27. Partnership Accounts 合伙賬戶 Where the Customer is a partnership, the Customer represents that the General or Limited Partnership Agreement is in writing and provides that the partnership will not terminate upon the death or incapacit
27. Partnership Accounts 合伙賬戶
Where the Customer is a partnership, the Customer represents that the General or Limited Partnership Agreement is in writing and provides that the partnership will not terminate upon the death or incapacity of any one of the partners; the partners and the partnership are in compliance with and shall remain in compliance with all rules and regulations applicable to their activities including, but not limited to, the rules and regulations of the CFTC, NFA, the Commodity Exchange Act, and State Laws in which the partnership was formed; the partners are jointly and severally liable to EXCHANGE for any and all transactions and obligations made in conjunction with this account and are bound by all terms and conditions of this Agreement; and the partnership shall promptly notify EXCHANGE in writing of the death or retirement of any partner, or any change in the partnership agreement. The estate of any of
the general partners who shall have died shall be liable, and each survivor shall continue to be liable, to EXCHANGE for any debit balance or loss in the account resulting from the completion of transactions initiated prior to receipt by EXCHANGE of such written notice of death or incurred in the liquidation of the account after receipt of notice of death of a partner.
當(dāng)客戶為合伙人時(shí)，客戶闡明《普通和有限合伙協(xié)議》是書(shū)面的，規(guī)定當(dāng)任一合伙人死亡或無(wú)能力時(shí)，合伙不會(huì)中止，合伙人和合伙將遵守，并將一直遵守所有可以應(yīng)用于他們行為的規(guī)章制度，包括，但不限于，商品期貨交易委員會(huì)（CFTC）,全國(guó)期貨協(xié)會(huì)（NFA）的規(guī)章制度，商品交易法和該合伙建立所在州的州法律，合伙人對(duì)任何和所有與該賬戶一起形成的交易和義務(wù)對(duì)交易所負(fù)有連帶責(zé)任，并受本協(xié)議所有條款合條件的約束。某合伙人死亡或退休時(shí)，或者合伙協(xié)議發(fā)生任何變化時(shí)，該合伙應(yīng)該及時(shí)書(shū)面通知交易所。任何已經(jīng)死亡的普通合伙人的不動(dòng)產(chǎn)對(duì)交易所有責(zé)任償還，以及每個(gè)剩下來(lái)的合伙人應(yīng)該繼續(xù)對(duì)交易所有責(zé)任償還任何在交易所接到此書(shū)面的死亡通知之前開(kāi)始的交易給賬戶帶來(lái)的借方余額或損失，或者在接到某一合伙人死亡通知以后賬戶清算導(dǎo)致的借方余額或損失。
28. ERISA Pension Plan Accounts ERISA退休金計(jì)劃賬戶
Where the Customer is a plan covered by the Employee Retirement Security Act of 1974 (“ERISA”), Customer acknowledges and understands that EXCHANGE is only providing services hereunder and is not a plan fiduciary as defined in ERISA, and any rules or regulations promulgated there under FG has no discretionary authority or control
with respect to Customers purchase or sale of futures contracts and that the furnishing of market recommendations and information by EXCHANGE is solely for Customers convenience and does not constitute the exercise of such authority or control; and there is no agreement, arrangement, or understanding between Customer and EXCHANGE for investment decisions with respect to the assets of Customer or that EXCHANGE will render individualized investment advice to Customer based on the particular needs of Customer. Customer further represents that it has full power and
authority pursuant to governing agreements and otherwise to enter into this Agreement and to engage in transactions of the kind contemplated herein.
當(dāng)客戶是《1974年雇員退休保障法》（以下簡(jiǎn)稱ERISA）適用的一個(gè)計(jì)劃時(shí)，客戶確認(rèn)和知道交易所只提供以下的服務(wù)，不是ERISA及其轄的規(guī)章制度定義的一個(gè)信托計(jì)劃 ,關(guān)于客戶購(gòu)買(mǎi)或者銷(xiāo)售期貨合約，交易所沒(méi)有自由決定權(quán)和控制權(quán)。交易所提供市場(chǎng)建議和信息只是為了方便客戶，并不構(gòu)成決定權(quán)和控制權(quán)的實(shí)施?？蛻艉徒灰姿g沒(méi)有關(guān)于客戶資產(chǎn)投資決定的協(xié)議、安排和諒解，交易所將按照客戶的個(gè)別需要，為客戶提供個(gè)人化的投資建議?？蛻暨€闡明按照管理協(xié)議它有完全的能力和授權(quán)，否則，即簽署本協(xié)議，從事此處考慮的交易。
29. NO WAIVER OR AMENDMENT 無(wú)豁免或修正
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of EXCHANGE. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by EXCHANGE or EXCHANGE’s agents to assert EXCHANGE’s right under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments 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.
本協(xié)議的條款都不能豁免或修正，除非客戶和交易所的授權(quán)官員一同簽署了豁免和修正的書(shū)面形式。在任何情況下，本協(xié)議各方的任何行為過(guò)程，或者交易所或交易所的代理人未能聲明本協(xié)議下交易所的權(quán)力，都不意味著本協(xié)議有豁免或者修正。相反的口頭協(xié)議或指示不是可接收的或可實(shí)施的。本文件和此處的附件包含了各方的整個(gè)協(xié)議，取代任何和所有先前的書(shū)面和口頭協(xié)議，除了此處包含的條款、條件或義務(wù)，沒(méi)有其他的條款、條件或義務(wù)。
30. GOVERNING LAW AND JURISDICTION 管理法和權(quán)限
This Agreement, and the parties’ rights and obligations here to, shall be governed by, construed and enforced in all respects by the laws of the State of Illinois, where EXCHANGE’s main office is located.
本協(xié)議以及各方于此的權(quán)利和義務(wù)在各方面都應(yīng)在伊利諾斯州法律的統(tǒng)治、解釋和實(shí)施之下。伊利諾斯州是交易所總部的所在地。
If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions and conditions shall not be affected and this Agreement shall be carried out as if any such invalid or unenforceable provision or condition was not contained herein. This Agreement or any section thereof shall not be construed against any party due to the fact that said Agreement or any section
thereof was drafted by said party.
如果有法庭、管制或自我管制機(jī)構(gòu)或組織認(rèn)為本協(xié)議的任何條款和條件無(wú)效，此無(wú)效性和不能執(zhí)行性只應(yīng)適用于這些條款和條件。其余條款和條件的有效性不應(yīng)受到影響，本協(xié)議應(yīng)繼續(xù)得以執(zhí)行，就好像上述無(wú)效的和不能執(zhí)行的條款或條件不包含在此協(xié)議內(nèi)。本協(xié)議及其任何條款的解釋不應(yīng)不利于任何一方，因?yàn)楸緟f(xié)議及其任何條款都是由上述各方起草的。
31. FOREIGN CUSTOMER NOTICE 國(guó)外客戶公告
Where Customer is not a resident of the United States (hereinafter referred to as “Foreign Customer”), Regulation 15:05 of the United States Code of Federal Regulations (CFR) deems EXCHANGE to be Foreign Customers agent for purposes of accepting delivery and service of any communication issued by or on behalf of the CFTC with respect to any futures or options contracts which are or have been maintained in Foreign Customers account carried by EXCHANGE. Service or delivery of any communication issued by or on behalf of the CFTC to EXCHANGE constitutes valid and effective service or delivery upon the Foreign Customer. Further, pursuant to Regulation 18:07 CFR, may required a Foreign Customer to comply with the filing of various reports with the CFTC upon twenty days notice, except where such Foreign Customer may be required by the CFTC to file such reports within one business day after a special call by the CFTC upon such Foreign Customer. In the event that the CFTC, pursuant to Regulation 21:03 CFR issues a call for information on the account of a Foreign Customer, EXCHANGE, as your agent, may be required to provide any and all information concerning Foreign Customers account, including but not limited to Foreign Customers name and address and the name and address of persons having a ten percent or more beneficial interest in the account, total open futures and options positions in the account and the number of futures contracts against which delivery notices have been issued or received or against which exchanges of futures for cash have been transacted for the period of time specified in the call.
如果客戶不是美國(guó)的居民（以下稱為“國(guó)外客戶”），美國(guó)聯(lián)邦法規(guī)(CFR)的15:05規(guī)定主張交易所是國(guó)外客戶代理人，為交易所持有的外國(guó)客戶的賬戶上現(xiàn)有的或者曾經(jīng)有的任何期貨或期權(quán)合約，接收商品期貨交易委員會(huì)（CFTC）發(fā)出的或代表商品期貨交易委員會(huì)（CFTC）的任何通信的發(fā)送和服務(wù)。商品期貨交易委員會(huì)（CFTC）向交易所發(fā)出的或代表商品期貨交易委員會(huì)（CFTC）的任何信息的服務(wù)或遞送構(gòu)成對(duì)外國(guó)客戶有效和實(shí)際的服務(wù)或遞送。另外，根據(jù)CFR的18:07規(guī)定，可能會(huì)要求某外國(guó)客戶履行將商品期貨交易委員會(huì)（CFTC）的各種報(bào)告歸檔，提前20天給出通知，除非商品期貨交易委員會(huì)（CFTC）特別致電此外國(guó)客戶，要求這個(gè)外國(guó)客戶在一個(gè)工作日內(nèi)歸檔此類(lèi)報(bào)告。如果商品期貨交易委員會(huì)（CFTC）根據(jù)CFR第21:03條規(guī)定，要求得到某一外國(guó)客戶賬戶的信息，交易所作為您的代理人，可能會(huì)被要求提供任何或所有關(guān)于外國(guó)客戶賬戶的信息，包括但不限于外國(guó)客戶的姓名、地址以及在該賬戶有著10%或超過(guò)10%受益權(quán)的人的姓名和地址，該賬戶所有期貨和期權(quán)的風(fēng)險(xiǎn)頭寸，以及已經(jīng)收到交割通知書(shū)的期貨合約的數(shù)量和交割通知書(shū)已經(jīng)發(fā)出的對(duì)象期貨合約的數(shù)量，或者在上述要求指定的時(shí)間期限內(nèi)已經(jīng)辦理的期貨換現(xiàn)金交易的期貨合約的數(shù)量。
32. TERMINATION 終止
This Agreement shall continue in effect until termination. Customer may terminate this Agreement only at a time when Customer has no open commodity positions and no liabilities held by or owed to EXCHANGE. Termination by Customer shall be effective upon the actual receipt by EXCHANGE, at EXCHANGE’s main office, of written notice of
termination. EXCHANGE may terminate this Agreement at any time. If EXCHANGE elects to terminate this Agreement, EXCHANGE shall have the right, in EXCHANGE’s sole discretion, to sell any property in any account of the Customer, and to close out and liquidate any and all outstanding transactions of Customer, and any such sales or purchases shall be at EXCHANGE’s discretion on any exchange or other market. Prior demand, call or notice of the time and place of such sale or purchase, shall not be construed to be a waiver of EXCHANGE’s rights to sell or to buy without demand or notice. Termination by EXCHANGE shall be effective upon the transmittal of written notice of termination to Customer. Customer’s obligations to EXCHANGE arising out of any deficit balance or indemnification shall survive the termination of this Agreement.
本協(xié)議將保持有效，直至協(xié)議終止。只有當(dāng)客戶沒(méi)有風(fēng)險(xiǎn)商品頭寸時(shí)以及對(duì)交易所沒(méi)有負(fù)債時(shí)，客戶才可以終止此協(xié)議。交易所總部確實(shí)收到客戶終止此協(xié)議的書(shū)面通知，客戶的終止才是有效的。交易所可以在任何時(shí)候終止此協(xié)議。如果交易所選擇終止此協(xié)議，交易所應(yīng)該有權(quán)利自行決定賣(mài)出客戶任何賬戶上的任何財(cái)產(chǎn)，停止和清算客戶的任何和所有未清算交易，任何此類(lèi)的出售和購(gòu)買(mǎi)在任何交易所或其他市場(chǎng)應(yīng)由交易所自行決定。之前關(guān)于此類(lèi)出售或購(gòu)買(mǎi)的時(shí)間和地點(diǎn)的要求、通知不應(yīng)被解釋為交易所放棄無(wú)需要求或通知就可以出售或購(gòu)買(mǎi)的權(quán)利。交易所向客戶發(fā)出終止的書(shū)面的通知，則交易所的終止生效?？蛻魧?duì)交易所的，來(lái)自赤字余額或賠償?shù)牧x務(wù)在本協(xié)議終止后仍然存在。
33. INDEMNIFICATION 賠償
Customer agrees to indemnify and hold harmless EXCHANGE, EXCHANGE’s affiliates, employees, agents, successors and assigns from and against any and all liabilities, losses, damages, costs and expenses, including attorneys fees, incurred by EXCHANGE arising out of Customers failure to fully and timely perform Customers agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to be responsible for and pay promptly to EXCHANGE all damages, costs and expenses, including attorneys fees, incurred by EXCHANGE in the enforcement of any of the provisions of this Agreement and any other agreements between EXCHANGE and Customer. Should customer instigate any legal action against EXCHANGE and is unsuccessful, Customer agrees to indemnify EXCHANGE for all cost EXCHANGE incurs, including but not limited to attorneys’ fees.
客戶同意對(duì)交易所，交易所的分支機(jī)構(gòu)，雇員，代理人，繼承人和受讓人賠償或使他們免于以下各項(xiàng)的法律責(zé)任：任何和所有的負(fù)債、虧損、損失、成本和開(kāi)支，包括由于客戶未能完全和及時(shí)地履行此客戶協(xié)議，或者某些報(bào)告和保證的不真實(shí)和不正確而給交易所招致的律師費(fèi)用?？蛻暨€同意對(duì)所有損失、成本和支出，包括交易所為了執(zhí)行本協(xié)議和交易所與客戶之間的其他協(xié)議的條款而導(dǎo)致的律師費(fèi)用負(fù)責(zé)，并及時(shí)向交易所支付。如果客戶發(fā)起任何針對(duì)交易所的法律訴訟而沒(méi)有成功的話，客戶同意向交易所賠償交易所的所有開(kāi)支，包括但不限于律師費(fèi)用。
34. CROSS TRADE CONSENT 交叉交易許可
Customer acknowledges and agrees that a situation may arise whereby an officer, director, affiliate, associate, employee, floor broker or floor trader associated with EXCHANGE may be the opposing broker for a trade entered for Customer’s Account. Customer consents to any such trans action, subject to any limitations and conditions
contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, the CFTC, NFA, or the United States Federal Reserve Board, or any other regulatory agency.
客戶確認(rèn)并同意可能會(huì)下面這種情況：附屬于交易所的某官員、經(jīng)理、分支機(jī)構(gòu)、合作人、雇員、場(chǎng)內(nèi)經(jīng)紀(jì)人、場(chǎng)內(nèi)交易商可能是客戶賬戶參與的某交易的反向經(jīng)紀(jì)人?？蛻敉獯祟?lèi)交易，服從任何購(gòu)買(mǎi)和售出指令籍以執(zhí)行的銀行，機(jī)構(gòu)，交易所和同業(yè)公會(huì)、商品期貨交易委員會(huì)（CFTC）、全國(guó)期貨協(xié)會(huì)（NFA）或者美國(guó)聯(lián)邦儲(chǔ)備金監(jiān)察小組或任何其他管理機(jī)構(gòu)的規(guī)章制度所包含的任何限制和條件。
35. ELECTRONIC MARKET CONSENT 電子市場(chǎng)許可
Customer authorizes EXCHANGE to enter orders to buy and sell futures contracts on the GLOBEX., the NYMEX ACCESS., and/or the PROJECT A. automated order entry and matching system(s). Customer acknowledges having read and understood the Automated Order Entry Systems Disclosure Statement.
客戶授權(quán)交易所在GLOBEX，NYMEX ACCESS和/或PROJECT A自動(dòng)指令輸入和配對(duì)系統(tǒng)輸入指令進(jìn)行購(gòu)買(mǎi)和售出期貨合約?？蛻舸_認(rèn)已經(jīng)閱讀并已理解象牙色的《風(fēng)險(xiǎn)披露文件》提供的《自動(dòng)指令輸入系統(tǒng)披露聲明》。
36. LINKED MARKET CONSENT 連鎖市場(chǎng)許可
EXCHANGE may from time to time execute transactions as Customer’s agent on a foreign futures exchange to trade futures, options, and/or Exchange for Physical Commodities, (EFP), pursuant to an agreement between the foreign futures exchange and a domestic futures exchange that a trade executed on one exchange liquidates or establishes a
position on the other exchange. Customers who trade on a foreign futures exchange may not be afforded certainty of the protective measures provided by the Commodity Exchange Act, as amended, the CFTC’s regulations, and the rules of NFA, and any domestic futures exchange, including the right to use reparation proceedings before the CFTC and arbitration proceedings provided by NFA or any domestic futures exchange. Customer authorizes EXCHANGE to trade on foreign futures exchanges. Customer understands that Customer may be giving up the right to have arbitration in association with trades on foreign exchanges.
交易所可能會(huì)不時(shí)作為客戶的代理人在交易期貨、期權(quán)的國(guó)外期貨交易所和/或?qū)嵨锷唐方灰姿鶊?zhí)行交易，按照國(guó)外期貨交易所和某個(gè)國(guó)內(nèi)期貨交易所之間的合約，在某一交易所執(zhí)行的一項(xiàng)交易在另一個(gè)交易所清算或者頭寸。在某國(guó)外期貨市場(chǎng)交易的客戶可能不會(huì)得到《商品交易法案》（經(jīng)修正）、商品期貨交易委員會(huì)（CFTC）制度和全國(guó)期貨協(xié)會(huì)（NFA）和任何國(guó)內(nèi)期貨交易所的規(guī)定所提供的保護(hù)性措施，包括在商品期貨交易委員會(huì)（CFTC）使用賠償訴訟的權(quán)利和全國(guó)期貨協(xié)會(huì)（NFA）或其他任何國(guó)內(nèi)期貨交易所提供的仲裁訴訟的權(quán)利?？蛻羰跈?quán)交易所在國(guó)外期貨交易所進(jìn)行交易?？蛻糁?，客戶可以不放棄與國(guó)外交易所上的交易相關(guān)的仲裁的權(quán)利。
37. TERMS AND HEADINGS 術(shù)語(yǔ)和標(biāo)題
The term “EXCHANGE” shall be deemed to include Peregrine Financial Group, Inc., EXCHANGE’s divisions, its successors and assigns. The term “Customer” shall mean the party (or parties) executing the Agreement. The term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the
maintenance of Customer’s Account regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
“交易所”這個(gè)詞應(yīng)被認(rèn)為包括美國(guó)華爾街期貨交易所（Peregrine Financial Group, Inc.）,交易所的部門(mén)及其繼承人和受讓人。 “客戶”這個(gè)詞應(yīng)指執(zhí)行本合約的一方（或多方）。“協(xié)議”這個(gè)詞應(yīng)該包括所有客戶執(zhí)行的、與客戶賬戶的維護(hù)有關(guān)的任何其它協(xié)議和授權(quán)，而不管是什么時(shí)候執(zhí)行。本協(xié)議的段落標(biāo)題只是為了查閱方便而插入的，不限制任何條款的適用性或者影響任何條款的意義。
38. BINDING EFFECT and ACCEPTANCE 約束效果和接受
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with EXCHANGE, irrespective of any change or changes at any time in the personnel of EXCHANGE or EXCHANGE’s successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of EXCHANGE and EXCHANGE’s successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the heirs, estate, executor, trustees, administrators, legal representatives, successors, and assigns of Customer. Customer hereby ratifies all transactions with EXCHANGE effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement. The parties agree that this Agreement shall not be deemed to have been accepted by EXCHANGE or become a binding contract between Customer and EXCHANGE until approved at EXCHANGE’s main office and signed by EXCHANGE’s authorized representative.
本協(xié)議應(yīng)具有持續(xù)性，并應(yīng)該單獨(dú)地和共同地適用于客戶在任何時(shí)候在交易所開(kāi)設(shè)的或重開(kāi)的所有賬戶，與交易所或者EXCHANGE的繼承人、受讓人或分支機(jī)構(gòu)在任何時(shí)候的任何人員變動(dòng)無(wú)關(guān)。本協(xié)議，包括所有的授權(quán)，應(yīng)該有助于交易所和交易所的繼承人和受讓人的利益，不管是通過(guò)兼并，合并或其他方式；并應(yīng)對(duì)客戶和/或客戶的繼承人，不動(dòng)產(chǎn)，遺囑執(zhí)行人，托管人，遺產(chǎn)管理人，法人代表，繼承人和受讓人有約束力。客戶特此認(rèn)可在本協(xié)議日期之前的與交易所的所有交易生效，同意客戶的權(quán)利和義務(wù)為本協(xié)議的條款所支配。各方同意本協(xié)議只有在交易所的總部批準(zhǔn)后，并由交易所的授權(quán)代表簽署之后，才能被認(rèn)為被交易所接受，成為客戶和交易所二者之間的約束性合約。
39. RECORDINGS 錄音
Customer agrees and acknowledges that all conversations regarding Customers Account(s) between Customer and EXCHANGE may be electronically recorded with or without the use of an automatic tone-warning device. Customer 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 Customer or EXCHANGE. Customer understands that EXCHANGE destroys such recordings at regular intervals in accordance with EXCHANGEs established business procedures and Customer consents to such destruction.
客戶同意和承認(rèn)無(wú)論是否使用自動(dòng)錄音警告，美國(guó)百利金融集團(tuán)和客戶之間關(guān)于帳戶的對(duì)話可以通過(guò)電子記錄?？蛻敉?，如果美國(guó)百利金融集團(tuán)和客戶之間可能遇到爭(zhēng)論和訴訟時(shí)，其中一方可以用錄音和記錄做證據(jù)?？蛻衾斫夂驮试S，隨著美國(guó)百利金融集團(tuán)執(zhí)行的商業(yè)流程錄音將被定期清除。
40. FOREIGN CURRENCY TRANSACTION NOTICE 外匯交易通知
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. EXCHANGE IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, EXCHANGE'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS EXCHANGE ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES EXCHANGE OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND EXCHANGE MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS. IF EXCHANGE ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT EXCHANGE MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE EXCHANGE ACTS AS THE BUYER OR SELLER
IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM EXCHANGE OR ANY OF ITS SOLICITORS.
您參與的外匯交易不是在一般的交易所進(jìn)行。美國(guó)百利金融集團(tuán)作為交易活動(dòng)的其中一方，當(dāng)你拋出時(shí)，它就買(mǎi)入，當(dāng)你買(mǎi)入時(shí)，它就賣(mài)出。所以美國(guó)百利金融集團(tuán)的利益可能和你沖突。除非你的書(shū)面協(xié)議或其他書(shū)面文件里注明美國(guó)百利金融集團(tuán)給出的匯價(jià)是與你的交易價(jià)。美國(guó)百利金融集團(tuán)提供的匯價(jià)可能不是最佳市場(chǎng)價(jià)，它可能對(duì)不同客戶的價(jià)格不一樣。如果美國(guó)百利金融集團(tuán)選擇維持本身風(fēng)險(xiǎn)不進(jìn)行相對(duì)的交易，您應(yīng)該意識(shí)到，在市場(chǎng)走勢(shì)不利于您的情況下，美國(guó)百利金融集團(tuán)可能獲利更多。另外，由于美國(guó)百利金融集團(tuán)在交易中既可以是買(mǎi)家也可以是賣(mài)家，所以你得到美國(guó)百利金融集團(tuán)或其經(jīng)紀(jì)商的交易建議后，應(yīng)該仔細(xì)判斷市場(chǎng)情況。
41 . ELECTRONIC SIGNATURE 電子簽名
EXCHANGE may, at its sole discretion, accept electronic signatures. As such, any signature documents signed and transmitted by facsimile, telecopier or similar electronic system may be accepted as original documents. The signature of any person or entity thereon, considered as an original signature, and will have the same binding effect as an original signature.
美國(guó)百利金融集團(tuán)可能根據(jù)自身意愿接受電子簽名。因此，任何簽名后的文件通過(guò)傳真，電子傳真或類(lèi)似電子系統(tǒng)發(fā)送后都會(huì)被認(rèn)作原始文件。任何人或公司的簽字都會(huì)被認(rèn)作原始簽名，同時(shí)具有原始簽名相應(yīng)的法律效力。
42. CONSENT TO JURISDICTION AND VENUE 同意管轄權(quán)和審判地點(diǎn)
Customer agrees that all actions, disputes, claims or proceedings, including, but not limited to, any arbitrations proceeding, including NFA arbitrations, arising directly or indirectly in connection with, out of, or related to or from this Agreement, any other agreement between the Customer and EXCHANGE or any orders entered or transactions effected for Customer’s Account, whether or not initiated by EXCHANGE, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. Customer hereby specifically
consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceedings located within the City of Chicago, State of Illinois.
客戶同意本協(xié)議，或美國(guó)百利金融集團(tuán)和客戶之間的任何其他協(xié)議，或任何受影響的客戶帳戶的訂單，交易所涉及，相關(guān)或其他事項(xiàng)引起的直接或間接的和一切行為，爭(zhēng)論，投訴或訴訟，包括但不限于任何仲裁訴訟，NFA 仲裁，不論是否由美國(guó)百利金融集團(tuán)影響，只能在位于美國(guó)伊利諾州芝加哥內(nèi)的法院或其它解決爭(zhēng)端的機(jī)構(gòu)進(jìn)行判決。
Customer waives any claim Customer may have that (a) Customer is not personally subject to the jurisdiction of any State or Federal Court or arbitration proceeding located within the State of Illinois, (b) Customer is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to Customer or Customer’s property, (c) any such suit, action or proceeding is brought in an inconvenient forum, (d) the venue of any such suit, action or proceeding is improper, or (e) this consent or this Agreement may not be enforced in or by such court or arbitration proceeding. Customer
acknowledges that as a condition precedent to Customer instigating any action, dispute, claim or proceeding, including but not limited to any arbitration proceeding, including NFA arbitrations, Customer shall pay to EXCHANGE all deficit balances.
客戶放棄下列客戶可能會(huì)有的主張：（a）客戶個(gè)人不服從位于伊利諾斯州的任何州或聯(lián)邦法庭的裁決或仲裁程序，(b)關(guān)于客戶或者客戶的財(cái)產(chǎn)，客戶免于任何法律訴訟（不管是通過(guò)傳送傳票或通知、判決前拘捕、援助執(zhí)行的拘捕、執(zhí)行判決或其他），（c）任何此類(lèi)的訴訟、起訴或法律行為被帶到一個(gè)不方便的法庭，（d）此類(lèi)訴訟、起訴或法律行為的地點(diǎn)不正確，或者（e）本同意聲明或者本協(xié)議不應(yīng)在此類(lèi)法庭、被此類(lèi)法庭或仲裁程序?qū)嵤?。客戶確認(rèn)客戶支付給交易所所有的赤字余額是客戶發(fā)起任何訴訟、爭(zhēng)議、主張、法律行為，包括但不限于任何仲裁程序，包括全國(guó)期貨協(xié)會(huì)（NFA）仲裁的前提條件。
Customer further acknowledges that EXCHANGE may elect to collect any deficit balance by instigating a court proceeding against Customer. Nothing in this Agreement shall be construed as to prevent EXCHANGE from proceeding in a judicial forum of EXCHANGE’s choice. Should Customer have instigated an arbitration proceeding, Customer acknowledges that EXCHANGE shall not be compelled to bring its claim, if any, in the arbitration forum nor shall Customer seek to stay EXCHANGE’s proceedings against Customer pending resolution of the arbitration proceeding. No action, regardless of form, arising out of transactions under this Agreement may be brought by the Customer more than one year after the cause of action arose.
客戶還確認(rèn)美國(guó)百利可以選擇對(duì)客戶提起法庭訴訟收繳任何赤字余額。本協(xié)議的任何內(nèi)容都不能解釋為阻止交易所根據(jù)自己的選擇在司法場(chǎng)所進(jìn)行訴訟行為。如果客戶已經(jīng)發(fā)起仲裁程序，客戶確認(rèn)美國(guó)百利不應(yīng)被強(qiáng)迫在仲裁場(chǎng)所提出它的主張（如果有的話），客戶也不應(yīng)以等待仲裁程序的解決為由延緩交易所向客戶提起訴訟。在訴訟原因發(fā)生一年以后，客戶不能提起任何源自本協(xié)議下交易的訴訟，不管形式如何。
THIS IS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ THE
FOREGOING CAREFULLY.
這是一份契約協(xié)議。簽署前，請(qǐng)認(rèn)真閱讀以上內(nèi)容。 請(qǐng)仔細(xì)閱讀上述條款后簽名。
The undersigned acknowledges having received, read and understood the foregoing Customer Agreement. (Attach a copy of this page for additional signatures.) By signing this Agreement containing the Consent to Jurisdiction and Venue, Customer assents to jurisdiction and venue as set forth in Paragraph 42 above, and acknowledges that all clauses contained in this Agreement were freely and knowingly negotiated between the parties. . Additionally, customer acknowledges having received, read and understood the Foreign Currency Transaction Notice in Paragraph 40.
下列簽名者確認(rèn)已經(jīng)收到、閱讀和理解了以上的客戶協(xié)議。 （附上本頁(yè)的一份復(fù)印件供其他簽名者使用。） 此協(xié)議包括了“同意管轄權(quán)和地點(diǎn)”?？蛻艉炇鹆舜藚f(xié)議，即同意了上面第42節(jié)所述的管轄權(quán)和審判地點(diǎn)，并確認(rèn)本協(xié)議包含的所有條款經(jīng)過(guò)了均由協(xié)議雙方在自由、自愿的基礎(chǔ)上達(dá)成。另外客戶確認(rèn)已經(jīng)看到，閱讀并且理解 40 節(jié)所述的外匯交易通知。
Customer Signature客戶簽名
RISK DISCLOSURE For Futures and Options
期貨和期權(quán)風(fēng)險(xiǎn)披露聲明
This statement is Required to be Furnished to You in Accordance with Rule 1.55, Rule 30.6 and Rule 33.7 of The Commodity Exchange Act. This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if
you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options 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.
《商品交易法案》1.55、30.6和33.7的規(guī)定要求提供本聲明。這一簡(jiǎn)短的聲明沒(méi)有披露期貨和期權(quán)交易中的所有風(fēng)險(xiǎn)和其他重要方面。鑒于風(fēng)險(xiǎn)的存在，你應(yīng)該充分了解你正在簽訂的此契約（和契約關(guān)系）的性質(zhì)以及你面臨的風(fēng)險(xiǎn)的范圍之后再辦理這個(gè)手續(xù)。期貨和期權(quán)交易并不適合大眾當(dāng)中的許多人。你應(yīng)該仔細(xì)考慮你的經(jīng)歷、目標(biāo)、金融資源和其它相關(guān)條件是否適合此類(lèi)交易。
Futures 期貨
1. Effect of 'Leverage' or 'Gearing' “杠桿”效應(yīng)
Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will 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 any 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.
期貨業(yè)務(wù)有很高的風(fēng)險(xiǎn)。初始保證金的金額相對(duì)于期貨合約的價(jià)值要低，因此這些業(yè)務(wù)運(yùn)用了杠桿作用。一個(gè)相對(duì)較小的市場(chǎng)運(yùn)動(dòng)將按一定比例對(duì)你存入或即將存入的資金產(chǎn)生較大的影響。這種效應(yīng)可能對(duì)你有利，也可能相反。你可能要承受損失全部的初始保證金和所有其他存入公司以維持你的頭寸的資金。如果市場(chǎng)向你的頭寸的相反方向運(yùn)行或者保證金水平提高了，你就可能被要求在很短的時(shí)間內(nèi)另外支付大量的資金以維持你的頭寸。如果你未能在規(guī)定的時(shí)間內(nèi)遵守另外提供資金的要求，你的頭寸就可能在虧損的情況下被清算，你可能將面臨赤字。
2. Risk-reducing orders or strategies 風(fēng)險(xiǎn)減少指令或策略
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.
某些旨在將虧損限制在一定金額內(nèi)的指令（比如止損指令，在本地法律允許的地方，或停價(jià)-限價(jià)指令）的提出可能是無(wú)效的，因?yàn)槭袌?chǎng)條件可能會(huì)使這些指令無(wú)法執(zhí)行。使用頭寸組合的策略，比如價(jià)差頭寸和同價(jià)對(duì)敲頭寸可能和采取簡(jiǎn)單的多頭或空頭有同樣的風(fēng)險(xiǎn)。
Options 期權(quán)
3. Variable degree of risk 不同程度的風(fēng)險(xiǎn)
Transactions in options carry a high degree of risk. Purchasers and sellers of 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 position to become profitable, taking
into account the premium and all transaction costs.
期權(quán)業(yè)務(wù)有很高的風(fēng)險(xiǎn)。期權(quán)的買(mǎi)家和賣(mài)家應(yīng)熟悉期權(quán)的類(lèi)型（比如看跌期權(quán)和看漲期權(quán)），以考慮交易和相關(guān)的風(fēng)險(xiǎn)。你應(yīng)該計(jì)算出在什么范圍內(nèi)，期權(quán)價(jià)值必須增加以使你的頭寸盈利，并考慮期權(quán)費(fèi)和所有交易成本。
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures 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. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
期權(quán)的購(gòu)買(mǎi)可能沖抵或執(zhí)行期權(quán)或允許期權(quán)到期。某個(gè)期權(quán)的執(zhí)行會(huì)導(dǎo)致現(xiàn)金結(jié)算或者買(mǎi)家獲得或者移交基礎(chǔ)利益。如果該期權(quán)在某期貨上，買(mǎi)家將獲得一個(gè)期貨頭寸，并帶有保證金負(fù)債（見(jiàn)上述“期貨”部分）。如果購(gòu)買(mǎi)的期權(quán)到期無(wú)價(jià)值，你將損失你的全部投資，包括期權(quán)費(fèi)和交易成本。如果你在考慮購(gòu)買(mǎi)深度虛值期權(quán)，你應(yīng)該注意此類(lèi)期權(quán)盈利的機(jī)會(huì)通常很遙遠(yuǎn)。賣(mài)出一個(gè)期權(quán)通常需承擔(dān)比買(mǎi)入期權(quán)更大的風(fēng)險(xiǎn)。盡管賣(mài)家收到的期權(quán)費(fèi)是固定的，但賣(mài)家承受的損失可能遠(yuǎn)高于這個(gè)金額。如果市場(chǎng)向不利方向運(yùn)行的話，賣(mài)價(jià)有責(zé)任提供更多的保證金以維持頭寸。賣(mài)家還要面臨買(mǎi)家執(zhí)行期權(quán)的風(fēng)險(xiǎn)，而且賣(mài)家還有義務(wù)將期權(quán)結(jié)算為現(xiàn)金或者買(mǎi)家獲得或者移交基礎(chǔ)利益。如果該期權(quán)在某期貨上，賣(mài)家將獲得一個(gè)期貨頭
寸，并帶有保證金負(fù)債（見(jiàn)上述“期貨”部分）。如果該頭寸被持有基礎(chǔ)利益的某個(gè)相應(yīng)頭寸或者某個(gè)期貨或另外一個(gè)期權(quán)的賣(mài)家補(bǔ)進(jìn)，風(fēng)險(xiǎn)可能會(huì)降低。如果該期權(quán)沒(méi)有被補(bǔ)進(jìn)，損失的風(fēng)險(xiǎn)將是沒(méi)有限制的。
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. 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.
一些管轄區(qū)的某些交易所允許延期支付期權(quán)費(fèi)，是買(mǎi)家有可能受不超過(guò)期權(quán)費(fèi)金額的保證金支付債務(wù)的影響。買(mǎi)家還要面對(duì)損失期權(quán)費(fèi)和交易成本的風(fēng)險(xiǎn)。當(dāng)期權(quán)被執(zhí)行或到期時(shí)，買(mǎi)家對(duì)任何當(dāng)時(shí)未償付的未付期權(quán)費(fèi)負(fù)責(zé)。
Additional risks common to futures and options
期貨和期權(quán)的其他常見(jiàn)風(fēng)險(xiǎn)
4. Terms and conditions of contracts 合約的條款與條件
You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circum stances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司，你所交易的具體期貨或期權(quán)以及相應(yīng)義務(wù)（比如在何種情況下你有義務(wù)移交某一期貨合約的基礎(chǔ)利益，如果是期權(quán)的話，則是到期日和執(zhí)行時(shí)間限制）的條款和條件。在某些情況下，未償付合約的指明事項(xiàng)或條款（包括某一期權(quán)的執(zhí)行價(jià)格）可能會(huì)被交易所或者清算所修改，以反映基礎(chǔ)利益的變化。
5. Suspension or restriction of trading and pricing relationships
交易和定價(jià)關(guān)系的暫?；蛘呦拗?br /> Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month 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.
市場(chǎng)條件（比如非流動(dòng)性）和/或某些市場(chǎng)規(guī)則的操作（比如因?yàn)闈q跌幅限制、市場(chǎng)斷路措施，某些合約或者合約月交易暫停）可能會(huì)因?yàn)殡y以或者無(wú)法實(shí)現(xiàn)交易或清算/沖銷(xiāo)頭寸而增加虧損的風(fēng)險(xiǎn)。如果你已經(jīng)賣(mài)出期權(quán)，這可能會(huì)增加虧損的風(fēng)險(xiǎn)。
Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract 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.
另外，基礎(chǔ)利益和期貨，基礎(chǔ)利益和期權(quán)之間的正常定價(jià)關(guān)系可能不存在。比如，當(dāng)以該期權(quán)為基礎(chǔ)的期貨合約受價(jià)格限制支配而期權(quán)不受價(jià)格限制支配時(shí)，這種情況可能發(fā)生。沒(méi)有基礎(chǔ)參考價(jià)格可能會(huì)使判斷公平價(jià)值變得困難。
6. Deposited cash and property 抵押的現(xiàn)金和財(cái)產(chǎn)
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 specified legislation or local rules. In some jurisdictions, property which had 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.
你應(yīng)該熟悉被給予保護(hù)的錢(qián)和其他你為從事國(guó)內(nèi)和國(guó)外交易存儲(chǔ)的財(cái)產(chǎn)，尤其是當(dāng)某公司無(wú)力償付債務(wù)或者破產(chǎn)時(shí)。你在多大程度上能夠收回你的錢(qián)和財(cái)產(chǎn)可能取決于具體的法律和當(dāng)?shù)氐囊?guī)定。在某些管轄區(qū)，被特別確定為你自己擁有的財(cái)產(chǎn)在金額不足的情況下將以和現(xiàn)金一樣的方式被按比例攤派。
7. Commission and other charges 傭金和其他收費(fèi)
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
在你開(kāi)始交易之前，你應(yīng)該獲取一份關(guān)于你需負(fù)擔(dān)的所有傭金、費(fèi)用和其他收費(fèi)的明確說(shuō)明。這些收費(fèi)將影響你的凈利潤(rùn)（如果有的話）或者增加你的虧損。
8. Transactions in other jurisdictions 在其他管轄區(qū)的交易
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 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.
在其他管轄區(qū)的市場(chǎng)上的交易，包括與某國(guó)內(nèi)市場(chǎng)正式關(guān)聯(lián)的市場(chǎng)，可能會(huì)使你面對(duì)其他的風(fēng)險(xiǎn)。這些市場(chǎng)要服從的規(guī)章制度可能提供不同的或者更少的投資者保護(hù)。在你交易之前，你應(yīng)詢問(wèn)與你的特定交易相關(guān)的規(guī)定。你的本地的管理當(dāng)局將無(wú)法在你的交易實(shí)現(xiàn)的其他管轄區(qū)強(qiáng)制執(zhí)行管理當(dāng)局或市場(chǎng)的規(guī)定。在你開(kāi)始交易之前，你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司，在你的本地管轄區(qū)和其他相關(guān)管轄區(qū)所能得到的救濟(jì)類(lèi)型。
9. Currency risks 貨幣風(fēng)險(xiǎn)
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
在外匯計(jì)價(jià)合約的交易中的盈利和虧損（不管是在你自己的管轄區(qū)還是在其他管轄區(qū)進(jìn)行的交易）將受到匯率波動(dòng)的影響，因?yàn)楸仨毎押霞s的貨幣面值兌換為另一種貨幣。
10. Trading facilities. 交易設(shè)施.
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 firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.
以計(jì)算機(jī)為基礎(chǔ)的組成系統(tǒng)支持大多數(shù)公開(kāi)喊價(jià)和電子交易設(shè)施進(jìn)行交易的買(mǎi)賣(mài)盤(pán)傳遞、執(zhí)行、對(duì)盤(pán)、登記或者結(jié)算。正如所有的設(shè)施和系統(tǒng)一樣，它們?nèi)菀装l(fā)生臨時(shí)性崩潰和故障。你彌補(bǔ)虧損的能力也許要服從于系統(tǒng)提供者、市場(chǎng)、清算所和/或成員公司所施加的障礙的限制。這樣的限制多種多樣，有關(guān)的具體情況，你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司。
11. Electronic trading 電子交易
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 systems. If you undertake transactions on an electronic trading system, you will be exposed to risk 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.
在某一電子交易系統(tǒng)的交易不僅可能與公開(kāi)喊價(jià)市場(chǎng)上的交易不同，也可能與其他電子交易系統(tǒng)上的交易有所不同。如果你在某電子交易系統(tǒng)進(jìn)行交易，你將面臨與該系統(tǒng)有關(guān)的風(fēng)險(xiǎn)，包括硬件和軟件的故障。任何系統(tǒng)故障的結(jié)果可能是你的指令沒(méi)有按照你的指示執(zhí)行，或者根本就沒(méi)有執(zhí)行。
12. Off-exchange transactions 場(chǎng)外交易
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal 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 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.
在一些管轄區(qū)，并且只有在有限的條件下，允許公司實(shí)現(xiàn)場(chǎng)外交易。你與之建立商務(wù)關(guān)系的公司可能是你交易中的對(duì)手?？赡茈y以或根本不可能清算現(xiàn)有頭寸、評(píng)估價(jià)值、確定公平價(jià)格或者進(jìn)行風(fēng)險(xiǎn)評(píng)估。出于這些原因，這些交易可能會(huì)伴隨者增加的危險(xiǎn)。場(chǎng)外交易可能受到較少的管制或者從屬于獨(dú)立的管制制度。你在從事此類(lèi)交易之前，你應(yīng)該熟悉可應(yīng)用的規(guī)定伴隨的風(fēng)險(xiǎn)。
Risk Disclosure Acknowledgment風(fēng)險(xiǎn)披露確認(rèn)
I, the undersigned Customer, received a copy of this Risk Disclosure Statement and I read and understand it. I, also, acknowledge that if I intend to trade options on futures, I read and understand the Options Disclosure Statement and if I intend to trade security futures contracts, I read and understand the Risk Disclosure Statement for Security Futures Contracts and Electronic Trading and Pre-Negotiated Business Disclosure contained on pages 17-30 of this account booklet.
本人為在文件尾簽名的客戶，收到了一份《風(fēng)險(xiǎn)披露聲明》的副本，本人閱讀并理解了本文件。另外，我還確認(rèn)，如果我有意愿進(jìn)行期貨期權(quán)交易，我將閱讀和理解“期權(quán)披露聲明”，如果我有意愿進(jìn)行證券期貨合約交易，我將閱讀和理解本帳戶手冊(cè)17-30頁(yè)的“證券期貨合約風(fēng)險(xiǎn)披露聲明”和“電子交易與預(yù)先商定商業(yè)披露”。
Customer Signature客戶簽名
Print Name蓋章 Date日期
OPTIONS DISCLOSURE STATEMENT 期權(quán)披露聲明
BECAUSE OF THE VOLATILE NATURE OF THE COMMODITIES MARKETS, THE PURCHASE AND GRANTING OF COMMODITY OPTIONS INVOLVE A HIGH DEGREE OF RISK. COMMODITY OPTION TRANSACTIONS ARE NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC. SUCH TRANSACTIONS SHOULD BE ENTERED INTO ONLY BY PERSONS WHO HAVE READ AND UNDERSTOOD THIS DISCLOSURE STATEMENT AND WHO UNDERSTAND THE NATURE AND EXTENT OF THEIR RIGHTS AND OBLIGATIONS AND OF THE RISKS INVOLVED IN THE OPTION TRANSACTIONS COVERED BY THIS DISCLOSURE STATEMENT.
因?yàn)樯唐肥袌?chǎng)具有易波動(dòng)的特性，商品期權(quán)的購(gòu)買(mǎi)和出讓伴隨著很高的風(fēng)險(xiǎn)。商品期權(quán)交易并不適合大眾中的許多人。只有那些已經(jīng)閱讀過(guò)并理解本披露聲明的人，和那些理解他們權(quán)利義務(wù)的特性和范圍以及本披露聲明包含的期權(quán)交易所伴隨的風(fēng)險(xiǎn)的人才應(yīng)該進(jìn)行此類(lèi)交易。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS AN OPTION WHICH, IF EXERCISED, RESULTS IN THE ESTABLISHMENT OF A FUTURES CONTRACT (AN "OPTION ON A FUTURES CONTRACT") OR RESULTS IN THE MAKING OR TAKING OF DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION (AN "OPTION ON A PHYSICAL COMMODITY"). BOTH THE PURCHASER AND THE GRANTOR OF AN OPTION ON A PHYSICAL COMMODITY SHOULD BE AWARE THAT, IN CERTAIN CASES, THE DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION MAY NOT BE REQUIRED AND THAT, IF THE OPTION IS EXERCISED, THE OBLIGATIONS OF THE PURCHASER AND GRANTOR WILL BE SETTLED IN CASH.
買(mǎi)家和出讓人都應(yīng)該知道他們考慮交易的某一期權(quán)是一旦執(zhí)行就會(huì)建立一個(gè)期貨合約的期權(quán)（期貨合約期權(quán)），還是實(shí)現(xiàn)以該期權(quán)為基礎(chǔ)的真實(shí)商品的過(guò)渡的期權(quán)（實(shí)物商品期權(quán)）。實(shí)物商品期權(quán)的買(mǎi)家和出讓人應(yīng)認(rèn)識(shí)到在某些情況下，并不一定要求以該期權(quán)為基礎(chǔ)的真實(shí)商品的移交，如果該期權(quán)被執(zhí)行，買(mǎi)家和出讓人的義務(wù)將以現(xiàn)金結(jié)算。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS SUBJECT TO A "STOCK-STYLE" OR "FUTURES-STYLE" SYSTEM OF MARGINING. UNDER A STOCK-STYLE MARGINING SYSTEM, A PURCHASER IS REQUIRED TO PAY THE FULL PURCHASE PRICE OF THE OPTION AT THE INITIATION OF THE TRANSACTION. THE PURCHASER HAS NO FURTHER OBLIGATION ON THE OPTION POSITION. UNDER A FUTURES-STYLE MARGINING SYSTEM, THE PURCHASER DEPOSITS INITIAL MARGIN AND MAY BE REQUIRED TO DEPOSIT ADDITIONAL MARGIN IF THE MARKET MOVES AGAINST THE OPTION POSITION. THE PURCHASER'S TOTAL SETTLEMENT VARIATION MARGIN OBLIGATION OVER THE LIFE OF THE OPTION, HOWEVER, WILL NOT EXCEED THE ORIGINAL OPTION PREMIUM, ALTHOUGH SOME INDIVIDUAL PAYMENT OBLIGATIONS AND/OR RISK MARGIN REQUIREMENTS MAY AT TIMES EXCEED THE ORIGINAL OPTION PREMIUM. IF THE PURCHASER OR GRANTOR DOES NOT UNDERSTAND HOW OPTIONS ARE MARGINED UNDER A STOCK-STYLE OR FUTURES-STYLE MARGINING SYSTEM, HE OR SHE SHOULD REQUEST AN EXPLANATION FROM THE FUTURES COMMISSION MERCHANT ("FCM") OR INTRODUCING BROKER ("IB").
買(mǎi)家和出讓人應(yīng)知道他們考慮交易的某一期權(quán)是從屬于“股票型”還是“期貨型”的保證金制度。股票型保證金制度要求買(mǎi)家支付該期權(quán)在該交易發(fā)起時(shí)的完全購(gòu)買(mǎi)價(jià)格。買(mǎi)家在該期權(quán)頭寸上就再?zèng)]有其他義務(wù)。在期貨型保證金制度下，買(mǎi)家存入初始保證金，如果市場(chǎng)的運(yùn)行方向與該期權(quán)頭寸相反，買(mǎi)家可能被要求添加保證金。但是，買(mǎi)家在期權(quán)有效期內(nèi)的全部結(jié)算價(jià)格變動(dòng)保證金義務(wù)將不會(huì)超過(guò)原始期權(quán)費(fèi)，盡管一些單個(gè)的支付義務(wù)和/或風(fēng)險(xiǎn)保證金要求有時(shí)會(huì)超過(guò)原始期權(quán)費(fèi)。如果買(mǎi)家和出讓人不理解期權(quán)在股票型或期貨型保證金制度下是如何收保證金的，他（她）應(yīng)從期貨傭金商（FCM）或中介經(jīng)紀(jì)人（IB）處要求得到解釋。
A PERSON SHOULD NOT PURCHASE ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO SUSTAIN A TOTAL LOSS OF THE PREMIUM AND TRANSACTION COSTS OF PURCHASING THE OPTION. A PERSON SHOULD NOT GRANT ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO MEET ADDITIONAL CALLS FOR MARGIN WHEN THE MARKET MOVES AGAINST HIS OR HER POSITION AND, IN SUCH CIRCUMSTANCES, TO SUSTAIN A VERY LARGE FINANCIAL LOSS.
任何人都不應(yīng)該購(gòu)買(mǎi)任何商品期權(quán)，除非他（她）能夠承受期權(quán)費(fèi)和購(gòu)買(mǎi)該期權(quán)的交易成本的全部損失。任何人都不應(yīng)該出讓任何商品期權(quán)除非他（她）能夠在市場(chǎng)的運(yùn)行方向與他（她）的頭寸相反時(shí)滿足添加保證金的要求，以及在這種情況下，承受非常大的財(cái)務(wù)虧損。
A PERSON WHO PURCHASES AN OPTION SUBJECT TO STOCK-STYLE MARGINING SHOULD BE AWARE THAT, IN ORDER TO REALIZE ANY VALUE FROM THE OPTION, IT WILL BE NECESSARY EITHER TO OFFSET THE OPTION POSITION OR TO EXERCISE THE OPTION. OPTIONS SUBJECT TO FUTURES-STYLE MARGINING ARE MARKED TO MARKET, AND GAINS AND LOSSES ARE PAID AND COLLECTED DAILY. IF AN OPTION PURCHASER DOES NOT UNDERSTAND HOW TO OFFSET OR EXERCISE AN OPTION, THE PURCHASER SHOULD REQUEST AN EXPLANATION FROM THE FCM OR IB. CUSTOMERS SHOULD BE AWARE THAT IN A NUMBER OF CIRCUMSTANCES, SOME OF WHICH WILL BE DESCRIBED IN THIS DISCLOSURE STATEMENT, IT MAY BE DIFFICULT OR IMPOSSIBLE TO OFFSET AN EXISTING OPTION POSITION ON AN EXCHANGE.
購(gòu)買(mǎi)從屬于股票型保證金的期權(quán)的人應(yīng)該認(rèn)識(shí)到為了在該期權(quán)上實(shí)現(xiàn)價(jià)值，就必須要么沖抵該期權(quán)頭寸，要么執(zhí)行該期權(quán)。從屬于期貨型保證金的期權(quán)逐日結(jié)算保證金，每天支付和收繳損益。如果某個(gè)期權(quán)買(mǎi)家不理解如何沖抵或者執(zhí)行一個(gè)期權(quán)，該買(mǎi)家應(yīng)從期貨傭金商（FCM）或中介經(jīng)紀(jì)人（IB）處要求得到解釋?？蛻魬?yīng)該認(rèn)識(shí)到在許多情況下（一些情況在本披露聲明中將有所描述），在某交易所沖抵一個(gè)現(xiàn)有期權(quán)頭寸將是困難甚至是不可能的
THE GRANTOR OF AN OPTION SHOULD BE AWARE THAT, IN MOST CASES, A COMMODITY OPTION MAY BE EXERCISED AT ANY TIME FROM THE TIME IT IS GRANTED UNTIL IT EXPIRES. THE PURCHASER OF AN OPTION SHOULD BE AWARE THAT SOME OPTION CONTRACTS MAY PROVIDE ONLY A LIMITED PERIOD OF TIME FOR EXERCISE OF THE OPTION.
某期權(quán)的出讓人應(yīng)該意識(shí)到在大多數(shù)情況下，一個(gè)商品期權(quán)從它被出讓直至到期可以在任何時(shí)刻被執(zhí)行。某期權(quán)的買(mǎi)家應(yīng)該意識(shí)到一些期權(quán)合約可能只為執(zhí)行該期權(quán)提供有限的時(shí)間段。
THE PURCHASER OF A PUT OR CALL SUBJECT TO STOCK-STYLE OR FUTURES-STYLE MARGINING
IS SUBJECT TO THE RISK OF LOSING THE ENTIRE PURCHASE PRICE OF THE OPTION-THAT IS, THE PREMIUM CHARGED FOR THE OPTION PLUS ALL TRANSACTION COSTS.
從屬于股票型或期貨型保證金制度的某看跌期權(quán)或看漲期權(quán)的買(mǎi)家面臨損失某期權(quán)全部購(gòu)買(mǎi)價(jià)格的風(fēng)險(xiǎn)，也就是說(shuō)，向該期權(quán)收取的期權(quán)費(fèi)加上所有的交易費(fèi)用。
THE COMMODITY FUTURES TRADING COMMISSION REQUIRES THAT ALL CUSTOMERS RECEIVE AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT BUT DOES NOT INTEND THIS STATEMENT AS A RECOMMENDATION OR ENDORSEMENT OF EXCHANGE-TRADED COMMODITY OPTIONS.
商品期貨交易委員會(huì)要求所有的客戶接收并確認(rèn)本披露聲明的一份副本。但不意味著本聲明成為交易所交易商品期貨的推薦書(shū)或認(rèn)可。
(1) Some of the risks of option trading. 期權(quán)交易的風(fēng)險(xiǎn)
Specific market movements of the underlying future or underlying physical commodity cannot be predicted accurately.
基礎(chǔ)期貨或基礎(chǔ)實(shí)物商品的具體市場(chǎng)運(yùn)行無(wú)法得到精確的預(yù)測(cè)。
The grantor of a call option who does not have a long position in the underlying futures contract or underlying physical commodity is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity be higher than the strike price upon exercise or expiration of the option by an amount greater
than the premium received for granting the call option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品中沒(méi)有多頭頭寸的某看漲期權(quán)的出讓人，如果該基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格高于執(zhí)行該期權(quán)或該期權(quán)到期時(shí)的執(zhí)行價(jià)格，而且高出的金額大于出讓該看漲期權(quán)收到的期權(quán)費(fèi)，則面臨著虧損的風(fēng)險(xiǎn)。
The grantor of a call option who has a long position in the underlying futures contract or underlying physical commodity is subject to the full risk of a decline in price or the underlying position reduced by the premium received for granting the call. In exchange for the premium received for granting a call option, the option grantor
gives up all of the potential gain resulting from an increase in the price of the underlying futures contract or underlying physical commodity above the option strike price upon exercise or expiration of the option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品中有多頭頭寸的某看漲期權(quán)的出讓人面臨著價(jià)格或基礎(chǔ)頭寸（減少的金額是出讓該看漲期權(quán)所收到的期權(quán)費(fèi)）下跌的完全風(fēng)險(xiǎn)。作為出讓看漲期權(quán)收到的期權(quán)費(fèi)的交換，該期權(quán)出讓人放棄了因基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品的價(jià)格在該期權(quán)在執(zhí)行和到期時(shí)之執(zhí)行價(jià)格之上的上漲帶來(lái)的所有潛在的收益。
The grantor of a put option who does not have a short position in the underlying futures contract or underlying physical commodity (e.g., commitment to sell the physical) is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity decrease below the strike price upon exercise or
expiration of the option by an amount in excess of the premium received for granting the put option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品（比如，售出該實(shí)物商品的承諾）中沒(méi)有空頭頭寸的某看跌期權(quán)的出讓人，如果該基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格跌到執(zhí)行該期權(quán)或該期權(quán)到期時(shí)的執(zhí)行價(jià)格，而且價(jià)格差大于出讓該看跌期權(quán)收到的期權(quán)費(fèi)，則面臨著虧損的風(fēng)險(xiǎn)。
The grantor of a put option on a futures contract who has a short position in the underlying futures contract is subject to the full risk of a rise in the price in the underlying position reduced by the premium received for granting the put. In exchange for the premium received for granting a put option on a futures contract, the option grantor gives up all of the potential gain resulting from a decrease in the price of the underlying futures contract below the option strike price upon exercise or expiration of the option. The grantor of a put option on a physical commodity who has a short position (e.g., commitment to sell the physical) is subject to the full risk of a rise in the price of the physical commodity which must be obtained to fulfill the commitment reduced by the premium received for granting the put.
In exchange for the premium, the grantor of a put option on a physical commodity gives up all the potential gain which would have resulted from a decrease in the price of the commodity below the option strike price upon exercise or expiration of the option.
在基礎(chǔ)期貨合約中有空頭頭寸的某看跌期貨合約期權(quán)的出讓人面臨著基礎(chǔ)頭寸價(jià)格（減少的金額是出讓該看跌期權(quán)所收到的期權(quán)費(fèi)）上漲的完全風(fēng)險(xiǎn)。作為出讓看跌期貨合約期權(quán)收到的期權(quán)費(fèi)的交換，該期權(quán)出讓人放棄了因基礎(chǔ)期貨合約價(jià)格下跌到該期權(quán)在執(zhí)行和到期時(shí)之執(zhí)行價(jià)格以下而帶來(lái)的所有潛在的收益。有空頭頭寸（比如售出實(shí)物商品的承諾）的某看跌實(shí)物商品期權(quán)的出讓人面臨著實(shí)物商品價(jià)格上漲的全部風(fēng)險(xiǎn)。必須得到該實(shí)物商品以履行承諾（減少的金額是出讓該看跌期權(quán)所收到的期權(quán)費(fèi)）。作為期權(quán)費(fèi)的交換，某實(shí)物商品看跌期權(quán)的出讓人放棄了該商品價(jià)格下跌至該期貨執(zhí)行或到期時(shí)之執(zhí)行價(jià)格以下帶來(lái)的所有潛在收益。
(2) Description of commodity options 商品期貨描述
Prior to entering into any transaction involving a commodity option, an individual should thoroughly understand the nature and type of option involved and the underlying futures contract or physical commodity. The futures commission merchant or introducing broker is required to provide, and the individual contemplating an option
transaction should obtain:
在進(jìn)入任何涉及商品期權(quán)的交易之前，投資者應(yīng)該完全理解所涉及的期貨以及基礎(chǔ)期貨合約或?qū)嵨锷唐返牡奶匦院皖?lèi)型。期貨傭金商或者中介經(jīng)紀(jì)人被要求提供，考慮期權(quán)交易的個(gè)人應(yīng)該獲取下列各項(xiàng)：
(i) An identification of the futures contract or physical commodity underlying the option and which may be purchased or sold upon exercise of the option or, if applicable, whether exercise of the option will be settled in cash;
期貨合約的核實(shí)，或以該期權(quán)為基礎(chǔ)的實(shí)物商品的核實(shí)，哪件將在期權(quán)執(zhí)行時(shí)被買(mǎi)賣(mài)，以及—如果實(shí)際的話—期權(quán)的執(zhí)行是否以現(xiàn)金結(jié)算。
(ii) The procedure for exercise of the option contract, including the expiration date and latest time on that date for exercise. (The latest time on an expiration date when an option may be exercised may vary; therefore, option market participants should ascertain from their futures commission merchant or their introducing broker the latest time the firm accepts exercise instructions with respect to a particular option.);
(ii) 執(zhí)行期權(quán)合約的程序，包括到期日期和執(zhí)行那一天的的最后時(shí)刻。（期權(quán)可能被執(zhí)行的到期日的最后時(shí)刻可能有所變化，所以期權(quán)市場(chǎng)參與者應(yīng)該從他們的期貨傭金商或中介經(jīng)紀(jì)人處確認(rèn)公司接受某一期權(quán)的執(zhí)行指令的最后時(shí)刻。）
(iii) A description of the purchase price of the option including the premium, commissions, costs, fees and other charges. (Since commissions and other charges may vary widely among futures commission merchants and among introducing brokers, option customers may find it advisable to consult more than one firm when opening an option
account.);
(iii) 期權(quán)購(gòu)買(mǎi)價(jià)格的說(shuō)明，包括期權(quán)費(fèi)、傭金、成本、費(fèi)用和其他收費(fèi)。因?yàn)椴煌钠谪泜蚪鹕毯椭薪榻?jīng)紀(jì)人收取的傭金和其他費(fèi)用會(huì)相差很大，期貨客戶可能會(huì)發(fā)現(xiàn)有必要在開(kāi)設(shè)期權(quán)賬戶時(shí)咨詢多家公司。
(iv) A description of all costs in addition to the purchase price which may be incurred if the commodity option is exercised, including the amount of commissions (whether termed sales commissions or otherwise), storage, interest, and all similar fees and charges which may be incurred;
(iv) 所有的成本，加上商品期權(quán)執(zhí)行時(shí)可能帶來(lái)的購(gòu)買(mǎi)價(jià)格的說(shuō)明，包括傭金的數(shù)額（無(wú)論是以賣(mài)出傭金計(jì)還是以其他方式）、存儲(chǔ)、利息和所有可能的類(lèi)似費(fèi)用和收費(fèi)。
(v) An explanation and understanding of the option margining system;
期權(quán)保證金制度的解釋和理解。
(vi) A clear explanation and understanding of any clauses in the option contract and of any items included in the option contract explicitly or by reference which might affect the customer's obligations under the contract. This would include any policy of the futures commission merchant or the introducing broker or rule of the exchange on which the option is traded that might affect the customer's ability to fulfill the option contract or to offset the option position in a closing purchase or closing sale transaction (for example, due to unforeseen circumstances that require suspension or termination of trading); and
期權(quán)合約任一條款的明確解釋和理解，以及期權(quán)合同包含的可能會(huì)影響客戶在合約中義務(wù)的條款的解釋和理解。這將包括期貨傭金商或中介經(jīng)紀(jì)人的政策或期權(quán)交易所在的交易所的規(guī)定，它們可能會(huì)影響客戶履行期權(quán)合約、在平倉(cāng)購(gòu)買(mǎi)或平倉(cāng)賣(mài)出交易中沖抵期權(quán)頭寸的能力（比如，因?yàn)槟承┎豢深A(yù)見(jiàn)的、要求暫?；蚪K止交易的情況）；以及
(vii) If applicable, a description of the effect upon the value of the option position that could result from limit moves in the underlying futures contract.
如果適用的話，對(duì)期權(quán)頭寸價(jià)值影響因素的說(shuō)明，比如基礎(chǔ)期貨合約的漲跌停的影響。
(3) The mechanics of option trading 期權(quán)交易的機(jī)制
Before entering into any exchange-traded option transaction, an individual should obtain a description of how commodity options are traded.
一個(gè)人在從事交易所交易期權(quán)交易之前，應(yīng)該獲取一份介紹商品期權(quán)如何交易的說(shuō)明。
Option customers should clearly understand that there is no guarantee that option positions may be offset by either a closing purchase or closing sale transaction on an exchange. In this circumstance, option grantors could be subject to the full risk of their positions until the option position expires, and the purchaser of a profitable option might have to exercise the option to realize a profit.
期權(quán)客戶應(yīng)該明確理解交易所不會(huì)保證期權(quán)頭寸可以通過(guò)平倉(cāng)購(gòu)買(mǎi)或者平倉(cāng)賣(mài)出交易得到?jīng)_抵。在此情況下，期權(quán)出讓人在期權(quán)頭寸到期之前，可能面臨其頭寸的全部風(fēng)險(xiǎn)，某個(gè)有利可圖的期權(quán)的購(gòu)買(mǎi)者可能必須執(zhí)行該期權(quán)才能實(shí)現(xiàn)盈利。
For an option on a futures contract, an individual should clearly understand the relationship between exchange rules governing option transactions and exchange rules governing the underlying futures contract. For example, an individual should understand what action, if any, the exchange will take in the option market if trading in the underlying futures market is restricted or the futures prices have made a "limit move."
對(duì)于一個(gè)期貨合約的期權(quán)而言，投資者必須明確的理解關(guān)于期權(quán)交易的交易所規(guī)定和關(guān)于基礎(chǔ)期貨合約的交易所規(guī)定之間的關(guān)系。 比如，投資者應(yīng)該理解，如果基礎(chǔ)期貨市場(chǎng)的交易受到限制，或者期貨價(jià)格出現(xiàn)漲跌停的時(shí)候，交易所在期權(quán)市場(chǎng)如果采取行動(dòng)的話，會(huì)采取什么樣的行動(dòng)。
The individual should understand that the option may not be subject to daily price fluctuation limits while the underlying futures may have such limits, and, as a result, normal pricing relationships between options and the underlying future may not exist when the future is trading at its price limit. Also, underlying futures positions
resulting from exercise of options may not be capable of being offset if the underlying future is at a price limit.
投資者應(yīng)該理解期權(quán)可能不受每日價(jià)格波動(dòng)限制的制約，而基礎(chǔ)期貨可能會(huì)有這種限制。因此，當(dāng)期貨在其價(jià)格限制內(nèi)交易時(shí)，期權(quán)和基礎(chǔ)期貨之間的正常定價(jià)關(guān)系可能不存在。而且，如果基礎(chǔ)期貨在一個(gè)價(jià)格限制上的話，期權(quán)執(zhí)行帶來(lái)的基礎(chǔ)期貨頭寸可能無(wú)法被沖抵。
(4) Margin requirements 保證金要求
An individual should know and understand whether the option he or she is contemplating trading is subject to a stock-style or futures-style system of margining. Stock-style margining requires the purchaser to pay the full option premium at the time of purchase. The purchaser has no further financial obligations, and the risk of loss is limited to the purchase price and transaction costs. Futures-style margining requires the purchaser to pay initial margin only at the time of purchase. The option position is marked to market, and gains and losses are collected and paid daily. The purchaser's risk of loss is limited to the initial option premium and transaction costs.
投資者應(yīng)該知道并理解他（她）考慮交易的期權(quán)是從屬于證券型還是期貨型保證金制度。證券型保證金制度要求買(mǎi)家在購(gòu)買(mǎi)時(shí)支付全部的期權(quán)費(fèi)。買(mǎi)家沒(méi)有更多的金融義務(wù)，虧損的風(fēng)險(xiǎn)限制在購(gòu)買(mǎi)價(jià)格和交易成本之內(nèi)。期貨型保證金制度要求買(mǎi)家在購(gòu)買(mǎi)時(shí)僅支付初始保證金。期權(quán)頭寸逐日結(jié)算保證金，每天支付和收繳損益。買(mǎi)家虧損的風(fēng)險(xiǎn)限制在初始期權(quán)費(fèi)和交易成本之內(nèi)。
An individual granting options under either a stock-style or futures-style system of margining should understand that he or she may be required to pay additional margin in the case of adverse market movements.
在證券型或者期貨型保證金制度下出讓期權(quán)的人應(yīng)該理解他（她）可能被要求在不利的市場(chǎng)條件下增加保證金。
(5) Profit potential of an option position 期權(quán)頭寸的潛在利潤(rùn)
An option customer should carefully calculate the price which the underlying futures contract or underlying physical commodity would have to reach for the option position to become profitable. Under a stock-style margining system, this price would include the amount by which the underlying futures contract or underlying physical commodity
would have to rise above or fall below the strike price to cover the sum of the premium and all other costs incurred in entering into and exercising or closing (offsetting) the commodity option position. Under a future-style margining system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option position would become profitable once the variation margin collected exceeded the cost of entering the contract position.
期權(quán)客戶應(yīng)該仔細(xì)計(jì)算基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品必須達(dá)到什么價(jià)格，該期權(quán)頭寸才能盈利。在證券型保證金制度下，該價(jià)格包括基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品必須高出或低于執(zhí)行價(jià)格的數(shù)額，才能抵償期權(quán)費(fèi)的總額以及參加并執(zhí)行或平倉(cāng)（沖抵）該商品期權(quán)頭寸帶來(lái)的所有其他費(fèi)用。在期貨型保證金制度下，期權(quán)頭寸逐日結(jié)算保證金，每天支付和收繳損益。一旦收繳的價(jià)格變動(dòng)保證金超出進(jìn)入合約頭寸的成本，期權(quán)頭寸就有利可圖。
Also, an option customer should be aware of the risk that the futures price prevailing at the opening of the next trading day may be substantially different from the futures price which prevailed when the option was exercised. Similarly, for options on physicals that are cash settled, the physicals price prevailing at the time the option is exercised may differ substantially from the cash settlement price that is determined at a later time. Thus, if a customer does not cover the position against the possibility of underlying commodity price change, the realized price upon option exercise may differ substantially from that which existed at the time of exercise.
另外，期權(quán)客戶應(yīng)該意識(shí)到這一風(fēng)險(xiǎn)：下一個(gè)交易日開(kāi)盤(pán)時(shí)占優(yōu)勢(shì)的期貨價(jià)格可能會(huì)與期權(quán)執(zhí)行時(shí)占優(yōu)勢(shì)的期貨價(jià)格有很大的不同。同樣，對(duì)于以現(xiàn)金結(jié)算的實(shí)物商品期權(quán)而言，期權(quán)被執(zhí)行時(shí)占優(yōu)勢(shì)的實(shí)物商品的價(jià)格可能與晚些時(shí)候決定的現(xiàn)金結(jié)算價(jià)格有很大的不同。因此，如果客戶不針對(duì)基礎(chǔ)商品價(jià)格變化的可能性補(bǔ)進(jìn)頭寸，期權(quán)執(zhí)行時(shí)的實(shí)現(xiàn)價(jià)格可能與執(zhí)行時(shí)存在的價(jià)格有很大的不同。
(6) Deep-out-of-the-money options 深度虛值期權(quán)
A person contemplating purchasing a deep-out-of-the-money option (that is, an option with a strike price significantly above, in the case of a call, or significantly below, in the case of a put, the current price of the underlying futures contract or underlying physical commodity) should be aware that the chance of such an option
becoming profitable is ordinarily remote.
考慮購(gòu)買(mǎi)深度虛值期權(quán)（對(duì)于看漲期權(quán)而言，執(zhí)行價(jià)格顯著高于基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的市場(chǎng)價(jià)格的期權(quán)，或者對(duì)于看跌期權(quán)而言，顯著低于基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的市場(chǎng)價(jià)格的期權(quán)）的人應(yīng)該認(rèn)識(shí)到類(lèi)似期權(quán)盈利的機(jī)會(huì)非常遙遠(yuǎn)。
On the other hand, a potential grantor of a deep-out-of-the-money option should be aware that such options normally provide small premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure statement.
另一方面，某深度虛值期權(quán)潛在的出讓人應(yīng)該認(rèn)識(shí)到此類(lèi)期權(quán)通常提供較少的期權(quán)費(fèi)，但是出讓人面對(duì)本披露聲明第一條包含的所有風(fēng)險(xiǎn)。
(7) Glossary of terms 術(shù)語(yǔ)匯編
(i) Contract market -Any board of trade (exchange) located in the United States which has been designated by the Commodity Futures Trading Commission to list a futures contract or commodity option for trading.
合約市場(chǎng)—任何位于美國(guó)的、被商品期貨交易委員會(huì)指定將期貨合約或商品期貨掛牌交易的交易委員會(huì)（交易所）。
(ii) Exchange-traded option; put option; call option-The options discussed in this disclosure statement are limited to those which may be traded on a contract market. These options (subject to certain exceptions) give an option purchaser the right to buy in the case of a call option, or to sell in the case of a put option, a futures contract or the physical commodity underlying the option at the stated strike price prior to the expiration date of the option. Each exchange-traded option is distinguished by the underlying futures contract or underlying physical commodity, strike price, expiration date, and whether the option is a put or a call.
交易所交易期權(quán)，看跌期權(quán)，看漲期權(quán)—本披露聲明討論的期權(quán)限于那些可以在某合約市場(chǎng)交易的期權(quán)。這些期權(quán)（服從于某些例外情況）給期權(quán)購(gòu)買(mǎi)者以下權(quán)利：在看漲期權(quán)的情況下，在該期權(quán)到期日之前，以規(guī)定的執(zhí)行價(jià)格買(mǎi)入作為該期權(quán)基礎(chǔ)的期貨合約或者實(shí)物商品的權(quán)利，在看跌期權(quán)的情況下，在該期權(quán)到期日之前，以規(guī)定的執(zhí)行價(jià)格賣(mài)出作為該期權(quán)基礎(chǔ)的期貨合約或者實(shí)物商品的權(quán)利。每個(gè)交易所交易期權(quán)由基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品，執(zhí)行價(jià)格，到期日以及該期權(quán)是看漲還是看跌加以區(qū)分。
(iii) Underlying futures contract -The futures contract which may be purchased or sold upon the exercise of an option on a futures contract.
基礎(chǔ)期貨合約—在某期貨合約期權(quán)的執(zhí)行時(shí)買(mǎi)入或者賣(mài)出的期貨合約。
(iv) Underlying physical commodity-The commodity of a specific grade (quality) and quantity which may be purchased or sold upon the exercise of an option on a physical commodity.
基礎(chǔ)實(shí)物商品—某一特定等級(jí)（質(zhì)量）和數(shù)量的商品，可能在某實(shí)物商品期權(quán)執(zhí)行之時(shí)被買(mǎi)入或賣(mài)出。
(v) Class of options-A put or a call covering the same underlying futures contract or underlying physical commodity.
期權(quán)類(lèi)別—對(duì)相同基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的看跌期權(quán)和看漲期權(quán)。
(vi) Series of options-Options of the same class having the same strike price and expiration date.
期權(quán)系列—具有相同類(lèi)別，相同的執(zhí)行價(jià)格和相同到期日的期權(quán)。
(vii) Exercise price-See strike price. 執(zhí)行價(jià)格—見(jiàn)履約價(jià)格。
(viii) Expiration date-The last day when an option may be exercised.
到期日—某期權(quán)能被執(zhí)行的最后日期。
(ix) Premium-The amount agreed upon between the purchaser and seller for the purchase or sale of a commodity option.
期權(quán)費(fèi)—買(mǎi)家或賣(mài)家就買(mǎi)入或賣(mài)出某商品期權(quán)達(dá)成一致的金額。
(x) Strike price-The price at which a person may purchase or sell the underlying futures contract or underlying physical commodity upon exercise of a commodity option. This term has the same meaning as the term "exercise price."
履約價(jià)格—某人在執(zhí)行某個(gè)商品期貨時(shí)買(mǎi)入或賣(mài)出基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格。本術(shù)語(yǔ)與“執(zhí)行價(jià)格”意義相同。
(xi) Short option position-See opening sale transaction.
空頭期貨頭寸—見(jiàn)開(kāi)倉(cāng)賣(mài)出交易
(xii) Long option position-See opening purchase transaction.
多頭期貨頭寸—見(jiàn)開(kāi)倉(cāng)買(mǎi)入交易
(xiii) Types of options transactions 期貨交易類(lèi)型
(A) Opening purchase transaction-A transaction in which an individual purchases an option and thereby obtains a long option position.
開(kāi)倉(cāng)買(mǎi)入交易—投資者買(mǎi)入某頭寸，增加多頭期貨頭寸的交易。
(B) Opening sale transaction-A transaction in which an individual grants an option and thereby obtains a short option position.
開(kāi)倉(cāng)賣(mài)出交易—投資者出讓某頭寸，增加空頭期貨頭寸的交易。
(C) Closing purchase transaction-A transaction in which an individual with a short option position liquidates the position. This is accomplished by a closing purchase transaction for an option of the same series as the option previously granted. Such a transaction may be referred to as an offset transaction.
平倉(cāng)買(mǎi)入交易—持有空頭期權(quán)頭寸的投資者結(jié)清頭寸的交易。平倉(cāng)買(mǎi)入交易時(shí)買(mǎi)入的期權(quán)和早些時(shí)候賣(mài)出的期權(quán)是相同系列的。這一交易可以稱之為沖抵交易。
(D) Closing sale transaction-A transaction in which an individual with a long option position liquidates the position. This is accomplished by a closing sale transaction for an option of the same series as the option previously purchased. Such a transaction may be referred to as an offset transaction.
平倉(cāng)賣(mài)出交易—持有多頭期權(quán)頭寸的投資者結(jié)清頭寸的交易。平倉(cāng)賣(mài)出交易時(shí)賣(mài)出的期權(quán)和早些時(shí)候買(mǎi)入的期權(quán)是相同系列的。這一交易可以稱之為沖抵交易。
(xiv) Purchase price-The total actual cost paid or to be paid, directly or indirectly, by a person to acquire a commodity option. This price includes all commissions and other fees, in addition to the option premium.
購(gòu)買(mǎi)價(jià)格—某投資者為收購(gòu)某商品期貨直接地或間接地支付，或即將支付的所有實(shí)際成本。這一價(jià)格包括除期權(quán)費(fèi)外的所有的傭金和其他費(fèi)用。
(xv) Grantor, writer, seller-An individual who sells an option. Such a person is said to have a short position.
出讓者，立權(quán)者，賣(mài)家—售出某期權(quán)的投資者。這樣的投資者持有空頭頭寸。
(xvi) Purchaser-An individual who buys an option. Such a person is said to have a long position.
買(mǎi)家—買(mǎi)入某期權(quán)的投資者。這樣的投資者持有多頭頭寸。
Electronic Trading and Order Routing Systems Disclosure Statement*
電子交易系統(tǒng)和訂單引導(dǎo)系統(tǒng)的公開(kāi)聲明
Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchange(s) offering the system and/or listing contracts you intend to trade.
電子交易和訂單引導(dǎo)系統(tǒng)不同于傳統(tǒng)的公開(kāi)喊價(jià)交易池交易和人工買(mǎi)賣(mài)盤(pán)傳遞的方法。使用電子系統(tǒng)的交易要服從提供該系統(tǒng)和/或掛牌該合同的交易所的規(guī)章制度。在你進(jìn)行使用電子系統(tǒng)的交易之前，你應(yīng)該認(rèn)真閱讀提供該系統(tǒng)和/或掛牌你欲交易的合同的交易所的規(guī)章制度
DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS
電子交易系統(tǒng)之間的差別
Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.
通過(guò)電子系統(tǒng)進(jìn)行交易或者買(mǎi)賣(mài)盤(pán)傳遞因不同的電子系統(tǒng)而大不相同。你應(yīng)該咨詢提供電子系統(tǒng)和/或掛牌被交易合同或傳遞買(mǎi)賣(mài)盤(pán)的交易所的規(guī)章制度，以了解—就交易系統(tǒng)而言—該系統(tǒng)的對(duì)盤(pán)程序，開(kāi)盤(pán)和收盤(pán)程序和價(jià)格，錯(cuò)誤交易政策以及交易限制或要求，就整個(gè)系統(tǒng)而言，對(duì)可能進(jìn)入該系統(tǒng)的買(mǎi)賣(mài)盤(pán)類(lèi)型的終止和限制的進(jìn)入和底價(jià)的資格認(rèn)證。以上的每一項(xiàng)事宜可能都會(huì)給使用某系統(tǒng)交易帶來(lái)不同的風(fēng)險(xiǎn)因素。每一系統(tǒng)還可能表現(xiàn)出與系統(tǒng)進(jìn)入、不同的反應(yīng)時(shí)間和安全等方面的風(fēng)險(xiǎn)。就以因特網(wǎng)為基礎(chǔ)的系統(tǒng)而言，可能有與系統(tǒng)進(jìn)入、不同的反應(yīng)時(shí)間和安全有關(guān)的其他類(lèi)型的風(fēng)險(xiǎn)，以及與電子郵件的服務(wù)供應(yīng)商、接收和監(jiān)督有關(guān)的風(fēng)險(xiǎn)。
Risks Associated with System Failure
與系統(tǒng)故障有關(guān)的風(fēng)險(xiǎn)
Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority.
通過(guò)電子交易或者買(mǎi)賣(mài)盤(pán)傳遞系統(tǒng)交易將使你面臨系統(tǒng)或組件故障而導(dǎo)致的風(fēng)險(xiǎn)。如果系統(tǒng)或其組件發(fā)生故障，有可能在某一時(shí)間段內(nèi)，你無(wú)法輸入新的指令，執(zhí)行現(xiàn)有指令，或修改、刪除早些時(shí)候輸入的指令。系統(tǒng)或組件的故障可能會(huì)導(dǎo)致指令或指令優(yōu)先權(quán)的丟失。
Simultaneous Open Outcry Pit and Electronic Trading
同時(shí)公開(kāi)喊價(jià)交易池和電子交易
Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.
某些由電子交易系統(tǒng)提供的合約可以在相同的交易時(shí)間以電子方式和通過(guò)公開(kāi)喊價(jià)方式進(jìn)行交易。你應(yīng)該了解提供該系統(tǒng)和/或掛牌該合約的交易所的規(guī)章制度，以確定那些不指定特定程序的指令如何得以執(zhí)行。
Limitation of Liability責(zé)任限制
Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.
提供電子交易或買(mǎi)賣(mài)盤(pán)傳遞系統(tǒng)和/或掛牌合約的交易所可能采取了限制他們、期貨傭金商、軟件和通信系統(tǒng)銷(xiāo)售商的責(zé)任以及限制因系統(tǒng)故障或延遲你可以得到的賠償數(shù)額的規(guī)定，這些責(zé)任限制規(guī)定因不同的交易所而有所不同。你應(yīng)該咨詢相關(guān)交易所的規(guī)章制度以理解這些責(zé)任限制。
*Each exchange's relevant rules are available upon request from the industry professional with whom you have an account. Some exchange's relevant rules also are available on the exchange's internet home page.
*提出要求，你就可以從你與之開(kāi)設(shè)賬戶的從業(yè)人員那里得到每個(gè)交易所的相關(guān)規(guī)定。某些交易所的相關(guān)規(guī)定還能從該交易所的因特網(wǎng)主頁(yè)上得到。
Risk Disclosure for futures and Options 證券期貨風(fēng)險(xiǎn)披露
This disclosure statement discusses the characteristics and risks of standardized security futures contracts traded on regulated U.S. exchanges. At present, regulated exchanges are authorized to list futures contracts on individual equity securities registered under the Securities Exchange Act of 1934 (including common stock and certain exchange-traded funds and American Depositary Receipts), as well as narrow-based security indices. Futures on other types of securities and options on security futures contracts may be authorized in the future. The glossary of terms appears at the end of the document.
本披露聲明討論的是在規(guī)定美國(guó)交易所交易的標(biāo)準(zhǔn)化證券期貨合約的特點(diǎn)和風(fēng)險(xiǎn)。當(dāng)前，規(guī)定交易所得到授權(quán)掛牌《1934年證券交易法》記錄的個(gè)人權(quán)益證券期貨合約（包括普通股和某些交易所交易基金以及美國(guó)存托憑證）和窄盤(pán)證券指數(shù)。將來(lái)，其他類(lèi)型的證券期貨和證券期貨合約期權(quán)將得到授權(quán)。術(shù)語(yǔ)匯編見(jiàn)本文件結(jié)尾處。
Customers should be aware that the examples in this document are exclusive of fees and commissions that may decrease their net gains or increase their net losses. The examples also do not include tax consequences, which may differ for each customer.
客戶應(yīng)該認(rèn)識(shí)到本文件中的例子不包括費(fèi)用和傭金，而費(fèi)用和傭金可以減少他們的凈收益或增加他們的凈虧損。這些例子還不包括稅收結(jié)果，每個(gè)客戶的稅收結(jié)果可能有所不同。
Section 1 - Risks of Security Futures 第一部分—證券期貨的風(fēng)險(xiǎn)
1.1. Risks of Security Futures Transactions 證券期貨交易的風(fēng)險(xiǎn)
Trading security futures contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because futures trading is highly leveraged, with a
relatively small amount of money used to establish a position in assets having a much greater value. If you are uncomfortable with this level of risk, you should not trade security futures contracts.
交易證券期貨合約可能并不適合所有的投資者。你可能會(huì)在很短的時(shí)間內(nèi)蒙受大量的損失。你虧損的金額有可能是沒(méi)有限制的，可能超過(guò)你起先存在你的經(jīng)紀(jì)人處的金額。這是因?yàn)槠谪浗灰子泻芨叩母軛U效應(yīng)，相對(duì)較小金額的金錢(qián)可以用來(lái)建立價(jià)值大得多的頭寸。到如果你不能接受這樣程度的風(fēng)險(xiǎn)，你不應(yīng)該進(jìn)行證券期貨合約交易。
1.2. General Risks 一般風(fēng)險(xiǎn)
Trading security futures contracts involves risk and may result in potentially unlimited losses that are greater than the amount you deposited with your broker. As with any high risk financial product, you should not risk any funds that you cannot afford to lose, such as your retirement savings, medical and other emergency funds, funds set aside for purposes such as education or home ownership, proceeds from student loans or mortgages, or funds required to meet your living expenses.
交易證券期貨合約伴隨著風(fēng)險(xiǎn)，可能會(huì)導(dǎo)致遠(yuǎn)高于你存在你的經(jīng)紀(jì)人處金額的虧損。虧損將是沒(méi)有限制的。正如任何高風(fēng)險(xiǎn)的金融產(chǎn)品一樣，你不應(yīng)該拿你無(wú)法負(fù)擔(dān)虧損的資金來(lái)冒險(xiǎn)，比如你的退休存款、醫(yī)療和其他應(yīng)急資金及存作下列用途的資金：教育、家庭住宅所有權(quán)，學(xué)生貸款或按揭貸款，或者滿足你生活開(kāi)支的資金。
Be cautious of claims that you can make large profits from trading security futures contracts. Although the high degree of leverage in security futures contracts can result in large and immediate gains, it can also result in large and immediate losses. As with any financial product, there is no such thing as a "sure winner."
不要輕易聲稱你可以靠證券期貨合約交易賺取很大利潤(rùn)。盡管證券期貨合約的高度杠桿效應(yīng)可能很快帶來(lái)大量收益，但它也很快可能帶來(lái)大量虧損。正如其他金融產(chǎn)品一樣，沒(méi)有“常勝將軍”。
Where the Customer is a partnership, the Customer represents that the General or Limited Partnership Agreement is in writing and provides that the partnership will not terminate upon the death or incapacity of any one of the partners; the partners and the partnership are in compliance with and shall remain in compliance with all rules and regulations applicable to their activities including, but not limited to, the rules and regulations of the CFTC, NFA, the Commodity Exchange Act, and State Laws in which the partnership was formed; the partners are jointly and severally liable to EXCHANGE for any and all transactions and obligations made in conjunction with this account and are bound by all terms and conditions of this Agreement; and the partnership shall promptly notify EXCHANGE in writing of the death or retirement of any partner, or any change in the partnership agreement. The estate of any of
the general partners who shall have died shall be liable, and each survivor shall continue to be liable, to EXCHANGE for any debit balance or loss in the account resulting from the completion of transactions initiated prior to receipt by EXCHANGE of such written notice of death or incurred in the liquidation of the account after receipt of notice of death of a partner.
當(dāng)客戶為合伙人時(shí)，客戶闡明《普通和有限合伙協(xié)議》是書(shū)面的，規(guī)定當(dāng)任一合伙人死亡或無(wú)能力時(shí)，合伙不會(huì)中止，合伙人和合伙將遵守，并將一直遵守所有可以應(yīng)用于他們行為的規(guī)章制度，包括，但不限于，商品期貨交易委員會(huì)（CFTC）,全國(guó)期貨協(xié)會(huì)（NFA）的規(guī)章制度，商品交易法和該合伙建立所在州的州法律，合伙人對(duì)任何和所有與該賬戶一起形成的交易和義務(wù)對(duì)交易所負(fù)有連帶責(zé)任，并受本協(xié)議所有條款合條件的約束。某合伙人死亡或退休時(shí)，或者合伙協(xié)議發(fā)生任何變化時(shí)，該合伙應(yīng)該及時(shí)書(shū)面通知交易所。任何已經(jīng)死亡的普通合伙人的不動(dòng)產(chǎn)對(duì)交易所有責(zé)任償還，以及每個(gè)剩下來(lái)的合伙人應(yīng)該繼續(xù)對(duì)交易所有責(zé)任償還任何在交易所接到此書(shū)面的死亡通知之前開(kāi)始的交易給賬戶帶來(lái)的借方余額或損失，或者在接到某一合伙人死亡通知以后賬戶清算導(dǎo)致的借方余額或損失。
28. ERISA Pension Plan Accounts ERISA退休金計(jì)劃賬戶
Where the Customer is a plan covered by the Employee Retirement Security Act of 1974 (“ERISA”), Customer acknowledges and understands that EXCHANGE is only providing services hereunder and is not a plan fiduciary as defined in ERISA, and any rules or regulations promulgated there under FG has no discretionary authority or control
with respect to Customers purchase or sale of futures contracts and that the furnishing of market recommendations and information by EXCHANGE is solely for Customers convenience and does not constitute the exercise of such authority or control; and there is no agreement, arrangement, or understanding between Customer and EXCHANGE for investment decisions with respect to the assets of Customer or that EXCHANGE will render individualized investment advice to Customer based on the particular needs of Customer. Customer further represents that it has full power and
authority pursuant to governing agreements and otherwise to enter into this Agreement and to engage in transactions of the kind contemplated herein.
當(dāng)客戶是《1974年雇員退休保障法》（以下簡(jiǎn)稱ERISA）適用的一個(gè)計(jì)劃時(shí)，客戶確認(rèn)和知道交易所只提供以下的服務(wù)，不是ERISA及其轄的規(guī)章制度定義的一個(gè)信托計(jì)劃 ,關(guān)于客戶購(gòu)買(mǎi)或者銷(xiāo)售期貨合約，交易所沒(méi)有自由決定權(quán)和控制權(quán)。交易所提供市場(chǎng)建議和信息只是為了方便客戶，并不構(gòu)成決定權(quán)和控制權(quán)的實(shí)施?？蛻艉徒灰姿g沒(méi)有關(guān)于客戶資產(chǎn)投資決定的協(xié)議、安排和諒解，交易所將按照客戶的個(gè)別需要，為客戶提供個(gè)人化的投資建議?？蛻暨€闡明按照管理協(xié)議它有完全的能力和授權(quán)，否則，即簽署本協(xié)議，從事此處考慮的交易。
29. NO WAIVER OR AMENDMENT 無(wú)豁免或修正
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of EXCHANGE. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by EXCHANGE or EXCHANGE’s agents to assert EXCHANGE’s right under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments 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.
本協(xié)議的條款都不能豁免或修正，除非客戶和交易所的授權(quán)官員一同簽署了豁免和修正的書(shū)面形式。在任何情況下，本協(xié)議各方的任何行為過(guò)程，或者交易所或交易所的代理人未能聲明本協(xié)議下交易所的權(quán)力，都不意味著本協(xié)議有豁免或者修正。相反的口頭協(xié)議或指示不是可接收的或可實(shí)施的。本文件和此處的附件包含了各方的整個(gè)協(xié)議，取代任何和所有先前的書(shū)面和口頭協(xié)議，除了此處包含的條款、條件或義務(wù)，沒(méi)有其他的條款、條件或義務(wù)。
30. GOVERNING LAW AND JURISDICTION 管理法和權(quán)限
This Agreement, and the parties’ rights and obligations here to, shall be governed by, construed and enforced in all respects by the laws of the State of Illinois, where EXCHANGE’s main office is located.
本協(xié)議以及各方于此的權(quán)利和義務(wù)在各方面都應(yīng)在伊利諾斯州法律的統(tǒng)治、解釋和實(shí)施之下。伊利諾斯州是交易所總部的所在地。
If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions and conditions shall not be affected and this Agreement shall be carried out as if any such invalid or unenforceable provision or condition was not contained herein. This Agreement or any section thereof shall not be construed against any party due to the fact that said Agreement or any section
thereof was drafted by said party.
如果有法庭、管制或自我管制機(jī)構(gòu)或組織認(rèn)為本協(xié)議的任何條款和條件無(wú)效，此無(wú)效性和不能執(zhí)行性只應(yīng)適用于這些條款和條件。其余條款和條件的有效性不應(yīng)受到影響，本協(xié)議應(yīng)繼續(xù)得以執(zhí)行，就好像上述無(wú)效的和不能執(zhí)行的條款或條件不包含在此協(xié)議內(nèi)。本協(xié)議及其任何條款的解釋不應(yīng)不利于任何一方，因?yàn)楸緟f(xié)議及其任何條款都是由上述各方起草的。
31. FOREIGN CUSTOMER NOTICE 國(guó)外客戶公告
Where Customer is not a resident of the United States (hereinafter referred to as “Foreign Customer”), Regulation 15:05 of the United States Code of Federal Regulations (CFR) deems EXCHANGE to be Foreign Customers agent for purposes of accepting delivery and service of any communication issued by or on behalf of the CFTC with respect to any futures or options contracts which are or have been maintained in Foreign Customers account carried by EXCHANGE. Service or delivery of any communication issued by or on behalf of the CFTC to EXCHANGE constitutes valid and effective service or delivery upon the Foreign Customer. Further, pursuant to Regulation 18:07 CFR, may required a Foreign Customer to comply with the filing of various reports with the CFTC upon twenty days notice, except where such Foreign Customer may be required by the CFTC to file such reports within one business day after a special call by the CFTC upon such Foreign Customer. In the event that the CFTC, pursuant to Regulation 21:03 CFR issues a call for information on the account of a Foreign Customer, EXCHANGE, as your agent, may be required to provide any and all information concerning Foreign Customers account, including but not limited to Foreign Customers name and address and the name and address of persons having a ten percent or more beneficial interest in the account, total open futures and options positions in the account and the number of futures contracts against which delivery notices have been issued or received or against which exchanges of futures for cash have been transacted for the period of time specified in the call.
如果客戶不是美國(guó)的居民（以下稱為“國(guó)外客戶”），美國(guó)聯(lián)邦法規(guī)(CFR)的15:05規(guī)定主張交易所是國(guó)外客戶代理人，為交易所持有的外國(guó)客戶的賬戶上現(xiàn)有的或者曾經(jīng)有的任何期貨或期權(quán)合約，接收商品期貨交易委員會(huì)（CFTC）發(fā)出的或代表商品期貨交易委員會(huì)（CFTC）的任何通信的發(fā)送和服務(wù)。商品期貨交易委員會(huì)（CFTC）向交易所發(fā)出的或代表商品期貨交易委員會(huì)（CFTC）的任何信息的服務(wù)或遞送構(gòu)成對(duì)外國(guó)客戶有效和實(shí)際的服務(wù)或遞送。另外，根據(jù)CFR的18:07規(guī)定，可能會(huì)要求某外國(guó)客戶履行將商品期貨交易委員會(huì)（CFTC）的各種報(bào)告歸檔，提前20天給出通知，除非商品期貨交易委員會(huì)（CFTC）特別致電此外國(guó)客戶，要求這個(gè)外國(guó)客戶在一個(gè)工作日內(nèi)歸檔此類(lèi)報(bào)告。如果商品期貨交易委員會(huì)（CFTC）根據(jù)CFR第21:03條規(guī)定，要求得到某一外國(guó)客戶賬戶的信息，交易所作為您的代理人，可能會(huì)被要求提供任何或所有關(guān)于外國(guó)客戶賬戶的信息，包括但不限于外國(guó)客戶的姓名、地址以及在該賬戶有著10%或超過(guò)10%受益權(quán)的人的姓名和地址，該賬戶所有期貨和期權(quán)的風(fēng)險(xiǎn)頭寸，以及已經(jīng)收到交割通知書(shū)的期貨合約的數(shù)量和交割通知書(shū)已經(jīng)發(fā)出的對(duì)象期貨合約的數(shù)量，或者在上述要求指定的時(shí)間期限內(nèi)已經(jīng)辦理的期貨換現(xiàn)金交易的期貨合約的數(shù)量。
32. TERMINATION 終止
This Agreement shall continue in effect until termination. Customer may terminate this Agreement only at a time when Customer has no open commodity positions and no liabilities held by or owed to EXCHANGE. Termination by Customer shall be effective upon the actual receipt by EXCHANGE, at EXCHANGE’s main office, of written notice of
termination. EXCHANGE may terminate this Agreement at any time. If EXCHANGE elects to terminate this Agreement, EXCHANGE shall have the right, in EXCHANGE’s sole discretion, to sell any property in any account of the Customer, and to close out and liquidate any and all outstanding transactions of Customer, and any such sales or purchases shall be at EXCHANGE’s discretion on any exchange or other market. Prior demand, call or notice of the time and place of such sale or purchase, shall not be construed to be a waiver of EXCHANGE’s rights to sell or to buy without demand or notice. Termination by EXCHANGE shall be effective upon the transmittal of written notice of termination to Customer. Customer’s obligations to EXCHANGE arising out of any deficit balance or indemnification shall survive the termination of this Agreement.
本協(xié)議將保持有效，直至協(xié)議終止。只有當(dāng)客戶沒(méi)有風(fēng)險(xiǎn)商品頭寸時(shí)以及對(duì)交易所沒(méi)有負(fù)債時(shí)，客戶才可以終止此協(xié)議。交易所總部確實(shí)收到客戶終止此協(xié)議的書(shū)面通知，客戶的終止才是有效的。交易所可以在任何時(shí)候終止此協(xié)議。如果交易所選擇終止此協(xié)議，交易所應(yīng)該有權(quán)利自行決定賣(mài)出客戶任何賬戶上的任何財(cái)產(chǎn)，停止和清算客戶的任何和所有未清算交易，任何此類(lèi)的出售和購(gòu)買(mǎi)在任何交易所或其他市場(chǎng)應(yīng)由交易所自行決定。之前關(guān)于此類(lèi)出售或購(gòu)買(mǎi)的時(shí)間和地點(diǎn)的要求、通知不應(yīng)被解釋為交易所放棄無(wú)需要求或通知就可以出售或購(gòu)買(mǎi)的權(quán)利。交易所向客戶發(fā)出終止的書(shū)面的通知，則交易所的終止生效?？蛻魧?duì)交易所的，來(lái)自赤字余額或賠償?shù)牧x務(wù)在本協(xié)議終止后仍然存在。
33. INDEMNIFICATION 賠償
Customer agrees to indemnify and hold harmless EXCHANGE, EXCHANGE’s affiliates, employees, agents, successors and assigns from and against any and all liabilities, losses, damages, costs and expenses, including attorneys fees, incurred by EXCHANGE arising out of Customers failure to fully and timely perform Customers agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to be responsible for and pay promptly to EXCHANGE all damages, costs and expenses, including attorneys fees, incurred by EXCHANGE in the enforcement of any of the provisions of this Agreement and any other agreements between EXCHANGE and Customer. Should customer instigate any legal action against EXCHANGE and is unsuccessful, Customer agrees to indemnify EXCHANGE for all cost EXCHANGE incurs, including but not limited to attorneys’ fees.
客戶同意對(duì)交易所，交易所的分支機(jī)構(gòu)，雇員，代理人，繼承人和受讓人賠償或使他們免于以下各項(xiàng)的法律責(zé)任：任何和所有的負(fù)債、虧損、損失、成本和開(kāi)支，包括由于客戶未能完全和及時(shí)地履行此客戶協(xié)議，或者某些報(bào)告和保證的不真實(shí)和不正確而給交易所招致的律師費(fèi)用?？蛻暨€同意對(duì)所有損失、成本和支出，包括交易所為了執(zhí)行本協(xié)議和交易所與客戶之間的其他協(xié)議的條款而導(dǎo)致的律師費(fèi)用負(fù)責(zé)，并及時(shí)向交易所支付。如果客戶發(fā)起任何針對(duì)交易所的法律訴訟而沒(méi)有成功的話，客戶同意向交易所賠償交易所的所有開(kāi)支，包括但不限于律師費(fèi)用。
34. CROSS TRADE CONSENT 交叉交易許可
Customer acknowledges and agrees that a situation may arise whereby an officer, director, affiliate, associate, employee, floor broker or floor trader associated with EXCHANGE may be the opposing broker for a trade entered for Customer’s Account. Customer consents to any such trans action, subject to any limitations and conditions
contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, the CFTC, NFA, or the United States Federal Reserve Board, or any other regulatory agency.
客戶確認(rèn)并同意可能會(huì)下面這種情況：附屬于交易所的某官員、經(jīng)理、分支機(jī)構(gòu)、合作人、雇員、場(chǎng)內(nèi)經(jīng)紀(jì)人、場(chǎng)內(nèi)交易商可能是客戶賬戶參與的某交易的反向經(jīng)紀(jì)人?？蛻敉獯祟?lèi)交易，服從任何購(gòu)買(mǎi)和售出指令籍以執(zhí)行的銀行，機(jī)構(gòu)，交易所和同業(yè)公會(huì)、商品期貨交易委員會(huì)（CFTC）、全國(guó)期貨協(xié)會(huì)（NFA）或者美國(guó)聯(lián)邦儲(chǔ)備金監(jiān)察小組或任何其他管理機(jī)構(gòu)的規(guī)章制度所包含的任何限制和條件。
35. ELECTRONIC MARKET CONSENT 電子市場(chǎng)許可
Customer authorizes EXCHANGE to enter orders to buy and sell futures contracts on the GLOBEX., the NYMEX ACCESS., and/or the PROJECT A. automated order entry and matching system(s). Customer acknowledges having read and understood the Automated Order Entry Systems Disclosure Statement.
客戶授權(quán)交易所在GLOBEX，NYMEX ACCESS和/或PROJECT A自動(dòng)指令輸入和配對(duì)系統(tǒng)輸入指令進(jìn)行購(gòu)買(mǎi)和售出期貨合約?？蛻舸_認(rèn)已經(jīng)閱讀并已理解象牙色的《風(fēng)險(xiǎn)披露文件》提供的《自動(dòng)指令輸入系統(tǒng)披露聲明》。
36. LINKED MARKET CONSENT 連鎖市場(chǎng)許可
EXCHANGE may from time to time execute transactions as Customer’s agent on a foreign futures exchange to trade futures, options, and/or Exchange for Physical Commodities, (EFP), pursuant to an agreement between the foreign futures exchange and a domestic futures exchange that a trade executed on one exchange liquidates or establishes a
position on the other exchange. Customers who trade on a foreign futures exchange may not be afforded certainty of the protective measures provided by the Commodity Exchange Act, as amended, the CFTC’s regulations, and the rules of NFA, and any domestic futures exchange, including the right to use reparation proceedings before the CFTC and arbitration proceedings provided by NFA or any domestic futures exchange. Customer authorizes EXCHANGE to trade on foreign futures exchanges. Customer understands that Customer may be giving up the right to have arbitration in association with trades on foreign exchanges.
交易所可能會(huì)不時(shí)作為客戶的代理人在交易期貨、期權(quán)的國(guó)外期貨交易所和/或?qū)嵨锷唐方灰姿鶊?zhí)行交易，按照國(guó)外期貨交易所和某個(gè)國(guó)內(nèi)期貨交易所之間的合約，在某一交易所執(zhí)行的一項(xiàng)交易在另一個(gè)交易所清算或者頭寸。在某國(guó)外期貨市場(chǎng)交易的客戶可能不會(huì)得到《商品交易法案》（經(jīng)修正）、商品期貨交易委員會(huì)（CFTC）制度和全國(guó)期貨協(xié)會(huì)（NFA）和任何國(guó)內(nèi)期貨交易所的規(guī)定所提供的保護(hù)性措施，包括在商品期貨交易委員會(huì)（CFTC）使用賠償訴訟的權(quán)利和全國(guó)期貨協(xié)會(huì)（NFA）或其他任何國(guó)內(nèi)期貨交易所提供的仲裁訴訟的權(quán)利?？蛻羰跈?quán)交易所在國(guó)外期貨交易所進(jìn)行交易?？蛻糁?，客戶可以不放棄與國(guó)外交易所上的交易相關(guān)的仲裁的權(quán)利。
37. TERMS AND HEADINGS 術(shù)語(yǔ)和標(biāo)題
The term “EXCHANGE” shall be deemed to include Peregrine Financial Group, Inc., EXCHANGE’s divisions, its successors and assigns. The term “Customer” shall mean the party (or parties) executing the Agreement. The term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the
maintenance of Customer’s Account regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
“交易所”這個(gè)詞應(yīng)被認(rèn)為包括美國(guó)華爾街期貨交易所（Peregrine Financial Group, Inc.）,交易所的部門(mén)及其繼承人和受讓人。 “客戶”這個(gè)詞應(yīng)指執(zhí)行本合約的一方（或多方）。“協(xié)議”這個(gè)詞應(yīng)該包括所有客戶執(zhí)行的、與客戶賬戶的維護(hù)有關(guān)的任何其它協(xié)議和授權(quán)，而不管是什么時(shí)候執(zhí)行。本協(xié)議的段落標(biāo)題只是為了查閱方便而插入的，不限制任何條款的適用性或者影響任何條款的意義。
38. BINDING EFFECT and ACCEPTANCE 約束效果和接受
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with EXCHANGE, irrespective of any change or changes at any time in the personnel of EXCHANGE or EXCHANGE’s successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of EXCHANGE and EXCHANGE’s successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the heirs, estate, executor, trustees, administrators, legal representatives, successors, and assigns of Customer. Customer hereby ratifies all transactions with EXCHANGE effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement. The parties agree that this Agreement shall not be deemed to have been accepted by EXCHANGE or become a binding contract between Customer and EXCHANGE until approved at EXCHANGE’s main office and signed by EXCHANGE’s authorized representative.
本協(xié)議應(yīng)具有持續(xù)性，并應(yīng)該單獨(dú)地和共同地適用于客戶在任何時(shí)候在交易所開(kāi)設(shè)的或重開(kāi)的所有賬戶，與交易所或者EXCHANGE的繼承人、受讓人或分支機(jī)構(gòu)在任何時(shí)候的任何人員變動(dòng)無(wú)關(guān)。本協(xié)議，包括所有的授權(quán)，應(yīng)該有助于交易所和交易所的繼承人和受讓人的利益，不管是通過(guò)兼并，合并或其他方式；并應(yīng)對(duì)客戶和/或客戶的繼承人，不動(dòng)產(chǎn)，遺囑執(zhí)行人，托管人，遺產(chǎn)管理人，法人代表，繼承人和受讓人有約束力。客戶特此認(rèn)可在本協(xié)議日期之前的與交易所的所有交易生效，同意客戶的權(quán)利和義務(wù)為本協(xié)議的條款所支配。各方同意本協(xié)議只有在交易所的總部批準(zhǔn)后，并由交易所的授權(quán)代表簽署之后，才能被認(rèn)為被交易所接受，成為客戶和交易所二者之間的約束性合約。
39. RECORDINGS 錄音
Customer agrees and acknowledges that all conversations regarding Customers Account(s) between Customer and EXCHANGE may be electronically recorded with or without the use of an automatic tone-warning device. Customer 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 Customer or EXCHANGE. Customer understands that EXCHANGE destroys such recordings at regular intervals in accordance with EXCHANGEs established business procedures and Customer consents to such destruction.
客戶同意和承認(rèn)無(wú)論是否使用自動(dòng)錄音警告，美國(guó)百利金融集團(tuán)和客戶之間關(guān)于帳戶的對(duì)話可以通過(guò)電子記錄?？蛻敉?，如果美國(guó)百利金融集團(tuán)和客戶之間可能遇到爭(zhēng)論和訴訟時(shí)，其中一方可以用錄音和記錄做證據(jù)?？蛻衾斫夂驮试S，隨著美國(guó)百利金融集團(tuán)執(zhí)行的商業(yè)流程錄音將被定期清除。
40. FOREIGN CURRENCY TRANSACTION NOTICE 外匯交易通知
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. EXCHANGE IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, EXCHANGE'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS EXCHANGE ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES EXCHANGE OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND EXCHANGE MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS. IF EXCHANGE ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT EXCHANGE MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE EXCHANGE ACTS AS THE BUYER OR SELLER
IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM EXCHANGE OR ANY OF ITS SOLICITORS.
您參與的外匯交易不是在一般的交易所進(jìn)行。美國(guó)百利金融集團(tuán)作為交易活動(dòng)的其中一方，當(dāng)你拋出時(shí)，它就買(mǎi)入，當(dāng)你買(mǎi)入時(shí)，它就賣(mài)出。所以美國(guó)百利金融集團(tuán)的利益可能和你沖突。除非你的書(shū)面協(xié)議或其他書(shū)面文件里注明美國(guó)百利金融集團(tuán)給出的匯價(jià)是與你的交易價(jià)。美國(guó)百利金融集團(tuán)提供的匯價(jià)可能不是最佳市場(chǎng)價(jià)，它可能對(duì)不同客戶的價(jià)格不一樣。如果美國(guó)百利金融集團(tuán)選擇維持本身風(fēng)險(xiǎn)不進(jìn)行相對(duì)的交易，您應(yīng)該意識(shí)到，在市場(chǎng)走勢(shì)不利于您的情況下，美國(guó)百利金融集團(tuán)可能獲利更多。另外，由于美國(guó)百利金融集團(tuán)在交易中既可以是買(mǎi)家也可以是賣(mài)家，所以你得到美國(guó)百利金融集團(tuán)或其經(jīng)紀(jì)商的交易建議后，應(yīng)該仔細(xì)判斷市場(chǎng)情況。
41 . ELECTRONIC SIGNATURE 電子簽名
EXCHANGE may, at its sole discretion, accept electronic signatures. As such, any signature documents signed and transmitted by facsimile, telecopier or similar electronic system may be accepted as original documents. The signature of any person or entity thereon, considered as an original signature, and will have the same binding effect as an original signature.
美國(guó)百利金融集團(tuán)可能根據(jù)自身意愿接受電子簽名。因此，任何簽名后的文件通過(guò)傳真，電子傳真或類(lèi)似電子系統(tǒng)發(fā)送后都會(huì)被認(rèn)作原始文件。任何人或公司的簽字都會(huì)被認(rèn)作原始簽名，同時(shí)具有原始簽名相應(yīng)的法律效力。
42. CONSENT TO JURISDICTION AND VENUE 同意管轄權(quán)和審判地點(diǎn)
Customer agrees that all actions, disputes, claims or proceedings, including, but not limited to, any arbitrations proceeding, including NFA arbitrations, arising directly or indirectly in connection with, out of, or related to or from this Agreement, any other agreement between the Customer and EXCHANGE or any orders entered or transactions effected for Customer’s Account, whether or not initiated by EXCHANGE, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. Customer hereby specifically
consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceedings located within the City of Chicago, State of Illinois.
客戶同意本協(xié)議，或美國(guó)百利金融集團(tuán)和客戶之間的任何其他協(xié)議，或任何受影響的客戶帳戶的訂單，交易所涉及，相關(guān)或其他事項(xiàng)引起的直接或間接的和一切行為，爭(zhēng)論，投訴或訴訟，包括但不限于任何仲裁訴訟，NFA 仲裁，不論是否由美國(guó)百利金融集團(tuán)影響，只能在位于美國(guó)伊利諾州芝加哥內(nèi)的法院或其它解決爭(zhēng)端的機(jī)構(gòu)進(jìn)行判決。
Customer waives any claim Customer may have that (a) Customer is not personally subject to the jurisdiction of any State or Federal Court or arbitration proceeding located within the State of Illinois, (b) Customer is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to Customer or Customer’s property, (c) any such suit, action or proceeding is brought in an inconvenient forum, (d) the venue of any such suit, action or proceeding is improper, or (e) this consent or this Agreement may not be enforced in or by such court or arbitration proceeding. Customer
acknowledges that as a condition precedent to Customer instigating any action, dispute, claim or proceeding, including but not limited to any arbitration proceeding, including NFA arbitrations, Customer shall pay to EXCHANGE all deficit balances.
客戶放棄下列客戶可能會(huì)有的主張：（a）客戶個(gè)人不服從位于伊利諾斯州的任何州或聯(lián)邦法庭的裁決或仲裁程序，(b)關(guān)于客戶或者客戶的財(cái)產(chǎn)，客戶免于任何法律訴訟（不管是通過(guò)傳送傳票或通知、判決前拘捕、援助執(zhí)行的拘捕、執(zhí)行判決或其他），（c）任何此類(lèi)的訴訟、起訴或法律行為被帶到一個(gè)不方便的法庭，（d）此類(lèi)訴訟、起訴或法律行為的地點(diǎn)不正確，或者（e）本同意聲明或者本協(xié)議不應(yīng)在此類(lèi)法庭、被此類(lèi)法庭或仲裁程序?qū)嵤?。客戶確認(rèn)客戶支付給交易所所有的赤字余額是客戶發(fā)起任何訴訟、爭(zhēng)議、主張、法律行為，包括但不限于任何仲裁程序，包括全國(guó)期貨協(xié)會(huì)（NFA）仲裁的前提條件。
Customer further acknowledges that EXCHANGE may elect to collect any deficit balance by instigating a court proceeding against Customer. Nothing in this Agreement shall be construed as to prevent EXCHANGE from proceeding in a judicial forum of EXCHANGE’s choice. Should Customer have instigated an arbitration proceeding, Customer acknowledges that EXCHANGE shall not be compelled to bring its claim, if any, in the arbitration forum nor shall Customer seek to stay EXCHANGE’s proceedings against Customer pending resolution of the arbitration proceeding. No action, regardless of form, arising out of transactions under this Agreement may be brought by the Customer more than one year after the cause of action arose.
客戶還確認(rèn)美國(guó)百利可以選擇對(duì)客戶提起法庭訴訟收繳任何赤字余額。本協(xié)議的任何內(nèi)容都不能解釋為阻止交易所根據(jù)自己的選擇在司法場(chǎng)所進(jìn)行訴訟行為。如果客戶已經(jīng)發(fā)起仲裁程序，客戶確認(rèn)美國(guó)百利不應(yīng)被強(qiáng)迫在仲裁場(chǎng)所提出它的主張（如果有的話），客戶也不應(yīng)以等待仲裁程序的解決為由延緩交易所向客戶提起訴訟。在訴訟原因發(fā)生一年以后，客戶不能提起任何源自本協(xié)議下交易的訴訟，不管形式如何。
THIS IS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ THE
FOREGOING CAREFULLY.
這是一份契約協(xié)議。簽署前，請(qǐng)認(rèn)真閱讀以上內(nèi)容。 請(qǐng)仔細(xì)閱讀上述條款后簽名。
The undersigned acknowledges having received, read and understood the foregoing Customer Agreement. (Attach a copy of this page for additional signatures.) By signing this Agreement containing the Consent to Jurisdiction and Venue, Customer assents to jurisdiction and venue as set forth in Paragraph 42 above, and acknowledges that all clauses contained in this Agreement were freely and knowingly negotiated between the parties. . Additionally, customer acknowledges having received, read and understood the Foreign Currency Transaction Notice in Paragraph 40.
下列簽名者確認(rèn)已經(jīng)收到、閱讀和理解了以上的客戶協(xié)議。 （附上本頁(yè)的一份復(fù)印件供其他簽名者使用。） 此協(xié)議包括了“同意管轄權(quán)和地點(diǎn)”?？蛻艉炇鹆舜藚f(xié)議，即同意了上面第42節(jié)所述的管轄權(quán)和審判地點(diǎn)，并確認(rèn)本協(xié)議包含的所有條款經(jīng)過(guò)了均由協(xié)議雙方在自由、自愿的基礎(chǔ)上達(dá)成。另外客戶確認(rèn)已經(jīng)看到，閱讀并且理解 40 節(jié)所述的外匯交易通知。
Customer Signature客戶簽名
RISK DISCLOSURE For Futures and Options
期貨和期權(quán)風(fēng)險(xiǎn)披露聲明
This statement is Required to be Furnished to You in Accordance with Rule 1.55, Rule 30.6 and Rule 33.7 of The Commodity Exchange Act. This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if
you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options 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.
《商品交易法案》1.55、30.6和33.7的規(guī)定要求提供本聲明。這一簡(jiǎn)短的聲明沒(méi)有披露期貨和期權(quán)交易中的所有風(fēng)險(xiǎn)和其他重要方面。鑒于風(fēng)險(xiǎn)的存在，你應(yīng)該充分了解你正在簽訂的此契約（和契約關(guān)系）的性質(zhì)以及你面臨的風(fēng)險(xiǎn)的范圍之后再辦理這個(gè)手續(xù)。期貨和期權(quán)交易并不適合大眾當(dāng)中的許多人。你應(yīng)該仔細(xì)考慮你的經(jīng)歷、目標(biāo)、金融資源和其它相關(guān)條件是否適合此類(lèi)交易。
Futures 期貨
1. Effect of 'Leverage' or 'Gearing' “杠桿”效應(yīng)
Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will 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 any 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.
期貨業(yè)務(wù)有很高的風(fēng)險(xiǎn)。初始保證金的金額相對(duì)于期貨合約的價(jià)值要低，因此這些業(yè)務(wù)運(yùn)用了杠桿作用。一個(gè)相對(duì)較小的市場(chǎng)運(yùn)動(dòng)將按一定比例對(duì)你存入或即將存入的資金產(chǎn)生較大的影響。這種效應(yīng)可能對(duì)你有利，也可能相反。你可能要承受損失全部的初始保證金和所有其他存入公司以維持你的頭寸的資金。如果市場(chǎng)向你的頭寸的相反方向運(yùn)行或者保證金水平提高了，你就可能被要求在很短的時(shí)間內(nèi)另外支付大量的資金以維持你的頭寸。如果你未能在規(guī)定的時(shí)間內(nèi)遵守另外提供資金的要求，你的頭寸就可能在虧損的情況下被清算，你可能將面臨赤字。
2. Risk-reducing orders or strategies 風(fēng)險(xiǎn)減少指令或策略
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.
某些旨在將虧損限制在一定金額內(nèi)的指令（比如止損指令，在本地法律允許的地方，或停價(jià)-限價(jià)指令）的提出可能是無(wú)效的，因?yàn)槭袌?chǎng)條件可能會(huì)使這些指令無(wú)法執(zhí)行。使用頭寸組合的策略，比如價(jià)差頭寸和同價(jià)對(duì)敲頭寸可能和采取簡(jiǎn)單的多頭或空頭有同樣的風(fēng)險(xiǎn)。
Options 期權(quán)
3. Variable degree of risk 不同程度的風(fēng)險(xiǎn)
Transactions in options carry a high degree of risk. Purchasers and sellers of 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 position to become profitable, taking
into account the premium and all transaction costs.
期權(quán)業(yè)務(wù)有很高的風(fēng)險(xiǎn)。期權(quán)的買(mǎi)家和賣(mài)家應(yīng)熟悉期權(quán)的類(lèi)型（比如看跌期權(quán)和看漲期權(quán)），以考慮交易和相關(guān)的風(fēng)險(xiǎn)。你應(yīng)該計(jì)算出在什么范圍內(nèi)，期權(quán)價(jià)值必須增加以使你的頭寸盈利，并考慮期權(quán)費(fèi)和所有交易成本。
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures 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. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
期權(quán)的購(gòu)買(mǎi)可能沖抵或執(zhí)行期權(quán)或允許期權(quán)到期。某個(gè)期權(quán)的執(zhí)行會(huì)導(dǎo)致現(xiàn)金結(jié)算或者買(mǎi)家獲得或者移交基礎(chǔ)利益。如果該期權(quán)在某期貨上，買(mǎi)家將獲得一個(gè)期貨頭寸，并帶有保證金負(fù)債（見(jiàn)上述“期貨”部分）。如果購(gòu)買(mǎi)的期權(quán)到期無(wú)價(jià)值，你將損失你的全部投資，包括期權(quán)費(fèi)和交易成本。如果你在考慮購(gòu)買(mǎi)深度虛值期權(quán)，你應(yīng)該注意此類(lèi)期權(quán)盈利的機(jī)會(huì)通常很遙遠(yuǎn)。賣(mài)出一個(gè)期權(quán)通常需承擔(dān)比買(mǎi)入期權(quán)更大的風(fēng)險(xiǎn)。盡管賣(mài)家收到的期權(quán)費(fèi)是固定的，但賣(mài)家承受的損失可能遠(yuǎn)高于這個(gè)金額。如果市場(chǎng)向不利方向運(yùn)行的話，賣(mài)價(jià)有責(zé)任提供更多的保證金以維持頭寸。賣(mài)家還要面臨買(mǎi)家執(zhí)行期權(quán)的風(fēng)險(xiǎn)，而且賣(mài)家還有義務(wù)將期權(quán)結(jié)算為現(xiàn)金或者買(mǎi)家獲得或者移交基礎(chǔ)利益。如果該期權(quán)在某期貨上，賣(mài)家將獲得一個(gè)期貨頭
寸，并帶有保證金負(fù)債（見(jiàn)上述“期貨”部分）。如果該頭寸被持有基礎(chǔ)利益的某個(gè)相應(yīng)頭寸或者某個(gè)期貨或另外一個(gè)期權(quán)的賣(mài)家補(bǔ)進(jìn)，風(fēng)險(xiǎn)可能會(huì)降低。如果該期權(quán)沒(méi)有被補(bǔ)進(jìn)，損失的風(fēng)險(xiǎn)將是沒(méi)有限制的。
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. 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.
一些管轄區(qū)的某些交易所允許延期支付期權(quán)費(fèi)，是買(mǎi)家有可能受不超過(guò)期權(quán)費(fèi)金額的保證金支付債務(wù)的影響。買(mǎi)家還要面對(duì)損失期權(quán)費(fèi)和交易成本的風(fēng)險(xiǎn)。當(dāng)期權(quán)被執(zhí)行或到期時(shí)，買(mǎi)家對(duì)任何當(dāng)時(shí)未償付的未付期權(quán)費(fèi)負(fù)責(zé)。
Additional risks common to futures and options
期貨和期權(quán)的其他常見(jiàn)風(fēng)險(xiǎn)
4. Terms and conditions of contracts 合約的條款與條件
You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circum stances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司，你所交易的具體期貨或期權(quán)以及相應(yīng)義務(wù)（比如在何種情況下你有義務(wù)移交某一期貨合約的基礎(chǔ)利益，如果是期權(quán)的話，則是到期日和執(zhí)行時(shí)間限制）的條款和條件。在某些情況下，未償付合約的指明事項(xiàng)或條款（包括某一期權(quán)的執(zhí)行價(jià)格）可能會(huì)被交易所或者清算所修改，以反映基礎(chǔ)利益的變化。
5. Suspension or restriction of trading and pricing relationships
交易和定價(jià)關(guān)系的暫?；蛘呦拗?br /> Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month 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.
市場(chǎng)條件（比如非流動(dòng)性）和/或某些市場(chǎng)規(guī)則的操作（比如因?yàn)闈q跌幅限制、市場(chǎng)斷路措施，某些合約或者合約月交易暫停）可能會(huì)因?yàn)殡y以或者無(wú)法實(shí)現(xiàn)交易或清算/沖銷(xiāo)頭寸而增加虧損的風(fēng)險(xiǎn)。如果你已經(jīng)賣(mài)出期權(quán)，這可能會(huì)增加虧損的風(fēng)險(xiǎn)。
Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract 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.
另外，基礎(chǔ)利益和期貨，基礎(chǔ)利益和期權(quán)之間的正常定價(jià)關(guān)系可能不存在。比如，當(dāng)以該期權(quán)為基礎(chǔ)的期貨合約受價(jià)格限制支配而期權(quán)不受價(jià)格限制支配時(shí)，這種情況可能發(fā)生。沒(méi)有基礎(chǔ)參考價(jià)格可能會(huì)使判斷公平價(jià)值變得困難。
6. Deposited cash and property 抵押的現(xiàn)金和財(cái)產(chǎn)
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 specified legislation or local rules. In some jurisdictions, property which had 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.
你應(yīng)該熟悉被給予保護(hù)的錢(qián)和其他你為從事國(guó)內(nèi)和國(guó)外交易存儲(chǔ)的財(cái)產(chǎn)，尤其是當(dāng)某公司無(wú)力償付債務(wù)或者破產(chǎn)時(shí)。你在多大程度上能夠收回你的錢(qián)和財(cái)產(chǎn)可能取決于具體的法律和當(dāng)?shù)氐囊?guī)定。在某些管轄區(qū)，被特別確定為你自己擁有的財(cái)產(chǎn)在金額不足的情況下將以和現(xiàn)金一樣的方式被按比例攤派。
7. Commission and other charges 傭金和其他收費(fèi)
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
在你開(kāi)始交易之前，你應(yīng)該獲取一份關(guān)于你需負(fù)擔(dān)的所有傭金、費(fèi)用和其他收費(fèi)的明確說(shuō)明。這些收費(fèi)將影響你的凈利潤(rùn)（如果有的話）或者增加你的虧損。
8. Transactions in other jurisdictions 在其他管轄區(qū)的交易
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 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.
在其他管轄區(qū)的市場(chǎng)上的交易，包括與某國(guó)內(nèi)市場(chǎng)正式關(guān)聯(lián)的市場(chǎng)，可能會(huì)使你面對(duì)其他的風(fēng)險(xiǎn)。這些市場(chǎng)要服從的規(guī)章制度可能提供不同的或者更少的投資者保護(hù)。在你交易之前，你應(yīng)詢問(wèn)與你的特定交易相關(guān)的規(guī)定。你的本地的管理當(dāng)局將無(wú)法在你的交易實(shí)現(xiàn)的其他管轄區(qū)強(qiáng)制執(zhí)行管理當(dāng)局或市場(chǎng)的規(guī)定。在你開(kāi)始交易之前，你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司，在你的本地管轄區(qū)和其他相關(guān)管轄區(qū)所能得到的救濟(jì)類(lèi)型。
9. Currency risks 貨幣風(fēng)險(xiǎn)
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
在外匯計(jì)價(jià)合約的交易中的盈利和虧損（不管是在你自己的管轄區(qū)還是在其他管轄區(qū)進(jìn)行的交易）將受到匯率波動(dòng)的影響，因?yàn)楸仨毎押霞s的貨幣面值兌換為另一種貨幣。
10. Trading facilities. 交易設(shè)施.
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 firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.
以計(jì)算機(jī)為基礎(chǔ)的組成系統(tǒng)支持大多數(shù)公開(kāi)喊價(jià)和電子交易設(shè)施進(jìn)行交易的買(mǎi)賣(mài)盤(pán)傳遞、執(zhí)行、對(duì)盤(pán)、登記或者結(jié)算。正如所有的設(shè)施和系統(tǒng)一樣，它們?nèi)菀装l(fā)生臨時(shí)性崩潰和故障。你彌補(bǔ)虧損的能力也許要服從于系統(tǒng)提供者、市場(chǎng)、清算所和/或成員公司所施加的障礙的限制。這樣的限制多種多樣，有關(guān)的具體情況，你應(yīng)該詢問(wèn)你與之建立商務(wù)關(guān)系的公司。
11. Electronic trading 電子交易
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 systems. If you undertake transactions on an electronic trading system, you will be exposed to risk 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.
在某一電子交易系統(tǒng)的交易不僅可能與公開(kāi)喊價(jià)市場(chǎng)上的交易不同，也可能與其他電子交易系統(tǒng)上的交易有所不同。如果你在某電子交易系統(tǒng)進(jìn)行交易，你將面臨與該系統(tǒng)有關(guān)的風(fēng)險(xiǎn)，包括硬件和軟件的故障。任何系統(tǒng)故障的結(jié)果可能是你的指令沒(méi)有按照你的指示執(zhí)行，或者根本就沒(méi)有執(zhí)行。
12. Off-exchange transactions 場(chǎng)外交易
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal 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 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.
在一些管轄區(qū)，并且只有在有限的條件下，允許公司實(shí)現(xiàn)場(chǎng)外交易。你與之建立商務(wù)關(guān)系的公司可能是你交易中的對(duì)手?？赡茈y以或根本不可能清算現(xiàn)有頭寸、評(píng)估價(jià)值、確定公平價(jià)格或者進(jìn)行風(fēng)險(xiǎn)評(píng)估。出于這些原因，這些交易可能會(huì)伴隨者增加的危險(xiǎn)。場(chǎng)外交易可能受到較少的管制或者從屬于獨(dú)立的管制制度。你在從事此類(lèi)交易之前，你應(yīng)該熟悉可應(yīng)用的規(guī)定伴隨的風(fēng)險(xiǎn)。
Risk Disclosure Acknowledgment風(fēng)險(xiǎn)披露確認(rèn)
I, the undersigned Customer, received a copy of this Risk Disclosure Statement and I read and understand it. I, also, acknowledge that if I intend to trade options on futures, I read and understand the Options Disclosure Statement and if I intend to trade security futures contracts, I read and understand the Risk Disclosure Statement for Security Futures Contracts and Electronic Trading and Pre-Negotiated Business Disclosure contained on pages 17-30 of this account booklet.
本人為在文件尾簽名的客戶，收到了一份《風(fēng)險(xiǎn)披露聲明》的副本，本人閱讀并理解了本文件。另外，我還確認(rèn)，如果我有意愿進(jìn)行期貨期權(quán)交易，我將閱讀和理解“期權(quán)披露聲明”，如果我有意愿進(jìn)行證券期貨合約交易，我將閱讀和理解本帳戶手冊(cè)17-30頁(yè)的“證券期貨合約風(fēng)險(xiǎn)披露聲明”和“電子交易與預(yù)先商定商業(yè)披露”。
Customer Signature客戶簽名
Print Name蓋章 Date日期
OPTIONS DISCLOSURE STATEMENT 期權(quán)披露聲明
BECAUSE OF THE VOLATILE NATURE OF THE COMMODITIES MARKETS, THE PURCHASE AND GRANTING OF COMMODITY OPTIONS INVOLVE A HIGH DEGREE OF RISK. COMMODITY OPTION TRANSACTIONS ARE NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC. SUCH TRANSACTIONS SHOULD BE ENTERED INTO ONLY BY PERSONS WHO HAVE READ AND UNDERSTOOD THIS DISCLOSURE STATEMENT AND WHO UNDERSTAND THE NATURE AND EXTENT OF THEIR RIGHTS AND OBLIGATIONS AND OF THE RISKS INVOLVED IN THE OPTION TRANSACTIONS COVERED BY THIS DISCLOSURE STATEMENT.
因?yàn)樯唐肥袌?chǎng)具有易波動(dòng)的特性，商品期權(quán)的購(gòu)買(mǎi)和出讓伴隨著很高的風(fēng)險(xiǎn)。商品期權(quán)交易并不適合大眾中的許多人。只有那些已經(jīng)閱讀過(guò)并理解本披露聲明的人，和那些理解他們權(quán)利義務(wù)的特性和范圍以及本披露聲明包含的期權(quán)交易所伴隨的風(fēng)險(xiǎn)的人才應(yīng)該進(jìn)行此類(lèi)交易。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS AN OPTION WHICH, IF EXERCISED, RESULTS IN THE ESTABLISHMENT OF A FUTURES CONTRACT (AN "OPTION ON A FUTURES CONTRACT") OR RESULTS IN THE MAKING OR TAKING OF DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION (AN "OPTION ON A PHYSICAL COMMODITY"). BOTH THE PURCHASER AND THE GRANTOR OF AN OPTION ON A PHYSICAL COMMODITY SHOULD BE AWARE THAT, IN CERTAIN CASES, THE DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION MAY NOT BE REQUIRED AND THAT, IF THE OPTION IS EXERCISED, THE OBLIGATIONS OF THE PURCHASER AND GRANTOR WILL BE SETTLED IN CASH.
買(mǎi)家和出讓人都應(yīng)該知道他們考慮交易的某一期權(quán)是一旦執(zhí)行就會(huì)建立一個(gè)期貨合約的期權(quán)（期貨合約期權(quán)），還是實(shí)現(xiàn)以該期權(quán)為基礎(chǔ)的真實(shí)商品的過(guò)渡的期權(quán)（實(shí)物商品期權(quán)）。實(shí)物商品期權(quán)的買(mǎi)家和出讓人應(yīng)認(rèn)識(shí)到在某些情況下，并不一定要求以該期權(quán)為基礎(chǔ)的真實(shí)商品的移交，如果該期權(quán)被執(zhí)行，買(mǎi)家和出讓人的義務(wù)將以現(xiàn)金結(jié)算。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS SUBJECT TO A "STOCK-STYLE" OR "FUTURES-STYLE" SYSTEM OF MARGINING. UNDER A STOCK-STYLE MARGINING SYSTEM, A PURCHASER IS REQUIRED TO PAY THE FULL PURCHASE PRICE OF THE OPTION AT THE INITIATION OF THE TRANSACTION. THE PURCHASER HAS NO FURTHER OBLIGATION ON THE OPTION POSITION. UNDER A FUTURES-STYLE MARGINING SYSTEM, THE PURCHASER DEPOSITS INITIAL MARGIN AND MAY BE REQUIRED TO DEPOSIT ADDITIONAL MARGIN IF THE MARKET MOVES AGAINST THE OPTION POSITION. THE PURCHASER'S TOTAL SETTLEMENT VARIATION MARGIN OBLIGATION OVER THE LIFE OF THE OPTION, HOWEVER, WILL NOT EXCEED THE ORIGINAL OPTION PREMIUM, ALTHOUGH SOME INDIVIDUAL PAYMENT OBLIGATIONS AND/OR RISK MARGIN REQUIREMENTS MAY AT TIMES EXCEED THE ORIGINAL OPTION PREMIUM. IF THE PURCHASER OR GRANTOR DOES NOT UNDERSTAND HOW OPTIONS ARE MARGINED UNDER A STOCK-STYLE OR FUTURES-STYLE MARGINING SYSTEM, HE OR SHE SHOULD REQUEST AN EXPLANATION FROM THE FUTURES COMMISSION MERCHANT ("FCM") OR INTRODUCING BROKER ("IB").
買(mǎi)家和出讓人應(yīng)知道他們考慮交易的某一期權(quán)是從屬于“股票型”還是“期貨型”的保證金制度。股票型保證金制度要求買(mǎi)家支付該期權(quán)在該交易發(fā)起時(shí)的完全購(gòu)買(mǎi)價(jià)格。買(mǎi)家在該期權(quán)頭寸上就再?zèng)]有其他義務(wù)。在期貨型保證金制度下，買(mǎi)家存入初始保證金，如果市場(chǎng)的運(yùn)行方向與該期權(quán)頭寸相反，買(mǎi)家可能被要求添加保證金。但是，買(mǎi)家在期權(quán)有效期內(nèi)的全部結(jié)算價(jià)格變動(dòng)保證金義務(wù)將不會(huì)超過(guò)原始期權(quán)費(fèi)，盡管一些單個(gè)的支付義務(wù)和/或風(fēng)險(xiǎn)保證金要求有時(shí)會(huì)超過(guò)原始期權(quán)費(fèi)。如果買(mǎi)家和出讓人不理解期權(quán)在股票型或期貨型保證金制度下是如何收保證金的，他（她）應(yīng)從期貨傭金商（FCM）或中介經(jīng)紀(jì)人（IB）處要求得到解釋。
A PERSON SHOULD NOT PURCHASE ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO SUSTAIN A TOTAL LOSS OF THE PREMIUM AND TRANSACTION COSTS OF PURCHASING THE OPTION. A PERSON SHOULD NOT GRANT ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO MEET ADDITIONAL CALLS FOR MARGIN WHEN THE MARKET MOVES AGAINST HIS OR HER POSITION AND, IN SUCH CIRCUMSTANCES, TO SUSTAIN A VERY LARGE FINANCIAL LOSS.
任何人都不應(yīng)該購(gòu)買(mǎi)任何商品期權(quán)，除非他（她）能夠承受期權(quán)費(fèi)和購(gòu)買(mǎi)該期權(quán)的交易成本的全部損失。任何人都不應(yīng)該出讓任何商品期權(quán)除非他（她）能夠在市場(chǎng)的運(yùn)行方向與他（她）的頭寸相反時(shí)滿足添加保證金的要求，以及在這種情況下，承受非常大的財(cái)務(wù)虧損。
A PERSON WHO PURCHASES AN OPTION SUBJECT TO STOCK-STYLE MARGINING SHOULD BE AWARE THAT, IN ORDER TO REALIZE ANY VALUE FROM THE OPTION, IT WILL BE NECESSARY EITHER TO OFFSET THE OPTION POSITION OR TO EXERCISE THE OPTION. OPTIONS SUBJECT TO FUTURES-STYLE MARGINING ARE MARKED TO MARKET, AND GAINS AND LOSSES ARE PAID AND COLLECTED DAILY. IF AN OPTION PURCHASER DOES NOT UNDERSTAND HOW TO OFFSET OR EXERCISE AN OPTION, THE PURCHASER SHOULD REQUEST AN EXPLANATION FROM THE FCM OR IB. CUSTOMERS SHOULD BE AWARE THAT IN A NUMBER OF CIRCUMSTANCES, SOME OF WHICH WILL BE DESCRIBED IN THIS DISCLOSURE STATEMENT, IT MAY BE DIFFICULT OR IMPOSSIBLE TO OFFSET AN EXISTING OPTION POSITION ON AN EXCHANGE.
購(gòu)買(mǎi)從屬于股票型保證金的期權(quán)的人應(yīng)該認(rèn)識(shí)到為了在該期權(quán)上實(shí)現(xiàn)價(jià)值，就必須要么沖抵該期權(quán)頭寸，要么執(zhí)行該期權(quán)。從屬于期貨型保證金的期權(quán)逐日結(jié)算保證金，每天支付和收繳損益。如果某個(gè)期權(quán)買(mǎi)家不理解如何沖抵或者執(zhí)行一個(gè)期權(quán)，該買(mǎi)家應(yīng)從期貨傭金商（FCM）或中介經(jīng)紀(jì)人（IB）處要求得到解釋?？蛻魬?yīng)該認(rèn)識(shí)到在許多情況下（一些情況在本披露聲明中將有所描述），在某交易所沖抵一個(gè)現(xiàn)有期權(quán)頭寸將是困難甚至是不可能的
THE GRANTOR OF AN OPTION SHOULD BE AWARE THAT, IN MOST CASES, A COMMODITY OPTION MAY BE EXERCISED AT ANY TIME FROM THE TIME IT IS GRANTED UNTIL IT EXPIRES. THE PURCHASER OF AN OPTION SHOULD BE AWARE THAT SOME OPTION CONTRACTS MAY PROVIDE ONLY A LIMITED PERIOD OF TIME FOR EXERCISE OF THE OPTION.
某期權(quán)的出讓人應(yīng)該意識(shí)到在大多數(shù)情況下，一個(gè)商品期權(quán)從它被出讓直至到期可以在任何時(shí)刻被執(zhí)行。某期權(quán)的買(mǎi)家應(yīng)該意識(shí)到一些期權(quán)合約可能只為執(zhí)行該期權(quán)提供有限的時(shí)間段。
THE PURCHASER OF A PUT OR CALL SUBJECT TO STOCK-STYLE OR FUTURES-STYLE MARGINING
IS SUBJECT TO THE RISK OF LOSING THE ENTIRE PURCHASE PRICE OF THE OPTION-THAT IS, THE PREMIUM CHARGED FOR THE OPTION PLUS ALL TRANSACTION COSTS.
從屬于股票型或期貨型保證金制度的某看跌期權(quán)或看漲期權(quán)的買(mǎi)家面臨損失某期權(quán)全部購(gòu)買(mǎi)價(jià)格的風(fēng)險(xiǎn)，也就是說(shuō)，向該期權(quán)收取的期權(quán)費(fèi)加上所有的交易費(fèi)用。
THE COMMODITY FUTURES TRADING COMMISSION REQUIRES THAT ALL CUSTOMERS RECEIVE AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT BUT DOES NOT INTEND THIS STATEMENT AS A RECOMMENDATION OR ENDORSEMENT OF EXCHANGE-TRADED COMMODITY OPTIONS.
商品期貨交易委員會(huì)要求所有的客戶接收并確認(rèn)本披露聲明的一份副本。但不意味著本聲明成為交易所交易商品期貨的推薦書(shū)或認(rèn)可。
(1) Some of the risks of option trading. 期權(quán)交易的風(fēng)險(xiǎn)
Specific market movements of the underlying future or underlying physical commodity cannot be predicted accurately.
基礎(chǔ)期貨或基礎(chǔ)實(shí)物商品的具體市場(chǎng)運(yùn)行無(wú)法得到精確的預(yù)測(cè)。
The grantor of a call option who does not have a long position in the underlying futures contract or underlying physical commodity is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity be higher than the strike price upon exercise or expiration of the option by an amount greater
than the premium received for granting the call option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品中沒(méi)有多頭頭寸的某看漲期權(quán)的出讓人，如果該基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格高于執(zhí)行該期權(quán)或該期權(quán)到期時(shí)的執(zhí)行價(jià)格，而且高出的金額大于出讓該看漲期權(quán)收到的期權(quán)費(fèi)，則面臨著虧損的風(fēng)險(xiǎn)。
The grantor of a call option who has a long position in the underlying futures contract or underlying physical commodity is subject to the full risk of a decline in price or the underlying position reduced by the premium received for granting the call. In exchange for the premium received for granting a call option, the option grantor
gives up all of the potential gain resulting from an increase in the price of the underlying futures contract or underlying physical commodity above the option strike price upon exercise or expiration of the option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品中有多頭頭寸的某看漲期權(quán)的出讓人面臨著價(jià)格或基礎(chǔ)頭寸（減少的金額是出讓該看漲期權(quán)所收到的期權(quán)費(fèi)）下跌的完全風(fēng)險(xiǎn)。作為出讓看漲期權(quán)收到的期權(quán)費(fèi)的交換，該期權(quán)出讓人放棄了因基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品的價(jià)格在該期權(quán)在執(zhí)行和到期時(shí)之執(zhí)行價(jià)格之上的上漲帶來(lái)的所有潛在的收益。
The grantor of a put option who does not have a short position in the underlying futures contract or underlying physical commodity (e.g., commitment to sell the physical) is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity decrease below the strike price upon exercise or
expiration of the option by an amount in excess of the premium received for granting the put option.
在基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品（比如，售出該實(shí)物商品的承諾）中沒(méi)有空頭頭寸的某看跌期權(quán)的出讓人，如果該基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格跌到執(zhí)行該期權(quán)或該期權(quán)到期時(shí)的執(zhí)行價(jià)格，而且價(jià)格差大于出讓該看跌期權(quán)收到的期權(quán)費(fèi)，則面臨著虧損的風(fēng)險(xiǎn)。
The grantor of a put option on a futures contract who has a short position in the underlying futures contract is subject to the full risk of a rise in the price in the underlying position reduced by the premium received for granting the put. In exchange for the premium received for granting a put option on a futures contract, the option grantor gives up all of the potential gain resulting from a decrease in the price of the underlying futures contract below the option strike price upon exercise or expiration of the option. The grantor of a put option on a physical commodity who has a short position (e.g., commitment to sell the physical) is subject to the full risk of a rise in the price of the physical commodity which must be obtained to fulfill the commitment reduced by the premium received for granting the put.
In exchange for the premium, the grantor of a put option on a physical commodity gives up all the potential gain which would have resulted from a decrease in the price of the commodity below the option strike price upon exercise or expiration of the option.
在基礎(chǔ)期貨合約中有空頭頭寸的某看跌期貨合約期權(quán)的出讓人面臨著基礎(chǔ)頭寸價(jià)格（減少的金額是出讓該看跌期權(quán)所收到的期權(quán)費(fèi)）上漲的完全風(fēng)險(xiǎn)。作為出讓看跌期貨合約期權(quán)收到的期權(quán)費(fèi)的交換，該期權(quán)出讓人放棄了因基礎(chǔ)期貨合約價(jià)格下跌到該期權(quán)在執(zhí)行和到期時(shí)之執(zhí)行價(jià)格以下而帶來(lái)的所有潛在的收益。有空頭頭寸（比如售出實(shí)物商品的承諾）的某看跌實(shí)物商品期權(quán)的出讓人面臨著實(shí)物商品價(jià)格上漲的全部風(fēng)險(xiǎn)。必須得到該實(shí)物商品以履行承諾（減少的金額是出讓該看跌期權(quán)所收到的期權(quán)費(fèi)）。作為期權(quán)費(fèi)的交換，某實(shí)物商品看跌期權(quán)的出讓人放棄了該商品價(jià)格下跌至該期貨執(zhí)行或到期時(shí)之執(zhí)行價(jià)格以下帶來(lái)的所有潛在收益。
(2) Description of commodity options 商品期貨描述
Prior to entering into any transaction involving a commodity option, an individual should thoroughly understand the nature and type of option involved and the underlying futures contract or physical commodity. The futures commission merchant or introducing broker is required to provide, and the individual contemplating an option
transaction should obtain:
在進(jìn)入任何涉及商品期權(quán)的交易之前，投資者應(yīng)該完全理解所涉及的期貨以及基礎(chǔ)期貨合約或?qū)嵨锷唐返牡奶匦院皖?lèi)型。期貨傭金商或者中介經(jīng)紀(jì)人被要求提供，考慮期權(quán)交易的個(gè)人應(yīng)該獲取下列各項(xiàng)：
(i) An identification of the futures contract or physical commodity underlying the option and which may be purchased or sold upon exercise of the option or, if applicable, whether exercise of the option will be settled in cash;
期貨合約的核實(shí)，或以該期權(quán)為基礎(chǔ)的實(shí)物商品的核實(shí)，哪件將在期權(quán)執(zhí)行時(shí)被買(mǎi)賣(mài)，以及—如果實(shí)際的話—期權(quán)的執(zhí)行是否以現(xiàn)金結(jié)算。
(ii) The procedure for exercise of the option contract, including the expiration date and latest time on that date for exercise. (The latest time on an expiration date when an option may be exercised may vary; therefore, option market participants should ascertain from their futures commission merchant or their introducing broker the latest time the firm accepts exercise instructions with respect to a particular option.);
(ii) 執(zhí)行期權(quán)合約的程序，包括到期日期和執(zhí)行那一天的的最后時(shí)刻。（期權(quán)可能被執(zhí)行的到期日的最后時(shí)刻可能有所變化，所以期權(quán)市場(chǎng)參與者應(yīng)該從他們的期貨傭金商或中介經(jīng)紀(jì)人處確認(rèn)公司接受某一期權(quán)的執(zhí)行指令的最后時(shí)刻。）
(iii) A description of the purchase price of the option including the premium, commissions, costs, fees and other charges. (Since commissions and other charges may vary widely among futures commission merchants and among introducing brokers, option customers may find it advisable to consult more than one firm when opening an option
account.);
(iii) 期權(quán)購(gòu)買(mǎi)價(jià)格的說(shuō)明，包括期權(quán)費(fèi)、傭金、成本、費(fèi)用和其他收費(fèi)。因?yàn)椴煌钠谪泜蚪鹕毯椭薪榻?jīng)紀(jì)人收取的傭金和其他費(fèi)用會(huì)相差很大，期貨客戶可能會(huì)發(fā)現(xiàn)有必要在開(kāi)設(shè)期權(quán)賬戶時(shí)咨詢多家公司。
(iv) A description of all costs in addition to the purchase price which may be incurred if the commodity option is exercised, including the amount of commissions (whether termed sales commissions or otherwise), storage, interest, and all similar fees and charges which may be incurred;
(iv) 所有的成本，加上商品期權(quán)執(zhí)行時(shí)可能帶來(lái)的購(gòu)買(mǎi)價(jià)格的說(shuō)明，包括傭金的數(shù)額（無(wú)論是以賣(mài)出傭金計(jì)還是以其他方式）、存儲(chǔ)、利息和所有可能的類(lèi)似費(fèi)用和收費(fèi)。
(v) An explanation and understanding of the option margining system;
期權(quán)保證金制度的解釋和理解。
(vi) A clear explanation and understanding of any clauses in the option contract and of any items included in the option contract explicitly or by reference which might affect the customer's obligations under the contract. This would include any policy of the futures commission merchant or the introducing broker or rule of the exchange on which the option is traded that might affect the customer's ability to fulfill the option contract or to offset the option position in a closing purchase or closing sale transaction (for example, due to unforeseen circumstances that require suspension or termination of trading); and
期權(quán)合約任一條款的明確解釋和理解，以及期權(quán)合同包含的可能會(huì)影響客戶在合約中義務(wù)的條款的解釋和理解。這將包括期貨傭金商或中介經(jīng)紀(jì)人的政策或期權(quán)交易所在的交易所的規(guī)定，它們可能會(huì)影響客戶履行期權(quán)合約、在平倉(cāng)購(gòu)買(mǎi)或平倉(cāng)賣(mài)出交易中沖抵期權(quán)頭寸的能力（比如，因?yàn)槟承┎豢深A(yù)見(jiàn)的、要求暫?；蚪K止交易的情況）；以及
(vii) If applicable, a description of the effect upon the value of the option position that could result from limit moves in the underlying futures contract.
如果適用的話，對(duì)期權(quán)頭寸價(jià)值影響因素的說(shuō)明，比如基礎(chǔ)期貨合約的漲跌停的影響。
(3) The mechanics of option trading 期權(quán)交易的機(jī)制
Before entering into any exchange-traded option transaction, an individual should obtain a description of how commodity options are traded.
一個(gè)人在從事交易所交易期權(quán)交易之前，應(yīng)該獲取一份介紹商品期權(quán)如何交易的說(shuō)明。
Option customers should clearly understand that there is no guarantee that option positions may be offset by either a closing purchase or closing sale transaction on an exchange. In this circumstance, option grantors could be subject to the full risk of their positions until the option position expires, and the purchaser of a profitable option might have to exercise the option to realize a profit.
期權(quán)客戶應(yīng)該明確理解交易所不會(huì)保證期權(quán)頭寸可以通過(guò)平倉(cāng)購(gòu)買(mǎi)或者平倉(cāng)賣(mài)出交易得到?jīng)_抵。在此情況下，期權(quán)出讓人在期權(quán)頭寸到期之前，可能面臨其頭寸的全部風(fēng)險(xiǎn)，某個(gè)有利可圖的期權(quán)的購(gòu)買(mǎi)者可能必須執(zhí)行該期權(quán)才能實(shí)現(xiàn)盈利。
For an option on a futures contract, an individual should clearly understand the relationship between exchange rules governing option transactions and exchange rules governing the underlying futures contract. For example, an individual should understand what action, if any, the exchange will take in the option market if trading in the underlying futures market is restricted or the futures prices have made a "limit move."
對(duì)于一個(gè)期貨合約的期權(quán)而言，投資者必須明確的理解關(guān)于期權(quán)交易的交易所規(guī)定和關(guān)于基礎(chǔ)期貨合約的交易所規(guī)定之間的關(guān)系。 比如，投資者應(yīng)該理解，如果基礎(chǔ)期貨市場(chǎng)的交易受到限制，或者期貨價(jià)格出現(xiàn)漲跌停的時(shí)候，交易所在期權(quán)市場(chǎng)如果采取行動(dòng)的話，會(huì)采取什么樣的行動(dòng)。
The individual should understand that the option may not be subject to daily price fluctuation limits while the underlying futures may have such limits, and, as a result, normal pricing relationships between options and the underlying future may not exist when the future is trading at its price limit. Also, underlying futures positions
resulting from exercise of options may not be capable of being offset if the underlying future is at a price limit.
投資者應(yīng)該理解期權(quán)可能不受每日價(jià)格波動(dòng)限制的制約，而基礎(chǔ)期貨可能會(huì)有這種限制。因此，當(dāng)期貨在其價(jià)格限制內(nèi)交易時(shí)，期權(quán)和基礎(chǔ)期貨之間的正常定價(jià)關(guān)系可能不存在。而且，如果基礎(chǔ)期貨在一個(gè)價(jià)格限制上的話，期權(quán)執(zhí)行帶來(lái)的基礎(chǔ)期貨頭寸可能無(wú)法被沖抵。
(4) Margin requirements 保證金要求
An individual should know and understand whether the option he or she is contemplating trading is subject to a stock-style or futures-style system of margining. Stock-style margining requires the purchaser to pay the full option premium at the time of purchase. The purchaser has no further financial obligations, and the risk of loss is limited to the purchase price and transaction costs. Futures-style margining requires the purchaser to pay initial margin only at the time of purchase. The option position is marked to market, and gains and losses are collected and paid daily. The purchaser's risk of loss is limited to the initial option premium and transaction costs.
投資者應(yīng)該知道并理解他（她）考慮交易的期權(quán)是從屬于證券型還是期貨型保證金制度。證券型保證金制度要求買(mǎi)家在購(gòu)買(mǎi)時(shí)支付全部的期權(quán)費(fèi)。買(mǎi)家沒(méi)有更多的金融義務(wù)，虧損的風(fēng)險(xiǎn)限制在購(gòu)買(mǎi)價(jià)格和交易成本之內(nèi)。期貨型保證金制度要求買(mǎi)家在購(gòu)買(mǎi)時(shí)僅支付初始保證金。期權(quán)頭寸逐日結(jié)算保證金，每天支付和收繳損益。買(mǎi)家虧損的風(fēng)險(xiǎn)限制在初始期權(quán)費(fèi)和交易成本之內(nèi)。
An individual granting options under either a stock-style or futures-style system of margining should understand that he or she may be required to pay additional margin in the case of adverse market movements.
在證券型或者期貨型保證金制度下出讓期權(quán)的人應(yīng)該理解他（她）可能被要求在不利的市場(chǎng)條件下增加保證金。
(5) Profit potential of an option position 期權(quán)頭寸的潛在利潤(rùn)
An option customer should carefully calculate the price which the underlying futures contract or underlying physical commodity would have to reach for the option position to become profitable. Under a stock-style margining system, this price would include the amount by which the underlying futures contract or underlying physical commodity
would have to rise above or fall below the strike price to cover the sum of the premium and all other costs incurred in entering into and exercising or closing (offsetting) the commodity option position. Under a future-style margining system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option position would become profitable once the variation margin collected exceeded the cost of entering the contract position.
期權(quán)客戶應(yīng)該仔細(xì)計(jì)算基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品必須達(dá)到什么價(jià)格，該期權(quán)頭寸才能盈利。在證券型保證金制度下，該價(jià)格包括基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品必須高出或低于執(zhí)行價(jià)格的數(shù)額，才能抵償期權(quán)費(fèi)的總額以及參加并執(zhí)行或平倉(cāng)（沖抵）該商品期權(quán)頭寸帶來(lái)的所有其他費(fèi)用。在期貨型保證金制度下，期權(quán)頭寸逐日結(jié)算保證金，每天支付和收繳損益。一旦收繳的價(jià)格變動(dòng)保證金超出進(jìn)入合約頭寸的成本，期權(quán)頭寸就有利可圖。
Also, an option customer should be aware of the risk that the futures price prevailing at the opening of the next trading day may be substantially different from the futures price which prevailed when the option was exercised. Similarly, for options on physicals that are cash settled, the physicals price prevailing at the time the option is exercised may differ substantially from the cash settlement price that is determined at a later time. Thus, if a customer does not cover the position against the possibility of underlying commodity price change, the realized price upon option exercise may differ substantially from that which existed at the time of exercise.
另外，期權(quán)客戶應(yīng)該意識(shí)到這一風(fēng)險(xiǎn)：下一個(gè)交易日開(kāi)盤(pán)時(shí)占優(yōu)勢(shì)的期貨價(jià)格可能會(huì)與期權(quán)執(zhí)行時(shí)占優(yōu)勢(shì)的期貨價(jià)格有很大的不同。同樣，對(duì)于以現(xiàn)金結(jié)算的實(shí)物商品期權(quán)而言，期權(quán)被執(zhí)行時(shí)占優(yōu)勢(shì)的實(shí)物商品的價(jià)格可能與晚些時(shí)候決定的現(xiàn)金結(jié)算價(jià)格有很大的不同。因此，如果客戶不針對(duì)基礎(chǔ)商品價(jià)格變化的可能性補(bǔ)進(jìn)頭寸，期權(quán)執(zhí)行時(shí)的實(shí)現(xiàn)價(jià)格可能與執(zhí)行時(shí)存在的價(jià)格有很大的不同。
(6) Deep-out-of-the-money options 深度虛值期權(quán)
A person contemplating purchasing a deep-out-of-the-money option (that is, an option with a strike price significantly above, in the case of a call, or significantly below, in the case of a put, the current price of the underlying futures contract or underlying physical commodity) should be aware that the chance of such an option
becoming profitable is ordinarily remote.
考慮購(gòu)買(mǎi)深度虛值期權(quán)（對(duì)于看漲期權(quán)而言，執(zhí)行價(jià)格顯著高于基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的市場(chǎng)價(jià)格的期權(quán)，或者對(duì)于看跌期權(quán)而言，顯著低于基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的市場(chǎng)價(jià)格的期權(quán)）的人應(yīng)該認(rèn)識(shí)到類(lèi)似期權(quán)盈利的機(jī)會(huì)非常遙遠(yuǎn)。
On the other hand, a potential grantor of a deep-out-of-the-money option should be aware that such options normally provide small premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure statement.
另一方面，某深度虛值期權(quán)潛在的出讓人應(yīng)該認(rèn)識(shí)到此類(lèi)期權(quán)通常提供較少的期權(quán)費(fèi)，但是出讓人面對(duì)本披露聲明第一條包含的所有風(fēng)險(xiǎn)。
(7) Glossary of terms 術(shù)語(yǔ)匯編
(i) Contract market -Any board of trade (exchange) located in the United States which has been designated by the Commodity Futures Trading Commission to list a futures contract or commodity option for trading.
合約市場(chǎng)—任何位于美國(guó)的、被商品期貨交易委員會(huì)指定將期貨合約或商品期貨掛牌交易的交易委員會(huì)（交易所）。
(ii) Exchange-traded option; put option; call option-The options discussed in this disclosure statement are limited to those which may be traded on a contract market. These options (subject to certain exceptions) give an option purchaser the right to buy in the case of a call option, or to sell in the case of a put option, a futures contract or the physical commodity underlying the option at the stated strike price prior to the expiration date of the option. Each exchange-traded option is distinguished by the underlying futures contract or underlying physical commodity, strike price, expiration date, and whether the option is a put or a call.
交易所交易期權(quán)，看跌期權(quán)，看漲期權(quán)—本披露聲明討論的期權(quán)限于那些可以在某合約市場(chǎng)交易的期權(quán)。這些期權(quán)（服從于某些例外情況）給期權(quán)購(gòu)買(mǎi)者以下權(quán)利：在看漲期權(quán)的情況下，在該期權(quán)到期日之前，以規(guī)定的執(zhí)行價(jià)格買(mǎi)入作為該期權(quán)基礎(chǔ)的期貨合約或者實(shí)物商品的權(quán)利，在看跌期權(quán)的情況下，在該期權(quán)到期日之前，以規(guī)定的執(zhí)行價(jià)格賣(mài)出作為該期權(quán)基礎(chǔ)的期貨合約或者實(shí)物商品的權(quán)利。每個(gè)交易所交易期權(quán)由基礎(chǔ)期貨合約或者基礎(chǔ)實(shí)物商品，執(zhí)行價(jià)格，到期日以及該期權(quán)是看漲還是看跌加以區(qū)分。
(iii) Underlying futures contract -The futures contract which may be purchased or sold upon the exercise of an option on a futures contract.
基礎(chǔ)期貨合約—在某期貨合約期權(quán)的執(zhí)行時(shí)買(mǎi)入或者賣(mài)出的期貨合約。
(iv) Underlying physical commodity-The commodity of a specific grade (quality) and quantity which may be purchased or sold upon the exercise of an option on a physical commodity.
基礎(chǔ)實(shí)物商品—某一特定等級(jí)（質(zhì)量）和數(shù)量的商品，可能在某實(shí)物商品期權(quán)執(zhí)行之時(shí)被買(mǎi)入或賣(mài)出。
(v) Class of options-A put or a call covering the same underlying futures contract or underlying physical commodity.
期權(quán)類(lèi)別—對(duì)相同基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的看跌期權(quán)和看漲期權(quán)。
(vi) Series of options-Options of the same class having the same strike price and expiration date.
期權(quán)系列—具有相同類(lèi)別，相同的執(zhí)行價(jià)格和相同到期日的期權(quán)。
(vii) Exercise price-See strike price. 執(zhí)行價(jià)格—見(jiàn)履約價(jià)格。
(viii) Expiration date-The last day when an option may be exercised.
到期日—某期權(quán)能被執(zhí)行的最后日期。
(ix) Premium-The amount agreed upon between the purchaser and seller for the purchase or sale of a commodity option.
期權(quán)費(fèi)—買(mǎi)家或賣(mài)家就買(mǎi)入或賣(mài)出某商品期權(quán)達(dá)成一致的金額。
(x) Strike price-The price at which a person may purchase or sell the underlying futures contract or underlying physical commodity upon exercise of a commodity option. This term has the same meaning as the term "exercise price."
履約價(jià)格—某人在執(zhí)行某個(gè)商品期貨時(shí)買(mǎi)入或賣(mài)出基礎(chǔ)期貨合約或基礎(chǔ)實(shí)物商品的價(jià)格。本術(shù)語(yǔ)與“執(zhí)行價(jià)格”意義相同。
(xi) Short option position-See opening sale transaction.
空頭期貨頭寸—見(jiàn)開(kāi)倉(cāng)賣(mài)出交易
(xii) Long option position-See opening purchase transaction.
多頭期貨頭寸—見(jiàn)開(kāi)倉(cāng)買(mǎi)入交易
(xiii) Types of options transactions 期貨交易類(lèi)型
(A) Opening purchase transaction-A transaction in which an individual purchases an option and thereby obtains a long option position.
開(kāi)倉(cāng)買(mǎi)入交易—投資者買(mǎi)入某頭寸，增加多頭期貨頭寸的交易。
(B) Opening sale transaction-A transaction in which an individual grants an option and thereby obtains a short option position.
開(kāi)倉(cāng)賣(mài)出交易—投資者出讓某頭寸，增加空頭期貨頭寸的交易。
(C) Closing purchase transaction-A transaction in which an individual with a short option position liquidates the position. This is accomplished by a closing purchase transaction for an option of the same series as the option previously granted. Such a transaction may be referred to as an offset transaction.
平倉(cāng)買(mǎi)入交易—持有空頭期權(quán)頭寸的投資者結(jié)清頭寸的交易。平倉(cāng)買(mǎi)入交易時(shí)買(mǎi)入的期權(quán)和早些時(shí)候賣(mài)出的期權(quán)是相同系列的。這一交易可以稱之為沖抵交易。
(D) Closing sale transaction-A transaction in which an individual with a long option position liquidates the position. This is accomplished by a closing sale transaction for an option of the same series as the option previously purchased. Such a transaction may be referred to as an offset transaction.
平倉(cāng)賣(mài)出交易—持有多頭期權(quán)頭寸的投資者結(jié)清頭寸的交易。平倉(cāng)賣(mài)出交易時(shí)賣(mài)出的期權(quán)和早些時(shí)候買(mǎi)入的期權(quán)是相同系列的。這一交易可以稱之為沖抵交易。
(xiv) Purchase price-The total actual cost paid or to be paid, directly or indirectly, by a person to acquire a commodity option. This price includes all commissions and other fees, in addition to the option premium.
購(gòu)買(mǎi)價(jià)格—某投資者為收購(gòu)某商品期貨直接地或間接地支付，或即將支付的所有實(shí)際成本。這一價(jià)格包括除期權(quán)費(fèi)外的所有的傭金和其他費(fèi)用。
(xv) Grantor, writer, seller-An individual who sells an option. Such a person is said to have a short position.
出讓者，立權(quán)者，賣(mài)家—售出某期權(quán)的投資者。這樣的投資者持有空頭頭寸。
(xvi) Purchaser-An individual who buys an option. Such a person is said to have a long position.
買(mǎi)家—買(mǎi)入某期權(quán)的投資者。這樣的投資者持有多頭頭寸。
Electronic Trading and Order Routing Systems Disclosure Statement*
電子交易系統(tǒng)和訂單引導(dǎo)系統(tǒng)的公開(kāi)聲明
Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchange(s) offering the system and/or listing contracts you intend to trade.
電子交易和訂單引導(dǎo)系統(tǒng)不同于傳統(tǒng)的公開(kāi)喊價(jià)交易池交易和人工買(mǎi)賣(mài)盤(pán)傳遞的方法。使用電子系統(tǒng)的交易要服從提供該系統(tǒng)和/或掛牌該合同的交易所的規(guī)章制度。在你進(jìn)行使用電子系統(tǒng)的交易之前，你應(yīng)該認(rèn)真閱讀提供該系統(tǒng)和/或掛牌你欲交易的合同的交易所的規(guī)章制度
DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS
電子交易系統(tǒng)之間的差別
Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.
通過(guò)電子系統(tǒng)進(jìn)行交易或者買(mǎi)賣(mài)盤(pán)傳遞因不同的電子系統(tǒng)而大不相同。你應(yīng)該咨詢提供電子系統(tǒng)和/或掛牌被交易合同或傳遞買(mǎi)賣(mài)盤(pán)的交易所的規(guī)章制度，以了解—就交易系統(tǒng)而言—該系統(tǒng)的對(duì)盤(pán)程序，開(kāi)盤(pán)和收盤(pán)程序和價(jià)格，錯(cuò)誤交易政策以及交易限制或要求，就整個(gè)系統(tǒng)而言，對(duì)可能進(jìn)入該系統(tǒng)的買(mǎi)賣(mài)盤(pán)類(lèi)型的終止和限制的進(jìn)入和底價(jià)的資格認(rèn)證。以上的每一項(xiàng)事宜可能都會(huì)給使用某系統(tǒng)交易帶來(lái)不同的風(fēng)險(xiǎn)因素。每一系統(tǒng)還可能表現(xiàn)出與系統(tǒng)進(jìn)入、不同的反應(yīng)時(shí)間和安全等方面的風(fēng)險(xiǎn)。就以因特網(wǎng)為基礎(chǔ)的系統(tǒng)而言，可能有與系統(tǒng)進(jìn)入、不同的反應(yīng)時(shí)間和安全有關(guān)的其他類(lèi)型的風(fēng)險(xiǎn)，以及與電子郵件的服務(wù)供應(yīng)商、接收和監(jiān)督有關(guān)的風(fēng)險(xiǎn)。
Risks Associated with System Failure
與系統(tǒng)故障有關(guān)的風(fēng)險(xiǎn)
Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority.
通過(guò)電子交易或者買(mǎi)賣(mài)盤(pán)傳遞系統(tǒng)交易將使你面臨系統(tǒng)或組件故障而導(dǎo)致的風(fēng)險(xiǎn)。如果系統(tǒng)或其組件發(fā)生故障，有可能在某一時(shí)間段內(nèi)，你無(wú)法輸入新的指令，執(zhí)行現(xiàn)有指令，或修改、刪除早些時(shí)候輸入的指令。系統(tǒng)或組件的故障可能會(huì)導(dǎo)致指令或指令優(yōu)先權(quán)的丟失。
Simultaneous Open Outcry Pit and Electronic Trading
同時(shí)公開(kāi)喊價(jià)交易池和電子交易
Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.
某些由電子交易系統(tǒng)提供的合約可以在相同的交易時(shí)間以電子方式和通過(guò)公開(kāi)喊價(jià)方式進(jìn)行交易。你應(yīng)該了解提供該系統(tǒng)和/或掛牌該合約的交易所的規(guī)章制度，以確定那些不指定特定程序的指令如何得以執(zhí)行。
Limitation of Liability責(zé)任限制
Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.
提供電子交易或買(mǎi)賣(mài)盤(pán)傳遞系統(tǒng)和/或掛牌合約的交易所可能采取了限制他們、期貨傭金商、軟件和通信系統(tǒng)銷(xiāo)售商的責(zé)任以及限制因系統(tǒng)故障或延遲你可以得到的賠償數(shù)額的規(guī)定，這些責(zé)任限制規(guī)定因不同的交易所而有所不同。你應(yīng)該咨詢相關(guān)交易所的規(guī)章制度以理解這些責(zé)任限制。
*Each exchange's relevant rules are available upon request from the industry professional with whom you have an account. Some exchange's relevant rules also are available on the exchange's internet home page.
*提出要求，你就可以從你與之開(kāi)設(shè)賬戶的從業(yè)人員那里得到每個(gè)交易所的相關(guān)規(guī)定。某些交易所的相關(guān)規(guī)定還能從該交易所的因特網(wǎng)主頁(yè)上得到。
Risk Disclosure for futures and Options 證券期貨風(fēng)險(xiǎn)披露
This disclosure statement discusses the characteristics and risks of standardized security futures contracts traded on regulated U.S. exchanges. At present, regulated exchanges are authorized to list futures contracts on individual equity securities registered under the Securities Exchange Act of 1934 (including common stock and certain exchange-traded funds and American Depositary Receipts), as well as narrow-based security indices. Futures on other types of securities and options on security futures contracts may be authorized in the future. The glossary of terms appears at the end of the document.
本披露聲明討論的是在規(guī)定美國(guó)交易所交易的標(biāo)準(zhǔn)化證券期貨合約的特點(diǎn)和風(fēng)險(xiǎn)。當(dāng)前，規(guī)定交易所得到授權(quán)掛牌《1934年證券交易法》記錄的個(gè)人權(quán)益證券期貨合約（包括普通股和某些交易所交易基金以及美國(guó)存托憑證）和窄盤(pán)證券指數(shù)。將來(lái)，其他類(lèi)型的證券期貨和證券期貨合約期權(quán)將得到授權(quán)。術(shù)語(yǔ)匯編見(jiàn)本文件結(jié)尾處。
Customers should be aware that the examples in this document are exclusive of fees and commissions that may decrease their net gains or increase their net losses. The examples also do not include tax consequences, which may differ for each customer.
客戶應(yīng)該認(rèn)識(shí)到本文件中的例子不包括費(fèi)用和傭金，而費(fèi)用和傭金可以減少他們的凈收益或增加他們的凈虧損。這些例子還不包括稅收結(jié)果，每個(gè)客戶的稅收結(jié)果可能有所不同。
Section 1 - Risks of Security Futures 第一部分—證券期貨的風(fēng)險(xiǎn)
1.1. Risks of Security Futures Transactions 證券期貨交易的風(fēng)險(xiǎn)
Trading security futures contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because futures trading is highly leveraged, with a
relatively small amount of money used to establish a position in assets having a much greater value. If you are uncomfortable with this level of risk, you should not trade security futures contracts.
交易證券期貨合約可能并不適合所有的投資者。你可能會(huì)在很短的時(shí)間內(nèi)蒙受大量的損失。你虧損的金額有可能是沒(méi)有限制的，可能超過(guò)你起先存在你的經(jīng)紀(jì)人處的金額。這是因?yàn)槠谪浗灰子泻芨叩母軛U效應(yīng)，相對(duì)較小金額的金錢(qián)可以用來(lái)建立價(jià)值大得多的頭寸。到如果你不能接受這樣程度的風(fēng)險(xiǎn)，你不應(yīng)該進(jìn)行證券期貨合約交易。
1.2. General Risks 一般風(fēng)險(xiǎn)
Trading security futures contracts involves risk and may result in potentially unlimited losses that are greater than the amount you deposited with your broker. As with any high risk financial product, you should not risk any funds that you cannot afford to lose, such as your retirement savings, medical and other emergency funds, funds set aside for purposes such as education or home ownership, proceeds from student loans or mortgages, or funds required to meet your living expenses.
交易證券期貨合約伴隨著風(fēng)險(xiǎn)，可能會(huì)導(dǎo)致遠(yuǎn)高于你存在你的經(jīng)紀(jì)人處金額的虧損。虧損將是沒(méi)有限制的。正如任何高風(fēng)險(xiǎn)的金融產(chǎn)品一樣，你不應(yīng)該拿你無(wú)法負(fù)擔(dān)虧損的資金來(lái)冒險(xiǎn)，比如你的退休存款、醫(yī)療和其他應(yīng)急資金及存作下列用途的資金：教育、家庭住宅所有權(quán)，學(xué)生貸款或按揭貸款，或者滿足你生活開(kāi)支的資金。
Be cautious of claims that you can make large profits from trading security futures contracts. Although the high degree of leverage in security futures contracts can result in large and immediate gains, it can also result in large and immediate losses. As with any financial product, there is no such thing as a "sure winner."
不要輕易聲稱你可以靠證券期貨合約交易賺取很大利潤(rùn)。盡管證券期貨合約的高度杠桿效應(yīng)可能很快帶來(lái)大量收益，但它也很快可能帶來(lái)大量虧損。正如其他金融產(chǎn)品一樣，沒(méi)有“常勝將軍”。
