SECURITIES LIMITED RETAIL CLIENT AGREEMENT 证券公司零售客户协议 CONTENTS 目录 1. GENERAL INFORMATION一般资料 2. RIGHT TO CANCEL 取消权 3. ADVICE 建议 4. YOUR INFORMATION 您的资料 5. INSTRUCTIONS AND BASIS OF DEALING 指示和交易基础 6. ELECTRSECURITIES LIMITED RETAIL CLIENT AGREEMENT
证券公司零售客户协议
CONTENTS 目录
1. GENERAL INFORMATION一般资料
2. RIGHT TO CANCEL 取消权
3. ADVICE 建议
4. YOUR INFORMATION 您的资料
5. INSTRUCTIONS AND BASIS OF DEALING 指示和交易基础
6. ELECTRONIC TRADING TERMS 电子交易条款
7. TITLE TRANSFER OF CASH 现金的所有权转让
8. MARGINING ARRANGEMENTS 保证金安排
9. REPRESENTATIONS, WARRANTIES AND COVENANTS 陈述、保证和契诺
10. EVENTS OF DEFAULT 违约事件
11. NETTING 净额结算
12. RIGHTS ON DEFAULT 违约情况下的权利
13. TERMINATION WITHOUT DEFAULT 在无违约情况下终止
14. EXCLUSIONS, LIMITATIONS AND INDEMNITY 除外责任、限制和赔偿保证
15. MISCELLANEOUS 其它事项
16. GOVERNING LAW AND JURISDICTION 管辖法律和司法权区
17. INTERPRETATION 释义
This client agreement, together with any Schedule(s), Annexes, and other accompanying documents, as amended from time to time, (this "Agreement") sets out the terms of the contract between you and us. It is, therefore, very much in your interests to read it carefully. Please let us know as soon as possible if there is anything which you do not understand.
本客户协议连同任何附表、附录及其它随附文件（经不时修订）（.本协议.）载明您与本公司之间的合同条款。因此，仔细阅读本协议切实关乎您的利益。如果您有任何不理解之处，请立即告知本公司。
1. GENERAL INFORMATION一般资料
1.1 Information about us: We, ODL Securities Limited, are authorized and regulated by the Financial Services Authority ("FSA"). Our registered office and principal place of business is The Northern & Shell Building, 8th Floor, 10 Lower Thames Street,
London, EC3R 6AD, United Kingdom. The FSA's registered office is 25 The North Colonnade, London, E14 5HS.
与本公司有关的资料：本公司，ODL证券有限公司，获英国金融服务管理局（FSA.）授权和受其监管。本公司的注册办事处与主要营业地点是：The Northern & Shell Building, 8th Floor, 10 Lower Thames Street, London, EC3R 6AD, United Kingdom。FSA的注册办事处是：25 The North Colonnade, London, E14 5HS。
1.2 Communication with us: You may communicate with us in writing (including fax), by email or other electronic means, or orally (including by telephone). The language of communication shall be English, and you will receive documents and other information from us in English. Our website at www.odls.com contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website, this
Agreement will prevail.
与本公司的通讯：您可以采用书面（包括传真）、电邮或其它电子方式、或口头方式（包括电话）与本公司进行通讯。通讯语言应为英语，您将收到本公司提供的英文文件和其它资料。本公司的网站（www.odls.com）载有关于本公司和本公司提供的服务的进一步详情以及关于本协议的其它资料。若本协议条款与该网站内容有任何冲突，则以本协议为准。
1.3 Capacity: We act as principal and not as agent on your behalf in respect of forex, contracts for differences and over the counter products. We act as agent for you in respect of on exchange products. We shall treat you as a retail client for the purposes of the FSA Rules. You have the right to request a different client categorisation. However, if you do so and we agree to such categorisation, you will lose the protection afforded by certain FSA Rules. This may include, but is not limited to: (a) the requirement for us to act in accordance with your best interests; (b) our obligation to provide appropriate information to you before providing the services; (c) the restriction on the payment or receipt by us of any inducements; (d) our obligation to achieve best execution in respect of your orders; (e) the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders; (f) our obligation to ensure that all information we provide to you is fair, clear and not misleading; and (g) the requirement that you receive from us adequate reports on the services provided to you. You act as principal and not as agent (or trustee) on behalf of someone else.
身份：就外汇、差价合同和场外交易产品而言，本公司以主事人而非您的代理人身份行事。本公司就场内交易产品以您的代理人身份行事。根据FSA规则，本公司应将您视为零售客户。您有权申请一个不同的客户类别。但是，一旦您这么做而本公司同意这个不同类别，您将失去FSA规则中某些规则赋予您的保护措施。这可能包括但不限于：(a)本公司必须以符合您的最佳利益的方式行事；(b)本公司有义务在提供服务之前向您提供适当的资料；(c)本公司不得支付或收取任何诱因；(d)本公司有义务充分执行您的指令；(e)本公司必须实施有关
程序和安排以便及时、公正且迅速地执行您的指令；(f)本公司有义务确保本公司提供给您的所有资料均公帄、清楚和不具误导性；及(g)本公司必须就您获得的服务向您提供充分的报告。您以主事人行事而非以代理人（或受托人）身份代其他人行事。
1.4 Commencement: This Agreement supersedes any previous agreement between you and us on the same subject matter, and takes effect when you signify acceptance of this Agreement or when you give us an order to enter into a Transaction with us on or
after 1 November 2007. This Agreement shall apply to all Transactions contemplated under this Agreement. In the event of any conflict between the clauses of this Agreement and the terms of any other material distributed by us the clauses of this
Agreement shall prevail.
1.4 生效：本协议取代您与本公司先前就相同事项订立的任何协议，并在2007年11月1日或之后您表示接受本协议时或在您向本公司发出指令与本公司达成交易时生效。本协议适用于根据本协议拟订的所有交易。若本协议的条款与本公司分发的任何其它材料的条款相抵触，则概以本协议的条款为准。
1.5 Subject to Applicable Regulations: This Agreement and all Transactions are subject to Applicable Regulations so that: (i) if there is any conflict between this Agreement and any Applicable Regulations, the latter will prevail; (ii) nothing in
this Agreement shall exclude or restrict any obligation which we have to you under Applicable Regulations; (iii) we may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations; (iv) all Applicable
Regulations and whatever we do or fail to do in order to comply with them will be binding on you; and (v) such actions that we take or fail to take for the purpose of compliance with any Applicable Regulations shall not render us or any of our
directors, officers, employees or agents liable.
1.5 受适用规例规限：本协议和所有交易受适用规例规限，因此：(i)若本协议与任何适用规例相抵触，则概以后者为准；(ii)本协议内任何规定概不会排除或限制本公司根据适用规例对您负有的任何义务；(iii)本公司可采取或不采取本公司认为必要的任何行动，确保遵守任何适用规例；(iv)所有适用规例以及本公司为遵守这些规例而作出或未作出何种事情，都将对您有约束力；及(v)本公司为遵守任何适用规例采取或未能采取的行动，不得令本公司或本公司的任何董事、高级职员、雇员或代理人负有法律责任。
1.6 Market action: If a Market (or intermediate broker or agent, acting at the direction of, or as a result of action taken by, a Market) or regulatory body takes
any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be
binding on you. If a Market or regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
1.6 市场行动：若市场（或按市场方向行事或按市场采取行动所导致结果行事的中介经纪人或代理人）或监管机构，采取影响交易的任何行动，则本公司可采取本公司合理酌情认为与该行动一致或可减轻由于该行动所引致任何损失的任何适宜的行动，而任何该等行动应对您具有约束力。若市场或监管机构对您的任何交易发出查询，则您同意与本公司合作，并立即提供就该查询要求的资料。
1.7 Scope of this Agreement: This Agreement sets out the basis on which we will provide services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.
1.7 本协议的范围：本协议列出了本公司据以向您提供服务的基础。本协议管辖双方在签署本协议之时或之后订立或尚未完成的每宗交易。
1.8 Charges: You shall pay our charges as agreed with you from time to time, any taxes imposed by any competent authority on any account opened or Transaction effected by or cleared for you; any fees or other charges imposed by a Market or any clearing organization; interest on any amount due to us at the rates then charged by us (and which are available on request); and any other value added or other applicable taxes of any of the foregoing, including any withholding tax. We will notify you of our current charges. Any alteration to charges will be notified to you before the time of the change.
1.8 收费：您应支付本公司不时与您协定的收费，任何主管机构就为您所开设的任何账户或由您执行或为您结算的任何交易而征收的任何税项；市场或任何清算机构施加的任何费用或其它收费；按本公司当时收取的利率（您可以向本公司查询）就您结欠本公司的任何款项计算的利息；以及前述任何一项的任何其它增值或其它适用税金，包括任何预扣税。本公司会通知您本公司现行的收费标准。若收费标准有变，在此之前本公司会通知您。
1.9 Costs resulting from use of distance means: In addition to the costs set out above, additional costs may be payable by you by virtue of the fact that this contract is entered into via email, telephone or fax or other distance means.
1.9 由于使用长途通信方法所致的成本：除上述费用外，若本协议是以电邮、电话或传真或其它远程方式签订，您可 能应支付额外费用。
1.10 Additional costs: You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
1.10其它费用：您应知道，可能存在并非通过本公司支付或由本公司收取的其它税项或费用。
1.11 Payments: All payments to us under this Agreement shall be made in such currency as we may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding.
1.11付款：根据本协议应支付给本公司的所有款项应以本公司不时规定的货币支付予本公司就此指定的银行账户。您在支付所有这些付款时不得扣除或预扣任何款项。
1.12 Remuneration and sharing of charges: We may receive remuneration from, or share charges with, an Associate or other third party in connection with Transactions carried out on your behalf. Details of any such remuneration or sharing arrangements are enclosed.
1.12报酬和分担收费：本公司可能会就代您执行的交易向联系人士或其它第三方收取报酬，或与联系人士或其它第三方分担收费。本协议附有与这些报酬或分担安排有关的详细资料。
1.13 Description of Service: A description of the main characteristics of the service we will provide is enclosed.
1.13服务说明：有关本公司将提供的服务的主要特点附载于本协议。
1.14 Language and minimum duration: This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. The minimum duration of this Agreement shall be the earlier of settlement of the first trade in respect of which you instruct us or the occurrence of an Event of Default.
1.14语言文字和最短期限：本协议用英文向您提供，而在本协议的期限内本公司将继续用英文与您沟通。本协议的最短期限为截至您指示本公司进行的首笔交易结算止或发生违约事件止期间，以较早者为准。
2. RIGHT TO CANCEL 2. 取消权
Right to Cancel: You have a right to cancel this Agreement for a period of fourteen days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the "Cancellation Period"). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing to the following address: The Northern & Shell Building, 8th
Floor, 10 Lower Thames Street, London, EC3R 6AD, United Kingdom. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms.
取消权：您有权自本协议订立之日或您收到本协议之日（以较迟者为准）起14天内（.取消期限.），取消本协议。如果您在取消期间内，有意取消本协议，则您应向以下地址发出书面通知：The Northern & Shell Building, 8th Floor, 10 Lower Thames Street, London, EC3R 6AD, United Kingdom。若您未能在取消期间内取消本协议，则您将受其条款约束。
3. ADVICE 3. 建议
3.1 Information from you: Although we do not normally provide an advisory service if we expressly
3.1 您提供的资料：本公司通常不会提供咨询服务，但是如果本公司以书面方式明确协定向您提供建议，
agree in writing to provide you with advice we are obliged under Applicable Regulations to obtain information about your personal and financial circumstances so that we can make a recommendation or take a decision which is suitable for you. We shall assume that information about your personal and financial circumstances in any document provided from you to us, is accurate and we will have no responsibility to you if such information changes or becomes inaccurate unless you have informed us of such changes. Unless we obtain the necessary information from you, we will
not be able to advise you.
根据适用规例本公司必须获取与您个人和财务状况有关的资料，以便本公司提供适合您的建议或做出适合您的决定。本公司假设您提供给本公司的任何文件中所载的关于您个人或财务状况的资料均正确，若这些资料有变或不再准确，除非您已通知本公司有关的变动，否则本公司无须对您负责。除非您向本公司提供必要的资料，否则本公司无法给予您建议。
3.2 Advice and execution-only arrangements: Please note that we will not advise you about the merits of a particular Transaction if we reasonably believe that, at the time of your order, you are not expecting such advice and are dealing on an execution-only basis. If we advise you that your proposed course of action is not suitable for you but you nevertheless wish to proceed with the Transaction, we will only accept your order on an execution-only basis. In such circumstances, we will inform you at the time that we will execute your order on that basis. We may
proceed with the Transaction even when you are acting contrary to our advice.
3.2 建议和.只限执行.安排：请注意，如果本公司合理认为，您在发出指令时并未期望获得有关建议且按.只限执行.的基准进行交易，则本公司不会向您提供关于某项交易优缺点的建议。如果本公司告知您拟采取的行动并不适合您，而您仍希望继续进行此交易，本公司将仅按.只限执行.的基准接受您的指令。在此情况下，本公司当时就会告诉您本公司将按该基准执行您的指令。即使您的指令与本公司的建议相反，本公司也会继续执行有关的交易。
3.3 No on-going advice: From time to time, we may, at our discretion, provide information, advice and recommendations on our own initiative. However, we shall not be under any obligation to provide on-going advice in relation to the management of
your investments unless you have entered into a discretionary investment management agreement with us or we have agreed to maintain your portfolio under continuous review and provide specific recommendations from time to time.
3.3 不会持续提供建议：本公司可能会不时酌情决定主动提供资料、意见和建议。但是，除非您与本公司签订全权委托投资管理协议或本公司同意持续关注您的投资组合及不时提供具体建议，否则，本公司没有义务持续向您提供与投资管理有关的建议。
3.4 Limitations: Where we do provide market information, advice or recommendations, we give no representation, warranty or guarantee as to their accuracy or completeness or as to the tax consequences of any Transaction. Unless we specifically agree otherwise in writing with you, you hereby acknowledge: (i) that the provision of advice is incidental to your dealing relationship with us and provided solely to enable you to make your own investment decisions; (ii) that the information
provided to other clients may be different from advice given to you; and (iii) that such information may not be consistent with our proprietary investments, or those of our Associates, directors, employees or agents.
3.4 限制：若本公司提供市场资料、意见或建议，本公司不会就其准确性或完整性或任何交易的税务后果发表任何声明、保证或担保。除非本公司与您另行达成明确的书面协议，否则，您应特此确认：(i)建议是作为您与本公司的交易关系的附带事项而提供，仅用于帮助您自行作出投资决策；(ii)提供予其他客户的资料可能与提供给您的资料不同；及(iii)这些资料可能与本公司、或本公司的联系人士、董事、雇员或代理人的自营性投资不一致。
3.5 Investment research and other published information: We may from time to time send published research reports and recommendations and other publications to you. If the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on to any such person or category of persons. We make no representations as to the time of receipt by you of research reports or recommendations and cannot
guarantee that you will receive such research reports or recommendations at the same time as other clients. We shall not be liable for any investment decision you make, based in whole or in part, on any investment research report, recommendation or other
publication we send to you. Any such published research reports or recommendations may appear in one or more screen information service. Please refer to the attached summary of our Conflicts of Interest Policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you.
3.5 投资研究和其它公布资料：本公司可能不时向您发送已公布的研究报告、建议以及其它刊发资料。如果相关文件规定了受限制的阅读对象或传播对象，您同意您不会将该文件交予任何这些人或这些类别的人。本公司对您收取研究报告或建议的时间不发表任何声明，也不能保证您收到这些研究报告或建议的时间与其他客户一样。本公司不会就您根据本公司向您发送的任何投资研究报告、建议或其它刊发资料的全部或部分内容所作的任何投资决定承担任何法律责任。这些出版的研究报告或建议可能会出现在一项或多项屏幕信息服务中。请查看随附的《利益冲突政策》概要，了解关于本公司如何管理可能会影响本公司提供给您的投资研究的公正性的冲突的更多信息。
3.6 Tax advice: We will not provide any tax advice. In addition, we shall not at any time be deemed to be under any duty to provide tax advice.
3.6 税务建议：本公司不会提供任何税务建议。此外，本公司在任何时候均不应视为具有提供税务建议的责任。
4. YOUR INFORMATION 4. 您的资料
4.1 Confidentiality and data protection: Subject to the following we will treat all information we hold about you as private and confidential, even when you are no longer a client. You agree, however, that we and other companies in our group may:
4.1 保密和资料保护：受下文条文规限，本公司将把自身所持有的关于您的所有资料视为私人及机密资料，即使您不再为本公司客户。但是，您同意本公司和本公司集团内的其它公司可以：
(a) use your information to administer and operate your account and monitor and analyse its conduct, provide services to you, assess any credit limit or other credit decision (and the interest rate, fees and other charges to be applied to your account) and enable us to carry out statistical and other analysis;
(a) 利用您的资料以管理和操作您的账户以及监控和分析账户动态、向您提供服务、评估任何信用限额或其它信用决定（以及将对您的账户应用的利率、手续费和其它收费）以及便于本公司进行统计数据和其它分析；
(b) disclose your information to other companies in our group; those who provide services to us or act as our agents; anyone to whom we transfer or propose to transfer any of our rights or duties under this Agreement; credit reference agencies or other organizations that help us and others make credit decisions and reduce the incidence
of fraud or in the course of carrying out identity, fraud prevention or credit control checks; where we are required to do so by Applicable Regulations, there is a public duty to disclose or our interests require disclosure; at your request; or with your consent (and in the case of a joint account, we may disclose to any of you information obtained by us from any of you in relation to the account);
(b) 向下列各方或在下列情况中披露您的资料：本公司集团中的其它公司；本公司的服务供应商或代理公司；本公司在本协议下具有的任何权利或责任的转让或拟转让对象；帮助本公司和其他人做出信用决定和减少欺诈发生频率或正在进行身份、欺诈预防或信用控制检查的信用资料服务机构或其它机构；适用规例要求本公司披露、根据公共责任本公司必须披露或为公司利益本公司必须披露；应您的要求；或者经过您的同意（如果您的账户为联名账户，本公司可向你们中任何一位披露本公司向你们中任何一位获取的关于账户的资料）；
(c) use your information, unless you have told us that you do not wish us to do so, to inform you (by post, telephone, email or other medium, using the contact details you have given us) about products and services offered by us, other companies in our group or selected third parties which we believe may be of interest to you; and
(c) 利用您的资料向您提供（利用您提供给本公司的联系资料，通过邮寄、电话、电邮或其它媒介）关于本公司、本公司集团中的其它公司或本公司认为对您有利的特定第三方所提供的产品和服务的信息，除非您告诉本公司不可如此行事；及
(d) transfer your information to any country, including countries outside the European Economic Area which may not have strong data protection laws, for any of the purposes described in this clause.
(d) 出于本条中所述的任何目的，将您的资料转移至任何国家，包括不属于欧洲经济区的可能并未制定严格的资料保护法律的国家。
4.2 Your rights: You may have rights of access to some or all of the information we hold about you, to have inaccurate information corrected and to tell us that you do not wish to receive marketing information, under data protection law. If you wish to exercise any of these rights, please contact us in writing.
4.2 您的权利：根据资料保护法律，您有权查阅本公司持有的关于您的全部或部分资料、要求本公司修改不准确的资料和告知本公司您不愿接收推销资料。若您有意行使上述任何权利，请书面联系本公司。
5. INSTRUCTIONS AND BASIS OF DEALING 5. 指示和交易基础
5.1 Placing of instructions: You may give us instructions in writing (including fax), by email or other electronic means or orally (including by telephone), unless we tell you that instructions can only be given in a particular way. If you give instructions by telephone, your conversation may be recorded. If any instructions are received by us by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorized to follow instructions notwithstanding your failure to confirm them in writing. Instructions for the simultaneous sale and purchase of a security financial instrument on behalf of the same beneficial owner may not be given under this Agreement. In this Agreement "instructions" and "orders" have the same meaning.
5.1 发出指示：您可以以书面方式（包括传真）、电邮或其它电子方式或口头方式（包括电话）向本公司发出指示，除非本公司告诉您只能以特定方式发出指示。若您通过电话发出指示，您的谈话内容可能会被录音。若本公司收到以电话、电脑或其它媒介发出的指示，本公司可能会要求您以书面方式确认这些指示。即使您未能以书面方式进行确认，本公司有权依照您的指示行事。根据本协议，您不能发出要求本公司代同一实益拥有人同时买入及卖出一种证券金融工具的指示。在本协议中，指示和指令具有相同涵义。
5.2 Authority: We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorized on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions.
5.2 权限：本公司有权根据您或您的任何授权人士发出或宣称是您或您的授权人士发出的指示代您行事，而不会进一步查询发出或宣称发出这些指示的人士的真实性、权限或身份。
5.3 Cancellation/withdrawal of instructions: We can only cancel your instructions if we have not acted upon those instructions. Instructions may only be withdrawn or amended by you with our consent.
5.3 取消／撤销指示：本公司只会取消尚未执行的指示。只有在经过本公司的同意后，您才可以撤销或修改指示。
5.4 Right not to accept orders: We may, but shall not be obliged to, accept instructions to enter into a Transaction. If we decline to enter into a proposed
Transaction, we shall not be obliged to give a reason but we shall promptly notify you accordingly.
5.4 不接受指令的权利：本公司可能会（但是没有义务）接受指示以达成交易。如果本公司拒绝达成一项建议交易，本公司无须说明原因，但是应尽快通知您。
5.5 Control of orders prior to execution: We have the right (but no obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased,
removed or added to by us at our absolute discretion and may include (without limitation): (i) controls over maximum order amounts and maximum order sizes; (ii) controls over our total exposure to you; (iii) controls over prices at which orders may be submitted (to include (without limitation) controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the order book); (iv) controls over the Electronic Services (to include (without limitation) any verification procedures to ensure that any particular order or orders has come from you); or (v)
any other limits, parameters or controls which we may be required to implement in accordance with Applicable Regulations.
5.5 在执行之前对指令的控制：本公司有权（但无义务）绝对酌情决定设定限制及／或参数以控制您发出指令的能力。本公司可绝对酌情决定修改、增加、减少、去除或增添这些限制及／或参数，其中包括但不限于：(i)控制指令的最大金额和指令的最大规模；(ii)控制本公司为您承担的总风险；(iii)控制指令提交价格（包括但不限于控制在指令被提交到买卖盘记录时，其价格与市价有极大差距的指令）；(iv)控制电子服务（包括但不限于任何验证程序，以确保任何特定指令是由您发出）；或(v)根据适用规例本公司可能必须实施的任何其它限制、参数或控制。
5.6 Execution of orders: We shall use our reasonable endeavours to execute any order promptly, but in accepting your orders we do not represent or warrant that it will be possible to execute such order or that execution will be possible according to your instructions. If we encounter any material difficulty relevant to the proper carrying out of an order on your behalf we shall notify you promptly. We shall
carry out an order on your behalf only when the relevant Market is open for dealings, and we shall deal with any instructions received outside Market hours as soon as possible when that relevant Market is next open for business (in accordance with the
rules of that Market). You agree that we may execute an order on your behalf outside a Market. When you give us a specific instruction, our order execution policy will not apply, and we may be unable to take the steps described in such policy to obtain the best possible result in executing your order. You confirm that you have read and agree to our order execution policy and best execution policy contained in the Schedule to this Agreement. We will notify you of any material changes to our order execution policy, but it is your responsibility to check for any other changes to our order execution policy as published from time to time at www.odls.com. We will
consider the continued placement of orders by you to constitute your continued consent to our order execution policy as in effect from time to time.
5.6 执行指令：本公司应尽合理努力尽快执行任何指令，但是在接受您的指令时，本公司并未声明或保证可以执行这些指令或可以根据您的指示执行这些指令。如果本公司遇到与代您适当执行一项指令有关的任何重大难题，本公司会尽快通知您。本公司只会在相关市场开放进行交易时代您执行指令，而且本公司会在相关市场下次开放进行交易时（根据该市场的规则）尽快处理本公司在市场营业时间之外收到的任何指示。您同意，本公司可代您在市场
之外执行指令。如果您向本公司发出特定指示，本公司的指令执行政策将不适用，本公司在执行您的指令时可能无法采取该政策中所述的步骤以取得最佳结果。您确认您已阅读并同意本公司的指令执行政策以及本协议附表中所载的最佳执行政策。本公司将通知您本公司的指令执行政策出现的任何重大变动，但是您有责任检查本公司不时在www.odls.com上公布的指令执行政策，以确定是否存在任何其它变动。如果您持续向本公司发出指令，本公司将认为您持续同意本公司不时生效的指令执行政策。
5.7 Crossing of orders: We may arrange for a Transaction to be executed, either in whole or in part, by selling an investment to you from another client, or a client of an Associate of ours, or vice-versa. We shall not give you prior notice if we
arrange for a Transaction to be executed in this manner.
5.7 交叉指令：本公司可能会通过向您出售其他客户或本公司联系人士的客户的投资，安排全部或部分执行交易，反之亦然。如果本公司安排以这种方式执行交易，本公司不会提前通知您。
5.8 Aggregation of orders: We may combine your order with our own orders and orders of other clients. By combining your orders with those of other clients, we must reasonably believe that this is in the overall best interests of our clients. However, aggregation may result in you obtaining a less favourable price in relation to a particular order. Please refer to our order allocation policy for more information.
5.8 合并指令：本公司可能会将您的指令与本公司自身的指令和其他客户的指令合并。在合并您的指令与其他客户的指令时，本公司必须合理相信这符合客户的最佳整体利益。但是，合并可能导致您就特定指令获得的价格不若原来有利。详情请参阅本公司的指令分配政策。
5.9 Confirmations: We shall send you confirmations at the end of the trading day for any Transactions that we have executed on your behalf on that trading day, by electronic mail to the e-mail address on record for you. It is your responsibility to inform us of any change to your e-mail address, the non-receipt of a confirmation, or whether any confirmations are incorrect before settlement. Confirmations shall, in the absence of manifest error, be conclusive and
binding on you, unless we receive from you objection in writing within five Business Days of despatch to you or we notify you of an error in the confirmation within the same period.
5.9 确认书：本公司会在交易日结束时按照记录中您的电邮地址向您发送电子邮件，确认本公司代您在该交易日执行的任何交易。您有责任将您的电邮地址发生的任何变动、未收到确认书的情况通知本公司，或在结算之前告诉本公司确认书是否有误。如无明显错误，确认书应不可推翻并对您具有约束力，除非本公司在发出确认书后五个营业日内收到您的书面反对意见，或本公司在上述期间通知您确认书中存在错误。
5.10 Performance and settlement: You will promptly deliver any instructions, money, documents or property deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us for the purpose of enabling us to perform our obligations under the relevant matching Transaction on a Market or with an intermediate broker.
5.10 履行和结算：对于任何交易，您将立即交付您根据该交易（经本公司发出的任何指示修订）应交付的任何指示、款项、文件或财产，使本公司能够在市场上或与中介经纪人履行相关匹配交易的义务。
5.11 Intermediate brokers and other agents: We may, at our entire discretion, arrange for any Transaction to be effected with or through the agency of an intermediate broker, who may be an Associate of ours, and may not be in the United Kingdom. Neither we nor our respective directors, officers, employees or agents will be liable to you for any act or omission of an intermediate broker or agent. No responsibility will be accepted for intermediate brokers or agents selected by you.
5.11 中介经纪人及其它代理人：本公司可完全酌情安排在或通过中介经纪人机构实施任何交，该机构可能属于本公司的一个联系人士，或不在英国。本公司或本公司各自的董事、高级职员、雇员或代理人均无须就中介经纪人或代理人的任何作为或不作为，对您负有法律责任。若中介经纪人或代理人由您选定，本公司无须承担任何责任。
5.12 Position limits: We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained.
5.12 持仓限制：本公司可要求您限制您在任何时间与本公司的未帄仓持仓数目，而本公司可全权酌情对任何一个或多个交易进行帄仓，以确保维持该等持仓限制。
5.13 Trade Reporting: Under Applicable Regulations, we may be obliged to make information about certain Transactions public. You agree and acknowledge that any and all proprietary rights in such Transaction information are owned by us and
you waive any duty of confidentiality attaching to the information which we reasonably disclose.
5.13 交易报告：根据适用规例，本公司有义务公开关于若干交易的资料。您同意和承认，该交易资料中的任何和所有所有权均由本公司拥有，而您豁免本公司合理披露的资料所附带的任何保密义务。
6. ELECTRONIC TRADING TERMS 6. 电子交易条款
6.1 Scope: These clauses apply to your use of any Electronic Services.
6.1 范围：这些条款适用于您对任何电子服务的使用。
6.2 Access: Once you have gone through the security procedures associated with an Electronic Service provided by us, you will get access to such service, unless agreed otherwise or stated on our website. Please consult our website for more details on
operating times. We may change our security procedures at any time and we will tell you of any new procedures that apply to you as soon as possible.
6.2 获得：一旦您通过本公司所提供的电子服务相关的安全程序，您将获得该服务，除非另有协定或本公司的网站上声明。请查阅本公司的网站，了解有关操作时间的更多详情。本公司可随时改变本公司的安全程序，而若有适用于您的任何新程序，本公司将尽快通知您。
6.3 Restrictions on services provided: There may be restrictions on the number of Transactions that you can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. You acknowledge that some Markets place restrictions on the types of orders that can be directly transmitted to their electronic trading systems. These types of orders are sometimes
described on synthetic orders. The transmission of synthetic orders to the Market is dependent upon the accurate and timely receipt of prices or quotes from the relevant Market or market data provider. You acknowledge that a Market may cancel a synthetic
order when upgrading its systems, trading screens may drop the record of such an order, and you enter such orders at your own risk.
6.3 对所提供服务的限制：您在任何一天使用电子服务时可达成的交易数，以及这些交易的总值方面，可能存在限制。您承认，若干市场会对可直接传送到其电子交易系统的指令类型施加限制。这些类型的指令有时会在合成指令上描述。向市场传送合成指令，取决于相关市场或市场数据提供商准确及时地收到价格或报价。您承认，市场在升级系统时，可取消合成指令，交易屏幕可停止记录该指令，同时，您自己承担录入该等指令的风险。
6.4 Right Of Access: In respect of any Market to which we allow you to submit orders or receive information or data using Electronic Services, we may at any time or times, on reasonable notice (which, in certain circumstances, may be immediate) enter (or instruct our or the Market's subcontractors to enter) your premises and inspect your System to ensure that it complies with the requirements notified by us to you from time to time and that you are using Electronic Services in accordance with this Agreement and any requirements of any relevant Market or Applicable Regulations.
6.4 进出权：对于本公司允许您采用电子服务提交指令或收取资料或数据的任何市场，本公司可能会随时经发出合理通知（在若干情况下，可立即）进出（或指示本公司或市场分包商进出）您所在场所并检查您的系统，以确保您的系统符合本公司不时告知您的要求，并确保您根据本协议和任何相关市场或适用规例的任何要求使用电子服务。
6.5 Access requirements: You will be responsible for providing the System to enable you to use an Electronic Service.
6.5 使用要求：您将负责提供使您能够使用电子服务的系统。
6.6 Virus detection: You will be responsible for the installation and proper use of any virus detection/scanning program we require from time to time.
6.6 病毒检测：您将负责安装和妥善使用本公司不时要求的任何病毒检测／扫描程序。
6.7 Use of information, data and software: In the event that you receive any data, information or software via an Electronic Service other than that which you are entitled to receive pursuant to this Agreement, you will immediately notify us and will not use, in any way whatsoever, such data, information or software.
6.7 使用资料、数据和软件：若您通过电子服务收到您按照本协议有权收到以外的任何数据、资料或软件，则您将以及通知本公司，而不得以任何方式使用该数据、资料或软件。
6.8 Maintaining standards: When using an Electronic Service you must:
6.8 维护标准：在使用电子服务时，您必须：
(a) ensure that the System is maintained in good order and is suitable for use with such Electronic Service;
(a) 确保系统保持良好运行状态，适合使用电子服务；
(b) run such tests and provide such information to us as we shall reasonably consider necessary to establish that the System satisfies the requirements notified by us to you from time to time;
(b) 进行和提供本公司为证明系统符合本公司不时告知您的要求而本公司合理认为必要的测试和资料；
(c) carry out virus checks on a regular basis; (c) 定期进行病毒检测
(d) inform us immediately of any unauthorized access to an Electronic Service or any
unauthorized Transaction or instruction which you know of or suspect and, if within your control, cause such unauthorized use to cease; and
(d) 若发现或怀疑存在未经授权使用电子服务的情况或未经授权而进行的交易或指示，立即通知本公司，并（如果在您的控制范围内）设法使这些未经授权的行为停止；及
(e) not at any time leave the terminal from which you have accessed such Electronic Service or let anyone else use the terminal until you have logged off such Electronic Service.
(e) 在您退出该电子服务前，不得在任何时间离开您用来使用该电子服务的终端，或让其它任何人使用该终端。
6.9 System defects: In the event you become aware of a material defect, malfunction or virus in the System or in an Electronic Service, you will immediately notify us of such defect, malfunction or virus and cease all use of such Electronic Service until you have received permission from us to resume use.
6.9 系统缺陷：若您知悉系统或电子服务中有重大缺陷、故障或病毒，则您立即将该缺陷、故障或病毒告知本公司，并停止一切使用该电子服务，直至您已经收到本公司的准许重新使用为止。
6.10 Intellectual Property: All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in us or our licensors. You will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by us in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. You shall ensure that
all the licensors' trademarks and copyright and restricted rights notices are reproduced on these copies. You shall maintain an up-to-date written record of the number of copies of the Electronic Services made by you. If we so request, you shall
as soon as reasonably practical, provide to us a statement of the number and whereabouts of copies of the Electronic Services.
6.10 知识产权：与电子服务有关的专利、版权、设计权、商标及任何其它知识产权（不论是否注册）中的所有权利，始终归属于本公司或本公司的特许人。除非获得本公司书面明确准许，否则您不得复制、干扰、篡改、变更、修订或修订电子服务或其任何部分；反汇编或分解电子服务；除非法律明确准许该等行为，否则您不得意图或实际作出上述任何行为。根据法律作出的电子服务的任何副本，均受本协议的条款及条件规限。您应确保特许人的所有商标和版权及受限权利通告刊印在这些副本上。您应对您作出的电子服务的副本数目，保留最新书面记录。若本公司作出请求，则您应在合理可行情况下，尽快向本公司提供有关电子服务副本数目和下落的说明。
6.11 Liability And Indemnity: Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
6.11 责任和赔偿保证：在不损害本协议任何其它条款的原则下，关于责任限制和提供赔偿保证，下列条款应适用于本公司的电子服务。
(a) System errors: We shall have no liability to you for damage which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to Electronic Services may be limited or unavailable due to such system errors, and that we reserve the right upon notice to suspend access to Electronic Services for this reason.
(a) 系统错误：本公司无须就因传送错误、技术过失、故障、非法干预网络设备、网络超载、
第三方恶意屏蔽访问、互联网故障、中断或互联网服务提供商的其它不足而令您蒙受的损害，对您负有法律责任。您承认，电子服务可能由于该等系统错误，使用受到限制或不能使用，且本公司保留权利在发出通知的情况下，出于以上原因而暂停电子服务的使用。
(b) Delays: Neither we nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you in connection with an Electronic Service.
(b) 延迟：本公司或任何第三方软件提供商，对向您提供的关于电子服务的任何数据中的任
何延迟、不准确、错误或遗漏，均无须承担任何责任。
(c) Viruses from an Electronic Service: We shall have no liability to you (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by us to you in order to enable you to use the Electronic Service, provided that we have taken reasonable steps to prevent any
such introduction.
(c) 来自电子服务的病毒：若任何病毒、蠕虫、软件炸弹或类似内容经由电子服务或本公司
为方便您使用电子服务而提供的任何软件进入系统，本公司概不对您负责（不论是合同或侵权责任，包括疏忽），但前提是本公司已采取合理措施防止此类情况发生。
(d) Viruses from your System: You will ensure that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify us on demand for any loss that we suffer arising as a result of any such introduction.
(d) 您系统的病毒：您将确保不会将计算机病毒、蠕虫、软件炸弹或类似问题引入本公司的计算机系统或网络，且如果因上述情况导致本公司蒙受任何损失，您将应要求对本公司作出赔偿。
(e) Unauthorized use: We shall not be liable for any loss, liability or cost whatsoever arising from any unauthorized use of the Electronic Service. You shall on demand indemnify, protect and hold us harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using your designated passwords, whether or not you authorized such use.
(e) 未经授权使用：本公司无须承担因未经授权使用电子服务产生的任何损失、负债或成本。
如果由于或出于使用电子服务的任何人士通过使用您的指定密码（不论您是否授权该使用）的任何作为或不作为令本公司引致或产生任何损失、负债、裁决、起诉、诉讼、法律程序、索赔、损害赔偿和成本，您须应要求对本公司作出赔偿保证、保护和补偿。
(f) Markets: We shall not be liable for any act taken by or on the instruction of a Market, clearing house or regulatory body.
(f) 市场：本公司无须对市场、清算所或监管机构或按其指示采取的任何行动负有法律责
任。
6.12 Suspension or permanent withdrawal with notice: We may suspend or permanently withdraw an Electronic Service, by giving you 10 days written notice.
6.12 经通知暂停或永久撤销：本公司可向您发出10天书面通知，暂停或永久撤销电子服务。
6.13 Immediate suspension or permanent withdrawal: We have the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where we consider it
necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of (i) any licence granted to us which relates to the Electronic Service; or (ii) this Agreement. The use of an Electronic Service may be terminated immediately if an Electronic Service is withdrawn by any Market or we are required to withdraw the facility to comply with Applicable Regulations.
6.13 立即暂停或永久撤销：若本公司认为有必要或适宜，本公司有权单方面和以立即生效的方式，暂停或永久撤销您使用任何电子服务或其任何部分的能力，而无须发出通知，例如，由于您不遵守适用规例、违反本协议的任何条文、发生违约事件、网络问题、停电、检修，或在出现违反安全情况时处于保护您之目的。此外，在(i)授予本公司与电子服务有关的任何特许权；或(ii) 本协议（出于任何原因）终止后，可自动终止使用电子服务。若任何市场撤销电子服务，或本公司根据适用规例，须撤销该设施，则可立即终止使用电子服务。
6.14 Effects of termination: In the event of a termination of the use of an Electronic Service for any reason, upon request by us, you shall, at our option, return to us or destroy all hardware, software and documentation we have provided you in connection with such Electronic Service and any copies thereof.
6.14 终止的影响：若应本公司请求出于任何原因终止使用电子服务，则您应（由本公司选择）向本公司退还或销毁本公司向您提供的关于该电子服务的所有硬件、软件和文件及其任何副本。
7. TITLE TRANSFER OF CASH 7. 现金的所有权转让
7.1 Client money: Our services to you are provided on the understanding that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Where you transfer money to us, we will treat this as a transfer
of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Any money received by us from you or a third party for your account will be owed by us to you, even where we are acting as your agent. Because the Client Money Rules will not apply, you no longer have a proprietary claim over money transferred to us, and we can deal with it in our own
right. We will transfer an equivalent amount of money back to you where, in our discretion, we consider that the amount of money you have transferred to us is more than is necessary to cover your present and future obligations to us. In determining the amount of collateral and the amount of our obligations to you, we may apply such
methodology (including judgements as to the future movement of markets and values), as we consider appropriate, consistent with Applicable Regulations.
7.1 客户款项：本公司对您服务乃基于以下共识而提供：即您不要求将您转予本公司的款项根据客户款项规则持有。如果您将款项转予本公司，本公司将视为该款项的全部所有权转让给本公司，以便保证或弥补阁下目前、未来、实际、或有或预期责任，且本公司不会根据客户款项规则持有该款项。本公司收到您或第三方向您的账户支付的任何款项，将是本公司对您的负债，即使是在本公司以您的代理人的身份行事的情况下也一样。由于客户款项规则
不适用，您对转予本公司的款项不再拥有所有人申索权，本公司可以在本公司的权利范围内处理该款项。如果本公司酌情决定，认为您转予本公司的款项金额，高于弥补您对本公司的责任所必要的金额，本公司会将等于超过部分金额的款项返还予您。确定抵押品金额和本公司对您的负债金额时，本公司可使用本公司认为符合适用规例的适当方法（包括对未来市场和价值变动的判断）。
7.2 Definition: In this clause, "Client Money Rules" mean the provisions of the FSA's Client Assets Sourcebook relating to client money for firms carrying out MiFID business.
7.2 定义：本条中，.客户款项规则.是指金融服务管理局《客户资产原始资料》中与经营MiFID（《金融工具市场指令》）业务之公司的客户款项有关的条文。
8. MARGINING ARRANGEMENTS 8. 保证金安排
8.1 Contingent liability: Where we effect or arrange a Transaction involving an option, future or contract for differences you should note that, depending upon the nature of the Transaction, you may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of your position. You will be required to make further variable payments by way of margin against the purchase price of the investment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of your investment will affect the amount of margin payment you will be required to make.
8.1 或有负债：本公司执行或安排涉及期权、期货或差价合同的交易时，您应注意，根据交易性质的不同，若交易未能完成，或在您的持仓提早结算或帄仓时，您可能须做出进一步付款。您将必须进一步支付可变金额付款即就投资买价缴纳保证金，而不是立即支付（或收取）全部买价（或卖价）。您的投资的市场价格变动会影响您须缴纳的保证金金额。
8.2 Margin call: You agree to pay us on demand such sums by way of margin as are required from time to time under the Rules of any relevant Market (if applicable) or as we may in our discretion reasonably require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement.
8.2 追加保证金通知：您同意按要求，以保证金方式，向本公司支付任何相关市场不时规定（如适用）或本公司酌情可合理要求的款项，以保护本公司自己免于对本协议下现在、将来或拟订的交易的损失或损失风险。
8.3 Failure to meet margin call: Please note that in the event that you fail to meet a margin call, we may (and after five Business Days will) close out the position unless we have previously granted you a loan or credit in accordance with Applicable
Regulations.
8.3 未能遵守保证金要求：请注意，如果您未能遵守保证金要求，除本公司先前已经根据适用规例向您批准贷款或信用外，本公司可（并在五个营业日后将）帄仓。
8.4 Form of margin: Unless otherwise agreed, margin must be paid in cash. The currency of the cash margin you pay to us shall be the currency of the relevant underlying Transaction (if applicable) or as we may in our discretion reasonably decide from
time to time. Cash margin is paid to us as an outright transfer of title and you will not retain any interest in it. Cash margin received by us will be recorded by us as a cash repayment obligation owed by us to you.
8.4 保证金方式：除非另有协定，保证金必须以现金支付。您向本公司支付的现金保证金的货币，应为相关交易（如适用）或本公司酌情可合理不时决定的货币。现金保证金是在作为彻底转让所有权的条件下向本公司支付，而您不会保留其中任何权益。本公司收到的现金保证金将由本公司记录为本公司结欠您的现金偿还义务。
8.5 Non-cash margin: Where we agree to accept non-cash collateral, it must be in a form acceptable to us. The value of the non-cash collateral and the proportion of that value to be taken into account for margin purposes shall be determined by us in our absolute discretion.
8.5 非现金保证金：若本公司同意接受非现金抵押品，则其必须以本公司可接受的方式。非现金抵押品的价值和该价值考虑用于保证金的比例，应由本公司绝对酌情厘定。
8.6 Set-off on default: If there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us) to us. The net amount, if any, payable between us
following such set-off, shall take into account the Liquidation Amount payable under the Clause headed “Netting” of this Agreement.
8.6 违约时抵消：若有违约事件或本协议终止，则本公司应用本公司结欠您的现金保证金余额抵消您对本公司的债务（按本公司合理估值）。该抵消之后，双方之间应付款项的净额（如有），应计入本协议及根据.净额结算.一条应付的帄仓金额。
8.7 Security interest: As a continuing security for the performance of the Secured Obligations under or pursuant to this Agreement, you grant to us, with full title guarantee, a first fixed security interest in all non-cash margin now or in the future provided by you to us or to our order or under our direction or control or that of a Market or otherwise standing to the credit of your account under this Agreement or otherwise held by us or our Associates or our nominees on your behalf.
8.7 担保权益：作为根据或按照本协议履行有担保债务的持续担保，您向本公司授出（有全面所有权担保），现在或将来您向本公司提供的，或按本公司的指令，或根据本公司的指示或控制，或市场或其它的指示或控制，或本协议下您的账户贷方的，或本公司、本公司的联系人士或代名人代您持有的，所有非现金保证金的第一固定担保权益。
8.8 Further assurance: You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the margin, secure further the Secured Obligations, enable us to exercise our rights or to satisfy any market requirement.
8.8 进一步保证：您同意签署本公司合理要求的进一步文件，和采取本公司合理要求的进一步措施，完成对保证金的担保权益，登记为保证金的拥有人或获得对担保金的法定权利，进一步为有担保债务提供担保，使本公司能够行使本公司的权利，或满足任何市场要求。
8.9 Substitution: You may not withdraw or substitute any property subject to our security interest without our consent.
8.9 替代：未经本公司同意，您不可撤销或替代属于本公司担保权益的任何财产。
8.10 Negative pledge: You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash or non-cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
8.10 负质押：您承诺，不得对转让给本公司的任何现金或非现金保证金，设立或拥有任何尚未清偿的担保权益，除了在持有所有有关证券的清算系统中，对该等证券例行施加的留置权之外。
8.11 Power to charge: You agree that we may, to the extent that any of the margin constitutes "financial collateral" and this Agreement and your obligations hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the "Regulations"), free of any adverse interest of yours or any other person, grant a security interest over margin provided by you to cover any of our obligations to an intermediate broker or Market, including obligations owed by virtue of the positions held by us or other of our clients.
8.11 押记权力：您同意，若任何保证金构成.金融抵押品.，而本协议及您在本协议下的债务构成.担保金融抵押品安排.（在2003年（SI 2003第3226号）《金融抵押品安排（第2号）条例》（.该条例.）定义的各种情况下，及就该安排而言，免于您或任何其它人士的任何反向权益），本公司可对您提供的保证金授予担保权益，以弥补本公司结欠中介经纪人或市场的任何债务，包括本公司或其它客户因持仓而结欠的债务。
8.12 Power of sale: If an Event of Default occurs, we may exercise the power to sell all or any part of the margin. The restrictions contained in Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this Agreement or to any exercise by us of our rights to consolidate mortgages or our power of sale. We shall be entitled to apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations.
8.12 销售权力：若发生违约事件，本公司可行使权力，出售全部或任何部分保证金。1925年《财产法》第93及103条所载的限制，不适用于本协议或本公司行使本公司合并按揭的权利或本公司的销售权力。本公司有权动用销售或其它处置所得款项，支付该销售或其它处置的成本，以偿还有担保债务。
8.13 Power of appropriation: To the extent that any of the margin constitutes "financial collateral" and this Agreement and your obligations hereunder constitute a "security financial collateral arrangement" under the Regulations, we shall have
the right to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, you agree that the value of such financial collateral so appropriated shall be the amount of the margin, together with any accrued but unposted interest, at the time the right of appropriation is exercised. The parties further agree that the method of valuation provided for in this Agreement shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.
8.13 挪用权力：若任何保证金构成.金融抵押品，而本协议及您在本协议下的债务构成该条例下的.担保金融抵押品安排.，则本公司有权挪用全部或任何部分该金融抵押品，清偿有担保债务。就此而言，您同意，所挪用的金融抵押品价值为保证金额，连同在行使挪用权时应计但未过账的任何利息。各方进一步协定，就该条例而言，本协议规定的估值方法应构成商业上合理的估值方法。
8.14 General lien: In addition and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all property held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.
8.14 一般留置权：除了及不损害本公司根据本协议或任何适用规例享有的任何权利，本公司应对本公司、本公司的联系人士或代名人代您持有的所有财产，拥有一般留置权，直至偿还有担保债务为止。
8.15 Definition: "Secured Obligations" means the net obligation owed by you to us after the application of set-off under the clause headed "Set-off on default" in this Clause.
8.15 定义：.有担保债务.指根据本条.违约时抵消.一条动用抵消后，您结欠本公司的净债务。
9. REPRESENTATIONS, WARRANTIES AND COVENANTS 9. 陈述、保证和契诺
9.1 Representations and warranties: You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:
9.1 陈述和保证：您在本协议生效日期和各交易日期，向本公司陈述和保证：
(a) you have reached the age of 18 years or over and have full capacity to enter into this Agreement;
(a) 您已经年满18周岁或以上，并具有订立本协议的完全行为能力。
(b) you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;
(b) 您拥有所有必要权限、权力、同意、特许权和授权，并已经采取所有必要行动，使您能够合法订立并执行本协议及该交易，并授予本协议中所述的担保权益和权力；
(c) the persons entering into this Agreement and each Transaction on your behalf have been duly authorized to do so;
(c) 代您订立本协议和各项交易的人士，已经正式获授权如此行事；
(d) this Agreement, each Transaction and the obligations created under them both are
binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any regulation, order, charge or agreement by which you are bound;
(d) 本协议、各项交易和据此两者产生的债务，按照它们的条款（受限于适用的衡帄法原则）对您具有约束力，并可对您强制执行，而并无且不会违反您受约束的任何规例、指令、押记或协议的条款；
(e) no Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination of the above) an Event of Default (a "Potential Event of Default") has occurred and is continuing with respect to you or any Credit Support Provider;
(e) 您或任何信用支持提供商，并无发生和续存任何违约事件，或（随着时间流逝、发出通知、作出任何决定或上述任何多种原因）可成为违约事件的任何事件（.潜在违约事件.）；
(f) you act as principal and sole beneficial owner (but not as trustee) in entering into this Agreement and each Transaction;
(f) 您作为主事人和惟一实益拥有人（而非受托人），订立本协议及各项交易；
(g) any information which you provide or have provided to us in respect of your financial position, domicile or other matters is accurate and not misleading in any material respect;
(g) 您向本公司提供或已经提供的有关您财务状况、住址或其它事项的任何资料，在任何重大方面，准确而没有误导性；
(h) you are willing and financially able to sustain a total loss of funds resulting from Transactions;
(h) 您愿意并在经济上能够承担因交易亏损全部资金的情况；
(i) your trading will not be part of or relate to a “tax shelter” as that term is defined in the Income Tax Act (Canada) and that in this regard you have sought and received independent tax advice from a competent licensed tax professional;
(i) 您的交易不会构成.避税.的一部分或与其有关，该词定义见加拿大《所得税法》，而在此
方面，您已经寻求和收到合格持牌税务专家的独立税务意见；
(j) except as otherwise agreed by us, you are the sole beneficial owner of all margin you transfer under this Agreement, free and clear of any security interest whatsoever other than a lien routinely imposed on all securities in a clearing system in which such securities may be held.
(j) 除非本公司另有协定，您是您根据本协议转让的所有保证金的惟一实益拥有人，除了在持有所有有关证券的清算系统中，对该等证券例行施加的留置权之外，免于和无任何担保权益。
9.2 Covenants: You covenant to us that: 9.2 契诺：您向本公司契诺：
(a) you will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licences and authorisations referred to in this clause;
(a) 您将在始终获得及遵守本条中提述的所有权限、权力、同意、许可和授权，并做出所有
必要的事情，使之维持十足效力及作用。
(b) you will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to yourself or any Credit Support Provider;
(b) 如出现任何有关您或任何信用支持提供者的违约事件或潜在违约事件，您将立即通知本
公司；
(c) you will use all reasonable steps to comply with all Applicable Regulations in relation to this Agreement and any Transaction, so far as they are applicable to you or us;
(c) 您将采取所有合理措施遵守与本协议和任何交易有关的所有适用于您或本公司的适用规
例；
(d) you will not send orders or otherwise take any action that could create a false impression of the demand or value for a security financial instrument, or send orders which you have reason to believe are in breach of Applicable Regulations. You shall observe the standard of behaviour reasonably expected of persons in your position and not take any step which would cause us to fail to observe the standard of
behaviour reasonably expected of persons in our position; and
(d) 您不会发出可能造成证券金融工具需求或价值假象的指令或采取其它任何可能造成此类
假象的行动，也不会发出您有理由认为违反适用规例的指令。您应遵守人们对处于您状况之人士合理期望的行为准则，而不得采取将会导致本公司无法遵守人们对处于本公司状况的人士合理期望的行为准则的任何措施；及
(e) upon demand, you will provide us with such information as we may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Regulations.
(e) 您将应要求向本公司提供本公司为证明本条中提述的事宜或遵守任何适用规例而可能合
理要求的资料。
