证券公司零售客户协议(中英文 下部分)

10. EVENTS OF DEFAULT 10 违约事件 10.1 Events of Default: The following shall constitute Events of Default: (a) you fail to make any payment when due under this Agreement or to make or take delivery of any property when due under, or to obs
10. EVENTS OF DEFAULT 10 违约事件
10.1 Events of Default: The following shall constitute Events of Default:
(a) you fail to make any payment when due under this Agreement or to make or take delivery of any property when due under, or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by the Non-Defaulting Party to the Defaulting Party;
(a) 您未能支付本协议下任何到期款项或交割或收取本协议下任何到期财产,或未能遵守或履行本协议的任何其它条文,且在非违约方向违约方发出不履行通知之后一个营业日仍未改正;
 
 (b) you commence a voluntary case or other procedure seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a "Custodian") of you or any substantial part of your assets, or if you take any corporate action to authorise any of the foregoing, and in the case of a reorganisation, arrangement or composition, we do not consent to the proposals;
(b) 您根据任何破产、无力偿债、监管、监管或类似法律(包括在您破产时适用于您的任何公司或其它法律)就您自身或您的债务提出自诉或其它法律程序,寻求或建议清清盘、重组、并购安排或债务重整、冻结或延缓偿付或其它类似宽免,或寻求委任您自身或您任何大部分资产的受托人、破产管理人、清盘人、监护人、遗产管理人、托管人、或其他类似人员(各自称为.托管人.),或如您采取任何公司行动,对上述任何人员做出授权,以及如发生重组、
并购安排或债务重整,而本公司不会同意此类建议;
 
(c) an involuntary case or other procedure is commenced against you seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such
involuntary case or other procedure either (a) has not been dismissed within five days of its institution or presentation or (b) has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;
(c) 根据任何破产、无力偿债、监管、监管或类似法律(包括在您破产时适用于您的任何公司或其它法律)就您自身或您的债务对您提出非自诉或其它法律程序,寻求或建议清盘、重组、并购安排或债务重整、冻结延缓偿付或其它类似宽免,或寻求委任您自身或您任何大部分资产的托管人,且该非自诉或其它法律程序(a) 在提起或提交后五日内未被驳回,或(b) 已在五日内被驳回,但理由仅为资产不足以偿付该诉讼或其它法律程序的费用;
 
(d) you die, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to you; or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement
are commenced for any execution, any attachment or garnishment, or distress against,
or an encumbrancer takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);
(d) 您死亡,变得精神不健全,或根据任何适用于您的破产、无力偿债法律所界定,无力清偿到期债务;或您的任何债项在到期日未予偿付,或在该债项在其它情况下本应到期应付之前可根据证明该债项的协议或文书宣布其到期应付,或提起有关本协议的任何诉讼、讼案或其它法律程序,以做出任何执行、任何查封或扣押,或扣留您的全部或任何部分财产、业务或资产(有形和无形),或您的全部或任何部分财产、业务或资产(有形和无形)承受产权负担;
 
(e) you or any Credit Support Provider (or any Custodian acting on behalf of either of you or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party ("Credit Support Provider"), or of you, in favour of us supporting any of your obligations under this Agreement (each a "Credit Support Document");
(e) 您或任何信用支持提供者(或代表您或信用支持提供者行事的任何托管人)拒绝接受、拒绝承认或否认本协议或以本公司受益人且支持本
协议下您的任何义务的任何担保书、押货预支协议、保证金或抵押协议或文件,或包含第三
方(.信用支持提供者.)或您的义务的任何其它文件(各自称为.信用支持文件.)下的任何
义务;
 
(f) any representation or warranty made or given or deemed made or given by you under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
(f) 您根据本协议或任何信用支持文件做出或发出或被视为做出或发出的任何陈述或保证,在其做出或发出或被视为做出或发出之时,被证明在任何重大方面具虚假性或误导性;
 
(g) (i) any Credit Support Provider fails, or you yourself fail to comply with or perform any agreement or obligation to be complied with or performed by you or it in accordance with the applicable Credit Support Document; (ii) any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless we have agreed in writing
that this shall not be an Event of Default; (iii) any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit
Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given; or (iv) any event referred to in paragraphs (b) to (d) or (h) of this sub-clause occurs in respect of any Credit Support Provider;
(g) (i)任何信用支持提供者或您自身不遵守或不履行根据适用的信用支持文件应由您或信用支持提供者遵守或履行的任何协议或义务,(ii) 任何信用支持文件在履行本协议下的您的全部义务前失效或不再具有十足效力和作用;经本公司书面同意不构成违约事件者除外;(iii) 任何信用支持提供者根据任何信用支持文件做出或发出或被视为做出或发出的任何陈述或保证,在其做出或发出或被视为做出或发出之时,被证明在任何重大方面具虚假性或误导性;或(iv) 发生本款 (b) 至 (d) 或 (h)段中提述的有关任何信用支持提供者的任何事件;
 
(h) you are dissolved, or, if your capacity or existence is dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing your dissolution, removal from such a register, or the ending of such a registration;
(h) 您已被解散,或如您的身份或存在取决于正式登记册记录,而该登记已被删除或已终止,或已开始寻求或建议解散您、从登记册中删除、或终止该登记的任何程序;
 
(i) where you or your Credit Support Provider is a partnership, any of the events referred to in paragraphs (b) to (d) or (h) of sub-clause 1 of this clause occurs in respect of one or more of your or its partners;
(i) 如您或您的信用支持提供者为合伙企业,发生在本条第1款下第(b)段至第(d)段或第(h)段中提述的、与您或该合伙企业中合作伙伴中一方或多方有关的任何事件;
 
(j) we consider it necessary or desirable to prevent what we consider is or might be a violation of any Applicable Regulation or good standard of market practice;
(j) 本公司认为有必要或应当防止本公司认为违反或可能违反任何适用规例或市场实践良好标准的行为;
 
(k) we consider it necessary or desirable for our own protection or any action is taken or event occurs which we consider might have a material adverse effect upon your ability to perform any of your obligations under this Agreement;
(k) 本公司认为有必要或应当采取自我保护,或采取任何行动或发生本公司认为可能对您履行本协议下任何义务的能力产生重大不利影响的任何事件;
 
 (l) any event of default (however described) occurs in relation to you under any other agreement between us which you are a party to or any other event specified for these purposes in the Individually Agreed Terms Schedule or otherwise occurs.
(l) 发生根据本公司与您订立的任何其它协议发生与您有关的任何违约事件(无论名称如何),或个别协定条款附表中或其它文件就此目的所指明的任何其它事件。
 
11. NETTING 11 净额结算
11.1 Rights on Default: On the occurrence of an Event of Default, we may exercise our rights under this clause, except that , if so specified by us in the Individually Agreed Terms Schedule or otherwise, in the case of the occurrence of any Event of
Default specified in paragraphs (b) or (c) of the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.
违约情况下的权利:发生违约事件后,本公司可根据本条款行使权利;除非本公司已在个别协定条款附表或其它文件中指明,如发生违约事件定义第(b)或(c)段中所指的任何违约事件(各称.破产违约.),本条款的条文将自动终止。
 
11.2 Liquidation Date: Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the "Liquidation Date") for the termination and liquidation of Netting Transactions
in accordance with this clause.
帄仓日期:受下一分条款规限,本公司可在发生违约事件后的任何时间,经向您发出通知后,根据本条款指定就净额结算交易予以终止及帄仓的日期(.帄仓日期.)。
 
11.3 Automatic termination: Where so specified in the Individually Agreed Terms Schedule, the date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
自动终止:若个别协定条款附表中如此指定,任何破产违约的发生日期应自动构成帄仓日期,而无须本公司发出任何通知,并随之适用下款条文。
 
11.4 Calculation of Liquidation Amount: Upon the occurrence of a Liquidation Date:
计算帄仓金额:出现帄仓日期后:
 
(a) neither of us shall be obliged to make any further payments or deliveries under any Netting Transactions which would, but for this clause, have fallen due for performance on or after the Liquidation Date and such obligations shall be satisfied by settlement (whether by payment, set-off or otherwise) of the Liquidation Amount;
(a) 本公司与您概无义务根据任何净额结算交易作出任何进一步付款或交割,而在如无本条
规定的情况下,该等付款或交割原应会在帄仓日期或之后到期履行,这些负债应通过帄仓金额的结算(不论是通过付款、抵消或其它方式)偿付;
 
(b) we shall (on, or as soon as reasonably practicable after, the Liquidation Date)
determine (discounting if appropriate), in respect of each Netting Transaction referred to in paragraph (a) the total cost, loss or, as the case may be, gain, in each case expressed in the Base Currency specified by us as such in the Individually Agreed Terms Schedule or otherwise in writing or, failing any such specification, the lawful Currency of the United Kingdom (and, if appropriate, including any loss of bargain, cost of funding or, without duplication, cost, loss or, as the case may be, gain as a result of the termination, liquidation, obtaining, performing or re-establishing of any hedge or related trading position) as a result of the termination, pursuant to this Agreement, of each payment or delivery which would otherwise have been required to be made under such Netting Transaction (assuming satisfaction of each applicable condition precedent and having due regard, if appropriate, to such market quotations published on, or official settlement prices set by the relevant Market as may be available on, or immediately preceding, the date of calculation); and
(b) 本公司应就第(a)段中所述的每项净额结算交易(在帄仓日期或帄仓日期后合理可行情况
下尽快)厘定(提供折扣,如适当)因根据本协议终止在该净额结算交易下若无此终止而本应作出的各项付款或交割而产生的总成本、损失或(视情况而定)收益,在各种情况下,以本公司在个别协定条款附表或其它书面材料中指定的基础货币表示,或如未指定,则以英国法定货币表示(且,如适当,包括任何买卖损失、筹资成本,或(不重复计算)因终止、帄仓、获取、履行或重建任何对冲或相关交易仓位而产生的成本、损失或(视情况而定)的收益)(假设已满足各项先决条件,且已妥为计及(如适当)在计算日期或紧接计算日期之前可获得的在相关市场上公布的市场报价或由相关市场设定的官方结算价);及
 
(c) we shall treat each cost or loss to us, determined as above, as a positive amount
and each gain by us, so determined, as a negative amount and aggregate all of such
amounts to produce a single, net positive or negative amount, denominated in the Base
Currency (the "Liquidation Amount").
(c) 本公司应将其以上述方式厘定的本公司承担的各项成本或损失金额视为正数,而将以同
样方式厘定的本公司的各项收益金额视为负数,并将所有这些金额加总为单一的以基础货币计值的正或负净额,(.帄仓金额.)。
 
11.5 Payer: If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable,
immediately after the calculation of such amount.
付款人:若根据本条款确定的帄仓金额为正数,则您应将其支付给本公司,而若为负数,则本公司应向您支付相关款项。本公司在计算出帄仓金额后,立即告知您该金额及支付方。
 
11.6 Other transactions: Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
其它交易:如根据本条款终止和帄仓,本公司也应有权酌情决定根据本条款的条文,对双方之间订立且尚未完成的任何其它交易进行终止及帄仓。
 
11.7 Payment: The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any
other currency, any costs of such conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at
which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) one 1% per annum for each day
for which such amount remains unpaid.
付款:帄仓金额应在根据本条完成终止或帄仓之后的营业日结束营业之前,以基础货币支付(按照适用法律的要求兑换成任何其它货币,任何兑换费用将由您承担并从向您支付的任何款项扣除(如适当))。任何在到期日仍未支付的帄仓金额应视为未付帄仓金额,并按照伦敦银行同业市场中主要银行于上午11时(伦敦时间)就该款项计值货币提供的隔夜存款的帄均利率(或若无此利率,则按本公司选择的合理利率)计息,即这些未付金额按1%的年率按日计息。
 
11.8 Base Currency: For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
基础货币:就本协议中的任何计算而言,本公司可按照计算时合理选择的现行汇率,将以其它货币计值的货币转换成基础货币。
 
11.9 Payments: Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Netting Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
付款:除非已产生或已有效设定帄仓日期,一旦发生与您相关的任何违约事件或可能成为(经过一段时间、发出通知、在本协议下做出任何相关决定或同时发生前述三种情况中的任意两种或前述三种情况同时发生)违约事件的任何事件并持续存在,本公司则无须做出根据这些净额结算交易计划作出的付款或交割。
 
11.10 Additional rights: Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
11.10 它权利:此外,本公司在此条款下的权利增补且不限制或不排除本公司可能享有的(无论因协议、法律操作或其它)任何其它权利。
 
11.11 Application of netting to Netting Transactions: Subject to the Individually Agreed Terms Schedule, this clause applies to each Netting Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
11.11 净额结算交易的净额结算应用:受个别协定条款附表规限,本条款适用于本协议生效之日或之后双方所订立或尚未完成的任何净额结算交易。
 
11.12 Single agreement: This Agreement, the particular terms applicable to each Netting Transaction, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Netting Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
11.12 单一协议:本协议、适用于各净额结算交易的特定条款及其所有修订共同构成双方间的单一协议。双方均承认,于本协议生效之日或之后所订立的所有净额结算交易,乃基于本协议和所有这些条款构成双方之间的单一协议这一事实而订立。
 
11.13 Other agreements: Subject to sub-clause 6 of this clause, the provisions of this clause shall not apply to any Transaction which is subject to liquidation and termination under another agreement. However, any sum resulting from a liquidation and termination under another agreement, may be set-off against the Liquidation
Amount.
11.13 其它协议:根据本条款第6分条,本条款的条文不适用于根据其它协议须予帄仓和终止的任何交易。但根据其它协议帄仓和终止产生的任何金额,可以帄仓金额抵消。
 
12. RIGHTS ON DEFAULT 12. 违约情况下的权利
12.1 Default: On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Netting Clause we shall be entitled without prior notice to you:  
12.1 违约:若发生违约事件,或本公司在任何时候绝对酌情确定您未履行(或本公司合理认为您将来不能或不愿履行)您对本公司负有的任何义务,除了本公司在净额结算条款下的权利之外,本公司有权在无须向您发出事先通知的情况下:
 
(a) instead of returning to you investments equivalent to those credited to your account, to pay to you the fair market value of such investments at the time we exercise such right, and/or
(a) 不向您归还金额等于贷记入您账户的款项的投资,而是在本公司行使该权利时,向您支
付该等投资的公帄市值;及/或
 
(b) to sell such of your investments as are in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any lossor diminution in price) in order to realise funds sufficient to cover any amount due by you hereunder, and/or
(b) 在本公司绝对酌情选择的各种情况下,或按本公司绝对酌情认为合适的条款(无须就任
何损失或减价承担责任),出售本公司管有或根据或按照本协议委任的任何代名人或第三方管有的您的投资,以变现足够资金,弥补您根据本协议应付的任何金额;及/或
 
(c) to close out, replace or reverse any Transaction, buy, sell, borrow or lend or enter into any other Transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under
or in respect of any of your contracts, positions or commitments.
(c) 帄仓、替换或撤销任何交易,购买、出售、借入或借出或订立任何其它交易,或按本公
司全权酌情认为必要或适当的时间和方式,采取或拒绝采取本公司全权酌情认为必要或适当的行动,以弥补、减少或消除本公司根据或涉及您的任何合同、持仓或承诺的损失或负债。
 
13. TERMINATION WITHOUT DEFAULT 13 在无违约情况下终止
13.1 Termination: Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of
your insolvency other than in the case of force majeure. Upon terminating this Agreement, all amounts payable by you to us will become immediately due and payable including (but without limitation):
13.1 终止:除非适用规例规定,任何一方可向对方发出10天书面终止通知,终止本协议(及与本公司之间的关系)。若您未能遵守或履行本协议的任何条文,或若您无力偿债(不可抗力的情况除外),则本公司可立即终止本协议。终止本协议后,您应付本公司的所有款项,将成为立即到期应付,包括(但不限于):
 
(a) all outstanding fees, charges and commissions; and
(b) any dealing expenses incurred by terminating this Agreement; and
(c) any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
(a) 所有尚未结清的费用、收费和佣金;及
(b) 终止本协议引致的任何交易费用;及
(c) 结清任何交易或结算或结束本公司代您行事引致的尚未偿还债务而导致的任何损失和费
用。
 
13.2 Existing rights: Termination shall not affect then outstanding rights and obligations (in particular relating to the Indemnities and Limitation of Liability Clause and the Miscellaneous and Governing Law Clause) and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
13.2 现有权利:终止不会影响当时尚未履行的权利和义务(尤其是关于赔偿保证和责任限制条款以及其它事项和管辖法律条款),以及继续受本协议监管的交易,和双方就该等交易协定的具体条款,直至所有义务均已全面履行为止。
 
 14. EXCLUSIONS, LIMITATIONS AND INDEMNITY 14. 除外责任、限制和赔偿保证
14.1 General Exclusion: Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
14.1 一般除外责任:本公司或本公司的董事、高级职员、雇员或代理人,均无须就您在本协议(包括任何交易或本公司拒绝订立一项建议交易)下因任何疏忽、违反合同、错误陈述或其它原因而引致或蒙受的任何损失、损害、成本或费用承担法律责任,除非该损失是可合理预见的后果,或直接由于本公司或上述各人士的严重疏忽、恶意违约或欺诈产生。本公司在任何情况下均无须承担您或任何第三方,由于根据或关于本协议产生的任何特别或相应产生的损害、利润损失、商誉损失或商机损失,而蒙受的损失不论属由于疏忽、违反合同、错误陈述或其它原因产生。本协议下任何内容不得限制本公司对由于本公司的疏忽而造成的死亡或人员伤亡承担的法律责任。
 
14.2 Tax implications: Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
14.2 税务影响:本公司对任何交易的任何不利税务影响概不负责,且就此不受任何限制。
 
14.3 Changes in the market: Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is effected.
14.3 市场变动:本公司不承担在任何特定交易生效前市场状况的任何延迟或变化而产生的任何义务,且就此不受任何限制。
 
14.4 Limitation of Liability: We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, Market, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under the regulatory system (as defined in the FSA Rules), which may not be excluded or restricted thereunder.
14.4 责任限制:本公司无须就由于本公司无法合理控制的任何原因(包括但不限于任何崩溃、延迟、故障或传送、通信或计算机设施故障、工业行动、恐怖行为、天灾、任何政府或超国家机构或机关的行为和规例,或相关中介经纪人或代理人、本公司的托管人的代理人或主事人、分托管人、经销人、市场、清算所或监管或自律组织,出于任何原因,未能履行其义务),部分或未履行本公司在本协议下的义务,而对您负有法律责任。本协议下任何内容不得排除或限制本公司根据监管制度(定义见FSA规则)可能对您承担的任何义务或责任(根据该制
度不得对这些义务或责任加以排除或限制)。
 
14.5 Responsibility for orders: You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
14.5指令责任:您将对代表自己通过电子服务发出的任何指令负责,还将对本公司因此而产生的任何交易结算负全责。
 
14.6 Entire Agreement: You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort under the Misrepresentation Act 1967) for a representation that is not set out in this Agreement and that is not
fraudulent.
14.6完整协议:您承认,您并非因依赖本协议未予明确列载的陈述或受其引诱而订立本协议。本公司概不就本协议中未列载及非欺骗性陈述对您(根据《1967年错误陈述法》在衡帄法上、合约或侵权方面)负责。
 
14.7 Indemnity: You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal
fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or any matching Transaction on a Market or with an intermediate broker or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction)
or by the enforcement of our rights.
14.7赔偿保证:您应向本公司支付本公司不时要求的款项,偿还您在本公司的任何账户的任何借方结余,及(按全额赔偿基准)偿还本公司就您的任何账户,或在市场上或与任何中介经纪人的任何交易或任何匹配交易,或由于您任何错误陈述,或您违背本协议(包括任何交易)下的义务,或通过强制执行本公司的权利,可能引致或受到的任何损失、负债、成本或费用(包括法律费用)、税项、税捐或征税。
 
15. MISCELLANEOUS 15. 其它事项
15.1 Amendments: We have the right to amend this Agreement without obtaining your prior consent unless required by any Applicable Regulations. If we make any material change to this Agreement, we will give at least ten business days notice to you. Such amendment will become effective on the date specified in the notice. Any other amendment must be agreed in writing between us. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
15.1 修订:本公司有权修订本协议,而无须获得您的事先同意,除非任何适用规例要求。若本公司对本协议做出任何重大变动,本公司将至少提前十个营业日向您发出通知。相关修订将自在通知中说明之日起生效。任何其它修订必须由双方书面协定。除非另有协议,否则修订不会影响任何尚未执行的指令或交易,或已经产生的任何法律权利或义务。
 
15.2 Notices: Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other
communications to be given by you under this Agreement shall be given to the address or fax number (in the Individually Agreed Terms Schedule) and/or by notice in writing by either party. You will notify us of any change of your address in accordance with this clause.
15.2 通知:除非另有协定,本公司根据本协议将要发出的所有通知、指示及其它通信,应发往您向本公司提供的地址或传真号码。同样,您根据本协议将要发出的所有通知、指示及其它通信,应发往个别协定条款附表中及/或任何一方书面通知的地址或传真号码。您将按照本条规定,通知本公司关于您地址的任何变动。
 
15.3 Electronic Communications: Subject to Applicable Regulations, any communication between us using electronic signatures shall be binding as if it were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
15.3 电子通讯:根据适用规例,双方之间进行电子签署的任何通讯应具约束力,犹如其为书面通讯。通过电邮或其它电子方式向您发出的指令或指引构成已发出指令或指引的凭证。
 
15.4电话录音:本公司可无须使用提示音而对电话交谈进行录音,以确保即时、准确地记录交易的重大条款及与交易有关的任何其它重大资料。该等录音属于本公司专有财产,而您接纳该等录音乃为已发出指令或指示的证据。
15.4 Recording of calls: We may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by you as evidence of the orders or instructions given.
 
15.5 Our records: Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not
originals, are not in writing or are documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
15.5 本公司记录:除显示为错误者外,本公司的记录将构成您就本公司服务,与本公司开展交易的凭证。您不能因为这些记录并非原件、非书面文件或为计算机制作文件,反对本公司将记录作为任何法律程序的证据。您也不能倚赖本公司履行您的记录保留义务,尽管本公司可绝对酌情决定应要求向您提供这些记录。
 
15.6 Your records: You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted.
15.6 您的记录:您同意按照适用规例求保存一份充分记录,以证明已提交的指令性质和提交时间。
 
15.7 Investor Protection Schemes: We are a member of the Financial Services Compensation Scheme (the "Scheme") in the United Kingdom. The Scheme is only available to certain types of claimants and claims. Payments to eligible claimants under the
Scheme will vary depending on the type of protected claim (e.g. deposits or investments) the claimants hold with respect to the relevant institution. Payments under the Scheme in respect of investments are subject to a maximum payment to any eligible investor of GBP 48,000, made up of 100% of the first GBP 30,000 and 90% of next GBP 20,000. Further details of the Scheme are available on request or at the Scheme.s official website at www.fscs.org.uk.
15.7投资者保护计划:本公司是英国金融服务补偿计划(.该计划.)的成员。该计划只提供给若干类型的索赔人和索赔。根据该计划向合格索赔人的付款,视乎索赔人就相关机构所持受保护索赔(例如,存款或投资)的类型,将有所不同。根据该计划就投资的对任何合格投资人的付款最高上限为48,000英镑,由首笔30,000英镑的100%和下一笔20,000英镑的90%组成。该计划的进一步详情可应请求提供,或可查阅该计划的官方网站:www.fscs.org.uk。
 
15.8 Complaints procedure: We are obliged to put in place internal procedures for handling complaints fairly and promptly. You may submit a complaint to us, for example by letter, telephone, e-mail, or in person. We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the
Financial Ombudsman Service. Please contact us if you would like further details regarding our complaints procedures.
15.8 投诉程序:本公司已经为公帄及时地处理投诉意见而制定了内部程序。您可向本公司提出投诉意见,例如,用信件、电话、电邮或有专人提出。本公司将在收到意见后,立即就您的投诉意见向您发出书面确认,有关本公司的投诉程序随附于本协议,包括您可将投诉意见转呈金融申诉专员(Financial Ombudsman Service)的时间和方式。若需本公司投诉程序的进一步详情,请联系本公司。
 
15.9 Third Party Rights: This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999.
15.9 第三方权利:本协议应对双方和各自的继承人和受让人有利,并对其具有约束力。未经本公司的事先书面同意,您不得转让、押记或转移或意图转让、押记或转移,您在本协议下的权利或义务,或在本协议中的任何权益,而违背本条的任何有意转让、押记或转移,应属无效。不属于本协议对手方的人士,根据1999年《合同法(第三方权利)》,不享有该等权利。
 
15.10 Time of essence: Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
15.10 时间要素:时间是您在本协议(包括任何交易)下所有义务的要素。
 
15.11 Rights and remedies: The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
15.11权利和补救措施:本协议规定的权利和补救措施为累积性,而并非仅限于法律所规定的权利和补救。本公司无须行使任何权利或补救措施,或按对您有利的方式或时间行使任何权利或补救措施。本公司未行使或延迟行使本公司在本协议(包括任何交易)或其它文件所规定的任何权利,不得视为放弃该等或任何其它权利或补救措施。单一或部分行使权利或补救措施,不得妨碍进一步行使该权利或补救措施,或行使其它权利或补救措施。
 
15.12 Set-off: Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
15.12抵消:在不损害本公司可能享有的任何其它权利的原则下,本公司可在无须通知您的情况下,随时动用您结欠本公司的任何金额(不论实际或或有、现在或将来),以抵消本公司结欠您的任何金额(不论实际或或有、现在或将来)。就此而言,本公司可按商业上合理的价值厘定属于或有性质或因任何其它原因而无法确定的任何金额。  
 
15.13 Partial invalidity: If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected
or impaired.
15.13部分无效:若在任何时间,根据任何司法权区的法律,本协议的任何条文在任何方面属于或成为非法、无效或不可强制执行,则本协议余下条文的合法性、有效性或可强制执行性,或该条文在任何其它司法权区的合法性、有效性或可强制执行性,不受任何影响或减损。
 
16. GOVERNING LAW AND JURISDICTION 16. 管辖法律和司法权区
16.1 Governing law: A Transaction which is subject to the Rules of a Market shall be governed by the law applicable to it under those Rules. Subject thereto, this Agreement shall be governed by and construed in accordance with English law.
16.1 管辖法律:根据市场规则的交易应受其根据该等规则适用的法律管辖。据此,本协议应受英国法律管辖并据此解释。
 
16.2 Law applicable to relationship prior to the conclusion of the Agreement: The law applicable to the relationship between us prior to the conclusion of this Agreement is English law.
16.2 本协议订立前适用双方之间关系的法律:在本协议订立前适用双方之间关系的法律是英国法律。
 
16.3 Jurisdiction: Each of the parties irrevocably: 16.3 司法权区:各方不可撤销地:
(a) agrees for our benefit that the courts of England shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement ("Proceedings") and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
(a) 为本公司的利益而同意,英格兰法院拥有司法管辖权,处理与本协议有关的任何起诉、
诉讼或其它法律程序(.法律程序.),并不可撤销地服从该等法院的司法管辖权(前提是不得妨碍本公司在任何其它司法权区的法院提出诉讼);及
 
 (b) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.
(b) 放弃其在任何时间对将任何该等法院(就在任何此等法院所提起任何法律程序而言)作为审判地可能可提出的任何反对意见,并同意不会声称该等法律程序已经在不便的诉讼地提出或该法院对其不拥有司法管辖权。
 
16.4 Waiver of immunity and consent to enforcement: You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any courts, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which you or your revenues or assets
might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the
making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
16.4放弃豁免权与同意强制执行:您在适用法律允许的最大范围内,就您和您的收入及资产(无论用途或拟订用途为何),不可撤销地放弃您或您的收入或资产在任何司法管辖区法院的任何法律程序中本应享有的所有豁免权,而该豁免权乃基于主权或基于 (i)诉讼;(ii) 任何法院的司法管辖权; (iii) 通过强制执行或收回财产的禁制令或命令给予的济助; (iv) 资产查封(无论是在判决之前或之后)和 (v) 任何判决的执行或强制执行;您还不可撤销地同意,不会在任何法律程序中就任何豁免权提出申索。您一般性地同意就任何法律程序给予济助,或就这些法律程序发出法律程序文件,包括但不限于对任何财产(不论其用途或意向用途)做出、强制执行或执行这些法律程序中可能发出或做出的任何命令或判决。
 
16.5 Service of process: If you are situated outside England and Wales, process by which any Proceedings in England are begun may be served on you by being delivered to the address in England or Wales nominated by you for this purpose in the Individually Agreed Terms Schedule. This does not affect our right to serve process in another manner permitted by law.
16.5法律程序文件的送达:若您位于英格兰和威尔士以外,则在英格兰开始的任何法律程序所依据的法律程序文件,将通过您为此在个别协定条款附表中指定的英格兰或威尔士地址送达予您。这不影响本公司按法律准许的其它方式送达法律程序文件的权利。
 
17. INTERPRETATION 17 释义
17.1 Interpretation: In this Agreement:
"Applicable Regulations" means:
(a) FSA Rules or any other rules of a relevant regulatory authority;
(b) the Rules of the relevant Market; and
(c) all other applicable laws, rules and regulations as in force from time to time;
17.1 释义:本协议中:
“适用规例.指:
(a) FSA规则或相关监管机关的任何其它规则;
(b) 相关市场的规则;及
(c) 不时有效的所有其它适用法律、规则和规例;
 
 
"Associate" means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them;
联系人士.指本公司所属集团旗下的企业,本公司或本公司所属集团旗下企业委任的代表,或本公司有关系合理预期可能引起本公司与其之间共同利益的任何其他人士;
 
"Business Day" means a day which is not a Saturday or a Sunday and upon which banks are open for business in London;
营业日.指除星期六或星期日外,伦敦的银行开门营业之日;
 
"Credit Support Provider" means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement;
信用支持提供商.指就您在本协议下的债务以本公司为受益人达成任何担保、押货预支、协议、保证金或担保协议的任何人士;
 
"Electronic Services" means a service provided by us, for example an internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
电子服务.指本公司提供的服务,例如,通过互联网服务、WAP服务及/或电子指令传递系统,为客户提供利用资料和交易设施的互联网交易服务。
 
"Event of Default" means any of the events of default as listed in paragraphs (a) to (l) of sub-clause 1 of the Clause headed "Events of Default";
违约事件.指标题为.违约事件.的条款中第1分条的第(a)段至(l)段所列的任何违约事件。
 
"FSA Rules" means the rules contained in the Handbook of Rules and Guidance produced by the Financial Services Authority as from time to time in force (as varied by any waiver, dispensations or individual guidance granted by the Financial Services Authority and applicable to ODL Securities Limited)
FSA规则.指英国金融服务管理局所颁发《规则手册与指南》中所载不时有效的规则(按金融服务局授予并适用于ODL证券有限公司的任何豁免、特许或个别指南变更);
 
"Market" means , except in the LIFFE Schedule any regulated market, or multilateral trading facility (as such terms are defined in the FSA Rules);
市场.指,除了LIFFE 附表中以外,任何受监管市场,或多边交易设施(该等条款的定义见FSA规则);
 
"Netting Transaction" means a Transaction which is intended to be subject to the clause entitled "Netting" and for such purposes is identified as a "Netting Transaction" in the Individually Agreed Terms Schedule or by its own terms;.
净额结算交易.指意图受限于.净额结算.一条,并就此在个别协定条款附表或按其自身条款,
被确认为.净额结算交易.的交易;
 
"Rules" means articles, rules, regulations, procedures and customs, as in force from time to time; and
规则.指不时有效的条款、规则、规例、程序和惯例;及
 
"System" means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service.
系统.指为了让您能够使用电子服务所需的所有计算机硬件和软件、设备、网络设施及其它资源和设施;
 
"Transaction" means any transaction subject to this Agreement, and includes:
交易.指根据本协议的任何交易,包括:
 
(i) a contract made on a Market or pursuant to the Rules of a Market;
(ii) contract which is subject to the Rules of a Market;
 (i) 在市场上或按照市场规则达成的合同;
(ii) 受限于市场规则的合同;
 
(iii) a contract which would (but for its term to
maturity only) be a contract made on, or subject to the Rules of a Market and which,
at the appropriate time, is to be submitted for clearing as a contract made on, or
subject to the Rules of a Market; in any of cases (i), (ii) and (iii) being a future,
option, contract for differences, spot or forward contract of any kind in relation to any commodity, metal, financial instrument (including any security), currency, interest rate, index or any combination thereof; (iv) a transaction which is matched with any transaction within paragraph (i), (ii) or (iii) of this definition; or
(v) any other transaction which we both agree, in any specific Clause, the Individually Agreed Terms Schedule or otherwise, shall be a Transaction.
(iii) 属于(仅在其到期前的期限内)按照或根据市场规则达成的合同,在适当时间,将被提交作为按照或根据市场规则达成的合同清算的合同;若(i)、(ii)及(iii)任何一种情况属于与任何商品、金属、金融工具(包括任何证券)、利率、指数或其任何组合有关的各种期货、期权、差价合同、现货或远期合同; (iv) 与本定义第(i)、(ii)或(iii)段中的任何交易相匹配的交易;或 (v) 双方在任何特定条款、特别协定条款附表或其它中,协定属于本协议交易的任何其它交易。
 
17.2 General interpretation: A reference in this Agreement to a "clause" or "Schedule" shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to "document" shall be construed to include any electronic document.
The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the FSA's Rules have the same meaning in this Agreement unless expressly defined in this Agreement.
17.2一般释义:除非文意另有所指,本协议中凡提述.条款.或.附表.应理解为分别指本协议的条款或附表。本协议中,凡提述任何法规或法定文书或适用规例,包括其任何修改、修订、延展或重订。本协议中,凡提述.文件.应理解为包括任何电子文件。按文意许可或要求,阳性包括阴性和中性,反之亦然。除非本协议中明确界定,FSA规则中定义的词语和词组,在本协议中具有相同含义。
 
17.3 Schedules: The clauses contained in the attached Schedule(s) (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Markets or Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Market or Transaction shall not preclude a similar clause being expressed or implied in relation to any other Market or Transaction. So far as applicable, paragraph 1 of
Part 1 of the LIFFE Schedule shall be construed as also applying to and having effect in relation to all other Markets.
17.3附录:随附附录(经不时修订)所载的条款应适用。本公司可不时向您寄送与市场或交易有关的进一步附录。如果任何附录与本协议的条款存在任何冲突,应以附录条款为准。附录中明确包含有关一种市场或交易的条款这一事实,并不妨碍存在与任何其它市场或交易有关的类似明示或隐含条款。在切实可行范围内,LIFFE附录第1部分第1段也应解释为适用于所有其它市场,并对其它市场具有效力。
 
17.4 Headings: Headings are for ease of reference only and do not form part of this Agreement.
17.4标题:标题仅为便于参考而设,并不构成本协议的一部分。
 
Schedule: Order Execution and Best Execution Policy附表:指令执行和最佳执行政策
Under MiFID, ODL Securities Ltd (.ODL.) is required to implement an Order Execution Policy and a Best Execution Policy in order to obtain the best results for its clients. The aim of this document is to provide our clients with the appropriate details of these policies in accordance with the Financial Services Authority’s rules requirements and in order to extend to our clients a transparent overview to our business practices.
根据MiFID,ODL证券有限公司 (‘ODL’)需要执行指令执行政策和最佳执行政策,为其客户实现最佳业绩。本文件旨在为本公司客户提供符合金融服务管理局规则要求的适当政策详情,并向本公司客户清楚介绍本公司业务实践的大致情况。
 
ODL has put in place Order Execution Policy and Best Execution Policy with a view to provide the best possible results to our clients depending upon the circumstances and market conditions on a best endeavour basis. These policies take into consideration the relevant execution factors with due diligence paid to their comparative importance.
ODL制订有指令执行政策和最佳执行政策,旨为在环境和市况许可的情况下尽最大努力为客户提供可能的最佳业绩。这些政策考虑了相关执行因素,并尽量考虑其相对重要性。
 
Best Execution最佳执行
1. Scope 1. 范围
ODL understands there to be a duty of Best Execution owed to the client when orders are executed having arisen from either contractual or agency obligations, on the client.s behalf. The duty is not owed when ODL offers prices at which it will be prepared to buy or sell nor when ODL provide a quote in answer to such a request.
ODL了解,代表客户执行指令时,对客户负有因合同或代理人义务产生的最佳执行责任。 在ODL提供其预备买/卖价格,或ODL提供报价作为报价请求回复时,不负有上述责任。
 
2. Discretion 2. 酌情决定权
The general market understanding is that the best possible results for a client would be determined by the price and/or the liquidity of the market. However, ODL may decide, in their absolute discretion, that in certain circumstances, other factors e.g. the need for timely execution of the order are more important in determining the best possible results. This may depend on the type of order, the financial instrument or the market involved.
一般市场共识认为,可能为客户实现的最佳业绩由市场价格及/或流动资金决定。但ODL可绝对酌情决定,在若干情况下,指令及时执行需要等其它因素对决定可能实现的最佳业绩更为重要。这可能取决于指令类型、金融工具或涉及的市场。
 
Order Execution指令执行
 
3. Order Capture 3. 指令捕捉
ODL will endeavour to execute the order received in a prompt, fair and expeditious manner, ensuring that potential conflicts of interest between clients or between
the client and ODL are managed effectively. Where there is a lapse of time between ODL.s first quote and the client.s acceptance which causes delay or in the case
that the market conditions have changed, ODL will still be within its rights to execute the order; provided the quote is not significantly out of date and that it still would have met the best execution requirements.
ODL将尽其最大努力,及时、公帄及快速执行所收到的指令,以确保有效控制客户之间或客户与ODL之间的潜在利益冲突。如ODL首次报价与客户接受报价间的时间间隔导致延迟,或如市场状况已发生变化,ODL仍有权执行指令,惟报价并未严重逾期,且仍符合最佳执行的要求。
 
4. Order Handling 4. 指令处理
ODL records and executes otherwise comparable orders sequentially and timed to coincide with receipt of the order unless the characteristics of the order or market
conditions make it impractical to do so; or if the client‘s interests demand otherwise. Orders received in a different media cannot be termed otherwise comparable.
ODL记录并执行随后收到且时间上与有关指令一致的在其它方面相若的指令,除非指令特征或市场状况不允许如此,或客户的利益另有要求。通过不同媒介收到的指令不能称作在其它方面相若。
 
5. Order Allocation 5. 指令分配
Depending upon the circumstances, market conditions and order size, ODL may aggregate the client order with those of other clients or transactions on behalf of ODL.
This aggregation is not considered to compromise the client interest although some disadvantage, in relation to a particular order, may occur. In the case of such
aggregated orders being partially executed, ODL will allocate the executed orders in terms of its Order Allocation Policy.
ODL可根据情况、市场状况和指令大小,将客户指令与ODL其他客户或ODL自营交易的指令进行合并。尽管合并对任何特定指令可能会产生不利影响,但不可视为损害客户利益。如上述合并指令为部分执行,ODL会根据其指令分配政策分配已执行指令。
 
6. Execution Venues 6. 执行地点
ODL executes client orders at various execution venues. Selecting the execution venues to provide the best execution for the client requires consideration of the
relative importance of the execution factors depending upon the characteristics of:
ODL在若干执行地点执行客户指令。为向客户提供最佳执行目的选择执行地点需要基于以下特征考虑不同执行因素之间的相对重要性:
 
. The client order; 客户指令;
. The financial instrument involved; 相关的金融工具;
. The execution venues and; 执行地点及;
. The client classification. 客户分类。
 
The execution factors that ODL consider are: ODL将考虑的执行因素有;
. Price; 价格;
. Costs; 成本;
. Speed of execution; 执行速度;
. Probability of execution and settlement; 执行和结算的可能性;
. Size of order; 指令大小;
. Nature of order and; 指令性质和;
. Other relevant consideration to the execution of the order.
执行指令的其它相关考虑事项。
 
ODL monitor the execution venues and other execution arrangements regularly for their effectiveness and consistency in providing best results.
为高效及统一地提供最佳业绩,ODL将定期监督执行地点和其它执行安排。
 
 
 
7. Methods of Execution 7. 执行方法
Depending upon circumstances, ODL may execute orders outside Regulated Markets or MultiLateral Trading Facilities (.MTFs.). ODL believe restricting the execution of orders to Regulated Markets and MTFs may adversely affect the quality of the execution and liquidity. By signing this agreement you expressly consent to our executing your orders outside Regulated Markets and MTFs.
ODL根据情况在受监管市场或多元化交易系统(.MTF.)以外执行指令。ODL相信,将指令执行限制在受监管市场和MTF,可能对执行和流动资金的质量造成不利影响。您签署本文件,明确表示同意本公司在受监管市场和MTF以外执行您的指令。
 
Where ODL provides portfolio management services and / or receiving and transmitting orders for you, we take into account your best interests while placing or transmitting orders to other entities.
如果ODL为您提供投资组合管理服务及/或接收和转达指令,本公司将在向其它实体下达和转达指令时将考虑您的最佳利益。
 
8. Client Limit Orders 8. 客户限制指令
We are required to publish limit orders given by you should we not be able to execute your order immediately. Please sign and return the attached form to confirm that you agree that when you place a limit order with us that is not immediately executable, we are authorized to exercise our discretion to not publish such an order to a Regulated Market or MTF.
如果本公司不能立即执行您的指令,本公司须公布限制指令。请签署随附表格并交还本公司,确定您同意在向本公司下达不能立即执行的限制指令时,本公司有权酌情决定不向受监管市场或MTF公布该限制指令。
 
9. Specific Client Instructions 9. 特定客户指示
Where you provide ODL with specific instructions in relation to your entire order, or any aspect of your order, for example a preferred execution venue, ODL will execute your order in accordance with your instructions, and to that extent ODL will not owe you a duty of best execution. To the extent that your specific instructions relate to only one or some aspects of the order, ODL will determine any unspecified aspects in accordance with its Order Execution Policy.
如果您给予ODL有关整体指令,或指令的任何方面的特定指示,例如首选执行地点,ODL将根据您的指示执行指令,在这种情况下,ODL将不再对您负有最佳执行责任。如您的特定指示只与指令的一个或若干方面有关,ODL将根据其指令执行政策确定未指明的方面。
 
You should be aware that where you provide ODL with specific instructions in relation to the execution of your order, you may prevent ODL from following some or all
of the steps in our Order Execution Policy to obtain the best possible result for you in respect to those aspects affected by your instructions.
您应了解,您向ODL提供有关执行您的指令的特定指示时,可能妨碍ODL按照本公司指令执行政策采取部分或所有措施,实现有关方面若不受您指示影响而本应实现的最佳业绩。
 
While we take all reasonable steps based on the resources available to us and depending upon the market conditions and circumstances as then prevalent to enable us to provide best possible results to you, we cannot guarantee that we will always be able to provide best execution to each and every order executed on your behalf particularly where you give us specific instructions as to all or part of your order.
尽管本公司根据可用资源,和当时有助于本公司向您提供可能实现的最佳业绩的市场状况和环境,采用所有合理措施,也无法保证能始终为代您执行的每项和所有指令提供最佳执行,尤其是当您给予本公司有关您指示全部或部分的指示时。
 
10. ODL’s Commitment 10. ODL的承诺
ODL.s commitment to provide you with Best Execution does not mean that we owe you any fiduciary responsibility over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.
ODL承诺向您提供最佳执行,不代表本公司对您负有超出本公司须履行的特定监管义务,或双方约定的其它义务的受信责任。
 
11. Client Consent 11. 客户同意
Under MiFID we are required to obtain your consent to our Best Execution Policy and other matters as outlined above. We will consider that you have consented to agreeing such Best Execution Policy by your placing an order with us on, or after the 1st
November 2007.
根据MiFID,本公司需获取您对最佳执行政策和上述其它事宜的同意。如您于2007年11月1日或以后向本公司下达指令,本公司将视作您同意接受上述最佳执行政策。
 
We are however required to obtain your express consent for execution of your order outside Regulated Markets or MTFs and for exercising our judgement in the matter of
publishing your Limit Orders. We would request you to please provide such consent by signing this Agreement.
但本公司在规范市场或MTF以外执行您的指令或决定是否公开您的限制指令时,须获得您的明确同意。本公司要求您签署本协议,给予上述同意。
 
12. LANGUAGE 12. 语言:
Language: Any Interpretation of this document is governed by the English version. We accept no responsibility or liability (whatsoever and however caused) for the fitness of the content of the Chinese version
语言:本资料的诠释以英文为准, 中文翻译只作参考用途。对于中文部份的內容的适当性,(不论是何种及如何引致的责任或法律责任)本公司不承担任何责任或法律责任。