Futures Client Agreement
1. Client Agreement for Futures Contracts
2. Client-Based Delta Position Limits (HKFE Rule 632A)
3. Standing Authority of Account
5. Additional Terms for Electronic Trading Services
6. FATCA and CRS Policy
7. Risk Disclosure Statement
1. Client Agreement for Futures Contracts
THIS AGREEMENT is made on the date stated in the Account opening form between:
(1) Tiger Brokers (HK) Global Limited, a company incorporated in Hong Kong with its principal place of business at 1/F, FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong and a corporation licensed for Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 5 (advising on futures contracts) regulated activities under the Securities and Futures Ordinance with CE no. BMU940 and the exchange participants of the SEHK (No.: 02142) and HKFE (No.: OCJ) (the “Company” or the “Broker”); and
(2) The party whose name, address and details are set out in the Account opening form (the “Client”).
1.1. In this Agreement, unless the context requires otherwise:
“Account” means any one or more futures / derivatives trading account(s) opened, maintained and operated by the Client with the Broker from time to time for use in connection with the purchases, sales, holdings or other dealing in futures / derivatives and other financial products effected through the Broker on behalf of the Client;
“Account opening form” means the application form the Client used for futures account opening;
“Agreement” means this agreement, including the Account opening form and the various Schedules attached hereto, as originally executed or as thereafter from time to time amended or supplemented;
“Code of Conduct” means Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission
“Collateral” means all monies and securities of the Client which are now or which shall at any time hereafter to be deposited with, transferred or caused to be transferred to or held by the Broker or any Group Companies or Affiliate or nominees, or transferred to or held by any other person in circumstances where the Broker accepts the same as security for the Client’s obligations under the this Agreement. The Collateral shall include those monies and securities that shall come into the possession, custody or control of the Broker or Group Companies or Affiliate from time to time for any purpose whatsoever (which shall include any additional or substituted securities and all dividends or interest paid or payable, rights, interest, monies or property accruing at any time by way of redemption, bonus, preference, options or otherwise on or in respect of any such securities or additional or substituted securities) ;
“Commodities” means any item and includes, without limitation, currencies, securities, indices of any kind (whether stock market or otherwise), interest rates, exchange rates, physical assets (including precious metals, agricultural produce, oil and land) or other investment traded, or rights or options in relation to which are traded, on any exchange and shall where the case requires include a Futures Contract in respect of any of the above and in each case whether or not the item is capable of being delivered;
“Exchange” means the Hong Kong Exchange and Clearing Limited (HKEX) or, where applicable, any other futures/commodities exchanges outside Hong Kong;
“HKFE” means the Hong Kong Futures Exchange Limited;
“FATCA” or “Foreign Account Tax Compliance Act” means (i) sections 1471 to 1474 of the US Internal Revenue Code of 1986 or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of the legislation or guidance referred to in (i) above; and (iii) any agreement pursuant to the implementation of the legislation or guidance referred to in (i) or (ii) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.
"Financial Products" refers to any "securities, futures contracts or leveraged foreign exchange contracts as defined under the Securities and Futures Ordinance, Chapter 571;
“Futures / Derivatives” include the meaning in Schedule 1 of the Securities and Futures Ordinance;
“Group Companies or Affiliate” means the ultimate holding company of the Broker and each and every subsidiary of such holding company;
“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;
“Instructions” include instructions given by the Client, which in any way relate to purchases, sales, holdings or other dealings in futures / derivatives and other financial products effected through the Broker on behalf of Client, arise out of and / or are in connection with the Account, whether such instructions are given orally, in writing, by facsimile, telex and / or by electronic means;
“Leveraged foreign exchange contracts” is only applicable to those traded by persons licensed for Type 3 regulated activity;
“Securities and Futures Ordinance” means the Securities and Futures Ordinance (Chapter 571) of the Laws of Hong Kong as amended or re-enacted from time to time;
“SFC” means the Securities and Futures Commissions;
1.2. Where the Client consists of more than one individual or where the Client is a firm consisting of two or more individuals, the agreements by and the liabilities of the Client hereunder shall be joint and several of such individuals.
1.3. Words importing the singular number shall include the plural number and vice versa and words importing the masculine gender shall include the feminine gender and the neuter gender.
1.4. Words importing persons shall include limited company (including local and foreign).
1.5. “Client Acknowledgement” means the respective operation policy and procedures applicable to the operation of the Futures Trading Account or any other brokerage trading account which policy shall be binding and determined by Broker from time to time and will be posted at the website of Broker or its holding company.
1. The Client is desirous of opening one or more futures / derivatives trading accounts with the Broker for the purpose of trading in futures / derivatives; and
2. The Broker agrees that it will open and maintain such futures / derivatives trading account(s) and sale of futures / derivatives subject to the terms and conditions of this Agreement.
NOW IT IS HEREBY AGREED as follows:
1.1 The Client confirms that the information provided in the Account opening form is complete and accurate. The Client will inform the Broker of any changes to that information.
1.2 Whilst the Client expect the Broker to keep confidential all matters relating to their account, the Client hereby expressly agree that the Broker may be required to disclose their details to the relevant exchanges, the SFC, government agencies, or to any persons pursuant to any court orders or statutory provisions. The Broker will comply with such requests without notices to or consent from the Client.
1.3 The Broker is authorized to conduct credit enquiries on the Client and contact anyone including bankers, the brokers or any credit agency of the Client to verify the information provided.
1.4. The Broker’s records shall, in the absence of manifest error, be conclusive and binding on the Client as to the amount standing to the debit or credit of the Account.
2. Laws and Rules - That all transactions with respect to futures made for and on the Client’s behalf in Hong Kong or elsewhere shall be subject to the constitution, by-laws, rules, rulings, regulations, transactions levies, customs and usage prevailing from time to time of the exchange or market and its clearing house, if any, where make (including, without limitation, with respect to trading and settlement) and to all laws, regulations and orders of any governmental or regulatory authorities that may be applicable from time to time. For the avoidance of doubt, transactions executed on the Client’s instructions on the floor of the HKFE or any futures/commodities exchange in another country shall be subject to a transaction levy and any other levies that the HKFE or the relevant overseas futures/commodities exchange from time to time may impose and the Broker is hereby authorized to collect any such levies in accordance with the rules prescribed by the HKFE or the relevant overseas futures/commodities exchange from time to time and the Rules of the Exchange and the rules of the relevant overseas futures/commodities exchange and clearing house (in the event that the transactions are executed on a futures /commodities exchange in another country), in particular those rules which relate to trading and settlement, shall be binding on the Client and the Broker in respect of transactions concluded on the Client’s instructions.
3. Transaction Practice and Dealing Instructions
3.1 All transactions shall be subject to the constitutions, rules, regulations, usages, rulings and interpretations, as amended from time to time or in force of the Exchange or other market (and of their respective clearing house, if any) where the transactions are executed by the Broker or the agents of the Broker. All transactions under this Agreement shall also be subject to any law, rule or regulation then applicable thereto, including but not by way of limitation, the provision of the Securities and Futures Ordinance and the Commodity Exchange Act of the Federal Laws of U.S.A. as amended from time to time, and the rules and regulations thereunder.
3.2 In respect of transactions related to Futures / Option Contracts on the markets operated by the Exchange, the Rules, the Regulations and the Procedures of the Exchange shall be binding on both the Broker and the Client. The Client may wish to visit HKEx’s website for more information on the Rules, Regulations and Procedures. The address is www.hkex.com.hk according to the Broker’s records, but is subject to change. This address is supplied by the Broker solely for the Client’s general information. For the avoidance of doubt, the Broker shall not in any way be responsible for the accuracy, completeness or otherwise of any such information.
3.3 Orders shall be received and executed with the understanding that the Client will be required to take or make delivery of the commodities unless the Client’s initial position is liquidated. It is expressly understood that unless otherwise disclosed herein or to the Client in writing in the usual manner of the Broker, the Broker is acting solely as agent as to any transactions made with the Broker by the Client. The Broker shall have no obligation to provide the Client with information with respect to any position of the Client and (except as directed by the Client) no obligation to but shall have the right set out in this Agreement to close any position in any Account the Broker may carry on behalf of the Client. Save as aforesaid, the Broker shall have the right (at the absolute discretion of the Broker, and without assigning any reason thereof) to refuse to act for the Client in any particular transaction.
3.4 The Broker may, wherever the Broker considers it necessary, sell any commodities the Broker or in which the Client has an interest, cancel any open orders for the purchase and sale of any commodities, with or without notice to the Client, and the Broker may borrow or buy any commodities required to make delivery against any sale, including a short sale effected for the Client.
3.5 The Broker shall be entitled to rely on any instructions, directions, notices or other communication which the Broker reasonably believes to be from a person authorized to act on the Client’s behalf and the Client shall be bound by such communication. The Client agrees to indemnify the Broker and hold the Broker harmless from and against all losses, costs and expense (including legal costs) reasonably and properly incurred by the Broker in reliance thereupon.
3.6 The Broker may record all telephone conversation with the Client in order to verify the instructions of the Client. The Client agrees to accept the contents of any such recording as final and conclusive evidence of the instructions of the Client in the case of any dispute.
3.7 There may, on occasions, be a delay in making prices or in dealing by the Broker due to physical restraints on the Exchange or other market and the rapid changes in the prices of commodities. The Broker may not after using reasonable endeavours be able to trade at the prices quoted at any specific time. The Broker is not liable for any loss arising by reason of its failing, or being unable, to comply with any terms of the Client’s instruction.
3.8 Where the Broker is unable after using reasonable endeavours to execute any instruction in full, it is entitled to effect partial performance only without prior reference to the Client’s confirmation. The Client shall accept and be bound by the outcome of any performance, partial performance or non-performance when the Client’s request to execute an order is made.
3.9 The Broker may, for the purpose of carrying out any instruction given by the Client, contract with or otherwise deal with or through any other agent, including any person or party associated in any manner with the Broker, on such terms and conditions as the Broker may in its absolute discretion determine. The Broker shall not be liable the Client for the acts and omissions of any such agent.
3.10 The Client acknowledges that due to the trading practices of the Exchange or other markets in which transactions are executed, the Broker may not always be able to execute orders at the prices quoted “at best” or “at market” and the Client agrees in any event to be bound by transactions executed by the Broker following instructions given by the Client.
3.11 The Client acknowledges and consents that the Broker shall, at its absolute discretion, be entitled to claim margin offset for the Client’s positions through the Client Offset Claim Account in DCASS.
3.12. If an instruction is operated through Electronic Service, the following provisions shall apply:
(a) The Client shall be the only authorized user of the Electronic Service under the Account;
(b) The Client shall not, whether by himself or anybody on his behalf nor shall authorize or allow anybody to or attempt to tamper with, modify, decompile, reverse engineer and otherwise alter in any way, and shall not attempt to gain unauthorized access to, any part of the Electronic Service;
(c) Risks associated with electronic or online devices, including delays or failure in the transmission, receipt or execution of Instructions due to breakdown or failure or transaction or traffic congestion of communications or any other cause(s) beyond the control or anticipation of Broker, may arise which may include a Client’s Instruction being executed before a Client’s revised or cancellation Instruction being validly placed and effected, delay in the execution of Instruction and/or price quoted being different from those prevailing at the time the Instruction is given and the Client shall be fully responsible for all such risks;
(d) All online quoted data and information provided by Broker or any other third party is for reference purpose only and Broker will not be liable for any inaccuracy thereof or any loss and damages whatsoever of the Client in reliance thereon.
4. Trading Recommendations - The Client acknowledges and agrees that the Client retains full responsibility for all trading decision in the Account(s) and the Broker is responsible only for the execution, clearing, and carrying out of transactions in the Account(s); that the Broker has no responsibility or obligation regarding any conduct, action, representation or statement of any introducing firm, investment advisor or other third party in connection with the Account(s) or any transactions therein; and that any advice or information provided by the Broker, its employees or agents, whether or not solicited, shall not constitute an offer to enter into a transaction and the Broker shall be under no liability whatsoever in respect of such advice or information.
5. Margin Requirements
5.1 Except for the purpose of closing out the Client’s open positions or as the exchange or markets in which the transactions are executed may prescribe from time to time, generally or otherwise, the Client agree that the Broker shall not transact any Futures / Options Business for the Client until and unless the Broker has received from the Client collateral adequate to cover the Client’s minimum margin requirements.
5.2 If the Broker determines that additional margin is required, the Client agrees to deposit such additional margin immediately upon demand. The Broker may change margin requirements at its sole discretion and at any time always subject to the Applicable Laws. No previous margin shall establish any precedent and these requirements once established may apply to existing positions as well as to new positions in the transactions affected by such change.
5.3 The Client agrees to maintain margins in such form and as required by the Broker from time to time in its sole discretion. Such margin requirements established by the Broker may exceed the margin required of the Broker by any exchange.
5.4 All margin calls, demands for variation adjustments and Interest Rate Cash Adjustments (as defined in the Rules of the Exchange) must be met within the same day on which a call is made on the Client (unless where the call is made on a day other than a Business Day or after 5:00 p.m. on a Business Day, in which case the same shall be met before 11:30 a.m. on the immediately subsequent Business Day) or within such shorter period as Broker may at Broker’s absolute discretion determine. Broker may close out open positions in respect of which any margin calls and/or demands for variation adjustment and/or interest rate cash adjustment are not met within the period specified by Broker or at the time of making such call(s) or demand(s).
5.5 Unless otherwise agreed, the Client undertakes to pay interest to the Broker in respect of any debit balance on the Account or any amount otherwise owing to the Broker at any time 5% over the HSBC’s Hong Kong Dollar Best Lending Rate from time to time. The interest is payable on the last day of each calendar month or upon any demand being made by the Broker.
5.6 The Client hereby agrees that the Broker shall be entitled to receive for its own benefit all sums derived by way of interest on all amounts held in the Account for or on account of the Client.
6. Commissions and Expenses
6.1 Every Exchange Contract shall be subject to the charge of a compensation fund levy and a levy pursuant to the Securities and Futures Ordinance, the cost of both of which shall be borne by the Client.
6.2 In the case of a default committed by the Broker and the Client having suffered pecuniary loss thereby, the liability of the compensation fund will be restricted to valid claims as provided for in the Securities and Futures Ordinance and will be subject to the monetary limits specified in the Ordinance and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped form the compensation fund in full, in part or at all.
6.3 The Client agrees to pay the Broker such remuneration, commission, brokerage, charges and any other fees that may be charged in respect of all transactions entered into between the Broker and the Client and / or under this Agreement in accordance with the particulars and the basis as set out in the fee schedule provided to the Client (as may be amended and notified by the Broker to the Client from time to time).
7. Foreign Currency Transactions
7.1 If the Client gives Instructions to Broker to enter into any Contract requiring a conversion from one currency to another, then:
(a) the costs thereof and any profit or loss arising as a result of fluctuations in the exchange rate of the relevant currency will be entirely for the account and risk of the Client;
(b) all initial and subsequent deposits for margin shall be made in such currency and in such amounts as Broker may require in its discretion; and
(c) when such Contract is closed out, Broker shall debit or credit the margin trading account in such currency (as Broker may determine in its discretion) at such exchange rate as determined by Broker in its discretion.
7.2 The Client authorizes Broker may at any time at such exchange rate and for such amount as Broker deems fit convert monies into and from any currency at such rate of exchange as Broker shall in its sole discretion determine as being the then prevailing market rate of exchange. Such conversion may be made for the purpose of any Transaction or for the calculation of any debit balance due from the Client or debit balance owed to the Client.
7.3 The Client authorizes Brokers to debit the margin trading account for any expenses incurred in effecting any currency conversion.
7.4 Broker reserves the right at any time to refuse to accept any Instructions from the Client in relation to any currency conversion.
8. Set off, Lien and Combination of Accounts
8.1 In addition and without prejudice to any general liens, rights of set-off or other similar rights to which the Broker may be entitled under laws or this Agreement, all securities, receivable, monies and other property of the Client (held by the Client either individually or jointly with others) held by or in the possession of the Broker at any time shall be subject to a general lien in favour of the Broker as continuing security to offset and discharge all of Client’s obligations arising from the Transactions to the Group Companies or Affiliate.
8.2 In addition and without prejudice to any general liens or other similar rights which the Broker may be entitled under law or this Agreement, the Broker for itself and as agent for any of its Affiliates, at any time without notice to the Client, may combine or consolidate any or all accounts, of any whatsoever and either individually or jointly with others, with the Broker or any of its Affiliates and the Broker may set off or transfer any monies, securities or other property in any such accounts to satisfy obligations or liabilities of the Client to the Broker or any of its Affiliates, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several.
8.3 Without limiting or modifying the general provisions of this Agreement, the Broker may, without notice, transfer all or any such or properties interchangeably between any accounts now or hereafter opened in the name of the Client with the Broker in connection with this Agreement and any other accounts of its Affiliates.
9.1 The Broker shall be authorized by the Client to purchase and sell Commodity Futures for the account of the Client in accordance with the oral Instructions, either in person or by telephone, of the Client or its Authorised Person(s) (subsequently to be confirmed in writing but the absence of such written authority shall not affect the Company’s authority to act in accordance with such oral Instructions) or written Instructions given by the Client or its Authorised Person(s) by post or delivered by hand or purported to be given by the Client or its Authorised Person(s) in such other form as from time to time accepted by the Broker. The Broker may act on any Instructions which it believes to be from the Client or its Authorised Person(s). Once given, Instructions may only be withdrawn or amended with the Client’s consent.
9.2 The Broker shall not be responsible for any delays or inaccuracies in the transmission of orders or other information due to any cause whatsoever beyond its reasonable control.
9.3 The Client shall upon the request of the HKFE, the SFC or other regulators disclose the name, beneficial identity and such other information concerning the Client as the HKFE, the SFC or other regulators relating to Foreign Futures Exchanges may require. The Client undertakes to disclose such other information concerning itself to the Broker within the time the Broker specifies as may be required for the Broker to comply with the Rules, the SFO and / or the requirements of the HKFE and / or Foreign futures Exchanges. The Client irrevocably authorizes the Broker to make any such disclosure. In relation to transaction on HKFE, in the event that the Broker fails to comply with the disclosure requirement under the HKFE, the Chief Executive of the HKFE may require the closing out of such Client’s open position and/or extra Margin requirement on such client’s open position. Where the Client is an individual, the Broker is subject to Hong Kong Personal Data (Privacy) Ordinance which regulates the use of personal data concerning individual.
9.4 In relation to transactions on the HKFE, the Client acknowledges that the Clearing House may do all things necessary to transfer any open positions held by the Broker on the Client’s behalf and any money and any futures/commodities contract standing to the credit of its account with the Broker to another participant of the HKFE in the event the rights of the Broker as exchange participant of the HKFE are suspended or revoked.
10. Default - If, in the Broker’s opinion, Client has breached any material terms of this Agreement; or any of Client’s representations, warranties or undertakings to the Broker was or become incorrect in any material respect; or the Client has defaulted in respect of any transactions with the Broker or its Affiliates; or any warrant or order of attachment or distress or equivalent order is issued against any of the Client’s accounts with the Broker or its Affiliates; or a petition in bankruptcy is filed against the Client, or an order is made or resolution passed for the Client’s voluntary or compulsory winding up; or a meeting is convened to consider a resolution that the Client should be so wound up, all amounts owing by the Client to the Broker or its Affiliates together with interest will become immediately payable without notice or demand and the Broker will be entitled at its absolute discretion without prejudice to any other rights or remedies that the Broker may have against the Client to sell or realize all or any part of the Client’s securities or assets held by the Broker or its Affiliates and satisfy all the Client’s obligations, towards the Broker or its Affiliates with the net sale proceeds after deducting an fees, commissions, expenses and costs thereof; and / or to withdraw or to cancel all the Client’s open order instructions; and / or to close out any / all the Client’s open positions; and / or exercise any of the Broker’s rights under this Agreement. The Broker and its Affiliates shall not be liable for any loss originated from taking the above actions and, due to the Client’s default, the Client may suffer whereas the price obtained by the Broker for the above actions will be conclusive.
11. Representations and Warranties
11.1 The Client hereby represents and warrants to the Broker on a continuing basis that:
(a) (in case of a corporation) it is validly incorporated and existing under the laws of its country of incorporation and has full power and capacity to enter into and perform its obligations hereunder; its entry into this Agreement has been duly authorized by its governing body and is in accordance with the Memorandum and Articles of Association or by-laws as the case may be of the Clients;
(b) neither the signing, delivery or performance of this Agreement nor any instructions given hereunder will contravene or constitute a default under any existing application law, status, ordinance, rule or regulation or judgment or cause to be exceeded any limit by which the Client or any of the Client’s assets is bound;
(c) save as otherwise disclosed to the Broker in writing, all transactions to be effected under this Agreement are for the benefit of the Client and no other party has any interest therein; and
(d) subject to any security interest of any of the Group Companies or Affiliate created pursuant to any agreement between the Client and that Group Companies or Affiliate, all commodities provided by the Client for selling or crediting into the Account(s) are fully paid with valid and good title and whose legal and beneficial titles are owned by the Client.
11.2 If the Client effects transactions for the account of clients, whether on discretionary or non-discretionary basis, and whether as agent or by entering into matching transactions as principal with any clients of the Client, the Client hereby agrees that, in relation to a transaction where the Broker has received an enquiry from the Exchange and/or the Commission, the following provisions shall apply:
11.3 Subject to as provided below, the Client shall, immediately upon request by the Broker (which request shall include the relevant contact details of the Hong Kong Regulator), inform the Hong Kong Regulators of the identity, address, occupation and contact details of the Client for whose account the transaction was effected and of the person with the ultimate beneficial interest in the transaction. The Client shall also inform the Hong Kong Regulators of the identity, address, occupation and contact details of any third party (if different from the Client / the ultimate beneficiary) who originated the transaction.
11.4 If the Client effected the transaction for a collective investment scheme, discretionary account or discretionary trust:
(a) the Client shall, immediately upon request by the Broker (which request shall include the relevant contact details of the Hong Kong Regulators), inform the Hong Kong Regulators of the identity, address, occupation and contact details of the person who, on behalf of the scheme, account or trust, instructed the Client to effect the transaction; and
(b) the Client shall, as soon as practicable, inform the Broker when discretion to invest on behalf of the scheme, account or trust has been overridden. In the case where the Client’s investment discretion has been overridden, the Client shall immediately upon requested by the Broker (which request shall include the relevant contact details of the Hong Kong Regulators), inform the Hong Kong Regulators of the identity, address, occupation and contact details of the person(s) who has or have given the transaction.
11.5 If the Client is a collective investment scheme, discretionary account or discretionary trust and in respect of a particular transaction the discretion of the Client or its officers or employees has been overridden, the Client shall, as soon as practicable, inform the Broker when his discretion to invest on behalf of the beneficiary or such scheme, account of trust has been overridden. In case where the Client’s investment discretion has been overridden, the Client shall, immediately upon request by the Broker (which request shall include the relevant contact details of the Hong Kong Regulators), inform the Hong Kong Regulators of the identity, address, occupation and contact details of the person(s) who has or have given the instruction in relation to the relevant transactions.
11.6 If the Client is aware that his client is acting as intermediary for its underlying Client(s), and the Client does not know the identity, address, occupation and contact details of the underlying Client for whom the transaction was effected, the Client confirms that:
(a) the Client has arrangements in place with his Client which entitle the Client to obtain the information set out in sub-clauses 11.2, 11.3, 11.4, 11.5 from his Client immediately upon request or produce that it be so obtained; and
(b) the Client will, upon request from the Broker in relation to transaction, promptly request the information set out in sub-clauses 11.2, 11.3, 11.4, 11.5 from his Client on whose instruction the transaction was effected, and provide the information to the Hong Kong Regulators as soon as it is received from his Client or procure that it be so provided.
11.7 The Client confirms that, where necessary, it has obtained all relevant consents or waivers from clients, collective investment schemes, discretionary accounts or discretionary trusts for whose account Transactions may be effected to release information to the Hong Kong Regulators of the identity and contact details of such clients, collective investment schemes, discretionary accounts of discretionary trusts, and of the person(s) with ultimate beneficial interest in any such Transactions, and (if different from the client / ultimate beneficiary) of the person(s) who originated the Transactions.
11.8 The Client undertakes to perform such acts, sign and execute all such agreements or documents whatsoever as may be required by the Broker for the performance or implementation of this Agreement or any part thereof.
12. Liability and Indemnities
12.1 Client agrees that neither the Broker nor any of its officers, employees or agents shall have any liability whatsoever (other than those resulting from fraud or willful default on the Broker part) for any loss, expense or damage which Client may incur as a result of the performance or failure to perform this Agreement.
12.2 Client undertakes to indemnify the Broker and its officers, employees or agents for any loss, cost, claim, liability and expense (other than those resulting from fraud or willful default on the Broker) incurred by the Broker or its officers, employees or agents in performing its services under this Agreement, or arising directly or indirectly from a breach by Client of any of its obligations under this Agreement.
12.3 If any claim is made against the Broker or Clients in connection with this Agreement, the Broker may, at its discretion and without prejudice to clause 12.2, take all such steps as it considers advisable, including the withholding of payment of delivery to Client of any money or securities.
12.4 If the Client gives any Instruction to Broker outside Hong Kong, the Client agrees to ensure and represent that such Instruction will have been given in compliance with any applicable laws of the relevant jurisdiction from which the Client’s Instruction is given, and the Client further agrees that the Client shall, when, in doubt, consult legal advisers of the relevant jurisdiction. The Client accepts that there may be taxes or charges payable to relevant authorities in respect of any Instruction given outside Hong Kong, and the Client agrees to pay such taxes or charges as applicable. The Client agrees to indemnify Broker on demand for any damage, loss, costs, actions, demands or claims Broker may suffer in connection with or arising form the client’s giving any instruction outside Hong Kong.
13. Omnibus Account - In the case that Client operates an omnibus account and is not an exchange participant of the HKFE, the Client shall, in relation to transactions on the HKFE:
13.1. in the Client dealing with the person(s) from whom the Client receives instructions with respect to the omnibus account, comply with and enforce the margin and Variation Adjustment requirements and procedures as stipulated in the Rules as though the Client were an exchange participant of HKFE and as though the person(s) for whose account or benefit such instructions are given were clients;
13.2. cause the Exchange Contract to be entered into in fulfillment of such instructions, so that there shall, in no circumstances, be any dealing with instructions in a manner which constitutes unlawful dealing in differences in market quotations of commodities under the laws of Hong Kong or any other applicable jurisdiction or in a manner which constitutes or involves betting, wagering, gaming or gambling with respect to such items in contravention of Hong Kong laws or any other applicable laws; and
13.3. ensure that the persons from whom the Client receives instructions comply with the margin and Variation Adjustment requirements as stipulated in the Rules, with the result that, as between HKFE and the Broker, the Broker should be responsible for ensuring that such requirements are complied with by all persons through whom instructions pass with respect to the omnibus account as if each in turn was the client for whom such omnibus account was operated.
14. Notices, Confirmations and Statements
14.1. Reports, written confirmations, notices, statements of the Client’s Account(s), and any other communications may be transmitted to the Client (who, in the case of a joint account without nominating a person therefore, will be deemed for these purposes to be the Client whose name first appears in the Account Opening Form) at the address, telephone, fax or telex number given in the Account Opening Form or Client Information Statement, or at such other address, telephone, fax or telex number as the Client hereafter shall notify the Broker in writing; and all communications so transmitted, whether by mail, telegraph, telephone, messenger or otherwise, shall be deemed transmitted when telephoned or when deposited in the mail, or when received by a transmitting agent, whether agent, whether actually received by the Client or not.
14.2. Written confirmation of the execution of the Client’s orders and statements of the Client’s Accounts shall be conclusive and deemed to be accepted if not objected to in writing by the Client direct to the address stated in the Account Opening Form (or such other address communicated in writing by the Broker) within 2 days after the transmittal thereof the Client, by mail or otherwise.
14.3. Any notice or other communications including, but not limited to, written confirmations and statements of the Client’s Account(s) given to the Client by the Broker under this Agreement through by electronic devices or otherwise shall by deemed made or given upon transmission of the message by the Broker.
15. Waiver and Amendment – Broker shall have absolute rights to amend, delete or substitute any of the terms herein or add new terms to the Agreement. An amendment notice and the revised Agreement will be sent to the Client. The Client may raise written objection within fourteen days after such amendment notice. Failing which, it shall be deemed an acceptance of such amendment, deletion, substitution or addition.
16. Joint Clients
16.1. Where the Client consists of more than one persons:
(a) the liability and obligations of each of them shall be joint and several and reference to the Client shall be construed to any or each of them;
(b) the Broker shall be entitled to but shall not be obligated to act on instructions or requests from any of them;
(c) each of them shall be bound though any other Client or any other person intended to be bound is not, for whatever reason, so bound, and
(d) the Broker shall be entitled to deal separate with any of the Client on any matter including the discharge of any liability to any extent without affecting the liability of any others.
16.2. Where the Client consists of more than one persons, on the death of any such persons (being survived by any other such persons) this Agreement shall not be terminated and the interest in the Account(s) of deceased will the thereupon vest in and ensure for the benefit of the survivor(s) provided that any liabilities incurred by the deceased Client shall be enforceable by the Broker against such deceased Client’s estate. The surviving Client(s) shall give the Broker written notice immediately upon any of them becoming aware of any such death.
17. Conflicts of Interest
17.1. The Client acknowledges that the Broker, its directors and / or employees may trade on its / their own account or on the account of any of the Group Companies or Affiliate subject to any applicable regulatory requirement.
17.2. The Client consents that, without prior notice from the Broker, when the Broker executes sell or buy orders on behalf of the Client, on the Exchange or any other exchange or market anywhere in the world, the Broker, its directors, officers, employees, agents, and / or any floor broker may buy or sell for an account in which may such person has a direct or indirect interest, subject to the limitations and conditions, if any, contained in the constitution, rules, regulations, usages, rulings, and interpretations then in force of the Exchange or other exchange or market upon which such buy or sell order are executed, and subject to the limitations and conditions, if any, contained in any applicable regulations lawfully promulgated by the Exchange or other exchange market.
17.3. The Client acknowledges that, subject to the provisions of the Securities and Futures Ordinance and any applicable laws, the Broker may take the opposite position to the Client’s order in relation to any exchange traded futures and options contract(s), whether on the Broker’s own account or for the account of any Group Companies or Affiliate or other clients of the Broker, provided that the trading is executed competitively on or through the facilities of the Exchange in accordance with the Rules, Regulations and Procedures of the Exchange or the facilities of any other commodity, futures or options exchange in accordance with the rules and regulations of such other exchange.
17.4. The Client acknowledges that the Broker is bound by the Rules of the Exchange which permit the Exchange to take steps to limit the positions or require the closing out of contracts on behalf of Clients who in the opinion of the Exchange are accumulating positions which are or may detrimental to any particular Market or Markets, or which are or may capable of adversely affecting the fair and orderly operation of any Market or Markets as the case may be.
17.5. All monies, approved debt securities and other property received by Broker from the Client or from any other person (including the Clearing House) for the account of the Client shall be held by Broker as trustee, segregated from Broker’s own assets and paid into a Segregated Bank Account or a Segregated Debt Securities Account and that all money, approved debt securities or other property so held by Broker shall not form part of the assets of Broker for insolvency or winding up purposes but shall be returned to the Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of Broker’s business or assets.
17.6. The Client authorizes Broker to apply any monies or approved debt securities received by Broker from the Client or from any other person (including the Clearing House) to be held in the manner specified under paragraphs 7 to 12 of Schedule 4 of the Code of Conduct and, in particular, the Client hereby authorizes Broker to apply such monies, approved debt securities or approved securities (i) in the manner specified under paragraphs 14 to 15 of Schedule 4 of the Code of Conduct, (ii) in or towards meeting Broker’s obligations to any party insofar as such obligations arise in connection with or incidental to the business of dealing in Futures/ Options Contracts transacted on the Client’s behalf.
17.7. The Client acknowledges that in respect of any account of Broker maintained with the Clearing House whether or not such account is maintained wholly or part in respect of the business of dealing in Futures/Options Contracts transacted on behalf of the Client and whether or not monies, approved debt securities or approved securities paid by the Client has been paid to or deposited with the Clearing House, Broker deals as principal and accordingly, no such account is impressed with any trust or other equitable interest in favor of the Client and monies, approved debt securities and approved securities paid to the Clearing House are thereby freed from the trust referred to in 17.5 above.
17.8. The Client acknowledge that Broker is bound by the provision of Rule 631 of the HKFE or the Chief Executive (as defined in the HKFE Rules) of HKFE may take steps to limit the positions or require the closing out of any futures contract of the Client if, in the opinion of HKFE or the Chief Executive, the Client is accumulating positions which are or may be capable of adversely affecting the fair and orderly operation of any Market or Markets as the case may be.
17.9. The Client unconditionally and irrevocably authorizes Broker at any time to transfer any available funds in the Account to any of the Client’s account held with any other members of the Broker’s Group Companies or Affiliate in accordance with the procedures in the Broker. The Client acknowledges and agrees that Broker may transfer such amounts of funds from the Account to any accounts held by the Client with other members of the Broker’s Group Companies or Affiliate, provided that the available funds in the Account are not less than the amount of funds requested to be transferred. Any transfer of available funds from the Account in respect of the foregoing shall not be effected if the credit balance in the Account following the proposed transfer shall be insufficient to pay the amount of any payments due or owing to Broker or any other party from the Client in respect of the Account or any Transaction.
17.10. The Client may also appoint Broker as the Client’s agent to pass on the Client’s instruction to any other member of the Broker’s Group Companies or Affiliate to transfer, subject to the terms of the agreement between the Client and such member of the Broker’s Group Company, available funds in the Client’s account held with such member of the Group Companies or Affiliate to the Client’s accounts held with other members of the Group Companies or Affiliate. The Client shall affect such appointment by completing a form for the appointing of agent for transfer of funds accessible at Broker’s office or by notice to Broker in writing via mail or facsimile (together with Client’s signature).
17.11. Broker shall provide to the Client with the contract specifications of the products; margin requirements and the Trading Rules for the Client’s reference.
(a) The Client represents and warrants to Broker that the Client is not associated with any of the member of the Group Companies or Affiliate including without limitation as a spouse or as a child under the age of 18 of such employees or agents and agrees that if the Client is or become associated with any such employees or agents, the Client shall promptly notify Broker of the existence and nature of such association and acknowledge that Broker may, upon receipt of such notice, at Broker’s absolute discretion, choose to terminate the Account.
(b) The Client further represents and warrants to Broker that the Client is not a connected person (as defined in the Listing Rules of the Stock Exchange) of the company’s(ies’) and the Commodities of which the Client shall place Instructions with Broker for the purchase or disposal of or otherwise deal in the company’s(ies) Commodities unless the Client specifically notify Broker to the contrary prior to the placing of such orders or instructions.
(c) The Client further agrees to indemnify Broker on demand for any losses, costs, damages, interests, expenses, claims or demands Broker may incur or suffer in respect of Broker’s reliance on or the breach of paragraph(a) and/or (b).
(d) The Client agrees to indemnify Broker and Broker’s officers, employees and agents on demand for any losses, costs, claims, damages, interests, liability or expenses arising out of or in connection with any breach by the Client of the Client’s obligations hereunder including any reasonable costs incurred by Broker in collecting any debts due to Broker or in connection with the closure of the Account.
18. Acknowledgement - The Client acknowledges that the Exchange or the Clearing House may do all things necessary to transfer any open positions held by the Broker on the Client’s behalf and money and property standing to the credit of the Client’s Account to another Exchange Participant in the event that the rights of the Broker as an Exchange Participant are suspended or revoked.
19. Suspension and Termination of Account
19.1. The Broker reserves the right at any time and from time to time, without having to give any reason or explanation, to suspend or terminate the operation of the Account and / or any services to the Client under this Agreement.
19.2. The rights and obligations of the Client and the Broker in respect of the Account may be terminated on at least seven (7) Business Days written notice given at any time by the Client to the Broker (or vice versa) without prejudice to any rights, powers or duties of the Broker of the Client in connection with the Account prior to receipt of such notice, and such rights, powers and duties will subject under the terms of this Agreement until they are discharged in full.
20. Severability - Any term, stipulation, provision, or undertaking in the Agreement which is illegal, void, prohibited or unenforceable in any jurisdiction shall be ineffective only to the extent of such illegality, voidness, prohibition or unenforceability without invalidating the remaining hereof, and any such illegality, voidness, prohibition or unenforceability in any jurisdiction shall not invalidate or render illegal, void or unenforceable any such term, condition, stipulation, provision, covenant or undertaking in any other jurisdiction.
21. Assignability - The provisions of this Agreement shall be binding on and inure to the benefit of the successors and assigns, whether by merger, consolidation or otherwise, as well as the personal representatives (where applicable) of each party hereto provided that the Client may not assign, transfer, charge or otherwise dispose of rights or obligations hereunder without the prior written consent of the Company. The Company may assign all or a part only of its rights and obligations under this Agreement to any person without the prior consent or approval of the Client.
22. Risk Disclosure Statement - The Broker refers the Client to the Risk Disclosure Statements. The Client agrees to read, ask questions and if necessary, seek independent advice.
23.1. The Broker shall be entitled to make such amendments, additions, deletions or variations to the Agreement, as the Broker consider necessary, and such amendments, additions, deletions, or variations shall take effect when such notice thereof is dispatched to the Client.
23.2. No amendment made by the Broker to the Agreement or by the Client to the Broker in relation to the information supplied in the Account Opening Form, herewith, such as Account Opening Information, and the Schedules thereto will affect any outstanding order or Transaction or any legal rights or obligations which may have arisen prior thereto.
24. Risk Disclosure
The Client shall sign and date an acknowledgement confirming that:
(a) the Risk Disclosure Statement at Schedule 7 was provided in a language of the Client’s choice (English or Chinese); and
(b) the Client was invited to read the Risk Disclosure Statement, to ask questions and take independent advice if the Client wishes.
25.1 The Client agrees that the Client, independently and without reliance on the Broker, make the Client’s own judgment and decisions with respect to each transaction. The Broker shall be under no liability whatsoever in respect of any information or suggestion rendered by any of the Broker’s directors, officers, employees or agents irrespective of whether or not such suggestions was given at the Client’s request.
25.2 The Client confirms that he has read and agreed to the Terms and Conditions of this Agreement which have been explained to the Client in a language (English or Chinese) that Client understands.
25.3 Every transaction indicated or referred to in any notice, statement, confirmation or other communication and every statement of account shall be treated as authorized, correct, as ratified, confirmed by the Client unless the Broker shall receive from the Client written notice to the contrary within seven (7) days after the date of such notice, statement, confirmation or other communication is received by the Client pursuant to this Agreement.
25.4 If the Broker solicits the sale of or recommends any Financial Product to the Client, the Financial Product must be reasonably suitable for the Client having regard to the Client’s financial situation, investment experience and investment objectives. No other provision of this Agreement or any other document the Broker may ask the Client to sign and no statement the Broker may ask the Client to make derogates from this Clause.
26. Law - This Agreement is governed and construed in accordance with the laws of Hong Kong Special Administrative Region and the parties hereby irrevocably submit themselves to the jurisdiction of the Hong Kong Special Administrative Region.
27. Effectiveness of Agreement - The Client understands that this Agreement shall not be effective until such time as it is accepted and agreed to by the Broker, such acceptance and agreement to be evidenced by the signature (including by electronic means) of one of the executive directors or an authorized person of the Broker.
28. In the event of any inconsistency or discrepancy between the English version and the Chinese version in any of this Agreement, the English version shall prevail.
2. Client-Based Delta Position Limits Imposed by HKFE Rule 632A
HKFE Rule 632A imposes a limit on the position in HSI Futures, HSI Options, Mini-HSI Futures and Mini-HSI Options (and other derivative products from time to time decided by HKFE, refer to HKFE website for latest position limit) combined held by a person or group of persons. This Rule is intended to avoid potentially destabilizing market conditions arising from an over concentration of positions accumulated by a single person or group of persons. Details of the said rule are set out as follow. If you are in any doubt about this document or the risks involved in non-compliance with Rule 632A, you should consult your dealer or independent professional. (In the event of any difference in interpretation or meaning between the Chinese and English version of this document, the English version shall be prevailed).
1. No person shall own or control positions in HSI Futures, HSI Options Mini futures and Mini-HSI Options Markets combined that exceed a position delta of 10,000 long or short in all contract months combined, or own or control positions in the Mini-HSI Futures Market or Mini-HSI-Options that exceed a position delta of 2,000 long or short in all contract months combined. For this purpose, the position delta of one Mini-HSI Futures Contract will have a value of 0.2 and the position delta of one mini-Hang Seng Index Option Contract will be one fifth of the position delta of the corresponding series in the Hang Seng Index Option Contract (“Position Limit”).
2. In determining the position delta for a person, the positions of all accounts under the direct or indirect common control or management of a person, and the positions of all accounts of persons acting pursuant to an express or implied agreement or understanding, shall be subject to aggregation.
3. Where different accounts or groups of accounts are managed by the same person or follow the investment strategies of the same person, the positions in such accounts shall be considered to be under the direct or indirect common control or management of the person and shall be aggregated for the purpose of Exchange Rule 632A. These include, but not limit to, mutual funds, discretionary accounts or trusts advised or managed by the same investment adviser, strategist or fund manager.
4. If a Client holds positions of an account or aggregated accounts which exceed the Position Limit, HKFE will request the Broker to liquidate the Client’s position necessary to bring the account or aggregated accounts into compliance with the Position Limit.
5. In addition, the Broker will not execute Client’s order when the Broker has knowledge that such Client’s aggregated position approach the Position Limit and that the execution of such order will result in a breach of the Position Limit.
3. Standing Authority of Account
1. Standing Authority for Account (Client Money)
1.1. The Client Money Standing Authority covers money held or received by the Company in Hong Kong (including any interest derived from the holding of the money which does not belong to the Company) in one or more segregated account(s) on the Client’s behalf (“Monies”). Unless otherwise defined, all the terms used in this Authorization Letter shall have the same meanings as defined in the Securities and Futures Ordinance and the Securities and Futures (Client Money) Rules as amended from time to time. Segregated account(s) include any account(s) designated as client account(s) established and maintained in Hong Kong in accordance with the Securities and Futures (Client Money) Rules or account(s) designated as client account(s) established and maintained outside Hong Kong.
1.2. Clients authorizes the Company to:
(a) combine and consolidate any or all segregated accounts, of any nature whatsoever and either individually or jointly with others, maintained by the Company and / or any company or companies within the group of companies (as defined in the Companies Ordinance) (the “Group Companies”) from time to time, and transfer any sum of Monies to and between such segregated account(s) to satisfy Client’s obligations or liabilities to the Group Companies, whether such obligations or liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several; and
(b) after your instructions are received by the Broker, no matter in writing or verbally, transfer any sum of Monies (including conversion between currencies at prescribed exchange rate provided by the Broker as principal if not otherwise specified) interchangeably between any of the segregated accounts maintained at any time by any member of the Broker Group; and
(c) return any rejected deposit from client or third-party due to failure of AML checking to its source at its discretion and without prior consent from client; and
(d) concerning the overseas markets, may transfer part or all of the margin requirement to the overseas broker’s segregated client account to get pre-trade approval from the broker before the transaction and keep the margin released after liquidation in the abovementioned account afterwards.
1.3. The Client acknowledges and agrees that the Company may do any of the things mentioned in the above without giving the Client notice.
1.4. This authority is given without prejudice to other authority or rights which Group Companies may have in relation to dealing in Monies in the segregated accounts.
2. The Client Money Standing Authority is valid for a period of 12 months from the date of Agreement, subject to renewal by the Client or deemed renewal under the Client Money Rules.
3. The Client Money Standing Authority may be revoked by giving the Company written notice addressed to the Customer Service at the Company’s address specified in the Account Opening Form or such other address which the Company may notify the Client in writing for this purpose. Such notice shall take effect upon the expiry of 14 days from the date of the Company’s actual receipt of such notice.
4. The Client understands that each of the Client Money Standing Authority shall be deemed to be renewed on a continuing basis without the Client’s written consent if the Company issues the Client a written reminder at least 14 days prior to the expiry date of the relevant authority, and the Client does not object to such deemed renewal before such expiry date.
5. Client undertakes to indemnify the Broker against all costs, expenses, liabilities, losses or damages arising out of or suffered by the Broker and/or any of the Group Companies as a result of their acting in accordance with this standing authority.
1. As a client of the Broker (the “Client”), it is necessary from time to time for the Client to supply his/her personal data (“Personal Data”), within the meaning ascribed in the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) (the “Privacy Ordinance”) to the Broker or its Affiliates when opening or maintenance of the Accounts, or in the establishment, continuation or provision of investment, dealing or related Services.
2. Failure to supply Personal Data may result in the Broker being unable to open or maintain Accounts or establish, continue or provide investment, dealing or related Services.
3. Personal Data may also be collected in the ordinary course of continuation of the business relationship with the Broker and/or its Affiliates.
4. Subject to the provisions of the Privacy Ordinance, any Personal Data may be used for the following purposes:
(a) the daily operation of the services provided to the Client;
(b) conducting credit and/or AML checks;
(c) ensuring ongoing credit worthiness and AML risk level of the Client;
(d) marketing investment, dealing or related services or products (please see further details in paragraph 8 below);
(e) supporting any statements made in any documents in connection with the Services of the Broker;
(f) assisting other relevant parties, professionals, institutions or relevant regulatory authorities to verify certain facts in connection with the Services of the Broker;
(g) meeting the requirements to make disclosures under the requirements of any Applicable Laws and Regulations binding on the Broker;
(h) forming part of the records of the recipient of the data as to the business carried on by it; and
(i) any other purposes relating to or incidental to any of the above.
5. the Broker will keep Personal Data confidential, but the Broker may provide Personal Data to the following persons in furtherance of the purposes set in the above paragraph 4:
(a) any agent or third party service provider who provides services to the Broker in connection with the operation of its business;
(b) an appropriate person under a duty of confidentiality to the Broker including any of its Affiliate which has undertaken to keep such information confidential;
(c) any person or institution with which the Client has or proposes to have dealings;
(d) credit reference agencies and debt collection agencies (in the event of default payment);
(e) any regulatory authorities or exchanges which relate to or govern any business of the Broker and any of its Affiliate;
(f) any assignee, transferee, delegate, successor or person to whom the account of the Client is transferred and the authorized person of the Client; and
(g) any of the Broker’s actual or proposed assignee or participant or sub participant or transferee.
6. The Personal Data may be transferred to any place outside Hong Kong, whether for the processing, holding or use of such data outside Hong Kong, and also to service providers which offer services to any the Broker’s Affiliate in connection with the operation of its business.
8. Use of Personal Data in Direct Marketing
the Broker intends to use your Personal Data in direct marketing and we require your consent (which includes an indication of no objection) before we can use your Personal Data for this purpose. Your provision for this purpose is voluntary. In this connection, please note that:
(a) your name, contact details, products and services portfolio information, transaction pattern and behavior, financial background and demographic data held by the Broker from time to time (“Marketing Personal Data”) may be used by the Broker in direct marketing.
(b) the following classes of services, products and subjects may be marketed:
i. financial, insurance, securities, commodities, investment and related services and products and facilities;
ii. reward, loyalty or privileges programmes in relation to the class of marketing subjects as referred to in paragraph 8.b.i above;
iii. services and products offered by the Broker’s co-branding partners (the names of such co-branding partners can be found in the application form(s) for the relevant services and products, as the case may be) in relation to the class of marketing subjects as referred to in paragraph 8.b.i above; and
iv. donations and contributions for charitable and/or non-profit marking purposes;
(c) the above services, products and subjects may be provided or (in the case of donations and contributions) solicited by the Broker and/or:
i. any of the Broker’s Affiliate;
ii. third party financial institutions, insurers, securities, commodities and investment services providers;
iii. third party reward, loyalty, co-branding or privileges programme providers;
iv. co-branding partners of the Broker (the names of such co-branding partners can be found in the application form(s) for the relevant services and products, as the case may be); and
v. charitable or non-profit making organization;
(d) In addition to marketing the above services, products and subjects itself, the Broker also intends to provide the Personal Data described in paragraph 8.a above, whether such provision is for gain or not, to all or any of the persons described in paragraph 8.c above for use by them in marketing those services, products and subjects described in paragraph 8.b above (in respect of which the Broker may or may not be remunerated), and the Broker requires your written consent (which includes an indication of no objection) for those purposes;
the Broker may not use your Marketing Personal Data for direct marketing without your consent. Please indicate your consent when signing Account Opening Form or similar document.
If you give your consent but subsequently change your mind and no longer wish the Broker to use or provide to other persons your Marketing Personal Data for use in direct marketing as described above, you may exercise your opt-out right by notifying the Broker in writing addressed to the Data Protection Officer in paragraph 11 of this policy.
Please note however that the right to make such a request is not applicable to you if the direct marketing is addressed to you in your capacity as a representative of a company or business and is not sent to you in your individual or personal capacity.
9. In accordance with the terms of the Privacy Ordinance, any individual has the right to:
(a) check whether the Broker holds data about him/her and access to such data;
(b) require the Broker to correct any data relating to him/her which is inaccurate;
(c) be given reasons if a request for access or correction is refused, and object to any such refusal;
(d) ascertain the Broker’s policies and practices in relation to data and be informed of the kind of personal data held by the Broker; and
(e) in relation to customer credit, request to be informed which items of Personal Data are routinely disclosed to credit reference agencies or debt collection agencies and be provided with further information to enable the making of an access and correction request to the relevant credit reference agency or debt collection agency.
10. In accordance with the Privacy Ordinance, the Broker has the right to charge a reasonable fee for the processing of any data access request. All requests for access to data or correction of data (when client considers that his/her Personal Data, supplied by the Broker following a data access request, are inaccurate) or for information regarding policies and practices and kinds of data held or for exercising your opt out right relating to direct marketing should be addressed as follows: Data Protection Officer, 1/F, FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong.
5. Additional Terms for Electronic Trading Services
1 Application of the Additional Terms
1.1 The provisions in these Additional Terms for Electronic Trading Services apply only to any Account in respect of which you have requested and the Broker has agreed to provide with Electronic Trading Services on the terms and conditions of this Client Agreement.
1.2 This Schedule forms an integral part of the Client Agreement and may be amended from time to time. Capitalised terms used herein shall have the same meanings as in the Client Agreement unless stated otherwise.
2 Terms for Electronic Trading Services
2.1 When using the Electronic Trading Service, you warrant that you are the only authorized user of your Access Codes and will be responsible for all instructions placed and all Transactions conducted with the use of the Access Codes. You shall be responsible for the confidentiality, security and use of the Access Codes issued to you by the Broker. the Broker may use authentication technologies in connection with the Electronic Trading Service.
2.2 You acknowledge that it may not be possible to change or cancel an instruction given through Electronic Trading Service and agree to exercise caution before placing orders.
2.3 the Broker may (but not have obligations) monitor and/or record any of your instructions given or orders transacted through the Electronic Trading Service. You agree to accept such recording (or a transcript thereof) as final and conclusive evidence of the contents and nature of the relevant instructions and Transactions and as binding on you
2.4 the Broker will not be deemed to have received or executed the Instructions from you given through the Electronic Trading Service unless and until you have received the relevant acknowledgement or confirmation in such manner specified by the Broker from time to time (including without limitation by posting the status of the Instructions in order journals on the website which is operated by the Broker and is freely accessible by you). the Broker is also entitled to correct any errors in such acknowledgement or confirmation without incurring any liability in connection therewith.
2.5 You shall immediately notify the Broker if:
(a) an Instruction has been placed through the Electronic Trading Service and you have not received an instruction number or acknowledgement of receipt of the instruction or of its execution from the Broker (whether by hard copy, electronic or verbal means); or
(b) you have received acknowledgement of a Transaction (whether by hard copy, electronic or verbal means) which you did not instruct or you have any suspicion of unauthorized access to the Electronic Trading Service; or
(c) you become aware of or suspicious of any unauthorized disclosure or use of your Access Codes;
or otherwise, the Broker or its agents, employees or representatives will not be responsible or liable to you or any other person whose claim may arise through you for any claim with respect to handling, mishandling or loss of Instruction placed through the Electronic Trading Service.
2.6 You agree that should you experience any problems in reaching the Broker through the Electronic Trading Service or vice versa, you shall attempt to use an alternative method or device, as the Broker may make available, to communicate with the Broker to place your orders and to inform the Broker of the difficulty you have experienced.
2.7 You acknowledge that the Electronic Trading Service, the website operated by the Broker, and the software comprised in them, are licensed or proprietary to the Broker. You shall not, and shall not attempt to, tamper with, modify, decompile, reverse engineer or otherwise alter in any way or gain unauthorized access to, any part of the Electronic Trading Service, the website operated by the Broker or any of the software comprised in them.
2.8 You acknowledge that you have fully understood the implications of the risks associated with the Electronic Trading Service as set out in the Part IV - Risk Disclosure Statement to this Client Agreement but agrees that the benefits of using the Electronic Trading Service outweigh these risks and waive any claim you might have against the Broker or any Affiliate(s) arising from:
(a) systemic failures (including hardware and software failures);
(b) the Broker’s acceptance of any unauthorized instructions which appear or the Broker believes to be from you;
(c) failure, delay, error in, distortion or incompleteness of, transmission, receipt or in the execution of Instructions from you or execution of your Instructions at prices different from those prevailing at the time the instructions were given;
(d) any delay or error in, or distortion or incompleteness of, transmission, receipt or execution of Instructions due to either a breakdown or failure of transmission of communication facilities or unreliable medium of communication (whether or not such communication facility or medium has been provided by us);
(e) your access to the website of the Broker or the Electronic Trading Service being limited or unavailable;
(f) failure to or delay in dispatch or delivery of any notice or information provided or requested via the Electronic Trading Service or any inaccuracy, error or omission in or from any such notice or in or from any information contained in any such notice;
(g) your failure to use the Electronic Trading Service in accordance with this Client Agreement or any relevant agreement between the Broker and you; and
(h) your reliance, use or otherwise acting upon any information or materials provided via the Electronic Trading Service or the website operated by the Broker.
3 Data Not Guaranteed
3.1 Use of Data at Your Risk
You expressly agree that your use of the data and information available through the Electronic Trading Services and of any software provided for use in accessing the Electronic Trading Services is at your sole risk. Neither we nor our Affiliates, nor any of our respective directors, officers and employees, the agents and the owners and licensors of such software, including any party disseminating data or information (collectively, the “Disseminating Parties”), warrant that the Electronic Trading Services will be uninterrupted or error free; nor does any of them make any warranty as to the results that may be obtained from the use of the Electronic Trading Services, or as to the timeliness, sequence, accuracy, completeness, reliability or content of any data and information or Transaction provided through us, or with respect to any software provided for use in accessing the Electronic Trading Services.
3.2 “As Is” Basis
The data and information available through the Electronic Trading Services is provided on an “as is”, “as available” basis, without warranties of any kind, either express or implied, including those of merchantability and fitness for a particular purpose, other than those warranties which are implied by and incapable of exclusion, restriction of modification under Applicable Laws and Regulations.
3.3 Non liability
No Disseminating Party shall be liable in any way to you or to any other person for:
(a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message, or (ii) the transmission or delivery of any such data, information or message; or
(b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance, or (iii) interruption in any such data, in formation or message, due either to any negligent act or omission by any Disseminating Party or to any “force majeure” (such as, without limitation, flood, extraordinary weather condition, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, power failure, equipment, software or communications line failure or malfunction) or any other case beyond the reasonable control of any Disseminating Party.
6. FATCA and CRS Policy
1 Application of this policy
1.1 All provisions in this policy apply to all types of Accounts. Under the Foreign Account Tax Compliance Act (“FATCA”) and Intergovernmental Agreements between Hong Kong and US, financial institutions in Hong Kong are required to report certain information of certain clients to the Internal Revenue Service (“IRS”) of US and withhold clients’ US source Fixed, Determinable, Annual, or Periodic income in certain circumstances.
1.2 Hong Kong has also passed local legislation to implement the Common Reporting Standard (“CRS”) under which all reporting financial institutions in Hong Kong are required to identify the tax residency of their account holders, and to furnish a return periodically reporting the required information in relation to the reportable accounts to the Inland Revenue Department (“IRD”) of Hong Kong for its transfer to the tax authority of the relevant jurisdiction.
1.3 For compliance of the regulatory requirement in relation to FATCA, CRS and other related regulations, the Broker has implemented the terms and conditions of this Schedule to govern the relevant rights and obligations between you and us.
2 Privacy Waiver
2.1 You hereby irrevocably authorize us to disclose and/or submit such information provided by you, including without limitations to personal/institutional information, to the competent regulatory or Government Authority in the relevant jurisdiction(s) (including without limitation to IRS, US Department of the Treasury and the IRD) for the purpose of compliance of the requirements under FATCA, CRS and other related laws, regulations, codes and rules.
2.2 You further acknowledge that we may not notify you such disclosure or submission as required by the Applicable Laws and Regulations and agrees that it will not require us to make such notification to you before or after the disclosure or submission of the information to the relevant authorities.
3 Further Assurance for Provision of Information
3.1 You undertake that you will promptly provide us such information, including without limitations to the personal/institutional information in the related Account Opening Form and other related application forms designated by us from time to time and the relevant tax forms and self-certification forms completed by you, for the purpose of compliance of the requirements under FATCA, CRS and other related laws, regulations, codes and rules.
3.2 You shall ensure that the information provided to us under Clause 3.1 of this Schedule shall always be true, complete and accurate without misleading in all materials aspects.
3.3 You further undertake that you will promptly (in any event, within fourteen (14) days) notify us whenever any information provided to us under Clause 3.1 of this Schedule is changed or becomes untrue, incomplete, inaccurate or misleading and provide us the necessary information up-to-date.
3.4 Upon our request, you shall immediately provide us such additional or substitute certificates and forms and other documentary evidences, including without limitation to the self-certification, substitute tax forms of expired tax forms (if any), your written nationality statement, certificate of loss of nationality of the United States and privacy waivers,.
3.5 You acknowledge and agree that failing to provide us information as required under this Clause 3 will entitle us to change the FATCA or CRS status of your Account based on information available to us, suspend the trading activities under your Account(s), withhold the assets in your Account(s), close your Account(s) or sell the assets in the Account(s) to produce withholdable payments at our sole and absolute discretion.
4 Withholding Authorization
4.1 You hereby authorize us to withhold any part of or all assets in your Account(s) (in cash or other forms) or sell the assets in the Account(s) to produce withholdable payments if, at our sole and absolute discretion:
(a) You do not provide us with the information or documents requested in a timely manner or if any information or documents provided are not up-to-date, accurate or complete such that we are unable to ensure its ongoing compliance or adherence with the requirements under FATCA;
(b) the FATCA status of you is identified as non-participating foreign financial institutions;
(c) there is no reliable evidence to treat you as exempted from withholding requirement under FATCA or other relevant regulations;
(d) the withholding is required by competent regulatory or government authorities in the relevant jurisdiction; or
(e) the withholding is otherwise necessary or appropriate for the compliance of the requirements under FATCA and other Applicable Laws and Regulations.
5.1 You hereby agree to hold us and our directors, officers, employees and agents (the “Indemnified Persons”) indemnified against all losses, liabilities, costs, claims, actions, demands or expenses (including but not limited to, all reasonable costs, charges and expenses incurred in disputing or defending any of the foregoing) which the indemnified Persons may incur or which may be made against the Indemnified Persons arising out of, or in relation to or in connection with:
(a) any breach or alleged breach of the terms and conditions hereunder whether by act or omission of you; and
(b) any non-compliance of FATCA, CRS or any other Applicable Laws and Regulations in relation to you and/or your Account(s),
except where such loss or damages arise from willful default, fraud or negligence of the Indemnified Persons.
5.2 You undertake to assist us in any proceeding or investigation arising in any matter out of or in connection with the compliance with the requirements under FATCA, CRS and other Applicable Laws and Regulations. In such case, we will notify you when we become aware of such proceedings, unless prohibited by Applicable Laws and Regulations.
5.3 If any payment to be made by you to the Indemnified Persons under the clauses hereunder is subject to deduction or withholding tax, the sum payable by you in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of the required deduction or withholding, the Indemnified Persons receive on the due date and retain (free from any liability in respect of such deduction, withholding or payment) a net sum equal to what the Indemnified Persons would have received if no such deduction, withholding or payment been made or required to be made.
5.4 You shall continue to be bound by the provisions of this Clause despite of ceasing to be Account(s) holder or the termination of any Account(s).
7. Risk Disclosure Statement
Risk of trading futures and options
The risk of loss in trading futures contracts or options is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand futures contracts and options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. If you trade options you should inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry.
Risks of client assets received or held outside Hong Kong
Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap.571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.
Risk of providing an authority to hold mail or to direct mail to third parties
If you provide the licensed or registered person with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.
The licensed or registered person should confirm with the client at least on an annual basis whether that client wishes to revoke the authority. For the avoidance of doubt, it will be acceptable for the licensed or registered person to send a notification to the client before the expiry date of the authority and inform the client that it is automatically renewed unless the client specifically revokes it in writing before the expiry date.
Additional risk disclosure for futures and options trading
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.
1. Effect of "Leverage" or "Gearing"
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.
2. Risk-reducing orders or strategies
The placing of certain orders (e.g. "stop-loss" orders, 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.
3. Variable degree of risk
Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise 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.
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 futures contract, 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 unfavourably. 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 futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin (see the section on Futures above). If the option is "covered" by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
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.
Additional risks common to futures and options
4. Terms and conditions of contracts
You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obliged 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.
5. Suspension or restriction of trading and pricing relationships
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.
Further, normal pricing relationships between the underlying interest and the futures, 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".
6. Deposited cash and property
You should familiarise yourself with the protections given to money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which 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.
7. Commission and other charges
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.
8. Transactions in other jurisdictions
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
9. Currency risks
The profit or loss in transactions in foreign currency-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.
10. Trading facilities
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 participant firms. Such limits may vary: you should ask the firm with which you deal for details in this respect.
11. Electronic trading
Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.
12. Off-exchange transactions
In some jurisdictions, and only then in restricted circumstances, 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 familiarise yourself with applicable rules and attendant risks.
Risks of Renminbi (RMB) Securities or RMB Investments
1. Exchange risks and Daily Conversion Limit, etc.
Renminbi (RMB) is currently not freely convertible and there may at any given time be limited availability of RMB outside Mainland China. There is conversion risk in RMB denominated securities, and daily or other limits may apply to conversion amounts. If converting to or from RMB in Hong Kong, you may have to allow sufficient time to avoid exceeding such limits.
In addition, there is a liquidity risk associated with RMB denominated securities, especially if such securities do not have an active secondary market and their prices have large bid/offer spreads. Investment in RMB denominated securities is subject to exchange rate risks. The value of the RMB against any other foreign currencies fluctuates and is affected by changes in Mainland China and international political and economic conditions and by many other factors. The value of RMB settlement amounts compared to other currencies will vary with the prevailing exchange rates in the market.
2. Limited availability of underlying investments denominated in RMB
For RMB products that do not have access to invest directly in Mainland China, their available choice of underlying investments denominated in RMB outside Mainland China may be limited. Such limitation may adversely affect the return and performance of the RMB products.
3. Projected returns which are not guaranteed
If the RMB investment product is attached with a statement of illustrative return which is (partly) not guaranteed, you should pay particular attention to any disclosure relating to the return (or the part of the return, as the case may be) which is not guaranteed and the assumptions on which the illustrations are based, including, e.g., any future bonus or dividend declaration.
4. Long term commitment to investment products
For RMB products which involve a long period of investment, you should pay particular attention to the fact that if you redeem your investment before the maturity date or during the lock-up period (if applicable), you may incur a significant loss of principal where the proceeds may be substantially lower than their invested amount. You should beware of the early surrender/withdrawal fees and charges, if any, as well as the loss of bonuses (where applicable) as a result of redemption before the maturity date or during the lock-up period.
5. Credit risk of counterparties
You should pay particular attention to the credit risk of counterparties involved in the RMB products. To the extent that the RMB products may invest in RMB debt instruments not supported by any collateral, such products are fully exposed to the credit risk of the relevant counterparties. Where a RMB product may invest in derivative instruments, counterparty risk may also arise as the default by the derivative issuers may adversely affect the performance of the RMB product and result in substantial loss.
6. Interest rate risk
For RMB products which are, or may invest in, RMB debt instruments, you should pay attention to the fact that such instruments may be susceptible to interest rate fluctuations, which may adversely affect the return and performance of the RMB products.
7. Liquidity Risk
You should pay attention to the liquidity risk associated with the RMB products, and where applicable, the possibility that the RMB products may suffer significant losses in liquidating the underlying investments, especially if such investments do not have an active secondary market and their prices have large bid/offer spreads.
8. Possibility of not receiving RMB upon redemption
For RMB products with a significant portion of non-RMB denominated underlying investments, you should pay attention to the possibility of not receiving the full amount in RMB upon redemption. This may be the case if the issuer is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency.
9. Additional risks associated with leveraged trading
Prior to conducting leveraged trading of RMB products, you should make sure that you understand and accept the risks and the terms and conditions of the borrowing arrangement. Leveraging heightens the investment risk by magnifying prospective losses. You should pay attention to the circumstances under which you will be required to place additional margin deposits at short notice and that your collateral may be liquidated without your consent. You should beware of the risk that market conditions may make it impossible to execute contingent orders, such as “stop-loss” orders. In addition, you should be mindful of your exposure to interest rate risk, and in particular, your cost of borrowing may increase due to interest rate movements.”
Risk of electronic trading
Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and/or 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. In particular, your attention is drawn to the following:
(a) the internet is, and any other Electronic Media may also be, an inherently unreliable medium of data transmission and communication and that, accordingly, there are risks in conducting Transactions in the Account through the Electronic Trading Service or otherwise communication through the internet or any other Electronic Media;
(b) access to the website operated by the Broker or the Electronic Trading Service may at any time and from time to time be limited, delayed or unavailable, including during periods of peak demand, market volatility, systemic failures (including hardware and software failures), systems upgrades or maintenance or for other reasons;
(c) Instructions given or Transactions conducted through the internet or other Electronic Media may be subject to interruption, transmission blackout, delayed transmission or incorrect data transmission due to, where applicable, unpredictable traffic congestion, the public nature of the media used or other reasons;
(d) Instructions given through the internet or other Electronic Media may not be executed or may be delayed so that they are executed at prices different from those prevailing at the time the instructions were given;
(e) communications and personal data may be accessed by unauthorized third parties;
(f) instructions given through the internet or other Electronic Media may be executed without being subject to human review; and
the status of your instructions or orders for Transactions in the Account or execution thereof and your cash position, securities position or other details relating to your Account as reflected in any acknowledgement, confirmation or other record posted on the Broker’s website may not be updated immediately. Such acknowledgement, confirmation or other record will only reflect Transactions in your Account conducted through the Electronic Trading Service and that, in the case of doubt, you should contact the Broker to ascertain the status of your other Transactions in your Account or other details relating to your Account.