客户交易协议书  文件类型：PDF/Adobe Acrobat   文件大小：字节

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CLIENT AGREEMENT
客户交易协议书
Pancisco International, Inc.
386 3rd Avenue
Daly City
California 94014
United States Of
America
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RISK DISCLOSURE STATEMENT
The brief statement dose not disclose all of the risks and other significant aspects of spot foreign currency and options trading (collectively "Forex"). In light of the risks, you should
undertake such transactions only if you ("Trader" or "Client") understand the nature of the trading into which you are about to engage and the extent of your exposure to risk. Trading in
Forex is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and
other relevant circumstances.
Spot Forex Trading
1. Effect of "Leverage" or "Gearing"
Forex Transactions carry a high degree of risk. The amount of Initial margin may be small relative to the value of the foreign currency so that transactions are "leveraged" or "geared". A
relatively small market movement may have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may
sustain a total loss of initial margin funds and additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you
may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your
position may be liquidated at a loss and you will be liable for any resulting deficit.
2. Risk-reducing orders or strategies
The placing of certain orders(e.g. "stop-loss" orders, where permitted under local law, or "stop-limit" orders) which are intended to limit losses to certain amounts may not be effective
because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as "spread" and "straddle" positions, may be as risky as taking
simple "long" or "short" positions.
Options
3. Variable degree of risk
Transactions in foreign currency options carry a high degree of risk. Purchasers and sellers of foreign currency options should familiarize themselves with the type of option (i.e., put or call)
which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your positions to become profitable, taking into
account the premium and all transaction costs.
The purchaser of options may offset or exercise the options or allow the options to expire depending on the nature and type of option purchased. The exercise of an option will always results
in a cash settlement. In some instances, the purchaser may acquire a spot position with associated liabilities for margin (see the section on Spot Forex Trading above). If the purchased options
expire worthless, you will suffer a total loss of your investment, which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money
options, you should be aware that the chance of such options becoming profitable ordinarily is remote. Selling ("writing" or "granting") an option generally entails considerably greater risk
than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to
maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the
option in cash or to acquire or deliver the underlying interest, In some instances, the seller may acquire a spot position with associated liabilities for margin (see the section on Spot Forex
Trading above). If the option is "covered" by the seller holding a corresponding position in the underlying currency or another option, the risk may be reduced. If the option is not covered,
the risk of loss can be unlimited. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for
any unpaid premium outstanding at that time.
Additional Risk Common to Spot Forex Trading and Options
4. Terms and conditions of Spot Forex Trading
You should ask the firm with which you deal about the terms and conditions of the specific foreign currency or options which you are trading and associated obligations and, in respect of
options, expiration dates and restrictions on the time for exercise.
5. Suspension or restriction of trading and pricing relationships
Market conditions (e.g., liquidity) and/or the operation of the rules of certain market (e.g., the suspension of trading in any foreign currency because of price limits or "circuit breakers") may
increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal
pricing relationships between the underlying interest and the foreign currency, and the underlying interest and the option may not exist. This can occur when, for example, the foreign
currency underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge "fair" value.
6. Deposited cash and property
You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or
bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property, which has been specifically
identifiable as your own, will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
7. Commission and other charges
Before you begin to trade, you should obtain a clear explanation, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
8. Transactions in other jurisdictions
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation, which
may offer different or diminished investor protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be
unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you
deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
9. Currency risks
The profit or loss in transactions in foreign currency (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where is a need to convert
from the currency denomination of the foreign currency position to another currency.
10. Trading facilities
Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with
all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the
market, the clearing house and/or member firm. Such limits may vary. Therefore, you should ask the firm with which you deal for details in this respect.
11. Electronic trading
Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading system. If you undertake transactions on
an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is
either not executed according to your instructions or is not executed at all.
12. Off-exchange transactions
In some jurisdictions, and only then in restricted circumstances, firm are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the
transaction. Therefore, it may be difficult or impossible to liquidate an existing position, to assess its value, to determine a fair price or to assess the exposure to risk. For these reasons, these
transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should
familiarize yourself with applicable rules and attendant risks.
NOTICE TO TRADERS
This Agreement is a Legal Contract, Please Read It Carefully.
This is a legal contract between Pancisco International Inc. (hereinafter referred to as PII) a limited liability corporation organized under the laws of the U.S.A, its branch,
Authorized company successors and assigns, and the party(or parties) executing this document.
In connection with opening an account to speculate and/or purchase and/or sell cash or spot foreign currency (hereinafter referred to as "currency" or "spot") through the OTC foreign
exchange markets (hereinafter referred to as "OTCFX") with PII, Customer (hereinafter referred to as "Trader" or "Client") acknowledges that Trader has been advised and understands the
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following factors concerning trading in leveraged OTCFX, in addition to those contained in the Risk Disclosure Statement which has been provided to Trader. More specifically, the terms
OTCFX and Spot as used herein shall mean the purchase or sale of a foreign currency in such amounts and under such conditions that the parties may negotiate.
1. These are no guarantees to the credit worthiness of the counterparty of your Spot position. Every attempt has been made to deal with reputable creditworthy banks/clearing houses.
Also, there may be certain cases in which trading liquidity decreases causing trading in a certain currency to cease, thereby preventing the liquidation of an adverse position that may
result in a substantial financial loss.
2. Trading in OTCFX is suitable only for those sophisticated institutions or participants financially able to withstand losses that may substantially exceed the value of margins or deposits.
OTCFX accounts are not available through PII to non- sophisticated participants.
3. Trader acknowledges that the purchase or sale of a Currency always includes delivery to the extent that Trader's account shall be credited with each Spot transaction.
4. PII's margin policies and/or the policies of those banks/clearing houses through which trades are executed may require that additional funds be provided to property margin Trader's
account and that Trader is obligated to immediately meet such margin requirements. Failure to meet requirements may result in the liquidation of any open positions with a resultant
loss. PII also reserves the right to refuse to accept any order or guarantee a market in which to offset.
5. OTCFX business is not traded on an organized exchange and therefore dose not require open-outcry. Even though quotations or prices are afforded by many computer-based
component systems, the quotations and prices may vary due to market liquidity. Many electronic trading facilities are supported by computer-based component systems for the
order-routing, execution or matching of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be
subject to limits on liability imposed by the system provider, the market, the bank and/or financial institution. Such limits may vary; you should ask the firm with which you deal for
details in this respect.
6. Trading on an electronic trading system may differ not only from trading in the inter-bank market but also from trading on other electronic trading systems. If you undertake
transactions on an electronic trading systems, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure
may be that your order is either not executed according to your instructions or is not executed at all. Given the high leverage, fast moving nature of the OTCFX market, and the risks
associated with electronic trading, any discrepancies on account statement must be reported to PII, in writing, within 24 hours of its occurrence.
Disclaimers:
a) Internet failures:
Since PII dose not control signal power, its reception or routing via internet, configuration of your equipment or reliability of its connection, we cannot be responsible for
communication failures, distortions or delays when trading on-line (via internet).
b) Market risks and on-line trading:
Trading currencies involves substantial risk that is not suitable for everyone. See Trader Agreement for more detailed description of risks. Trading on-line, no matter how convenient
or efficient, dose not necessarily reduce risks associated with currency trading.
c) Password protection:
The Trader is obligated to keep password secret and ensure that third parties do not obtain access to the trading facilities. The Trader will be liable to PII for trades executed by means
of the Trader's password even if such use may be wrongful.
d) Quoting and Execution Errors:
Should quoting and/or execution errors occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote or trade which is not representative of fail market
prices, an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines
or systems and/or inaccurate external data feeds provided by third-party vendors, PII will not be liable for the resulting errors in account balances. In addition, orders must be placed
allowing sufficient time to execute, as well as, sufficient time for the system to calculate necessary margin requirements. The execution or orders placed too close to prices, which
would trigger other (regardless of order type) or a margin call, cannot be guaranteed. PII will not be liable for the resulting margin call, resulting balance, and/or positions in the
account due to the system not having been allowed sufficient time to execute and/or calculate accordingly. The foregoing list is not meant to be exhaustive and in the event of a
quoting or execution error, PII reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors
will be resolved by PII in its sole and absolute discretion. Trader agrees to indemnify and hold PII harmless from all damages or liability as a result of the foregoing.
7. In OTCFX , firms are not restricted to effect exchange transactions. The firm with which you deal, such as PII, may be acting as your counterparty to the transaction. It may be difficult
or impossible to liquidate an existing position, to assess the value, to determine a fair price to assess the exposure to risk. For these reasons, these transactions may involve increased
risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarizes yourself with
applicable rules and attendant risks.
8. In the event that Trader grants trading authority or control over Trader's account to a third party (Trading Agent), whether on a discretionary or non-discretionary basis, PII shall in no
way be responsible for reviewing Trader's choice of such Trading Agent or for making any recommendations with respect thereto. PII makes no representations or warranties
concerning any Trading Agent; PII shall not be responsible for any loss to Trader occasioned by the actions of the Trading Agent; and PII dose not, by implication or otherwise endorse
9. PII dose not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Trader may have received or may receive in the future from Referring
Agent ( see section Referral Disclosure below) or from any other person not employed by PII regarding Forex trading or the risks involved in such trading. If Referring Agent or any
other third party provides Trader with information or advice regarding Forex trading, PII shall in no way be responsible for any loss to Trader resulting from Trader's use of such
information or advice. Trader understands that Referring Agent and many third party vendors of trading systems, courses, programs, research or recommendations may or may not be
regulated by a government agency.
10. Options on foreign currency involve substantial risks and are not suitable for all investors. You should carefully consider whether such trading is appropriate for you in light of your
investment experience, objectives, financial resources, tolerance of risk and other relevant circumstances. This brief statement highlight the major risks involved, but dose not disclose
all of the risks and other significant aspects of trading in these options.
The risks inherent in a foreign currency option transaction will depend on whether you are the purchaser or seller of the option and the style of the option.
Where you or a third party purchase an option on your behalf, you may suffer a total loss of premium (plus transaction costs) if that option expires worthless. This risk reflects the
nature of a long foreign currency option or an asset that tends to decline in value over time. The price of the underlying currency must either rise above the strike price, or fall below
the strike price, as the case may be, by an amount in excess of the sum of the premium and all other costs incurred in entering into and exercising the option for you to realize a profit
on the transaction.
Where you or a third party sell (write) an option on your behalf, the risks are greater. Where you have sold options with a higher face value than options you have bought, the risks can
be greater than those associated with the actual currency transaction. If the written option is "covered" by a corresponding physical currency, the risk of loss may be reduced. If the
written option is not covered, you will be exposed to full price risk on the currency option; consequently, the risk of loss can be unlimited.
An American-style option may be exercised at any time (i.e. on any business day) during the specified exercise period prior to the expiration. If you sell an American-style option to
PII, the option may be exercised at PII's discretion, thus you cannot be sure of your position resulting from the option until the expiry date. A European-style option may be exercised
only on the specified exercise date. An Asian-style option is a variant of the European-style option. Otherwise known as an "average price" option, in an Asian-style option the
reference price in relation to the underlying foreign currency is derived from an agreed upon calculation, which, by way of example, may be based upon an average of an underlying
currency's market price at predetermined dates occurring during a specified averaging period, with the exercise date occurring at the end of such averaging period. Exotic options are
not exercisable and purchaser will only receive a fixed payout when and if certain criteria are met. Maximum profits and loss and fixed at the time of purchase.
In addition to the above risks, fluctuations in the foreign exchange rates of the currencies underlying options may result in dramatic and volatile price movements of the options. In a
rapidly changing or illiquid market, you may not be able to sell or cover your position at a desired price. The movement of foreign exchange rates of the currencies that underlie
options cannot be predicted and profits, or the return of your initial investment, cannot be guaranteed. You must also realize that the limited risk in buying options means you could
lose the entire option investment should the option expire worthless.
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REFERRAL DISCLOSURE
PII AND REFERRING AGENT ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER. THE AGREEMENT BETWEEN PII AND REFERRING AGENT DOES
NOT ESTABLISH A JOINT VENTURE OR PARTNERSHIP AND REFERRING AGENT IS NOT AN AGENT OR EMPLOYEE OF PII.
1. PII dose not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Client may have received or may receive in the future from Referring
Agent or from any other person not employed by PII regarding foreign currency or exchange ("Forex") trading or the risks involved in such trading.
2. PII provides risk disclosure information to all new Clients when they open accounts. Client should read that information carefully, and should not rely on any information to the
contrary from any other source.
3. Client acknowledges that no promises have been made by PII or any individual associated with PII regarding future profits or losses in Client's account. Client understands that Forex
trading is very risky, and that many people lose money trading.
4. If Referring Agent or any other third party provides Client with information or advice regarding Forex trading, PII shall in no way be responsible for any loss to Client resulting from
Client's use of such information or advice.
5. To the extent Client has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by Referring
Agent or any other third party will result in trading profits, Client hereby acknowledges, agrees and understands that all Forex trading , including trading done pursuant to a system,
course, program, research or recommendations of Referring Agent or another third party involves a substantial risk of loss. In addition, Client hereby acknowledges, agrees and
understands that the use of a trading system, course, program, research or recommendations of Referring Agent or another third party will not necessarily result in profits, avoid losses
or limit losses.
6. Because the risk factor is high in foreign currency transactions trading, only genuine "risk" fund should be used in such trading. If Client dose not have the extra capital the Client can
afford to lose, Client should not trade in the foreign currency markets.
TRADER AGREEMENT
In consideration of PII agreeing to carry one or more account of the undersigned ("Trader" or "Client") and providing services to Trader in connection with the purchase and sale of cash
currencies (including all financial instruments) and any similar instruments (collectively referred to as " OTCFX " ), which may be purchased or sold by or through PII for Trader's account(s),
Trader agrees as follows :
1. AUTHORIZATION TO TRADE. PII is authorized to purchase and sell OTCFX for Trader's account(s) with a counter party bank or sophisticated institutions or participants in
accordance with Trader's oral or written or computer instructions. Unless instructed by Trader to the contrary in writing, PII is authorized to execute all orders with such banking
institutions, counter party, bank, or sophisticated institutional participants as PII deems appropriate. PII shall be entitled to rely upon any oral or written communication or instructions
received from Trader, including Trader's officers, partners, principals or employees, so long as PII dose not have actual knowledge of the lack of authority of any such person
("Authorized Persons"). Trader agrees that such Authorized Persons are authorized on its behalf to furnish PII all data, information, instructions and authorizations required by PII to
perform its services under this Agreement.
Trader authorizes PII to rely and act upon any instruction, authorization, data or information, which appear to be given by an Authorized Person to PII by any means, including
instructions transmitted by electronic means or otherwise, and the production of a facsimile of a document purporting to bear the authorization of Trader. Trader therefore agrees that :
(i) PII is authorized to act upon instructions without enquiring as to the validity of the instructions and to consider the instructions of like force and effect as written orders made by the
Authorized Persons; (ii) Nothing in this section and no verification or attempted verification of any instruction or signatures at any time made by PII will obligate PII to verify the
validity of the instructions or the signatures in any particular case; and (iii) Trader will bear the risk of all unauthorized instructions, by any of its representatives, employees, or agents,
and where PII has acted in good faith and without negligence, Trader will indemnify PII against and save PII harmless from all losses, costs fees, damages, expenses, claims, suits,
demands and liabilities whatsoever that PII may suffer or incur or that may be brought against PII, in any way relating to or arising out of PII acting upon, delaying in acting upon or
refusing to act upon any instruction or information provided to PII by Trader, including improper, unauthorized or fraudulent instructions given by any of Trader's employees, agents
or representatives, even if such instructions were not in fact made with Trader's authority.
2. GOVERNMENTAL, COUNTERPARTY INSTITUTION AND INTERBANKING SYSTEM RULES. All transactions under this Agreement shall be subject to the constitution,
by-laws, rules, regulations, customs, usage, rulings and interpretations of the counterparty institution or other interbank market (and its clearing organization, if any) where executed
and to all applicable Federal and State laws and regulations, If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted which shall be binding upon PII
and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may
be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and
effect. Trader acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Trader shall not thereby be given any independent
legal or contractual rights with respect to such requirements.
3. MARGINS AND DEPOSIT REQUIREMENTS. Trader shall provide to and maintain with PII margin in such amounts and in such forms as PII, in its sole discretion, may require.
Trader is aware and acknowledges that the requirements for margin vary, and may be changed from time to time, at PII's sole discretion, based upon account size, volume traded, and
market conditions. Such margin requirements may be greater or less than margins required by a counterparty bank. PII may change margin requirements at any time. Trader agrees to
deposit by immediate wire transfer such additional margin when and as required by PII and will promptly meet all margin calls in such mode of transmission as PII in its sole
discretion designates. PII may at any time proceed to liquidate Trader's account in accordance with paragraph 5 below and any failure by PII to enforce its rights hereunder shall not be
deemed a waiver by PII to enforce its rights thereafter. No previous margin requirement by PII shall preclude PII from increasing that requirement without prior notice. PII retains the
right to limit the amount and/or total number of open positions that Trader may acquire or maintain at PII. PII will attempt to execute all orders, which it may, in its sole discretion/
choose to accept in accordance with the oral, written, or computer instructions of Trader's. PII reserves the right to refuse to accept any order or guarantee a market in which to offset.
PII shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of PII including, without limitation, loss or
damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or
communication facilities.
4. COLLATERAL AND LENDING AGREEMENT. All funds, currencies, and other property of Trader which PII or its affiliates may at any time be carrying for Trader (either
individually, jointly with another, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose,
including safekeeping, are to be held by PII as security and subject to a general lien and right of set-off for liabilities of Trader to PII whether or not PII has made advances in
connection with such funds, currencies or other property, and irrespective of the number of accounts Trader may have with PII. PII may in its discretion, at any time and from time to
time , without notice to Trader, apply and/or transfer any or all funds, currencies or other property of Trader between any of Trader's accounts. Trader hereby also grants to PII the right
to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Trader, to itself as broker or to other, any securities or other property of Trader held by
PII as margin or security. PII shall at no time be required to deliver to Trader the identical property delivered to or purchased by PII for any account of Trader. The purpose of the
Lending Agreement is to allow PII to use the currencies, property, depository receipts as collateral.
5. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES. In the event of (a) the death or judicial declaration of incompetence of Trader, (b) the filing of a
petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Trader, (c) the filing of an attachment
against any of Trader's accounts carried by PII, (d) insufficient margin, or PII's determination that any collateral deposited to protect one or more accounts of Trader is inadequate,
regardless of current market quotations, to secure the account; (e) Trader's failure to provide PII any information requested pursuant to this agreement; or (f) any other circumstances
or developments that PII deems appropriate for its protection, and in PII's sole discretion, it may take one or more, or any portion of, the following actions : (1) satisfy any obligation
Trader may have to PII, either directly or by way of guaranty of suretyship, out of any of Trader's funds or property in its custody or control; (2) sell any or purchase any or all Spot
currency positions held or carried for Trader, and (3) cancel any or all outstanding orders, or any other commitments made on behalf of Trader. Any of the above actions may be taken
without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Trader, Trader's personal representatives, heirs, executors, administrators,
trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Trader's or held jointly with other. In liquidation of Trader's long or short positions, PII
may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in PII's sole judgment may be
advisable to protect or reduce existing positions in Trader's account. Any sales or purchases hereunder may be made according to PII's judgment and at its discretion with any
interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and PII may purchase the whole or any part thereof free from
any right of redemption. Trader shall at all times be liable for the payment of any deficit balance of Trader upon demand by PII and in all cases, Trader shall be liable for any
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deficiency remaining in Trader's account(s) in the event of the liquidation thereof in whole or in part by PII or by Trader. In the event the proceeds realized pursuant to this
authorization are insufficient for the payment of all liabilities of Trader due to PII, trader shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest
thereon equal to three (3) percentage points above the then prevailing prime rate at PII's principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs
of collection, including attorney's fees, witness fees, travel expenses and the like. In the event PII incurs expenses other than for the collection of deficits, with respect to any of the
account(s) of Trader, Trader agrees to pay such expenses.
6. SETTLEMENT DATE OFFSET INSTRUCTIONS. PII in its sole and absolute direction may accept or reject orders to offset current Spot currency positions of Trader. PII reserves the
right to refuse to accept any order or guarantee a market in which to offset. Offset arrangements on Spot currency positions arriving at settlement date must be negotiated and accepted
by PII at least one (1) business day prior to the settlement date or rollover.
7. CHARGES. Trader shall pay such brokerage, commission and special service and all other charges (including, without limitation, markups and markdowns, statement charges, idle
account charges, order cancellation charge, account transfer charges or other charges), fees (including, without limitation, fees imposed by any interbank agency, bank, contract
markets or other regulatory or self-regulatory organizations) arising out of PII providing services hereunder. PII may change its commission, charges, and/or fees without notice.
Trader agrees to be liable to PII for interest on amounts due from Trader to PII at an interest rate equal to three (3) percentage points above the then prevailing prime rate at PII
principal bank or the maximum interest rate allowed by law, whichever is lower. All such charges shall be paid by Trader as they are incurred, or as PII in its sole and absolute
discretion, may determine, and Trader hereby authorizes PII to withdraw the amount of any such charges from Trader's account(s). Trader agrees to pay a transfer fee, to be designated
by PII in the event Trader instructs PII to transfer open positions, moneys, and/or property of Trader's account to another institution. PII and Trader agree and confirm that all prices
quoted to Trader are not inclusive of markups and markdowns.
8. STATEMENTS AND CONFIRMATION. Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding
upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Trader by posting on the Internet, or otherwise. Margin calls shall
be conclusive and binding unless objected to immediately in writing. In lieu of sending trade confirmation via postal mail, PII will provide Trader Internet access to view his account at
any time with an online login. Written objections on Trader's part shall be directed to PII at its home office located at the most recent address as indicated on the PII website, and shall
be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by PII or PII's
agents prior to Trader's receipt of said reports. Trader's failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein. Once an order or
trade has been placed, and confirmation has been delivered, it is the sole responsibly of Trader to keep track of the account's orders and positions.
9. COMMUNICATION. Reports, statements, notices and any other communications may be transmitted to Trader via the email address on Trader's application, PII Trading Station
Platform , or to such other email address as Trader may from time to time designate in writing to PII. All communications so sent, whether by mail, email, telegraph messenger or
otherwise, shall be deemed transmitted by PII when electronically submitted or deposited in the United States mail, or when received by a transmitting agent, and deemed delivered to
Trader personally, whether actually received by Trader or not.
10. PII RESPONSIBILITIES. PII will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical
power outage or for any other cause beyond PII's control or anticipation. PII shall only be liable for its action directly attributable to negligence, willful default or fraud on the part of
PII. PII shall not be liable for losses arising from the default of any agent or any other party used by PII under this agreement.
11. CURRENCY FLUCTUATION RISK. If Trader directs PII to enter into any currency transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting
such currency will be entirely for Trader's account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as PII may in its
sole discretion require; and (c) PII is authorized to convert funds in Trader's account for margin into and from such foreign currency at a rate of exchange determined by PII in its sole
discretion on the basis of the then prevailing money market rates.
12. RISK ACKNOWLEDGMENT. Trader acknowledges that investments in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate
only for person who can assume risk of loss in excess of their margin deposit. Trader understands that because of the low margin normally required in OTCFX trading, price changes
in OTCFX may result in significant losses that may substantially exceed Trader's investment and margin deposit. Trader warrants that Trader is willing and able, financially and
otherwise, to assume the risk of OTCFX trading, and in consideration of PII's carrying his/her account(s). Trader agrees not to hold PII responsible for losses incurred through
following its trading recommendations or suggestions or those of its employees, agent or representatives. Trader recognizes that guarantees of profit or freedom from loss are
impossible of performance in OTCFX trading. Trader acknowledges that Trader has received no such guarantees from PII or from any of its representatives or any introducing agent or
other entity with whom Trader is conducting his/her PII account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar
representation.
13. TRADING RECOMMENDATION. (a) Trader acknowledges that (i) any market recommendations and information communicated to Trader by PII or by any person within the
company, dose not constitute an offer to sell or the solicitation of an offer to buy any OTCFX position, (ii) such recommendation and information, although based upon information
obtained from sources believed by PII to be reliable, may be based solely on an opinion and that such information may be incomplete and may be unverified, and (iii) PII makes no
representation, warranty or guarantees as to, and shall not be responsible for, the accuracy or completeness of any information or Trading recommendation furnished to Trader. Trader
acknowledges that PII and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the
subject of market recommendations furnished to Trader, and that the market position of PII or any such officer, directors, affiliate, associate, stockholders or representatives may not be
consistent with the recommendations furnished to Trader by PII. Trader acknowledges that PII makes no representations concerning the tax implications or treatment of trading Forex;
and (b) Trader further acknowledges that should Trader grant trading authority or control over Trader's account to a third party ( "Trading Agent" ) , whether on a discretionary or
non-discretionary basis, PII shall in no way be responsible for reviewing Trader's choice of such Trading Agent nor making any recommendations with respect thereto. Trader
understands that PII makes no warranties nor representations concerning the Trading Agent, that PII shall not be responsible for any loss to Trader occasioned by the actions of the
Trading Agent and that PII dose not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Trader gives Trading Agent authority to
exercise any of its rights over Trader's account(s), Trader understands that Trader dose so at Trader's own risk.
14. TRADER REPRESENTATIONS AND WARRANTIES. Trader represents and warrants that : (a) Trader is of sound mind, legal age and legal competence; and, (b) No person other
than Trader has or will have an interest in Trader's account(s); and, (c) Trader hereby warrants that regardless of any subsequent determination to the contrary, Trader is suitable to
trade OTCFX; and, (d) Trader is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange
and/or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by PII, and in the event that Trader becomes so
employed, Trader will promptly notify PII at its home office in writing of such employment, and, (e) All the information provided in the information portion of this Agreement is true,
correct and complete as of the data hereof and Trader will notify PII promptly of any change in such information; and, (f) Trader will not enter into any Trader for the purposes of
arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any exchange rate.
15. NO GUARANTEES. Trader acknowledges that Trader has no separate agreement with Trader's broker or any PII employee or agent regarding the trading in Trader's PII account,
including any agreement to guarantee profits or limit losses in Trader's account. Trader understands that Trader is under an obligation to notify PII's Compliance Officer immediately
in writing as to any agreement of this type. Further, Trader understands that any representations made by anyone concerning Trader's account that differ from any statements Trader
receives from PII must be brought to the attention of PII's Compliance Officer immediately in writing Trader understands that Trader must authorize every transaction prior to its
execution unless Trader has delegated discretion to another party by signing PII's limited power of attorney (LPOA), and any disputed transactions must be brought to the attention of
PII's Compliance Officer pursuant to the notice requirements of this Trader Agreement. Trader agrees to indemnify and hold PII harmless form all damages or liability resulting form
Trader's failure to immediately notify PII's Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to PII at its home
office.
16. JIONT ACCOUNT. (a) If this account is held by more than one (1) person, all of the joint holders are jointly and severally liable to PII for any and all obligation arising out of
transactions in the account and agree to be bound by all terms and conditions of this Agreement signed by each party. PII is authorized to accept instructions and to send confirmations
to any one of the joint owners, and the Client hereby further appoints any and all of said joint owners as Client's agent for receipt of confirmations and hereby waives any right to
receive confirmations otherwise. Any one or more of the joint owners shall have full authority for the account and risk in the name of the joint account. (b) If this account is a joint
account, in the event of the death of any of the Client's, the survivor(s) shall immediately give PII written notice thereof, and PII, before or after receiving such notice, may take such
action, institute such proceedings, require such papers, retain such portion of the account, and restrict transactions in the account as PII may deem advisable to protect PII against any
tax, liability, penalty, or loss under any present or future laws or otherwise. The estate(s) of any of the Clients who shall have died shall be liable, and the survivor(s) shall continue to
be liable to PII for any debit balance or loss in the account in any way resulting from the completion of transaction initiated prior to the receipt by PII of the written notice of the death
of the decedent, or incurred in the liquidation of the account, or the adjustment of the interests of the respective parties. (c) If this account is held by tenants in common, then, in the
event that the account is closed or upon receipt of a certified document evidencing death or legal incapacity of any tenant, the account shall be divided in equal shares unless PII is
otherwise notified, in writing, signed by all joint owners of the amounts to be distributed to the individual joint owners. (d) If this account is held by the parties as joint tenants with
rights of survivorship, then, upon receipt of a certified document evidencing death or legal incapacity of one of the parties, the remaining party or parties shall continue this account in
their name as sole or joint owners with all the term and conditions of said account continuing in full force and effect.
6
17. NO WAIVER OR AMENDMENT. No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an
authorized officer of PII. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by PII or its agents to assert
its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instruments hereto
embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained
herein.
18. BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with PII irrespective of
any change or changes at any time in the personnel of PII or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of PII and its
successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and/or the estate, executor, trustees, administrators, legal representatives,
successors and assigns of Trader. Trader hereby ratifies all transactions with PII affected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in
respect thereto shall be governed by the terms of this Agreement.
19. TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open Spot currency position(s) and no
liabilities held by or owned to PII upon the actual receipt by PII at its home office of written notice of termination, or at any time whatsoever by PII upon the transmittal of written
notice of termination to Trader, provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in
this agreement nor shall it relieve Trader of any obligations arising out of any deficit balance.
20. ACCOUNT TRANSFER AND ASSIGNMENT. Trader authorizes PII to transfer and assign Trader's account and this Agreement to another futures commission merchant or an
affiliate thereof or any other legal entity. Trader may not transfer or assign this Agreement without PII's prior written consent.
21. IDEMNIFICATION. Trader agrees to indemnify and hold PII, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages,
costs and expenses, including attorney's fees, incurred by PII arising out of Trader's failure to fully and timely perform Trader's agreements herein or should any of the representations
and warranties fail to be true and correct. Trader also agrees to pay promptly to PII all damages, costs and expenses, including attorney's fees, incurred by PII in the enforcement of
any of the provisions of this Agreement and any other agreement between PII and Trader. Furthermore, PII shall NOT be held liable and is released from all claims and losses incurred
in such regard if (and to the extent that) the claim or loss was caused or contributed to by (a) Trader's Conduct: The actions or omission to act on the part of Trader or Authorized
Persons, including Trader or Authorized Persons action or omission to act on information provided by PII to Trader , (b) Forged Signature: Forged or unauthorized signatures on any
document in connection with the Trader's account or this Agreement; (c) Malfunctions: System malfunction, equipment failure (whether Trader's or PII's equipment), system
interruption or system unavailability; (d) Delay: Delays, failure or errors in implementing any instruction; and (e) Information: Inaccurate or incomplete instructions received by PII
from Trader.
22. CROSS TRADECONSENT. The undersigned hereby acknowledges and agrees that a situation may arise whereby an officer, director, affiliate, associate, employee, bank, bank
employee or dealer associated with PII, or PII itself, may be the opposing principal or broker for a trade entered for the undersigned's account. The undersigned hereby consents to any
such transaction, subject to the limitations and conditions, if any, contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell
orders are executed, and subject to the limitations and conditions, if any, contained in any applicable Regulations of the Commodity Futures Trading Commission, National Futures
Association, United States Federal Reserve or other regulatory agency.
23. CONSENT TO JURISDICTION AND VENUE. Trader, in order to induce PII to accept this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, hereby agrees to the following: (a) Any judicial, administrative action or proceeding, including but not limited to, arbitration conducted by a
self-regulatory or other private organization (as provided for in the section "Arbitration Agreement" below) arising directly or indirectly hereunder or in connection with the
transactions contemplated hereby, whether brought by Trader or PII, shall be held, at the sole discretion of PII within U.S.A. exclusively. Trader consents and submits to, and waives
any and all objections Trader may have to such venue, and further agrees to waiver and forego any right Trader may have to transfer or change the venue of any action or proceeding
encompassed hereby; and (b) Trader consents and submits to the jurisdiction of any local, state or federal court located within U.S.A. in any action or proceeding arising directly or
indirectly hereunder or in connection with the transaction hereby, whether brought by Trader or PII.
24. RECORDINGS. Trader agrees and acknowledges that all conversations regarding Trader's account(s) between Trader and PII personnel may be electronically recorded with or without
the use of an automatic tone-warning device. Trader further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or
proceeding that may arise involving Trader or PII. Trader understands that PII destroys such recordings at regular intervals in accordance with PII's established business procedures
and Trader hereby consents to such destruction.
FX AGREEMENT
All client accounts are a sub-account of one major PII account.
All client accounts will have trades executed via PII accounts and trading lines.
All client accounts will have margin requirements established by the PII dealing desk.
The automated PII trading system will distribute profits and losses accordingly to all client accounts.
PII may establish rules and provisions for client accounts, including but not limited to minimum account size, investment time period, commissions and incentive fees, or any
other financial arrangements.
It is the client's responsibility to find out all necessary information about PII and ensure that all arrangements are discussed and clearly understood prior to any trading activity.
It is the client's responsibility to find out all necessary information about a Trading Agent prior to any trading activity, if the account is to be traded by someone other than
himself.
All clients should be aware that guaranteeing any return is illegal. In addition, PII is not responsible for any claims or assurances made by PII, its employees and/or associates.
LENDING AGREEMENT
By signing this Agreement, Trader authorizes PII and its affiliates to use all funds, securities, currencies and other property of Trader as specified in Paragraph 4 of the Trader Agreement.
HIGH RISK INVESTMENT
In addition to standard industry disclosures contained in this 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. An account with PII permits you to trade foreign currencies on a highly leveraged basis (up to
approximately 100 times your account equity or as otherwise permitted by applicable regulation). An initial deposit of $1,000 may enable the trader to take a maximum position with
$100,000 notional market value. The funds in an account trading at maximum leverage can be completely lost, if the position(s) held in the account has a two percent swing in value. 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 well being.
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 realize that
you could sustain a total loss of all funds you deposit with your broker as initial margin as well as substantial amounts of capital, when trading currencies or currency options, should the
market go against your investment. You must also realize that the limited risk in buying option 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 and currency options investment, and your obligations to others will not be
neglected should you suffer investment losses.
7
EMAIL ACKNOWLEDGMENT
Client acknowledge that it is Client's obligation to immediately notify PII if there is a change in Client's electronic mail address, or other location to which the electronic records may be
provided.
ADDRESS ACKNOWLEDGMENT
Client acknowledges that it is Client's obligation to notify PII of the address or other location to which paper records may be provided, if necessary.
AUTHORIZATION TO TRANSFER FUNDS
Trader agrees hereby that PII may at any time in the judgment of PII and its associates, apply and transfer from Trader's account to any of Trader's accounts held with PII or an affiliate of PII
or other approved financial institution or its associates any of the moneys, currencies or other property of Trader held either individually or jointly with others to another regulated account of
the same said Trader.
ARBITRATION AGREEMENT
Any controversy between Trader and PII, arising out of or relating to Trader's account shall be, except as provided below, resolved by arbitration in accordance with Part 180 of the
Commodity Exchange Act as amended. Any award rendered in such arbitration shall be final and binding on and enforceable in accordance with the laws of any court having jurisdiction.
At such time that Trader notifies PII that s/he intends to submit a claim to arbitration or at such time that PII notifies Trader of its intent to submit a claim to arbitration, Trader will have the
opportunity to elect a qualified forum for conducting the proceeding. Within ten (10) business days of notice by either party of intent to file a claim, PII will provide Trader with a list of
organizations whose procedures qualify them to conduct arbitration in accordance with Part 180 of the Commodity Exchange Act together with the rules of each forum listed. Failure to select
an organization gives PII the right to select an organization.
PII will pay any incremental fees, which may be assessed by a qualified forum for provision of a mixed panel, unless the arbitrators determine that the Trader has acted in bad faith in
initiating or conducting that proceeding.
Three forums exist for the resolution of Forex disputes: Civil Court litigation, reparations at the Commodity Futures Trading Commission (CFTC), and arbitration conducted by a
self-regulatory or other private organization. The CFTC recognizes that the opportunity to settle disputes by arbitration may in some cases provide many benefits to customers, including the
ability to obtain an expeditious and final resolution of disputes without incurring substantial costs. The CFTC requires, however, that each customer individually examine the relative merits
of arbitration and that you consent to the arbitration agreement by voluntary.
By signing this arbitration agreement, you (1) may be waiving your right to sue in a court of law; and (2) are agreeing to be bound by arbitration of any claim or counterclaims that you or PII
may submit to arbitration under this arbitration agreement. You are not, however, waiving you right to elect instead to petition the CFTC to institute reparations proceedings under Section 14
of the Commodity Exchange Act with respect to any dispute, which may be arbitraged pursuant to this Agreement. In the event a dispute arises, you will be notified if PII intends to submit
the dispute to arbitration. If you believe a violation of the Commodity Exchange Act is involved and if you prefer to request a Section 14 "Reparations" proceeding before the CFTC, you
have 45 days from the date of such notice in which to make that election.
END
8
风险披露声明
本项简要声明并不披露关于现汇与期权交易(集体称为"外汇")的所有风险及其他重要方面.鉴于有关风险,您在开始进行此类交易之前,应该了解有关交易性质和您所面临
的风险程度.外汇交易并不适于普罗大众.你必须根据你的经验,目的,财力和其他相关情形仔细考虑这类交易是否适合您自己.
现货外汇交易
1.杠杆效应
外汇交易带有很高的风险.相对于外币的价值而言,初始保证金的金额可能比较小,这样交易就被杠杆化了.即使市场上出现比较小的变动也会对您已经或将要存入的资金产
生相对大的影响;这对您也许有利也许不利.您可能会为了保持你的头寸而承受损失(包括您存入的初始保证金及任何追加资金).如果市场变动对您不利或者交易保证金水平提
高了,您有可能接到电话要您在短时间内支付相当数量的追加资金以便维持您的头寸.如果您不能在规定的时间内遵从追加资金的要求,您的头寸可能会在亏损的情况下被强
行平仓结算,而您将必须对由此造成的损失负全责.
2.降低风险的指令或策略
下达某些旨在将损失制定在特定金额的指令(例如当地法律许可的"停止损失"指令,或者"停止限制")有可能并不见效,因为市场情形也许致使指令难以执行.一些使用头
寸合并的策略或许与单纯做"多头"或"空头"存在相同的风险.
期权
3.变动的风险程度
外汇期权交易带有高度风险.外汇期权的购买者与出售者均必须了解他们有意买卖的期权类别(例如, 卖出或买入期权)以及相应的风险.你必须根据期权的费用和所有交易成
本来计算,当期权的价值增加到何种程度您的头寸才能变得有利可图.
期权的购买者可以根据买下的期权的性质和类型进行对冲或行使期权,或者让期权过期.行使期权会带来现金交割.在某些情况下,购买者可能需要购入一项现货头寸以及支
付相应的交易保证金(参阅上述现货外汇交易部分).如果购买的头寸过期,您遭受的损失将是你的投资,包括期权价格外加交易成本.如果您考虑买入较深的价外期权,您必
须要明白这类期权变得有利可图的机会通常是很小的.出售("沽出"或"授予")期权的风险一般比买入期权更大.尽管出售者收取的期权费是固定的,他仍可能承受远远超
出期权金额的损失.如果市场变动对他不利,他有义务增加保证金来维持他的头寸.出售者还将面临认购者行使期权的风险,因此出售者有责任用现金交割该期权,或购入或
提交标的商品.一些情况下,出售者可能需要购入一项现货头寸及支付相应的交易保证金(参阅上述现货外汇交易部分).如果期权已经通过出售者持有的相关的货币或另一种
期货的方式被套期保值起来(covered),风险也许会被降低.如果期权没有被套期保值.遭受损失的风险可以是无限制的.购买者仍然有损失期权的费用和交易成本的风险.当
期权被行使或已过期,购买者有责任偿清当时未支付的期权费用.
其他现货外汇交易与期权共有的风险
4.现货外汇交易的条件与条款
您必须向您的交易公司询问您买卖的特定外币,期权以及相应义务的条件与条款.以及对于期权而言,到期日和行使时间的限制.
5.暂停与交易和定价关系的限制
市场状况(例如:流动性)以及,或某些市场的流动条例(例如由于价格限制或circuit breakers造成的任何外币暂停交易)有可能增加损失的风险,因为完成交易或平清/对冲
头寸已经变得很困难或不可能.如果您卖出期权,有机会增加损失风险.再者,外币及其内在利益,期权及其内在利益之间正常的定价关系可能已经不再存在.这种情况可能
发生在当外币期权的外币受到价格限制但期权本身并不受价格限制.缺乏基础货币的参考价格可能导致无法断定"公平"的价格.
6.存放的现金与财物
您必须熟悉各种有关您为进行当地或外地交易而存放的金钱与财物的保护措施,特别是在公司资不抵债或破产的时候.特定的立法或当地条规可能规定了您可收回现金与财物
的程度.有些辖区,当清偿出现亏空时,特定标明为您所有的财物将与现金一起被按比例的加以分配.
7.交易佣金与其他收费
你开始交易之前,应该了解清楚您将支付的所有佣金,费用及其他收费.这些收费将会影响你可能获得的盈利或增加您的损失.
8.在其他辖区的交易
在其他辖区市场(包括正式连接到内部市场的市场)进行的交易可能使您面临其他风险, 那些市场受到该辖区的有关规定, 可能有别于一般市场或降低投资者的保护措施.在开
始交易前您应该询问任何与您特定交易有关的规定.您当地的监管部门将不能强迫执行您交易所在的其他辖区的管理当局或市场的规定.
9.货币风险
在以外国货币交易(如果交易是在您当地或其他辖区)中,如果有必要进行货币兑换的话,您的盈利或损失将受到汇率变动的影响.
10.交易设施
大部分公开喊价和电子交易的设施是由以计算机为基础的系统来支持进行交易下单,执行,匹配,登记和清算的.与所有设施和系统一样,他们易受到临时故障的影响.您收
回某些交易损失的权利可能受制于系统提供者,市场,清算所以及/或会员公司设定的责任限度.这些限度可能是不一样的,您应该向您的公司了解详情.
11.电子交易
在某一电子交易系统可能不仅不同于公开喊价市场的交易,也不同于在其他电子系统的交易.如果您在某一电子市场从事交易,你将面临与该系统相关的风险,包括硬件和软
件的故障.系统故障可能造成您的定单难以按照您的指示执行或根本不能执行.
12.交易所场外交易
在某些辖区,且仅在限定的情形下,公司可被允许开展场外交易.您的公司可能是您的交易对手.Pancisco International Inc是您外币的直接交易人.Pancisco International Inc有
权拒绝接受或保证任何定单.所以平清一项已有的头寸,评估价值,确定公平价格或评估风险可能很困难或不可能.鉴于这些原因,交易可能涉及更大的风险.场外交易可能
受到较少的监管或受管于单独的监管体系.在开始交易之前,您应该了解适用的规定和伴随的风险.
交易人告鉴
本协议是法律合约,请仔细审阅.
本法律合约是由Pancisco International Inc(简称PII)一家在美国法律下成立的有限责任公司,其分公司, 授权公司, 后继人或转让人,与执行本文件的合同方共同订立.
关于在PII开立帐户以便通过外汇OTC( Over The Counter )市场(简称OTCFX)从事投机及/或购买及/或卖出现金或外币现货(简称 "外汇" 或 "现货"),客户(下称交易人)
确认其已被告知并已了解下述有关杠杆OTCFX交易的因素与条款,以及清楚了解PII提供给交易人的风险披露声明的全部内容.OTCFX和现货特别是指购买或销售大数量外
币及在某些情况下双方可谈判.
1. 我们不保证您的交易对手的信誉.我们将尽力只与有良好声誉的银行/清算所进行交易.此外,有可能出现这样的情况,即交易流动性的降低造成某货币交易停止,从而妨
碍平清不利的头寸,由此可能带来您相当的资金损失.
2. OTCFX交易仅适于专业机构或个人,其财力可以承受也许远超过保证金或存款金价值的损失.OTCFX帐户不对非专业人士开放.
3. 交易人确认购买或出售货币包括进行交割,每次现货交易也从交易人帐户中完成并进帐.
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4. PII的保证金规定,以及执行交易的银行/清算所的政策可能要求交易人提供追加资金以便维持其交易帐户的头寸,交易人有义务满足这类保证金要求.否则将可能带来头寸
的清平与及相应的损失.PII还保留拒绝接受新定单的权利或保留提供任何市场服务.
5. OTCFX的业务并不在有组织的市场交易,所以不需要公开喊价.尽管许多以计算机为基础的系统提供报价和实际价格,这两者可能因为市场不流动性而有所差异.许多电
子交易设施是由以计算机为基础的系统来支持进行交易下单,执行,匹配的.与所有设施和系统一样,他们易受到临时故障的影响.您收回某些损失的权利可能受限于系统提
供者,银行及/或金融机构设定的责任限度.这些限度可能不尽一样,您应该向您的公司了解情况.
6. 在某一电子交易系统的交易可能不仅不同于公开喊价市场的交易,也不同于在其他电子系统的交易.如果您在某一电子市场从事交易,您将面临与该系统相关的风险,包括
硬件和软件的故障.系统故障可能造成您的定单难以按照您的指示执行或根本不能执行.由于OTCFX市场高杠杆,瞬息万变之本质,以及电子交易所带来之风险,所以若发现
对帐单一有任何差异,务必在发生后廿四小时内以书面形式向PII报告.
负责条款:
a)国际互联网故障
由于PII不能控制信号能力,信号通过互联网的接收和路由,您设备的结构或联接的可靠性,我们不对互联网上交易中出现的通讯故障,失真或延迟负责.
b)市场风险和网上交易
外汇交易涉及相当大的风险,其并非对每个人都适合.请参照交易人合约书了解风险的详细介绍.不论网上交易多么方便或有效率,它并不能降低外汇交易的风险.
c)密码保护
交易人必须将密码妥善存放,确保第三方无法获取进入交易系统的权利.交易人将对任何以其密码进行的交易向PII负责,即使密码使用是非法的.
d)报价错误
当某些报价或成交错误发生时,PII将不为此错误所导致的帐户余额错误负责.这些错误包括但不限于:交易员的错误报价,非国际市场之报价,或是任何报价错误(例如:硬
件,软件或网络之问题,或是第三方所提供之错误资料).PII不需为因此错误而导致帐户之余额负上责任.另外,所有定单必须有充裕的时间执行,以及有充裕的时间容许系
统计算所需保证金.若定单太接近市场价,将不能保证有可能促发其定单(不论定单类别)或保证金不足,PII不需为因系统未有充足的时间执行和/或计算机定单所导致帐户内
的保证金不足,余额,和/或持仓而负上责任.PII保留作任何更正或调整的权力,任何有关报价与成交错误之争执只能由PII之规定或政策来解决.若因此带来任何损失,损害
或责任,客户同意予以赔偿使PII不受损害.
7.在OTCFX市场上,公司不仅限于进行交易所场外交易.您的交易公司PII可能是您交易对手.有可能(在这种情况下)平仓,评定价值,确定公平价格或评估风险会很困
难或不可能.鉴于这些原因,这类交易可能涉及更大的风险.场外交易可能受到较少的监管或受管于单独的监管体系.在开始交易之前,您应该了解适用的规定和伴随的风险.
8.如果交易人将交易授权或对其帐户的控管权交予第三方(交易代理人),不论是以自主权或非自主权的方式,PII将绝不负责对交易人作出的选择负责或对此作出任何推荐.
PII不对有关交易代理人作出任何声明或保证;PII不对因为交易代理人的行为而对交易人产生的损失负责;PII不对交易代理人的交易方式作出任何间接或直接的支持或批准.
如果交易人授权交易代理人代理管理其帐户,交易人自己承担风险.
9.对于交易人已经或从介绍人或其他任何非PII雇员处获得的信息或建议,PII不能控制,也不支持或担保其关于外汇交易的准确性或完备性(请参阅介绍人披露).如果介绍
人或其他任何第三方向交易人提供任何关于外汇交易的信息或建议,PII将决不对交易人因使用上信息或建议带来的损失负责.交易人理解介绍人或很多第三方,包括出售交易
系统,课程,研究或推荐的出售人可能或未受政府机构的监管.
10.以外币为标的商品的期权涉及相当大的风险,并不适合所有投资者.您必须根据您的投资经历,目的,财力,风险承受度和其他相关情形,仔细考虑这类交易是否适合于
您自己.本项简要声明强调一些主要风险并不披露关于期货与期权交易的所有风险及其重要方面, 外币期权的风险取决于您是买方还是卖方以及期权的形式.
如果您本人或第三方代您购买期权,如果期权到期未被行使,您的总损失将为期权价格(加交易成本).这一风险反映了作外币期权多头的特质,或者一项价值在不断降低的资
产的性质.如果您想获利,标的货币的价格必须或者低于(视情形而定)执行价格,且差额超过期权与其他所有签订和行使期权的成本之总和.
如果您本人或第三方代您出售(拟写)期权,风险会更大.如果您出售的期权面值高于你购买的期权面值,风险可能比外币交易的风险更大.如果所出售的期权已被相应的实
物货币承诺所保护,则损失的风险可能有所降低.如若出售的期权未被保值,损失的风险可以是无限制的.
美式期权可以在到期前特定的行使时段的任何时候(即任何工作日)行使.如果您向PII出售一项美式期权,PII可能行使自主权行使期权,因此您在到期日前不能确定您的期
权头寸.欧式期权只能在特定的行使日当天行使.亚式期权乃欧式期权的变类.在亚式期权(又称"平均价格"期权)中,相对于基础外币的参考价格产生于协议的计算方法,
例如,该方法可以是基于标的货币在一个以行使日期为止的特定平均周期中某一预定日期的市场价格.异乎寻常的期权不能使用并且采购者只能有固定的派息如果当某些标准
符合.最大值盈利和损失是固定在购买之时.
除上述风险以外,作为期权商品的外汇的汇率波动也可能带来剧烈的期权价格变动.在急速变化或不流动的市场上,您可能不能在理想的价位出售或保护你的头寸.作为期权
标的商品外汇的汇率变动难以预料,所以我们不能保证您投资的盈利或回报.
介绍人披露
PII并不监督介绍人的活动, 不对介绍人作出的任何声明承担责任.PII和介绍人相互独立.PII和介绍人直接订立的协议并不建立合资企业或合伙企业关系.介绍人不是PII的
介绍代理人或职员.
1. 对于交易人已经或将会从介绍人或其他任何非PII雇员处获得的资讯或建议,PII不能控制,也不支持或担保其关于外币交易或外汇交易的准确性或完备性.
2. PII会在新客户开立帐户时提供风险披露资讯.客户必须仔细阅读这些有关资讯,不得倚赖任何源出别处的相反资讯.
3. 客户确认PII及与其相关的任何个人未就客户帐户未来的盈亏作出任何承诺.客户明白外汇交易有很大风险,以及很多人在外汇交易损失了交易的资金.
4. 如果介绍人或其他任何第三方对客户提供外汇交易的资讯或建议,PII绝不对客户使用该资讯或建议带来的损失负责.
5. 如若客户以前被告知或相信使用任何第三方的交易系统,课程,程式,或由介绍人或其他第三方提供的研究或建议会带来交易盈利,客户在此确认,同意和理解所有外汇交
易,包括通过任何第三方的交易系统,程式,或由介绍人或其他第三方提供的研究或建议进行的交易涉及很大的损失风险.此外,客户在此确认,同意和理解所有外汇交易,
包括通过任何第三方的交易系统,课程,程式,或由介绍人或其他第三方提供的研究或建议进行的交易并不一定带来盈利与避免风险或限制风险.
6. 因为外汇交易的风险因素很高,只有真正的"风险"资金可以用于这类交易.如果客户并无富余资金可供损失,客户不应在外币市场上交易.
交易人协议
考虑到PII同意签字人(交易人)开持一个或多个帐户,并向交易人提供买卖现汇(含所有金融工具)或任何类似工具(合称OTCFX),这些工具可能通过或透过交易人的PII
帐户而交易人特此作出以下同意:
1. 交易授权.PII获授权交易人的口头,书面或电脑指令向对手方, 如银行,金融机构或资深参与者为交易人帐户进行OTCFX买卖.除非交易人以书面形式作出反对,否则
PII获授权向PII认为适合之对手方, 如银行,金融机构或资深参与者执行所有定单.PII有权依赖所有从交易人收到的口头或书面上的通信或指示.交易人包括交易人的高级职
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员,合伙人,法定负责人或雇员.交易人同意让授权人代表交易人向PII提供所需的资料,资讯,指示,和授权来进行PII根据此协议上提供的服务.
交易人授权PII依赖和执行从授权人所得来的任何指示,授权,或资讯.所得来的方法包括通过电子方式传送或获得交易人批准的传真文件.因此交易人同意:(i)PII获授权
执行指示,并且不需咨询有关之指示的有效性和考虑授权人的书面指示的有效性;(ii)在任何情况下,PII不需去核实指示的有效性;(iii)在PII秉诚行事和没有疏忽的情况,
交易人将承担所有由任何代表人,雇员,或代理人发出未经批准的指示的风险,交易人将为任何损失,费用,酬金,亏损,经费,索赔,诉讼,要求,和责任而向PII提出补偿
以及保障PII不会因上述情况引致之损失.
2.政府,对于机构及银行间系统条规.所有本合同下的交易均受辖于执行交易的对手机构或其他银行间市场(及其清算组织,如适用)的规章,细则,条例,规定,习惯,用
法,裁决和解释.如果此后通过的任何法令或任何政府机构通过的任何条款,对PII产生约束力,影响或冲突到本协议的任何条款,受到影响的条款将视作被有关法令,条规变
更或替代,而其他条款及变更后的条款将继续完全有效.交易人承认本协议下的所有交易受辖于前述监管要求,交易人不拥有任何有关上述要求独立的法律或合约性权利.
3.保证金和存款要求.交易人将向PII提供并维持PII行使自主权要求的保证金金额.这一保证金金额既可能比对手银行要求的高也可能低.PII可能在任何时候改变保证金要
求.交易人同意当PII作出要求立即电汇入追补资金,并迅速以PII完全行使自主权要求的转款方式满足所有保证金催促通知.PII可能在任何时候根据下述第5段落的规定清
平交易人的帐户,即使PII不行使该项权利,并不代表其放弃了该权利.任何PII过去的保证金要求均不妨碍以后PII不需通知而提高上述保证金的要求.PII有权限制交易人可
能获得或持有的开口头寸的金额及/或总数.PII将努力按照交易人口头或书面或计算机的指示执行所有其行使自主权选择接受的定单.PII有权拒绝接受或保证任何定单.但是,
PII将不负责任何PII不可直接或间接控制的事件,人为或非人为造成的损失或损害,这种情况包括但不限于任何由于传输或通讯设施故障造成的定单或信息传输的延迟或不准
确带来的损失或损害.
4.担保与借款协议.交易人的所有资金,货币及其他资产,如其被PII或其附属机构在任何时候为交易人(个人,与他人共同,或作为任何他人的担保人)持有,或在任何时
候由PII为任何目的(包括妥善保管)掌管或控制,此类财物将被PII作为担保物,并可因交易人对PII的义务受制于普通留置权及对冲权,不论PII是否针对上述资金,货币
或其他财产给予贷款,也不论交易人在PII开立帐户数目的多少.PII可能不通知交易人而行使自主权在任何时候或不时地将交易人的所有资金,货币或其他财产投入或转向交
易人的任何帐户.交易人在此亦授权PII将交易人作为保证金或担保物的任何证券或其他财物,以单独或者与其他交易人的财产一起的形式,抵押,再抵押,投资或出借于PII
自己(作为经纪人)或其他方.PII在任何时候均无需向交易人交回等同于PII交予其他交易人的财产.PII权利受制于商品交易法关于分割交易人资金和财产的规定.借款协议
的目的旨在允许PII用存款收据(代表交割)作为担保品.如果交易通过交易清算进行货币的交割,PII有义务在获得提前24小时通知后进行全额交割.如果交易人的帐户余额
不足以支付交割,存款收据将成为交易人帐户保证金的财产,因为交易人未有全额付清款项.借款协议允许PII在货币延展或交易人付清全额款项之前,以存款收据作为抵押向
银行来支付收据.如果交易人有意交割某一受其他条款约束的货币,PII要求交易人签订借款协议,以便PII在交易人付清全额款项(含利息)之前用该替代品,财物,存款证
明或相应的所有权凭证作为担保向银行融资以支付货币或其所有权凭证.本授权适用于所有PII为交易人开持的帐户,并在交易人全额付清所有帐户(欠款)之前,或PII从其
营业总部发出撤销通知之前,始终完全有效.
5.帐户清偿与欠款偿付.如发生下列情形:(a)交易人死亡或司法宣定无能力;(b)交易人申请破产,或选派托管人,或交易人自动或被动地进行任何破产或类似的诉讼;(c)
查封交易人在PII开持的任何帐户;(d)保证金不足,或PII确定任何用于保护交易人某个或多个帐户的担保品不足以担保该帐户,不论当时的市场报价如何;(e)交易人未能
向PII提供任何根据本协议要求的信息或任何其他事项;(f)PII应当采取保护措施情况的变化,PII有完全的自主权采取以下某种或多种行动:(1)用PII代为交易人保存或控
制的资金或财产来抵偿交易人直接或因提供担保而对PII负有的债务;(2)买卖任何为交易人持有的现货币;(3)取消任何或所有未完成定单,或其他任何以交易人名义作出的
承诺.采取任何上述行动可能并不以下列为条件:即要求提供保证金或追加保证金,或事先将买卖决定通知交易人,交易人的个人代表,继承人,委托人或转让人等,且不论
涉及的所有权益是否为交易人独有或与他人合有.在清平交易人的多头或空头头寸时,PII可以根据其完全的自主权在同一清算中进行冲抵,或主动开立新的多头或空头头寸,
以便建立PII独立判断认为有益于保护或降低交易人已有的头寸的spread或straddle.根据PII的判断及自主权,在此所述的买卖行为可以通过任何银行或其他经常进行业务的
交易市场进行,或公开拍卖或私下出售,PII可以购买全部或部分而不受赎回权的限制.一经PII要求,交易人将在任何时候对其帐户的欠款负责,且当其帐户被PII或其全部
或部分平仓之时,在任何时候均对其剩余欠款负责.如果根据本授权进行的平仓所出现的资金不足以支付交易人向PII所欠的债务,一经要求,交易人将立即支付欠款,所有未
偿还债务,以及相应利息(计算方式如下:选择当时PII主要银行优惠利率或法律规定的最高利率中较低的一项再加3%),以及所有托收费用,包括律师,证人费,差旅费等.
如果PII因为交易人的帐户支付了除托收欠款费用以外的其他费用,交易人亦同意支付该类费.
6.清算日对冲指令.PII有全权接受或拒绝和保证任何交易人的现货提示.关于对冲在清算前开立的现货头寸的指示必须要PII接立,在赎期前或清算日至少一天前送达PII.
7.费用.交易人将支付因PII所提供的服务产生的经纪人费,佣金和特别服务或其他所有费用(包括但不限于溢价和折价,报表费,闲置帐户费,指令取消费,转帐费和其他
费用),收费(包括但不限于由银行间机构,银行,合约市场或其他监管或自律组织收取的费用).PII可能不经通知收取佣金,费用及/或收费.交易人同意向PII支付其欠款项
的利息(计算方式如下:选择当时PII主要银行优惠利率或法律规定的最高利率中较低的一项再加3%).所有这些费用将在发生时,或在PII完全自主决定下由交易人支付.交
易人在授权PII从其帐户中扣除上述费用.交易人同意在其指示PII将其帐户的持仓头寸,资金.及/或财产转向其他机构时支付由PII确定的转帐费.PII确认所有向交易人报
出的价格不包括溢价与折价.
8.报表与确认.定单的确认报告和交易人的帐户报表将被视作正确,终结性并对交易人具有约束力,除非交易人在收到网络或其他方式送达报告一日之内立即作出反对并以书
面形式确认.保住金催促将是终结性并有约束力的,除非立即以书面形式作出反对.作为邮寄交易确认的代替,PII将向交易人提供互联网上登入以便随时查阅其帐户.交易人
的书面反对应寄往PII网页上最新提供的地址,请要求回邮收据.如未反对,则PII或其代理人交易人收到上述报告之前采取的所有行动被视作已被批准.交易人未收到交易确
认将并不解除其作出上述反对的义务.当定单或交易一经执行,确认一经发出,只有交易人有责任记录帐户内所有定单的持仓头寸.
9.通讯联络.报告,报表,通知及其他通讯可能送达到交易人的电子邮件,申请表上的地址或交易人不时以书面方式向PII指定的其他地址.所有如此送出的通讯联络,不论
是邮寄,电报或其他方式,一旦投入美国邮政,或经发送机构收受,即被认定已由PII传出,并且认定已送达交易人本人,不论交易人是否实际收到.
10.PII的责任.PII将不负责因传输或通讯设施故障,电力短路或任何其他PII所不能控制或预计的原因带来的指令传输的延迟.PII将仅对直接因为PII的过失,蓄意过错或
欺诈造成的行为负责.PII将不负责由于PII按本协议使用的任何代理人或其他方面的过失而引起的损失.
11.汇率变动风险.如果交易人指示PII签订某项货币交易:(a)任何由于汇率变动带来的盈利或损失将完全由交易人承担;(b)所有最初或后继保证金存款将以美元计算,金
额由PII独立行使自主权确定.(c)PII被授权按在当时货币市场通行价格基础之上由独立行使自主权确定的汇率将交易人的保证金帐户的资金换出或换入外币.
12.风险承认.交易人承认投资于杠杆或非杠杆的交易是投机性的,涉及高度风险,只适合于能够承担超过其保证金存款损失风险的人士.交易人理解由于OTCFX交易通常要
求的保证金较低,OTCFX的价格变动可能带来相当大的损失,该损失可能超过交易人的投资和保证金存款.交易人保证其愿意且能够在财务上或其他方面承担OTCFX交易的
风险,其考虑到PII开持交易人的帐户,交易人同意不因遵循PII或其雇员,代理人或代表人作出的交易推荐,或建议而造成的交易损失追究PII责任.交易人认识到保证OTCFX
交易的盈利或不受损失是不可能的.交易人承认其未从PII,或其任何代表人,或介绍人,或其他交易人与打交道以进行PII交易的实体之处获得这类保证,并且未根据任何上
述保证来签订本协议.
13.交易推荐.(a)交易承认(1)任何有PII或其他任何公司内部人员向交易人提供的市场推荐和信息并不构成一项出售OTCFX合约的要约或招徕购买OTCFX的头寸;(2)
此类推荐和信息,尽管基于PII认为可靠的信息来源,有可能完全基于某一经纪人的意见,故这类信息可能并不完备或未经确认;(3)PII不就提供给交易人的任何信息或交易
推荐的准确与完备性作出任何担保,及对此负责.交易人承认PII及/或其主管,董事,关联机构,关联人,股东或代表有可能持有某些货币头寸或有意买卖某些货币,这类交
易也将获得市场推荐,PII或其上述主管,董事,关联机构,关联人,股东或代表的市场头寸可能与交易人从PII获得的推荐并不一致.交易人承认PII未就合约的实际影响或
待遇作出任何保证.(b)交易人进一步确认如果将交易人将交易授权或对其帐户的控管交予第三方(交易代理人),不论是以自主权或非自主权的方式,PII将绝不负责对交易
人作出的选择负责或对此作出任何推荐.交易人理解PII不对有关交易代理人作出任何声明或保证;PII不对因为交易代理人的行为而对交易人产生的损失负责;PII不对交易代
理人的运作方式作出任何隐含或支持或批准.如果交易人授权交易代理人管理其帐户,交易人自己承担风险.
14.交易人声明与保证.交易人声明并保证:(a)交易人头脑健全,到达法定年龄,具有法律能力;(b)仅交易人享有对交易帐户的利益;(c)交易人在此保证不论此后作出
怎样相反的认定,交易人适合进行OTCFX交易,且是有经验的机构及/或机构参与人;(d)交易人目前不受雇于任何交易所,任何由交易所持有绝大部分资本的公司,任何交
易所的成员或任何及或任何在交易所注册的公司,任何银行,信托机构或保险公司,一旦交易人接受上述雇用,交易人必须立即以书面形式通知PII营业总部:(e)所有在此书
册信息部分提供的信息均至本日期止真实,正确和完备,交易人将迅速通知PII任何讯息变化.
15.不作保证.交易人承认其未有与交易人的经纪人或任何PII雇员或代理人就其PII帐户的交易签订任何单独协议.包括任何保证其帐户盈利或限制损失的协议.交易人理解
其有责任以书面形式立即告知PII法务官员任何此类协议.此外,交易人理解如果任何人士作出的任何有关交易帐户的声明有异于交易人从PII处获得的表述,交易人应理解以
书面形式提请PII法务官员的注意.交易人理解其必须在执行每项交易之前给予授权,除非交易人通过签订PII的有限交易授权将自主权授予另一人士;且任何有争议的交易必
须根据被交易协议书的通知要求提请PII法务官员的注意.如果因交易人未能及时通知PII法务官员任何争端造成的损害或债务,交易人同意赔偿PII以使其不受损害.
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16.联名帐户.所有交易均与"交易人协议书"相对应.每一帐户所有人单独有权:a)在帐户协议规定的限度内进行帐户交易;b)收取所有有关帐户的信函和文件;c)从帐
户收取或提取款项;d)执行有关帐户的协议及与PII全权联系.PII有权要求帐户各方将帐户的事宜采取联合行动.PII拥有对个人或共同帐户的安全控制权.如果一方或多方
共同帐户持有人死亡,应以书面形式通知PII并出示死亡证明.所有截至通知日的费用将从帐户中扣减.每一共同帐户持有人假定拥有平等份额.
17.不可放弃或更改.本协议书的任何条款不可被放弃或更改,除非该放弃或更改是以书面形式且由交易人和PII授权的主管共同签字.任何协议双方的交往过程,或因PII或
其代理人在任何情况或一系列情况下未能坚持其协议项下的权利均不可间接解释为权利的放弃或更改.任何口头协议或指示均不可被承认或执行.本指示及其附件包含了协议
双方的全部协议,代替任何及所有过去的书面或口头协议,且除在此所包含的事项,再无其他任何条件,条款或义务.
18.约束效力.本协议将持续有效,并涵盖交易人任何时候在PII开立或重新开立的所有帐户,不论任何PII或其继承人,转让人或关联机构的人事变动.如果发生合并,兼并
或其他变动,本协议(含任何授权)将适合PII或其继承人或转让人的利益,并对交易人及其/或其遗产继承人,委托人,管理人,法定代表人,继承人和转让人具有约束力.
交易人在此批准本协议日之前与PII发生的所有交易,并同意交易人与此类交易有关的权利或义务受本协议或义务受本协议条款的管辖.
19.终止.本协议将始终有效直至终止,而交易人可在任何时候终止协议,只要届时交易人不持有任何现货头寸,不对PII负有任何债务,且PII营业部实际收到书面终止通知,
或任何时候PII向交易人传递书面终止通知,条件是如此终止将不影响任何之前签订的交易且不解除任何一方此协议项下的任何义务,或解除交易人的任何欠款引起的债务.
20.帐户转移和转让.交易人授权PII转移和转让交易人帐户和此协议书予其他外汇交易商或其联营机构或其他法人团体.交易人不能在事先没得到PII的书面同意情况下转移
或转让此协议书.
21.弥偿.交易人同意,如果因为交易人未能完全与及时地履行此客户协议或其声明与保证并不属实或正确,而给PII带来了任何债务,损失,损害,成本费用,包括律师费,
交易人将向PII其关联机构,雇员,代理人,继承人及转让人予以赔偿并使之不受损害.交易人同时同意立即支付给PII所有其在执行本协议任何条文或任何其他PII与交易人
签定的协议带来的损害,成本与费用,包括律师费.此外,假如损失来自(a)交易人的行为:交易人或授权人的行动或遗漏;(b)伪造签名:所有帐户或本协议有关文件上的
伪造签名或未获授权的签名;(c)故障:系统故障,设备故障或系统中断或系统脱供;(d)延时:在实施任何指示时发生之延迟,故障或错误;(e)资料:从交易人收到的不
正确或不完全的指示,PII均不会负上任何责任或损失.
22.交叉交易的同意.签字人在此承认并同意下述情况有可能出现,即与PII相关的某一营业人员,董事,关联机构,雇员,银行或银行雇员,交易商或PII本身可能是签字人
帐户所进行的交易的对手经纪人或委托人.签字人在此同意进行上述交易,仅有的限制是有关执行买卖定单的银行,机构,交易所或交易委员会的任何可能的条例或规定,以
及商品期货委员会,全国期货协会,美国联邦储备局或其他监管机构的任何可能的限制与条件.
23.司法辖区及司法管辖的同意.除非适用的仲裁协议另有规定,交易人为促使PII接受本协议书及为了其他在此承认已收到并足够的有益且有价值的考虑,在此同意:(a)任
何由于本协议涵盖的交易的纠纷所引起的,包括但不是限于仲裁由一个自我调整或其他私有组织举办("仲裁协议"下面)由交易人或PII提起的司法或行政诉讼或程序将根据
PII的完全自主权仅在美国进行.交易人同意并放弃任何转移或改变有关诉讼或程序执行司法管辖地的权利.(b)交易人同意在任何直接或间接由于本协议涵盖的交易的纠纷所
引起的,由交易人或PII提起的,司法或行政诉讼或程序中接受美国任何地方,州或联邦法院的司法管辖权.
24.录音.交易人同意并承认不论是否使用自动警告提示,所有交易人与PII或其他工作人员之间进行的涉及交易人帐户的交流可能被以电子方式录音.交易人进一步同意在涉
及任何交易人或PII的纠纷或诉讼中,任何一方可以使用此类录音或眷本作出证据.交易人理解并同意PII定期根据其确立的营业程序销毁这类录音.
外汇交易协议
· 所有客户帐户均为PII主帐户的子帐户.
· 所有客户的帐户均通过PII帐户及其交易限额进行.
· 所有客户的帐户均有PII交易台设定的保证金要求.
· PII自动化交易系统会将相应营亏分发给所有客户.
· PII可建立条例与条文套用于所有客户帐户,包括但不限于最小帐户规模,投资时段,佣金和奖励费,或其他任何财务安排
· 客户有责任了解所有关于PII的重要资讯,并确保在开展任何交易活动之前讨论并清楚理解了所有安排
· 若帐户交由他人进行交易,则客户有责任在交易进行之前了解所有关于交易代理人的重要资讯.
· 所有客户必须意识到任何回报保证均为非法.此外,PII不对任何PII之雇员及/或关联人作出的指示或保证负责.
借款协议
通过签订本协议,交易人授权PII及其关联人使用货币或货币所有权作为贷款的抵押,而贷款系用于支付有关货币,直到货币或商品被延展到新的清算日,以及/或交易人付清
所有款项.本授权将适用于所有由PII及关联人为交易人开持的帐户.直至帐户被停止且所有财务责任被完成,此授权将始终有效.
高风险投资
以保证金为基础的货币是金融市场上最具风险的投资方式之一,且仅适合于有经验的个人和机构.在PII开立的帐户允许您以很高的杠杆倍数(可高达您帐户资产的100倍或者
其他合适的规定)进行外币交易.帐户持有人可以以US$1,000的保证金购买市值高达US$100,000的头寸.按照最大杠杆倍数进行交易的帐户的资金可能被完全损失.从理论
上讲,如果帐户是以最高的杠杆倍数进行交易,当帐户的头寸价值作两个百分比的变动,帐户的损失可能超过其权益.鉴于存在损失全部投资的可能性,在外汇市场进行投机
的资金必须是风险资本金,其损失将不会对投资人个人或机构的财务状况产生太大影响.
如果你过去曾投资于低风险的投资工具,您可能需要在正式买卖之前学习外汇交易.您需要认知到假如在交易外汇或期权时市场走势并不如您所料时,您可能损失所有存放在
您的经纪人作为初始保证金的资金.您亦要认知到你买入期权的有限损失表示期权在到期日时失去价值会令您损失所有投放的资金.如果你希望继续您的投资,您必须确认您
的资金是纯风险资本金,这些资金的损失并不会危害到您的生活方式或损害您的未来退休计划.此外,您完全明白外汇和外汇期权投资的性质和风险,您在投资时承受的损失
不会影响到第三者.
电子邮件确认
若客户的电邮地址有任何更改,客户有责任通知PII有关的更改
地址确认
若客户的地址有任何更改,客户有责任通知PII有关的更改
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资金转让授权
交易人在此同意PII可在任何时候,根据PII及其关联人的判断,将交易人单独或与他人共同持有的帐户派入及转出该交易人的另一个在PII或其他批准的金融机构或其他关联
人处开立的帐户.
仲裁协议
任何交易人与PII之间有关交易人帐户的争端,除下列规定以外,将根据修订后的商品交易法180分册的规定以仲裁的方式解决.任何由该仲裁作出的裁决将为最终裁决并具有
约束力,任何拥有司法管辖权的法院均可依法执行.
当交易人通知PII她/他有意将某一指控提交仲裁之时,或PII向交易人作出同意通知之时,交易人将有机会选择进行该程序的合法途径.在任何一方作出此通知10个工作日以
内,PII将向交易人提供一份根据商品交易法第180分册规定建立合格程序的机构名单以及每一机构的条例.如交易人不选择机构,PII将有权进行选择.
PII将支付任何合格机构可能征收为提供混合仲裁庭的额外费用,除非仲裁员认定PII在开始或进行该起诉时怀有恶意.
解决外汇争端有三个途径:民事法院诉讼,在商品期货交易委员会(CFTC)进行赔偿,及自律管理组织或其他民间组织进行的仲裁.
CFTC认识到在某些情况下通过仲裁解决争端为客户提供很多益处,包括有可能在不发生巨额成本的条件下较快地获得最终的争端解决.但是CFTC要求每一个客户单独审查仲
裁的相对优点,且自愿同意签订本仲裁协议.
通过签订本协议,您(1)可能放弃了您在法院起诉的权利;(2)同意在任何根据本协议由您或PII提交仲裁的指控与反指控受到仲裁的约束.但是您并未放弃以下权利,即选
择请求CFTC进行商品交易法第14条规定的赔偿程序解决任何争端,包括根据本协议可以提交仲裁的争端.一旦争端发生,您将被告知是否PII有意将争端提交仲裁.如果您
相信违反商品交易法的情况发生了,且您宁愿请求进行在CFTC的赔偿程序,您必须在得到上述通知之后45天以内作出选择.
*此中文译本的条款若与英文条款有异, 则以英文范本为准.*
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CLIENT INFORMATION REGISTRATION FORM
客 户 开 户 资 料 登 记 表
Open A/C Type
开户类型
(1)Individual A/C
个人帐户
(2)Joint A/C
联名帐户
(3)Corporate A/C
公司帐户
(1) FOR INDIVIDUAL A/C - BASIC INFORMATION (个人帐填写 - 基本资料)
Please type or use BLOCK LETTERS 请用正楷填写
Surname 姓氏 : Given Name 名字 : Sex 性别 : Date of Birth 出生日期 :
Passport or ID Card No. 护照或身份证号码 : Issuing Country 签发国家/地区 :
Home Address 家庭地址 :
Home Telephone No.
家庭电话号码 :
Mobile Phone No.
手提电话号码 :
E-mail Address 电邮地址 :
Employment Details 职业资料
Employed
就业
Unemployed
失业
Self-Employed
自雇
Retired
退休
If Unemployed, please review "High Risk Investment Notice" .
如果失业, 请阅读 "高风险投资告鉴" .
If Unemployed or Retired, please indicate previous Nature of business and Occupation.
如果阁下失业或退休, 请注明前一份工作的业务性质和职业.
Name of current employer 目前雇主名称 : Nature of business 业务性质 :
Position 职位 : Years with current employer 在职年期 :
Office Telephone No. 公司电话号码 : Office Fax No. 公司传真号码 :
Office address 公司地址 :
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(2) FOR JOINT A/C - BASIC INFORMATION (联名帐户填写 - 基本资料)
Surname 姓氏 : Given Name 名字 : Sex 性别 : Date of Birth 出生日期 :
Passport or ID Card No. 护照或身份证号码 : Issuing Country 签发国家/地区 :
Home Address 家庭地址 :
Home Telephone No.
家庭电话号码 :
Mobile Phone No.
手提电话号码 :
E-mail Address 电邮地址 :
Employment Details 职业资料
Employed
就业
Unemployed
失业
Self-Employed
自雇
Retired
退休
If Unemployed, please review "High Risk Investment Notice" .
如果失业, 请阅读 "高风险投资告鉴" .
If Unemployed or Retired, please indicate previous Nature of business and Occupation.
如果阁下失业或退休, 请注明前一份工作的业务性质和职业.
Name of current employer 目前雇主名称 : Nature of business 业务性质 :
Position 职位 : Years with current employer 在职年期 :
Office Tel No. 公司电话号码 : Office Fax No. 公司传真号码 :
Office address 公司地址 :
(3) FOR C0RPORATE A/C - BASIC INFORMATION (公司帐户填写 - 基本资料)
Corporate Name 公司名称 :
Type of Organization 公司种类 : Limited company 有限公司 Partnership 合伙公司
Type of Identity 公司证明文件种类 : Business Registration Certificate 商业登记证 Other 其他
Country of Incorporation 注册国家或地区 : Register Number 公司注册编号 :
Business Detail 公司商业资料
Nature of business 业务性质 : Number of years in that business 营业年期 :
Office Tel No. 公司电话号码: Office Fax No. 公司传真号码 :
E-mail Address 电子邮件地址 :
Office Address 公司地址 :
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Banking Information 往来银行资料 ( 除客户另行指示, 付予客户的款项将会转入下列银行帐户 )
(Unless otherwise instructed by you, all funds payable to you will credited to the following bank account)
Bank Name 银行名称 : Account No. of the Bank 银行帐户号码 :
Bank Account Holder's Name ( Should be same as your name(s) appearing on this Application )
银行帐户持有人名称 ( 必需与此交易帐户的持有人名称相符 ) :
Trading Account Information 客户交易帐户资料
Client's Trading A/C No. 客户交易帐户号码 : Preliminary Password 初始登陆密码 :
1111
Please change your password 请于登陆后更改你的交易密码.
本人等在此声明 : 本人等经已阅读并同意上述所有规定, 并保证所填写的资料均属实无误.
The undersigned hereby attest(s) and certifies to be a sophisticated financial institution and/or sophisticated participant and
attest (s) the above information is complete and accurate. The undersigned hereby authorize(s) PII to verify any or all of the
foregoing information.
本人/吾等已阅读,知悉及明白客户协议书的全部内容并同意接受其条款与条件.
I/We have read, is/are aware of and understand the contents of the Client's Agreement and accept its terms and conditions
thereof.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
(1)Individual A/C Signature: (2)Joint A/C Signature: (3)Corporate A/C Signature:
个人帐户客户签署 联名帐户客户签署 公司帐户客户签署
Date: Date: Date:
日期 日期 日期
*For Official Use Only 以下由本公司填写
Approved By (Marketing Officer) Accepted By (A/C & C.C Dept.)
批准人签署 (市场部主管) 接受人签署 (财信部)
________________________________________ ________________________________________
Date 日期 : Date 日期 :