CUSTOMER AGREEMENT OF SECURITIES FUTURES THIS AGREEMENT IS A LEGAL CONTRACT, PLEASE READ IT CAREFULLY. 这是一份法律合同，请认真阅读。 This is a legal contract by and between WALL STREET EXCHANGE OF SECURITIES FUTURES, its successors and as
CUSTOMER AGREEMENT OF SECURITIES FUTURES
THIS AGREEMENT IS A LEGAL CONTRACT, PLEASE READ IT CAREFULLY.
This is a legal contract by and between WALL STREET EXCHANGE OF SECURITIES FUTURES, its successors and assigns, referred to collectively in this document as “EXCHANGE”, and the party (or parties) executing this document, referred to collectively as “Customer”.
In consideration of EXCHANGE agreeing to carry one or more accounts of Customer and providing services to Customer in connection with the purchase and sale of cash commodities (including financial instruments), commodity futures contracts, securities futures products, options on cash commodities, options on futures contracts, forward or leverage contracts, forward rate transactions, commodity swaps, foreign exchange transactions, currency swap transactions, cross-currency rate swap transactions, currency options, and other derivatives of futures and/or foreign currency contracts, and any similar instruments which may be purchased or sold by or through EXCHANGE for Customers Account(s) (collectively referred to as “Commodities” or “Futures”), Customer agrees to the following terms and conditions:
1. AUTHORIZATION TO TRADE. 交易授权
EXCHANGE is authorized to purchase and sell cash commodities (including financial instruments), commodities futures contracts, security futures products, options on cash commodities, options on commodity futures contracts, forward or leverage contracts, forward rate transactions, commodity swaps, foreign exchange transactions, currency swap trans actions, cross-currency rate swap transactions, currency options, and other derivatives of futures and/or foreign currency contracts for Customer’s Account(s) in accordance with Customer’s oral, written or electronically transmitted instructions. Unless instructed by Customer to the contrary in writing, EXCHANGE is authorized to execute all futures and option orders on such recognized contract markets, as EXCHANGE deems appropriate. Customer authorizes EXCHANGE to purchase and sell physically settled and cash settled foreign currency contracts on
a spot basis for Customer’s Account in accordance with Customer’s instructions. Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer’s Account. Customer has considered the factors contained below and in view of Customer’s present and anticipated financial resources, Customer is willing and able to assume the substantial financial risks of trading in the above markets.
2. TRANSACTIONS SUBJECT TO INDUSTRY REGULATIONS AND STANDARDS.
All transactions shall be subject to the regulations of all applicable government authorities and self-regulatory agencies including, but not limited to, the constitutions and rules of the clearinghouse, exchange, or market where trades are executed. Customer understands that EXCHANGE is obligated to comply with all applicable laws and regulations including those of regulatory and self-regulatory organizations and agrees that EXCHANGE shall not be liable to Customer as a result of any action taken by EXCHANGE to comply with any ruling, interpretation or directive
of such organization. The Customer recognizes that rates and/or prices it may view on electronic market information screens (e.g. Reuters, Flash Quotes, Telerate, etc.) are only indications of rates and/or prices, and may or may not reflect actual rates and/or prices available to EXCHANGE or the Customer.
In all transactions under this Agreement, Customer shall be bound by all applicable laws, rules and regulations, including the Commodity Exchange Act, as amended, the Commodity Futures Trading Commission regulations there under, and the rules, regulations, customs, usages, rulings and interpretations of the National Futures
Association (“NFA”), and to the extent applicable, the Securities and Exchange Commission, National Association of Securities Dealers, and the exchange or market and the clearing house, if any, where the transactions are executed by EXCHANGE or EXCHANGE’s agents.
3. MARGINS/DEPOSIT REQUIREMENTS. 保证金/存款要求
EXCHANGE’s margin policies and/or the policies of those exchanges on which trading occurs may require that additional funds be provided to properly margin Customer’s Account. Customer understands that Customer is obligated to promptly meet such margin requirements. Failure to meet margin calls may result in the liquidation of
any open positions with a resultant loss.
As security for Customers obligation to EXCHANGE hereunder, Customer shall provide to and maintain with EXCHANGE margin and/or collateral in such amounts and in such forms as EXCHANGE, in its sole and absolute discretion, may from time to time require. Margin requirements may be increased at EXCHANGEs sole and absolute discretion. Such margin requirements may exceed margins established by an exchange. EXCHANGE may change
margin requirements at any time. Margin requirements are subject to change without notice and will be enforced retroactively and prospectively. Customer acknowledges and agrees that EXCHANGE has no obligation to establish uniform margin requirements and that such requirements may be higher for single stock futures and other security
futures products. No previous margin requirement by EXCHANGE shall preclude EXCHANGE from increasing that requirement without prior notice. Further, EXCHANGE will exercise considerable discretion in setting and collecting margin associated with foreign currency transactions. For margin purposes associated with foreign currency transactions, Customer has authorized EXCHANGE to convert Customers funds into and from such foreign currency at a rate of exchange determined by EXCHANGE, in its sole discretion, on the basis of the then prevailing money market rates.
Customer agrees to deposit by immediate wire transfer such additional margin when and as required by EXCHANGE, and will promptly meet all margin calls in such mode of transmission, as EXCHANGE shall in its sole discretion designate. Customer agrees to provide EXCHANGE with the names of bank officers and information necessary for immediate verification of wire transfers. Notwithstanding any demand for additional margin, EXCHANGE may at any time proceed to liquidate Customers Account in accordance with paragraph 10 below. Any failure by EXCHANGE to enforce its rights hereunder shall not be deemed a waiver by EXCHANGE to enforce its rights thereafter.
4. LIMIT OF POSITIONS. 头寸限制
Exchanges where trading occurs may impose daily trading limits with respect to the trading of certain commodities and may, from time to time, change such trading limits. Such trading limits and limit changes may cause trading in a certain commodity to cease, thereby preventing the liquidation of an adverse position, which may result in a substantial financial loss. Trading in commodity futures is suitable only for those persons or entities financially able to withstand losses that may substantially exceed the value of margins or deposits. Customer acknowledges Customer’s reporting obligations, among others, pursuant to regulations promulgated by the Commodity Futures Trading Commission (“CFTC”),such as Customer’s obligation to notify the CFTC when Customer’s position is reportable.
EXCHANGE retains the right to limit the number of open positions a Customer may acquire or maintain at EXCHANGE and/or the size of transaction a Customer may execute through EXCHANGE. EXCHANGE will attempt to execute all orders that EXCHANGE may, in EXCHANGE’s sole discretion, choose to accept for the purchase or sale of contracts or other property in accordance with the oral or writ ten instructions of Customer. EXCHANGE reserves the right to refuse to accept any order. Notwithstanding the foregoing, EXCHANGE shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond EXCHANGE’s control, including any delays or inaccuracies in the transmission of orders and/ or information due to a breakdown in or failure of any transmission or communication facilities.
5. COMMODITY OPTIONS TRADING 商品期权交易
With respect to purchases or sales of options on cash commodities or futures contracts (“Commodity Options”), Customer acknowledges and understands the risks of buying and selling options on commodity futures contracts and the risks of such option trading caused by a limit move in the underlying commodity futures contract. Customer has been advised of the commissions and fees associated with trading options.
Customer is fully responsible for taking action to exercise an option contract. EXCHANGE shall not be required to take any action with respect to an option contract, including any action to exercise a valuable option prior to its expiration date, except upon express instructions from Customer. Customer agrees to instruct EXCHANGE as to the exercise and disposition of Commodity Options. Customer understands that the exchanges, boards of trade, markets and clearinghouses have established exercise cut-off times for the tender of exercise instructions and that Customer’s options will become worthless in the event that Customer does not deliver instructions by EXCHANGE’s established expiration times. Customer understands that EXCHANGE has established exercise cut-off times, which may be different from the times established by the exchanges, boards of trade, markets, and clearinghouses.
Customer shall give EXCHANGE instructions for exercising Commodity Options not later than two hours prior to the close of trading in the underlying commodity or futures con tract on the day Customer intends to exercise a Commodity Option. Customer, by noon of the business day before the last day of trading of a Commodity Option, shall instruct EXCHANGE whether to liquidate, exercise, or abandon the Commodity Option. In the absence of timely instructions from Customer, EXCHANGE is authorized, at EXCHANGE’s absolute discretion, to exercise or liquidate all or any portion of the Commodity Options in Customer’s Account(s) for Customer’s Account(s) and at Customer’s risk.
Customer hereby agrees to waive any and all claims for damage or loss that Customer might have against EXCHANGE arising out of the fact that an option was not exercised.
6. ONLINE ORDER ENTRY SYSTEM 在线订单录入系统
EXCHANGE offers the service of an online order entry system, which allows Customer to trade with EXCHANGE online via the Internet utilizing BESTDirect. ,a division of EXCHANGE, as well as all other approved online order entry systems. Although numerous features have been designed into BESTDirect. and the other approved systems to prevent system failure, as with all electronic systems, service could be interrupted. Should the system be interrupted, depending on the type of failure, it may not be possible for Customer to access the system to enter new orders, modify existing orders, or cancel previously entered but not yet filled orders. System or component failure
may also result in loss of orders or order priority.
交易所提供在线订单录入系统服务，客户可以通过互联网，利用交易所的BESTDirect. 在线与交易所进行交易。尽管BESTDirect. 的许多功能设计用于防止系统故障，（例如电子系统），但服务仍有可能中断。如果系统中断，根据故障类型，客户可能无法访问系统录入新订单、修改现有订单或取消之前录入但尚未执行的订单。系统或系统组件故障还可能导致订单或订单优先级别丢失。
EXCHANGE does not guarantee that any order placed through this system will be filled or acted on. EXCHANGE reserves the right to refuse any order for any reason. Customer is solely responsible for confirming Customers own orders. Should Customer fail to receive electronic confirmation as to the placement of an order, Customer agrees to
verify the status of such order independently by contacting EXCHANGE telephonically to confirm whether such order has been received. Any order so received by EXCHANGE will be deemed to have been placed by Customer at the time received by EXCHANGE and in the form EXCHANGE receives such order. Customer further agrees that all orders
placed through BEST Direct are placed at Customers sole risk.
(a) Minimum Equity Requirement. Customer acknowledges that should the equity in Customers Account fall below $500, Customers access to place trades through BEST Direct will be suspended until such time as the equity in Customers Account shall again equal or exceed $500.
(b) Access Number. Customer agrees to be responsible for all orders entered through and under Customers access number(s) and account number(s). Customer agrees to immediately notify EXCHANGE in the event of any loss, theft, or unauthorized use of Customers access number(s), pass-word(s), and/or account number(s) or any incorrect
information contained in any repor t Customer received concerning Customers Account.
(c) Restricted Account. EXCHANGE reserves, in its sole discretion, the right to restrict, terminate and/or suspend Customers access to BEST Direct. Customer acknowledges that if EXCHANGE places a restriction on Customers Account, Customer will not be able to use BEST Direct online trading function. Customer agrees to hold EXCHANGE
harmless for any and all claims, losses, liability, costs and expenses (including but not limited to attorneys fees) arising from EXCHANGEs restriction of Customers access to BEST Direct. EXCHANGE reserves, in its sole discretion, the right to terminate Customers access to BEST Direct without notice for any reason, including but not limited to unauthorized use of Customers access number(s), and/or account number(s), or breach of this Agreement.
受限账户。交易所保留依其判断，限制、终止和/或暂停客户访问BEST Direct的权利。客户承认如果交易所对客户账户进行限制，客户将不能使用BEST Direct的在线交易功能。客户同意：EXCHANGE将不受因对客户访问BEST Direct进行限制而产生的任何及所有索赔、损失、责任、成本和花费（包括但不仅限于律师费用）的损害。交易所保留依其判断终止客户访问BEST Direct的权利，并且无需通知客户任何理由，包括但不仅限于未经授权使用客户访问号和/或账号，或者违反本协议。
7. CURRENCY FOREX TRADING 货币外汇交易
Foreign currency transactions (hereinafter referred to as “Currency Forex”) are traded on the “interbank” system, and not on regulated exchanges like commodities. The interbank system consists of counterparties that exchange currency positions with each other. A counterparty may be, but need not be, a bank. For purposes of Currency
Forex trading, Daily Cutoff shall mean the time selected each Business Day by EXCHANGE after which any Transaction entered into will be considered to have as its trade date the next Business Day. The Daily Cutoff will occur at a time selected solely by EXCHANGE and may vary from day to day. Business Day shall mean, with respect to the United States, any day on which banks are open for business (other than a Saturday or Sunday) in New York City, and with respect to any other country other than the United States, any day on which banks are open for business (other than a Saturday or Sunday) in the principal financial center of the relevant country.
Capacity. EXCHANGE shall act as a principal and is the counterparty in each Currency Forex contract or transaction with Customer. Customer acknowledges, understands and agrees that EXCHANGE is not acting as a broker, intermediary, agent, advisor or in any fiduciary capacity to Customer in Currency Forex transactions.
(b) Prices and Valuations for Currency Forex. Prices and valuations for Currency Forex are set by EXCHANGE and may be different from prices reported elsewhere. EXCHANGE will provide prices to be used in trading, valuations of Customer positions and determination of margin requirements. Although EXCHANGE expects that these prices will
be reasonably related to prices available in the interbank market, prices reported by EXCHANGE may vary from prices available to banks and other counterparties in what is known as the interbank market.
(c) Settlement Date and Rollovers. With respect to purchases or sales of foreign currencies, Customer agrees to instruct EXCHANGE as to the offset or rollover of a foreign currency position. Except as provided here in, during the term of the Currency Forex position, Customer shall give EXCHANGE instructions for rolling the Currency Forex position not later than two hours prior to the settlement of trading in the relevant foreign currency on the day Customer intends to roll over that foreign currency position. In addition, Customer, by noon of the business day before the settlement day of the contract of the Currency Forex contract, shall instruct EXCHANGE whether to deliver, offset or roll over the Currency Forex position. In the absence of timely instructions from Customer, EXCHANGE is authorized, at EXCHANGE’s sole and absolute discretion, to deliver, roll over or offset all or any portion of the
Currency Forex positions in the Customer ‘s Account and at Customer’s risk. Customer shall be charged separate commissions, at EXCHANGE’s commission rates in effect from time to time, upon the rollover or off set of a Currency Forex position.
(d) Settlement Date Offset Instructions. Offset instructions on open Currency Forex positions must be given to EXCHANGE at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents to make delivery must be in the possession of EXCHANGE within the time frame set forth above. If no instructions, funds or documents are received by EXCHANGE, then EXCHANGE may, without additional notice to Customer and in EXCHANGE’s sole discretion, take one or a combination of the following actions: offset Customer’s position, roll Customer’s positions into the next settlement time period, make or receive deliver y on behalf of Customer upon such terms and by such methods deemed reasonable by EXCHANGE in its sole discretion.
(e) ) Delivery. Delivery of foreign currency shall be made to the bank specified by the purchaser in a major city in the country in which the foreign currency is the legal tender. Unless otherwise agreed to by EXCHANGE and the Customer in writing, the foreign currency shall be deliverable by cable or wire transfer. All payments to be made in U.S. Dollars shall be made by wire transfer of immediately available funds to a bank in a major U.S. city specified by the purchaser. EXCHANGE will not be responsible for delays or failures in the delivery of any foreign currency within the time specified for the delivery thereof to the extent the failure is caused by a breakdown of communication facilities or by any other cause beyond EXCHANGE’s reasonable control. EXCHANGE may require payment of amounts due to EXCHANGE from Customer on any day to occur simultaneously with or prior to payment of amounts due from EXCHANGE to Customer on that day. EXCHANGE and the Customer shall exchange, make use of, and periodically update and confirm standing payment instructions.
(f) Offsetting Transactions. Whenever there may exist in or between any of the Customer’s Accounts two or more open and opposite transactions, EXCHANGE may, in its sole discretion, elect to treat the transactions as a single transaction and upon the value date of the transactions, the net difference between the amounts payable under the transactions, and/or the net difference between the amounts deliverable thereunder, shall be paid to and/or delivered by EXCHANGE, as the case may be.
(g) Separate Transactions. Each Currency Forex transaction is a separate transaction, even though more than one such transaction may be included on a single confirmation.
8. COLLATERAL 抵押金
All funds, securities, commodities, commodity futures contracts, commodity option contracts, and other property of Customer which EXCHANGE or its affiliates may at any time be carrying for Customer (either individually, jointly with others, or as a guarantor of the account of any other person), or which may at any time be in EXCHANGEs
possession, control, or carried on EXCHANGEs books for any purpose, including safekeeping, are to be held by EXCHANGE as security and subject to a general lien and right of setoff against liabilities of Customer to EXCHANGE whether or not EXCHANGE has made advances in connection with such securities, commodities or other property, and irrespective of the number of accounts Customer may have with EXCHANGE. At any time, EXCHANGE may in its discretion, with or without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customers Accounts. Additionally, Customer hereby grants to EXCHANGE the right to pledge, re-
pledge, hypothecate, sell or purchase, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, as securities or other property of Customer held by EXCHANGE as margin or security. The value of any such collateral shall be determined by EXCHANGE in its sole discretion and based upon what
EXCHANGE would receive if EXCHANGE sold the relevant collateral for immediate delivery. EXCHANGE shall at no time be required to deliver to Customer the identical property delivered to or purchased by EXCHANGE for any account of Customer. The Customer agrees to maintain at all times with EXCHANGE collateral in such form and in such amount as EXCHANGE may from time to time request orally or in writing. In all cases, collateral shall be deemed received by EXCHANGE when such collateral is actually received by EXCHANGE. The rights of EXCHANGE are subject to the applicable requirements for the segregation of Customer funds and property under the Commodity Exchange Act, as amended (the “Act”).
9. LENDING AGREEMENT借款协议
The purpose of the Lending Agreement is to allow EXCHANGE to use warehouse receipts (representing delivery) as collateral. Should Customer take delivery of commodities through futures contracts, EXCHANGE is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Customers Account is not adequate to pay for the delivery, the warehouse receipts become property carried on margin in the Customers Account, since the commodity is not fully paid for by Customer. The Lending Agreement allows EXCHANGE to use the warehouse receipt as collateral for a bank loan, the proceeds of which are used to pay for the warehouse receipts until re-delivery of the commodity and/or payment in full by Customer. Should Customer intend to take delivery of the underlying commodity covered by any futures contract, EXCHANGE requires the Customer to sign the Lending Agreement so it may use the commodities, property, warehouse receipts or evidence of ownership thereof, as collateral for a bank loan, the proceeds of which may be used to pay for the commodities, or evidence of ownership thereof, until payment in full, including interest, is made by Customer. This authorization shall apply to all accounts carried by EXCHANGE for Customer and shall remain in full force until all accounts are fully paid for by Customer or
until notice of revocation is sent by EXCHANGE from EXCHANGEs principal place of business.
10. LIQUIDATION OF ACCOUNTS清算账户
In the event of
(a) the death or judicial declaration of incompetence of Customer;
(b) the filing of a petition in bankruptcy, a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer;
(c) the filing of an attachment against any of Customers Accounts carried by EXCHANGE; (d) Customers failure to maintain sufficient margin; or
(e) EXCHANGEs determination, regardless of current market quotations, that any collateral deposited to protect one or more accounts of Customer is inadequate to secure the
(f) Customers failure to provide EXCHANGE any information requested pursuant to this Agreement;
(g) Customers failure to pay any amount due to EXCHANGE; or
(h) any other circumstances or developments that
EXCHANGE deems appropriate for its protection, EXCHANGE, in its sole discretion, may take one or more, or any portion of the following actions:
(1) satisfy any obligation Customer may have to EXCHANGE either directly or by way of guaranty or suretyship out of any of Customers funds or property in EXCHANGEs custody or control;
(2) liquidate Customers positions by offsetting any or all commodity futures contracts, futures options, commodities, securities, or securities options held or carried for Customer; and/or
(3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer.
Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customers personal representatives, heirs, executors, administrators, trustees, legatees, or assigns, and regardless of whether the ownership interest shall be solely Customers or held jointly with others. In liquidation of Customers positions, EXCHANGE may, in its sole discretion, offset in the same contract month or it may initiate new long or short positions in order to establish a spread or straddle which in EXCHANGEs sole judgment may be advisable to protect or reduce existing positions in Customers Account. According to EXCHANGEs sole judgment and discretion, any sales or purchases hereunder may be made on any exchange or other markets where such business is then usually transacted or at a public auction or private sale, and EXCHANGE may purchase the whole or any part thereof free from any right of redemption.
(g) 客户没有向交易所支付任何到期款项；(h) 出现交易所认为应当进行保护的任何其他情况或局面；交易所依其判断，可以采取下列之一或多项措施：
11. PAYMENT OF DEFICIT BALANCES 差额补偿
Customer recognizes that EXCHANGE is financially liable to the clearing members through which EXCHANGE clears transactions for deficit balances occurring in Customers Accounts. Customer therefore agrees that Customer shall at all times be liable for the payment of any deficit balance occurring in Customers Account including any deficiency balance remaining in Customers Account(s) in the event of the liquidation thereof in whole or in part by EXCHANGE or by Customer. Customer agrees to hold EXCHANGE harmless, and indemnify and defend EXCHANGE from and against any and all losses sustained by EXCHANGE resulting from any deficit balances that may occur in Customers
Account. In the event the proceeds realized from liquidation of Customers Account are insufficient for the payment of all liabilities of Customer due to EXCHANGE, Customer shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at EXCHANGEs principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attor-neys fees, witness fees, travel expenses and the like. In the event EXCHANGE incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Customer, Customer also agrees to pay such expenses.
12. DELIVERY MONTH LIQUIDATION INSTRUCTIONS 月清算指示
Liquidation instructions on open futures positions maturing in a current futures month must be given to EXCHANGE at least five (5) business days prior to the first notice day in the case of long positions, and at least seven (7) business days prior to the last trading day in the case of short positions. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in EXCHANGEs possession within the same periods described above. If instructions, funds or documents are not received, EXCHANGE may, without notice to Customer, either liquidate
Customers position or make delivery or receive delivery on Customers behalf on such terms, conditions and by such methods as EXCHANGE deems reasonable, in its sole discretion, and Customer agrees to remain liable for all costs, expenses or debit balances incurred in connection therewith.
13. CHARGES 收费
Customer agrees to pay such commission rates as EXCHANGE may from time to time charge, as well as all other costs and fees (including, without limitations, fees imposed by the National Futures Association, exchanges or other regulatory or self-regulatory organizations) arising out of EXCHANGEs provision of services hereunder. EXCHANGE
may change its commissions, charges, and/or fees without notice. Customer agrees to pay all such charges as they are incurred. Customer hereby authorizes EXCHANGE to withdraw the amount of any such charges from Customers Account(s). In the event Customer instructs EXCHANGE to transfer open positions, monies, and/or property
from Customers Account to another futures commission merchant, Customer agrees to pay a transfer fee, to be designated by EXCHANGE.
Customer specifically agrees that, after any Account subject to this Agreement has been dormant for a period of three calendar months, as defined by the unclaimed property laws and regulations of the relevant jurisdiction(s) to which such Account is subject, such Account shall thereafter be subject to a monthly administration fee for each subsequent month during which such dormancy continues without interruption. Such monthly administration fee shall be equal to 1.75% of the liquidation value of such Account (rounded up to the nearest multiple of $10.00) or the maximum amount permitted by applicable law, whichever is less. Except as required by law, Customer shall not be entitled to a refund of any such monthly administration fee for any reason.
14. STATEMENTS AND CONFIRMATIONS 对帐单和确认函
Customer understands that Customer must carefully review the reports relating to Customers trading sent by EXCHANGE. Customer must review and report immediately errors on confirmations and statements. Failure to notify EXCHANGE immediately of any error or omission will bind Customer to the terms of such confirmation or statement,
as the case may be. All repor ts of execution shall be deemed final within twenty-four (24) hours and all statements of account will be deemed final within three (3) days, unless Customer objects to these repor ts within these periods of time to an executive officer of EXCHANGE at EXCHANGEs principal place of business.
Margin calls shall be conclusive and binding unless objected to immediately by telephone or by wire. Written objections on Customer’s part shall be directed to EXCHANGE’s Compliance Department at 311W.Monroe St., Suite 1300, Chicago, IL 60606 and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Customer’s failure to receive a trade confirmation or statement of accounts shall not relieve Customer of the obligation to object as set out herein. Failure to object to statements and confirmation shall be deemed ratification of all actions taken by EXCHANGE or EXCHANGE’s agents.
Unless Customer indicated otherwise in Paragraph 19 of the Account Application, Customer hereby authorizes EXCHANGE to deliver correspondence and other communications including, but not limited to trade confirmations, daily statements, monthly statements, margin and maintenance calls, and other documents required to be delivered in connection with Customers account. Customer agrees that the sending by EXCHANGE of an e-mail to the e-mail address of record shall constitute good and effective delivery to Customer of the communication whether or not Customer actually access the communication. Customer may revoke his consent to electronic delivery of documents at any time upon written notice to EXCHANGE. It is the customer’s responsibility and obligation to notify EXCHANGE of any change of mailing and/or electronic address.
Customer agrees that written statements shall supersede all electronic information and the written statements shall be controlling.
15. COMMUNICATIONS 通信
Reports, statements, notices and any other communications may be transmitted to Customer at the address given above or to such other address as Customer may from time to time designate in writing to EXCHANGE. All communications so sent, whether by mail, telegraph, messenger or when received by a transmitting agent, and deemed transmitted by EXCHANGE when deposited in the United States mail, or when received by a transmitting agent, and deemed delivered to Customer personally, whether actually received by Customer or not.
EXCHANGE will not be responsible for delays in transmission of orders due to breakdown, excessive call volume or failure of transmission or communication systems or facilities, or for any other cause or causes beyond EXCHANGE’s reasonable control or anticipation.
16. DISCLAIMER OF WARRANTIES 免责声明
Neither EXCHANGE nor its agents make any representations or warranties to Customer, express or implied, with respect to the electronic order system, or the transmission, timeliness, accuracy or completeness thereof, including, without limitation, any implied warranties or any warranties of merchantability, quality or fitness for a particular purpose, and those arising by statute or other wise in law or from any course of dealing or usage.
17. LIMITATION OF LIABILITY 责任限制
Customer agrees that in no event will EXCHANGE be liable to Customer for the accuracy, interruption, delay, completeness, timeliness, or correct sequencing of the information received through Customer’s use of BESTDirect. or for any interruption of any data, information, or accessibility to BESTDirect.. Further, EXCHANGE shall not be held responsible for any delay or failure to provide BESTDirect. service, including the execution of any order. Under no circumstances shall EXCHANGE or its agents be liable for any indirect, incidental, special or consequential loss or damages, including loss of business or profits or goodwill, that result from Customer’s use, attempted use, or inability to use BESTDirect..
客户同意在任何情况下，交易所都不对客户通过使用BESTDirect. 接收的信息的准确性、中断、延迟、完整性、及时性和正确的排序负责，也不对任何数据、信息的中断和BESTDirect. 的可连接性负责。而且，交易所不应为提供BESTDirect.服务--包括执行任何指令--的任何延时或者失败负责。 不管在任何情况下，交易所及其代理人都不应该为客户因使用、试图使用或未能使用BESTDirect. 而导致的任何间接的、偶然的、特定的损失—包括业务或利润或声誉的损失负责。
18. EXTRAORDINARY EVENTS 非常事件
EXCHANGE shall not be liable for losses caused directly or indirectly by government restrictions, exchange or market actions, suspension of trading, war, strikes, or for delays in the trans mission of orders due to breakdown or failure of transmission or communication facilities, or as a result of any other causes beyond EXCHANGE’s control or anticipation.
Without limiting the generality of the foregoing, EXCHANGE shall not be liable for any loss, liability, expense, fine or tax caused directly or indirectly by any (i) governmental, judicial, exchange or other self-regulatory organization action or order, (ii) suspension or termination of trading,(iii) break down or failure of transmission or communication facilities, or (iv) failure or delay by any exchange to enforce its rules or to pay or return any amounts owed to EXCHANGE with respect to any transactions or contracts executed and/or cleared for Customer’s account(s)
with EXCHANGE. In no event shall EXCHANGE be liable for consequential, incidental or special damages.
19. CURRENCY FLUCTUATION RISK 币值波动风险
If Customer directs EXCHANGE to enter into any commodity futures or commodity option on futures contract and such transaction is to be effected in a foreign currency: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer ‘s Account and Customer’s risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as EXCHANGE may in its sole discretion require; and (c) EXCHANGE is authorized to convert funds in Customer’s Account into and from such
foreign currency at a rate of exchange on the basis of the then prevailing money market rates as determined by EXCHANGE in its sole discretion.
20. CUSTOMER’S ACKNOWLEDGEMENTS 客户确认
Customer acknowledges that investment in commodity futures contracts and commodity options on futures is speculative, involves a high degree of risk and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. Customer understands that because of the low margin normally required in commodity
futures trading, price changes in commodity futures contracts may result in significant losses, which losses may substantially exceed Customer’s investment and margin deposit. Customer warrants that Customer is willing and able, financially and other wise, to assume the risk of trading Commodities, and in consideration of EXCHANGE’s carrying Customer’s Account(s) Customer agrees not to hold EXCHANGE responsible for losses incurred through following EXCHANGE’s trading recommendations or suggestions or those of EXCHANGE’s employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible in commodity
trading. Customer acknowledges that Customer has received no such guarantees from EXCHANGE or from any of EXCHANGE’s representatives or any introducing broker or other entity with whom Customer is conducting business in Customer’s Account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar representations. Further Customer acknowledges that Customer has relied only on the terms and representations contained in this Agreement in formulating Customer’s decision to open an account with EXCHANGE.
Customer acknowledges that Customer has been advised and understands the following factors concerning trading Commodities, in addition to those contained in the CFTC Required Risk Disclosure Statement and Disclosure Statement for Non-Cash Margin, that have been provided to Customer. Customer further acknowledges that the purchase or sale of a futures contract always anticipates the accepting or making of delivery.
EXCHANGE is not a member of the Securities Investor Protection Corporation (“SIPC”), therefore, Customer’s account is not entitled to SIPC protection. Customer acknowledges that Customer’s Accounts at EXCHANGE are neithersecurities accounts protected under SIPC nor bank accounts protected by the FDIC.
Customer acknowledges that the accuracy, completeness, timeliness, and correct sequencing of the real-time information concerning Customer’s trading and account activity, the quotes, market news, charts, trading analysis and strategies are not guaranteed by EXCHANGE or EXCHANGE’s information providers. Customer understands that
some of the information available through BEST Direct may be supplied by various independent sources. While EXCHANGE believes that these independent sources are reliable, EXCHANGE does not guarantee the accuracy, completeness, timeliness, non-interruption, or sequencing of any information supplied. Further, the information provided may be the property of the party who sup plies such and may be protected by copyright; therefore, any reproduction, transmittal, dissemination or distribution of the information in any form or manner is prohibited without the express written consent of EXCHANGE.
客户确认交易所或交易所的信息供应商不保证有关客户交易和帐户活动、报价、市场新闻、图表、交易分析和策略的实时信息的准确性、完整性、及时性和正确排序客户知道通过BEST Direct获得的一些信息可能由各种独立的来源提供。 尽管交易所相信这些独立来源是可靠的，但是交易所不保证任何提供的信息的准确性、完整性、及时性、不中断性或者排序。另外，所提供的信息可能是提供方的财产而受到版权的保护。因此，没有交易所明确的书面同意，禁止对这些信息以任何方式进行复制、传输、传播和分发。
Customer further acknowledges that from time to time, and for any reason BESTDirect. may not be operational or otherwise available for Customer’s use due to servicing, hard ware malfunction, software defect, service or transmission interruption or other cause, and Customer agrees to hold EXCHANGE and its agents harmless from liability or any damage which results from the unavailability of BESTDirect.. Customer acknowledges that Customer has alternative arrangements, which will remain in place for the transmission and/or execution of Customer’s orders, by telephone, facsimile transmission or otherwise, in the event, for any reason, circumstances prevent the transmission and/or execution of all, or any portion of, Customer’s orders through BESTDirect.. In the event that BESTDirect. is not operational, Customer agrees to contact Customer’s broker at EXCHANGE to make alternative order entry arrangements.
客户还确认有时，因为某种原因，BEST Direct可能会因为服务、硬件故障、软件缺陷、服务或传输的中断等原因不能工作，或者客户无法使用，客户同意免于使EXCHANGE及其代理人因BESTDirect.无法使用而承担法律责任。客户确认当由于某种原因，客观情况不允许通过BESTDirect. 传输和/或执行全部或部分客户指令时，客户在利用电话、传真或其他方式传输和/或执行客户指令方面有多种安排。在BESTDirect. 不能工作的情况下，客户同意与EXCHANGE的客户经纪人联系，进行其他指令进入安排。
Customer further acknowledges that there is risk associated with Currency Forex trading. If trading liquidity decreases, trading in a certain foreign currency may cease, thereby pre venting the liquidation of an adverse position, which may result in a substantial financial loss. Additionally, there are no guarantees to the credit worthiness of the counterparty 交易所 utilizes for Customer’s Currency Forex position. If Customer directs 交易所 to enter into any Currency Forex contract: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s Account and Customer’s risk; and (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as 交易所 may, in its sole discretion, require.
If Customer trades through the Forex market, Customer may not be afforded certainty of the protective measures provided by any domestic futures exchange, including the right to arbitrate Customers dispute with the counterparty. For additional risk factors associated with Currency Forex, Customer should refer to the Currency Forex Risk Disclosure Statement, a copy of which has been provided to Customer.
If Customers Account is introduced by an IB or by a CTA, it is being carried on EXCHANGEs books on a “fully disclosed basis.” Customer understands that EXCHANGE is employed to perform certain bookkeeping and operational functions with regard to Customers Account. Customer understands that EXCHANGE is responsible for executing and confirming transactions effected for Customers Account; segregating funds in accordance with the rules and regulations promulgated by the CFTC; margining Customers Account and collecting funds on Customers behalf by means of checks payable to EXCHANGE only. Customer agrees to indemnify EXCHANGE and hold harmless EXCHANGE
from and against all damages or liability arising from the conduct of Customers IB or CTA.
21. TRADING RECOMMENDATIONS 交易建议
Customer acknowledges that (i) any market recommendations and information communicated by EXCHANGE does not constitute an offer to sell or the solicitation of an offer to buy any commodity or commodity futures contract or options on futures contract; (ii) such recommendation and information, although based upon information obtained from sources believed by EXCHANGE to be reliable, may be based solely on a bro-ker’s opinion and that such information may be incomplete and may be unverified; and (iii) EXCHANGE makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading
recommendation furnished to Customer. The market recommendations of EXCHANGE are based solely on the judgment of EXCHANGE’s personnel. These market recommendations may or may not be consistent with the market position or intentions of EXCHANGE, EXCHANGE’s affiliates and employees.
Customer acknowledges that EXCHANGE and/or EXCHANGE’s officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell commodities, commodity futures contracts or commodity options which are the subject of market recommendations furnished to Customer, and that the market
position of EXCHANGE or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by EXCHANGE. Customer acknowledges that EXCHANGE makes no representations concerning the tax implications or treatment of contracts.
22. TRADING AGENTS 交易代理人
Customer acknowledges that should Customer grant trading authority or control over Customers Account to a third-party (“Trading Agent”), whether on a discretionary or non-discre-tionary basis, EXCHANGE shall in no way be responsible for reviewing Customers choice of such Trading Agent nor making any recommendations with respect
thereto. Customer understands that EXCHANGE makes no warranties or representations concerning any Trading Agent; nor does EXCHANGE by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. Customer agrees that EXCHANGE shall not be held responsible for any loss to Customer occasioned by the actions of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over its accounts, Customer understands that Customer does so at Customers own risk.
Customer understands that EXCHANGE does not permit its Account Executives to either exercise discretion or manage an account, or hold a power of attorney over an account, unless approved by an executive officer of EXCHANGE and only after proper documentation has been submitted and approved by EXCHANGE. If Customer’s Account is not being traded with Customer’s authorization, Customer must notify EXCHANGE’s Compliance Officer
23. CUSTOMER REPRESENTATIONS AND WARRANTIES 客户阐明和保证
Customer represents and warrants that: (a) Customer is of sound mind, legal age and legal competence; (b) no person other than Customer has or will have an interest in Customer’s Account(s); (c) regardless of any subsequent determination to the contrary Customer is suitable to trade Commodities; and, (d) Customer is not now an employee
of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange or a firm registered on any exchange, or any bank, trust, or insurance company; and in the event that Customer becomes so employed, Customer will promptly notify EXCHANGE at its home office in writing of such
employment; and, (e) all the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Customer will notify EXCHANGE promptly of any changes in such information.
24. DISCLOSURE OF FINANCIAL INFORMATION 金融信息的披露
Customer represents and warrants that the financial information disclosed to EXCHANGE in this document is an accurate representation of Customers current financial condition. Further, Customer represents and warrants that in determining:
(a) Customers Net Worth: Assets and Liabilities were carefully calculated then Liabilities were subtracted from Assets to determine Customers Net Worth;
(b) Value of Assets: Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable Assets;
(c) Value of Liabilities: Customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages (excluding primary residence) and other debts;
(d) Customers Liquid Assets: Customer included only those Assets that can be quickly, (within one days time) converted to Cash.
Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Assets that Customer considers being Risk Capital. Customer recognizes that Risk Capital is the amount of money Customer is willing to put at risk and if lost would not, in any way, change Customers life style. Customer agrees to immediately inform EXCHANGE if Customers financial condition changes in such a way that reduces Customers Net Worth, Liquid Assets and/or Risk Capital.
Customer authorizes EXCHANGE or EXCHANGE’s agents to investigate Customers credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as EXCHANGE shall deem appropriate to verify information regarding Customer. Customer further authorizes EXCHANGE to investigate Customers current and past investment activity and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, and compliance data centers, as EXCHANGE shall deem appropriate. Upon reasonable request made in writing by Customer to EXCHANGE, Customer shall be allowed to review any records maintained by EXCHANGE
relating to Customers credit standing. At Customers sole cost and expense Customer also shall be allowed to copy such records.
EXCHANGE has adopted policies and procedures for the protection of Customers confidential personal information from unauthorized disclosure. EXCHANGE’s policies and procedures regarding such matters are reflected in the EXCHANGE Privacy Notice. EXCHANGEs Privacy Notice may also be obtained from EXCHANGE’s website at www.EXCHANGEbest.com.
25. NO GUARANTEES 无担保
Customer acknowledges that Customer neither has any separate agreement nor shall enter into any separate agreement with Customer ‘s broker or any EXCHANGE employee or agent regarding the trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account. Customer understands
that Customer is under an obligation to notify EXCHANGE’s Compliance Officer immediately in writing as to any agreement of this type. Further, Customer understands that any representations made by anyone concerning Customer’s Account, which differ from any statements Customer receives from EXCHANGE must be brought immediately in writing to the attention of EXCHANGE’s Compliance Officer. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has dele gated discretion to another party by signing EXCHANGE’s limited trad ing authorization. Any disputed transactions must be brought to the attention of EXCHANGE’s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold EXCHANGE harmless from all damages or liabilities resulting from Customer’s failure to immediately notify EXCHANGE’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to EXCHANGE at EXCHANGE’s address appearing on confirmations and account statements.
26. JOINT ACCOUNTS联合账户
If this account is held by more than one (1) person, all of the joint holders are jointly and severally liable to EXCHANGE for any and all obligations arising out of transactions in the account and/or this Customer Agreement. Customer acknowledges that each tenant of a joint account has authority to: a) trade for the account, b) receive all correspondence and documents in respect to the account, c) receive or withdraw money, d) execute agreements relating to the account, and e) deal with EXCHANGE fully. EXCHANGE has the authority to require joint action by the parties of the Account in matters relating to the Account. EXCHANGE has control and possession of the security of the Account individually or jointly. If a death occurs to one or more of the tenants, the remaining tenants shall notify EXCHANGE in writing. For all expenses incurred by the Account, the Account shall be charged and all tenants
shall be jointly and individually responsible. Unless the Customer informs EXCHANGE otherwise, each tenant is presumed to have equal interest in the Account.