derived from multiple liquidity providers who are actively providing pricing to
FXCM. For No Dealing Desk execution, multiple liquidity providers all compete to offer the best
bid and ask price. FXCM adds a mark-up to this bid/ask price and this is the price that FXCM
streams to its clients. The term ‘spread’ refers to the difference between the bid and ask price.
For Dealing Desk execution, FXCM is the market maker and may use prices from liquidity
providers to derive its own price.
FXCM 的价格来源于多个积极为 FXCM 提供报价的流通量提供者。对于无交易员平台执行模式，
多个流通量提供者都竞相提供最佳买入价和最佳卖出价，然后加上福汇标高点子后这是 FXCM 提
供予客户的价格。术语“买卖差价”是指买入价和卖出价之间的差价。对于交易员平台执行模式，
FXCM 是造市商，并可能从流通量提供者处得到的价格来制定自己的价格。
YOUR MARGIN OBLIGATIONS TO FXCM 阁下对 FXCM 的保证金义务
The Margin you need when you open an FX Contract with FXCM
当阁下与 FXCM 建立外汇合约时的保证金要求
The FX Contracts offered by FXCM will be subject to Margin Requirements (. clients must
deposit funds for security/margining purposes). Accordingly, you are responsible to meet all
Margin Requirements to FXCM.
FXCM 提供的外汇合约将受到保证金要求约束（即出于安全/保证的目的，客户必须存入资金）。
因此，阁下有责任达到 FXCM 的所有保证金要求。
When you enter into an FX Contract with FXCM, you are required to have sufficient Usable
Margin in your account to satisfy the Used Margin amount for the relevant number of FX
contracts you hold for as long as those contracts remain open. Examples of the calculation of
the Margin Requirement are listed below. You should refer to the current Margin percentages
per instrument which are listed on the FXCM Trading Platforms.
当阁下与 FXCM 交易外汇合约，只要合约维持为未平仓状态，你就必须保证阁下的帐户有足够的
可用保证金，以满足您持有的相关外汇合约的占用保证金金额。保证金要求计算的例子在下面列
出。阁下可参考 FXCM 交易平台上列出的每种金融工具最新的保证金比率。
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FXCM AUSTRALIA PTY. LIMITED |产品披露声明 11
The FXCM Trading Stations will calculate in real time both the Margin Requirement and the
remaining Usable Margin in your Account. You can see them stated in the accounts window of
the FXCM Trading Stations under the columns “Usd Mr” (Used Margin), and “Usbl Mr” (Usable
Margin). When trading on Trading Station if the Usbl Mr column reaches zero, a Margin Call will
be applied on the Account, and all open positions will be triggered for liquidation.
FXCM 交易平台将实时计算阁下账户的保证金要求及剩余的可用保证金。你可以在 FXCM 交易平
台的账户窗口查看，列于 “占用保证金”及“可用保证金”栏之下。当在交易平台交易时，如果
可用保证金达到 0，账户将被追加保证金，且所有的开仓部位将被触发强制平仓。
Q. What is Used Margin?
问：什么是占用保证金
A. Margin is the amount that you must have in your Account to enter into FX positions with
FXCM.
答：保证金是阁下账户中用来与 FXCM 开立外汇开仓部位所必需的金额。
The level of Margin required to open and maintain a FX Contract is called the "Used Margin".
用以建立和维持一份外汇合约所需的保证金水平称为“占用保证金”。
Margin Requirements can fluctuate from intraday, to overnight to over the weekend. Please
refer to the FXCM Trading Stations for current levels of Margin Requirements.
日内，隔夜，直至周末，保证金要求均可能有所波动。请参阅 FXCM 交易平台以了解最新的保证
金要求水平。
Q. What is my Usable Margin?
问：我的可用保证金是什么？
A. Usable Margin is the funds available for entering new positions. It is also the amount of
funds you have until open positions in your Account are liquidated or closed out by FXCM.
答：可用保证金是指可用于建立新仓的资金。它也是您的持仓被 FXCM 强制平仓或关闭前，您账
户中的资金金额。
Your "Usable Margin" is the difference between:
阁下的“可用保证金”是下述两者的差额：
• Your Account Equity; and
您的账户净值；及
• Any Used Margin set aside to fund open positions.
用于维持开仓部位而被划开的任何占用保证金。
Usable Margin = Account Equity - Used Margin
可用保证金 = 账户净值 – 占用保证金
Please note, you should always refer to the trading station for accurate margin requirements for
each currency pair.
请注意，阁下应随时查阅交易平台以了解每个货币对最精确的保证金要求。
Changes in Margin Requirement
保证金要求的更改
According to the Terms of Business, FXCM reserves the right to modify, at its discretion, the
margin requirement of any FX Contract at any time. This, in turn, modifies your Used Margin.
For current details of the Margin Requirements we refer you to the FXCM Trading Platforms.
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根据业务条款，FXCM 保留其酌情于任何时间更改外汇合约保证金要求的权利。进而，这将改变
您的占用保证金。我们建议您在 FXCM 交易平台查看最新保证金要求的详情。
Margin Call 追加保证金
If you open an FX Contract and it moves against you and your Usable Margin falls to “0”, your
Account will be placed on Margin Call and all positions will be triggered for liquidation or closing
out by FXCM at the next available price. FXCM will notify you via email when your margin level
is at or below double the amount of your allowable margin ‘Margin Warning Email’. For example,
if your margin setting is at 1% of account equity, FXCM will notify you when your account
equity is at or is below 2%. Whilst FXCM makes every effort to notify you as soon as possible,
email notification is not sent in real time. So you may not always receive email notification prior
to liquidation. This is why FXCM recommends that you use the trading platform as a primary
means of monitoring and managing your open positions and obligations. You are responsible for
monitoring your account at all times.
如果阁下建立了一份外汇合约且其价格走势不利于您，当您的可用保证金跌至“0”时，您的账
户将会被追加保证金及所有的持仓将会于下一个可得价格被 FXCM 强制平仓或关闭。当您账户的
保证金水平跌至等于或少于您被允许的保证金水平的两倍时，FXCM 将通过电子邮件“保证金提
醒邮件”通知阁下。例如，如阁下的保证金设置为账户净值的 1%，当阁下的账户净值等于或少
于 2%时，FXCM 将电邮通知阁下。尽管 FXCM 尽一切努力以尽快通知阁下，此电子邮件并非实时
发送。因此，你可能并不总能在强制平仓前收到电子邮件通知。因此，FXCM 建议阁下使用交易
平台作为监控和管理您的持仓和保证金义务的主要方式。阁下有义务在任何时间监控您的账户。
Example:
例子：
Account 1234 has a balance of $25,000 and is trading on 100:1 leverage
requiring $1000 Margin Requirement for each 100,000 in open positions. Account
1234 buys 300,000 USD/JPY and sells 500,000 EUR/USD. As the account has
800,000 in open positions this client is required to have at least $8,000 in
Account Equity to fund these positions. As this client has $25,000 in his Account
the most this client can lose before triggering a Margin Call is $17,000.
账户 1234 余额为 25,000 澳元，杠杆设置为 100:1，即每 100,000 持仓的保证金要
求为 1000 澳元。账户 1234 买入 300,000 美元/日元并卖出 500,000 欧元/美元。
因为账户就有 800,000 开仓部位，该客户的账户净值最少需为 8,000 澳元以支持
其持仓。因为该客户账户中有 25,000 澳元的结余，在触发追加保证金前该客户还
可以损失的最大金额为 17,000 澳元。
If Account Equity falls below Margin Requirements, the MT4 system will trigger an order to
close some of the open positions. If the Usbl MR column reaches zero, the positions with the
largest losses will be closed first in order to free up additional Margin. The Margin Call process
is entirely electronic and FXCM does not actively monitor positions.
如果账户净值跌至低于保证金要求，MT4 系统将触发平掉部分仓位的指令。若可用保证金达到零，
损失最大的持仓将第一个被平仓以腾出额外的保证金。追加保证金的程序是完全自动的及 FXCM
并无主动监控持仓。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 13
It is your responsibility to actively monitor and manage your open positions and your
obligations, including ensuring that you meet your Margin Requirement and the Usable Margin
exceeds “0”. It is also your responsibility to ensure you are aware of any changes in the Margin
Requirement or where the Usable Margin is approaching “0”. FXCM is under no obligation to
contact you in the event of any change to the Margin Requirement.
阁下有责任积极地监控和管理您的账户及保证金义务，包括确保您达到了保证金要求及可用保证
金大于零。阁下亦有责任确保知悉任何保证金要求的更改或可用保证金接近零的情况。FXCM 并
无义务需通知阁下有关任何保证金要求的任何更改。
You may increase the amount of Usable Margin available in your Account by:
您可以通过以下方式提高您账户的可用保证金金额。
• Closing out or reducing one or more of your open position(s) in order to reduce your
Used Margin amount; and/or
平掉或减少一个或多个持仓以减少您的占用保证金金额；和/或
• Depositing additional funds into your Account.
存入额外的资金至您的账户
If you choose to deposit additional funds into your Account, these additional funds must be
Cleared Funds before they will be available.
如果阁下选择存入额外的资金至您的账户，这些额外的资金必须被结算后才能被计入账户净值余
额。
These steps may not be necessary if there is an increase in the value of your open positions
due to a further market fluctuation.
如果您持仓的价值由于市场的进一步波动而增加时，那么这些步骤可能是非必要的。
For example: you opened a long (buy) position in a FX Contract, and the price of the FX
Contract subsequently fell. As a result, your Usable Margin available is close to reaching “0” and
you decide to increase the Usable Margin available by closing out your long position at a lesser
price (thereby reducing your Margin Requirement), and depending on the amount of Used
Margin for the original long position, that amount would then be available for Usable Margin .
it is no longer required to fund an open position.
例如：您买入了一份外汇持仓，且该外汇合约的价格随之下跌。结果导致您的可用保证金接近零。
且您决定通过以较低的价格平掉您的持仓以提高您的可用保证金（从而减少你的保证金要求），
及根据原始持仓的占用保证金金额，该笔金额将转为可用保证金，即不再作为维持开仓部位所需
的金额。
FXCM does not represent or warrant, or give any assurance that your open positions will be
closed out at any particular level. Accordingly, your losses may be higher than what they would
have been had FXCM exercised its right to place a liquidation order.
FXCM 对您的开仓部位将于某一特定水平被关闭不做声明或保证，或给予任何担保。因此，您的
损失可能多于由 FXCM 行使其发出强制关仓指令的权利而导致的损失。
Furthermore, you will be liable for all losses incurred, despite FXCM having had the right to
close out your position at a time before you incurred those additional losses. Any such loss may
result in you losing more than your initial investment and account balance.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 14
此外，尽管 FXCM 有权在您遭受该等额外损失前的某时间平掉您的仓位，您仍将为发生的全部损
失承担责任。任何该等损失可能导致您损失超过您初始投资额和账户余额。
IMPORTANT: Clients shall be liable to FXCM for any negative balance except where the
negative balance protection policy applies, as set out under our Terms of Business. FXCM can
potentially waive client negative balances held with FXCM up to a certain amount, subject to the
terms set out under FXCM’s Terms of Business. Please refer to our Terms of Business.
重要信息：根据我们的业务条款的陈述，客户应就除适用于负数结余保障政策外的所有负数结余
对 FXCM 负责。FXCM 可能会豁免一定额度的符合业务条款规定的客户账户负数结余。请参阅业
务条款。
Please refer to our Terms of Business for the full details of the no debit balance
policy which lists out the relevant details, definitions and exceptions of this policy.
负数结余保障政策的全部详细内容可参阅我们的业务条款，该政策列出了相关的详情，定义及例
外情况。
It is your responsibility to ensure that your Usable Margin does not fall below the Margin Call
trigger level of “0”, and to ensure that you do not rely on FXCM to close out your positions
should they be nearing, or exceed, the Margin Call level. You may do this by reviewing your
Account details on the FXCM Trading Stations with a view to monitoring your Usable Margin,
bearing in mind that any additional funds that you deposit into your account will not contribute
towards your Account Equity balance until those funds become Cleared Funds. You may also
contact our Client Services Department should you have any queries about your current Margin
Requirement obligations.
阁下有责任确保您的可用保证金不低于触发追加保证金的水平“0”，并确保你不依赖于 FXCM 在
您的可用保证金接近或超过追加保证金水平时关闭您的持仓。你可以通过在 FXCM 交易平台上查
看您的账户细节以监测您的可用保证金，请谨记，阁下存入账户的任何额外资金只有在被结算后
才能计入您账户净值结余。如对于您目前的保证金要求义务有任何疑问，您亦可联系我们的客户
服务部门。
Please note that MT4 users are subject to different margin call procedures. When a margin call
is triggered on the account individual positions will be liquidated until the remaining equity is
sufficient to support existing position(s). In deciding what positions will be individually
liquidated the largest loosing position will be closed first during liquidation.
请注意，MT4 用户将会受不同的追加保证金程序所规限。当账户触发追加保证金时，个别持仓将
会被自动结算，直至余下的净值足以支持现有持仓为止。在厘定哪些持仓将会被个别自动结算时，
最大亏损持仓将会在自动结算时被首先平仓。
Changes in Margin Requirement
保证金要求的更改
According to the Terms of Business, FXCM reserves the right to modify, at its discretion, the
margin requirement of any FX Contract at any time. This, in turn, modifies your Used Margin.
For current details of the Margin Requirements we refer you to the FXCM Trading Platforms.
根据业务条款，FXCM 保留其绝对酌情权于任何时候更改外汇合约的保证金要求。转而，这将更
改您的占用保证金。您可在 FXCM 交易平台查看最新保证金要求的详情。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 15
Pip 点子
In currency trading, price movements are measured in pips, as opposed to ticks which are used
to measure price movements in many other financial instruments.
在货币交易中，价格的波动是用点子计算的，而不像很多其他的金融工具用价位计算波动。
For all currency pairs except those for which JPY is the counter-currency (second currency), the
place value of a pip is the fourth digit to the right of the decimal point.
对于除日元是相对货币（第二货币）以外的所有货币对，价格点子的计算都精确到小数点后四位。
EXAMPLE: A movement in the price of EUR/USD from to would be a
change of 1 pip.例如：欧元/美元的价格从 移动到 ，即变动了 1 点子。
What is Pip Cost?点值是什么？
The pip cost is the monetary value of a pip in terms of the currency in which the account is
denominated. The monetary value of a pip is determined by the counter-currency (second
currency) of the currency pair but is converted into the equivalent amount of the currency in
which the trading account is denominated.
点值是指就账户结算货币而言的 1 点子的货币价值。1 点子的货币价值是由货币对中的相对货币
（第二货币）决定的，但会被转换成该交易账户结算货币的同等数额。
EXAMPLE: For AUD-denominated accounts, the pip cost is expressed in AUD per
10k lot.
例如：对于以澳元计价的账户，点值的表示为每 10K 手的澳元价值。
The Gross Profit/Loss (“P/L”) column displays the value of the profit or loss expressed in terms
of account currency. It is determined by taking the profit or loss in pips (P/L) and multiplying it
by the value of a pip (Pip Cost).
总盈亏（“P/ L”）栏显示的盈利值或亏损乃以账户结算货币为单位。它由盈利/亏损（盈/亏）的
点子乘以点子价值（点值）转化后计算得出。
EXAMPLE: For AUD-denominated accounts, the Gross P/L is expressed in terms
of AUD.
例如：对于以澳元为结算货币的账户，盈/亏的货币单位为澳元。
Pip Cost when USD is the Counter-Currency
当美元为相对货币时的点值
For all currency pairs for which USD is the counter-currency, the pip cost is 1 USD per 10k lot.
The pip cost will be converted into the account currency.
就以美元为相对货币的所有货币对而言，点值是每 10K 手 1 美元。点值将被转换成账户的结算货
币。
EXAMPLE: For AUD-denominated accounts, assuming an AUD/USD rate of
, the pip cost for EUR/USD, GBP/USD, AUD/USD, and NZD/USD will be
AUD. (1 USD ÷ = AUD)
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 16
例如：对于澳元为结算货币的账户，假设澳元/美元的汇率为 ，则欧元/美
元，英镑 /美元，澳元 /美元，及纽元 /美元的点值为 澳元。（1 美元
÷= 澳元）
The pip cost will fluctuate depending on the AUD/USD rate.
点值会随澳元/美元的汇率变化而波动。
Pip Cost when JPY is the Counter-Currency
当日元为相对货币时的点值
For all currency pairs for which JPY is the counter-currency, the pip cost is 100 JPY per 10k lot.
The pip cost will be converted into the account currency.
就以日元为相对货币的所有货币对而言，点值是每 10K 手 100 日元。点值将被转换成账户的结算
货币。
EXAMPLE: For AUD-denominated accounts, assuming an AUD/JPY rate of , the pip
cost for USD/JPY, EUR/JPY, GBP/JPY, and AUD/JPY will be AUD. (100 JPY ÷
= AUD)
例如：对于澳元为结算货币的账户，假设澳元/日元的汇率为 ，那么美元/日
元，欧元/日元，英镑/日元及澳元/日元的点值为 澳元。（100 日元 ÷
= 澳元）
The pip cost will fluctuate depending on the AUD/JPY rate.
点值会随澳元/日元的汇率变化而波动。
Pip Cost when JPY is not the Counter-Currency
当日元不是相对货币时的点值
For all currency pairs for which JPY is not the counter-currency, the pip cost is exactly 1 unit of
the counter currency per 10k lot. The pip cost is converted into the account currency using the
exchange rate between the currency in which the account is denominated and the counter-
currency of the pair being traded.
就相对货币不是日元的所有货币对而言，点值就是每 10K 手 1 个单位的相对货币。点值将通过账
户的结算货币与交易的货币对中的相对货币两者间的兑换利率被转换成账户的结算货币。
EXAMPLE: For AUD-denominated accounts, assuming and AUD/CHF rate of
, the pip cost for USD/CHF, EUR/CHF, GBP/CHF, and AUD/CHF will be
AUD. (1 CHF ÷ = AUD)
例如：对于澳元为结算货币的账户，假设澳元/瑞士法郎的汇率为 ，那么美
元/瑞士法郎，欧元/瑞士法郎，英镑/瑞士法郎，及澳元/瑞士法郎的点值将为
澳元。（1 瑞士法郎÷ = 澳元）
The pip cost will fluctuate depending on the AUD/CHF rate.
点值会随澳元/瑞士法郎的汇率变化而波动。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 17
Account Denominations 账户结算货币
FXCM offers account denominations in United States Dollar and Australian Dollar for Trading
Station and MetaTrader 4.
FXCM 为其交易平台和 MetaTrader 4 提供以美元和澳元为结算货币的账户。
Currency Pair List:货币对列表
The Trading Station and MetaTrader 4 platforms have 39 available currency pairs:
交易平台和 MetaTrader 4 均提供以下 39 个货币对：
AUD/CAD
澳元/加元
EUR/CHF
欧元/瑞郎
GBP/CHF
英镑/瑞郎
USD/CHF
美元/瑞郎
AUD/CHF
澳元/瑞郎
EUR/GBP
欧元/英镑
GBP/NZD
英镑/纽元
USD/JPY
美元/日元
AUD/JPY
澳元/日元
EUR/JPY
欧元/日元
GBP/JPY
英镑/日元
USD/MXN
美元/墨西哥披索
AUD/NZD
澳元/纽元
EUR/NOK
欧元/挪威克朗
GBP/USD
英镑/美元
USD/NOK
美元/挪威克朗
AUD/USD
澳元/美元
EUR/NZD
欧元/纽元
NZD/CAD
纽元/加元
USD/SEK
美元/瑞典克朗
CAD/CHF
加元/瑞郎
EUR/SEK
欧元/瑞典克朗
NZD/CHF
纽元/瑞郎
USD/TRY
美元/土耳其元
CAD/JPY
加元/日元
EUR/TRY
欧元/土耳其元
NZD/JPY
纽元/日元
USD/ZAR
美元/南非兰特
CHF/JPY
瑞郎/日元
EUR/USD
欧元/美元
NZD/USD
纽元/美元
ZAR/JPY
南非兰特/日元
EUR/AUD
欧元/澳元
GBP/AUD
英镑/澳元
TRY/JPY
土耳其元/日元
USD/CNH
美元/离岸人民币
EUR/CAD
欧元/加元
GBP/CAD
英镑/加元
USD/CAD
美元/加元
Should any changes be made to this list, such changes will be available on the FXCM MT4
Trading Station.
列表如有任何变化，您可于 FXCM MT4 交易平台查看。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 18
DISTINCT FEATURES OF TRADING STATION
交易平台的显著特点
The chart below outlines the distinct features of the Trading Platforms.
下面的表格列出了交易平台的显著特点。
Lot
Size每
手交易
量
Typical
Minimum
Margin
Requirement**
一般保证金要求**
Minimum
Account
Requirement
账户最低资金要求
Base
Currency for
Platform
平台基础货币
Commission/
Mark-up
报酬
Currency
Pairs
货币对
Trading
Station *
交易平台*
1,000
base
currency
(1k)
1,000基
础货币
（1k）
Standard - 1%,
标准- 1%,
Premium accounts
20,
(Individual/Joint
accounts)
尊贵账户20,
（个人或联名账
户）
Standard account
标准账户
AUD or USD
澳元或美元
No commission
fee.
无佣金
FXCM will add a
markup to the
spreads it receives
from its liquidity
provider which will
be displayed, in
aggregated, on
FXCM’s trading
platform at the
time of trade. The
value of the
markup may differ
between clients,
account types and
products. For
further details of
our spreads,
please refer to our
website.
FXCM 从流通
量提供者获得
可成交价，标
高点子和汇总
后，于交易时
间显示在FXCM
AU的交易平台
上。标高的点
子将根据不同
客户，账户类
型和产品及其
他方面而有所
不同。请参阅
我们的网站了
解更多平均买
39
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 19
卖差价的详
情。
MetaTrader
4
1,000
base
currency
(1k)
1,000基
础货币
（1k）
Standard - 1%,
标准- 1%,
Premium accounts
20,
(Individual/Joint
accounts)
尊贵账户20,
（个人或联名账
户）
Standard account
标准账户
AUD, USD
澳元，美元
No commission
fee.
无佣金
FXCM will add a
markup to the
spreads it receives
from its liquidity
provider which will
be displayed, in
aggregated, on
FXCM’s trading
platform at the
time of trade. The
value of the
markup may differ
between clients,
account types and
products. For
further details of
our spreads,
please refer to our
website.
FXCM 从流通
量提供者获得
可成交价，标
高点子和汇总
后，于交易时
间显示在FXCM
AU的交易平台
上。标高的点
子将根据不同
客户，账户类
型和产品及其
他方面而有所
不同。请参阅
我们的网站了
解更多平均买
卖差价的详
情。
39
*The Dow Jones FXCM Dollar Index Basket has its own distinct features. Please see section on
‘Dow Jones FXCM Dollar Index Basket’.
*道琼斯 FXCM 美元指数有其自己的特点。请参阅“道琼斯 FXCM 美元指数”部分。
**Minimum margin requirements may differ from time to time, depending on account type and
product.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 20
**最低保证金要求可能根据账户类型和产品而不时发生变更。
FXCM reserves the right to modify, at its discretion, the margin requirement of any FX Contract
at any time. This, in turn, modifies your Used Margin. For current details of the Margin
Requirements we refer you to the FXCM Trading Platforms.
FXCM 保留其酌情于任何时间更改外汇合约保证金要求的权利。进而，这将改变您的占用保证金。
我们建议您在 FXCM 交易平台查看最新保证金要求的详情。
For more information on any of the Trading Stations contact FXCM Australia using the Contact
information provided in Part 1 of this PDS.
更多关于交易平台的信息，可通过用本产品披露声明第一部分提供的联系信息与 FXCM 澳洲联系
获得。
FXCM Mobile Trading Station Trading System 流动交易平台系统
Terms of Service
服务条款
There are a series of inherent risks with the use of the mobile trading technology such as the
duplication of order instructions, latency in the prices provided, and other issues that are a
result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of
the executable rates and may not reflect the actual executed price of the order.
流动交易科技的使用存在一系列固有风险，例如指令指示重复、报价延迟及流动连接所引致的其
他问题。流动平台所显示的价格仅为可执行价格的显示，未必能反映指令的实际执行价格。
Mobile Trading Station utilizes public communication network circuits for the transmission of
messages. FXCM shall not be liable for any and all circumstances in which you experience a
delay in price quotation or an inability to trade caused by network circuit transmission problems
or any other problems outside the direct control of FXCM. Transmission problems include but
are not limited to the strength of the mobile signal, cellular latency, or any other issues that
may arise between you and any internet service provider, phone service provider, or any other
service provider.
流动交易平台利用公共通讯网络线路传输信息。FXCM 对于阁下遇到报价延迟或因为网络线路传
输问题而导致无法交易或 FXCM 直接控制范围以外的任何其他问题等任何及全部情况概不负责。
传输问题包括（但不限于）流动信号的强度、流动电话的延迟或阁下与任何互联网服务供应商、
电话服务供应商或任何其他服务供应商之间可能出现的任何其他事宜。
Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile
Trading Station. Key differences include, but are not limited to, charting packages will be limited
to five minute charts, daily interest rolls will not appear, and the maintenance margin
requirement per financial instrument will not be available. It is strongly recommended that
clients familiarize themselves with the functionality of the FXCM Mobile Trading Station prior to
managing a live account via portable device.
请注意，FXCM 交易平台的部份功能并不会在 FXCM 流动交易平台上提供。主要差别包括(但不限
于)图表将会有限，不会显示每日过夜利息及不提供每种金融工具的维持保证金要求。高度建议客
户透过移动装置管理真实账户前先行熟习 FXCM 流动交易平台的功能。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 21
TS MOBILE TABLET APPLICATION 交易平台（流动版）平板电脑应用程序
Customers trading on FXCM’s Trading Station or FXCM MetaTrader 4 Web platforms will be able
to manage their account on mobile and tablet devices. The mobile and tablet platform is called
Trading Station Mobile. With the exception of complex OCO orders (one-cancels-other), Trading
Station Mobile has the same trading features as Trading Station Web. The same connectivity
risks described above regarding our Mobile Trading Station apply to use with any application
made available for tablet trading.
在 FXCM 交易平台或 MetaTrader 4 网络平台 交易的客户亦可在流动及平板电脑上管理他们的账
户。流动和平板电脑平台被称为交易平台流动版。除了复杂的 OCO 挂单（one-cancels-other），
交易平台流动版与交易平台网络版具有相同的交易功能。上述有关流动交易平台的相同连接风险
亦适用于平板电脑交易平台。
Trading Station Web 交易平台网络版
Trading Station Web is FXCM's web - based trading platform. There is no need to download
any software and ideal for Macintosh users. No implementation cost is incurred by you for
downloading TSWeb. TSWeb serves to improve the internet connectivity speed for clients who
are locating in regions with poor connection. The interface/functionality is exactly the same as
Trading Station. However, TSWeb does not currently offer all charts that Trading Station does.
交易平台网络版是以 FXCM 网站为基础的交易平台。无需下载任何的软件及是微机用户的理想选
择。下载交易平台网络版不会对你造成任何使用成本。 交易平台网络版用于提高在连接较差地区
的客户的互联网连接速度。界面/功能与交易平台完全一样。然而，交易平台网络版目前并不提供
所有的交易平台上可显示的图表。
Dow Jones FXCM Dollar Index Basket (“FXCM Dollar Basket”)1 道琼斯
FXCM 一篮子美元指数（FXCM 美元篮子）1
The Dow Jones FXCM Dollar Index Basket (“FXCM Dollar Basket”) is designed to reflect the
change in value of the . dollar measured against a basket of the most liquid currencies in the
world: the Euro, British Pound, Japanese Yen and Australian Dollar. The FXCM Dollar Basket is
built by equal-weighting the following currency pairs: EUR/USD, GBP/USD, USD/JPY and
AUD/USD. The FXCM Dollar Basket is only available through the FXCM Trading Station Platform
and it is shown on the trading platform as USDOLLAR.
1 The Dow Jones FXCM Dollar Index is a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME
Group Index Services LLC ("CME Indexes"), and has been licensed for use. "Dow Jones®", "Dow Jones FXCM Dollar Index" and
"Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") have been licensed to CME Indexes.
FXCM's Dow Jones FXCM Dollar Index Basket based on the Dow Jones FXCM Dollar Index is not sponsored, endorsed, sold or
promoted by CME Indexes, Dow Jones or their respective affiliates, and CME Indexes, Dow Jones and their respective affiliates
make no representation regarding the advisability of trading in such Basket product.
1道琼斯 FXCM 美元指数 SM (Dow Jones FXCM Dollar IndexSM)乃道琼斯指数 CME Group Index Services LLC（「CME
Indexes」）的市场推广名称及特许商标)的产品，及已获申领牌照使用。「Dow Jones®」、「道琼斯 FXCM 美元指数 SM」及
「道琼斯指数」乃 Dow Jones Trademark Holdings, LLC（「Dow Jones」）的服务商标，及已授出牌照予 CME Indexes。
FXCM 以道琼斯 FXCM 美元指数为基准的道琼斯 FXCM 一篮子美元指数并未获 CME Indexes、Dow Jones 或其各自之联属公司保
荐、同意、卖出或推广，而 CME Indexes、Dow Jones 及其各自之联属公司概无就是否适宜买卖此一篮子产品作出任何声明。
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道琼斯 FXCM 一篮子美元指数（FXCM 美元篮子）的设计是为了反映美元的价格表现，它反映美
元相对于一篮子全球流通量最高的货币（欧元、英镑、日元及澳元）的价值变动。FXCM 美元篮子
由欧元/美元、美元/日元、英镑/美元及澳元/美元四种货币对按相同比重构成。FXCM 美元篮子
仅通过 FXCM 交易平台提供及在 FXCM 交易平台上显示为 USDOLLAR。
There are some distinct features of the FXCM Dollar Basket that you should carefully consider
before trading.
阁下在交易前应仔细阅读 FXCM 美元篮子的显著特征。
Dealing Desk Execution
交易员平台执行模式
The FXCM Dollar Basket is executed using FXCM’s Dealing Desk execution model. Despite being
a dealing desk product, it is offered to all clients regardless of the account’s execution model
setting. Therefore, clients using the No Dealing Desk execution model and dealing desk
execution model can trade FXCM Dollar Basket. Please note in a Dealing Desk model, a broker
assumes market risk for client positions and does not use straight through order processing.
This differs from the No Dealing Desk execution model where straight through processing is
used. This is discussed in Part 1 of this PDS.
FXCM 美元篮子乃以交易员平台执行模式执行。虽然它是一个交易员平台产品，但其会被提供给
所有客户，无论帐户的执行模式设置。因此，使用无交易员平台执行模式和交易员平台执行模式
的客户均可交易 FXCM 美元篮子。请注意，在交易员平台模式下，经纪商就客户的持仓承担市场
风险，及不会采用直通式单子处理方式。这不同于使用直通式处理方式的无交易员平台执行模式。
这在本产品披露声明的第一部分中被讨论。
Methodology
方法
The FXCM Dollar Basket employs a methodology that utilizes FX quantities as the basis of its
calculation, rather than FX spot rates, in an effort to ensure a clear and transparent index.
FXCM 美元篮子采用了以外汇数量而不是外汇即期汇率作为基础的计算方式，以努力确保提供清
晰及透明的指数。
Pip Cost
点值
USD $1 per lot traded.
每买卖 1 手 1 美元。
Minimum Trade Size
最低交易单位
1 lot (1 lot is equivalent to USD$10,000 on January 1, 2011). The value of the lot changes as
the price of the FXCM Dollar Basket changes.
1 手（于 2011 年 1 月 1 日，1 手相等于 10,000 美元）。每手价值将会随 FXCM 美元篮子的价格
变动而有所转变。
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Minimum Margin Requirements
最低保证金要求
USD $60 per lot. Trading on margin can both positively and negatively affect your trading
experience as both profits and losses can be dramatically amplified.
每手 60 美元。保证金交易可以对您的交易经验构成正面及负面的影响，因为盈利及亏损可以被
大幅扩大。
DISTINCT FEATURES OF METATRADER 4
TRADING STATION METATRADER 4 交易平台
的显著特点
Trading Execution 交易执行
The default execution setting for Trading Station Orders is Good Till Cancelled. Good Till
Cancelled orders can be filled partially and can be filled multiple times until the order is fully
executed or until the client cancels the remaining order amount that did not execute. MT4
Orders to open and close trades, as well as take profit (TP) orders, however, execute Fill or Kill.
These orders only execute if they can fill in their entirety at the requested price. These orders
cannot be broken up and filled at multiple prices.
交易平台指令的默认执行模式是“取消前有效”(GTC)。“取消前有效”指令可被部分及多次执
行直至指令被完全执行或客户取消了剩余还没有被执行的指令。然而，MT4 建立和平掉交易的指
令及限价 (TP) 指令将会以全数执行或立即取消单执行。这些指令只会在能够以要求价格全数执行
的情况下才会执行。这些指令不能分拆及按不同价格执行。
In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in
its entirety, execution ceases.
假若即时并无足够流通量以全数执行「全数执行或立即取消单」，交易执行便会终止。
Stop loss (SL) orders, and orders submitted due to margin call do not execute Fill or Kill.
These orders do fill in their entirety at the same price; however, execution will not cease if
sufficient liquidity is not immediately available. Execution will continue until a price becomes
available to fill the entire order.
止损 (SL) 及因追加保证金而提交的指令将不会以全数执行或立即取消单执行。这些指令将会全数
以相同的价格执行；然而，假若即时并无足够流通量，交易执行将不会终止。交易执行将会继续，
直至可获得价格执行整个指令为止。
In MT4, the potential exists for variations in pricing displayed between servers. These
differences do not have an impact on prices available for execution but can impact the prices
used to trigger resting orders.
于 MT4 平台，伺服器之间所显示的报价有可能会存在差异。该等差异不会对可供执行的价格造成
影响，惟却有可能会影响用以触发挂单指令的价格。
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Margin Requirement 保证金要求
If account equity falls below margin requirements, the FXCM will trigger an order to close some
of the open positions. When positions have been over-leveraged or trading losses are incurred
to the point that insufficient equity exists to maintain current open positions, a margin call will
result, and open positions must be liquidated.
如果账户净值跌至低于保证金要求水平，FXCM 将触发平掉部分仓位的指令。当持仓已被过度杠
杆或交易产生损失以致账户净值不足以维持现有的开仓部位时，将导致追加保证金，及持仓部位
必须被强制平仓。
On the MT4 trading platform when the account's free margin reaches zero, the positions with
the largest losses will be closed first in order to free up additional margin. The margin-call
process is entirely electronic. Margin requirements may be changed at the discretion of FXCM.
在 MT4 交易平台上，当账户的可用保证金达到零，损失最大的持仓将首先被平仓以腾出额外的保
证金。追加保证金的程序是完全电子化的。FXCM 可酌情更改保证金要求。
Margin Call 追加保证金
The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM
accounts. When a margin call occurs, trades will be closed one by one until "Free Margin" is
greater than zero.
FXCM MetaTrader 4 账户的追加保证金政策有别于所有其他 FXCM 账户。在产生追加保证金时，
交易将会逐一平仓，直至「可用保证金」大过零为止。
Trades are closed in the following manner when a margin call occurs. Trades close in order of
the size of their loss, from the largest loss to the smallest loss, as recorded in the "Profit"
column at the time of margin call. This process will continue until "Free Margin" is greater than
$0.
在产生追加保证金时，交易将会按以下方式平仓。一般来说，追加保证金产生时，交易将会根据
「盈利」一栏所记录的亏损金额由最大亏损至最小亏损的顺序平仓。这个过程将会一直持续，直
至可用保证金大于零美元为止。
Please read the following examples closely to understand fully how the FXCM
MetaTrader 4 margin call policy works.
请仔细参阅以下例子，以全面了解 FXCM MetaTrader 4 追加保证金政策如何运作。
SCENARIO 1 例子 1
Client A has the following positions open in two different currency pairs when a margin call
occurs.
在产生追加保证金时，客户甲拥有以下两个不同货币对的开仓部位。
• Position 1: EUR/USD bought on January 1st
• Position 2: GBP/AUD bought on January 2nd
持仓 1∶于 1 月 1 日买入欧元/美元
持仓 2∶于 1 月 2 日买入英镑/澳元
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At the time of margin call, the "Profit" column shows:
在产生追加保证金时，「盈利」一栏显示∶
• Position 1: -$50
• Position 2: -$100
持仓 1∶-$50
持仓 2∶-$100
In this example, the MetaTrader 4 platform will close the trade with the largest loss first -
Position 2.
在本例中，MetaTrader 4 平台将会首先将产生最大亏损的交易平仓－即持仓 2。
SCENARIO 2
例子 2
Client B has the following positions open in the EUR/USD currency pair when a margin call
occurs.
在产生追加保证金时，客户乙拥有以下欧元/美元货币对的开仓部位。
• Position 1: EUR/USD bought on January 1st
• Position 2: EUR/USD bought on January 2nd
持仓 1∶于 1 月 1 日买入欧元/美元
持仓 2∶于 1 月 2 日买入欧元/美元
At the time of margin call, the "Profit" column shows:
在产生追加保证金通知时，「盈利」一栏显示∶
• Position 1: -$50
• Position 2: -$100
持仓 1∶-$50
持仓 2∶-$100
In this example, the MetaTrader 4 platform will close the trade with the largest loss first -
Position 2.
在本例中，MetaTrader 4 平台将会首先将产生最大亏损的交易平仓－即持仓 2。
SCENARIO 3 例子 3
Client C has the following positions open when a margin call occurs.
在产生追加保证金通知时，客户丙拥有以下开仓部位。
• Position 1: EUR/USD bought on January 1st
• Position 2: GBP/AUD bought on January 2nd
• Position 3: EUR/USD bought on January 3rd
持仓 1∶于 1 月 1 日买入欧元/美元
持仓 2∶于 1 月 2 日买入英镑/澳元
持仓 3∶于 1 月 3 日买入欧元/美元
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At the time of margin call, the "Profit" column shows:
在产生追加保证金时，「盈利」一栏显示∶
• Position 1: -$50
• Position 2: -$100
• Position 3: -$200
持仓 1∶-$50
持仓 2∶-$100
持仓 3∶-$200
In this example, the MetaTrader 4 platform will close the trade with the largest loss first -
Position 3.
在本例中，MetaTrader 4 平台将会首先将产生最大亏损的交易平仓－即持仓 3。
After Position 3 closes, if "Free Margin" is still at or below zero, Position 2 will now be the
largest losing position and will close next.
持仓 3 被平仓后，若可用保证金仍然低于零，持仓 2 将会变成目前产生最大亏损的持仓及成为下
一个被平仓的。
Max Deviation 最大偏差
With FXCM MetaTrader 4, all orders execute using instant execution. This MetaTrader 4
execution type enables the maximum deviation ("max deviation") feature.
使用 FXCM MetaTrader 4，所有指令将会以即时执行方式执行。这种 MetaTrader 4 执行类别容许
提供最大偏差（「max deviation」）功能。
The maximum deviation feature was designed to control slippage - both negative and positive -
in the following way. When creating an order, a number is specified in tenths of a pip (≥0) in
the max deviation field. This number is the maximum amount of slippage the order can receive.
If the market price moves beyond this amount while the order is executing, the order will cancel
automatically. This is how the maximum deviation feature was designed to function.
最大偏差功能是为了按以下方式控制滑点而设－负数及正数。在建立指令时，须在最大偏差一栏
指定一个十分之 1 点(0)的数值。这个数值是指令可以接受的最大滑点数额。假若在执行指令时市
价超出这个数额，指令将会被自动取消。这就是最大偏差功能所设计的运作情况。
FXCM trading policy allows for unlimited positive slippage on all order types. Therefore, FXCM
has developed a way to override the restriction that the maximum deviation feature places on
positive slippage. All orders placed on the FXCM MetaTrader 4 platform fill with the greatest
amount of positive slippage possible.
FXCM 的交易政策容许所有指令类别产生无限的正滑点。因此，FXCM 已研发出一种凌驾于正滑点
最大偏差功能限制的方法。在 FXCM MetaTrader 4 平台建立的所有指令将会尽可能以最大额的正
滑点执行。
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In the event that an order fills with positive slippage beyond the maximum deviation, the
platform logs a message in the "Journal" tab. The message has the following format: ${Amount}
- Positive Slippage - {Order Number}. ${Amount} is the positive slippage the order received
beyond the maximum deviation.
假若某指令以超出最大偏差的正滑点执行，平台将会在「纪录」选单记录一项信息。信息的格式
如下∶$数额- 正滑点 - {指令号码}。$数额是指令所接获超出最大偏差的正滑点。
If the market price moves negatively beyond the maximum deviation, the order cancels
automatically. When this occurs, an "Off Quotes" message is displayed. This is a standard
MetaTrader 4 message notifying the user that an order cancelled because the market price
deviated beyond the order setting.
若市价向负数方向变动并超出最大偏差值，指令将会自动取消。此情况发生时，将会显示「错价」
信息。这是标准的 MetaTrader 4 信息，旨在通知用户由于市价偏离指令设定，因此指令被取消。
Please note: dependent upon market conditions, a lower maximum deviation amount can
increase the likelihood that an order will be rejected due to the market price moving outside of
the maximum deviation.
请注意∶视乎市况而定，较低的最大偏差值可能会增加指令被拒的可能性，因为市价变动可能会
超过最大偏差值。
Maximum Trade Size 最大交易量
The maximum trade size on the MT4 platform is the same as the trade size for Trading Station,
which is at 50 million per trade.
MT4 平台的最大交易量与交易平台的最大交易量是一致的，每笔交易最大量均为 50,000,000.
Maximum Account Equity Restrictions 最高账户净值限制
FXCM may impose maximum account equity restrictions on MT4 accounts. Should the equity
level in your trading account exceeds the threshold of equity restriction, FXCM reserves the
right to apply changes to your account including but not limited to switching your account from
one platform to another without prior consent. Depending on the circumstances, the threshold
of equity restriction may vary from time to time.
FXCM 可对 MT4 账戶设置最高账戶淨值限制。若阁下的交易账户净值超过账户净值上限，FXCM
保留更改您的账户的权利，包括（但不限于）可将您的账户转移至其他平台，而毋需事先得到阁
下的同意。根据不同情况，账户净值上限不时可予更改。
Rollover 过夜利息
MT4 trading station does not display the rollover amount prior to you placing your trade. The
rollover amount is calculated and displayed once you have placed your trade. The rollover
amount on your report is described as ‘swap.’ This differs from the FXCM Trading Station. FXCM
Trading Station displays the rollover amount prior to placing the trade and it will not be
described as ‘Balance Adjustment’ but rather as Rollover Amount.
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MetaTrader 4 平台不会在您下单前显示过夜利息金额。一旦您下单后过夜利息将会被计算和显示。
过夜利息金额在您的报告中被描述成“交换”。这与 FXCM 交易平台是不同的。FXCM 交易平台
在下单前即显示过夜利息金额及它并不会被描述为“结余调整”而是被称为“过夜利息金额”。
Cross-Platform Computability 跨平台兼容性
FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station
platforms. Therefore, FXCM MetaTrader 4 account holders can place and manage trades and
orders through the FXCM Trading Station platforms. Account details for retail clients (. orders,
trades, P/L, margin, equity) will match on all of these platforms and their statement of records.
However, please note that some functionality available on the FXCM Trading Station platforms
may not be available on the FXCM MetaTrader 4 platform.
用户可用 FXCM MetaTrader 4 的登入资料登入 FXCM 交易平台。因此，FXCM MetaTrader 4 账户
持有人可以透过 FXCM 交易平台建立及管理交易和指令。零售客户的账户详情（例如指令、交易，
盈/亏、保证金、净值）在这些平台及纪录报表上将会保持一致。然而，请注意，FXCM 交易平台
的部份功能未必会在 FXCM MetaTrader 4 平台上提供。
FXCM MetaTrader 4 Server Information FXCM METATRADER 4 伺服器资
料
Under rare circumstances it may be necessary to type in a server address when logging into
FXCM MetaTrader 4. A list of FXCM’s MT4 server names and addresses can be found on our
website under the Execution Risks section. So long as you download
FXCM MetaTrader 4 and install it on your computer or VPS, you will not need these server
addresses.
在罕见的情况下，客户在登入 FXCM MetaTrader 4 时可能须输入伺服器地址。我们网站
的交易执行风险页面列出了 FXCM MT4 的伺服器名称和地址列表。只要
您下载 FXCM MetaTrader 4，然后将它安装在您的电脑或 VPS 之上，您将无须这些伺服器地址。
If you need to enter the server address when logging in, be sure to use the one that
corresponds to the server name that your account is assigned to. As an example, if your
account’s server name is MT4USDREAL01, you would use ":443."
若您需要在登入时输入伺服器地址，请确保您使用与您的账户分配到的伺服器名称相应的伺服器
地 址 。 举 例 说 ， 若 您 的 账 户 的 伺 服 器 名 称 是 MT4USDREAL01 ， 请 使 用
“:443”。
Phone Dealing 电话交易
Phone dealing is available but only to place stops/limits or to close an open position. Market
orders or stop/limit entries are not available via phone.
电话交易仅可用于建立止损/限价或平仓的指令。市场订单或止损单/限价单将无法通过电话实现。
Clients with accounts on the FXCM Trading Station may place trades of all types by phone.
持有 FXCM 交易平台账户的客户可通过电话建立所有类型的交易。
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FXCM ACCOUNT TYPES 账户类型
PREMIUM 尊贵账户
With an FXCM Premium account, you enjoy 24/7 support, No Dealing Desk execution and more.
Plus, you get access to a world of powerful tools and education to help you navigate the forex
market. Premium accounts have a $20,000 minimum.
FXCM 的尊贵账户让您尊享在交易日全天 24 小时交易的平台 ，星期一至星期五北京时间上午
8:00 – 晚上 11：59 的中文客户支援、无交易员平台执行模式及更多。此外，您可以尊享大量强
大的交易工具及教育资源，以协助您纵横外汇市场。尊贵账户的最低开户资金为$20,000（澳元
或美元）。
STANDARD 标准账户
You can start an FXCM account with as little as $50. Standard accounts are ideal for new
traders with trading costs all within the spread. Standard accounts have the same award –
winning service, and trade on Dealing Desk execution.
您可以低至$50（澳元或美元）开立福汇账户。标准账户最适合交易新手，所有交易成本均已包
括于买卖差价之内。标准账户提供相同的得奖服务，以交易员平台执行模式进行交易。
Note: Standard accounts offer 18 CFD instruments and up to 21 currency pairs (GBP/AUD is
only available on AUD denominated accounts). Standard accounts default to dealing desk
execution where price arbitrage strategies are prohibited. FXCM determines, at its sole
discretion, what encompasses a price arbitrage strategy. Standard accounts utilising prohibited
strategies may be switched to No Dealing Desk execution. Standard accounts with equity less
than 10,000 CCY have 400:1 forex leverage; between 10,000 and 20,000, have 200:1; more
than 20,000, have 100:1 leverage and No Dealing Desk execution.
标准账户：标准账户提供 18 种差价合约工具及多达 21 个货币对（英镑/澳元仅提供予澳元结算账
户）。标准账户预设为交易员平台执行模式，禁止价格套戥策略。福汇可全权酌情厘定什么构成
价格套戥策略。使用被禁策略的标准账户可能会被转为无交易员平台执行模式。净值少于 10,000
账户结算货币的标准账户可享 400:1 外汇杠杆；净值介乎 10,000 至 20,000 账户结算货币可享
200:1 杠杆；净值超过 20,000 账户结算货币可享 100:1 杠杆及无交易员平台执行模式。
Execution Disclaimer: FXCM sources bid and ask prices from a pool of liquidity providers and is
the final counterparty when trading forex on FXCM's dealing desk and No Dealing Desk (NDD)
execution models. With NDD, FXCM's platforms display the best-available direct bid and ask
prices from the liquidity providers plus FXCM’s mark-up. With dealing desk execution, FXCM can
act as the dealer on any or all currency pairs. Backup liquidity providers fill in when FXCM does
not act as the dealer. FXCM’s dealing desk has fewer liquidity providers than NDD. There are
many other factors to consider when choosing an execution model (such as conflict of interest,
trading style or strategy).
交易执行免责声明∶ FXCM从一批流通量提供者中获取买入价及卖出价，并且于通过FXCM交易员
平台及无交易员平台(NDD)执行模式买卖外汇时作为最终对手方。在NDD模式下，FXCM的平台显
示来自流通量提供者的最佳可得直接买入价及卖出价附加标高点子。在交易员平台执行模式下，
FXCM可以就任何或全部货币对作为交易员。当FXCM不作为交易员时，后备流通量提供者将会负
责填补。FXCM交易员平台的流通量提供者较NDD为少。选择执行模式时须考虑多种其他因素（例
如利益冲突、交易方式或策略）。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 30
Please be reminded to read all of the execution risks detailed in this PDS as well as on the
FXCM website. For more information, see our Execution Risks.
请注意阅读本产品披露声明中及 FXCM 网站上所有关于执行风险的细节。欲了解更多信息，请参
阅我们的执行风险。
Please visit our website if you would like to view the Compare Account Table.
如需参阅比较账户表，请登录以下网站
FEES AND CHARGES WHEN DEALING IN FX
CONTRACTS ON TRADING STATION AND
METATRADER 4 使用交易平台和 METATRADER 4
交易外汇的费用和收费
Fees and charges when dealing in FX Contracts may incorporate any or all of the following:
交易外汇合约的费用和收费可能包含以下的任何或全部：
• Commission on FX Contracts executed;
外汇合约执行的佣金；
• Margin adjustments;
保证金调整；
• Rollover at FXCM’s Rollover Rates;
根据 FXCM 过夜利率产生的过夜利息；
• Interest charges applied to debit balances in your Account;
阁下账户负数结余产生的利息费用；
• Administration charges.
行政费用。
Fees and charges may change from time to time. Accordingly, you should ensure that you refer
to this PDS for further details.
费用和收费可能不时改变。相应的，阁下应确保参阅本产品披露声明以得到更多的详情。
Standard/Premium Accounts feature Dealing Desk execution/No Dealing Desk execution, and
contain all – inclusive spreads, meaning that trading costs are within the spread. Please refer to
our website for information on the all – inclusive spreads for
Standard/Premium Accounts.
标准/尊贵账户提供交易员/无交易员平台执行模式及全包买卖差价，也就是说交易费用已包含在
买卖差价中。更多关于标准/尊贵账户全包买卖差价的信息请登录我们的网站 -
.
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 31
With NDD, FXCM acts as a price aggregator. We take the best available bid and best ask prices
from our liquidity providers—global banks, financial institutions and other market makers plus
FXCM’s mark-up — and stream those prices to your platform. You may view the details on our
website at .
在无交易员平台执行模式下， FXCM 作为价格的聚集者,从我们的流通量提供者 - 环球银行、金融
机构及其他市场庄家处选择最佳的可得买入价及最佳的卖出价及附加标高点子，并将这些价格传
输到您的交易平台。阁下可登陆我们的网站 .
Commission paid to Referring Brokers
支付给经纪商的佣金
The amount of commission paid to Referring Brokers is negotiated on an individual basis.
Specifically, in cases where FXCM compensates a Referring Broker, 50% of the commissions will
be paid to the Referring Broker unless an exception is made for a special arrangement. All
clients will be asked to agree to commissions charges prior to any such commissions being
charged, via a commissions acknowledgement form.
支付给经纪商的佣金数额以个人协商为基础。具体而言，在 FXCM 需要向经纪商支付报酬的情况
下，佣金的 50％将支付给经纪商，除非之前作出了特别安排。将在收取该等佣金之前所有客户都
被要求通过佣金确认书同意佣金收费。
A Referring Broker may be compensated for introducing a client to FXCM or managing a client
on the FXCM product. Such compensation may be on a per trade basis. Such compensation
from the client to a Referring Broker may require the client to incur a mark-up, above and
beyond the ordinary Spread generally provided by FXCM. Clients using the services of a
Referring Broker will be required to fill out a commission acknowledgement form which will
describe all additional commissions, fees and mark-ups. FXCM will not charge any commissions
to be paid to a Referring Broker without the client’s express consent. In addition, the client has
the right to be informed of the precise nature of such remuneration.
介绍客户到 FXCM 或管理客户的 FXCM 产品的经纪商将得到补偿。这种补偿可按照每笔交易为基
础。此类从客户到经纪商的补偿可能要求客户受到标高点子，大于或高于 FXCM 提供的一般的差
价。使用经纪商服务的客户将被要求填写一份佣金确认书，这份确认书将描述所有额外的佣金，
费用及标高点子。 FXCM 将不会在没有客户的明确同意的情况下收取任何佣金以支付给经纪商。
此外，客户有权被告知此补偿的确切的性质。
Rebates
返点
In certain circumstances, Client may be subject to a markup, separate commission rates and/or
a separate rate card due to the relationship with a third party (including but not limited to some
referring brokers). Separate commission rates and/or a separate rate card will be provided to
such Clients.
在若干情况下，由于客户与第三方的关系（包括但不限于一些经纪商），客户会受到独立的佣金
比率和/或独立的价格及收费表约束。这类客户将被提供独立的佣金比率和/或独立的价格及收费
表。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 32
Client understands and acknowledges that FXCM may compensate 3rd parties, and some
Referring Brokers for introducing clients to FXCM and that such compensation may be on a per-
trade basis or other basis. Generally, FXCM’s compensation to these 3rd parties or Referring
Brokers for introducing Clients ranges from pips to 5 pips per round-turn trade.
客户了解并确认 FXCM 可能会因为第三方或一些经纪商介绍客户到 FXCM 而向他们支付报酬，及
此类报酬可能以每笔交易为基础或其他方式计算。一般情况下，FXCM 对介绍客户的第三方或经
纪商支付的报酬接近每笔来回交易 点子到 5 点子。
(For more detailed information on pips, please refer to the Product Disclosure Statement, in the
section “Pip Cost”.)
（更多关于点子的详情，请参阅本产品披露声明“点值”部分。）
Administration Charges 行政费用
Telegraphic Transfers or “Wire” Fees
电汇费用
FXCM does not charge a fee in order to setup your Account or to deposit funds but there is an
administrative charge in order to withdraw funds from your Account. Wire request fees are
below:
FXCM 不会就您开立账户或存入资金收取费用，但您从账户中提取资金时会产生行政费用。电汇
提款费用如下：
Withdrawal Fees
提款费用
Bank Wire Transfer
银行电汇
Credit / Debit
Card
信用卡/借记卡
EFT
Currency /
Denomination
货币/费用额
Domestic*
境内*
International
国际
USD
美元
USD $ 25
25 美元
USD $ 40
40 美元
No charge
无须收费
No charge
无须收费
EUR
欧元
€ 0
0 欧元
€ 30
30 欧元
No charge
无须收费
No charge
无须收费
GBP
英镑
£ 15
15 英镑
£ 30
30 英镑
No charge
无须收费
No charge
无须收费
JPY
日元
¥ 0
0 日元
¥ 3,000
3,000 日元
No charge
无须收费
No charge
无须收费
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 33
AUD
澳元
AUD $ 15
15 澳元
AUD $ 30
30 澳元
No charge
无须收费
No charge
无须收费
NZD
纽元
NZD $ 15
15 纽元
NZD $ 30
30 纽元
No charge
无须收费
No charge
无须收费
*Domestic wire fees apply when the client's beneficiary bank is located in Australia.
*境内电汇费用适用于客户的收款银行在澳大利亚境内的情况。
Electronic Fund Transfers
电子资金转账 (EFT)
FXCM does not charge a fee for Electronic Fund Transfers for Australian residents.
FXCM 不对澳大利亚居民 EFT 进行收费。
Credit Card Fees
信用卡费用
FXCM does not charge a fee for credit card deposit or withdrawal transactions.
FXCM 不就信用卡的入金或取款交易收取费用。
Deposit Fees
存款费用
Funding Option
入金方式
Fee
费用
Bank Wire Transfer
银行电汇
No Charge
无须收费
Credit / Debit Card
信用/借记卡
No Charge
无须收费
Note: When depositing funds by domestic/international wire, debit/credit cards and/or through
a transaction processing service, you may be subject to external charges charged by your
bank(s)/intermediary bank(s)/card issuer(s)/payment services provider(s) and/or transaction
processing service(s) including but not limited to international transaction fees, currency
conversion fees and/or transaction processing fees.
附注：在通过国内/国际电汇、借记卡/信用卡及/或通过某一交易处理服务存入资金时，阁下可能
会被阁下的银行/中间银行/发卡行/支付服务提供者及/或交易处理服务提供商收取另外的费用，包
括但不限于国际交易费、货币兑换费及/或交易处理费。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 34
Inactivity Fee
不动账户费
The lesser of the remaining balance of your account or units of the currency in which
your account is denominated (JPY 5,000 for JPY denominated accounts)
客户账户的剩余余额或 个客户账户货币单位（若为日元账户，则为 5,000 日元）中较少者。
You will be charged a dormancy account administrative fee (the “Fee”) every calendar year if
there is no client-initiated activity in the 12 months preceding the charge date. The Fee will be
equal to the lesser of units of the currency in which your account is denominated or the
remaining balance in your account, with the exception of accounts denominated in JPY, which
will be charged JPY 5,000. If you are assessed the Fee and your account balance becomes zero
(0) and maintains the zero (0) balance for six (6) consecutive months, your account will
automatically be closed.
每一个日历年内，倘若阁下的交易账户在收费日期前 12 个月内没有任何客户交易活动，您将被
收取不动账户费。该费用等于客户账户的剩余余额或 个客户账户货币单位（若为日元账户，
则为 5,000 日元），以金额较少者为准。如果被评为需要支付该费用，而账户余额变为零（0）时，
且账户余额六（6）个月维持为零（0），您的账户将自动被关闭。
One-Time Account Processing Fee (applies to Corporate, Partnership, Superannuation and Trust
account types only)
一次性户口行政费（仅适用于公司，合伙，退休基金和信托账户类型）
Corporate, Partnership, Superannuation and/or Trust Accounts, will be subject to a one-time
account processing fee of 100 currency units1 of the currency in which the account is
denominated (or 10,000JPY for JPY denominated accounts) unless the Client makes a minimum
initial deposit of 10,000 currency units2 or more of the currency in which the account is
denominated (or 1,000,000JPY or more for JPY denominated accounts). Where applicable, the
account processing fee will be deducted from the account within five (5) business days after the
initial
一次性户口行政费将适用于公司，合伙，退休基金和/或信托账户。除非客户的首次入金 2 为
10,000 个客户账户货币单位 1或以上（若为日元账户，则为 1，000，000 日元），否则将就账
户收取 100 个客户账户货币单位（若为日元账户，则为 10,000 日元）的费用。如适用，一次
性账户行政费将于首次入金后五（5）个工作天内于该账户中扣取 3。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 35
Notes:
附注：
1. A currency unit is a whole unit of the applicable base currency. For example, for
accounts denominated in AUD, a currency unit is one AUD ($).
一个货币单位是一个整个适用的基础货币。例如，账户货币单位为澳元，一个货币
单位就是一澳元（$）
2. You must make the minimum initial deposit in a single deposit.
客户必须一次性存入开户资金以满足最低开户资金要求
3. Accounts having open positions at the time of charge may be at risk of a margin
call in the event that the account does not have enough usable margin after the
account processing fee is deducted.
如果在扣除账户行政费后该账户没有足够的可用保证金，账户扣费可能造成有开仓
部位的账户需要追加保证金的风险。
Worked Example:
示例 1
Client A opens a Corporate Account with
a base currency of AUD and funds the
account with an initial deposit of AUD
$9,000. Client A will be charged a one-
time account processing fee of AUD
$100.
客户甲开澳元结算公司账户后，存入该账
户开户资金 9,000 澳元。则客户甲将被收
取一次性账户行政费 100 澳元。
Worked Example:
示例 2：
Client B opens a Superannuation/Trust
Account with a base currency of AUD and
funds the account with an initial deposit of
AUD $11,000. Client B will not be charged any
account processing fee.
客户乙开澳元结算退休基金/信托账户后，存入
该账户开户资金 11,000 澳元。则客户乙将不会
被收取任何账户行政费。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 36
Conversion Fees
兑换费用
An administrative conversion is your request for an Account denominated in a currency other
than a currency you opened your Account with. Administrative conversions are made at the
bank rate or at the prevailing spot rate shown on the FXCM Trading Platforms when the
transaction is completed by FXCM. The following markup will apply. The pip charge will be
determined by the amount converted (USD equivalent).
任何行政兑换是阁下要求将入金转换为账户的结算货币而不是阁下开立账户的货币。行政兑换以
银行利率或与 FXCM 完成交易时 FXCM 交易平台显示的即期汇率为准。将按照以下表格收取标高
点子。点子收费将由被兑换的金额（以美元等值计算）决定。
Range
范围
Pip Charge
点子收费
$0 to $9, USD
0 - 9, 美元
150
$10,000 to $49,999 USD
10,000 - 49,999 美元
100
$50,000 to $100,000 USD
50,000 - 100,000 美元
50
$100,000+ USD
100,000 美元以上
10
The pip charge will be determined by the amount converted (USD equivalent).
点子收费将由被兑换的金额（以美元等值计算）决定。
FXCM reserves the right, in its sole discretion, to refuse to process any conversion requests. The
refusal may be including but not limited to the following reasons:
FXCM 保留拒绝处理任何兑换要求的绝对酌情权。拒绝可能由于以下原因（包括但不限于）：
1. The currency denominated account requested by client is not available or not offered by
FXCM;
客户要求的结算货币的账户并不存在或 FXCM 并没有提供；
2. If client is suspected of opening the Account solely to convert currency; and
如果客户被怀疑开户账户的目的仅为兑换货币；及
3. To deter possible unusual activity or transaction.
为了阻止可能的不寻常活动或交易。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 37
Withdrawal of Money from your Account 阁下账户的提款
You may withdraw money from your Account by sending to us a signed withdrawal request
specifying your personal details, Account number, the amount you wish to withdraw and the
method of payment. If you do not wish to close your Account, you will need to maintain a
minimum balance of AUD $50 or foreign currency equivalent.
阁下可通过发送由阁下签名的取款申请并说明您的个人详细资料、账户号码、阁下希望提取的金
额以及付款方式而从您的账户中提取资金。如果您不希望关闭您的账户，你需要保持最低 50 澳
元余额或等值外币余额。
Further, FXCM may at its discretion withhold any payments if:
此外，如出现以下情况，FXCM 可能自行决定是否拒绝支付：
• open positions on your Account show unrealised losses and the withdrawal would result
in the Account having insufficient fund to meet Margin Requirements;
阁下账户的开仓部位显示有未计算的亏损及取款可能将导致账户没有足够的资金来满足保
证金要求;
• FXCM reasonably considers that funds may be required to meet any current or future
Margin Requirement on open positions;
FXCM 合理地认为，阁下的账户可能需要该资金来满足持仓的任何目前或将来的保证金要
求;
• you have any contingent liability to FXCM or to any of its associates in respect of any
other Account you have opened with them;
阁下就阁下与 FXCM 或其关联企业开立的其他账户对 FXCM 或其关联企业有任何负债；
• FXCM reasonably determines that there is an unresolved dispute between you and FXCM;
and/or
FXCM 合理地确认阁下与 FXCM 仍有未解决的纠纷；和/或
• FXCM considers it necessary or desirable to enable FXCM to comply with regulatory/legal
obligations.
FXCM 认为这对 FXCM 遵守监管/法律义务是有必要的或有需要的。
FXCM will not pay funds to any third party account. Funds requested for withdrawal will only be
paid to an account in the same name as the Account held with FXCM.
FXCM 不会将资金支付给任何第三方。申请提取的款项将仅支付予与 FXCM 账户持有人同名的银
行账户。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 38
SUPERANNUATION FUNDS 退休基金
Complying with superannuation funds are subject to numerous guidelines and restrictions in
relation to their investment activities. These guidelines and restrictions are contained in the
Superannuation Industry (Supervision) Act of 1993, known as the Superannuation Industry
(Supervision) Regulations 1994 and circulars issued by past and present regulators of
superannuation funds, including the Insurance and Superannuation Commission, the Australian
Prudential Supervisory Authority and the Australian Taxation Office (SIS Law).
符合退休基金相关的投资活动受到众多指引和限制约束。这些指引和限制包含于 1993 年退休金行
业（监督）法案（Superannuation Industry (Supervision) Act of 1993），众所周知的 1994 年退
休金行业（监督）条例（Superannuation Industry (Supervision) Regulations 1994）及由过去和
现在的退休金监管机构发行的通知，包括保险及退休金委员会（Insurance and Superannuation
Commission），澳大利亚咨询监管当局（Australian Prudential Supervisory Authority）和澳大利
亚税务办公室（Australian Taxation Office）(统称“SIS 法律”)。
Listed below are some issues that should be considered by trustees of complying
superannuation funds, these issues are non exhaustive. Furthermore, FXCM does not give any
personal financial product advice in relation to your dealings in FX Contracts. In giving general
advice, FXCM does not take into account your objectives, financial situation or needs.
Accordingly, before applying to deal in FX Contracts, you must in conjunction with your
adviser(s), give consideration to your objectives, financial situation and needs.
符合退休基金的受托人应当考虑到下面列出的问题，这些问题并不面面俱到。此外，FXCM 就有
关阁下交易的外汇合约并不提供任何个人金融产品建议。就一般性建议而言，FXCM 并无考虑阁
下的投资目标，财务状况或需要。因此，在阁下申请交易外汇合约之前，阁下必须就您的投资目
标，财务状况和需要咨询您的顾问。
We recommend you seek advice from your financial or legal adviser as to the issues that we
raise below.
我们建议阁下向您的财务或法律顾问就该以上列出的问题寻求建议。
FXCM AUSTRALIA PTY. LIMITED | Product Disclosure Statement
FXCM AUSTRALIA PTY. LIMITED |产品披露声明 39
Investment Strategy 投资策略
Trustees of complying superannuation funds are required by SIS Law to consider the
appropriateness of dealing in FX Contracts in the context of the fund’s whole investment
strategy and their fiduciary duties and obligations under the SIS Law and the fund’s trust deed.
SIS 法律要求符合退休基金的受托人以整个基金的投资策略为背景考虑交易外汇合约的合适性及其
根据 SIS 法律和基金信托契约的受托责任和义务。
Risk Management 风险管理
Trustees of complying superannuation funds are required by SIS Law to be familiar with the
risks involved in dealing in FX Contracts, and if they decide to deal in such products, must have
in place adequate risk management procedures to manage the risks associated with dealing in
FX Contracts before doing so.
SIS 法律要求符合退休基金的受托人熟悉交易外汇合约所涉及的风险，及如果他们决定交易此类产
品，在交易外汇合约之前必须有适当的风险管理程序以管理外汇交易涉及风险
FXCM reserves the right, in its sole discretion, to refuse to process any conversion requests. The
refusal may be including but not limited to the following reasons:
FXCM 保留权力，全权酌情，拒绝处理任何转换的要求。拒绝可能包括但不限于以下的原因：
1. The currency denominated account requested by client is not available or not offered
by FXCM;
客户要求的结算货币的账户 FXCM 并没有提供；
2. If client is suspected of opening the Account solely to convert currency; and
客户被怀疑开户仅为了转换货币；及
3. To deter possible unusual activity or transaction.
为了阻止可能的不寻常的活动或交易。
FX PDS Part 1 - SC - March 2017 - remove LLC, add MT4 equity restriction
GENERAL INFORMATION基本信息
Contact Information 联络信息
Description of Foreign Exchange (“FX”) Contracts Offered by FXCM 外汇合约的说明
FXCM Platforms 平台
Important Information about FXCM’s Product Disclosure Statement (“PDS”) 关于FXCM产品披露声明 (”PDS” ) 的重要信息
Jurisdiction管辖权
Application Process with FXCM 账户申请流程
Client Qualification Test客户资格测试
Funding Your FXCM Account 账户存入资金
NO CASH Deposits or Internal Transfers不接受现金存款或内部转账
No Third Party Payments不接受第三方存款
Credit Card Verification and Prepaid Cards信用卡验证和预付卡
Terms of Business业务条款
Representations 声明
Consult Your Advisor咨询您的顾问
FXCM DOES NOT PROVIDE PERSONAL ADVICE并不提供个人建议
Compliance with Australian Financial Services License Financial Requirements符合澳洲金融服务执照财务要求
Stress Testing 压力测试
Conflict of Interest利益冲突
Australian Securities and Investments Commission (“ASIC”) 澳大利亚证券及投资事务监察委员会 (“ASIC”)
Use of Examples in this PDS本产品披露声明示例的使用
REGULATORY GUIDE 227 – OVER THE COUNTER CONTRACTS FOR DIFFERENCE: IMPROVING DISCLOSURE FOR RETAIL INVESTORS监管指南227 – 柜台交易差价合约：完善对零售投资者的信息披露
KEY BENEFITS OF DEALING IN FX CONTRACTS WITH FXCM通过FXCM交易外汇合约的主要优势
No Dealing Desk & Dealing Desk Execution无交易员平台和交易员平台执行模式
Premium Accounts—No Dealing Desk Execution 尊贵账户 – 无交易员平台执行模式
Standard Accounts – Dealing Desk Execution 标准账户 – 交易员平台执行模式
Pricing定价
Phone Dealing电话交易
24 Hour Trading and Support** 24小时交易支援**
User Friendly Trading Platforms操作简便的交易平台
Real Time Quotes实时报价
Trading Education交易教育
SIGNIFICANT RISKS OF DEALING IN FX CONTRACTS WITH FXCM 通过FXCM交易外汇的主要风险
Negative balance protection policy 负数结余保障政策
Market Risk市场风险
Prices/Rates 价格/利率
Regulatory Risk监管风险
Counterparty Risk交易对手风险
FXCM Financial Statement FXCM财政报表
Leverage Risk杠杆风险
Systems Risk系统风险
Execution Risk 交易执行风险
Execution Model交易执行模式
Slippage滑点
Liquidity 流通量
DELAYS IN EXECUTION延迟执行
RESET ORDERS重设指令
WIDENED SPREADS 差价扩大
Hanging Orders指令悬空
Greyed Out Pricing隐藏报价
Hedging对冲
Diminishing Margin保证金减少
Rollover Costs转仓成本
Exchange Rate Fluctuations (Pip Costs) 汇价波动（每点价值）
Inverted Spreads 倒转差价
Holiday/Weekend Execution假期/周末执行模式
Trading Desk Hours交易台时间
Prices Updating Before the Open开盘前更新报价
Gapping汇价跳空
Order Execution指令执行
Weekend Risk周末风险
Margin Calls and Close Outs追加保证金及平仓
METATRADER 4
Chart Pricing vs. Prices Displayed on the Platform图表报价与平台报价
Mobile Trading Platforms流动交易平台
TS Mobile Tablet Application交易平台（流动版）平板电脑应用程序
Trading Platform Closed交易平台关闭
Suspension and Trading Halt 暂停和交易停止
Use and Access to the Website网站的使用和访问
Transactions Are Not Transferable交易不可转让
CLIENTS’ MONEY客户款项
Counterparty Risks交易对手风险
Protections afforded by the Australian Client Money Rules澳大利亚客户款项规则提供的保障
Withdrawal of Client Money客户资金提取
PRIVACY POLICY私隐保障政策
SECURITY AND DISCLOSURE安全性和资料披露
COLLECTION收集
ACCESS AND CORRECTION索取及更正
USE AND DISCLOSURE 使用和披露
SHARING INFORMATION WITH OUR AFFILIATES与联营机构共享资料
DIRECT MARKETING 直接营销
DATA SECURITY资料保密
ABOUT COOKIES有关COOKIES
DISPUTE RESOLUTION争议解决方法
Internal Complaints Handling System内部投诉处理机制
External Dispute Resolution Process外部争议解决程序
COMPENSATION ARRANGEMENTS补偿安排
Further Information更多信息
TAXATION CONSIDERATIONS税务考虑
COOLING–OFF ARRANGEMENTS冷静安排
ADDITIONAL INFORMATION额外信息
GLOSSARY术语表
FX PDS Part 2 - SC - March 2017 - remove LLC, add MT4 equity restriction
Part 2: Trading Station and MetaTrader 4
第二部分 交易平台和MetaTrader 4
IMPORTANT INFORMATION ABOUT THE FXCM AUSTRALIA PTY. LIMITED PRODUCT DISCLOSURE STATEMENT (“PDS”) 关于FXCM AUSTRALIA PTY. LIMITED产品披露声明 (PDS) 的重要信息。
TRADING WITH FXCM AUSTRALIA PTY. LIMITED ON TRADING STATION ORMETATRADER 4 通过交易平台或METATRADER 4与FXCM AUSTRALIA PTY. LIMITED进行交易
Applying to Trade with FXCM 申请与FXCM交易
Negative balance protection policy 负数结余保障政策
Opening an FX Contract 开立外汇合约
Closing an FX Contract 关闭外汇合约
Contract Expiration合约到期日
ROLLOVER – FX Contracts过夜利息-外汇合约
Rollover Charges and Rollover Benefits过夜的收费和好处.
Pricing 定价
YOUR MARGIN OBLIGATIONS TO FXCM 阁下对FXCM的保证金义务
Margin Call 追加保证金
Pip点子
What is Pip Cost?点值是什么？
Account Denominations账户结算货币
Currency Pair List:货币对列表
DISTINCT FEATURES OF TRADING STATION 交易平台的显著特点
FXCM Mobile Trading Station Trading System 流动交易平台系统
TS MOBILE TABLET APPLICATION交易平台（流动版）平板电脑应用程序
Trading Station Web交易平台网络版
Dow Jones FXCM Dollar Index Basket (“FXCM Dollar Basket”)0F 道琼斯FXCM一篮子美元指数（FXCM美元篮子）
DISTINCT FEATURES OF METATRADER 4 TRADING STATION METATRADER 4 交易平台 的显著特点
Trading Execution 交易执行
Margin Requirement 保证金要求
Margin Call 追加保证金
Max Deviation 最大偏差
Maximum Trade Size最大交易量
Maximum Account Equity Restrictions 最高账户净值限制
Rollover过夜利息
Cross-Platform Computability 跨平台兼容性
FXCM MetaTrader 4 Server Information FXCM METATRADER 4伺服器资料
Phone Dealing 电话交易
FXCM ACCOUNT TYPES账户类型
FEES AND CHARGES WHEN DEALING IN FX CONTRACTS ON TRADING STATION AND METATRADER 4 使用交易平台和METATRADER 4交易外汇的费用和收费
Administration Charges行政费用
Withdrawal of Money from your Account阁下账户的提款
SUPERANNUATION FUNDS退休基金
Investment Strategy投资策略
Risk Management风险管理
