Schedule 1 Complex Products – General Risk Disclosure Notice

一览表1 复合产品 – 基本风险披露

This notice is provided to you in compliance with FCA Rules. This notice does not disclose all of the risks and other significant aspects of derivatives products such as futures and options. You should not deal in derivatives unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position.

本声明是应金融行为监管局法规的要求提供。本声明并没有完整地披露所有风险及金融衍生产品的其他重要方面如期货及期权。您应该在完全理解了所签合约的性质及您将要承担的风险后才能交易金融衍生产品，否则请不要贸然行事。您还应保证您的状况及财政背景适合签署合约。

 

Certain strategies, such as spread position or a “straddle”, may be as risky as a simple “long” or “short” position Whilst derivatives instruments can be utilised for the management of risk, some investments are unsuitable for many investors. Different instruments involve different levels of exposure to risk, and in deciding whether to trade in such instruments you should be aware of the following points:

某些交易策略如“套利”头寸或套期图利，可能如简单的“空头”或“多头”头寸一样有风险。尽管金融衍生产品可以用来管理风险，但其中一些投资品种并不是所有人都适合。不同的金融工具涵盖不同级别的风险，所以在决定是否选择某一种投资品种时，您应该注意如下几点：

 

a. Contracts for Difference can be likened to futures which can be entered into in relation to Commodities or the FTSE-100 index or any other index or share, as well as Currency. However unlike other futures and options, these contracts can only be settled in cash. Investing in a CFD carries risks similar to investing in a future or an option and you should be aware of these.

Transactions in CFDs may also involve a contingent liability and you should be aware of the implications of this as set out in paragraph (h) below.

差价合约。与期货相似的商品合约或英国FTSE-100 指数合约或任何其他指数或股指期货以及外汇合约。然而不同于其他期货与期权的是，这些合约只能以现金结算。投资差价合约与投资期货或期权具有同等风险，您应该认识到这一点。差价合约的交易中可能涉及或有负债，所以您应当弄清下方(h)段中关于这一点的解释。

 

b. Investing in rolling forex or currency options carries similar risks as investing in a future and you should be aware of these. Transactions in rolling forex or currency options may also have a contingent liability and you should be aware of the implications of this as set out in paragraph (d) below. In addition to standard industry disclosures contained in this Customer Agreement, you should be aware that margined currency trading is one of the riskiest forms of investment available in the financial markets and is only suitable for sophisticated individuals and institutions. Given the possibility of losing an entire investment, speculation in the foreign exchange market should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution's financial wellbeing.

投资展期外汇或外汇期权与投资期货具有同等风险。展期外汇或外汇期权的交易中可能也涉及或有负债， 您应当弄清下方(d)段中关于这一点的解释。除开本客户协议下标准的行业风险披露，您应当意识到保证金外汇交易是金融市场风险最大的投资品种之一，只适合有经验的个人投资者或机构投资者。鉴于有损失全部投资资金的可能，所以外汇市场的投机行为只应针对风险资本基金，这样即使损失也不会严重影响您的个人或机构财政状况。

 

If you have pursued only conservative forms of investment in the past, you may wish to study currency trading further before continuing an investment of this nature. You must also realize that the limited risk in buying options means you could lose the entire option investment should the option expire worthless. If you wish to continue with your investment, 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 currency investments, and your obligations to others will not be neglected should you suffer investment losses.

如果过去您只交易过保守投资品种，您可能希望进一步学习外汇交易之后再开始此类投资。您必须意识到购买期权的有限风险意味着一旦期权过期无效则您可能损失全部投资。如果您仍决定继续投资，您必须保证您投资的资金是纯风险资金，即使损失也不会影响您的生活方式或您将来的退休计划。最后，您完全理解了外汇投资的性质及风险，如果您遭受损失，也不会影响您对他人的义务。

 

c. Foreign markets. Foreign markets involve different risks from UK markets. In some cases risks will be greater. The potential for profit or loss from transactions on foreign markets or in foreign currency will be affected by fluctuations in foreign exchange rates. Such enhanced risks include the risks of political or economic policy charges in a foreign media, which may substantially and permanently alter the conditions terms, marketability or price of a foreign currency.

外汇市场。外汇市场涵盖了英国市场的不同风险。一些情况下风险可能更大。外汇市场或外汇交易中的盈亏风险将受汇率变化的影响。如此大的风险包括政治风险或国外媒体的经济政策费用，它们将实质性及永久性地改变环境条款、适销性或外汇价格。

 

d. Risk reducing orders or strategies. The placing of certain orders (e.g. “stop loss” or “stop limits” orders) that are intended to limit losses to certain amounts may not always be affected because market conditions or technological limitations may make it impossible to execute such orders. Strategies using combinations of positions such as spread and “straddle” positions may be just as risky or even riskier than simple “long” or “short” positions.

降低风险定单或策略。为了一定程度地降低损失而设置的某些定单（如“止损”或“止赢”定单）可能不会总是受到影响，因为市场环境或技术限制可能导致难以成交。诸如“套利”头寸或套期图利之类的策略可能与简单的“空头”或“多头”头寸具备同等风险甚至更高风险。

 

e. Prices. The prices quoted may not necessarily reflect the broader market. We will select closing prices to be used in determining Margin requirements and in periodically marking to market the positions in customer accounts. Although we expect that these prices will be reasonably related to those available on what is known as the interbank market, prices we use may vary from those available to banks and other participants in the interbank market. Consequently, we may exercise considerable discretion in setting margin requirements and collecting margin funds.

价格。报价可能无法反映更大的市场。我们将选择用以决定保证金要求的平仓价格，并定期将客户账户里的头寸调整至市场价格。尽管我们期望这些价格与银行间市场的价格合理地关联，但我们采用的价格可能和对银行及银行间市场的其他参与者的价格不同。因此，我们可能慎重决定怎样设置保证金比率及筹集保证金资金。

 

f. Weekend risk. Various situations, developments or events may arise over a weekend when currency, Commodity and other markets generally close for trading, that may cause the markets to open at a significantly different price from where they closed on Friday afternoon. Our customers will not be able to use the electronic communication systems to place or change orders over the weekend and at other times when the markets are generally closed. There is a substantial risk that stop-loss orders left to protect open positions held over the weekend will be executed at levels significantly worse than their specified price.

周末风险。周末外汇、期货及其他市场通常会休市，因此会引发不同状况、事件，可能导致市场开盘价与前一个周五下午的收盘价相差甚远。周末或其他休市时段我们的客户不能通过电子通信系统下单或变更定单。有相当大的风险您为保护头寸设置的跨周末的止损定单的实际成交价将比设置的价格更差。

 

g. Electronic trading.The use of electronic trading systems and communication networks to facilitate trades. Customers that trade exposes you to risks associated with the system including the failure of hardware and software system or network down timed access or connection failures.

电子交易。是指利用电子交易系统及通信网络进行交易。电子交易将带给您与系统有关的风险，包括硬件及软件系统失败或网络中断或连接失败。

 

h. Contingent liability transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. You may sustain a total loss of the Margin you deposit with your dealer to establish or maintain a position. If the market moves against you, you may be called upon to pay substantial additional Margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be liable for any resulting deficit. Even if the Transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you paid when you entered into the contract. Contingent liability transactions, which are not traded on or under the rules of a recognised or designated investment exchange, may expose you to substantially greater risks.

或有负债交易，是指保证金交易，要求您针对买价支付一定的金额，而不用立即全额支付。为了建仓或维持头寸，您可能蒙受全额损失。如果市场向您预期的相反的方向波动，您可能被通知追缴额外的保证金以维持持仓头寸。如果您未能在要求的时间内补充保证金，则您的头寸将被强制平仓，您需要对由此产生的赤字负责。即使不是保证金交易，可能仍有义务在一定的情况下支付进一步的款项。不受指定投资交易法限制的或有负债交易，可能给您带来更大风险。

 

i. Collateral. If you deposit collateral as security, you should ascertain how your collateral will be dealt with. Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back dealt with. Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back the same assets, which you deposited and may have to accept payment in cash.

抵押品。如果您存入抵押品作为担保，则应该弄清您的抵押品将被如何处置。已存入的抵押品可能因为曾经代表您交易的财产被接管而丧失其身份。即使您的交易最终被证明是盈利的，您也可能无法取回这些存入资产，而且可能需要接受对该资产的现金支付。

 

j. Commissions. Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable. If any charges are not expressed in money terms (but, for example, as a dealing spread), you should obtain a clear written explanation, including appropriate examples, to establish what such charges are likely to mean in specific money terms.

佣金。在你开始交易以前，您应该了解全部需缴纳的佣金及其他费用的详情。一旦任何费用不是以金钱的形式表现的（例如，点差），您应当获取详细的书面解释，包括举例说明，以弄清这些费用可能包含的金钱含义。

 

k. Insolvency. Any insolvency or default may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets, which you lodged as collateral and you may have to accept any available payment in cash.

破产。任何破产或违约都可能导致头寸在未经您同意的情况下被清算或平仓。在某些情况下，您可能无法取回您存入作为抵押品的实际资产，而且可能需要接受对此的现金支付。

 

You should only engage in CFD or Rolling Spot Forex trading if you are prepared to accept a high degree of risk and in particular the risks outlined in the Risk Notice. You must be prepared to sustain the total loss of all amounts you may have deposited with your firm as well as any losses, charges (such as interest) and any other amounts (such as costs) we incur in recovering payment from you.

只有在准备好接受高风险或尤其是《风险警告声明》中所列的风险的情况下，您才能进行差价合约或延展即期外汇交易。您必须准备好承担您存与交易商处的全部资金损失，以及我们为您担负的任何损失、费用（如利息）及任何其他金额（如成本）。

 

 

Schedule 2–Contracts for Differences - Commodities and Other Reference Assets Supplement

一览表2 - 差价合约- 商品和其他参考资产增补范围

 

1.1 This Schedule supplements and amends the Customer Agreement as expressly provided below. Defined terms in the Customer Agreement shall be assigned the same meaning in this Schedule. In the event of any conflict or inconsistency between the Customer Agreement and this Schedule the provisions in this Schedule shall prevail. You acknowledge and agree that, by executing the Customer Account Application, you agree to be bound by the terms of this Schedule.

本《一览表》就如下方面对《客户协议》进行补充和修正。《客户协议》中定义的词条于本《一览表》中具有相同意义。如《客户协议》和《一览表》内容出现冲突或不一致，以后者条款为准。您知悉并认可，签订《客户账户申请》即意味着您同意遵守《一览表》中各项条款。

 

2. SERVICES 服务

2.1 Orders for execution of a CFD Contract, unless otherwise agreed by us, are to be given to us electronically through the GAIN Capital UK Online Trading System or Meta Trader Online Trading System to buy at the quoted offer price (“long position”) or sell at the quoted bid price (“short position”) for the relevant Reference Asset.

除非经得我们的同意，以相关参考资产买价购入（即“做多头寸”）或卖价售出（即“做空头寸”）的差价合约执行定单将通过嘉盛英国网上交易系统或MT网上交易系统，以电子形式传递给我们。

 

2.2 You acknowledge and agree that unless otherwise agreed in a formal written instrument you will not be entitled to delivery of, or be required to deliver, any Reference Asset nor will you acquire any interest in any Reference Asset.

您接受并同意除非另有正式书面文件规定，您无权交付或被要求交付任何参考资产，也不会获得任何参考资产相关权益。

 

2.3 Any market data specific to CFDs provided by GAIN Capital UK or third party service providers and displayed on the GAIN Capital UK website or any Trading Systems, is being displayed for informational purposes only. GAIN Capital UK does not guarantee the completeness or accuracy of such information, and will not be held liable if any such data or information is inaccurate or incomplete in any respect, and neither GAIN Capital UK, nor any third party providers, are responsible or liable for any actions you take or do not take based on such data or information. Such data or information is proprietary to GAIN Capital UK and/or any such third party service provider and you are not permitted to retransmit, redistribute, publish, disclose or display in whole or in part such data or information to any third parties except as may be required by any law or regulation.

嘉盛英国或第三方服务提供商提供的具体差价合约市场数据，或显示在嘉盛英国网站或任何交易系统上的此类数据，只作信息展示之用。嘉盛英国不保证该信息的准确性和完整性，也不对该信息的不准确或不完整承担责任；嘉盛英国或任何第三方服务提供商不对您是否基于这些数据或信息采取行动承担责任。这些数据或信息为嘉盛英国和/或相关第三方服务提供商所专有，您不能将其再传播、分发、出版、披露或展示给法律法规要求以外任何第三方。

 

2.4 You acknowledge and agree that GAIN Capital UK will have the right to close any Transaction in its sole and absolute discretion without notice if the Reference Asset is a derivative Financial Instrument or Commodity which may settle on expiry by a delivery other than in cash, a reasonable period prior to the expiry date as determined in the sole and absolute discretion of GAIN Capital UK. GAIN Capital UK will not be subject to any obligation to roll over a position in such a derivative Financial Instrument or Commodity.

您认可并同意，如果参考资产是将于到期时以非现金方式交割的衍生金融工具或商品期货，嘉盛英国有权以完全酌情权决定于到期日之前合理期限内平仓此类交易。嘉盛英国无任何义务就此类衍生金融工具或商品期货头寸进行展期。

 

3. ACCEPTANCE OF ORDERS AND OPENING OF CFD CONTRACTS

定单接收和差价合约开仓

 

3.1 If an Order has been executed in whole or in part it will not be possible for you to cancel the Order to the extent that the Order has been executed.

如定单已被全部或部分执行，您将无法取消执行完毕的定单内容。

 

3.2 We reserve the right to limit the number of open positions you may enter or maintain in your Account. We also reserve the right, in our sole discretion to refuse to accept any Order opening a new position or increasing an open position.

我们有权限制您账户新立或持有的开仓头寸数目，同时也有权自行决定是否拒绝接受任何新立头寸或增仓头寸的定单。

 

4. CLOSING A CFD CONTRACT 差价合约平仓

4.1 To close any CFD Contract in whole or in part you must enter into a second CFD Contract in relation to the same Reference Asset as the first CFD Contract but you must sell if the first CFD Contract was a purchase and you must purchase if the first CFD Contract was a sell. We will treat your Order to open the new position as an instruction to close the existing position to the extent of the size of the new position. If the new position is greater in size than the first position then the first position will be closed in full and a CFD Contract opened in relation to the excess size of the new position.

要整体或部分平仓差价合约，您必须订立一个与该差价合约参考资产相关的第二个差价合约。但是，如果第一个差价合约为买单，则您必须订立卖单才能平仓，如果第一个差价合约是卖单，则您必须订立买单。如您设立新头寸定单，我们将根据该指示平仓您同一参考资产相关，新开头寸同等规模的持仓头寸。如新开头寸规模大于前一个持仓头寸，则后者将被全部平仓，并就新头寸余下部分开立差价合约。

 

4.2 You acknowledge that Spreads, including market Spreads, can and do widen significantly in some circumstances, that they may not be the same size and that there is no limit on how large they may be. You acknowledge that when you close a Transaction, the Spread may be larger or smaller than the Spread when the Transaction was opened. For Transactions transacted when the Market of any Reference Asset is closed or in respect of which there is no Market for the Reference Asset, the bid and offer price figures that we quote will reflect what we believe the market price in an investment would be at that time. You acknowledge that such figures will be set by us at our reasonable discretion. Our quotation is not guaranteed to be within any specific percentage of the quotation of the Market of the Reference Asset, and the Spread quoted by us will reflect our view of prevailing market conditions. You undertake and agree not to use our bid and offer prices for any purpose other than for your own trading purpose, and you agree not to distribute our bid and offer prices to any other person whether such redistribution be for commercial or other purposes.

您同意包括市场点差在内的点差有些情境下可能会大幅拓宽，点差大小不尽相同且并无限制。您同意平仓时的点差可能大于或小于开仓时的点差。交易当中，如果参考资产市场休市或不存在相关参考资产市场，我们的买卖报价将反映我们对市场当时投资价格水平的理解。我们不保证在任何参考资产市场报价特定比例范畴内进行报价，我们报价的点差会反映我们对当前市场条件的看法。您理解并同意不将我们的买卖报价用作它途，无论出于商业或其它目的，不向他人散布我们的买入价和卖出价。

 

4.3 In addition to our rights at clause 22 of this Customer Agreement and our rights pursuant to clause 2.3 of Schedule, we may close any Transaction in our sole discretion at any time without notice in the event that:

除本《客户协议》条款22和《一览表》2.3中规定的我方权利之外，如有以下情况，我们亦可不作任何通知自行决定是否平仓：

 

(a) if it is a ‘sell’ Transaction, and due to illiquidity in the relevant Reference Asset we are unable to borrow a sufficient number of such Reference Asset to settle any underlying hedge position in respect of the Transaction; or

如果是“卖出”交易，且鉴于相关参考资产流动性匮乏，我们无法借贷到足量的参考资产来结算交易涉及对冲头寸；或

 

(b) if we are required, at any time, by a lender to return any Reference Asset borrowed by us which relates to a Transaction and we are then unable to maintain a hedge position in respect of that Transaction; or

不论何时，我们被债权方要求归还任何由我们借贷的与交易相关的参考资产，并由此导致我们无法维持该交易对冲头寸；或

 

(c) if at any time we are otherwise unable to establish or maintain a hedge position or any other Hedging Disruptions occurs in respect of a Transaction or the continuation of any such hedge or Hedging Disruption is likely, in our reasonable judgment, to become more burdensome to us; or

不论何时，如果我们无法建立或维持交易相关对冲头寸，或出现对冲中断，或基于我们合理判断认为该对冲或对冲中断的持续很可能加重我们的负累；或

 

4.4 Effects of Close-Out. With respect to any Transaction that is closed out by us pursuant to or as contemplated by the terms of the Customer Agreement:

平仓生效时间。就我们根据《客户协议》条款进行的平仓交易而言：

 

(a) except as may be otherwise specified in this Customer Agreement, the Closing Date will be the date designated by us to you and at a closing price as determined by us;

除《客户协议》另有规定，平仓日为我们规定的日期，且由我们决定平仓价格；

 

(b) no further payments or deliveries are required to be made on or after the Closing Date, except for settlement payments as provided below; and

除下述结算付款以外，平仓日当天及之后无需进一步付款或交割；

 

(c) any and all amounts payable by either party in settlement of such Transaction are immediately due and payable.

双方因交易结算产生的全部款项即时到期、立刻支付。

 

Any and all obligations arising or existing between us as a result of the close-out of one or more Transactions will be satisfied by the net settlement (whether by payment, set-off or otherwise) of all amounts due and payable between us, and the net amount determined to be payable by either party will be immediately due and payable.

我们之间因一个或多个交易平仓产生或存在的债务将通过我们之间所有到期应付金额的净结算（通过支付、抵消或其他方式）得到清偿，而任一方的确定应付净额都需即刻支付。

 

5. EXPIRY TRANSACTIONS 到期交易

5.1 Unless otherwise informed, if you do not close an Expiry Transaction on or before the Last Dealing Time then, we will close your Expiry Transaction as soon as we have ascertained the price of the Expiry Transaction. The price of the Expiry Transaction will be (a) the last traded price at or prior to the close or the applicable official closing quotation or value in the relevant Reference Asset as reported by the relevant exchange, errors and omissions excluded; plus or, as the case may be, minus (b) any Spread that we apply when such an Expiry Transaction is closed. Details of the Spread that we apply when a particular Expiry Transaction is closed are available on request. You acknowledge that it is your responsibility to make yourself aware of the Last Dealing Time and of any Spread or Commission that we may apply when you close an Expiry Transaction.

除非另作通知，如您未于最后交易时间或之前平仓到期交易，我们将在确定到期交易价格后尽快平仓您的到期交易。到期交易价格为（a）收盘时或收盘前最后成交价或相关交易所提供的参考资产可适用官方收盘报价或价值（不包括存在错误和疏忽的情况），根据具体情况进行加减（b）我们在到期交易平仓时的点差。我们可根据您的要求提供特定到期交易平仓所采用点差的具体情况。您同意自行了解最后交易时间及平仓到期交易时可能采用的点差或佣金。

 

6. HEDGINGDISRUPTION 对冲中断

6.1 Notwithstanding anything to the contrary in this Customer Agreement, if we determine that a Hedging Disruption has occurred, or may occur, including a Hedging Disruption which is a result of any actual or imminent delay, disruption, suspension, or reduction in any payment or settlement in respect of any transaction or asset we deem necessary to hedge our Transaction price risk, whether such Hedging Disruption arises directly or indirectly fromthe failure of a hedging counterparty to performits obligations or otherwise, then will be liable to us for any increased costs or expenses resulting from such Hedging Disruption (including any costs of unwinding, establishing or re- establishing a hedge) and we may upon notification of such costs to you deduct them from your account or demand payment. If you fail to comply fully and by the required time with the obligation to make payment this will constitute an Event of Default.

即使《客户协议》有相反规定，如我方确定已发生、或可能出现对冲中断情境，包括因我们视为对冲交易价格风险所必需的交易或资产相关支付或结算实际或即将发生的延迟、中断、暂停或减少所引发的对冲中断，无论此类对冲中断是否直接或间接因对冲对手方无法履行义务所致，我们都将面临此类对冲中断（包括平仓、开仓或重建对冲产生的成本）带来的成本或费用增加，我们可能会就此发出通知，自您的账户扣除、或要求您支付此类费用。如您未能于要求期限内完全履行付款义务，则构成违约事件。

 

7. MARKET SUSPENSION AND DELISTING市场停牌和除牌

7.1 If at any time trading on a regulated Market is suspended in any Reference Asset which is listed on a Market we shall calculate the value of the CFD with reference to the last traded price before the time of suspension, or a closing price as reasonably determined by GAIN Capital UK if no trading in that Reference Asset is undertaken during the Business Day on which a suspension occurs. In the event that the aforesaid suspension continues for five Business Days, we and you may in good faith agree a Closing Date and a value of the CFD. In the absence of such agreement, the CFD shall remain open in accordance with the provisions of this clause until such time as the aforesaid suspension is lifted or the CFD is otherwise closed. During the term of a CFD whose Reference Asset is suspended we have the right to terminate the CFD at our discretion and to amend or vary Margin requirements and Margin rates.

不论何时，如于监管市场进行的，针对某上市参考资产的交易停牌，我们将参考停牌前最后的成交价计算该差价合约价值，如发生停牌的工作日当天该参考资产未进行任何交易，嘉盛英国将合理确定平仓价格。如停牌持续超过五个工作日，你我双方将秉持诚实信用原则，就平仓日期和差价合约价值达成共识。若双方意见不一，则该差价合约根据本条款规定继续保持开仓状态，直至停牌状态改变或差价合约平仓。在差价合约于参考资产停牌时持续期间，我们有权终止该差价合约，并变更保证金要求或比例。

 

7.2 If a RegulatedMarket (as defined in the FCA’s Rules) on which a Reference Asset is principally traded announces that pursuant to the rules of such Market the relevant Reference Asset has ceased (or will cease) to be listed, traded or publicly quoted on the Market for any reason and is not immediately re-listed, re-traded or re-quoted on the Market or quotation systemlocated in the same country as theMarket (or where the Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded，the day on which such event occurs, or (if earlier) is announced shall be the Closing Date. The closing price will be such price as notified by us to you.

如果参考资产主要交易的“监管市场”(FCA法规有相关定义)宣布参考资产根据市场法规被除牌（或将被除牌），不再于市场交易或公开报价，且短期内不会复牌、重新交易或于市场和市场所在国家（如市场位于欧盟内部，则任何欧盟成员国）报价系统内重新报价，或已如此发行、报价或交易，则该事件发生当日或（如日期更早）该事件宣布当日为各相关差价合约交易之平仓日。各相关差价合约交易的平仓价格即我们通知您的价格。

 

 

 

 

Schedule 3 – Order Execution Policy  订单执行政策

BEST EXECUTION最佳执行

We deal with you as principal on our own account however we consider that the prices we quote on our Trading Systems against which you execute transactions with us constitute the provision of a transaction execution service which we undertake on your behalf and upon which you as a Retail Client rely upon. Accordingly, we take all reasonable steps to obtain firm price quotes for execution, as further described below (and subject to Order Execution Risks also noted below), in order to achieve the best possible result for you while taking into account the total consideration payable (excluding our charges), representing the price of the financial instrument and the costs related to execution. Nevertheless, whenever there is a specific instruction from you we shall execute the order following the specific instruction. Our Order Execution Policy does not, however, guarantee that execution at our quoted prices (after deducting our charges which may be included in the quoted price) will always be executed at a price which is as good as, or better than, one which might have been available elsewhere.

我们作为自身账户主事方与您进行交易，但我们认为，在您执行与我们所进行交易时，我方交易系统的报价构成交易执行服务条款，我们代表您，并根据您的零售客户身份提供该服务。因此，我们采取了所有合理措施获得稳定报价，详见下文（同时下见相关定单执行风险），在考虑应支付总酬金（我方费用除外）、反映金融工具价格和执行相关成本同时，尽力为您达成最佳可能交易表现。不过，只要您做出具体指示，我们将根据指示执行定单。但是，我们的定单执行政策不保证以我们的报价水平（扣除报价中可能包括的我方费用之后）操作的定单执行，跟其他地方的定单执行相比，报价一样或更佳。

 

EXECUTION COUNTERPARTY& CHARGES执行对手方和费用

We will deal with you as principal with your orders being executed with us unless we inform you otherwise. Our charges may be incorporated as a mark-up or mark-down (the difference between the price at which we take a principal position and the transaction execution price with you). We may alternatively agree to charge a commission or a combination of commission and mark-up or mark-down. Our charges are not taken into account in determining best execution prices. Our typical dealing spread together with information about our average speed and rate of transaction execution is published on our website under Pricing and Execution.

我们将作为主事方与您进行交易，除非我们另行通知，您的定单将由我们执行。我们可能会上涨或下调相关费用（我们作为主事方的价格和与您执行交易的价格之间的价差）。我们可以选择收取佣金，或收取佣金和相关费用增减的组合形式。确定最佳执行价格时不考虑我们的收费情况。我们的标准点差和交易执行平均速比率等相关信息在嘉盛网站“价格和执行优势”中有具体说明。

 

EXECUTION VENUE执行场所

1. FOREIGN EXCHANGE外汇

Our price quotes are generally derived from prices provided to us by selected top tier global banks in the wholesale foreign exchange markets which we believe will provide the best available prices to you on a consistent basis.

我们的报价通常由外汇批发市场中精选的全球顶级银行提供，我们相信这些银行将始终如一地向我们提供最佳可选价格。

 

2. GOLD AND SILVER黄金和白银

Our price quotes are generally derived from prices provided to us by selected top tier global banks in the wholesale gold and silver markets which we believe will provide the best available prices to you on a consistent basis.

我们的报价通常由金银批发市场中精选的全球顶级银行提供，我们相信这些银行将始终如一地向我们提供最佳可选价格。

 

3. OTHER COMMODITY CFDs其他商品差价合约

Our price quotes are generally derived from quoted or execution prices from the following derivative exchanges for the following commodities and which we believe will provide the best available prices to you on a consistent basis:

我们的报价通常来自以下商品衍生品交易所的报价或执行价格，相信它们始终如一地提供最佳可选价格。

 

Brent Oil Contracts: ICE Futures Europe

布伦特原油期货合约：欧洲洲际期货交易所 (ICE Futures Erope)

WTI Oil Contracts: ICE Futures

WTI原油期货合约：美国洲际期货交易所 (ICE Futures US)

 

4. INDEX CFDs指数差价合约

Our price quotes are generally derived from quoted or execution prices for the underlying reference assets from the following derivatives exchanges with respect to the following indices which we believe will provide the best available prices to you on a consistent basis.

我们的报价通常来自以下金融衍生产品交易所的参考资产报价或执行价格，相信它们将始终如一地提供最佳可选价格。

 

CLOSEDMARKTS休市

Our foreign exchange services are offered 24 hours daily on Business Days. Full details of trading hours are published on our website. Commodity CFDs and Index CFDs are traded only during the hours when the underlying execution venues identified above are open for trading. Full details of these trading hours are available on our website.

我们于工作日提供每天24小时的外汇交易服务。具体交易时间信息请参阅我们的网站。前文提到的参考资产执行场所开市期间才能交易商品差价合约和指数差价合约。我们的网站发布有关交易时间完整信息。

 

Gapping, as described below, can occur when an underlying execution venue is closed with the result that on re-opening of the execution venue the price of the underlying commodity or index product (and therefore our derived CFD price) can be markedly different from the closing price, with no opportunity for you to close your trade before the execution venue re-opens.

如下文所述，当参考资产执行场所休市后重新开市时，相关商品或指数产品（以及我们的衍生品差价合约）价格可能跟收盘价格产生巨大差异，即产生价格跳空，在执行场所重新开市之前，您无法平仓您的头寸。

 

ORDER EXECUTION RISKS订单执行风险

1. SLIPPAGE滑点

We take reasonable steps so that execution of our quoted prices will obtain the best possible result for you at the time the quote is provided however fast moving markets may result in execution of a transaction at a price which has ceased to be the best market price.

我们采取合理措施尽可能地让我们的报价执行为您带来最佳可能效益，但瞬息万变的市场环境中，交易执行价格可能不再是最佳市场价格。

 

2. GAPPING/GAPPING/VOLATILTY跳空/波动性

There may be significant market movement after a news announcement or economic event or between the close and re-opening of a market which will have a significant impact on the execution of a pending order. Clients should be aware of the following risks associated with volatilemarkets, especially at or near the close of the standard trading session:

新闻发布或经济事件之后及市场休市和重开期间都可能造成强烈的市场波动并给待执行定单造成重大影响。客户应注意市场波动引发的如下风险，特别是正常交易时段收盘（或近收盘）期间。

 

• an order may be executed at a substantially different price from the quoted bid or offer, or the last reported trade price at the time of order entry, or an order may be only partially executed or may be executed in several shapes at different prices; and

定单执行价格可能跟买卖报价或建立定单时最后成交价有很大差异；定单或仅部分执行或以不同价位分别执行；及

 

• opening prices may differ significantly from the previous day’s close.

开仓价格可能与前一天的收盘价格有很大差异。

 

3. TRADING SYSTEM OR INTERNET CONNECTIVITY EXECUTION DELAYS

交易系统或网络联结执行延迟

 

Delays in execution beyond our control may occur as a result of technical failures or malfunctions in connection with use of the Trading Systems or internet connectivity or processing speed for which we do not accept responsibility.

如因我们控制外的交易系统或网络联接、处理速度运用过程中的技术故障引起执行延迟，我们将不承担相关责任。

 

NO FIDUCIARY DUTY无受托责任

Our best execution commitment does not mean we owe you or assume any fiduciary responsibilities other than those imposed by applicable regulations and agreed in the Customer Agreement.

我们的最佳执行承诺并不代表我们对您有此义务，我们也不承担任何适用法规及《客户协议》条款规定以外的其他任何受托责任。

 

MONITORINGAND REVIEW监控和审查

We will monitor the effectiveness of our order execution arrangements and execution policy in order to identify and, where appropriate, correct any deficiencies. We shall notify you of any material changes to our order execution arrangements or execution policy.

我们将监控定单执行安排和执行政策的有效性，以便识别并在适当情况下修正相关缺陷。我们将就定单执行安排或执行政策的实质性调整向您通知。